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by Jack Grocott

The US House of Representatives passed the American Jobs and Closing Tax Loopholes Act (HR 4213) on May 28, thereby extending dozens of business and individual tax incentives through the end of 2009.

The Indian government yesterday has the second draft of the controversial Direct Tax Code.

Sean Foley Landon McGrew The US Court of Appeals for the Ninth Circuit has re-issued its opinion in Xilinx, Inc. v. CIR, No. 06-74246 (9th Circuit March 22 2010), holding that stock-based compensation costs incurred in connection with a cost sharing arrangement were not required to be shared. This decision reverses an earlier Ninth Circuit opinion (Xilinx, Inc. v. CIR, No. 06-74246 (9th Circuit May 27, 2009) which held that such costs were required to be shared, even if such costs would not have been shared in an arm's length transaction. The court withdrew its earlier opinion before the issuance of the new opinion. The court's re-issued opinion also affirms the Tax Court's decision in Xilinx, Inc v CIR, 125 T.C. 37 (2005).

The Fifth Circuit US Court of Appeals has received opening briefs from both parties in Southgate Masters Fund v US – the first distressed asset/debt tax shelter case to go to trial.

Vladimir Kotenko VAT bonds: are they a consolation prize for cash losses

The President of India's Income Tax Appellate Tribunal retired today after nearly seven years in office.

Sergio Crespo Six lawyers have become partners in the tax practice of Cuatrecasas Gonçalves Pereira.

Tarsem Basran Tarsem Basran is leaving the London office of TMF Services to join its New York global insurance premium tax compliance team.

Two advisers have become partners of Freshfields Bruckhaus Deringer.