A newsletter by Reuters and Westlaw

By Caitlin Tremblay

Good morning. Elon Musk scorned “shady” tax loopholes, but offshore tax tricks likely saved Tesla a lot of cash. Plus, the U.S. Supreme Court will hear arguments over the FCC's power to fine wireless carriers; the 9th Circuit will hear an appeal in a California immigration enforcement case; and the tariff refund system launched. There’s new insight into the geological history of the Grand Canyon. That rocks. Let’s descend into the news.

REUTERS/Annegret Hilse

Profit shifting is not new. But a Reuters analysis of Tesla's tax structure shows just how significant the practice can be, and how difficult it is to trace.

Reuters reviewed thousands of pages of filings in 14 countries, interviewed more than 20 experts and examined Tesla subsidiaries around the world. We found that units in the Netherlands and Singapore posted $18 billion in profits not taxed in those countries. Three prominent tax experts, including a former U.S. Treasury official, say that structure almost certainly exists to move income that would otherwise be taxed in the U.S. 

Here’s a look at how a common corporate tactic likely helped Tesla save more than $400 million in U.S. taxes.

Followup: Yesterday I flagged U.S. Supreme Court arguments over the SEC’s “disgorgement” power. Here’s how they went

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Court calendars are subject to last-minute docket changes.

That’s how much a federal jury in North Carolina said Uber should pay to a woman who claimed she was sexually assaulted by ‌a driver she booked through the app, the third verdict of its kind as the company faces thousands of similar claims. Read more here.