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The German tax rules in force prior to enactment of the landmark German tax reform package reported on in the September 2000 issue of International Tax Review generally permit the purchaser of a German corporation to reorganize the corporation as a partnership at no income tax cost, and thereby obtain a step-up in the basis of the disappearing corporation's assets. The step-up includes previously non-capitalized intangibles, such as self-generated goodwill, and creates additional depreciation volume for personal or corporate income tax purposes, but not trade tax purposes, where the disappearing corporation's outside basis (price paid for its shares) exceeds its inside basis (book value of its assets).

PricewaterhouseCoopers has announced a new head of legal at the professional services firm. Owen Jonathan, a former Norton Rose litigation partner, is replacing Michael Pugh as UK general counsel. Jonathan joins from the Hong Kong English language newspaper South China Morning Post, where he was chief executive.

Dick Hofland, a senior partner in Freshfields Bruckhaus Deringer's Amsterdam tax practice, will be moving to the firm's London office in the next fortnight to strengthen the UK tax group. He will be the first non-UK partner to join the firm's London tax practice and there are no plans to replace him in Amsterdam. Hofland said that demand for a larger team is coming from Dutch banks such as ABN AMRO, which are seeking Dutch tax advice in London.

US companies have welcomed proposed changes in accounting procedures for mergers and acquisitions. But the new rules may not be as good for companies as some believe

Senior Opportunity for high quality English qualified tax lawyers with Spanish language skills to move into the expanding Madrid office of this heavyweight UK firm. The office covers a wide range of practice areas including corporate, competition, capital markets and banking work so you will be exposed to the full range of work. (£ ex-pat)

KPMG has advised Hong Kong's Pacific Century Cyber Works (PCCW) on the disposal of 60% of the mobile phone business of its subsidiary Hong Kong Telecom to Telstra for $3.6 billion. KPMG in Sydney were PCCW's principal tax advisers, led by partner Peter Madden, working with Vaughn Barber and Lloyd Deverall in Hong Kong. PricewaterhouseCoopers in Australia acted for Telstra, led by partner Ian Farmer. Mallesons Stephen Jaques also advised Telstra on tax issues.

4 years+ pqe Work for the London office of this premier European firm - you will be offered a diet of cross-border work, travel and genuine balance of work and play. (to £partnership)

The European Commission has accepted that member states are unlikely to agree to large-scale harmonization of tax policy in the foreseeable future. The Commission will, instead, seek to increase the use of existing law and take governments to court for introducing tax rules that contravene the EU's founding treaty.

SJ Berwin & Co has opened an office in Paris, hiring George Pinkham and Sylvie Vansteenkiste from Salans Hertzfeld & Heilbronn. Pinkham specializes in private equity work, while Vansteenkiste is a tax lawyer.

The Securities and Exchange Commission has adopted rules forcing mutual funds to disclose standardized after-tax returns to help investors understand the scope of tax costs and compare the impact of different taxes on different funds. The commission's decision to adopt these rules follows last year's Mutual Fund Tax Awareness Act, aimed at enhancing information mutual fund shareholders receive about after-tax returns.