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Partnership Special Allocations: Time To Reboot, David Hasen

David Hasen

Special allocations of items of partnership income, gain, loss and deduction have long created difficulties for the tax law. In the draft, I argue that most such allocations should not be respected for tax purposes because they inappropriately assign the character of partnership items between or among partners. I suggest that special allocations instead ought to be viewed as transactions in partnership interests between or among the partners themselves. A number of consequences follow. I also argue that Treasury's rules for establishing the partners' interest in the partnership when an allocation fails the test for substantiality are likely inconsistent with …

Not All Defined Value Clauses Are Equal, Wendy Gerzog

Wendy Gerzog

Defined value clauses used to value nonmarketable family limited partnership (FLP) interests create valuation distortions and other public policy issues. This paper describes these abuses and proposes the employment of restrictions similar to those applied to pecuniary formula marital deduction clauses.

The article explains how pecuniary formula marital deduction provisions created valuation distortions by allowing for undervaluation of the marital share that were remedied by the IRS’s Rev. Proc. 64-19 and the enactment of section 2056(b)(10). The article analyzes recent case law expanding the use of defined value clauses into the FLP area and criticizes the courts for not applying …

Note: Guiding The Modern Lawyer Through A Global Economy: An Analysis On Outsourcing And The Aba's 2012 Proposed Changes To The Model Rules, Patrick Poole

Patrick Poole

Over the last few decades, the dramatic changes that have occurred in the global economy have similarly altered the landscape for outsourced work both domestically and internationally. One study estimates that as many as 3.3 million white-collar jobs could be shipped abroad by 2015. This growing trend has also substantially affected the unique nature of the legal field. For the past year and a half, the American Bar Association (ABA) Ethics 20/20 Commission has been considering changes to the Model Rules of Professional Conduct as they relate to domestic and international outsourcing. The revision process has included soliciting input from …

Workshop On Research And Resource Commons In Scientific Research, Michael W. Carroll

Michael W. Carroll