U.S. Supreme Court Rules That Class-of-One Theory of Equal Protection Does Not Apply to Public Employees
In a 6-3 decision issued on June 9, 2008, the United States Supreme Court affirmed the Ninth Circuit’s ruling that the class-of-one theory of equal protection does not apply in the public employment context. In Engquist v. Oregon Dep’t of Agric., No. 07-474, the plaintiff filed race, sex and national origin claims following her layoff and brought a class-of-one equal protection claim.
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Business and Tax: Alert - August 27, 2008
In a significant, taxpayer-friendly pronouncement, the IRS ruled that a total return swap, the return of which is calculated by reference to a broadly based real estate index, does not give rise to a U.S. real property interest (USRPI) for purposes of Section 897. Rev. Rul. 2008-31 is noteworthy for non-U.S. persons investing synthetically in U.S. real estate related assets for at least two reasons which will be discussed, along with other issues, in this alert.
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