Law Commons^™

Income And Estate Tax Planning With Subchapter S Corporations, Robert J. Hipple, Barbara C. Hipple

William & Mary Annual Tax Conference

No abstract provided.

Cash Or Deferred Arrangements (Section 401(K): Legal Issues And Plan Design, William L. Sollee

William & Mary Annual Tax Conference

No abstract provided.

Personal Financial And Tax Planning With Insurance Products And Comparable Investments, William B. Harman Jr.

William & Mary Annual Tax Conference

No abstract provided.

The Debt-Equity Regulations (Section 385), Felix B. Laughlin

William & Mary Annual Tax Conference

No abstract provided.

Capital Expenditures: A Result In Search Of A Rationale, John W. Lee, Nina R. Murphy

Faculty Publications

No abstract provided.

Stock Redemptions: The Standards For Qualifying As A Purchase Under Section 302(B)., Douglas A. Kahn

Articles

This Article discusses the requirements of section 302(b) for characterizing a stock redemption as a purchase rather than as a dividend equivalent. The focus is primarily on two issues: (1) whether the election authorized by section 302(c)(2) to waive family attribution rules should be available to an entity such as a trust or estate; and (2) the determination of the standards to be applied in resolving whether a redemption is "not essentially equivalent to a dividend" so that section 302(b)(1) is applicable.

United States V. Swank, Lewis F. Powell, Jr.

Supreme Court Case Files

No abstract provided.

The Estate Tax Marital Deduction, Harold Dubroff, Douglas A. Kahn

Articles

The estate tax marital deduction, section 2056 of the Internal Revenue Code, was enacted in 1948, along with the split-income provisions of the income tax law and the marital deduction and split-gift provisions of the gift tax law. The purpose was to give married residents of common law states approximately the same federal tax advantages that were available to married residents of community property states. Ordinarily, upon the death of a married resident of a community property state, only one-half of the community property is taxed in the decedent's estate. Section 2056 achieves approximately the same result for married residents …

The Changing Meaning Of "Gift": An Analysis Of The Tax Court's Decision In "Carson V. Commissioner", Jeffrey Schoenblum

Vanderbilt Law School Faculty Publications

The complexity of detail that characterizes the Internal Revenue Code (Code) has been the subject of intense criticism and only faint praise. Yet, one of the more striking anomalies of the Code is that its often suffocating detail coexists with the sparest definitions of many key terms. The term "gift" is a prime example. Although its meaning plays an instrumental role in income and gift taxation, the Code nowhere defines the term. As a result, the task of fleshing out its meaning has largely fallen on the Treasury, through the issuance of regulations and rulings, and on the courts, which …

Accelerated Depreciation—Tax Expenditure Or Proper Allowance For Measuring Net Income?, Douglas A. Kahn

Articles

Since the 1950s, it has become fashionable to attack various provisions of the Internal Revenue Code by calling them "subsidies" rather than "proper" means of measuring taxable income. These "subsidies" through Code provisions have come to be referred to as "tax expenditures," a term coined by Professor Stanley Surrey in a speech he made as Assistant Secretary of the Treasury for Tax Policy on November 15, 1967. In that speech, Professor Surrey stated that our tax system often deliberately departs "from accepted concepts of net income," so that by granting exemptions, deductions, and credits that are not appropriate to an …

Reducing Legal Noise: A Comment On Clark, The Morphogenesis Of Subchapter C: An Essay In Statutory Evolution And Reform, William D. Popkin

Articles by Maurer Faculty

No abstract provided.

Deduction Of Traveling Expenses By The Two-Worker Family -- An Inquiry Into The Role Of The Courts In Interpreting The Federal Tax Law, William D. Popkin

Articles by Maurer Faculty

Professor Popkin urges that courts interpret section 162 of the Internal Revenue Code, which permits a deduction for business expenses, also to permit a two-worker family to deduct that part of their transportation costs and living expenses attributable to a second job. After tracing the current state of the law, he contends that the implicit assumption of the Code-that married taxpayers live together and constitute a single consumption unit-should allow deduction of some commuting costs and living expenses, much as a single taxpayer is allowed a deduction for transportation to and living expenses at a secondary place of business. Last, …

Federal Taxation Of The Assignment Of Life Insurance, Douglas A. Kahn, Lawrence W. Waggoner

Articles

The most litigated estate tax issue concerning life insurance is whether the proceeds should be included in the insured's gross estate. This question usually is governed by section 2042 of the Internal Revenue Code of 1954, the estate tax provision directed specifically at life insurance. While the Tax Reform Act of 1976 wrought enormous changes in many areas of estate taxation, Congress did not change section 2042. Thus the several unresolved questions concerning the interpretation of that section remain unsettled. But the question of the includability of life insurance proceeds in the gross estate of the insured is not always …

Transactions Subject To Gift Tax, Douglas A. Kahn, Earl M. Colson

Articles

The gift tax is imposed on the "transfer of property by gift." The term gift is not expressly defined either in the Code or in the Treasury Regulations. However, section 2512(b), dealing with the valuation of gifts, states that "where property is transferred for less than an adequate and full consideration in money or money's worth," the difference between the value of the property transferred and the consideration received constitutes a gift. Thus, for gift tax purposes, the determination of whether a gift was made does not turn so much on the intent of the transferor as it does on …

A Definition Of "Liabilities" In Code Sections 357 And 358(D), Douglas A. Kahn, Dale A. Oesterle

Articles

Internal Revenue Code section 351(a) provides that no gain or loss shall be recognized if property is transferred to a corporation solely in exchange for its stock or securities and the transferors control the corporation immediately after the exchange. If, in addition to receiving stock or securities in an exchange that would otherwise qualify for section 351 treatment, a transferor receives other property or money -- "boot" -- any realized gain is recognized up to the amount of the money and the fair market value of the other property received. The transferee corporation's assumption of the transferor's liabilities or its …

Reincorporation And Related Problems, B. Roland Freasier Jr.

William & Mary Annual Tax Conference

No abstract provided.

A Guide To The Estate And Gift Tax Amendments Of 1970, Douglas A. Kahn

Articles

The Excise, Estate, and Gift Tax Adjustment Act of 1970 [Pub. L. No. 91-614 (Dec. 31, 1970) made a number of amendments to the federal estate and gift tax laws. The estate tax laws were amended to shorten the period of time for filing estate tax returns and for the alternate valuation date and for several related items. In addition, for income tax purposes, the holding period of property that was included in a decedent's gross estate and that was acquired from the decedent was altered; and fiduciaries were granted additional means of obtaining a discharge of their personal liability …

Transactions Subject To The Federal Gift Tax, Douglas A. Kahn

Articles

The federal gift tax was first enacted in 1924, approximately eight years after the adoption of the estate tax. As originally enacted, the tax was largely ineffective because it was computed on an annual basis without regard to gifts made in prior years.

The Psychological Autopsy In Judicial Opinions Under Section 2035, Thomas L. Shaffer

Journal Articles

It is surprising how many cases have been litigated under Section 2035 of the Internal Revenue Code, which imposes an estate tax on inter vivos gifts in contemplation of death. It is also surprising that those hundreds of judicial opinions embody rigid perceptions of human life, and of attitudes toward death-perceptions which range from incisive to naive. They disclose a judicial system of death psychology which is detailed, systematic and (sometimes) accurate. This is an inquiry into those opinions as psychological autopsies.

The traditional judicial view of a gift in a contemplation of death case implies that the dead man …