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Full-Text Articles in Taxation-Federal
Gambling With The Irs: The Enforcement Of Retroactive Tax Statutes In United States V. Carlton, Stewart Haskins
Gambling With The Irs: The Enforcement Of Retroactive Tax Statutes In United States V. Carlton, Stewart Haskins
Mercer Law Review
In United States v. Carlton, the Supreme Court rejected a Due Process challenge to the retroactive elimination of an estate tax deduction. In 1986, Congress revised the Internal Revenue Code to allow a deduction under 26 U.S.C. § 2057 for half the proceeds of a sale of employer securities by the executor of an estate to an employee stock ownership plan (ESOP). Jerry W. Carlton was the executor of Willametta K. Day's estate. In December 1986, Carlton used estate funds to purchase MCI stock valued at $11,206,000. Two days later, Carlton sold the stock to the MCI ESOP for …
Federal Taxation, Timothy J. Peaden, Ben E. Muraskin, James A. Lawton
Federal Taxation, Timothy J. Peaden, Ben E. Muraskin, James A. Lawton
Mercer Law Review
During 1995, as in past years, the Eleventh Circuit considered several procedural issues. The procedural issues decided in 1995 involved refund claims, tax liens, and litigation fees. As to substantive tax issues, the court affirmed the taxpayer-favorable Tax Court decision in Estate of Hubert v. Commissioner. The estate tax issue involved, however, is a controversial one, and the Sixth and Federal Circuit Courts of Appeals have previously reached a contrary conclusion.
No Exclusion For Adea Claims Under I.R.C. § 104(A)(2): An Analysis Of Commissioner V. Schleier, T. Mark Sandifer
No Exclusion For Adea Claims Under I.R.C. § 104(A)(2): An Analysis Of Commissioner V. Schleier, T. Mark Sandifer
Mercer Law Review
In order to resolve inconsistent conclusions between the courts of appeals as to the taxability of damages received under the Age Discrimination in Employment Act of 1967 (ADEA), the United States Supreme Court granted certiorari in Commissioner v. Schleier. After receiving damages in an ADEA settlement with United Airlines, Inc., Erich Schleier included as gross income the back pay portion of the settlement, but excluded the portion of the settlement attributed to liquidated damages on his 1986 federal income tax return. The Tax Commissioner issued a deficiency notice, claiming Schleier should have included the liquidated damages as gross income. …