Law Commons^™

The Unfinished Business Of Section 1244: Removing The Remaining Traps, J. Clifton Fleming Jr.

Faculty Scholarship

No abstract provided.

Professional Corporations - Practical Problems And Solutions, K. Maxwell Dale

William & Mary Annual Tax Conference

No abstract provided.

Equipment Leasing, Robert S. Parker Jr.

William & Mary Annual Tax Conference

No abstract provided.

Partnerships And At Risk Problems, Stefan F. Tucker

William & Mary Annual Tax Conference

No abstract provided.

Outlook For Tax Legislation In The 97th Congress, John K. Meagher

William & Mary Annual Tax Conference

No abstract provided.

Subchapter S - Joint Committee Staff Recommendations, James F. Dring

William & Mary Annual Tax Conference

No abstract provided.

Supplement: Criminal Prosecution - Voluntary Disclosure; History, Revocation And Revival, R. Barrow Blackwell

William & Mary Annual Tax Conference

No abstract provided.

Simplification As A Tax Policy Objective, H. Stewart Dunn

William & Mary Annual Tax Conference

No abstract provided.

The Continuing Debate Over Tuition Tax Credits, Howard Hunter

Research Collection Yong Pung How School Of Law

Prior to the end of World War II, the federal government had little involvement in educational matters. Since then it has become a principal benefactor of higher education and has provided substantial financial assistance to public elementary and secondary schools. In addition, the federal government has funded various programs for preschool education, for adult education, for the training of physically or mentally disabled persons, for student loans, for veterans' benefits and for numerous other educational programs. Thus education, once a matter for private control and support and for local and state government regulation has now become a matter of significant …

State Income Taxation Of Multijurisdictional Corporations: Reflections On Mobil, Exxon, And H.R. 5076, Walter Hellerstein

Scholarly Works

The state tax field is experiencing a renaissance of sorts. The Supreme court has displayed a renewed interest in the area, handing down an unusual number of significant decisions addressed to the constitutional restraints on state tax power. State courts have exhibited a similar revival of interest in these problems through an outpouring of uncharacteristically thoughtful opinions concerning state taxation of multistate and multinational enterprise. Congress, whose concern with state taxation of interstate and foreign commerce has been sporadic, is again considering legislation that would limit state taxing authority in these domains. Even the executive branch, which seldom intervenes in …

State Income Taxation Of Multijurisdictional Corporations: Reflections On Mobil, Exxon, And H.R. 5076, Walter Hellerstein

Scholarly Works

The state tax field is enjoying a renaissance of sorts. The Supreme Court has displayed a renewed interest in the area, handing down an unusual number of significant decisions addressed to the constitutional restraints on state tax power. State courts have exhibited a similar revival of interest in these problems through an out-pouring of uncharacteristically thoughtful opinions concerning state taxation of multistate and multinational enterprise. Congress, whose concern with state taxation of interstate and foreign commerce has been sporadic, is again considering legislation that would limit state taxing authority in these domains.

Even the executive branch, which seldom intervenes in …

Federal Income Tax Conformity, Assembly Revenue And Taxation Committee

California Assembly

AN EVALUATION OF PROPOSALS FOR AUTOMATIC CONFORMITY AND THE CURRENT DIFFERENCES BETWEEN CALIFORNIA AND FEDERAL LAW.

California law is currently in substantial conformance with federal income tax law although there are major areas of difference. As each federal law change is made, the Legislature revises state law only as iti deems appropriate. Some state laws are enacted to suit particular state needs and have no federal counterpart. Should California adopt federal income tax law with automatic conformity to future federal law changes?

United States V. Swank, Lewis F. Powell, Jr.

Supreme Court Case Files

No abstract provided.

Maryland V. Louisiana, Lewis F. Powell Jr.

Supreme Court Case Files

No abstract provided.

Introduction: The Value-Added Tax - A Symposium, Edwin T. Hood

Faculty Works

On October 22, 1979, Representative Al Ullman, Chairman of the House Ways and Means Committee, introduced H.R. 5665, the Tax Restructuring Act of 1979. Representative Ullman proclaimed the bill, which contains a ten percent value-added tax, as the "largest adjustment in U.S. taxation since 1913." In his statement accompanying the introduction of H.R. 5665, Chairman Ullman states that the overall purpose for the imposition of a value-added tax coupled with reductions in social security and income taxes, is to correct major flaws in the United States economy-namely double digit inflation, declining productivity, inadequate capital formation, and lag­ging competition with foreign …

Accelerated Depreciation Revisited—A Reply To Professor Blum, Douglas A. Kahn

Articles

Professor Blum's comment addresses the proper or neutral tax treatment to be accorded three of the items discussed in my recent article on accelerated depreciation - namely, annuities, prepaid expenses, and exhaustible assets. Blum disputes my analysis in all three cases. While Blum's article is eminently readable, I do not believe that it refutes my earlier work to any extent. In this reply to Professor Blum, I will deal separately with each of the three items he examines. First, however, it is useful to consider the meaning of the term "tax neutrality" and to set forth my views as to …

Artists, Art Collectors And Income Tax, Alan L. Feld

Faculty Scholarship

The federal income tax law treats artists and art collectors differently. Similar transactions concerning artworks produce disparate income tax results, depending on whether they involve the artist or the collector. On balance, these results seem to favor the collector over the artist. But notwithstanding the dismay of some artists and their advocates, the differences in result flow, in the main, from the differences in the source of the taxpayer's investment in the work.

The collector buys the work with after-tax income. Any gain is properly treated as an investment return and is eligible for capital gain benefits.' The collector, however, …

Lifetime Gifts - A Quantitative Approach, Roger A. Pies, Daniel S. Goldberg

Faculty Scholarship

No abstract provided.

Can Tax Policy Be Used To Stimulate Economic Development?, Richard Pomp, Sandra Kanter, Kenneth D. Simonson, Roger Vaughan

Faculty Articles and Papers

These remarks were prepared for the Multistate Tax Commission’s State and Local Business Tax Symposium at American University. The panel addressed the pressure on state and local officials to adopt tax incentives to prevent businesses from leaving their jurisdiction or to attract new business. The panel questions whether firms actually choose their location based on state and local taxation, or whether tax incentives are simply a result of political pressure. Further issues raised were the effect of property taxation on the price of land and whether revenue forgone by tax incentives is proportional to the benefits received. Equity concerns are …

What Is Happening To The Property Tax?, Richard Pomp

Faculty Articles and Papers

An important change may be taking place in the distribution of the property tax. Residential property is seemingly paying an increasing share of the property tax, whereas commercial, industrial, and agricultural properties are paying less.

This article identifies the trends responsible for the potential property tax burden shift. Numerous property tax reforms may have contributed to the erosion of the property tax. These reforms include: (1) administrative improvements, (2) modern assessment tools to achieve uniformity, (3) attempts to equalize assessments, (4) property tax abatements, (5) exemptions for personal property, and (6) exemptions for livestock and farm equipment. The article proposes …

A Fact Book On Proposition 2 1/2, Padraig O'Malley

Center for Studies in Policy and the Public Interest Publications

In this age of inflation many tax reduction plans have been proposed throughout the nation. This November Massachusetts voters will vote on Proposition 2 1/2 - a tax reduction proposal sponsored by a coalition of citizens.

This booklet describes the costs and benefits of Proposition 2 1/2 in an objective way, so that you can make an informed decision when you cast your vote. The University of Massachusetts' Center for Studies in Policy and the Public Interest and the Massachusetts Cooperative Extension Service believe that when you have access to unbiased information you will make better decisions and participate more …

Interest-Free Loans: The Odyssey Of A Misnomer, Kenneth F. Joyce, Louis A. Del Cotto

Journal Articles

No abstract provided.

Transfers Of Partnership Interests And Optional Adjustments To Basis, Donald J. Weidner

Scholarly Publications

In 1954, Congress enacted the first comprehensive statutory treatment of partners and partnerships in an attempt to clarify and simplify an area of the law it considered strikingly confused. A quarter of a century later, much confusion and complexity continues and must be dealt with by practitioners who do not have the luxury of specializing in tax, much less in partnership tax. The rules on optional adjustments to basis are particularly perplexing to many attorneys because they involve the accounting function, often foreign to the lawyer's training and talents, and often performed with heavy reliance on another profession. The two …

Double Jeopardy Of Corporate Profits, The , Constantine N. Katsoris

Faculty Scholarship

The more one reads about our economy, the more one is baffled and alarmed. Permanent solutions to economic problems are elusive. Treating one financial malaise often aggravates another sector of the economy, necessitating a delicate balancing of conflicting interests. Furthermore, the problems are complicated by the constant influence of foreign forces. Nevertheless, most economists agree that any solution will require enormous funding. Unfortunately, the public has little, if any, confidence in our tax system. Indeed, some tax laws and proposals have been referred to as "obscene" and a "disgrace to the human race." Few quarrel with the aptness of such …