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   DealBook: FedEx wants a refund
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   Also, the A.I. report that drove a sell-off.
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             February 24, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          FedEx is suing the U.S. government for a tariff refund, making it one of the first major American companies to do so since the Supreme Court overturned many of President Trump’s levies. The lawsuit will most likely give other big companies cover to sue, too. We go inside the discussions happening in boardrooms across the nation.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We’re also examining the latest A.I.-related sell-off, partly driven by an essay that suggested that artificial intelligence would create enormous unemployment. Why this one piece had such an impact — despite saying something that has been expressed before — may speak to investors’ heightened anxiety. More below. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <img alt="A FedEx driver, wearing shorts and a baseball cap, is seen making deliveries on a sunny street." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F24%252Fmultimedia%252F24db-fedex-jwmz%252F24db-fedex-jwmz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzE5NDAzMzEuNTgwNDA3MX0:1vuscl:uDqIU8eNMFhIMywd_vy4QIUH3J-vqyFNPWBLRktBHA4" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             FedEx is the latest, and one of the most prominent, companies to sue for a “full refund” of tariffs.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Scott McIntyre for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          State of the tariffs
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump’s new global tariffs went into effect a few hours ago. But there’s a twist: They’re set at 10 percent,
         </span>
         <span style="font-style:italic">
          not
         </span>
         <span>
          at the 15 percent he threatened to impose on Saturday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump doesn’t appear to be wavering. The lower initial rate owes more to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Washington bureaucracy
         </a>
         <span>
          , Bloomberg reports, citing an unnamed Trump administration official. The White House is working on an order to raise the rate to 15 percent, but the timeline is unclear.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The head-spinning moves compound the confusion gripping boardrooms, trading floors and global capitals after the Supreme Court struck down many of his administration’s tariffs, Brian O’Keefe writes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
         <span>
          The new measures were imposed under Section 122 of the 1974 Trade Act, a provision that legal experts say a president has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          never used before
         </a>
         <span>
          for tariffs. They predict that these measures will also be challenged in court.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But even if companies prevail there, the administration has other tools, including Section 232 of the Trade Expansion Act of 1962 (which allows tariffs on imports that threaten national security) and Section 301 of the 1974 act (which allows tariffs against unfair foreign trade practices).
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Corporate America is beginning to demand tariff refunds.
         </span>
         <span>
          FedEx became perhaps the most prominent company yet to try to reclaim tariff payouts,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          filing a lawsuit
         </a>
         <span>
          in the U.S. Court of International Trade seeking a “full refund” on tariffs it has paid that have since been ruled unlawful.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More than 1,500 companies
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have already filed
         </a>
         <span>
          legal claims for refunds. Lawyers told DealBook that they predicted that there could be thousands more, eventually pursuing hundreds of billions’ worth of claims.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Big Law is mobilizing.
         </span>
         <span>
          Quinn Emanuel Urquhart &amp; Sullivan, the powerhouse litigation firm that counts
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Elon Musk
         </a>
         <span>
          as a client, announced yesterday that it had created a tariff refund litigation task force. Inquiries from clients seeking advice on refunds have “increased dramatically” since the Supreme Court ruling on Friday, Dennis Hranitzky, the head of the firm’s sovereign litigation practice, told DealBook. (Other firms working on refund lawsuits include Crowell &amp; Moring.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The courts will still determine prospect of refunds, and that outcome is far from clear, especially as the Trump administration pursues new tariff strategies. If the government is forced to pay, it could decide to apply credits against future tariffs instead, Hranitzky speculated. “That would be uncharted territory,” he told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But companies face a dilemma in pursuing refunds.
         </span>
         <span>
          It’s an easier call for those that don’t operate in heavily regulated industries. But for businesses that depend on government contracts, deciding whether to sue is trickier, legal experts say.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          American businesses have remained mostly mum so far, aside from suing for refunds. But trade groups have spoken out:
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The American Apparel and Footwear Association, which represents the likes of Gap, J. Crew and New Balance, called on the Trump administration to provide “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                clear guidance
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The National Retail Federation, which is backed by major retailers such as Amazon, Target and Walmart,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                praised the Supreme Court’s ruling
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Watch this space:
         </span>
         <span>
          Trump is set to deliver his State of the Union address at 9 p.m. Eastern. Expect him to touch on what he has called an “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          internationally divisive ruling
         </a>
         <span>
          ” — with Supreme Court justices in attendance.
         </span>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Northeast digs out from a record-breaking storm.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Power outages
         </a>
         <span>
          , snarled commutes,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          flight delays and cancellations
         </a>
         <span>
          were part of the aftermath of the blizzard, which
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dropped nearly 20 inches of snow
         </a>
         <span>
          in Central Park and more than 30 inches near Providence, R.I. The economic toll could be a doozy, with AccuWeather estimating up to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $38 billion in losses
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          New questions arise over Binance’s financial controls.
         </span>
         <span>
          An investigation by The Times revealed that about $1.7 billion flowed
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          to Iranian entities with ties to terrorist groups
         </a>
         <span>
          from the crypto exchange. Some of those who flagged the transactions, which could potentially violate global sanctions, were either fired or suspended. Binance pleaded guilty to breaking anti-money-laundering laws in 2023. Its founder, Changpeng Zhao, spent four months in prison for his role, but President Trump pardoned him.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Here’s the latest fallout from the Epstein files.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Peter Attia
         </a>
         <span>
          , the longevity influencer, resigned as a newly minted contributor to CBS News after the emergence of friendly, crude correspondence with Jeffrey Epstein. An investigation by Mother Jones suggests that Commerce Secretary
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Howard Lutnick
         </a>
         <span>
          had more extensive business dealings with Epstein than he has suggested. And
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Peter Mandelson
         </a>
         <span>
          , a former British ambassador to the U.S., was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          arrested and released on bail
         </a>
         <span>
          amid accusations that he had passed confidential government information to Epstein.
         </span>
        </p>
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        </table>
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         <tbody>
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        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The Substack sell-off
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Another day, another market rout prompted by fears of artificial intelligence disruption.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Probably driving much of the selling this time was a widely circulated Substack post laying out a potential A.I.-driven economic collapse. What this underscores is that, at least for now, emotion has trumped everything else when it comes to A.I.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          People were buzzing about “The 2028 Global Intelligence Crisis,”
         </span>
         <span>
          a roughly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          7,200-word essay
         </a>
         <span>
          by Citrini Research and the fund manager Alap Shah. It’s a hypothetical lookback from the future at when the A.I. boom swallowed up whole swaths of the economy — and then decimated it:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          AI capabilities improved, companies needed fewer workers, white collar layoffs increased, displaced workers spent less, margin pressure pushed firms to invest more in AI, AI capabilities improved…
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          It was a negative feedback loop with no natural brake. The
         </span>
         <span style="font-style:italic">
          human intelligence displacement spiral
         </span>
         <span>
          . White-collar workers saw their earnings power (and, rationally, their spending) structurally impaired. Their incomes were the bedrock of the $13 trillion mortgage market - forcing underwriters to reassess whether prime mortgages are still money good.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The essay touched a nerve
         </span>
         <span>
          as it was forwarded across Wall Street and popped up all over social media.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The stock sell-off was brutal:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Enterprise software, a frequent punching bag for bearish investors over the past month and a major focus of the essay, declined again.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                DoorDash fell 6 percent yesterday, after Citrini posited that the company could be disrupted by A.I. agent software that scanned food delivery apps to get users the lowest-cost food they desire.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Visa fell 4.6 percent and Mastercard 5.7 percent, after both were mentioned as ripe for disruption by agent software.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But the essay also drew criticism.
         </span>
         <span>
          Robert Armstrong of The Financial Times noted that while the essay predicted an enormous surge in production, it also posited a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          collapse in
         </a>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          consumption
         </a>
         <span>
          , too. Claudia Sahm, a former Fed economist, argued that the piece didn’t factor in a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          forceful response from Washington
         </a>
         <span>
          . The economic commentator Noah Smith called it “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          just a scary bedtime story
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It’s more evidence of vibe-coded pessimism,
         </span>
         <span>
          and whether A.I.-generated apps can replace billion-dollar enterprises. Some investors say the selling is overdone: One recently told DealBook that shareholders were “throwing out the baby with the bathwater.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But when A.I. has sucked up hundreds of billions of dollars in investment, the stakes of what happens next grow commensurately, too.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Keep an eye on these other A.I. stories:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Dario Amodei of Anthropic is set to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                meet with Defense Secretary Pete Hegseth
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                about relaxing limits on military use of its Claude model for classified systems. At stake is whether the Pentagon brands Anthropic a “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                supply chain risk
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” that forces other military contractors to stop using its widely deployed models.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                IBM
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                plunged 13 percent
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                yesterday after Anthropic said its Claude Code tool could
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                modernize old computing systems
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that use the old COBOL programming language — a major IBM business.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in Oracle fell 4.5 percent yesterday after The Information reported on
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                further troubles in Stargate
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the tech giant’s data center venture with OpenAI and SoftBank.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Meta agreed to buy an
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                enormous amount of A.I. chips from AMD
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — six gigawatts’ worth of computing power — in a deal that could give the tech giant up to a 10 percent stake in the chipmaker.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
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            <div style="width:100%;text-align:center;line-height:0">
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            <img alt="A large sign displaying the corporate logo for Meta is seen with trees and a blue sky in the background." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F02%252F24%252Fmultimedia%252F24db-meta-wcvq%252F24db-meta-wcvq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzE5NDAzMzEuNTgxMzg4NX0:1vuscl:n2vbTnCB89Lbkr85sC4fnt4ySwQvH5wv8ftkkl1lrBs" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Nearly $16 billion in back taxes and penalties are at the heart of an I.R.S. investigation into Meta.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Jason Henry for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The I.R.S. pokes Meta over overseas taxes
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meta, the parent company of Facebook and Instagram, has been in the government’s sights over how much power it wields in the tech marketplace. But it’s also facing a challenge by the I.R.S. over how it accounts for its vast profits — and that points to a bigger potential fight over multinationals’ taxes.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Times’s Jesse Drucker reports on new tactics the I.R.S.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has been using against Meta
         </a>
         <span>
          . The agency argues that the tech giant failed to report roughly $54 billion in income and owes nearly $16 billion in back taxes and penalties. Meta sued the agency in December in U.S. Tax Court, in one of the biggest such tax battles between the I.R.S. and a company in U.S. history.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The dispute in a nutshell:
         </span>
         <span>
          The I.R.S. contends that Meta drastically undervalued the rights to intellectual property that it licensed to an overseas subsidiary, though a Tax Court judge largely sided with Meta in ruling that the difference was far less than the agency has argued.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          More from Drucker:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The company is now citing a legal rule, called “collateral estoppel,” that prevents parties from rearguing issues already decided in court — sort of a version of double jeopardy. …
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The I.R.S.’s current tack — looking at how much profit the company actually earned, not just projections from years earlier — is based on a law enacted in 1986. Regulators had been reluctant to use it because of pushback from industry. In the final days of the Biden administration, however, the I.R.S. issued a memorandum directing auditors to start performing analyses like these on multinational offshore tax strategies. Advisers to companies in I.R.S. disputes say auditors are gradually starting to raise that argument.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Some analysts have said that other multinationals used tactics similar to Meta. One has estimated the potential for back taxes, interest and penalties to be nearly $700 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The big question, Drucker adds, is whether the I.R.S.’s battle will be affected by the Trump administration drastically reducing the agency’s size and focus on crackdowns of aggressive tax shelters.
         </span>
        </p>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
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             THE SPEED READ
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                A unit of the Public Investment Fund, a Saudi sovereign wealth fund, plans to get
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                deeper into private credit
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                despite recent turmoil in the sector. (Bloomberg)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Ed Garden, the veteran activist investor who formerly worked with Nelson Peltz, is said to have
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                taken a stake in Fortune Brands Innovations
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                and is seeking to shake up the building products maker. (WSJ)
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                “Judges Grow Angry Over Trump Administration
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                Violating Their Orders
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                ” (NYT)
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                How will the Pentagon
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                spend $153 billion in additional funding
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                that it received from President Trump’s signature domestic policy bill? (NYT)
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                Schools are increasingly
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                teaching “A.I. literacy.”
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                What that means varies. (NYT)
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                Some hedge funds competing for talent are trying something new: building a career pipeline, including
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                internships for college students
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                . (Business Insider)
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