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The Passage Of Community Property Laws, 1939-1947: Was "More Than Money" Involved?, Jennifer E. Sturiale
The Passage Of Community Property Laws, 1939-1947: Was "More Than Money" Involved?, Jennifer E. Sturiale
Michigan Journal of Gender & Law
Part I of this article reviews the legal landscape that provided the backdrop against which Michigan, Nebraska, Oklahoma, Oregon, and Pennsylvania later adopted community property laws. It also examines the tax consequences of the two Supreme Court cases, Lucas v. Earl and Poe v. Seaborn, that resulted in the disparate tax treatment of married couples in common law and community property law states. Part II briefly reviews the subsequent passage of community property laws by Michigan, Nebraska, Oklahoma, Oregon, and Pennsylvania; the passage of a federal tax reduction bill that provided for equal treatment of community property law and …
Curtailing The Economic Distortions Of The Mortgage Interest Deduction, William T. Mathias
Curtailing The Economic Distortions Of The Mortgage Interest Deduction, William T. Mathias
University of Michigan Journal of Law Reform
Many Americans consider the mortgage interest deduction a necessary fixture of the American tax system. In this Article, Mathias examines the economic underpinnings of the deduction and finds that it cannot be justified on purely economic grounds. He then evaluates the major policy arguments for the mortgage interest deduction and concludes that it is inefficient, inequitable, and too costly in its present form to be justified on policy grounds. Finally, the author advocates for the elimination or substantial reduction in the size and scope of the mortgage interest deduction.
Purchaser's Depreciation Rights In Property Subject To A Lease, Michigan Law Review
Purchaser's Depreciation Rights In Property Subject To A Lease, Michigan Law Review
Michigan Law Review
This Note argues that the purchase of property subject to a lease may produce several types of depreciable interests. Part I of the Note examines the requirements for depreciability and the role that depreciation plays in tax law. It concludes that even where the method set out by Congress also accommodates other goals, depreciation primarily provides a way to recover costs during a depreciable asset's income-producing life. Part II applies these principles to the task of determining whether improvements - for example, buildings on the property subject to the lease - are depreciable in the purchaser's hands. It concludes that …
Income Tax--Listing Abandoned Residence For Sale And Not For Rent Considered Sufficient To Convert To "Property Held For The Production Of Income"--Hulet P. Smith, Michigan Law Review
Income Tax--Listing Abandoned Residence For Sale And Not For Rent Considered Sufficient To Convert To "Property Held For The Production Of Income"--Hulet P. Smith, Michigan Law Review
Michigan Law Review
Since 1941, Hulet Smith and his wife had lived in a large house in Arcadia, California, where Smith had been actively engaged in a real estate loan business. In 1959, Smith decided to retire and move to Pebble Beach, a distance of about 400 miles from Arcadia. He purchased a parcel of land in Pebble Beach and built a large expensive home, with the avowed intention of making this his permanent personal residence. In 1961, after severing all business and social connections in the vicinity of their old residence, Smith and his wife moved into their new home, taking virtually …