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- Keyword
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- Foreign Tax Credit; I.R.C. § 7701(o); Economic Substance Doctrine; Structuring; Foreign Tax Credit Regime; Tax Abuse; Circuit Split; Bank of New York Mellon Corp. v. Commissioner (1)
- NFTs; Art Securitization; Money Laundering; Pandora Papers; Tax Avoidance; Tax Evasion; DAPT; Freeports; Free-Zones; Self-Titled Trusts; Selfsettled Trusts; Art Collections; Howey; Howey Test; High-Value Art; Wealth Inequality; Inequality; UNESCO; Tax Loopholes; Auction Houses; Art Dealers; Looting; Antiquities; Cultural Heritage; Commerce Power; Taxing and Spending Power (1)
- Second Circuit; Fifth Circuit; Eighth Circuit; Bright Line Rule; I.R.C. §§ 901-909; Sham Transactions; Subjective Non-Tax Business Purpose; Bank of New York (BNY); Structured Trust Advantaged Repackaged Securities (STARS); Internal Revenue Service (IRS); Barclays Bank PLC; Tax Court; Common Law Doctrine; Gregory v. Helvering; Gilbert v. Commissioner; Frank Lyon Co. v. United States; Health Care and Education Reconciliation Act; Fail Presumption; Bifurcation; Tax Benefits as Profit; Compaq Comput. Corp. & Subsidiaries v. Commissioner; IES Industries v. United States; Congressional Intent; (1)
Articles 1 - 2 of 2
Full-Text Articles in Taxation-Federal
Artful Imbalance: How The Us Tax Code And State Trust Laws Enable The Growth Of Inequality Through High-Value Art Collections, Mimi Strauss
Artful Imbalance: How The Us Tax Code And State Trust Laws Enable The Growth Of Inequality Through High-Value Art Collections, Mimi Strauss
Brooklyn Law Review
The United States has become the leading jurisdiction for those who wish to buy and store high-value art and NFTs, pay as few taxes as possible, and ultimately secure their wealth for generations. This “onshore” tax crisis is the result of tax loopholes, money laundering, the securitization of art and NFTs, and the state-by-state trust system. These forms of tax dodging—both legal and illegal—contribute to wealth inequality and deplete the welfare state. As natural disasters and pandemics become ever more present, the United States will rely more heavily on taxes, and that burden should be carried by everyone, not just …
Putting The Substance Back Into The Economic Substance Doctrine, Nicholas Giordano
Putting The Substance Back Into The Economic Substance Doctrine, Nicholas Giordano
Brooklyn Journal of Corporate, Financial & Commercial Law
The foreign tax credit, which saves U.S. taxpayers from paying both foreign and domestic income taxes on the same income, is critical to facilitating global commerce. However, as savvy taxpayers discover increasingly complicated ways to abuse the foreign tax credit regime through the structuring of business transactions, courts have become increasingly skeptical of the validity of those transactions. Using the economic substance doctrine, a common law doctrine codified in 2010 at I.R.C. § 7701(o), courts will disallow tax benefits stemming from a transaction that is not profitable absent its tax benefits, and which the taxpayer had no incentive to undertake …