Democratic Representative Sander Levin and Senator Carl Levin are preparing anti-inversion legislation to prevent companies from using inversions as a tax evasion strategy without legitimate economic reasons for an inversion. The legislation is expected in the coming weeks.
The bill is said to be based on the Obama administration's plan to disallow inversions for tax purposes. Under the plan a company would be considered domestic for tax purposes if 50% or more of its ownership remains in th…