WSJ Quotes David Rosenbloom: Companies Say They Can Ignore Cost of U.S. Tax Rules

Consumer-products conglomerate Newell Brands Inc., facing $180 million to $220 million in taxes because of Treasury Department antiabuse regulations, isn't recognizing those costs in its financial statement, contending the new rules aren't valid.

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"Treasury wants to make this whole statute work," said David Rosenbloom, an international tax lawyer at Caplin & Drysdale in Washington. "They're basically stepping in and doing the job that Congress didn't do."

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"This will be litigated," Mr. Rosenbloom said. "This is not going to go down like chocolate sauce."

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