Law Commons^™

To End Deferral As We Know It: Simplification Potential Of Check-The-Box, Reuven Avi-Yonah

Articles

On December 17, 1996, the Treasury Department issued final regulations under section 7701 of the Internal Revenue Code implementing the regime dubbed "check-the-box," under which taxpayers can elect to be treated as corporations or as passthrough entities for U.S. tax purposes. The purpose of this article is to argue that the adoption of these regulations affords a momentous opportunity for Congress to achieve significant simplification of the notoriously complex U.S. international tax rules. Fundamentally, the adoption of check-the- box means that U.S. taxpayers will be able to elect whether or not their foreign-source active income will enjoy deferral from current …

Economic Performance And Progressive Jackpots: A Better Analysis, Erik M. Jensen

Faculty Publications

No abstract provided.

Skunk Works Bill Contains Some Stinky Provisions, Erik M. Jensen

Faculty Publications

No abstract provided.

Dealing With The Differences In Compensating Corporate Executives And Llc Members, Samuel P. Starr, Joseph Walshe, Jay M. Lyman Payne

William & Mary Annual Tax Conference

No abstract provided.

Introduction To This Symposium And A Guide To Issues In Mergers And Acquisitions, Samuel C. Thompson Jr.

Journal Articles

No abstract provided.

Getting Physical: Excluding Injury Awards Under The New Section 104(A)(2), J. Martin Burke, Michael K. Friel

Faculty Law Review Articles

This article analyzes the 1996 amendments to section 104(a)(2) of the Internal Revenue Code. The authors argue that while section 104(a)(2) was in need of remedy, the remedy chosen is both insupportable from the standpoint of tax policy and problematic in terms of administrability. Part II of the article traces the recent history of the statute’s judicial construction. Part III discusses the provisions of the 1996 amendments. Part IV demonstrates the impact of the 1996 amendments on dignitary torts and highlights policy and interpretational problems associated with the amended provision. The article concludes with a proposal for a better remedy.

Minority Discounts, Fair Market Value, And The Culture Of Estate Taxation, William S. Blatt

Articles

No abstract provided.

The Supreme Court’S Misleading Footnote In General Dynamics, Erik M. Jensen

Faculty Publications

This article examines footnote 3 in the Supreme Court's 1987 opinion in United States v. General Dynamics. In that case, governed by the law in place before the Tax Reform Act of 1984, the Court held that General Dynamics had to defer deductions attributable to claims for employee medical expenses until the claims were approved. In the footnote, the Court suggested that the 1984 amendment to section 461(h) of the Internal Revenue Code postponing the time for deducting accrued expenses until economic performance would, in a similar case governed by the statutory change, have further deferred General Dynamics' deduction until …

Review Of Company Tax Systems, Reuven S. Avi-Yonah

Reviews

Comparative taxation is a fascinating and frustrating subject. It is fascinating because, through the lens of tax law, one can observe how countries with very different historical and cultural traditions have grappled with similar problems and have reached solutions that have both common and disparate elements. For example, countries that start off with a schedular system for taxing different categories of income end up with near global coverage (e.g., through a "miscellaneous" schedule), and countries that adopt a global system introduce schedular elements (such as the U.S. treatment of capital gains and losses). Another example is the convergence between countries …

National Bankruptcy Review Commission Tax Recommendations: Individual Debtors, Discharge, And Priority Of Claims, Jack F. Williams

Faculty Publications By Year

No abstract provided.

Tax Exemption Issues Facing Academic Health Centers In The Managed Care Environment, Darryll K. Jones

Journal Publications

A variation on an old adage states, "things aren't like they used to be and never were." The applicability of tax law to higher education is a subject to which the modified adage is apt. If there was ever a time when tax law was generally inapplicable to higher education, when higher education administrators and counsel could ignore the maddening and glorious detail of tax law, it is certainly not now and one would be hard pressed to prove that such a time ever existed. Indeed, many of modem tax law's prohibitions and allowances were motivated by or refined as …

Changing U.S. Tax Jurisdiction: Expatriates, Immigrants, And The Need For A Coherent Tax Policy, Jeffrey M. Colon

Faculty Scholarship

One of the most contentious tax legislative battles of the 104th Congress erupted over the Clinton administration's proposal to amend the U.S. tax rules applicable to expatriates. The administration proposed taxing the abandonment of either U.S. citizenship or long-term U.S. tax residency. The administration's proposal responded to a number of articles in the popular press that described the U.S. tax benefits of expatriation and divulged the names of well-heeled expatriates. Proponents claimed that Congress needed to revise the taxation of expatriates to prevent "billionaire Benedict Arnolds" from avoiding "their fair share" of U.S. income taxes. Opponents argued that the Clinton …

Creating Complex Monsters: Joint Operating Agreements And The Logical Invalidity Of Treasury Regulation 1.502-1(B), Darryll K. Jones

Journal Publications

This article questions the validity of Regulations section 1.502-1(b) and its resulting insistence upon virtual mergers. It argues that the regulation is invalid as having no basis in section 502, the statute under which it was codified. This article argues, instead, that the regulation is a logically incorrect amalgamation of two distinct judicial tax doctrines by which tax exemption may be or could have been gained vicariously: (1) the integral part doctrine which allows one organization to achieve tax exemption on the basis of another organization's charitable activities, and (2) the now-discarded destination of income doctrine under which tax exemption …

Restating Capitalization Standards And Rules: The Case For "Rough Justice" Regulations (Part One), John W. Lee, Eldridge Blanton, Veena Luthra, Glenn Walberg, Darryl Whitesell

Faculty Publications

No abstract provided.

Getting Physical: Excluding Injury Awards Under The New Section 104(A)(2), J. Martin Burke, Michael K. Friel

UF Law Faculty Publications

This article analyzes the 1996 amendments to section 104(a)(2) of the Internal Revenue Code. The authors argue that while section 104(a)(2) was in need of remedy, the remedy chosen is both insupportable from the standpoint of tax policy and problematic in terms of administrability. Part II of the article traces the recent history of the statute’s judicial construction. Part III discusses the provisions of the 1996 amendments. Part IV demonstrates the impact of the 1996 amendments on dignitary torts and highlights policy and interpretational problems associated with the amended provision. The article concludes with a proposal for a better remedy.

What's In A Name: An Argument For A Small Business Limited Liability Entity Statute (With Three Subsets Of Default Rules), Dale A. Oesterle, Wayne M. Gazur

Publications

The recent proliferation of small business entity forms is primarily a result of their tax characterization. With the recent adoption of the IRS "check-the-box" regulations and, as a consequence, the elimination of traditional tax distinctions, many of these forms have lost their appeal. This article proposes starting over with one form, the "limited liability entity." Part I discusses the history of small business forms. Part II analyzes the current forms in light of the recent check-the- box legislation. Part III discusses the necessity of and rationale behind a unified entity statute. Finally, Part IV outlines a unified limited liability entity …

State And Local Taxation: When Will Congress Intervene?, Kathryn L. Moore

Law Faculty Scholarly Articles

This article examines congressional activity in the state and local tax area to determine when, if ever, Congress will enact legislation mandating uniformity in state and local taxation. The article begins by briefly describing our current system of state and local taxation and explaining why we need more uniformity therein.

The article then provides an empirical study of congressional activity in the state and local tax area between January, 1971 and May, 1996. Specifically, it focuses first on four discrete but representative areas in which Congress has enacted legislation regulating state and local taxation, and, second, on four discrete but …

Double Taxation - Treatment Of Corporate Earnings Under American And German Law, Roland Schmidt

LLM Theses and Essays

This thesis is going to describe the different ways the United States and Germany deal with the problem of double taxation in the legal context of corporate distributions to its shareholders in the form of dividends. Tax law is particularly one of the areas of laws that are subject to frequent and often substantial changes. This is true for the German as well as for the U.S. tax laws. Since some of the issues being discussed in the United States today in connection with the corporate tax law are similar if not identical to the issues discussed in Germany before …

Square Wheels: U.S. Pass-Through Taxation Of Privately Held Enterprises In A Comparative Law Context, Ann F. Thomas

Articles & Chapters

No abstract provided.

Withholding Tax On Phantom Gain, Alan Appel, Michael Hirschfield

Articles & Chapters

No abstract provided.

International Taxation Of Electronic Commerce, Reuven S. Avi-Yonah

Articles

This article submits proposals for taxing the digital economy on the basis of the benefits and single tax principles.

The "Original Intent" Of U.S. International Taxation, Michael J. Graetz, Michael M. O'Hear

Faculty Scholarship

The Sixteenth Amendment took effect on February 25, 1913, permitting Congress to tax income "from whatever source derived," and on October 3rd of that year, Congress approved a tax on the net income of individuals and corporations. The United States regime for taxing international income took shape soon thereafter, during the decade 1919-1928. In the Revenue Act of 1918, the United States enacted, for the first time anywhere in the world, a credit against U.S. income for taxes paid by a U.S. citizen or resident to any foreign government on income earned outside the United States. The Revenue Act of …

Heavy Duty Ii: Forming A Business Entity In The United States, Aleta Estreicher, Warren Green

Articles & Chapters

No abstract provided.

Tax Court Ends The ‘Cascading Royalty’ Problem, Alan Appel

Articles & Chapters

No abstract provided.

Apportioning Basis: Partial Sales, Bargain Sales And The Realization Principle, Stephen B. Cohen

Georgetown Law Faculty Publications and Other Works

The Internal Revenue Code generally taxes appreciation in the value of property only on realization, defined to mean when property is sold or exchanged. In measuring gain on a sale or exchange, an allowance must be made for the return of capital, referred to as basis. Basis offsets the amount realized-that is, the price received for property-in order to calculate taxable gain.

International Aspects Of Fundamental Tax Reconstructing: Practice Or Principle, Michael J. Graetz

Faculty Scholarship

The globalization of economic activity, including the expansion of international trade, the amazing ability of international capital markets to transfer capital rapidly across borders, and the movement in Europe toward greater economic unification, have made it more difficult for nations independently to fashion tax laws that properly balance their own equity, economic efficiency and simplicity goals. This is what makes this conference to analyze the international aspects of recent proposals to replace the federal income tax with some form of consumption tax, with particular emphasis on the Nunn-Domenici "USA" tax and the Armey-Shelby flat tax ("flat tax"), so important. As …