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Full-Text Articles in Law
The New Tax Shelter Opinion Letter Regulations: Cutting Back On A Client's Ability To Rely On The Advice Of His Counsel, Beckett G. Cantley
The New Tax Shelter Opinion Letter Regulations: Cutting Back On A Client's Ability To Rely On The Advice Of His Counsel, Beckett G. Cantley
Akron Tax Journal
The main question this article will discuss is whether the inability of a client to rely on a client's counsel on such complicated matters as tax shelters is good public policy.
Contributions, Distributions, And Assumption Of Liabilities: Confronting Economic Reality, Karen C. Burke
Contributions, Distributions, And Assumption Of Liabilities: Confronting Economic Reality, Karen C. Burke
UF Law Faculty Publications
To combat a relatively arcane international tax-shelter abuse, Congress recently amended Code sections 357 and 362 governing contributions of encumbered property to a corporation. This Article offers a critical assessment of the recent amendments to the liability assumption rules of section 357 and corresponding basis provisions of section 362. Part I explores the divergence between the former liability assumption rules and the "economic benefit" doctrine of the section 1001 regulations. Part II focuses on the technical definition of assumption of recourse and nonrecourse liabilities under amended section 357(d). Part III examines the corollary basis provisions of section 362, as modified …
The Tension Between Textualism And Substance-Over-Form Doctrines In Tax Law, Allen Madison
The Tension Between Textualism And Substance-Over-Form Doctrines In Tax Law, Allen Madison
Allen Madison
This article discusses the tension that exists between the recent textualist approach taken in the U.S. Supreme Court and the judicially developed substance-over-form doctrines that pervade tax law. It sets forth Justice Antonin Scalia’s textualist approach, provides an overview of the substance-over-form doctrines, and then analyzes whether the current Supreme Court would uphold a case that overrode the literal text of the Internal Revenue Code on the basis of one of the doctrines. The article concludes that the current Supreme Court would reject any of these doctrines if faced with the issue.