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Articles 1 - 8 of 8
Full-Text Articles in Law
Valuation Discounts After Estate Of Nowell V. Commissioner: A Clear Formula For Reducing Estate Taxes, Russell Stanaland
Valuation Discounts After Estate Of Nowell V. Commissioner: A Clear Formula For Reducing Estate Taxes, Russell Stanaland
Golden Gate University Law Review
In Estate of Nowell v. Commissioner, the Tax Court considered the issue of valuation discounts on property for purposes of calculating federal estate and gift tax liability. In its memorandum opinion, the court held that transferred property is valued without considering other similar property held by either the transferor or transferee for estate and gift tax purposes. The Nowell decision provided two important rules. First, a family may transfer property to various trusts and then claim that the total value of all trusts is worth less than the value of the underlying property because each trust owns only a partial …
Tax Law - In Re Kroy (Europe) Limited: Whether A Corporation May Amortize And Deduct Loan Fees Incurred In Financing A Stock Redemption, Robert G. Lorndale Jr.
Tax Law - In Re Kroy (Europe) Limited: Whether A Corporation May Amortize And Deduct Loan Fees Incurred In Financing A Stock Redemption, Robert G. Lorndale Jr.
Golden Gate University Law Review
In In re Kroy (Europe) Limited,l the Ninth Circuit held that a corporation could amortize and deduct fees which it incurred in borrowing funds used to redeem stock under §162(a) of the Internal Revenue Code. Section 162(a) allows a corporation to deduct ordinary and necessary business expenses. Kroy required the court to decide whether §162(k) of the Internal Revenue Code, an exception to §162(a), applied to these fees and would preclude their deduction. Section 162(k) disallows deduction of any expenses incurred "in connection with" a stock redemption. The Ninth Circuit determined that §162(k) did not apply to the fees because …
Taxation, Robert C. Gabrielski, Robert Michael Fanucci
Taxation, Robert C. Gabrielski, Robert Michael Fanucci
Golden Gate University Law Review
No abstract provided.
It Is Logic Rather Than Whom You Trust: A Rejoinder To Prof. Cohen, Douglas A. Kahn
It Is Logic Rather Than Whom You Trust: A Rejoinder To Prof. Cohen, Douglas A. Kahn
Articles
This article is the continuation of an exchange that has taken place between Prof. Stephen B. Cohen and me concerning the validity of criticisms leveled by Chief Justice John Roberts on an opinion by then-Judge Sonia Sotomayor writing for the Second Circuit in the case of William L. Rudkin Testamentary Trust v. Commissioner. While affirming the Second Circuit’s decision, Chief Justice Roberts, writing for a unanimous Supreme Court, criticized and rejected Justice Sotomayor’s construction of the relevant statutory provision. In an article in the August 3, 2009, issue of Tax Notes, Cohen defended Justice Sotomayor’s construction of the statute and …
Avoiding Misuse Of Donor Advised Funds, Michael J. Hussey
Avoiding Misuse Of Donor Advised Funds, Michael J. Hussey
Cleveland State Law Review
This Article presents a proposal for further modifying donor advised funds to retain most of their hallmark flexibility and ease of use while drawing them into line with other charitable giving vehicles that put contributed funds to use for active charitable purposes. This Article argues that using individual retirement accounts as an underlying legal model for donor advised funds will address Congress's concerns regarding the appropriateness of the income tax deductions for contributions to donor advised funds while allowing donor advised funds to retain much of their hallmark flexibility and ease of operation.
The Attack On Nonprofit Status: A Charitable Assessment, James R. Hines Jr., Jill R. Horwitz, Austin Nichols
The Attack On Nonprofit Status: A Charitable Assessment, James R. Hines Jr., Jill R. Horwitz, Austin Nichols
Articles
American nonprofit organizations receive favorable tax treatment, including tax exemptions and tax-deductibility of contributions, in return for their devotion to charitable purposes and restrictions not to distribute profits. Recent efforts to extend some or all of these tax benefits to for-profit companies making social investments, including the creation of the new hybrid nonprofit/for-profit company form known as the Low-Profit Limited Liability Company, threaten to undermine the vitality of the nonprofit sector and the integrity of the tax system. Reform advocates maintain that the ability to compensate executives based on performance and to distribute profits when attractive investment opportunities are scarce …
Reforming 501(C)(3): Putting The "Charity" Back In The Charitable Deduction, Jennifer Mccrabb Black
Reforming 501(C)(3): Putting The "Charity" Back In The Charitable Deduction, Jennifer Mccrabb Black
Law Student Publications
This paper seeks to lay out a proposal to redefine what it takes to receive tax-deductible donations. Part II of this paper will summarize the current state of the law as it applies to the charitable contribution deduction and the qualification for tax exemption under the Internal Revenue Code. Part III discusses the Charities Act 2006, a recent British act aimed at attempting to redefine charity for England and Wales by requiring organizations to prove that they provide a public benefit before receiving the benefits of being a charity. Part IV proposes additions and changes to the Internal Revenue Code …
Avoiding Misuse Of Donor Advised Funds, Michael Hussey
Avoiding Misuse Of Donor Advised Funds, Michael Hussey
Michael Hussey
No abstract provided.