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I Come Not To Praise The Corporate Income Tax, But To Save It, Herwig J. Schlunk
I Come Not To Praise The Corporate Income Tax, But To Save It, Herwig J. Schlunk
Vanderbilt Law School Faculty Publications
This Article began with a search for a theoretical underpinning that could explain the structure of the current corporate income tax regime, and found such underpinning lacking. It proposed an alternative underpinning for a "corporate" income tax based on the theory of the firm. The basic idea is that every firm generates incremental economic returns that would not be achieved but for its organizational structure as a firm. Thus, a sovereign could rationally choose to confiscate a portion of such returns, since it has made such returns possible (by enacting legislation that recognizes firms, etc.). (Whether or not a sovereign …
The Zen Of Corporate Capital Structure Neutrality, Herwig J. Schlunk
The Zen Of Corporate Capital Structure Neutrality, Herwig J. Schlunk
Vanderbilt Law School Faculty Publications
Given the current tax rate structure - where the marginal tax rate of some persons exceeds the corporate tax rate and the marginal tax rate of others is exceeded by it - corporations are generally well advised to employ both debt and equity in their capital structures. The former will be held by low tax rate taxpayers and will serve to lower the effective aggregate tax rate6 on the corporation's taxable income. The latter will be held by high tax rate taxpayers and will serve to keep low the effective aggregate tax rate on the corporation's unrecognized economic income (such …
The Original Issue Discount Deduction In Bonds-For-Noncash Property Exchanges, Charles L. Almond
The Original Issue Discount Deduction In Bonds-For-Noncash Property Exchanges, Charles L. Almond
Vanderbilt Law Review
The first codification of the United States Internal Revenue laws gave a corporation a deduction from income of "[a]ll interest paid or accrued within the taxable year on its indebtedness. ...This same language is presently in force in the Internal Revenue Code of 1954. The statutory language authorizing the interest deduction has never dealt explicitly with the deductibility of discount arising upon a corporation's original issuance of bonds. Treasury Regulations promulgated pursuant to the interest deduction sections, however, have recognized continually that the statutory language embodies a deduction for original issue discount. 'The latest pre-1969 regulation, which limits itself to …
Section 355'S Active Business Rule--An Outdated Inefficacy, John A. Stemmler
Section 355'S Active Business Rule--An Outdated Inefficacy, John A. Stemmler
Vanderbilt Law Review
In order to delineate the problems inherent in the active business rule, this Note first will examine the legislative history of tax-free separations, isolating the primary purpose and policy of section 355. Regulatory and judicial interpretations of section 355 will also be analyzed to determine their propriety in light of the statute's purpose and to illustrate the confusion that exists in the area. This, in turn, will lead to a suggested approach for dealing with section 355 transactions in the future.
Book Reviews, Estes Kefauver, Senator, Stanley D. Rose, W. Edward Sell, Harold G. Wren, Robert N. Covington
Book Reviews, Estes Kefauver, Senator, Stanley D. Rose, W. Edward Sell, Harold G. Wren, Robert N. Covington
Vanderbilt Law Review
Congress and the Court By Walter F. Murphy. Chicago: The University of Chicago Press, 1962. Pp. xi, 308. $6.95. (judicial power)
reviewer: Senator Estes Kefauver
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Interstate Apportionment of Business Income for State Income Tax Purposes By Charles E. Ratliff, Jr. Chapel Hill: The University of North Carolina Press, 1962. Pp. xi, 132. $4.00. (tax law)
reviewer: Stanley D. Rose
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Expulsion or Oppression of Business Associates By F. Hodge O'Neal and Jordan Derwin. Durham, N.C.: Duke University Press,1961. Pp. vii, 263. $10.00. (business organizations)
reviewer: W. EDWARD SELL
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The Ideologies of Taxation By Louis Eisenstein. New York: The …
Tax Considerations In Selecting A Form Of Foreign Business Organization, Walter W. Brudno
Tax Considerations In Selecting A Form Of Foreign Business Organization, Walter W. Brudno
Vanderbilt Law Review
The provisions of the Internal Revenue Code which are of particular relevance to the planning of foreign operations are few in number and are generally deceptively simple in phraseology. The substantive provisions consist of those sections which specify rules for determining the source of income, for calculating the credit for foreign taxes paid in respect of foreign source income, and for allowance of concessional treatment accorded Western Hemisphere Trade Corporations, United States Possessions Corporations, and China Trade Act Corporations. Measures designed to prevent tax avoidance which are of particular relevance are those which relate to acquisition of corporate control for …