I. A LOOK BACK AT 2014 TAX MATTERS:

A. Some Random Observations -

..1. This year’s update is brought to you by the letter “I,” as in “inversions.”

..2. Tired of waiting for Congress to address what they view as an increasingly harsh and unfair corporate income tax regime by such simple expedients as cutting tax rates in half, adopting a territorial system of taxation, or imposing a significantly reduced levy on the repatriation of funds held abroad, corporations engaged in self-help activities by partnering up with non-U.S. corporations that, though smaller and less important, became their foreign parent.