Law Commons^™

A Technological Approach To Reforming Japan's Consumption Tax, Richard Thompson Ainsworth

Faculty Scholarship

Significant change has been forecast for the Japanese Consumption Tax. Revenue needs are pressing, and the Consumption Tax appears to be underutilized. Should the rate be doubled from 5% to 10%, or more? If so, will rate increases necessitate further structural changes – recasting this annual credit-subtraction levy into a European style credit-invoice VAT? These options have not proven to be politically palatable, but they are directions that have been under active consideration.

On October 1, 2013 the Japanese Cabinet Office announced that the Consumption Tax would rise from 5% to 8% effective April 1, 2014. The rate will increase …

Watching The Watchers: Preventing I.R.S. Abuse Of The Tax System,, Samuel D. Brunson

Samuel D. Brunson

As a result of broad outcries against the incompetence and aggressiveness of the LR.S., Congress reined in its behavior, requiring it to focus on treating taxpayers as customers. Congress also created oversight bodies to ensure that the I.R.S. would comply with the new mandate. Though those oversight bodies face some difficulties - most notably, the unwillingness of Congress to adequately fund them - they nonetheless have proven effective at checking the IR.S. 's misbehavior with regard to taxpayers. Congress has not, however been as solicitous to the tax law itself The I.R.S. can act in ways that violate both the …

Loving: Who Can The Irs Regulate?, Robert D. Probasco

Robert Probasco

Representing The Failing Company Where The Irs Is "Knocking On The Door", Craig Bell, T. Fogg, George Gretes, Nina Olson

T. Keith Fogg

No abstract provided.

Lloyd Hitoshi Mayer Quoted In Propublica "The Irs Moves To Limit Dark Money – But Enforcement Still A Question", Lloyd Mayer

Lloyd Hitoshi Mayer

Lloyd Mayer was quoted in the ProPublica article "The IRS Moves to Limit Dark Money – But Enforcement Still a Question" by Kim Barker. The proposed regulations “are only as good as the extent of compliance with them, which history would indicate requires a realistic threat of enforcement and significant sanctions on the groups involved and probably the individuals running those groups,” said Lloyd Hitoshi Mayer, a law professor and associate dean at the University of Notre Dame who specializes in nonprofits and campaign finance.

Lloyd Mayer Was Quoted In Bna, Inc. Money & Politics Report Article "Treasury, Irs Propose New Definition Of Political Activity For Social Welfare Groups.", Lloyd Mayer

Lloyd Hitoshi Mayer

Lloyd Mayer was quoted in BNA, Inc. Money & Politics Report article Treasury, IRS Propose New Definition Of Political Activity for Social Welfare Groups. by Diane Freda.

Quoted In Tax Notes Today On Supreme Court Tax Decision, Robert D. Probasco

Robert Probasco

No abstract provided.

Quoted In Daily Tax Report On Supreme Court Ruling On Gross Valuation Misstatement Penalty, Robert D. Probasco

Robert Probasco

No abstract provided.

Front Matter

ACTEC Law Journal

No abstract provided.

How To Draft Trusts To Own Retirement Benefits, Keith A. Herman

ACTEC Law Journal

No abstract provided.

Ira Administration For High Net Worth Clients And Their Beneficiaries -- Unique Challenges And Best Practices For Financial Institutions, Svetlana V. Bekman

ACTEC Law Journal

No abstract provided.

Eliminate State Tax On Trust Income: A Comprehensive Update On Planning With Incomplete Gift Non-Grantor Trusts, Kevin R. Ghassomian

ACTEC Law Journal

Private letter rulings dating back to 2001 affirm various tax attributes of incomplete gift non-grantor trusts, known popularly as "DING Trusts," which have been used by taxpayers to relocate investments from high-tax states to no-tax states. In 2007, the Internal Revenue Service questioned the integrity of its rulings on the DING Trust and cast doubt on its continuing viability for tax planning purposes. After nearly six years of indecision, a flurry of favorable new rulings was released in March of 2013, restoring widespread confidence in the DING Trust as an option for taxpayers seeking relief from rising income tax rates. …

The Intermediary Clat Alternative To The Residuary Estate Family Foundation Gift, Richard S. Franklin, Jennifer A. Birchfield Goode

ACTEC Law Journal

No abstract provided.

State Taxation Of Trusts And Their Beneficiaries When There Are Multiple State Contacts, John Mcgown Jr.

ACTEC Law Journal

This article examines the state income taxation of testamentary trusts and individual trust beneficiaries when there are multiple state contacts. For matters of illustration, the focus is on states comprising the Northwest Idaho, Wyoming, Montana, Washington, Oregon, Nevada, and Utah. Since three of these states have no individual income tax, essence of the inquiry is limited to the state income tax systems of Idaho, Utah, Montana, and Oregon. Although the focus is on states in the Northwest, the concept applies nationwide. Before moving on to an examination of the state taxation topic, a review of the basic federal system of …

Killing Your Chances Of Inheriting: The Problem With The Application Of The Slayer Statute To Cases Of Assisted Suicide, Ryan Konsdorf, Scott Alden Prulhiere

ACTEC Law Journal

No abstract provided.

Who's Naughty And Who's Nice? Frictions, Screening, And Tax Law Design, Leigh Osofsky

Buffalo Law Review

No abstract provided.

A Shrouded Remedy: Increasing Transparency In The Irs Advance Pricing And Mutual Agreement Program By Releasing Redacted Advance Pricing Agreements And Increasing Administrative Disclosures, Blake L. Currey

San Diego Law Review

This Comment examines the current state of the IRS’s handling of pricing agreements within the APMA Program, arguing that the IRS should improve the Program by increasing its transparency to coincide with the additional resources being devoted to the Program, the IRS’s elevating transfer pricing enforcement, and the modern valuation challenges in transfer pricing. Part II further introduces transfer pricing and the arm’s length standard, and Part III examines the recent performance of the APMA Program. Part IV explores the Program’s troubling lack of transparency. Part V analyzes the legal and financial interests implicated by improving the Program’s transparency, arguing …

Lloyd Hitoshi Mayer Quoted In Propublica "New Tax Return Shows Karl Rove's Group Spent Even More On Politics Than It Said", Lloyd Mayer

Lloyd Hitoshi Mayer

Lloyd Hitoshi Mayer quoted in ProPublica article "New Tax Return Shows Karl Rove's Group Spent Even More On Politics Than It Said" by Kim Barker. Lloyd Hitoshi Mayer, a law professor and associate dean at the University of Notre Dame who specializes in nonprofits and campaign finance, reviewed the Americans for Tax Reform documents at the request of ProPublica and said it was possible that the group was allocating overhead or other costs differently in its tax return than in its FEC filings. "I do not see how any reasonable allocation differences could result in such a large disparity, however," …

How Stars Cases Apply Economic Substance Doctrine, Robert D. Probasco

Robert Probasco

Irs Gets Too Much Time To Go After Transferred Assets, Robert D. Probasco

Robert Probasco

Quoted In Daily Tax Report On 'Midco' Asset Transaction, Robert D. Probasco

Robert Probasco

No abstract provided.

Tax In The Cathedral: Property Rules, Liability Rules, And Tax, Andrew Blair-Stanek

Andrew Blair-Stanek

The distinction between property rules and liability rules has revolutionized our understanding of many areas of law. But scholars have long assumed that this distinction has no relevance to tax law. This assumption is flatly wrong. Tax law currently uses both property rules and liability rules, and the choice between them has real consequences. When a taxpayer violates a requirement for a favorable tax status, tax law either imposes additional tax proportionate to the harm (a liability rule) or imposes the draconian penalty of taking away the tax status entirely (a property rule). This recognition has three key implications. First, …

Taxing Structured Settlements, Brant J. Hellwig, Gregg D. Polsky

Brant J. Hellwig

Congress has granted a tax subsidy to physically injured tort plaintiffs who enter into structured settlements. The subsidy allows these plaintiffs to exempt from the tax the investment yield imbedded within the structured settlement. The apparent purpose of the subsidy is to encourage physically injured plaintiffs to invest, rather than presently consume, their litigation recoveries. While the statutory subsidy by its terms is available only to physically injured tort plaintiffs, a growing structured settlement industry now contends that the same tax benefit of yield exemption is available to plaintiffs’ lawyers and non-physically injured tort plaintiffs under general, common-law tax principles. …

Tax Reform In The 113th Congress: Insights And Analysis, Russell W. Sullivan

William & Mary Annual Tax Conference

No abstract provided.

I Want Out – Tax Considerations In Exiting A Partnership, James B. Sowell

William & Mary Annual Tax Conference

No abstract provided.

Partnership Current Developments, Robert J. Crnkovich, Steven M. Friedman

William & Mary Annual Tax Conference

No abstract provided.

Representing Clients In Audits And Controversies In Today’S Tax Enforcement Environment, Craig D. Bell, William L.S Rowe

William & Mary Annual Tax Conference

No abstract provided.

2013 Tax Conference Forms

William & Mary Annual Tax Conference

No abstract provided.

2013 Tax Conference Speakers

William & Mary Annual Tax Conference

No abstract provided.

Something Old, Something New: Structuring And Restructuring Deals In 2013 (And Beyond), Stephen L. Owen

William & Mary Annual Tax Conference

No abstract provided.