Cisco, Booking Get Big Tax Benefits From Varian Court Ruling

More companies are starting to see significant benefits from using a loophole in the 2017 tax-overhaul law that the US Tax Court recently blessed.

Online travel provider Booking Holdings Inc. recently recorded a $250 million tax benefit because of the ruling in favor of Varian Medical Systems Inc., which protected the ability of some companies to take big tax deductions on foreign dividends they’ve received by claiming them before the implementation of a related measure that was supposed to limit such deductions.

Cosmetics maker Estée Lauder Cos. booked a $73 million benefit. Computer-networking giant ...