U.S. court strikes down Obama-era rule on tax inversions [Reuters]
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Source: Reuters
U.S. court strikes down Obama-era rule on tax inversions | Reuters Reuters Staff 3 Min Read WASHINGTON (Reuters) - A federal court in Texas on Friday ruled that the Obama administration acted unlawfully last year when its Treasury Department cracked down on U.S. companies that try to reduce their U.S. taxes by rebasing abroad, in a process known as inversion. The U.S. Chamber of Commerce and the Texas Association of Business had filed a lawsuit in Texas federal court that said a regulation from the Treasury Department in April 2016 exceeded what the law allows the department to do. They argued the Internal Revenue Service rule used was “arbitrary and capricious” because it was instated without notice and opportunity for comment in violation of standards required for rulemaking. The U.S. District Court for Western Texas in Austin agreed, saying the IRS rule was a substantive or legislative regulation that required a notice and comment period before it was instated. The U.S. Treasury, t
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