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Articles 1 - 4 of 4
Full-Text Articles in Law
The Troubling Problem Of Income Inequality: A Few Thoughts, James F. Freeley
The Troubling Problem Of Income Inequality: A Few Thoughts, James F. Freeley
University of Massachusetts Law Review
Income inequality has become an important public policy issue in the United States. This Essay examines the issue in a political, economic, and legal context. It argues that the only policy responses that will work to address the underlying trends are ones that put a priority upon hiring people at a living wage and encouraging entrepreneurship and growth at all levels of the economy.
Tax Reform Proposals On A Gift Tax On The Transfer Of Property By Nonresidents, Daze Swift Lee
Tax Reform Proposals On A Gift Tax On The Transfer Of Property By Nonresidents, Daze Swift Lee
University of Massachusetts Law Review
This Note raises taxation issues pertaining to a gift tax on the transfer of property by nonresidents under current United States tax rules. It further illustrates patterns and trends to evade a gift tax using transaction maneuvers. These issues are defined in three categories: a gift tax on the transfer of property situated only within the United States by a nonresident, no gift tax on the transfer of intangible assets, and transferee liability. In response to such issues, this Note calls for corresponding proposals to resolve gift taxation problems. It proposes that a gift tax should be imposed on the …
The Waters Are Rising! Why Isn't My Tax Basis Sinking? Why Coastal Land Should Be A Depreciable Asset In Light Of Global Warming And The Rise In Sea Level, Jason P. Oppenheim
The Waters Are Rising! Why Isn't My Tax Basis Sinking? Why Coastal Land Should Be A Depreciable Asset In Light Of Global Warming And The Rise In Sea Level, Jason P. Oppenheim
University of Massachusetts Law Review
Depreciation deductions are the Internal Revenue Code's method of allowing taxpayers to take deductions on long-term investments. Unlike normal deductions, depreciation requires the taxpayer to apportion the expense over the life of the asset. While most assets used for the production of income may be depreciated, the Internal Revenue Service and courts have never allowed land to be depreciated. The treatment of land as a non-depreciable asset is deeply rooted in the idea that it does not have a useful life -- it lasts forever. However, global temperature has risen rapidly over the past fifty years and is expected to …
Tax Naked Credit Default Swaps For What They Are: Legalized Gambling, James Blakey
Tax Naked Credit Default Swaps For What They Are: Legalized Gambling, James Blakey
University of Massachusetts Law Review
Credit default swaps (CDSs) gained notoriety for their role in the global financial crisis. In late 2011, the IRS proposed new regulations that would classify CDSs bought by someone who does not own the credit, known as "naked" CDSs, as "financial instruments" and thereby qualify them for the highly beneficial capital gains tax treatment. This classification is incorrect. Naked CDSs, which constitute about 80% or more of all CDSs, are not financial instruments at all. Rather, this article argues, they are gambling wagers -- the winnings on which are taxable at the ordinary income tax rate. This is not the …