Federal Court Invalidates Anti-Inversion Rule

The Obama administration erred last year when it cracked down on tax-slicing “inversion” mergers without subjecting its rule to a notice-and-comment period, a federal court in Texas has ruled.The U.S. District Court for the Western District of Texas invalidated the anti-inversion rule. In so doing, it sided with two business groups in deciding that the Internal Revenue Service and its parent agency, the U.S. Treasury Department, were required to give public notice and solicit public