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Articles 1 - 5 of 5
Full-Text Articles in Law
Complexity Cubed: Partnerships, Interest, And The Proposed Regs, Walter D. Schwidetzky
Complexity Cubed: Partnerships, Interest, And The Proposed Regs, Walter D. Schwidetzky
All Faculty Scholarship
New section 163(j) strictly limits business interest expense (BIE) deductions to large (and possibly not-so-large) taxpayers. Generally, BIEs may only be deducted to the extent that they do not exceed 30 percent of adjusted taxable income plus business interest income. Section 163(j)(4) requires partnerships to calculate this limitation at the partnership level. In this report, I focus on how section 163(j) applies to partnerships. Given my focus, I leave to others a more comprehensive review of section 163(j) as a totality,1 as well as the coverage of S corporations. I will tend to give fairly short shrift to the portions …
The Tcja And The Questionable Incentive To Incorporate, Part 2, Michael S. Knoll
The Tcja And The Questionable Incentive To Incorporate, Part 2, Michael S. Knoll
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The Tax Cuts and Jobs Act (TCJA) has put the question should a business be organized as a passthrough entity or as a corporation at center stage. The TCJA eliminated much of the tax disadvantage from using the corporate form, but did Congress go so far that it advantaged corporations relative to pass-through entities? Some prominent commentators say yes. They argue that the federal income tax now encourages individual owners of pass-through businesses to restructure their business as subchapter C corporations, and they predict that the TCJA will lead to a cascade of incorporations. The principal driver of the shift …
The Tcja And The Questionable Incentive To Incorporate, Michael S. Knoll
The Tcja And The Questionable Incentive To Incorporate, Michael S. Knoll
All Faculty Scholarship
The Tax Cuts and Jobs Act (TCJA) has put the question should a business be organized as a passthrough entity or as a corporation at center stage. The TCJA eliminated much of the tax disadvantage from using the corporate form, but did Congress go so far that it advantaged corporations relative to pass-through entities? Some prominent commentators say yes. They argue that the federal income tax now encourages individual owners of pass-through businesses to restructure their business as subchapter C corporations, and they predict that the TCJA will lead to a cascade of incorporations. The principal driver of the shift …
Tax Treatment Of Legal Fees Under 2017 Tax Cuts And Jobs Act, Fred B. Brown
Tax Treatment Of Legal Fees Under 2017 Tax Cuts And Jobs Act, Fred B. Brown
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This article describes the deductibility of legal fees for federal income tax purposes after the 2017 Tax Cuts and Jobs Act, and provides a recommendation for reforming the current rules.
In Defense Of The Pip Regulations, Walter D. Schwidetzky
In Defense Of The Pip Regulations, Walter D. Schwidetzky
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The section 704(b) allocation Regulations contain a highly complex safe harbor, the substantial economic effect rules. If an allocation fails to comply with the safe harbor, it will only survive scrutiny if it is in accordance with the "partners' interests in the partnership" (PIP). Given the complexity of the safe harbor, one might expect the PIP Regulations to be similarly complex, but nothing could be further from the truth. The PIP Regulations are, by tax standards, concise and straightforward. Some have argued that the PIP Regulations do not provide enough guidance, and that a more complex and comprehensive set of …