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Full-Text Articles in Law

Codification Of The Economic Substance Doctrine: Agency Response And Certain Other Unforeseen Consequences, Rebecca Rosenberg Nov 2018

Codification Of The Economic Substance Doctrine: Agency Response And Certain Other Unforeseen Consequences, Rebecca Rosenberg

William & Mary Business Law Review

Section 7701(o) of the Internal Revenue Code incorporates the controversial judicial doctrine of economic substance into statutory language. In other words, it “codifies” the doctrine. (The economic substance doctrine generally provides that a tax benefit that goes beyond Congressional intent can be disallowed by the courts, even if the taxpayer meets all of the literal Code and regulatory requirements for claiming the benefit.)

This codification appears to have accidentally dissuaded the relevant agency (the Internal evenue Service, or IRS) from raising economic substance issues—an effect that is contrary to Congress’s intent in enacting the doctrine into legislation ...


A Historical Examination Of The Constitutionality Of The Federal Estate Tax, Henry Lowenstein, Kathryn Kisska-Schulze Oct 2018

A Historical Examination Of The Constitutionality Of The Federal Estate Tax, Henry Lowenstein, Kathryn Kisska-Schulze

William & Mary Bill of Rights Journal

No abstract provided.


Overview Of Civil Tax Penalties, Craig D. Bell, Christopher S. Rizek Nov 2014

Overview Of Civil Tax Penalties, Craig D. Bell, Christopher S. Rizek

William & Mary Annual Tax Conference

No abstract provided.


Working With The Section 752 Partnership Liability Allocation Rules (Slides), Jennifer H. Alexander, Andrea M. Whiteway Nov 2014

Working With The Section 752 Partnership Liability Allocation Rules (Slides), Jennifer H. Alexander, Andrea M. Whiteway

William & Mary Annual Tax Conference

No abstract provided.


Working With The Section 752 Partnership Liability Allocation Rules (Outline), Jennifer H. Alexander, Andrea M. Whiteway Nov 2014

Working With The Section 752 Partnership Liability Allocation Rules (Outline), Jennifer H. Alexander, Andrea M. Whiteway

William & Mary Annual Tax Conference

No abstract provided.


Structuring And Restructuring Deals In 2014 (And Beyond), Stephen L. Owen Nov 2014

Structuring And Restructuring Deals In 2014 (And Beyond), Stephen L. Owen

William & Mary Annual Tax Conference

No abstract provided.


Charities In Politics: A Reappraisal, Brian Galle Apr 2013

Charities In Politics: A Reappraisal, Brian Galle

William & Mary Law Review

Federal law significantly limits the political activities of charities, but no one really knows why. In the wake of Citizens United, the absence of any strong normative grounding for the limits may leave the rules vulnerable to constitutional challenge. This Article steps into that breach, offering a set of policy reasons to separate politics from charity. I also sketch ways in which my more precise exposition of the rationale for the limits helps guide interpretation of the complex legal rules implementing them.

Any defense of the political limits begins with significant challenges because of a long tradition of scholarly criticism ...


Holman V. Commissioner: A Death Knell For The Tax Value Of Transfer Restrictions In Family Limited Partnerships?, Brent B. Nicholson Apr 2011

Holman V. Commissioner: A Death Knell For The Tax Value Of Transfer Restrictions In Family Limited Partnerships?, Brent B. Nicholson

William & Mary Business Law Review

This Article examines a recent United States court of appeals case concerning section 2703, Holman v. Commissioner,7 and some earlier cases, including a few under the 1958 regulation, that are relevant to Holman. The purpose of this Article is to explain the current state of the law with respect to buy-sell type agreements and their influence on setting the transfer tax value. The Article begins with a discussion of the relevant Code and Regulations, focusing on section 2703 and its legislative history. The Article then follows with a look at some of the relevant case law and an in-depth ...


Deferred Compensation Reform: Taxing The Fruit Of The Tree In Its Proper Season, Eric D. Chason Jan 2006

Deferred Compensation Reform: Taxing The Fruit Of The Tree In Its Proper Season, Eric D. Chason

Faculty Publications

Executive pensions (or deferred compensation) grabbed headlines after Enron's collapse and fresh concerns over ever-increasing executive pay. They also grabbed the attention of Congress, which reformed executive pensions legislatively in 2004 with § 409A of the Internal Revenue Code. Section 409A merely tightens and clarifies the doctrines that had already governed executive pensions, leaving the basic economics of executive pensions unchanged. Executives can still defer taxation on current compensation until actual payment is made in the future. Deferral still comes at the same price to the employer, namely the deferral of its deduction for the compensation expense. Thus, the timing ...


What Corporate Tax Shelters Can Teach Us About The Structure Of Subchapter C, Glenn E. Coven Jan 2004

What Corporate Tax Shelters Can Teach Us About The Structure Of Subchapter C, Glenn E. Coven

Faculty Publications

Coven argues that the rules extending nonrecognition treatment to the incorporation of property never have been properly integrated with the double taxation of corporations. As a result, the duplicate burden or benefit is applied retroactively. That defect, Coven believes, has been long overlooked, but now that it has been exploited by one popular version of the loss replicating corporate tax shelter, it must be addressed. The remedy applied by Congress to the tax shelter in section 358(h) is insufficient, does not operate correctly and undermines the integrity of the code, he says.

This article proposes a more comprehensive solution ...


Basis Shifting - A Radical Approach To An Intractable Problem, Glenn E. Coven Jan 2004

Basis Shifting - A Radical Approach To An Intractable Problem, Glenn E. Coven

Faculty Publications

Coven asserts that one of the lingering ambiguities in subchapter C is how an appropriate tax benefit can be obtained from the tax basis that "disappears" when a shareholder's interest is completely redeemed but the transaction is treated as a dividend because stock held by others is attributed to the former shareholder. He believes that Treasury was content to rely on manifestly inadequate regulations to resolve that issue until taxpayers discovered how to convert those regulations into a potent tax shelter. The amendment to those regulations, proposed in 2002, however, was fatally flawed, according to Coven.

In this article ...


Who Should Be Entitled To Claim The New Education Credits?, Glenn E. Coven Jan 1999

Who Should Be Entitled To Claim The New Education Credits?, Glenn E. Coven

Faculty Publications

Professor Coven believes that the education assistance provisions enacted in 1997, while long overdue, were ill-considered and poorly constructed. Focusing on what should have been the simple question of who is entitled to claim an education tax credit, this report illustrates the harm that inadequate drafting produces. While section 25A appeared to deny a credit to a dependent child, an unfair and unwise result, the proposed regulations allow parents to shift the credit to their children but only on the forfeiture of the deduction for the personal exemption. That rule, says Coven, imposes a harsh penalty on low and middle-income ...


Integrating Qualified Plan Distributions Into The Overall Financial And Estate Plan, Bruce J. Temkin Dec 1995

Integrating Qualified Plan Distributions Into The Overall Financial And Estate Plan, Bruce J. Temkin

William & Mary Annual Tax Conference

No abstract provided.


Ethical Issues In Tax Practice, Robert I. Brauer, James P. Holden Dec 1995

Ethical Issues In Tax Practice, Robert I. Brauer, James P. Holden

William & Mary Annual Tax Conference

No abstract provided.


The Tax Treatment Of Environmental Cleanup Costs, Blake D. Rubin, Seth Green, Katherine P. Rosefsky Dec 1995

The Tax Treatment Of Environmental Cleanup Costs, Blake D. Rubin, Seth Green, Katherine P. Rosefsky

William & Mary Annual Tax Conference

No abstract provided.


Planning For The Taxable Disposition Of Overleveraged Property, Blake D. Rubin Dec 1995

Planning For The Taxable Disposition Of Overleveraged Property, Blake D. Rubin

William & Mary Annual Tax Conference

No abstract provided.


Focus On Capitalization V. Deductibility - Environmental Remediation, Stefan F. Tucker Dec 1995

Focus On Capitalization V. Deductibility - Environmental Remediation, Stefan F. Tucker

William & Mary Annual Tax Conference

No abstract provided.


Meeting With Irs Regarding Partnership Issues In Developing Section 1017 Regulations, Blake D. Rubin Dec 1995

Meeting With Irs Regarding Partnership Issues In Developing Section 1017 Regulations, Blake D. Rubin

William & Mary Annual Tax Conference

No abstract provided.


Partnership Workouts: Problems And Solutions Under Final Section 704(B) And 752 Regulations, Michael G. Frankel, Charles H. Coffin Dec 1995

Partnership Workouts: Problems And Solutions Under Final Section 704(B) And 752 Regulations, Michael G. Frankel, Charles H. Coffin

William & Mary Annual Tax Conference

No abstract provided.


Allocation Of Nonrecourse Liabilities: Irs Takes Two Steps Forward, One Back, J. D. Dell, Michael G. Frankel, Leslie H. Loffman, Sanford C. Presant, Blake D. Rubin Dec 1995

Allocation Of Nonrecourse Liabilities: Irs Takes Two Steps Forward, One Back, J. D. Dell, Michael G. Frankel, Leslie H. Loffman, Sanford C. Presant, Blake D. Rubin

William & Mary Annual Tax Conference

No abstract provided.


Planning Opportunities Remain Under The Final Partnership Allocation Rules For Contributed Property, Michael G. Frankel, Leslie H. Loffman, Sanford C. Presant Dec 1995

Planning Opportunities Remain Under The Final Partnership Allocation Rules For Contributed Property, Michael G. Frankel, Leslie H. Loffman, Sanford C. Presant

William & Mary Annual Tax Conference

No abstract provided.


The Like Kind Exchange: Everything You Need To Know, Whether Or Not You Wanted To Ask, Stefan F. Tucker Dec 1995

The Like Kind Exchange: Everything You Need To Know, Whether Or Not You Wanted To Ask, Stefan F. Tucker

William & Mary Annual Tax Conference

No abstract provided.


Partnership Profits Share For Services: An Aggregate Exegesis Of Revenue Procedure 93-27 (Part 1), John W. Lee Mar 1994

Partnership Profits Share For Services: An Aggregate Exegesis Of Revenue Procedure 93-27 (Part 1), John W. Lee

Faculty Publications

In this article, Lee charts two alternative methods for implementing an aggregate solution to the problem of partnership profits share exchanged for services. The functional, or judicial, method, he explains, is to handle (1) the exchange of partner-capacity services for a profit share subject to the risk of the venture with the Culbertson "common law relation of partnership," nonrealization event doctrine, implicitly contemplated by the 1984 legislative history to section 707(a)(2); (2) the classic Diamond transitory partner with a substance-over-form rule or step-transaction rule; and (3) a sale of the partnership interest in circumstances that would result in ...


Miscellaneous Revenue Issues: Hearings Before The Subcommittee On Select Revenue Measures Of The Committee On Ways And Means, House Of Representatives, One Hundred Third Congress, First Session, Charles B. Rangel, Mel Hancock, Stefan F. Tucker, B. Wyckliffe Pattishall Jr., Howard J. Levine, John W. Lee Sep 1993

Miscellaneous Revenue Issues: Hearings Before The Subcommittee On Select Revenue Measures Of The Committee On Ways And Means, House Of Representatives, One Hundred Third Congress, First Session, Charles B. Rangel, Mel Hancock, Stefan F. Tucker, B. Wyckliffe Pattishall Jr., Howard J. Levine, John W. Lee

Congressional Testimony

No abstract provided.


Intangible Asset Depreciation: Newark And Section 197, Kenneth W. Gideon Dec 1992

Intangible Asset Depreciation: Newark And Section 197, Kenneth W. Gideon

William & Mary Annual Tax Conference

No abstract provided.


Planning Opportunities After Chapter 14 (Section 2701 And 2702), Frederic A. Nicholson Dec 1991

Planning Opportunities After Chapter 14 (Section 2701 And 2702), Frederic A. Nicholson

William & Mary Annual Tax Conference

No abstract provided.


Section 382: Net Operating Loss Carryovers In Corporate Acquisitions, Peter L. Faber Dec 1990

Section 382: Net Operating Loss Carryovers In Corporate Acquisitions, Peter L. Faber

William & Mary Annual Tax Conference

No abstract provided.


The Affiliated Management Group And Code § 414(M), Robert M. Reed Nov 1990

The Affiliated Management Group And Code § 414(M), Robert M. Reed

William & Mary Annual Tax Conference

No abstract provided.


Interest Allocation Rules: The Nightmare Continues, Philip J. Wiesner Nov 1990

Interest Allocation Rules: The Nightmare Continues, Philip J. Wiesner

William & Mary Annual Tax Conference

No abstract provided.


Current Issues In Estate Planning Featuring The Replacement Of Section 2036(C), Ronald D. Aucutt Nov 1990

Current Issues In Estate Planning Featuring The Replacement Of Section 2036(C), Ronald D. Aucutt

William & Mary Annual Tax Conference

No abstract provided.