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Earlier this year, Baker Hughes Inc. ascended to the top of an exclusive and prominent list, but it is one on which few companies would want to be mentioned. On April 26, 2007, the Texas-based oil field products and services company announced that it was settling a federal probe alleging that it violated the Foreign Corrupt Practices Act ('FCPA'), and that it would pay fines and penalties in excess of $44 million ' the largest combined punishment under that law. It was truly one for the record books ' at least for the time being.

Signed by President Bush on May 25, The Small Business and Work Opportunity Tax Act of 2007 ('Small Business Act') includes new preparer penalty provisions that range up to 50% of the fee for preparing the tax return. Lawyers who give tax advice need to know that this legislation had a 'surprise' in it regarding whom the IRS considers a tax return preparer.

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Twenty-two years ago, I received a call from a headhunter looking to hire a Controller for Kirkpatrick, Lockhart, Johnson & Hutchison, a midsize and growing law firm with about 150 lawyers.

Highlights of the latest equipment leasing news from around the country.

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Canada's conservative minority government recently passed its 2007 Financial Budget (the 'Budget'), which will likely impact the equipment finance industry and particularly cross-border (U.S./Canada) transactions. Central to the Budget was the proposal to eliminate withholding tax on interest payments on loan transactions. As will be discussed below, the likely impact will be that traditional cross-border transactions will be restructured to: 1) provide for quicker repayment of the principal portion of the loan, and 2) provide a means for a greater number of less internationally focused commercial banks and finance companies to undertake cross-border transactions which, prior to the enactment of the new legislation, would have be seen as too complex. This second impact may cause a more competitive environment and further add liquidity to any already liquid market. It is not clear, however, that the proposed legislation will have a significant impact on larger transactions or the activities of internationally focused lenders. While there will likely be enhanced competition for smaller straightforward transactions than currently exists, the market for complex large transactions, while restructured, will have the same level of competition as currently exists.

Last year, the U.S. Supreme Court limited reimbursement of Medicaid liens to the fraction of the total recovery that corresponds to medical expenses. <i>Arkansas Department of Health and Human Services et al. v. Ahlborn</i>, 547 U.S. 268 (2006). Measures can be taken, however, that dramatically limit government liens, preserving recoveries to enrich the quality of life of a severely disabled individual.

Recent rulings of importance to you and your practice.

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What's new and noteworthy.