Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Texas court strikes down Treasury Department's inversion law

Published 10/02/2017, 02:09 PM
© Reuters.  Texas court strikes down Treasury Department's inversion law
  • In days-old, but significant news, a district court in Texas ruled that the Obama administration overstepped its authority when it cracked down on business inversions in 2016. The ruling, in a case brought by the U.S. Chamber of Commerce and the Texas Association of Business, said the IRS rule against the tax-reducing maneuver was "arbitrary and capricious" because it was instituted without notice and opportunity for comment, violations of law-making standards.
  • After the Treasury Department action, the number of proposed inversions dried up, including Pfizer 's (PFE +0.9%) proposed $160B combination with Allergan plc (AGN +2.8%).
  • The U.S. Treasury and the plaintiffs have yet to comment publicly on the ruling.
  • Source: Reuters
  • PJP IHE XPH IBB XBI SHPG ABBV
  • Now read: Pfizer: A Good Buy


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.