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Articles 1 - 9 of 9
Full-Text Articles in Law
Is The Corporate Tax System "Broken"?, Karen C. Burke
Is The Corporate Tax System "Broken"?, Karen C. Burke
UF Law Faculty Publications
The slated expiration of the Bush Administration's tax cuts in 2010 highlights the instability of the current 15% rate on dividends and capital gains. Meanwhile, pressure has mounted to reduce U.S. corporate tax rates to improve competitiveness in an increasingly global economy. Much of the 1986 Act reform of the corporate tax-base-broadening combined with lower rates - has unraveled, leaving the U.S. with a high statutory corporate tax rate and narrow corporate tax base. Despite renewed interest in base-broadening and loophole-closing, the goal of corporate tax reform remains elusive. Thus far, proponents of corporate tax reform have largely sidestepped the …
The Empty Promise Of Estate Tax Repeal, Grayson M.P. Mccouch
The Empty Promise Of Estate Tax Repeal, Grayson M.P. Mccouch
UF Law Faculty Publications
The terms of the debate over the estate tax have been framed largely by abolitionists who have propounded an antitax message that portrays the estate tax as unambiguously harmful and threatening to ordinary families and small businesses. The attack on the estate tax is linked to a larger agenda of eliminating taxes on capital and capital income and dismantling the progressive elements of the federal tax system. The slogan of estate tax repeal, while effective in mobilizing antitax sentiment, makes no sense as a matter of tax policy because it downplays revenue costs, distributional effects, administrative concerns, and consequences for …
A Comment On Unification, Grayson M.P. Mccouch
A Comment On Unification, Grayson M.P. Mccouch
UF Law Faculty Publications
This Article discusses recent proposals aimed at unifying the law of wills and nonprobate transfers. The author notes that default rules of construction present the strongest case for unification, but contends that distinctions between wills and nonprobate transfers remain important in the areas of formalities and restrictions affecting third-party rights. The author concludes that the policy goal should be to allow wills and nonprobate transfers to operate smoothly as complementary methods of deathtime wealth transmission.
Cobra Strikes Back: Anatomy Of A Tax Shelter, Karen C. Burke, Grayson M.P. Mccouch
Cobra Strikes Back: Anatomy Of A Tax Shelter, Karen C. Burke, Grayson M.P. Mccouch
UF Law Faculty Publications
Paul Daugerdas gained notoriety for himself and his erstwhile firm, Jenkens & Gilchrist, as the designer of a tax shelter that uses contingent liabilities to generate artificial tax losses on a grand scale. The basic shelter transaction is surprisingly simple. In essence, it uses offsetting options to inflate the basis of property that is distributed by a partnership and then contributed to and sold by another partnership, resulting in a large tax loss without any corresponding economic loss. In principle, this type of shelter could be replicated indefinitely and generate unlimited tax losses. Mr. Daugerdas is by no means unique. …
Value In The Eye Of The Beholder: The Valuation Of Intangibles For Transfer Pricing Purposes, Yariv Brauner
Value In The Eye Of The Beholder: The Valuation Of Intangibles For Transfer Pricing Purposes, Yariv Brauner
UF Law Faculty Publications
This article assesses the desirability of our current, arms' length based, transfer pricing regime by analyzing its theoretical and practical effectiveness in application to transfers of intangibles. A detailed analysis of the practice of valuation of intangibles, which is the key component in the application of this regime, exposes its weaknesses that result in undesirable market incentives. These incentives create a strong bias in favor of large multinational enterprises, yet, even if one favored such bias, it is achieved using an uncontrollable, costly and wasteful legal mechanism. The article particularly criticizes the regime's disregard of the unique characteristics of intangibles …
The Non-Sense Tax: A Reply To New Corporate Income Tax Advocacy, Yariv Brauner
The Non-Sense Tax: A Reply To New Corporate Income Tax Advocacy, Yariv Brauner
UF Law Faculty Publications
This Article challenges recent attempts by influential scholars to rationalize the existence of the corporate income tax. The corporate income tax has long been considered unjustifiable on traditional tax policy grounds. The new justifications recognize this, yet argue that the tax is still desirable because it promotes other goals, such as improvement of corporate governance and restraint of undesirable corporate management power accumulation. This Article demonstrates that the existence and magnitude of these alleged benefits of the corporate income tax are doubtful. Yet, the Article argues, even if taken as correct, the recent rationalization of the corporate income tax cannot …
Turning Slogans Into Tax Policy, Karen C. Burke, Grayson M.P. Mccouch
Turning Slogans Into Tax Policy, Karen C. Burke, Grayson M.P. Mccouch
UF Law Faculty Publications
The article examines the Bush Administration's tax cutting agenda, focusing on recent attempts to repeal the estate tax and to eliminate the shareholder-level income tax on corporate dividends. In each of these two seemingly disparate episodes, the Administration used dubious economic claims and populist rhetoric to promote tax cuts without considering revenue costs or distributional effects. The legislative outcomes, however, were driven largely by budget constraints and interest group politics. In conclusion, the article suggests that the Administration's tax cutting agenda is best understood in terms of politics and ideology rather than conventional tax policy.
Risk, Return, And Objective Economic Substance, Charlene Luke
Risk, Return, And Objective Economic Substance, Charlene Luke
UF Law Faculty Publications
The economic substance doctrine is a judicial method used to assess transactions suspected of being nothing more than elaborate (and illicit) tax avoidance. Courts vary in their formulation of the doctrine. Generally, the test consists of (1) a subjective inquiry into the taxpayer's motivations for entering the suspect transaction and (2) an objective inquiry into whether the transaction accomplished anything beyond tax effects. Both inquiries frequently revolve around the profit potential of the suspect transaction. In making an objective inquiry into profit, courts focus on the profit potential exclusive of taxes - the pre-tax landscape. This Article suggests that although …
Recent Developments In Federal Income Taxation: The Year 2007, Martin J. Mcmahon Jr., Ira B. Shepard, Daniel L. Simmons
Recent Developments In Federal Income Taxation: The Year 2007, Martin J. Mcmahon Jr., Ira B. Shepard, Daniel L. Simmons
UF Law Faculty Publications
This recent developments outline discusses, and provides context to understand the significance of, the most importnat judicial decisions and administrative rulings and regulations and promulgated by the Internal Revenue Service and Treasury Department during 2007- and sometimes a little farther back in time if we find the item particulary humourous or outrageous. Most Treasury Regulations, houever, are so complex that they cannot be dicussed in detail and, anyway, only a devout masochist would read them all the way through; just the basic topic and fundamental principles are highlighted. Admendmentsto the Internal Revenue Code generally are not dicussed except to the …