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Federal Income Tax Developments: 1873

Akron Law Review

This article goes through the new development of the Federal Income Tax.

Income Tax Considerations In The Transition To A Professional Corporation, Harvey Dunn

Akron Law Review

[T]he tax considerations in the formation and operation of a professional corporation are numerous and, unfortunately, there are many areas which lack definite guidelines so as to enable the practitioner to give as definite an answer as he would like to. However, as with any new area of tax law, it will take time, decisions and rulings to develop what one may term as reasonable guidelines for reaching a conclusion. In the meantime, there is little doubt that with careful planning in the formative stages and close observation of the operation of a professional corporation, the risk of problems with …

Federal Income Tax Developments: 1974

Akron Law Review

FEDERAL INCOME TAX DEVELOPMENTS: 1974 is the second of an annual series of articles to be published in the Winter Issue of the AKRON LAW REVIEW. The thrust of this article is not only to identify the new developments, but also to trace these concepts through their formative stages. A synopsis of recent legislation appears before the TABLE OF CONTENTS, and a TABLE OF CASES, TABLE OF INTERNAL REVENUE CODE SECTIONS, and TABLE OF RECENT REVENUE RULINGS can be found following the text of the article.

Federal Income Tax Developments: 1976 Part Two

Akron Law Review

Tax Reform Act of 1976

Federal Income Tax Developments: 1976

Akron Law Review

FEDERAL INCOME TAX DEVELOPMENTS: 1976 is the fourth of an annual series of articles to be published in the Winter Issue of the AKRON LAW REVIEW. The scope of this survey is limited to the substantive developments in the field of income taxation. The thrust of this article is not only to identify the new developments, but also to trace these concepts through their formulative changes. This article covers not only the new developments in the case law but also the TAX REFORM ACT OF 1976.

Federal Income Tax Developments: 1975

Akron Law Review

FEDERAL INCOME TAX DEVELOPMENTS: 1975 is the third of an annual series of articles to be published in the Winter Issue of the Akron LAW REVIEW. The thrust of this article is not only to identify the new developments, but also to trace these concepts through their formative stages. The area of concentration for this article includes cases decided through September 30, 1975. Given the volatile nature of taxation, it is crucial for the practitioner in this field to remain current with the changes which have occurred during the tax year. The purpose of this article is to highlight for …

Federal Income Tax Developments: 1977

Akron Law Review

The thrust of this article is not only to identify the new developments, but also to trace these concepts through their formulative changes. This article covers the new developments in the case law including those cases and rulings implementing the Tax Reform Act of 1976.

Nontaxable Transfers; Interest-Free Loans; Crown V. Commissioner, Linda Haught Robb

Akron Law Review

"INTEREST-FREE FAMILY LOANS remain outside the purview of the federal estate and gift tax statutes despite the recent efforts of the Internal Revenue Service to convince the judiciary that, in such loans, the fair market value of the foregone interest is a gift. This is an extrapolation of the Service's efforts to find income to the recipient in other interest-free money situations. In light of the Service's limited activity in dealing with tax consequences of the interest-free loans, the Seventh Circuit's decision in Crown v. Commissioner' will be an important reference for estate and tax planning. Doubtlessly, the Service will …

Revenue Act Of 1978, Merlin G. Briner

Akron Law Review

"THE REVENUE ACT OF 1978 is a continuation of Federal Income Tax Developments: 1978 which appeared in the Fall, 1978 issue of the AKRON LAW REVIEW. This survey examines the substantive changes in federal tax law resulting from the passage of the Revenue Act of 1978 and other legislation. This author has again engaged the most able assistance of several members of the AKRON LAW REVIEW. Without their substantial contributions and complete dedication, this article would not have been possible. Special appreciation is extended to Linda Robison for her dedicated efforts."

Federal Income Tax Developments: 1978

Akron Law Review

FEDERAL INCOME TAX DEVELOPMENTS: 1978 is the sixth of an annual series of articles to be published in the AKRON LAW REVIEW. The scope of this survey is limited to the substantive developments in the field of income taxation. The thrust of this article is not only to identify new developments, but also to trace these concepts through their formulative changes.

Unreasonable Compensation In The Professional Corporation, Vincent J. Falcone

Akron Law Review

This comment will discuss the federal income tax issue of unreasonable compensation as it affects the incorporated professional. Discussion will first center on the modus operandi of the professional corporation, and how the compensation issue arises. Unreasonable compensation will then be defined and explained in that context. Next, the actual considerations used in determining whether compensation is excessive or not will be discussed. Then, the additional requirement that the remuneration be compensation in fact, and not a return on investment, will be investigated. The applicability of the 50% maximum tax on personal service income will also be analyzed. Finally, some …

Federal Income Tax Developments: 1979

Akron Law Review

The scope of this survey is limited to the substantive developments in the field of income taxation. The thrust of this article is not only to identify new developments, but also to trace these concepts through their formulative changes

Federal Income Tax Developments: 1980

Akron Law Review

The scope of this survey is limited to the substantive developments in the field of income taxation. The thrust of this article is not only to identify new developments, but also to trace these concepts through their formulative changes.

I.R.C. §(A)(3)(D): Reorganizing An Insolvent Savings And Loan Association, Brenda D. Crocker, Michael L. Unti

Akron Law Review

Whether or not the new reorganization provision, section 368(a)(3) (D), succeeds in inducing the acquisition of insolvent savings and loan associations, it is likely to be viewed as a creative attempt at a solution. To best illustrate the novelty of Congress's approach, the ensuing sections begin with an explanation of federal tax law as it has evolved in the context of insolvency reorganizations.

Federal Income Tax Developments: 1981

Akron Law Review

The scope of this survey is limited to the substantive developments in the field of income taxation. The thrust of this article is not only to identify new developments, but also to trace these concepts through their formulative changes.

Individual, Couple Or Family? The Unit Of Taxation For Transfer Tax Purposes: A Shifting Focus, Anne-Marie Rhodes

Akron Law Review

This paper examines the shifting focus of the transfer tax system from the perspectives of the articulated primary purpose for the taxes and the appropriate unit of taxation given that purpose. The historical progression shows that as a sense of purpose became less clear, the unit of taxation similarly became less focused.

Internal Revenue Service Review Of Tax Accrual Workpapers United States V. Arthur Young & Co., Steven Dimengo

Akron Law Review

The broad summoning power of the Internal Revenue Service [IRS] which enables it to examine any documents related to a taxpayer's liability' was challenged in United States v. Arthur Young & Co. The major issue of the proceedings was whether tax accrual workpapers, prepared by a taxpayer's independent auditor during the course of an annual audit, were subject to disclosure to the IRS pursuant to a summons under section 7602 of the Internal Revenue Code of 1954. In reaching its holding, the Supreme Court had to determine whether tax accrual workpapers were relevant to an IRS inquiry within the meaning …

Federal Income Tax Developments: 1984, Merlin G. Briner, Richard J. Kovach, James W. Childs

Akron Law Review

FEDERAL INCOME TAX DEVELOPMENTS: 1984 is the twelfth in a series of articles published at The University of Akron School of Law. In keeping with the established format, the scope of this survey is limited to selected substantive developments in the field of income taxation.

Section 280a: Vacation Home And Rental Property, Craig Teller

Akron Law Review

In addition to the personal and business use of a unit, the rules under Internal Revenue Code Section 280A ("280A") also cover situations such as time-sharing arrangements, rental pools, shared equity financing deals and office-at-home deductions. Though 280A applies to individuals, partnerships, trusts, estates, and S Corporations, this comment assumes the "taxpayer" to be an individual taxpayer. This author will first analyze 280A to provide general guidance in the rental of a unit. After the overall analysis, the author will focus on the following rental situations:

1. Analysis of Personal Use.
2. Analysis of Rental Use.
3. Further Analysis of Allocating Rental & …

United States Trust Co. V. I.R.S., Scott D. Brackett

Akron Law Review

During the course of its administration, an estate may receive income that is subject to federal income tax. When, and if, an estate receives such income the executor is faced with the task of filing the estate's income tax return along with a number of related considerations. One of the more important considerations is the allocation of the burden of such tax between the beneficiaries of the estate and the estate itself.

Subchapter J of the Internal Revenue Code provides the mechanism to allocate that burden between the beneficiaries and the estate. Generally, Subchapter J attempts to allocate the tax …

Federal Income Tax Developments: 1985, Merlin G. Briner, James W. Childs

Akron Tax Journal

This article discusses the federal income tax developments of 1985, including relevant Supreme Court cases, deductions, legislative and treasury regulations, and income recognition and related topics.

Fiduciary Income Taxation And The Holloway Adjustment, Dennis E. Bires

Akron Tax Journal

A great deal of the complexity of the rules dealing with income taxation of trusts and estates' can be attributed to the imperfect compatibility of two different regimes of law: the federal taxation of income and local rules of trust accounting. Just as the confluence of two rivers may generate turbulence exceeding that of either branch, the meeting of federal tax law and state trust law in Subchapter J of the Internal Revenue Code generates problems that neither discipline would present by itself.

In 1972, a New York Surrogate's Court introduced the Holloway adjustment to fiduciary accounting. This equitable adjustment …

Commentary: Does The United States Need An Alternative Tax Base?, James W. Childs

Akron Tax Journal

This article looks at the alternative tax systems of France, Italy, Greece, Switzerland, and Yugoslavia and compares that to the system in the United States. It uses this comparison to discuss whether an alternative tax base is necessary in the United States.

Selling A Business And Starting Anew: Liquidation-Reincorporation In The Simple Situation, John R. Dorocak

Akron Tax Journal

A client approaches his attorney with a fairly common problem. The client, as sole or predominant shareholder, operates a business in the corporate form. He wishes to sell all the assets of that business to a third party. The client will then take the proceeds of the sale, after distribution to himself as shareholder, and use a part of them to capitalize a new corporation, which will purchase a new business. The question for the attorney is whether this simple transaction will ever call forth the tax doctrine of liquidation-reincorporation. This article will examine the likelihood of the liquidation reincorporation …

Assisting Dislocated Workers: Dimensions, Needs And Tax Policy Options, Lewis D. Solomon, Janet S. Solomon, Brian M. Malsberger

Akron Tax Journal

The involvement of the federal government in retraining of dislocated workers raises the specter of rigidity, bureaucracy, paternalism, and cost. After examining the dimensions of the dislocated worker problem and the need for governmental involvement, this article examines the use of tax policy to enable workers to bridge the gap between old and new jobs and to thrive in an economy in transition. The policy making challenge can be succinctly stated: is it possible to use the federal income tax system to the advantage of society by creating tax incentives for a retraining program based on individual choice and limited …

Over The Back Fence: Tax Shelters And Other Sales Of Federal Income Tax Reductions, Thomas A. Robinson

Akron Tax Journal

Structural features of the federal income tax system frequently make the same tax reduction' more valuable to one taxpayer than to another. There are many types of such tax reductions (including deductions and credits), creating a fertile environment for the tax shelter markets. Black letter law says tax reductions are nontransferable. In other words, taxpayers are not allowed to sell their mortgage interest deductions over the back fence to their neighbors. Yet, observation reveals some transactions where tax reductions are in effect bought and sold. This article will examine four of these transactions: business sales, divorce agreements, sale-leasebacks, and partnership …

Federal Income Tax Developments: 1982, Merlin G. Briner

Akron Tax Journal

This article discusses federal income tax developments in 1982, including relevant Supreme Court cases, oil and gas, tax shelters, deductions, corporations and interest free loans. The Tax Equity and Fiscal Responsibility Act (TERFA) is discussed in a separate section.

Death Of A Partner: Pre And Post-Mortem Planning, Jerome Hesch

Akron Tax Journal

There are several alternative techniques which can be employed to alleviate the income tax problems associated with the death of a partner. The sophisticated tax advisor will understand, however, that some of the suggested techniques may not be practical for all situations. The purpose of this article is to describe these planning techniques and to guide the tax advisor as to which technique is appropriate for his client.

Is The Will The Way? Transmitting Interests In A Family Corporation, Gail Levin Richmond

Akron Tax Journal

This article examines the effects of recent enactments upon the methods of transmitting interests in a closely-held corporation. Because the tax consequences will frequently vary depending upon whether the corporation is a C corporation or an S corporation, a brief description of each form precedes the discussion of the relevant tax consequences. The tax consequences, which will be discussed thereafter, involve interrelated questions: which consequences are involved, and who will bear their brunt? Because nontax considerations also influence the timing of stock transfers, the discussion will address them as well.

Tax Equity And Fiscal Responsibility Act Of 1982, Merlin G. Briner

Akron Tax Journal

O N AUGUST 20, 1982, President Reagan signed into law the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), the fourth piece of major tax legislation in less than seven years. Though TEFRA has been said to provide the single largest tax increase in American history, President Reagan lobbied for it not as a tax bill, but as a revenue measure which, to his mind, in no way represented a backing-off from his vaunted "supply side-trickle down" economic program. This article will discuss the implications of TERFA on both the individual taxpayer and businesses.