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Full-Text Articles in Law
Only Congress Can Create Deductions, Deborah A. Geier
Only Congress Can Create Deductions, Deborah A. Geier
Law Faculty Articles and Essays
A series of recent and controversial cases has raised the issue of how plaintiffs must treat attorneys' fees and costs that are paid out of otherwise includable settlement or litigation awards. Everyone seems to agree that under tax policy and theory plaintiffs should not be saddled with this burden. Many have expressed the desire that Congress amend the Code to correct the problem. The more difficult question, which the author addresses, is whether courts can act to protect these plaintiffs in the absence of Congressional action.
The Unconstitutionality Of Eliminating Estate And Gift Taxes, James G. Wilson
The Unconstitutionality Of Eliminating Estate And Gift Taxes, James G. Wilson
Law Faculty Articles and Essays
The recent proposal to eliminate estate and gift taxes is not only immoral and a poor allocation of resources, but also is unconstitutional. Irrespective of their ideology, virtually all American lawyers will initially dismiss this accusation as frivolous because it conflicts with their tradition of equating conceptions of "constitutionality" with United States Supreme Court opinions. The Court has long been highly deferential to Congress in federal tax law cases. It is inconceivable that the current Court would find anything "irrational" in a facially neutral law eliminating all estate and gift taxes. Indeed, if I sat on that bench, I would …
The Zen Of Corporate Capital Structure Neutrality, Herwig J. Schlunk
The Zen Of Corporate Capital Structure Neutrality, Herwig J. Schlunk
Vanderbilt Law School Faculty Publications
Given the current tax rate structure - where the marginal tax rate of some persons exceeds the corporate tax rate and the marginal tax rate of others is exceeded by it - corporations are generally well advised to employ both debt and equity in their capital structures. The former will be held by low tax rate taxpayers and will serve to lower the effective aggregate tax rate6 on the corporation's taxable income. The latter will be held by high tax rate taxpayers and will serve to keep low the effective aggregate tax rate on the corporation's unrecognized economic income (such …
Recent Irs Letter Ruling Increases Opportunities For Exempt Organizations To Use Llcs, Monica Gianni
Recent Irs Letter Ruling Increases Opportunities For Exempt Organizations To Use Llcs, Monica Gianni
UF Law Faculty Publications
Monica Gianni discusses how the IRS’s analysis of a private operating foundation using an LLC in LTR 9834033 indicates the IRS’s approach to LLCs with exempt organization members.