Law Commons^™

Recent Developments In The Income Taxation Of Individuals, Partnerships, Estates, & Trusts, Meade Emory

William & Mary Annual Tax Conference

No abstract provided.

And The Rebuttal, Glenn E. Coven

Faculty Publications

No abstract provided.

The Taxpayer's Duty Of Consistency, Steve R. Johnson

Scholarly Publications

A transaction may affect the taxpayer's federal tax liability for both the current period and subsequent periods. No difficulty arises if the taxpayer treats the transaction consistently over the periods. However, significant tax distortions are possible if the taxpayer's characterization of the transaction varies from period to period. A recharacterization may be particularly troublesome if the statute of limitations has expired, and the first period is not open to correction at the time the inconsistent representation is made.

The duty of consistency was developed to address this problem. If the duty applies, the taxpayer is not permitted to shift his …

Death And Taxes: The Taxation Of Accelerated Death Benefits For The Terminally Ill, Wayne M. Gazur

Publications

No abstract provided.

Redefining Debt: Of Indianapolis Power And Fictitious Interest, Glenn E. Coven

Faculty Publications

No abstract provided.

Of Form And Substance: Tax-Free Incorporations And Other Transactions Under Section 351, Ronald H. Jensen

Elisabeth Haub School of Law Faculty Publications

This article presents three principal theses: First, the courts and the Internal Revenue Service have misapplied the substance over form doctrine to the binding obligation cases under section 351 and in the process have created a hodgepodge of hopelessly irreconcilable and frequently wrong decisions. Part II of this article illustrates the inconsistencies and contradictions found in current law. Part III diagnoses the reason for this malaise: the unthinking, mechanical and therefore erroneous application of the step transaction doctrine. Part IV then develops the true function of the doctrine: to assure that clearly defined statutory purposes are not frustrated by plans …

The Taxpayer's Duty Of Consistency, Steve R. Johnson

Articles by Maurer Faculty

No abstract provided.

Lost On A One-Way Street: The Taxpayer's Ability To Disavow Form, William S. Blatt

Articles

No abstract provided.

Taxing Service Partners To Achieve Horizontal Equity, Henry Ordower

All Faculty Scholarship

Argues that recent judicial and administrative decisions cause the federal income tax law to tax partners who receive their partnership interests in exchange for services more favorably than partners who acquire their partnership interests in exchange for money or property. Such dissimilar treatment undercuts the desired taxation objective of even-handed treatment of all taxpayers.

Assessing The Limited Liability Company, Wayne M. Gazur, Neil M. Goff

Publications

The limited liability company is one of the newest forms of business organization. This form combines the limited liability of a corporation with the tax benefits normally associated with a partnership. The authors examine various implications and ramifications of this organizational form.

Federal Tax Amnesty: Crime And Punishment Revisited, Leo P. Martinez

Faculty Scholarship

No abstract provided.

When Fungible Portfolio Assets Meet: A Problem Of Tax Recognition, Alan L. Feld

Faculty Scholarship

A pervasive principle in calculating income for Federal tax purposes defers consideration of gain or loss in an investment asset until a recognition event occurs. An investor can watch the value of an investment in common stock rise over a considerable period of time without incurring any tax liability. Similarly, if the value declines, the investor does not take the loss into account. When the investor terminates the investment, the tax computation takes the net accumulated gain or loss into account at that time.

Discussion and controversy concerning this deferral principle, referred to as the realization or recognition requirement,^{1 …}