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The common law "economic substance doctrine" would be codified as a mandatory two-prong test should the reconciliation bill to the new health care legislation be enacted
On March 18, 2010, President Obama signed the Hiring Incentives to Restore Employment Act (the "Act"), which hopes to create jobs with measures such as a "Social Security holiday" for employers that hire previously unemployed workers, an extension of highway and mass transit funding, and an expansion of the Build America Bonds program
The Fifth Circuit in Marathon EG Holding Limited v. CMS Enterprises Co., No. 09-20034 (5th Cir. Feb. 10,2010), aff’g, No. H-07-2990 (S.D. Tex. July 30, 2008), denied a claim for indemnity by a buyer of target stock for taxes arising in target's post-closing tax year that were not sheltered by target's net operating loss (NOL) carryforwards arising in a pre-closing tax year because those NOL carryforwards were reduced after the closing as a result of an audit of target’s pre-closing tax years
