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Powers Of Attorney Under The Uniform Power Of Attorney Act Including Reference To Virginia Law, F. Philip Manns Jr.

ACTEC Law Journal

The Uniform Power of Attorney Act (UPOAA), approved in 2006, slightly amended in 2008 and more significantly amended in 2016, has been adopted by 27 U.S. jurisdictions. The UPOAA promotes uniformity in language delineating an agent's powers and mandates that third parties accept notarized powers of attorney. Under the UPOAA, an instrument simply granting an agent authority to do "all acts that a principal could do," vests that agent with broad powers: the precise delineation of those powers is produced by about a dozen pages of UPOAA text automatically incorporated by reference into such "all acts" instruments. However, the UPOAA …

Unseating Privilege: Rawls, Equality Of Opportunity, And Wealth Transfer Taxation, Jennifer Bird-Pollan

Law Faculty Scholarly Articles

This Article is the second in a series that examines the estate tax from a particular philosophical position in order to demonstrate the relevance and importance of the wealth transfer taxes to that position. In this Article, I explore Rawlsian equality of opportunity, a philosophical position that is at the heart of much American thought. Equality of opportunity requires not only ensuring that sufficient opportunities are available to the least well-off members of society but also that opportunities are not available to other members merely because of their wealth or other arbitrary advantages. Therefore, an income tax alone, even one …

Death, Taxes, And Property (Rights): Nozick, Libertarianism, And The Estate Tax, Jennifer Bird-Pollan

Law Faculty Scholarly Articles

The primary purpose of this Article is to dispute the moral claims to post-death property rights made by libertarians when they argue against the estate tax. As I will show later in this Article, my argument does not necessarily entail enacting an estate tax, nor does it require a particular level of tax. I am merely trying to demonstrate that those who argue that the estate tax is an immoral violation of the private property rights of the deceased are mistaken. This is not to say that the estate of the deceased should necessarily pass to the government. It is …

Gifts, Gafts And Gefts: The Income Tax Definition And Treatment Of Private And Charitable 'Gifts' And A Principled Policy Justification For The Exclusion Of Gifts From Income, Douglas A. Kahn, Jeffrey H. Kahn

Articles

Gifts have been given special treatment by the income tax laws since the first post-16th Amendment tax statute was adopted in 1913. The determination of how the income tax law should treat gifts raises a number of issues. For example: should gifts be given special treatment? If so, what should qualify as a gift? Should gifts to a private party be taxable to the donee? Should gifts to a private party be deductible by the donor? Should the donee's basis in a gift of property be determined by reference to the basis that the donor had, and should any modifications …

The Funding Of Children's Educational Costs, Douglas A. Kahn

Articles

A plan for reduction of educational costs should take federal transfer taxes into account. The method chosen for reducing income tax liability usually will involve making gifts. To the extent that it is convenient to do so, the transfer tax consequences of making such gifts should be minimized. This article will examine the estate and gift tax consequences of the income tax reduction arrangements described herein and will consider means of structuring the transactions so as to minimize those consequences.

The Changing Meaning Of "Gift": An Analysis Of The Tax Court's Decision In "Carson V. Commissioner", Jeffrey Schoenblum

Vanderbilt Law School Faculty Publications

The complexity of detail that characterizes the Internal Revenue Code (Code) has been the subject of intense criticism and only faint praise. Yet, one of the more striking anomalies of the Code is that its often suffocating detail coexists with the sparest definitions of many key terms. The term "gift" is a prime example. Although its meaning plays an instrumental role in income and gift taxation, the Code nowhere defines the term. As a result, the task of fleshing out its meaning has largely fallen on the Treasury, through the issuance of regulations and rulings, and on the courts, which …

Inter Vivos Giving In Estate Planning Under The Tax Reform Act Of 1976, John E. Donaldson

William & Mary Law Review

No abstract provided.

Transactions Subject To Gift Tax, Douglas A. Kahn, Earl M. Colson

Articles

The gift tax is imposed on the "transfer of property by gift." The term gift is not expressly defined either in the Code or in the Treasury Regulations. However, section 2512(b), dealing with the valuation of gifts, states that "where property is transferred for less than an adequate and full consideration in money or money's worth," the difference between the value of the property transferred and the consideration received constitutes a gift. Thus, for gift tax purposes, the determination of whether a gift was made does not turn so much on the intent of the transferor as it does on …

Transactions Subject To The Federal Gift Tax, Douglas A. Kahn

Articles

The federal gift tax was first enacted in 1924, approximately eight years after the adoption of the estate tax. As originally enacted, the tax was largely ineffective because it was computed on an annual basis without regard to gifts made in prior years.

Income Taxation Of Estates And Trusts-Gifts Of Specific Property, William R. Pietz

Indiana Law Journal

No abstract provided.

Inequities In Corporate Payments To Widows

Indiana Law Journal

No abstract provided.

In Contemplation Of Death, Hendrick Machoian

Cleveland State Law Review

The phrase "in contemplation of death" is used in connection with gifts in federal estate tax law' and in connection with gifts causa mortis at common law. The purpose of this paper is to determine the difference, if any, between the scope of the phrase for federal estate tax purposes and the scope of the phrase for purposes of gifts causa mortis.

Taxation Of Gifts In Trust To Charities Reserving A Life Income Interest, Herman L. Trautman

Vanderbilt Law Review

The character of every nation is determined in large part by the values and beliefs of its people. A value high in the mores of American society is a settled policy decision to encourage gifts to charities. Governmental policy, federal and state, has been implemented for along time in various areas of the law by special provisions in favor of charity; and nowhere has the implementation of this policy been more pronounced than in our present tax laws, due in no small part to the high graduated income tax rates applicable to individuals. In order to encourage charities, Congress has …

Personal Property And Sales, F. Hodge O'Neal, Thomas G. Roady Jr.

Vanderbilt Law Review

Sales

Two sales cases were decided during the survey period. One of the cases, Henson v. Wright,' was an action by the buyer of a tractor to rescind the purchase for breach of warranty.

Judd v. Fruehauf Trailer Co. is a questionable decision which perhaps opens a way for a seller in a conditional sale contract to circumvent provisions of the conditional sales act designed to protect the conditional buyer.

Liability of Common Carrier: Is a carrier liable to a shipper for breach of contract for failure to deliver an animal lost en route from point of shipment to point …

Personal Property And Sales -- 1954 Tennessee Survey, Clyde L. Ball

Vanderbilt Law Review

This article is limited to cases involving transfers of personal property by gift or by sale, and the resultant legal relationships. Cases involving liens on personal property, chattel mortgages, and those dealing with sales in bulk are discussed in the article on Creditors' Rights and Security Transactions in this Survey.'

Taxation-Income Tax-Taxability Of Payments Made To Widows Of Deceased Employees, Douglas L. Mann S.Ed.

Michigan Law Review

Payments were made by an employer to the widow of a deceased employee in consideration of services rendered by the employee. Held, the payments were includible in the widow's gross income for federal income tax purposes. I.T. 4027, Int. Rev. Bul., Oct. 16, 1950, 2, 505 CCH ¶6208.

Book Reviews, Philip A. Hendrick Reviewer, Charles L.B. Lowndes (Reviewer), Adrian W. Dewind (Reviewer), Chas. A. Morehead (Reviewer), John R. Stivers (Reviewer)

Vanderbilt Law Review

An Estate Planner's Handbook By Mayo Adams Shattuck

Boston: Little, Brown & Company, 1948. Pp. 575. $7.50

reviewer: Philip A. Hendrick

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Estate Planning and Estate Tax Saving By Edward N. Polisher

Philadelphia: George T. Bisel Company. Second Edition, 1948. 2 Volumes. Pp. xxxii, 923. $20.00

reviewer: Charles L.B. Lowndes

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Federal Taxes--Corporations and Partnerships, 1948-49 By Robert H. Montgomery, Conrad B. Taylor and Mark E. Richardson

Vol. I: Gross Income and Deductions Vol. II: Taxes, Returns and Administration New York: The Ronald Press Company, 1948. Pp. xiii, 1001; pp. iv, 881. $20.00

Federal Taxes--Estates, Trusts and Gifts, 1948-49

By …

What Is A Gift?, Herbert Rand

Kentucky Law Journal

No abstract provided.