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Articles 1 - 12 of 12
Full-Text Articles in Law
Do Gilti + Beat + Bmt = Globe?, Mindy Herzfeld
Do Gilti + Beat + Bmt = Globe?, Mindy Herzfeld
UF Law Faculty Publications
The enactment by the United States in August 2022 of a minimum tax on the global book earnings of large corporations (the book minimum tax, or BMT) raises the question of how the US minimum taxes – including the global intangible low-taxed income (GILTI), the base erosion and anti-abuse tax (the BEAT) and the BMT – interact with the global minimum tax, or GloBE, agreed to by over 135 countries under an OECD framework. Particularly important are questions regarding the hierarchy in application of different regimes. In the context of multiple agreements for global minimum taxes, how to determine who …
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
All Faculty Scholarship
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.
Was The Amt Effectively Repealed?, Reed Shuldiner
Was The Amt Effectively Repealed?, Reed Shuldiner
All Faculty Scholarship
The individual alternative minimum tax (AMT) was a much disliked feature of the tax law prior to the Tax Cuts and Jobs Act (TCJA). Yet, despite repeated promises to repeal the AMT as part of tax reform, the TCJA dropped AMT repeal in favor of increasing the AMT exemption and its phaseout threshold. The question raised by this development is whether the AMT changes should be viewed as yet another stop-gap tweak of the AMT or whether the changes should be viewed as returning the AMT to its roots as a tax on high-income taxpayers using excessive loopholes. In this …
State Finance In Times Of Crisis, Brian Galle, Jonathan Klick
State Finance In Times Of Crisis, Brian Galle, Jonathan Klick
All Faculty Scholarship
As recent events illustrate, state finances are pro-cyclical: during recessions, state revenues crash, worsening the effects of economic downturns. This problem is well-known, yet persistent. We argue here that, in light of predictable federalism and political economy dynamics, states will be unable to change this situation on their own. Additionally, we note that many possible federal remedies may result in worse problems, such as creating moral hazard that would induce states to take on excessively risky policy, both fiscal and otherwise. Thus, we argue that policy makers should consider so-called “automatic” stabilizers, such as are found in the federal tax …
The Individual Alternative Minimum Tax And The Intersection Of The Bush Tax Cuts: A Proposal For Permanent Reform, Gabriel Aitsebaomo
The Individual Alternative Minimum Tax And The Intersection Of The Bush Tax Cuts: A Proposal For Permanent Reform, Gabriel Aitsebaomo
Akron Tax Journal
The foregoing article begins with a critical examination of the AMT, its purpose, policy rationale, and the manner that it is calculated. Next, the article discusses the mushrooming number of individuals subject to the AMT, and the author posits that the AMT, in its current form, is neither achieving its intended purpose nor fulfilling its policy objective given the increasing number of unintended middle and upper middle class taxpayers subject to the tax. Next, the author critically examines the Bush tax cuts from 2001 to 2004, and concludes that the Bush tax cuts, and the fact that the AMT parameters …
The Theory And Practice Of Tax Reform, Lawrence Zelenak
The Theory And Practice Of Tax Reform, Lawrence Zelenak
Michigan Law Review
On January 7, 2005, President Bush-flush with recent electoral victory- issued an Executive Order creating the President's Advisory Panel on Federal Tax Reform. The Order instructed the bipartisan Panel to recommend one or more plans for major reform of the federal income tax. The president did not, however, permit the Panel to begin its work on a blank slate. Instead, the Order required (among other things) that the Panel's proposals be revenue-neutral, simpler than current law, "appropriately progressive," and supportive of homeownership and charity. Although the Order contemplated that the Panel might offer more than one tax reform plan, it …
Litigation Expenses And The Alternate Minimum Tax, Brant J. Hellwig, Gregg D. Polsky
Litigation Expenses And The Alternate Minimum Tax, Brant J. Hellwig, Gregg D. Polsky
Scholarly Articles
Not available.
Litigation Expenses And The Alternative Minimum Tax, Gregg D. Polsky, Brant J. Hellwig
Litigation Expenses And The Alternative Minimum Tax, Gregg D. Polsky, Brant J. Hellwig
Scholarly Works
One of the chief features of the alternative minimum tax (the "AMT") is a broadened tax base, accomplished in part through the disallowance of deductions that are not central to measuring an individual's net income. Yet in achieving its objective of limiting deductions, the AMT casts a wide net. Thus, in certain instances, an individual can be robbed of the tax benefit of expenses that were critical to the production of the income being taxed. An extreme example of this problem is the treatment of certain litigation expenses under the AMT. If an individual incurs attorney fees and other associated …
The Contingent Attorney's Fee Tax Trap: Ethical, Fiduciary Duty, And Malpractice Implications, Gregg D. Polsky
The Contingent Attorney's Fee Tax Trap: Ethical, Fiduciary Duty, And Malpractice Implications, Gregg D. Polsky
Scholarly Works
In employment and civil rights lawsuits, the alternative minimum tax may cause a plaintiff's net recovery to be taxed at rates significantly higher than the current maximum rate of 35 percent. This Essay discusses the ethical, fiduciary duty and malpractice implications for lawyers representing plaintiffs who may be affected by this tax trap.
The Case For Retaining The Corporate Amt, Reuven S. Avi-Yonah
The Case For Retaining The Corporate Amt, Reuven S. Avi-Yonah
Articles
PROFESSORS Chorvat and Knoll present us with a strong argument for repealing the corporate alternative minimum tax (AMT). In 2001, repeal was recommended by the Joint Committee on Taxation as part of their simplification study, endorsed by the ABA/AICPA/TEI tax simplification project, and included in a bill passed by the House of Representatives. Since this issue is likely to arise again, it seems worthwhile to review the arguments raised by Chorvat and Knoll. Upon review, none of these arguments seem particularly persuasive; at best, they make a case for reforming the corporate AMT, not for repealing it. On the other …
A Correct Analysis Of The Tax Treatment Of Contingent Attorney's Fee Arrangements: Enough With The Fruits And The Trees, Gregg D. Polsky
A Correct Analysis Of The Tax Treatment Of Contingent Attorney's Fee Arrangements: Enough With The Fruits And The Trees, Gregg D. Polsky
Scholarly Works
The tax treatment of contingent attorney's fee arrangements has been the subject of much recent debate and litigation. Some courts and commentators conclude that a plaintiff must include the entire settlement amount, including attorney's fees, in her gross income, while other courts and commentators conclude that a plaintiff must include only her recovery net of attorney's fees. Because of the alternative minimum tax, the resolution of this issue may have a significant effect on the plaintiff's tax liability. In analyzing the issue, courts and commentators have focused on the assignment of income doctrine by inquiring whether, upon execution of a …
Only Congress Can Create Deductions, Deborah A. Geier
Only Congress Can Create Deductions, Deborah A. Geier
Law Faculty Articles and Essays
A series of recent and controversial cases has raised the issue of how plaintiffs must treat attorneys' fees and costs that are paid out of otherwise includable settlement or litigation awards. Everyone seems to agree that under tax policy and theory plaintiffs should not be saddled with this burden. Many have expressed the desire that Congress amend the Code to correct the problem. The more difficult question, which the author addresses, is whether courts can act to protect these plaintiffs in the absence of Congressional action.