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Articles 1 - 30 of 44
Full-Text Articles in Law
Paying To Save: Tax Withholding And Asset Allocation Among Low- And Moderate-Income Taxpayers, Michael S. Barr, Jane Dokko
Paying To Save: Tax Withholding And Asset Allocation Among Low- And Moderate-Income Taxpayers, Michael S. Barr, Jane Dokko
Law & Economics Working Papers Archive: 2003-2009
We analyze the phenomenon that low- and moderate-income (LMI) tax filers exhibit a “preference for over-withholding” their taxes, a measure we derive from a unique set of questions administered in a dataset of 1,003 households, which we collected through the Survey Research Center at the University of Michigan. We argue that the relationship between their withholding preference and portfolio allocation across liquid and illiquid assets is consistent with models with present-biased preferences, and that individuals exhibit self-control problems when making their consumption and saving decisions. Our results support a model in which individuals use commitment devices to constrain their consumption. …
Recent Developments In Federal Income Taxation, Ira B. Shepard
Recent Developments In Federal Income Taxation, Ira B. Shepard
William & Mary Annual Tax Conference
No abstract provided.
Navigating Uncharted Waters: The New Charitable Entity Legislation, Robert L. Thalhimer, Michele A. W. Mckinnon
Navigating Uncharted Waters: The New Charitable Entity Legislation, Robert L. Thalhimer, Michele A. W. Mckinnon
William & Mary Annual Tax Conference
No abstract provided.
Another Take On The Mortgage Debt Relief Situation, Deborah A. Geier
Another Take On The Mortgage Debt Relief Situation, Deborah A. Geier
Law Faculty Articles and Essays
Prof. Deborah A. Geier responds to Prof. Stephen Cohen's viewpoint on the mortgage debt relief debate.
The Ubit: Leveling An Uneven Playing Field Or Tilting A Level One?, Michael S. Knoll
The Ubit: Leveling An Uneven Playing Field Or Tilting A Level One?, Michael S. Knoll
All Faculty Scholarship
After grateful alumni acquired the Mueller Spaghetti Company on behalf of New York University, and the courts held that the university did not have to pay tax on the pasta maker’s income, Mueller’s competitors cried foul. Congress responded to their pleas and enacted the unrelated business income tax (UBIT). The UBIT subjects an otherwise tax-exempt entity, such as a charitable institution or a religious organization, to tax on its income from a trade or business that is not substantially related to the organization’s tax-exempt purpose. The UBIT is widely viewed as leveling the playing field between taxable for-profit businesses and …
Can You Have Your Cake And Eat It Too? Achieving Capital Gain Treatment While Keeping The Property, Ronald H. Jensen
Can You Have Your Cake And Eat It Too? Achieving Capital Gain Treatment While Keeping The Property, Ronald H. Jensen
Elisabeth Haub School of Law Faculty Publications
I will attempt to show in this article that the cases and rulings dispensing with the need for a sale or exchange are unjustified under the statutory scheme and prevailing capital gain jurisprudence, and further that such holdings constitute bad policy. Part II will set forth a number of examples, based largely on decided cases, where it has been held or contended that recoveries in excess of basis qualify for capital gain treatment even though the taxpayer did not sell or exchange the property. These cases will illustrate the contexts in which this issue arises and will provide a basis …
All In The Family As Single Shareholder Of An S Corporation, Jeffrey H. Kahn, Douglas H. Kahn, Terrence G. Perris
All In The Family As Single Shareholder Of An S Corporation, Jeffrey H. Kahn, Douglas H. Kahn, Terrence G. Perris
Scholarly Publications
No abstract provided.
All In The Family As A Single Shareholder Of An S Corporation, Douglas A. Kahn, Jeffrey H. Kahn, Terrence G. Perris
All In The Family As A Single Shareholder Of An S Corporation, Douglas A. Kahn, Jeffrey H. Kahn, Terrence G. Perris
Articles
Subject to a few exceptions, a corporation that has elected to be taxed under subchapter S of chapter 1 of subtitle A of title 26 of the United States tax code is not taxed on its net income. Instead, the income, deductions, credits, and other tax items of an S corporation pass through to its shareholders on a pro rata basis. To qualify for subchapter S treatment, an electing corporation must satisfy the requirements that are set forth in section 1361, one of which is that the corporation can have no more than 100 shareholders. One aspect of that requirement …
Tax Magic: Did Billy Donovan Pull Income Out Of A Hat?, Jeffrey H. Kahn, Joshua P. Fershee
Tax Magic: Did Billy Donovan Pull Income Out Of A Hat?, Jeffrey H. Kahn, Joshua P. Fershee
Scholarly Publications
No abstract provided.
Congress's Transformative Republican Revolution In 2001-2006 And The Future Of One-Party Rule, Charles Tiefer
Congress's Transformative Republican Revolution In 2001-2006 And The Future Of One-Party Rule, Charles Tiefer
All Faculty Scholarship
In 2001 - 2006, Republican leadership in the legislature circumvented procedural norms to implement an ideological agenda that precluded the minority party from making alternative proposals and voicing criticisms. With the Republican majority in the Senate falling to 50-50 in 2000, President Bush's assumption of office, despite having lost the popular vote, set the tone for what would become an era of illegitimate procedural reform cloaked in secrecy and deniability. Through closed-door conferences and closed-rules, Republican leadership in the House and Senate turned the clock back on civil liberties, passed unfavorable and convoluted tax cuts, and used transformed health care …
Thinking About Conflicting Gravitational Pulls Litcs: The Academy And The Irs, Nancy S. Abramowitz
Thinking About Conflicting Gravitational Pulls Litcs: The Academy And The Irs, Nancy S. Abramowitz
Articles in Law Reviews & Other Academic Journals
This article addresses the tension between educational and public service goals in the immediate term for tax clinics receiving funding from the Low Income Taxpayer Clinic (“LITC”) program under Internal Revenue Code §7526. The author expresses concern that the LITC Program Office will over emphasize the “number-of-taxpayers served” factor in program evaluation, thereby putting academic clinics at a distinct disadvantage in seeking and/or retaining program funds. By imposing these types of “productivity” measures, there is a tendency to force that particular type of activity, thereby significantly disrupting what otherwise might be a better or different educational model for the use …
Professor Janet Spragens: In Memory Of A Friend, In Celebration Of An Idea, Nancy S. Abramowitz
Professor Janet Spragens: In Memory Of A Friend, In Celebration Of An Idea, Nancy S. Abramowitz
Articles in Law Reviews & Other Academic Journals
This article is a tribute to the career and contributions of Professor Janet Spragens, who created the Federal Tax Clinic at the American University, Washington College of Law (WCL). During testimony before the historic Internal Revenue Service Restructuring Commission, Prof. Spragens advised the Commission to create better education of the public and greater availability of free advocacy for low-income taxpayers through federal funding of more clinics. In its landmark legislation of 1998, Congress responded to this testimony with the enactment of 26 U.S.C. §7526, which authorized a program to fund academic and pro bono clinics working to educate non-native English …
No Wealthy Parent Left Behind: An Analysis Of Tax Subsidies For Higher Education, Andrew Pike
No Wealthy Parent Left Behind: An Analysis Of Tax Subsidies For Higher Education, Andrew Pike
Articles in Law Reviews & Other Academic Journals
This article analyzes the status in 2007 of higher education costs in relation to U.S. taxation policy and the declining real income and ability of lower and middle income taxpayers to pay tuition and fees. Then-current tax policy lessened support for families with the greatest financial need while providing much greater levels of support to those with greater financial resources. To enhance distributional fairness, the author proposes that Congress repeal tax provisions that have this effect and consolidate the separate sources of federal financial aid grants into one program--an expanded Pell Grant program. He also advises that Congress make the …
What's Good For The Goose Is Not Good For The Gander: Sarbanes-Oxley-Style Nonprofit Reforms, Lumen N. Mulligan
What's Good For The Goose Is Not Good For The Gander: Sarbanes-Oxley-Style Nonprofit Reforms, Lumen N. Mulligan
Faculty Works
In this article, I contend that these Sarbanes-Oxley-inspired, state, nonprofit reforms, particularly the costly disclosure requirements, will be of little value in the effort to improve ethical nonprofit board governance. The article proceeds as follows. Part II provides a primer on the oversight of nonprofit organizations. Part III reviews the recent Sarbanes-Oxley-like nonprofit reforms introduced in seven states. Part IV contends that the disclosure-focused reforms, which form the bulwark of these acts, will not foster ethical nonprofit board governance. Part V argues that this failure stems from the inappropriate application of a stockholder-based, normative perspective in the nonprofit sector. The …
Optimal Tax Compliance And Penalties When The Law Is Uncertain, Kyle D. Logue
Optimal Tax Compliance And Penalties When The Law Is Uncertain, Kyle D. Logue
Articles
This article examines the optimal level of tax compliance and the optimal penalty for noncompliance in circumstances in which the substance of the tax law is uncertain - that is, when the precise application of the Internal Revenue Code to a particular situation is not clear. In such situations, a number of interesting questions arise. This article will consider two of them. First, as a normative matter, how certain should taxpayers be before they rely on a particular interpretation of a substantively uncertain tax rule? If a particular position is not clearly prohibited but neither is it clearly allowed, what …
The Aches And Pains Of Transition To A Consumption Tax: Can We Get There From Here?, Daniel S. Goldberg
The Aches And Pains Of Transition To A Consumption Tax: Can We Get There From Here?, Daniel S. Goldberg
Faculty Scholarship
This article discusses probably the most significant obstacle to the adoption of a consumption tax: the negative effects on existing wealth that the transition from the income tax to most forms of a consumption tax would have. The Congressional Budget Office in its 1997 study posed the question, “How to Get There from Here.” The difficulty with transition and the changes in the tax law since the CBO study, however, prompt the more basic question: “Can we get there from here?” This article deals with this question by examining the effects of transition on existing wealth under a variety of …
Tax Shelters And The Code: Navigating Between Text And Internet, Steven A. Dean, Lawrence M. Solan
Tax Shelters And The Code: Navigating Between Text And Internet, Steven A. Dean, Lawrence M. Solan
Faculty Scholarship
No abstract provided.
To Tax Or Not To Tax, That Is The Question: The State Of Section 104(A)(2) Following Murphy V. Internal Revenue Service, Stuart G. Lazar
To Tax Or Not To Tax, That Is The Question: The State Of Section 104(A)(2) Following Murphy V. Internal Revenue Service, Stuart G. Lazar
Other Scholarship
No abstract provided.
Fiction, Form, And Substance In Subchapter K: Taxing Partnership Mergers, Divisions, And Incorporations, Heather M. Field
Fiction, Form, And Substance In Subchapter K: Taxing Partnership Mergers, Divisions, And Incorporations, Heather M. Field
Faculty Scholarship
No abstract provided.
Sunset Provisions In The Tax Code: A Critical Evaluation And Prescriptions For The Future, Manoj Viswanathan
Sunset Provisions In The Tax Code: A Critical Evaluation And Prescriptions For The Future, Manoj Viswanathan
Faculty Scholarship
No abstract provided.
Taxing Emotional Distress Recoveries: Does Murphy Show The Way?, Kaushal P. Mahaseth
Taxing Emotional Distress Recoveries: Does Murphy Show The Way?, Kaushal P. Mahaseth
LLM Theses and Essays
The taxability of recoveries of damages on account of emotional distress remains a complicated issue under the American federal income tax law. Recent developments due to a controversial decision by the D.C. Circuit Court of Appeals have further added fuel to this debate. Even if one were to argue the justifications of exempting such recoveries from income taxation, courts do not appear to be the very appropriate kind of forum. Congress can, and in fact does tax such recoveries and the constitutional basis of such power can hardly be doubted. As a result, appropriate changes in the statute only can …
A Consumption Tax Versus A Federal Income Tax In The United States, Shelly-Ann R. Tomlinson
A Consumption Tax Versus A Federal Income Tax In The United States, Shelly-Ann R. Tomlinson
LLM Theses and Essays
This thesis makes a comparison between a consumption tax and the current Federal Income Tax in order to establish which would be fairer, simpler, more efficient and feasible for the United States. Issues such as which of the two tax systems would be easier to apply, and which would yield enough revenue for the fiscal budget are addressed. The thesis argues that a consumption tax would be more suitable for the United States and in particular makes reference to the Fair Tax plan which is a proposal to replace the current federal income tax with a national retail sales tax. …
Tax Evasion Confusion In The Ninth Circuit, Kimberly Stanley
Tax Evasion Confusion In The Ninth Circuit, Kimberly Stanley
Publications
It is well settled that the crime of tax evasion under IRC §7201 has three fundamental elements. The statute requires the government to prove (1) the existence of a tax deficiency, (2) willfulness in the attempted evasion of taxes, and (3) an affirmative act constituting an evasion or attempted evasion. However, two recent Ninth Circuit tax evasion cases have muddied the waters – resulting in opposite outcomes – and have tax practitioners questioning the court’s reasoning.
Taxing Risk: An Approach To Variable Insurance Reform, Charlene Luke
Taxing Risk: An Approach To Variable Insurance Reform, Charlene Luke
UF Law Faculty Publications
Variable life insurance and annuity contracts are susceptible to being marketed and sold to taxpayers for whom such contracts are unsuitable and to being used in wraparound insurance shelters. As a method of addressing these problems, I propose current taxation for the risky returns on these contracts but continued deferral for a deemed, risk-free return amount. The increased transparency resulting from the forced separate tax accounting of contract components should improve consumers' ability to receive adequate suitability evaluations and may also lead to lower fees. Current taxation of risk-related returns removes an apparently key shelter incentive and should make it …
Compaq Redux: Implicit Taxes And The Question Of Pre-Tax Profit, Michael S. Knoll
Compaq Redux: Implicit Taxes And The Question Of Pre-Tax Profit, Michael S. Knoll
All Faculty Scholarship
This paper takes a new look at the cross-border dividend-stripping transactions that gave rise to the Fifth Circuit’s opinion in Compaq v. Commissioner and the Eighth Circuit’s opinion in IES Industries v. Commissioner. In both cases, the circuit courts held for the taxpayers and rejected the Commissioner’s claim that the transactions lacked economic substance because the taxpayers were sure to lose money on the transactions before taxes. These cases generated extensive commentary that was split into two diametrically opposed camps. One group argued that the decisions were correct because the transactions were economically profitable business transactions. The other group argued …
Why Pension Funding Matters, Eric D. Chason
Why Pension Funding Matters, Eric D. Chason
Faculty Publications
No abstract provided.
Can The Irs Silence Religious Organizations, Meghan J. Ryan
Can The Irs Silence Religious Organizations, Meghan J. Ryan
Faculty Journal Articles and Book Chapters
In the years following the 2004 presidential election, the Los Angeles Times reported that the Internal Revenue Service threatened revoking the tax-exempt status of the All Saints Episcopal Church in Pasadena because during a 2004 sermon, a church rector stated that he opposed the Vietnam and Gulf wars and that Jesus would have disapproved of the Bush Administration's preemptive war doctrine. The rector did not tell his parishioners who to support in the 2004 election, however. This threat of revoking an organization's tax-exempt status is just one example of the IRS's recent and unprecedented aggressiveness in seeking out violations of …
Tax Consequences When A New Employer Bears The Cost Of The Employee's Terminating A Prior Employment Relationship, Douglas A. Kahn, Jeffrey H. Kahn
Tax Consequences When A New Employer Bears The Cost Of The Employee's Terminating A Prior Employment Relationship, Douglas A. Kahn, Jeffrey H. Kahn
Articles
The next few months will be busy ones for moving companies that have NCAA basketball coaches as customers. In the past few months, several men's college basketball coaches have accepted jobs at different schools. Several of those coaches, who were still under contract at their former institution, had buy out provisions that allowed them to terminate their relationship for a set price. John Beilein is a prominent example of this since his buy out price was so high. Last season, Beilein was the head basketball coach at West Virginia University where he was under contract with the school until 2012. …
The Theory And Practice Of Tax Reform, Lawrence A. Zelenak
The Theory And Practice Of Tax Reform, Lawrence A. Zelenak
Faculty Scholarship
Reviewing, President's Advisory Panel on Federal Tax Reform, Simple, Fair, and Pro-Growth: Proposals to Fix America's Tax System (2005).By The President’s Advisory Panel on Federal Tax Reform. 2005. Available at: http://www.taxreformpanel.gov/final-report/
Justice Holmes, Ralph Kramden, And The Civic Virtues Of A Tax Return Filing Requirement, Lawrence A. Zelenak
Justice Holmes, Ralph Kramden, And The Civic Virtues Of A Tax Return Filing Requirement, Lawrence A. Zelenak
Faculty Scholarship
A major goal of some tax reform proponents is the elimination of the return filing requirement for many or all Americans. Although the President's Advisory Panel on Federal Tax Reform heard several hours of testimony concerning the possibility of a "return-free" income tax system, the Report of the Panel failed even to discuss the issue. This Article contends that the Panel was right to recommend (by implication) the retention of a return-based tax system, given the Panel's recommendations for major tax simplification. As long as the return filing obligation is not unduly burdensome which it would not be under the …