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Full-Text Articles in Law
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.
The Unconstitutionality Of Eliminating Estate And Gift Taxes, James G. Wilson
The Unconstitutionality Of Eliminating Estate And Gift Taxes, James G. Wilson
Law Faculty Articles and Essays
The recent proposal to eliminate estate and gift taxes is not only immoral and a poor allocation of resources, but also is unconstitutional. Irrespective of their ideology, virtually all American lawyers will initially dismiss this accusation as frivolous because it conflicts with their tradition of equating conceptions of "constitutionality" with United States Supreme Court opinions. The Court has long been highly deferential to Congress in federal tax law cases. It is inconceivable that the current Court would find anything "irrational" in a facially neutral law eliminating all estate and gift taxes. Indeed, if I sat on that bench, I would …
Cancellation Of Salary Indebtedness: Stock Distribution As Realization Of Income To Shareholder-Employee, William Tabac
Cancellation Of Salary Indebtedness: Stock Distribution As Realization Of Income To Shareholder-Employee, William Tabac
Law Faculty Articles and Essays
This article discusses C.I.R. v. Fender Sales, Inc., 338 F. 2d 924 (9th Cir. 1964). The author concludes that by taxing at ordinary rates the benefit realized by respondents when they invested the income in the corporation which they owned in exchange for its stock, the court eliminated the possibility--suggested by the dissent--of any undeserved capital gains treatment. The case serves to reinforce the fait accompli in the tax law between the treatment of ordinary income and capital transactions.