Law Commons^™

Federal Income Taxation Of U.S. Branches Of Foreign Corporations: Separate Entity Or Separate Rules?, Fred B. Brown

All Faculty Scholarship

Foreign corporations conduct U.S. business activities either through U.S. subsidiaries or U.S. branches. A U.S. subsidiary of a foreign corporation generally is taxed as any other domestic corporation, that is, as a separate taxable entity apart from its foreign parent. In contrast, a U.S. branch of a foreign corporation is not treated as a separate taxable entity; instead, the Code and regulations employ a set of special rules that allocate and apportion to the U.S. branch a portion of the foreign corporation's income in order to determine the net income subject to U.S. tax.

The rules used for taxing U.S. …

Miscellaneous Revenue Issues: Hearings Before The Subcommittee On Select Revenue Measures Of The Committee On Ways And Means, House Of Representatives, One Hundred Third Congress, First Session, Charles B. Rangel, Mel Hancock, Stefan F. Tucker, B. Wyckliffe Pattishall Jr., Howard J. Levine, John W. Lee

Congressional Testimony

No abstract provided.

Is An Employment-Discrimination Award Taxable?, L. Scott Stafford

Faculty Scholarship

No abstract provided.

Installment Method Asset Sales By S Corporations, Mary Lafrance

Scholarly Works

This Article examines the impact of recent developments on a particular category of taxpayer: the S corporation whose shareholders desire to sell some or all of the corporation's assets. While an installment sale of assets has, for many taxpayers, lost much of its previous allure, such sales may still be commercially desirable under certain circumstances—e.g., where a buyer lacks ready cash or adequate borrowing power. In such a case, some S corporations may be able to achieve significant tax savings through proper planning and documentation of an installment sale. Until Congress or the Treasury provides needed clarification, however, …

The Relationship Of Federal Income Taxes To Toxic Wastes: A Selective Study, Richard A. Westin

Law Faculty Scholarly Articles

More demanding federal regulation, universal local opposition to waste treatment and disposal facilities, and increased long-term liabilities for waste sites have substantially restricted the supply of licensed waste handlers and have sharply increased the costs of waste disposal. As a result of increased costs and downstream liabilities for cleanup, industrial generators have begun to examine more closely their waste management practices and opportunities they may have to reduce the amount of hazardous waste they generate.

The urgent need to marshal the full range of industrial strategies to achieve significant reduction in the amount and toxicity of hazardous waste and the …

15th Annual Seminar On Estate Planning, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, Mark T. Macdonald, Gerald P. Johnston, Edward A. Rothschild, Turney P. Berry, Norvie L. Lay, Barry Bond, F. Gerald Greenwell, Marjorie Bassler, Mary Helen Myles, Valerie T. Mayer

Continuing Legal Education Materials

Outlines of speakers' presentations from the 15th Annual Seminar on Estate Planning held by UK/CLE on July 15-16, 1988.

The Marriage Tax Revisited: An Analysis Of The Tax Consequences Of Marriage, Dan Subotnik

Scholarly Works

No abstract provided.

A Policy Analysis Of Fee-Shifting Rules Under The Internal Revenue Code, Gary Myers, Richard L. Schmalbeck

Faculty Publications

Until recently, the costs of litigating federal tax cases were borne exclusively by the parties who incurred them, regardless of whether the government or the taxpayer prevailed in the litigation. This practice reflects the application to tax disputes of the ‘American rule’ against fee shifting. Although the American rule continues to be predominant in the tax area, it has been modified in important respects. An explicit fee-reimbursement rule, benefiting prevailing taxpayers in cases in which the government is found to have acted unreasonably, was added to the Internal Revenue Code (IRC) by the Tax Equity and Fiscal Responsibility Act of …

Taxation Of The Disposition Of Partnership Issues: Time To Repeal I.R.C. Section 736, John A. Lynch Jr.

All Faculty Scholarship

As part of the Internal Revenue Code of 1954 Congress enacted section 736. This section specifies the tax treatment of the various types of payments that a partnership may make to a withdrawing partner. It introduced the concept of a liquidation of a partnership interest by the partnership itself, as opposed to the sale of that interest to an outsider or to the continuing partners. In some instances it provides tax consequences for continuing and withdrawing partners which are different from those attendant to a sale. It was designed to make the law concerning disposition of partnership interests simpler and …

Reflections On Commonwealth Edison Co. V. Montana, Mike Mcgrath, Walter Hellerstein

Scholarly Works

On the final day of its 1980-81 term, the United States Supreme Court handed down its long-awaited decision in Commonwealth Edison Co. v. Montana, which sustained Montana's coal severance tax over commerce and supremacy clause objections. In a six-to-three decision, the Court upheld the right of the states to set their own tax rates without fear of judicial interference. The Court's conclusion was rooted in its recognition that the determination of the rate or amount of a state tax is fundamentally a political question, which "must be resolved through the political process . . . by state legislatures in …

Dubious Interpretative Rules For Construing Federal Taxing Statutes, Richard A. Westin

Law Faculty Scholarly Articles

Knowing even a substantial portion of the Internal Revenue Code of 1954 is a major achievement. Divining how the courts might react to a complex tax transaction is also terribly difficult, but for this ability lawyers are often well-rewarded on earth. The tools of this esoteric trade include a mass of interpretative rules of a most uncertain nature, as sophisticated tax advisors are well aware. This article discusses the application and limits of a litany of the interpretative rules. The rules are frequently applicable outside the tax field, but the following study is confined to their application to tax decisions. …

Taxation Of Distributions From Accumulation Trusts: The Impact Of The Tax Reform Act Of 1976, David T. Link, Michael J. Wahoske

Journal Articles

The complex rules governing the taxation of income from trusts and estates have at times been described as incomprehensible. Perhaps the most confusing of these are the accumulation distribution throwback rules. In an effort to alleviate some of this confusion, Congress included accumulation trusts within the purview of the Tax Reform Act of 1976. Though Congress claimed that the rules are now "considerably simplified," it is not without some effort that one is able to translate the statutory language into a form useful to the practitioner.

Given the complexity of the rules, it is necessary to begin with a caveat. …

The Behavior Of Justice Douglas In Federal Tax Cases, Marjorie A. Silver, Bernard Wolfman, Jonathan L. F. Silver

Scholarly Works

No abstract provided.