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Articles 1 - 26 of 26
Full-Text Articles in Law
Residence-Based Formulary Apportionment: (In-)Feasibility And Implications, Wei Cui
Residence-Based Formulary Apportionment: (In-)Feasibility And Implications, Wei Cui
All Faculty Publications
I examine one way of taxing international corporate income that has not previously been studied, “residence-based formulary apportionment” or RBFA. I first offer a new taxonomy of different ways of taxing corporate income by reference to individual shareholders, and distinguish what I call the “shareholder attribution” approach from integration, pass-through, and other approaches. I then argue that although traditional international legal norms had led international tax design to avoid taxing foreign corporations “unconnected” with the taxing jurisdiction (e.g. foreign corporations earning only foreign income), these legal norms have gone through substantial transformations in recent years. The exercise of jurisdiction over …
Recent Developments In Federal Income Taxation: The Year 2016, Martin J. Mcmahon Jr., Bruce A. Mcgovern
Recent Developments In Federal Income Taxation: The Year 2016, Martin J. Mcmahon Jr., Bruce A. Mcgovern
UF Law Faculty Publications
This recent developments outline discusses, and provides context to understand the significance of, the most important judicial decisions and administrative rulings and regulations promulgated by the Internal Revenue Service and Treasury Department during the most recent twelve months—and sometimes a little farther back in time if we find the item particularly humorous or outrageous. Most Treasury Regulations, however, are so complex that they cannot be discussed in detail, and, anyway, only a devout masochist would read them all the way through; just the basic topic and fundamental principles are highlighted—unless one of us decides to go nuts and spend several …
A Good Old Habit, Or Just An Old One? Preferential Tax Treatment For Reorganizations, Yariv Brauner
A Good Old Habit, Or Just An Old One? Preferential Tax Treatment For Reorganizations, Yariv Brauner
Yariv Brauner
This article proposes to repeal the preferential tax treatment of certain merger and acquisition transactions known as "reorganizations," and tax them like all other sales or exchanges. In the last 80 years this preference has been a cornerstone of our tax system. It is also one of the most stable rules in the tax code. Nevertheless, its normative justification is weak, and has never been rigorously debated in the legal literature. This article rejects the stated rationale for this rules - that such transactions trigger insufficient realization and therefore it is both unfair and impractical to currently tax them. It …
Destination-Based Cash-Flow Taxation: A Critical Appraisal, Wei Cui
Destination-Based Cash-Flow Taxation: A Critical Appraisal, Wei Cui
Wei Cui
This Article offers the first comprehensive appraisal in both the legal and economic literatures of proposals for adopting destination-based cash flow taxation (DCFT) of multinational corporations. The DCFT was a key recommendation for reforming corporate taxation in the U.K., and has subsequently attracted wide attention as a way to fundamentally reform international taxation in the U.S., Europe and elsewhere. The core intuition of the DCFT is to tax profits earned by mobile capital by reference to immobile factors. I distinguish three versions of the DCFT for implementing this intuition: 1. formulary apportionment of business profits by reference to locations of …
When Subchapter S Meets Subchapter C, Martin J. Mcmahon Jr., Daniel L. Simmons
When Subchapter S Meets Subchapter C, Martin J. Mcmahon Jr., Daniel L. Simmons
Martin J. McMahon
It is often said that “an S corporation is a corporation that is taxed like a partnership.” This statement is incorrect. An S corporation resembles a partnership only in that it generally does not pay income taxes and its income and losses pass through to the shareholders and retain their character as they pass through. Also, like a partnership, basis adjustments to an S corporation shareholder's stock reflect allocations of income, expense, loss, and distributions. However, no other rules of subchapter K governing partnership taxation apply to S corporations. Most of the rules governing the relationship between an S corporation …
Understanding Consolidated Returns, Martin J. Mcmahon Jr.
Understanding Consolidated Returns, Martin J. Mcmahon Jr.
Martin J. McMahon
Section 1501 allows all of the members of an affiliated group of corporations to elect to file a consolidated return. A consolidated return permits the includible members of an affiliated group of corporations to combine their incomes into a single return. The detailed rules for filing consolidated returns are found in regulations promulgated pursuant to a broad delegation of authority in section 1502 of the Internal Revenue Code. In general, the regulations reflect a “single entity” approach that attempts to treat the several members of a consolidated group in the same manner as divisions of a single corporation. This article …
Recent Developments In Federal Income Taxation: The Year 2014, Martin J. Mcmahon Jr., Bruce A. Mcgovern, Ira B. Shepard
Recent Developments In Federal Income Taxation: The Year 2014, Martin J. Mcmahon Jr., Bruce A. Mcgovern, Ira B. Shepard
Martin J. McMahon
This recent developments outline discusses, and provides context to understand the significance of, the most important judicial decisions and administrative rulings and regulations promulgated by the Internal Revenue Service and Treasury Department during 2014--and sometimes a little farther back in time if we find the item particularly humorous or outrageous. Most Treasury Regulations, however, are so complex that they cannot be discussed in detail and, anyway, only a devout masochist would read them all the way through; just the basic topic and fundamental principles are highlighted-- unless one of us decides to go nuts and spend several pages writing one …
Recent Developments In Federal Income Taxation: The Year 2013, Martin J. Mcmahon Jr., Ira B. Shepard, Daniel L. Simmons
Recent Developments In Federal Income Taxation: The Year 2013, Martin J. Mcmahon Jr., Ira B. Shepard, Daniel L. Simmons
Martin J. McMahon
This recent developments outline discusses, and provides context to understand the significance of, the most important judicial decisions and administrative rulings and regulations promulgated by the Internal Revenue Service and Treasury Department during 2013 – and sometimes a little farther back in time if we find the item particularly humorous or outrageous. Most Treasury Regulations, however, are so complex that they cannot be discussed in detail and, anyway, only a devout masochist would read them all the way through; just the basic topic and fundamental principles are highlighted – unless one of us decides to go nuts and spend several …
Recent Developments In Federal Income Taxation: The Year 2014, Martin J. Mcmahon Jr., Bruce A. Mcgovern, Ira B. Shepard
Recent Developments In Federal Income Taxation: The Year 2014, Martin J. Mcmahon Jr., Bruce A. Mcgovern, Ira B. Shepard
UF Law Faculty Publications
This recent developments outline discusses, and provides context to understand the significance of, the most important judicial decisions and administrative rulings and regulations promulgated by the Internal Revenue Service and Treasury Department during 2014--and sometimes a little farther back in time if we find the item particularly humorous or outrageous. Most Treasury Regulations, however, are so complex that they cannot be discussed in detail and, anyway, only a devout masochist would read them all the way through; just the basic topic and fundamental principles are highlighted-- unless one of us decides to go nuts and spend several pages writing one …
Who’S Afraid Of The Big Bad Tax-Free Liquidating Distribution? Ideological Debates On Taxation And The Repeal Of General Utilities, Martin Edwards
Who’S Afraid Of The Big Bad Tax-Free Liquidating Distribution? Ideological Debates On Taxation And The Repeal Of General Utilities, Martin Edwards
Journal Articles
The General Utilities doctrine, named for the 1935 Supreme Court decision allowing a corporation to distribute appreciated assets to shareholders without reporting a taxable gain, was once known as one of seven fundamental principles of American corporate taxation. The doctrine’s popularity reached its peak in 1954, when Congress formally incorporated it into the Internal Revenue Code. Despite this esteemed position among tax-law doctrines, General Utilities was routinely criticized because, among other things, it allowed a situational (and arbitrary) reprieve from “double taxation” of corporate income. Corporate income is functionally taxed twice in the sense that the corporation owes tax on …
Recent Developments In Federal Income Taxation: The Year 2013, Martin J. Mcmahon Jr., Ira B. Shepard, Daniel L. Simmons
Recent Developments In Federal Income Taxation: The Year 2013, Martin J. Mcmahon Jr., Ira B. Shepard, Daniel L. Simmons
UF Law Faculty Publications
This recent developments outline discusses, and provides context to understand the significance of, the most important judicial decisions and administrative rulings and regulations promulgated by the Internal Revenue Service and Treasury Department during 2013 – and sometimes a little farther back in time if we find the item particularly humorous or outrageous. Most Treasury Regulations, however, are so complex that they cannot be discussed in detail and, anyway, only a devout masochist would read them all the way through; just the basic topic and fundamental principles are highlighted – unless one of us decides to go nuts and spend several …
When Subchapter S Meets Subchapter C, Martin J. Mcmahon Jr., Daniel L. Simmons
When Subchapter S Meets Subchapter C, Martin J. Mcmahon Jr., Daniel L. Simmons
UF Law Faculty Publications
It is often said that “an S corporation is a corporation that is taxed like a partnership.” This statement is incorrect. An S corporation resembles a partnership only in that it generally does not pay income taxes and its income and losses pass through to the shareholders and retain their character as they pass through. Also, like a partnership, basis adjustments to an S corporation shareholder's stock reflect allocations of income, expense, loss, and distributions. However, no other rules of subchapter K governing partnership taxation apply to S corporations. Most of the rules governing the relationship between an S corporation …
Jurisdiction To Tax Corporations, Omri Y. Marian
Jurisdiction To Tax Corporations, Omri Y. Marian
UF Law Faculty Publications
Corporate tax residence is fundamental to our federal income tax system. Whether a corporation is classified as “domestic” or “foreign” for U.S. federal income tax purposes determines the extent of tax jurisdiction the United States has over the corporation and its affiliates. Unfortunately, tax scholars seem to agree that the concept of corporate tax residence is “meaningless.” Underlying this perception are the ideas that corporations cannot have “real” residence because they are imaginary entities and because taxpayers can easily manipulate corporate tax residence tests. Commentators try to deal with the perceived meaninglessness by either trying to identify a normative basis …
Understanding Consolidated Returns, Martin J. Mcmahon Jr.
Understanding Consolidated Returns, Martin J. Mcmahon Jr.
UF Law Faculty Publications
Section 1501 allows all of the members of an affiliated group of corporations to elect to file a consolidated return. A consolidated return permits the includible members of an affiliated group of corporations to combine their incomes into a single return. The detailed rules for filing consolidated returns are found in regulations promulgated pursuant to a broad delegation of authority in section 1502 of the Internal Revenue Code. In general, the regulations reflect a “single entity” approach that attempts to treat the several members of a consolidated group in the same manner as divisions of a single corporation. This article …
Op Ed: Throwing Cold Water On Expensing Of Assets, Deborah A. Geier
Op Ed: Throwing Cold Water On Expensing Of Assets, Deborah A. Geier
Law Faculty Articles and Essays
Deborah A. Geier rebuts a proposal for full expensing (except for 10-year depreciation of buildings) for all assets and all taxpayers to accomplish simplification, arguing that such a proposal would need to be combined with a repeal of the interest deduction.
Peter Mieszkowski And The General Equilibrium Revolution In Public Finance, James R. Hines Jr.
Peter Mieszkowski And The General Equilibrium Revolution In Public Finance, James R. Hines Jr.
Articles
The importance of understanding the implications of general equilibrium is by now abundantly clear to researchers analyzing public fi nance issues. What is perhaps less apparent is that this was not always so. The study of public fi nance was radically transformed during the 15 years between 1959 and 1974 by the pioneering efforts of a small number of leading scholars, notably including Peter Mieszkowski. Thanks to their efforts, the analysis of applied problems in public finance moved from partial equilibrium to general equilibrium, providing the methods and insights that characterize modern public economics. The transformation began with the publication …
Advance Trade Discounts: A Reprise, Deborah A. Geier
Advance Trade Discounts: A Reprise, Deborah A. Geier
Law Faculty Articles and Essays
Prof. Deborah A. Geier, in a response to a recent article by Robert Willens on advance trade discounts, discusses the differences between the courts' analyses and some academics' approaches to measuring the income tax base properly.
No Credit For Gross Withholding Taxes On Portfolio Investments?, Deborah A. Geier
No Credit For Gross Withholding Taxes On Portfolio Investments?, Deborah A. Geier
Law Faculty Articles and Essays
Prof. Deborah Geier discusses the creditability of foreign gross withholding taxes on portfolio investments.
Dividend Taxation In Europe: When The Ecj Makes Tax Policy, Alvin C. Warren, Michael J. Graetz
Dividend Taxation In Europe: When The Ecj Makes Tax Policy, Alvin C. Warren, Michael J. Graetz
Faculty Scholarship
This article analyzes a complex line of recent decisions in which the European Court of Justice has set forth its vision of a nondiscriminatory system for taxing corporate income distributed as dividends within the European Union. We begin by identifying the principal tax policy issues that arise in constructing a system for taxing cross-border dividends and then review the standard solutions found in national legislation and international tax treaties. Against that background, we examine in detail a dozen of the Court's decisions, half of which have been handed down since 2006. Our conclusion is that the ECJ is applying a …
A Minimalist Approach To Corporate Income Taxation, Herwig J. Schlunk
A Minimalist Approach To Corporate Income Taxation, Herwig J. Schlunk
Vanderbilt Law School Faculty Publications
An ever-shrinking hallmark of our federal income tax system is the apparent double taxation of some, but not all, business income. That is, some business income ultimately flows to the human shareholders of C corporations. These corporations pay corporate income tax on the taxable income they generate. Then, as and when such corporations distribute their after-corporate-income-tax income to their human shareholders (or equivalently, as and when their human shareholders sell their shares in such corporations), the human shareholders pay individual income tax on the amounts so distributed (or equivalently, on their capital gains).
A Good Old Habit, Or Just An Old One? Preferential Tax Treatment For Reorganizations, Yariv Brauner
A Good Old Habit, Or Just An Old One? Preferential Tax Treatment For Reorganizations, Yariv Brauner
UF Law Faculty Publications
This article proposes to repeal the preferential tax treatment of certain merger and acquisition transactions known as "reorganizations," and tax them like all other sales or exchanges. In the last 80 years this preference has been a cornerstone of our tax system. It is also one of the most stable rules in the tax code. Nevertheless, its normative justification is weak, and has never been rigorously debated in the legal literature. This article rejects the stated rationale for this rules - that such transactions trigger insufficient realization and therefore it is both unfair and impractical to currently tax them. It …
The Zen Of Corporate Capital Structure Neutrality, Herwig J. Schlunk
The Zen Of Corporate Capital Structure Neutrality, Herwig J. Schlunk
Michigan Law Review
It is well understood that corporate capital structure affects tax collections. Most basically, corporate interest expense is deductible. With each interest accrual, the corporate tax base shrinks. Thus, there is a broad range of circumstances in which corporate managers are encouraged by the Internal Revenue Code (the "Code") to load their corporate capital structures with debt. But there is little support for the proposition that Conpress desires corporations to adopt such debt-laden capital structures. Indeed, much tax legislation suggests congressional displeasure with the achievable degree of corporate self- integration. On the other hand, corporate equity has its charms: shareholders are …
Review Of Company Tax Systems, Reuven S. Avi-Yonah
Review Of Company Tax Systems, Reuven S. Avi-Yonah
Reviews
Comparative taxation is a fascinating and frustrating subject. It is fascinating because, through the lens of tax law, one can observe how countries with very different historical and cultural traditions have grappled with similar problems and have reached solutions that have both common and disparate elements. For example, countries that start off with a schedular system for taxing different categories of income end up with near global coverage (e.g., through a "miscellaneous" schedule), and countries that adopt a global system introduce schedular elements (such as the U.S. treatment of capital gains and losses). Another example is the convergence between countries …
Reducing Legal Noise: A Comment On Clark, The Morphogenesis Of Subchapter C: An Essay In Statutory Evolution And Reform, William D. Popkin
Reducing Legal Noise: A Comment On Clark, The Morphogenesis Of Subchapter C: An Essay In Statutory Evolution And Reform, William D. Popkin
Articles by Maurer Faculty
No abstract provided.
New Books And Recent Scholarship, F. Hodge O'Neal, Jordan Derwin, C. Edwin Chapman, Jr.
New Books And Recent Scholarship, F. Hodge O'Neal, Jordan Derwin, C. Edwin Chapman, Jr.
Vanderbilt Law Review
The years since World War II have brought extensive developments in the field of corporation law and practice. Many states have enacted a completely new corporation statute' or a new blue sky law. At the same time, "federal corporation law" and federal securities regulation have grown substantially. Legislatures and courts in many states have given some recognition to the distinctive problems of the close corporation. A number of highly publicized proxy fights have spurred developments in the law applicable to the proxy system. Some courts have enunciated interesting legal principles applicable to the sale of corporate control. And just last …
Recent Books, Michigan Law Review
Recent Books, Michigan Law Review
Michigan Law Review
This department undertakes to note or review briefly current books on law and matters closely related thereto.