Law Commons^™

Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And "Ability To Pay", James M. Puckett

Journal Articles

The federal income tax can and should do more to address wealth disparities and income inequality. The income tax does not directly count wealth, and the realization rule and basis "step-up" at death exclude substantial amounts of income for the wealthy. The Constitution limits Congress's ability to tax wealth. Despite these serious challenges, this Article considers how to potentially bridge the gap between wealth and the income tax. For example, asset-based phase-outs in the income tax should pass muster without apportionment, although their bite would necessarily be limited. The Article posits that the public would be more receptive to phase-outs …

Inherited Excess Mortgage Property: Death And The Inherited Tax Shelter, Louis A. Del Cotto, Kenneth F. Joyce

Journal Articles

No abstract provided.

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. …

Taxation Of The Trust Annuity: The Unitrust Under The Constitution And The Internal Revenue Code, Louis A. Del Cotto, Kenneth F. Joyce

Journal Articles

No abstract provided.