FR EA
1018-00009 · Client 1018 · Administration
billing-summary-2023.xlsx DOCUMENT M&A / Corporate
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Contract analysis Extract to table

[sheet: Summary]

CategoryDescriptionTotal HoursTotal FeesPercentage of Total Fees
Attorney FeesLeonard Cross — Responsible Partner195.5$296,168.7512.1%
Attorney FeesSylvia Hartwell — Billing Partner128$178,560.007.3%
Attorney FeesGarrett Simmons — Lead Associate682.5$631,312.5025.8%
Attorney FeesLeila Nazari — Working Associate754$539,110.0022.1%
SubtotalAttorney Fees1760$1,645,151.2567.3%
Paralegal FeesParalegals (blended rate $375/hr)312$117,000.004.8%
SubtotalLegal Fees (Attorneys + Paralegals)2072$1,762,151.2572.1%
ExpensesTravel, copying, research databases, courier, etc.$38,420.501.6%
Expert FeesWhitmore Valuation Group LLC — Transfer Pricing Economics (pass-through)$655,200.0026.8%
Grand TotalTotal Billed — 2023$2,443,474.25100.0%

[sheet: Monthly Detail]

MonthLeonard Cross — HoursLeonard Cross — FeesSylvia Hartwell — HoursSylvia Hartwell — FeesGarrett Simmons — HoursGarrett Simmons — FeesLeila Nazari — HoursLeila Nazari — FeesParalegal — HoursParalegal — FeesTotal HoursTotal Legal FeesExpensesWVG Expert FeesMonthly Grand Total
Jan-202312$18,180.008.5$11,857.5058$53,650.0072$51,480.0024$9,000.00174.5$144,167.50$2,840.00$52,000.00$199,007.50
Feb-202314.5$21,967.5010$13,950.0062.5$57,812.5068$48,620.0028$10,500.00183$152,850.00$3,120.00$48,750.00$204,720.00
Mar-202316$24,240.0012$16,740.0065$60,125.0070$50,050.0030$11,250.00193$162,405.00$3,450.00$55,200.00$221,055.00
Apr-202313$19,695.009$12,555.0055$50,875.0060$42,900.0022$8,250.00159$134,275.00$2,650.00$49,500.00$186,425.00
May-202315$22,725.0010.5$14,647.5058$53,650.0064$45,760.0026$9,750.00173.5$146,532.50$3,100.00$54,000.00$203,632.50
Jun-202314$21,210.009.5$13,252.5054$49,950.0058$41,470.0024$9,000.00159.5$134,882.50$2,780.00$51,600.00$189,262.50
Jul-202316.5$24,997.5011$15,345.0060$55,500.0066$47,190.0028$10,500.00181.5$153,532.50$3,380.00$56,400.00$213,312.50
Aug-202318$27,270.0012.5$17,437.5062$57,350.0068$48,620.0030$11,250.00190.5$161,927.50$3,520.00$58,200.00$223,647.50
Sep-202317$25,755.0011.5$16,042.5058$53,650.0064$45,760.0026$9,750.00176.5$150,957.50$3,200.00$55,800.00$209,957.50
Oct-202322$33,330.0014$19,530.0068$62,900.0072$51,480.0028$10,500.00204$177,740.00$3,680.00$62,400.00$243,820.00
Nov-202318.5$28,027.5011.5$16,042.5046$42,550.0050$35,750.0024$9,000.00150$131,370.00$3,200.00$56,550.00$191,120.00
Dec-202319$28,770.008$11,160.0036$33,300.0042$30,030.0022$8,250.00127$111,510.00$3,500.00$54,800.00$169,810.00
Total195.5$296,167.50128$178,560.00682.5$631,312.50754$539,110.00312$117,000.002072$1,762,150.00$38,420.00$655,200.00$2,455,770.00

[sheet: Phase Allocation]

Phase / Work StreamDescriptionTime PeriodTotal HoursTotal Legal FeesTotal Expert FeesPhase Total
Phase 1: IDR Response (Continued)Ongoing responses to IRS IDRs (IDRs continued through September 2023; 47 total IDRs issued June 2022–Sept 2023)Jan–Sep 20231095$925,800.00$420,000.00$1,345,800.00
Phase 1A: Mid-Examination ConferencePreparation for and attendance at mid-exam conference (May 25, 2023) with IRS team (Meskill, Dunleavy)Apr–May 202385$78,500.00$0.00$78,500.00
Phase 1B: IRS Economist EngagementMeeting with IRS Economist Dr. Alan Washburne (Aug 15, 2023); analysis of IRS economic methodologyJul–Sep 2023120$105,200.00$95,000.00$200,200.00
Phase 2: NOPA AnalysisAnalysis of Notice of Proposed Adjustment dated Oct 12, 2023 ($380.4M proposed adjustments: CSA $235.01M + Royalty $188.04M − Correlative Offset $42.65M); 30-Day Letter analysis (Nov 8, 2023)Oct–Nov 2023295$258,500.00$85,200.00$343,700.00
Phase 3: Protest PreparationDrafting, revision, and filing of Formal Protest (filed Dec 22, 2023) contesting all proposed transfer pricing adjustments for TY 2017–2020; preparation of Exhibits A–ENov–Dec 2023310$268,000.00$55,000.00$323,000.00
Phase 4: Appeals Preparation (Initial)Initial Appeals strategy development; settlement authority analysis; hazards-of-litigation assessment; case assigned to Appeals Officer Noreen Castañeda (Jan 2024)Dec 202365$58,500.00$0.00$58,500.00
Client Communication & ReportingQuarterly status reports (Q1–Q4 2023), SEC disclosure analysis, Hargrove credit facility covenant analysis, FIN 48 reserve analysis updatesJan–Dec 2023102$85,353.75$0.00$85,353.75
TotalAll phases — 2023Jan–Dec 20232072$1,749,853.75$655,200.00$2,405,053.75

[sheet: Timekeeper Detail]

TimekeeperTitle / RoleOffice2022 Rate2023 RateRate IncreaseTotal 2023 HoursTotal 2023 FeesCumulative Hours (2022–2023)Cumulative Fees (2022–2023)
Leonard CrossResponsible Partner, Tax — Strategy, IRS interface, Appeals leadPhiladelphia$1,475$1,5152.7%195.5$296,167.50390$577,542.50
Sylvia HartwellBilling Partner, Tax — Client management, billing oversight, international tax controversy practice leaderNew York$1,350$1,3953.3%128$178,560.00255$348,885.00
Garrett SimmonsLead Associate, Tax — IDR responses, economic analysis coordination with Whitmore Valuation Group, Protest draftingPhiladelphia$885$9254.5%682.5$631,312.501380$1,254,787.50
Leila NazariWorking Associate, Tax — Legal research, document production, Irish coordination with Thornbury & Keogh, regulatory analysisPhiladelphia$695$7152.9%754$539,110.001490$1,048,360.00
Paralegals (blended)Document management, production, Bates numbering, IDR coordination, privilege log maintenancePhiladelphia / New York$350$3757.1%312$117,000.00600$210,750.00
Total2072$1,762,150.004115$3,440,325.00

[sheet: Expense Detail]

Expense CategoryDescriptionQ1 2023Q2 2023Q3 2023Q4 2023Annual Total
TravelTravel to PPC offices (Princeton Junction, NJ), IRS meetings, PBI Dublin coordination trips$3,200.00$2,850.00$3,600.00$4,250.00$13,900.00
Document ReproductionCopying, printing, and binding for IDR productions and Protest filing$1,450.00$1,200.00$1,600.00$2,100.00$6,350.00
Online Research / DatabasesLegal research databases, financial data services for benchmarking support$2,100.00$2,050.00$2,200.00$2,150.00$8,500.00
Courier / DeliveryIRS filings (Protest, Form 2848 renewals), document deliveries to Crestfield & Associates$420.00$380.00$510.00$620.00$1,930.00
TelecommunicationsConference calls, secure video conferences with PBI Dublin / Thornbury & Keogh$510.00$480.00$540.00$620.00$2,150.00
Meals / Working SessionsWorking meals during intensive NOPA review and Protest drafting sessions$680.00$590.00$780.00$1,020.00$3,070.00
Court / Filing FeesIRS filing fees, certified mail$150.00$120.00$180.00$1,070.50$1,520.50
MiscellaneousOther reimbursable disbursements$250.00$200.00$250.00$300.00$1,000.00
Total Expenses$8,760.00$7,870.00$9,660.00$12,130.50$38,420.50

[sheet: WVG Expert Fees]

MonthLead EconomistDescription of ServicesHoursBlended RateMonthly Fee
Jan-2023Dr. Helena Vasquez / Dr. Rohan ChakrabartiContinued benchmarking study updates; CPM/TNMM analysis refinements for 22 comparable companies; CUT analysis maintenance (14 comparable license agreements)80$650$52,000.00
Feb-2023Dr. Helena Vasquez / Dr. Rohan ChakrabartiUpdated revenue projection analysis — Americas vs. Non-Americas splits for Veritaxol, Imvara, Cerulon; cost-sharing ratio sensitivity testing75$650$48,750.00
Mar-2023Dr. Helena Vasquez / Dr. Rohan ChakrabartiSupplemental IDR support — R&D cost pool analysis ($487.3M–$598.4M qualified R&D); updated functional analysis coordination84.9$650$55,185.00
Apr-2023Dr. Helena Vasquez / Dr. Rohan ChakrabartiMid-examination conference preparation; analysis of PBI cost-sharing percentages (38.2%–42.7%) vs. IRS proposed (48.2%–53.7%)76.2$650$49,530.00
May-2023Dr. Helena Vasquez / Dr. Rohan ChakrabartiPost-mid-exam conference analysis; refinement of PCT income method/DCF at 9.8% WACC ($278M–$361M range)83.1$650$54,015.00
Jun-2023Dr. Helena Vasquez / Dr. Rohan ChakrabartiSupport for IDR No. 35 response — intercompany pricing analysis across 68 country markets79.4$650$51,610.00
Jul-2023Dr. Helena Vasquez / Dr. Rohan ChakrabartiAnalysis of IRS Economist Dr. Alan Washburne's anticipated methodology; preparation for economist meeting (Aug 15)86.8$650$56,420.00
Aug-2023Dr. Helena Vasquez / Dr. Rohan ChakrabartiPost-economist meeting analysis; critique of IRS discount rate (7.2% WACC vs. PPC/C&H 9.8%); CUT comparability review89.5$650$58,175.00
Sep-2023Dr. Helena Vasquez / Dr. Rohan ChakrabartiFinal IDR support (IDR No. 47); preparation for anticipated NOPA; legacy IP royalty financial modeling (4.5% vs. IRS 11.0%)85.8$650$55,770.00
Oct-2023Dr. Helena Vasquez / Dr. Rohan ChakrabartiNOPA analysis support — review of $380.4M proposed adjustments; rebuttal preparation; royalty adjustment analysis ($188.04M)96$650$62,400.00
Nov-2023Dr. Helena Vasquez / Dr. Rohan ChakrabartiProtest support — economic analysis summaries for Exhibit C (CUT IQR 3.1%–6.8%, median 4.4%; CPM/TNMM; PCT DCF); CSA adjustment analysis ($235.01M)87$650$56,550.00
Dec-2023Dr. Helena Vasquez / Dr. Rohan ChakrabartiProtest finalization support; initial Appeals economic preparation; settlement range modeling84.3$650$54,795.00
TotalAnnual WVG fees — 20231008$650$655,200.00