Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Taxation-Federal
A Bundle Of Confusion For The Income Tax: What It Means To Own Something, Stephanie H. Mcmahon
A Bundle Of Confusion For The Income Tax: What It Means To Own Something, Stephanie H. Mcmahon
Faculty Articles and Other Publications
ABSTRACT-Conceptions of property exist on a spectrum between the Blackstonian absolute dominion over an object to a bundle of rights and obligations that recognizes, if not encourages, the splitting of property interests among different people. The development of the bundle of rights conception of property occurred in roughly the same era as the enactment of the modem federal income tax. Nevertheless, when Congress enacted the tax in 1913, it did not consider how the nuances of property, and the possible splitting of the interests in an income-producing item, might affect application of the tax. Soon after the tax's enactment, the …
What Innocent Spouse Relief Says About Wives And The Rest Of Us, Stephanie Mcmahon
What Innocent Spouse Relief Says About Wives And The Rest Of Us, Stephanie Mcmahon
Faculty Articles and Other Publications
Every time spouses sign joint returns, knowingly or not they accept joint and several liability, meaning that either spouse may be held liable for all of the tax due on the joint return. Although joint and several liability facilitates tax collection, it may conflict with a spouse’s claims to have signed the return while being lied to, abused, or manipulated. The question for Congress is how to balance these competing demands. Innocent spouse relief provides some tax relief for spouses Congress does not believe should be jointly and severally liable. The existence of this relief also offers an opportunity to …