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Accounting News Roundup: AT&T Deal Will Bring Scrutiny; Death by PowerPoint; Michigan Gov’s Tax Overhaul Plan | 03.21.11

AT&T Faces Year-Long Scrutiny for ‘Unthinkable’ T-Mobile Bid [Bloomberg]
AT&T Inc. (T)’s $39 billion purchase of T-Mobile USA, the biggest acquisition worldwide in almost a year, may take a year to gain regulators’ approval even if the carrier pledges to sell assets and expand rural coverage. The acquisition would push AT&T past its largest rival, Verizon Wireless, to become the biggest U.S. mobile-phone carrier. AT&T and T-Mobile combined have 39 percent of the market, according to research firm EMarketer Inc.

Allies Press Libya Attacks [WSJ]
The U.S. and its allies intensified air attacks against forces loyal to Col. Moammar Gadhafi on Sunday, keeping anti-Gadhafi rebels from being immediately overrun and bringing a reprieve to the increasingly desperate pro-democracy uprising. Allied jets and missiles pounded Libyan military targets over the weekend, including one of Col. Gadhafi’s armored columns seen charred on the road to Benghazi, the rebels’ de facto capital. Rebels emboldened by the international support renewed fighting in Ajdabiya, a strategic city they had lost last week, witnesses said.

It Turns Out That Lower Taxes Could Kill You After All [JDA]
Some states (namely those with mottos like “Live Free or Die”) aren’t going to buckle to the pressure of tax lovers like the American Lung Association.

Is There Death in the Accounting Classroom? [The Summa]
Speaking of death.

Promise on Taxes Sparks GOP Rift [WSJ]
A few prominent GOP lawmakers believe they will have to raise some tax revenue if they are to bring Democrats along on a bipartisan compromise to address the U.S.’s long-term fiscal problems. Many Democrats want higher taxes to cover at least part of future budget gaps. That has led to clashes between Republican lawmakers and a Washington advocacy group, Americans for Tax Reform, the self-appointed keeper of the party’s anti-tax flame.

US banks face fresh scrutiny on lending [FT]
US banks could be forced to disclose when they give clients below-market rates on loans as a part of their efforts to secure further business, under rules being considered by accounting regulators. The proposed change could lay bare cases in which larger lenders use their balance sheet to secure lucrative investment banking business.

Companies: Gov. Rick Snyder’s business tax plan simple, appealing [DFP]
CPA turned Michigan Governor Rick Snyder wants to Michigan’s 6% corporate tax in a overhaul for the state.

Taxing Gestational Surrogacy [TaxProf Blog]
For those interested.

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