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Finding The Pearl In The Oyster: Supercharging Ipos Through Tax Receivable Agreements, Christopher B. Grady 2017 Northwestern Pritzker School of Law

Finding The Pearl In The Oyster: Supercharging Ipos Through Tax Receivable Agreements, Christopher B. Grady

Northwestern University Law Review

A new, “supercharged” form of IPO has slowly developed over the last twenty years. This new form of IPO takes advantage of several seemingly unrelated provisions of the tax code to multiply pre-IPO owners’ proceeds from a public offering without reducing the amount public investors are willing to pay for the stock. Supercharged IPOs use a tax receivable agreement to transfer tax assets created by the IPO back to the pre-IPO ownership, “monetizing” the tax assets. As these structures have become more efficient, commentators have expressed concerns that these agreements deceive shareholders who either ignore or do not understand the ...


Taft V. Bowers: The Foundation For Non-Recognition Provisions In The Income Tax, James R. Repetti 2017 Boston College Law School

Taft V. Bowers: The Foundation For Non-Recognition Provisions In The Income Tax, James R. Repetti

Boston College Law School Faculty Papers

Taft v. Bowers is a Supreme Court decision that is rarely studied in law schools or discussed by scholars. Yet, it is a case of vast significance. In the Taft decision, the Supreme Court confirmed that Congress may create non-recognition exceptions to the income tax that merely defer the recognition of income, rather than permanently exclude it. If the Taft case had been decided differently, it is likely that the number of non-recognition provisions in the Internal Revenue Code ("Code") would be significantly reduced.


Regulating Tax Return Preparation, Jay A. Soled, Kathleen DeLaney Thomas 2017 Rutgers University

Regulating Tax Return Preparation, Jay A. Soled, Kathleen Delaney Thomas

Boston College Law Review

Annually, the U.S. government collects nearly $3 trillion of income and employment taxes. With respect to these collections, Form 1040 (U.S. Individual Income Tax Return) seeks to ensure taxpayer accuracy. Currently, two sets of players dominate the Form 1040 preparation and submission process: tax return preparers and tax return preparation software companies. The former guides taxpayers through the entire tax return preparation and submission process, and the latter provides taxpayers with the necessary tools to complete and submit tax returns themselves. Tax return preparers and tax software companies thus stand as vital intermediaries between the government and taxpayers ...


In Search Of Smarter Homeowner Subsidies, Matthew Rossman 2017 Case Western University School of Law

In Search Of Smarter Homeowner Subsidies, Matthew Rossman

Faculty Publications

Critics have long assailed the federal tax code’s principal homeowner subsidies as lucrative tax breaks for upper income households that are essentially worthless to those financially constrained from purchasing a home. This article examines the subsidies through a different lens and reveals another serious flaw. It demonstrates how the homeowner subsidies, which represent a massive federal investment in homeownership, do very little to contain and instead probably increase costs on others that result from certain types of housing choices and that other federal policies seek to remedy. These negative housing externalities include: (i) blight, deterioration, and public health risks ...


(Anti)Poverty Measures Exposed, Francine J. Lipman 2017 University of Nevada, Las Vegas -- William S. Boyd School of Law

(Anti)Poverty Measures Exposed, Francine J. Lipman

Scholarly Works

Few economic indicators have more salience and pervasive financial impact on everyday lives in the United States than poverty measures. Nevertheless, policymakers, researchers, advocates, and legislators generally do not understand the details of poverty measure mechanics. These detailed mechanics shape and reshape poverty measures and the too often uninformed responses and remedies. This Article will build a bridge from personal portraits of families living in poverty to the resource allocations that failed them by exposing the specific detailed mechanics underlying the Census Bureau’s official (OPM) and supplemental poverty measures (SPM). Too often, when we confront the problem of poverty ...


Estate Of Purdue: A Blueprint For Flping, Phyllis C. Taite 2017 Florida A&M University College of Law

Estate Of Purdue: A Blueprint For Flping, Phyllis C. Taite

Journal Publications

In this article, Taite examines Estate of Purdue, in which the Tax Court held that assets of the decedent that were transferred to the family limited liability company were not includable in the gross estate, that transfers to the family trust qualified for an annual exclusion, and that the estate could deduct interest on loans from the estate’s beneficiaries.


Consumer-Based Use Tax Enforcement And Taxpayer Compliance, David Gamage, Adam Thimmesch, Darien Shanske 2017 Indiana University Maurer School of Law

Consumer-Based Use Tax Enforcement And Taxpayer Compliance, David Gamage, Adam Thimmesch, Darien Shanske

Articles by Maurer Faculty

This essay explains how current state government approaches to use-tax enforcement undermine tax morale and taxpayer compliance. This essay further argues that these threats to tax morale and taxpayer compliance will become even more severe as many states are moving toward adopting notice and reporting statutes for their sales and use taxes.


Achieving American Retirement Prosperity By Changing Americans' Thinking About Retirement, Peter H. Huang 2017 University of Colorado Law School

Achieving American Retirement Prosperity By Changing Americans' Thinking About Retirement, Peter H. Huang

Articles

There are many decisions that Americans have to make about retirement before, at, and after retirement. For example, Americans have to decide when to start saving for retirement, how much to save, how to invest those savings, when to retire, when to claim social security, and how to take required minimum distributions from 401(k) plans or Individual Retirement Accounts. Different things can go wrong at each of these decisions for different reasons. Many Americans, for various reasons, including insufficient energy, money, motivation, time, and understanding, do no retirement planning. Some Americans do some retirement planning, yet worry they are ...


Putting The Substance Back Into The Economic Substance Doctrine, Nicholas Giordano 2017 Brooklyn Law School

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 ...


A Consumer Protection Rationale For Regulation Of Tax Return Preparers, Pippa Browde 2017 Alexander Blewett III School of Law at the University of Montana

A Consumer Protection Rationale For Regulation Of Tax Return Preparers, Pippa Browde

Faculty Law Review Articles

Of the 150 million tax returns filed each year, approximately fifty-six percent are prepared with the help ofa paid preparer. Although state-licensed lawyers and certified public accountants may prepare tax returns for clients, the vast majority ofpaid tax return preparers are completely unregulated. For low-income taxpayers who are eligible for refundable tax credits, these unregulated tax return preparers do more than just fill out tax returns. Return preparers who serve low-income taxpayers often also market consumer credit products, such as refund anticipation loans or checks. Government agencies and consumer advocates have documented widespread problems with the tax return preparer industry ...


How The 1 Percent Pays Taxes; How The 99 Percent Could: The Subchapter T Worker Cooperative Tax Loophole, Michael Haber 2017 Brooklyn Law School

How The 1 Percent Pays Taxes; How The 99 Percent Could: The Subchapter T Worker Cooperative Tax Loophole, Michael Haber

Journal of Law and Policy

The ratification of the Sixteenth Amendment to the United States Constitution granted Congress the right to tax income “from whatever source derived.” Since its inception, the tax code has become long and complicated, filled with broad taxation rules and innumerable exceptions. Over time, the tax code has been amended with the stated purpose of promoting “fairness, efficiency, and enforceability.” However, the complexity of the tax code has led to abuse of “tax loopholes” by wealthy taxpayers who want to avoid paying their fair share of taxes. While abuse is likely to continue, as legislators remain intent on lowering taxes on ...


How The 1 Percent Pays Taxes; How The 99 Percent Could: The Subchapter T Worker Cooperative Tax Loophole, Michael Haber 2017 Brooklyn Law School

How The 1 Percent Pays Taxes; How The 99 Percent Could: The Subchapter T Worker Cooperative Tax Loophole, Michael Haber

Journal of Law and Policy

The ratification of the Sixteenth Amendment to the United States Constitution granted Congress the right to tax income “from whatever source derived.” Since its inception, the tax code has become long and complicated, filled with broad taxation rules and innumerable exceptions. Over time, the tax code has been amended with the stated purpose of promoting “fairness, efficiency, and enforceability.” However, the complexity of the tax code has led to abuse of “tax loopholes” by wealthy taxpayers who want to avoid paying their fair share of taxes. While abuse is likely to continue, as legislators remain intent on lowering taxes on ...


The Great Etf Tax Swindle: The Taxation Of In-Kind Redemptions, Jeffrey Colon 2017 Fordham University School of Law

The Great Etf Tax Swindle: The Taxation Of In-Kind Redemptions, Jeffrey Colon

Faculty Scholarship

Since the repeal of the General Utilities doctrine over 30 years ago, corporations must recognize gain when distributing appreciated property to their shareholders. Regulated investment companies (RICs), which generally must be organized as domestic corporations, are exempt from this rule when distributing property in kind to a redeeming shareholder. In-kind redemptions, while rare for mutual funds, are a fundamental feature of exchange-traded funds (ETFs). Because fund managers decide which securities to distribute, they distribute assets with unrealized gains and thereby significantly reduce the future tax burdens of their current and future shareholders. Many ETFs have morphed into investment vehicles that ...


Considering "Citizenship Taxation": In Defense Of Fatca, Young Ran Kim 2017 University of Utah, SJ Quinney College of Law

Considering "Citizenship Taxation": In Defense Of Fatca, Young Ran Kim

Utah Law Faculty Scholarship

Inspired by Ruth Mason’s recent article, Citizenship Taxation, which reaches a general conclusion against citizenship taxation, this Article also questions citizen taxation under the same normative framework, but with a particular focus on efficiency and administrability, and takes a much less critical stance towards the merits of citizenship taxation. First, neither citizenship taxation nor residence-based taxation can completely account for the differences between residents’ and nonresidents’ ability to pay taxes under the fairness argument. Second, the efficiency argument, that citizenship taxation may distort both Americans’ and non-Americans’ citizenship decisions, is not convincing. The American citizenship renunciation rate is not ...


Privacy In Taxation, Michael Hatfield 2017 University of Washington School of Law

Privacy In Taxation, Michael Hatfield

Florida State University Law Review

No abstract provided.


Kaplow And Shavell And The Priority Of Income Taxation And Transfer, David H. Blankfein-Tabachnick, Kevin A. Kordana 2017 Michigan State University College of Law

Kaplow And Shavell And The Priority Of Income Taxation And Transfer, David H. Blankfein-Tabachnick, Kevin A. Kordana

Faculty Publications

No abstract provided.


The Fallacious Objections To The Tax Treatment Of Carried Interests, Jeffrey H. Kahn, Douglas A. Kahn 2017 Florida State University College of Law

The Fallacious Objections To The Tax Treatment Of Carried Interests, Jeffrey H. Kahn, Douglas A. Kahn

Scholarly Publications

No abstract provided.


Taxing Social Impact Bonds, Orly Mazur 2017 Southern Methodist University, Dedman School of Law

Taxing Social Impact Bonds, Orly Mazur

Faculty Scholarship

An exciting new way to fund social services has recently emerged. This new financing mechanism, called a social impact bond (SIB), has the potential to help us tackle some of our nation’s most challenging social problems. Broadly speaking, a SIB is a type of “pay for success” contract where private investors provide the upfront capital to finance a social program, but only recoup their investment and realize returns if the program is successful. Like any new financing instrument, SIBs create numerous regulatory challenges that have not yet been addressed. One unresolved issue is the tax implications of a SIB ...


The Expatriation Tax, Deferrals, Mark To Market, The Macomber Conundrum And Doubtful Constitutionality, Henry M. Ordower 2017 Saint Louis University School of Law

The Expatriation Tax, Deferrals, Mark To Market, The Macomber Conundrum And Doubtful Constitutionality, Henry M. Ordower

All Faculty Scholarship

Taxpayers shift income offshore with lawful devices like operating through a foreign corporation. Taxpayers have enhanced the amount of that income lodged outside the U.S. with transfer pricing strategies. Andtaxpayers have evaded U.S. taxation of their worldwide income by secreting assets and income in tax haven, bank secrecy jurisdictions. Statutes, regulations and litigation seek to limit use of offshore opportunities toavoid the U.S. income tax. Penalties for taxpayers and their foreign hosts have been enacted to prevent thehiding of assets offshore. This article reviews many of those techniques and statutory or regulatory responses in the context of ...


Latinos And The Internal Revenue Code: A Tax Policy Primer For The New Administration, Leo P. Martinez 2017 UC Hastings College of the Law

Latinos And The Internal Revenue Code: A Tax Policy Primer For The New Administration, Leo P. Martinez

Faculty Scholarship

No abstract provided.


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