Pfizer is taking Johnson & Johnson to court. Photo: Mark Lennihan / AP

A Texas district court on Friday struck down an Obama-era Treasury Department rule that restricted corporate inversions, and the Trump-era Treasury Department is mum on its next moves.

Why it matters: Corporate inversions involve U.S. companies moving overseas for tax purposes, without necessarily moving either their top executives or employee base. The issue came to a head when New York-based Pfizer tried to invert in a $160 billion deal with "Ireland-based" Allergan, which was ultimately scuttled by regulations that the Texas court just struck down.

  • From the bench: The rules established in April 2016 by the Obama Administration were challenged by the U.S. Chamber of Commerce and the Texas Association of Business. Not so much on the substance, but rather on the process. And a judge agreed, saying the changes were substantive enough to require both public notice and comment before being implemented (two things that didn't happen).
  • Now what? One would think Treasury either would be working on an appeal or prepping that public notice period, or both. After all, Trump constantly complains about U.S. companies moving overseas. But so far there has been no reaction at all, and my emails to a Treasury spox on the matter have gone unanswered. It's possible that the silence is tied into tax reform, with the thinking that a 20% corporate rate will eliminate inversion interest — even though 20% remains well above the statutory rate in a country like Ireland.
  • Go deeper: Fortune Magazine's July 2014 cover story by Allan Sloan was about inversions, which Sloan concluded were "positively un-American tax dodges." He would later be called by Congress to testify on the matter.

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Twitter launches warnings on election misinformation and delays

Photo courtesy of Twitter.

Twitter will start pinning notices to the top of all U.S. Twitter users’ timelines warning them that results in next week’s election may be delayed and that they may encounter misinformation on mail-in voting.

Why it matters: Delayed election results are expected across many states that are handling unprecedented amounts of absentee and mailed ballots, which President Trump has baselessly called "very dangerous" and "corrupt."

Miriam Kramer, author of Space
23 mins ago - Science

NASA confirms water exists on sunny parts of the Moon


Water on the Moon might be more easily accessible than previously thought, opening up new possible avenues for future human exploration, according to a new study.

Why it matters: NASA is aiming to send people back to the Moon as part of its Artemis program by 2024, with plans to eventually create a sustainable presence on the lunar surface. That sustainability relies on mining the moon for its resources, like water.

Updated 51 mins ago - Politics & Policy

Pence no longer expected at Amy Coney Barrett's final confirmation vote

Photo: Ben Hasty/MediaNews Group/Reading Eagle via Getty Images

Vice President Mike Pence no longer plans to attend the Senate's final confirmation vote for Judge Amy Coney Barrett, a Pence aide confirmed to CNN and Politico on Monday. On Sunday, Senate Democrats' claims that his presence after possible exposure to the coronavirus would be a "violation of common decency."

Driving the news: Five of Pence's aides were recently diagnosed with COVID-19, including his chief of staff, who is currently quarantining. Pence has continued his campaign travel despite his possible exposure, which goes against CDC guidelines.