Law Commons^™

The Intersection Of Tax And Bankruptcy: The Mccoy Rule, John Ferguson

John Ferguson

No abstract provided.

"The Thing That Ate Philanthropy" Or The Rise Of Donor Advised Funds, Why It Is A Problem And What Can Be Done About It, Ray Madoff

Ray D. Madoff

No abstract provided.

How The Government Gives, Ray Madoff

Ray D. Madoff

No abstract provided.

What's Wrong With A Federal Inheritance Tax?, Wendy Gerzog

Wendy Gerzog

Scholars have proposed a federal inheritance tax as an alternative to the current federal transfer tax system, but there are serious flaws with that idea. Those problems include: (1) different tax rates and exemptions based on the decedent’s relationship to the beneficiary; (2) the lack of a tax on lifetime gratuitous transfers, including gifts with retained interests or control; (3) the persistence of most current valuation distortion abuses; and (4) significantly decreased compliance rates and increased administrative costs inherent in a system that taxes transferees on transactions that may be largely unmonitored.

This article reviews common characteristics of existing inheritance …

What's Wrong With A Federal Inheritance Tax?, Wendy Gerzog

Wendy Gerzog

Scholars have proposed a federal inheritance tax as an alternative to the current federal transfer tax system, but there are serious flaws with that idea. Those problems include: (1) different tax rates and exemptions based on the decedent’s relationship to the beneficiary; (2) the lack of a tax on lifetime gratuitous transfers, including gifts with retained interests or control; (3) the persistence of most current valuation distortion abuses; and (4) significantly decreased compliance rates and increased administrative costs inherent in a system that taxes transferees on transactions that may be largely unmonitored.

This article reviews common characteristics of existing inheritance …

Protecting Those Who Need It Most: A Call For Change To The Tax Application Of Qualified Domestic Relations Orders When Placed Into Special Needs Trusts, Conor Francis Linehan

Conor Francis Linehan

This note calls for a change to the way the Internal Revenue Code is applied towards qualified domestic relations orders when used to fund or partially fund special needs trusts, specifically irrevocable (d)(4)(B) trusts created under § 1396p.

The current status of the law is that an individual can roll over a qualified domestic relations order into a new retirement account in a tax-free transfer. If an individual elects to not roll over into a new retirement fund, some additional exemptions to various early termination penalties and lump sum payments have already been carved out of the Code.

This note …

Mourning In America: What's Law Got To Do With It?, Ray Madoff

Ray D. Madoff

On March 27, 2013, Professor Maddoff presented a paper as part of Amherst College's LJST Law & Mourning Lecture Series.

Occupy The Tax Code: Using The Estate Tax To Reduce Inequality And Spur Economic Growth, James R. Repetti, Paul L. Caron

James R. Repetti

Inequality has been increasing in the United States. We should care about this increase because inequality contributes to a variety of adverse social consequences that persist across generations. There is also substantial empirical evidence that inequality has a long-term negative impact on economic growth. For many decades, federal tax policy has played an important role in reducing inequality, although the impact of federal taxes on inequality has waxed and waned depending on the focus of elected officials. We argue that the estate tax is a particularly apt vehicle to reduce inequality because inheritances are a major source of wealth among …

Occupy The Tax Code: Using The Estate Tax To Reduce Inequality And Spur Economic Growth, James R. Repetti, Paul L. Caron

James R. Repetti

Inequality has been increasing in the United States. We should care about this increase because inequality contributes to a variety of adverse social consequences that persist across generations. There is also substantial empirical evidence that inequality has a long-term negative impact on economic growth. For many decades, federal tax policy has played an important role in reducing inequality, although the impact of federal taxes on inequality has waxed and waned depending on the focus of elected officials. We argue that the estate tax is a particularly apt vehicle to reduce inequality because inheritances are a major source of wealth among …

Occupy The Tax Code: Using The Estate Tax To Reduce Inequality And Spur Economic Growth, James R. Repetti, Paul L. Caron

James R. Repetti

Inequality has been increasing in the United States. We should care about this increase because inequality contributes to a variety of adverse social consequences that persist across generations. There is also substantial empirical evidence that inequality has a long-term negative impact on economic growth. For many decades, federal tax policy has played an important role in reducing inequality, although the impact of federal taxes on inequality has waxed and waned depending on the focus of elected officials. We argue that the estate tax is a particularly apt vehicle to reduce inequality because inheritances are a major source of wealth among …

Toward A Practical Estate-Tax Exclusion For Family-Run Businesses: Analysis Of Section 2033a And Proposal For Reform, Eric D. Chason, Robert T. Danforth

Robert T. Danforth

In a previous work appearing in this Journal, the authors proposed an approach to estate and gift taxation that encourages productive behavior by the recipients of wealth. In this Article, the authors analyze, in the context of their earlier work, the new estate-tax exclusion for closely held businesses (section 2033A) created by the Taxpayer Relief Act of 1997. The authors describe the features of a practical family-run business exclusion and conclude that section 2033A, in its present form, fails as a practical exclusion. The authors catalogue those elements of section 2033A that should be retained and propose reforms of those …

The Proper Role Of The Estate And Gift Taxation Of Closely Held Businesses, Eric D. Chason, Robert T. Danforth

Robert T. Danforth

The authors argue that the goals of estate and gift taxation are not served by taxing closely held businesses when the recipient of the business actively participates in its operation. Further, the authors suggest that taxing closely held businesses tends to harm capital production. The authors propose an approach to estate and gift taxation that encourages productive behavior by the recipients of wealth.

Toward A Practical Estate-Tax Exclusion For Family-Run Businesses: Analysis Of Section 2033a And Proposal For Reform, Eric D. Chason, Robert T. Danforth

Robert T. Danforth

In a previous work appearing in this Journal, the authors proposed an approach to estate and gift taxation that encourages productive behavior by the recipients of wealth. In this Article, the authors analyze, in the context of their earlier work, the new estate-tax exclusion for closely held businesses (section 2033A) created by the Taxpayer Relief Act of 1997. The authors describe the features of a practical family-run business exclusion and conclude that section 2033A, in its present form, fails as a practical exclusion. The authors catalogue those elements of section 2033A that should be retained and propose reforms of those …

The Proper Role Of The Estate And Gift Taxation Of Closely Held Businesses, Eric D. Chason, Robert T. Danforth

Robert T. Danforth

The authors argue that the goals of estate and gift taxation are not served by taxing closely held businesses when the recipient of the business actively participates in its operation. Further, the authors suggest that taxing closely held businesses tends to harm capital production. The authors propose an approach to estate and gift taxation that encourages productive behavior by the recipients of wealth.

What’S Wrong With A Federal Inheritance Tax?, Wendy Gerzog

Wendy Gerzog

Scholars have proposed a federal inheritance tax as an alternative to the current federal transfer tax system, but there are serious flaws with that idea. Those problems include: (1) different tax rates and exemptions based on the decedent’s relationship to the beneficiary; (2) the lack of a tax on lifetime gratuitous transfers, including gifts with retained interests or control; (3) the persistence of most current valuation distortion abuses; and (4) significantly decreased compliance rates and increased administrative costs inherent in a system that taxes transferees on transactions that may be largely unmonitored. This article reviews common characteristics of existing inheritance …

The Mandatory Disclosure Provisions Of The Uniform Trust Code: Sill Boldly Going Where No Jurisdiction Will Follow - A Practical Tax-Based Solution, John S. Treu

John S. Treu

Twelve years have passed since NCCUSL first proposed the Uniform Trust Code ("UTC") which has now been adopted in twenty-five jurisdictions. Notwithstanding the successful adoption of the majority of the provisions of the UTC in each of these jurisdictions, the mandatory disclosure provisions of the UTC have been universally rejected. These mandatory disclosure provisions are reform-based and beneficiary-friendly and have been widely criticized for contradicting the settlor's intent as stated in the plain language of the trust instrument. The majority of UTC adopting jurisdictions have simply deleted the mandatory disclosure provisions altogether and have adopted only the default disclosure provisions. …

Occupy The Tax Code: Using The Estate Tax To Reduce Inequality And Spur Economic Growth, James R. Repetti, Paul L. Caron

James R. Repetti

The Theory And Practice Of Modern Taxation, By William R. Green, Robert Brown

Dr Robert Brown

No abstract provided.

Practical Guide To Estate Planning, Ray Madoff, Cornelia Tenney, Martin Hall, Lisa Mingolla

Ray D. Madoff

Provides an overview of estate planning, offering the widest variety of discussion on planning principles and tools from the simple to the sophisticated. The 2013 Edition covers the legislative, regulatory and judicial developments that are of most importance to estate planners, bringing you up to date in this constantly changing area

Immortality And The Law - The Rising Power Of The American Dead, Ray Madoff

Ray D. Madoff

While American law provides virtually no protections for the interests we hold most dear – our bodies and our reputations – when it comes to property interests, the American dead have greater control than anywhere else in the world. From grave robbery to Elvis impersonators, the law of the dead has a direct impact on how we live. The rising power of the American dead enables the deceased to exert control over their wealth forever through grandiose schemes like dynasty trusts and perpetual private charitable foundations and to control their creative works and identities well into the unforeseeable future.

On Constructively Realizing Constructive Realization: Building The Case For Death And Taxes, Dan Subotnik

Dan Subotnik

No abstract provided.

La Transparencia En La Protección De Datos Personales, Bruno L. Costantini García

Bruno L. Costantini García

La Transparencia en la Protección de Datos Personales, ponencia elaborada dentro de los trabajos del VII Congreso Nacional de Organismos Públicos Autónomos (OPAM)

U.S. Taxes Corporate Income At Comparatively Low Rate, Andrew Pike

Andrew Pike

This article asserts that the United States does not subject corporate profits to a relatively high nominal rate of taxation. In support of this assertion, the article analyzes the VAT, and concludes that the VAT incorporates a tax on corporate profits. The portion of the VAT that taxes corporate profit is comparable to, and at least as burdensome as, the current U.S. corporate income tax. The article concludes that the accepted wisdom that the United States imposes an exceptionally high nominal rate of tax (compared to the nominal rates of taxation imposed in other OECD countries) on corporate profits is …

Two Tricks To Raising Capital-Gains Taxes Fairly, Ray Madoff

Ray D. Madoff

No abstract provided.

Aspectos Generales Dela Publicidad En México. "La Publicidad De Productos, Servicios, Y Actividades Reguladas Por La Ley General De Salud", Bruno L. Costantini García

Bruno L. Costantini García

Introducción a las generalidades de la regulación en materia de publicidad de insumos para el consumo humano (salud) en México.

Which The Deader Hand? A Counter To The American Law Institute's Proposed Revival Of Dying Perpetuities Rules, Scott A. Shepard

Scott A. Shepard

Encouraged primarily by a fluke in federal estate and gift tax law, more than half of the states have either effectively or entirely abolished their rules against perpetuities in the past two decades. The American Law Institute, deeply troubled by this development, has adopted for its Third Restatement a proposed rule against perpetuities that would essentially prohibit conditional gifts to continue for the benefit of parties born more than two generations after the transferor.

The ALI’s efforts are misguided. The rule against perpetuities was the product of a legal, political and social age very different than our own. It was …

The William O. Douglas Tax Factor: Where Did The Spin Stop And Who Was He Looking Out For?, I Jay Katz

Irwin J Katz

ABSTRACT THE WILLIAM 0. DOUGLAS TAX FACTOR: WHERE DID THE SPIN STOP AND WHO WAS HE LOOKING OUT FOR?

Although much better known for his opinions regarding constitutional law and individual rights, Justice William 0. Douglas also left an indelible mark in tax law. Throughout his thirty-six year tenure on the Supreme Court, Douglas wrote a significant number of majority and dissenting opinions in some of the most famous tax law cases of his day. As the title of the article suggests, most of Douglas's opinions were full of spin from the bias of the party he favored and read …

Introduction To Form 1040 Series - Irs Registered Preparer Exam Review Course, John S. Treu, Davin Harnois

John S. Treu

No abstract provided.

Presented Paper, A Tale Of Two Countries: A Comparison Of The Inheritance Law Of France And The United States, Ray Madoff

Ray D. Madoff

No abstract provided.

It's Time To Reform Donor Advised Funds, Ray Madoff

Ray D. Madoff

In this article, Madoff argues that the current law governing donor-advised funds provides too much of a benefit to donors and sponsoring organizations, without ensuring sufficient benefit to the charitable sector as a whole. Moreover, the current rules undermine the integrity of the tax system by implicating the government in a ‘‘wink and a nod’’ system that disproportionately benefits the wealthy. To remedy these problems, donor-advised funds should be subject to a seven-year payout requirement, and the rules should be revised to ensure that private foundations cannot satisfy their payout obligations simply by making transfers to a donor-advised fund.