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Full-Text Articles in Law
Is It Time For Federal Regulation Of The Tax Preparer Industry? New Insights From Legal And Empirical Developments, Jessica A. Magaldi, Matthew Reidenbach, Jonathan S. Sales, John S. Treu
Is It Time For Federal Regulation Of The Tax Preparer Industry? New Insights From Legal And Empirical Developments, Jessica A. Magaldi, Matthew Reidenbach, Jonathan S. Sales, John S. Treu
Marquette Law Review
The tax preparer industry is unusual in that it involves the interpretation of an intricate and complicated tax code, but imposes no minimum requirements of competency because the industry is largely unregulated. A study by the Government Accountability Office (GAO) indicated that unregulated tax preparers commit significantly higher error rates and, based in part on that study’s findings, the Internal Revenue Service (IRS) attempted to regulate the tax preparer industry nationwide under the Registered Tax Return Preparer (RTRP) regime. This RTRP program was invalidated in Loving v. IRS, however, leaving the industry largely unregulated, except in the small minority …
What Is Insurance? An Analysis Of The Tax Deductibility Of Captive Insurance Premiums, John D. Patten
What Is Insurance? An Analysis Of The Tax Deductibility Of Captive Insurance Premiums, John D. Patten
Honors Capstones
What is insurance for the purposes of a tax deduction? The Internal Revenue Code does not define insurance. Without this definition, taxpayers using alternative insurance products to manage their risks must look to case law to determine whether their arrangements count as tax deductible insurance or non-deductible self-insurance. This paper dives into the four prongs of insurance: insurance risk, risk shifting, risk distributing, and commonly accepted notions of insurance. This paper looks to cases that have dealt with the deduction of captive insurance premiums to provide better insight into the practical application of this test. After discussing the evolution of …
Tax Court Find Stars Transaction Lacks Economic Substance, Robert D. Probasco, Lee S. Meyercord
Tax Court Find Stars Transaction Lacks Economic Substance, Robert D. Probasco, Lee S. Meyercord
Robert Probasco
In Bank of New York Mellon Corp. v. Commissioner, the Tax Court found that a structured trust advantaged repackaged securities (“STARS”) transaction entered into by BNY Mellon lacked economic substance, and disallowed foreign tax credits of $199 million as well as transactional expenses of $8 million. BNY Mellon is the first test case to emerge from the IRS’s attempts to disallow tax benefits to several financial institutions that participated in the STARS transaction.
The STARS transaction is one of a number of different transactions that the IRS refers to as “foreign tax credit generators.” These transactions generally rely on inconsistent …
Demanding Corporate Patriotism: A Regulatory Attempt To Curb International Corporate Inversions And Stop Tax Avoidance Schemes, David Khanjyan
Demanding Corporate Patriotism: A Regulatory Attempt To Curb International Corporate Inversions And Stop Tax Avoidance Schemes, David Khanjyan
The Journal of Business, Entrepreneurship & the Law
No abstract provided.
Unilateral Responses To Tax Treaty Abuse: A Functional Approach, Omri Marian
Unilateral Responses To Tax Treaty Abuse: A Functional Approach, Omri Marian
Brooklyn Journal of International Law
In recent years, there has been a dramatic increase in the attention given to abusive tax schemes that take advantage of bilateral tax treaties. The ensuing discourse tends to view potential responses to treaty abuses as a hierarchical set of options, gradually escalating, in which treaty termination is a last resort option. This article argues that the hierarchical view of unilateral responses to treaty abuse is misguided. Unilateral responses to treaty-based abuse are not hierarchically ordered. Rather, the approach to treaty abuse is (and should be) functional, adopting specific types of unilateral responses based on the type of treaty abuse …
Tax Court Find Stars Transaction Lacks Economic Substance, Robert D. Probasco, Lee S. Meyercord
Tax Court Find Stars Transaction Lacks Economic Substance, Robert D. Probasco, Lee S. Meyercord
Faculty Scholarship
In Bank of New York Mellon Corp. v. Commissioner, the Tax Court found that a structured trust advantaged repackaged securities (“STARS”) transaction entered into by BNY Mellon lacked economic substance, and disallowed foreign tax credits of $199 million as well as transactional expenses of $8 million. BNY Mellon is the first test case to emerge from the IRS’s attempts to disallow tax benefits to several financial institutions that participated in the STARS transaction.
The STARS transaction is one of a number of different transactions that the IRS refers to as “foreign tax credit generators.” These transactions generally rely on inconsistent …
Tax Advice For The Second Obama Administration, Michael J. Graetz
Tax Advice For The Second Obama Administration, Michael J. Graetz
Faculty Scholarship
Delivered January 18, 2013 as the keynote address at a conference cosponsored by Pepperdine Law School and Tax Analysts.
The Tax Treatment Of International Philanthropy And Public Policy, Robert Paine
The Tax Treatment Of International Philanthropy And Public Policy, Robert Paine
Akron Tax Journal
This paper concerns the tax treatment of charitable contributions made to foreign organizations. Specifically, it discusses the current tax structure that governs contributions made by United States taxpayers to charitable organizations located outside the U.S. and its possessions.
International Tax Competition: An Efficient Or Inefficient Phenomenon?, Mitchell B. Weiss
International Tax Competition: An Efficient Or Inefficient Phenomenon?, Mitchell B. Weiss
Akron Tax Journal
This Article examines the legal and economic implications of this globalization phenomenon. Part I discusses the allocative effect an income tax system has on a particular country's resources. This first part, while focusing only on domestic tax policy, is intended to throw some light on the international issues that are the central focus of this article. So with this background in mind, Part II turns to the international scene, analyzing the efficiency effect international integration is having on the world's income tax systems in general and the U.S.'s income tax system in particular. Finally, Part III considers what the Organisation …
New Developments In The Foreign Tax Credit: The Treasury Department Attempts To Define And Income Tax, David F. Nitschke
New Developments In The Foreign Tax Credit: The Treasury Department Attempts To Define And Income Tax, David F. Nitschke
Northwestern Journal of International Law & Business
In order to alleviate the double taxation of income earned overseas by United States taxpayers, the Internal Revenue Code contains aforeign tax credit. This provision, which enables a taxpayer to credit certain foreign taxes he haspaid or accrued, has been reinterpreted recently by the Depart- ment of the Treasury. In this article, Mr. Nitschke discusses several 1978 revenue rulings andproposed regulations issued in 1979 that have altered the definition of aforeign tax that qualifies as an "income tax" and, thereby, have reduced signficantly the kind offorein taxes eligible for the credit. Upon examination ofprior rulings and case law, Mr. Nitschke …