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Full-Text Articles in Law

Annual Survey Of Virginia Law: Wills, Trusts, And Estates, J. Rodney Johnson Jan 1999

Annual Survey Of Virginia Law: Wills, Trusts, And Estates, J. Rodney Johnson

University of Richmond Law Review

In its 1999 Session, the General Assembly enacted legislation dealing with wills, trusts, and estates that added, amended, or repealed a number of sections of the Code of Virginia in its 1999 Session. In addition, there were eleven Supreme Court of Virginia opinions and one Bankruptcy Court opinion in the period covered by this review that involved issues of interest to the general practitioner as well as the specialist in wills, trusts, and estates. This article reports on all of these legislative and judicial developments.


Esop's Fables: Leveraged Esops And Their Effect On Managerial Slack, Employer Risk And Motivation In The Public Corporation, Hunter C. Blum Jan 1997

Esop's Fables: Leveraged Esops And Their Effect On Managerial Slack, Employer Risk And Motivation In The Public Corporation, Hunter C. Blum

University of Richmond Law Review

Shareholder rights and their influence on corporate governance have become an increasingly important topic in corporate law. The recent wave of corporate downsizing in the early 1990's has disturbed our collective equilibrium. Many now challenge the basic corporate law tenet that the directors hold a fiduciary duty to the shareholders only and the traditional idea that the proper corporate goal is shareholder wealth maximiza- tion.


Robinson V. Shell Oil Co.: Policy-Not Ambiguity-Drives The Supreme Court's Decision To Broaden Title Vii's Retaliation Coverage, Barry T. Meek Jan 1997

Robinson V. Shell Oil Co.: Policy-Not Ambiguity-Drives The Supreme Court's Decision To Broaden Title Vii's Retaliation Coverage, Barry T. Meek

University of Richmond Law Review

Before the Supreme Court's pronouncement in Robinson v. Shell Oil Co., a majority of the circuit courts were blurring seemingly unambiguous language to expand Title VII's coverage to comport with amiable policy goals. Only policy justifications could explain the courts' willingness to cover postemployment retaliation based on language that prohibits an employer from discriminating "against his employees" and that further defines employees as those persons "employed by an employer." Clearly, the plain meaning of such language envisions that persons protected under Title VII have an existing employment relationship with the covered employer at the time of the alleged retaliatory conduct. …


Tax Treatment Of Contingent Liabilities: The Need For Reform, Ellen H. De Mont Jan 1994

Tax Treatment Of Contingent Liabilities: The Need For Reform, Ellen H. De Mont

University of Richmond Law Review

The proper tax treatment of the assumption of deductible and nondeductible contingent liabilities' for both the buyer and seller in transactions involving taxable asset acquisitions is currently under debate. Case law precedents and the current state of the law are contradictory or, at best, uncertain. Authority on the buyer's side in particular is undefined and authority on the seller's side is sparse. From a tax policy perspective, it is desirable to avoid rules that yield inconsistent results. A healthy economy depends in part upon businesses being able to make decisions based upon expected tax consequences, and currently, a comfortable level …


Who Gets A Dead Man's Gold? The Dilemma Of Lottery Winnings Payable To A Decedent's Estate, M. Eldridge Blanton Dec 1993

Who Gets A Dead Man's Gold? The Dilemma Of Lottery Winnings Payable To A Decedent's Estate, M. Eldridge Blanton

University of Richmond Law Review

This article addresses the federal estate tax and federal income tax consequences of lottery winnings which flow to the estate of a decedent or, alternatively, directly to the decedent's beneficiaries. State income tax and state death tax considerations must also be taken into account. With respect to these secondary implications, this article draws largely upon the Code of Virginia and the relevant sections of Virginia's income tax and estate tax statutes. Some references will be made to the possibility of contrary statutory treatment in other states, but primary reliance will be upon Virginia law.


It's Not Love, But It's Not Bad: A Response To Critics Of Prepaid College Tuition Plans, J. Timothy Philipps, Ed R. Haden Jan 1992

It's Not Love, But It's Not Bad: A Response To Critics Of Prepaid College Tuition Plans, J. Timothy Philipps, Ed R. Haden

University of Richmond Law Review

Two years ago one of the authors published an article surveying the tax ramifications of prepaid college tuition plans, with a focus on the Michigan plan - the Michigan Education Trust ("MET"). That article took a generally positive view of such plans in general and of MET in particular. It discussed three basic themes: 1) the uncertainty of existing tax law with respect to prepaid tuition plans requires clarifying congressional legislation; 2) the position of the Internal Revenue Service ("Service") with respect to prepaid tuition plans, as enunciated in a private letter ruling addressed to MET, is flawed; and 3) …


Annual Survey Of Virginia Law: The Virginia Limited Liability Company Act, S. Brian Farmer, Louis A. Mezzullo Jan 1991

Annual Survey Of Virginia Law: The Virginia Limited Liability Company Act, S. Brian Farmer, Louis A. Mezzullo

University of Richmond Law Review

Since the passage of the sixteenth amendment' in 1913 and the income tax legislation adopted thereunder, the development of new forms of business entities has been driven largely by the desire to harmonize two goals: limited liability for the owners of the entity and pass-through treatment of the entity for income tax purposes.


The Like-Kind Exchange Of Partnership Interests Under Irc Section 1031(A)(2)(D): An Historical Analysis Of Alternative Approaches, Vincent John Piazza Jan 1991

The Like-Kind Exchange Of Partnership Interests Under Irc Section 1031(A)(2)(D): An Historical Analysis Of Alternative Approaches, Vincent John Piazza

University of Richmond Law Review

Before the Tax Reform Act of 1984, general partnership interests were considered like-kind property which could be exchanged tax-free under Internal Revenue Code ("IRC") section 1031(a). Prior to 1984, the Internal Revenue Service ("IRS") had tried unsuccessfully to convince the courts that the parenthetical clause of section 1031(a), which excludes certain exchanges of interests from the definition of like-kind property, encompassed all types of equity interests. Since the IRC did not specifically exclude partnership interests, judges were very reluctant to adopt the IRS's over-expansive reading of the statute. After making very little headway with the courts, the IRS and treasury …


Annual Survey Of Virginia Law: Wills, Trusts, And Estates, J. Rodney Johnson Jan 1990

Annual Survey Of Virginia Law: Wills, Trusts, And Estates, J. Rodney Johnson

University of Richmond Law Review

The 1990 session of the General Assembly enacted legislation dealing with wills, trusts, and estates that added, amended, or repealed a number of sections of the Code of Virginia (the "Code"). In addition to this legislation, there were fifteen cases from the Supreme Court of Virginia, in the year ending June 1, 1990, which involved issues of interest to both the general practitioner and the specialist in wills, trusts, and estates. This article analyzes each of these legislative and judicial developments.


Annual Survey Of Virginia Law: Taxation, Carle E. Davis Jan 1990

Annual Survey Of Virginia Law: Taxation, Carle E. Davis

University of Richmond Law Review

In its 1990 session, Virginia's General Assembly passed many bills amending sections of and adding new sections to title 58.1 of the Code of Virginia (the "Code"). These bills affected a broad range of areas, including the individual and corporate income tax, the sales and use tax, real estate and recordation taxes, and miscellaneous local taxes. The Supreme Court of Virginia also decided several cases concerning miscellaneous taxation issues. In addition, the Virginia Department of Taxation finalized several regulations and promulgated proposed regulations. This article covers legislative and regulatory changes, and recent judicial decisions affecting Virginia taxation from July 1989 …


Annual Survey Of Virginia Law: Wills, Trusts, And Estates, J. Rodney Johnson Jan 1988

Annual Survey Of Virginia Law: Wills, Trusts, And Estates, J. Rodney Johnson

University of Richmond Law Review

The 1988 session of the General Assembly enacted legislation dealing with wills, trusts, and estates that added, amended, or repealed a number of sections of the Code of Virginia (the Code). In addition to this legislation, there were six cases from the Virginia Supreme Court, and one case from the Fourth Circuit Court of Appeals, in the year ending June 1, 1988, that involved issues of interest to both the general practitioner and the specialist in wills, trusts, and estates. This article analyzes each of these legislative and judicial developments.


Municipal Lease-Purchase Agreements: A Virginia Perspective, R. Webb Moore Jan 1987

Municipal Lease-Purchase Agreements: A Virginia Perspective, R. Webb Moore

University of Richmond Law Review

America's state and local governments are in a fiscal vise. Federal intergovernmental aid reached a high water mark in fiscal 1979, but subsequent cutbacks by President Reagan and Congress brought the era of rapid growth in federal domestic spending to a screeching halt in 1981 with reductions of over fifty-three billion dollars in budgetary authority and thirty-five billion dollars in budgetary outlays. Local governments have responded by taking one of three fiscal paths: (1) forced austerity, resulting in school and library closings, deteriorating infrastructure, elimination of mass-transit systems and benefit and personnel cuts; (2) an increased dependence on local tax …


Revenue Ruling 84-132: Sidelined, But Not Forgotten, Nina R. Murphy Jan 1985

Revenue Ruling 84-132: Sidelined, But Not Forgotten, Nina R. Murphy

University of Richmond Law Review

Virtually all colleges and universities have scholarship programs designed to support their athletic teams. The programs are generally in the form of membership clubs which are tax-exempt under section 501(c)(3) of the Internal Revenue Code and therefore eligible to receive donations which provide tax deductions to their patrons. The fact that an organization is an "eligible receiver," however, does not ensure that all payments to it are deductible. For example, the cost of football tickets is not deductible since the purchaser is receiving value for his payment.


Replacing The Social Security Tax With A Value-Added Tax: Policy Perspectives, John F. Kelly, Joseph L. Lewis, William J. Irvin Jan 1980

Replacing The Social Security Tax With A Value-Added Tax: Policy Perspectives, John F. Kelly, Joseph L. Lewis, William J. Irvin

University of Richmond Law Review

On October 22, 1979, Representative Al Ullman (D-Ore.), then Chairman of the House Ways and Means Committee, introduced the Tax Restructuring Act of 1979, which would have lowered the rates of the individual income, corporate income and social security taxes along with certain other tax benefits and would have replaced the lost revenues from such reductions with the revenues from a 10% value-added tax (VAT). The introduction of the bill followed a speech delivered by Sen. Russell B. Long (D-La.), then Chairman of the Senate Finance Committee, at the 1978 Tulane Tax Institute, in which he advocated an overhaul of …


Qualified Plans Under Erisa: Tax Shelter Or Bureaucratic Paper Chase?, Louise Cobb Boggs Jan 1980

Qualified Plans Under Erisa: Tax Shelter Or Bureaucratic Paper Chase?, Louise Cobb Boggs

University of Richmond Law Review

The enactment of the Employee Retirement Security Act of 1974 has had a profound and far-reaching impact upon existing employee benefit plans and upon those which have since been created. ERISA, as the act is commonly designated, is a comprehen- sive federal statute with strong consumer protection overtones which sets up strict requirements for regulating most aspects of the operation and administration of private employee benefit plans. Its primary goals are: (1) to protect benefit rights and to provide retirement security for the participants of employee benefit plans by setting out minimum standards for nondiscriminatory participation, vesting, benefit accrual, and …


Taxation Of Boot Received During Acquisitive Reorganization: Dividend V. Capital Gain, Stephen Lee Dalton Jan 1979

Taxation Of Boot Received During Acquisitive Reorganization: Dividend V. Capital Gain, Stephen Lee Dalton

University of Richmond Law Review

Acquisitive reorganizations either by consolidation or statutory merger have become a popular means for corporations with surplus cash or treasury stock to diversify their investment base. The tax treatment of cash received during such reorganizations is an often litigated and still unsettled area of the law. Such confusion is the product of inconsistent and irreconcilable case holdings and Revenue Rulings as the courts and the Internal Revenue Service have attempted to apply the myriad of judicial doctrines and intricate Code law dealing with this question to various factual situations.


The Tax Consequences Of Inter Vivos Charitable Contributions After December 31, 1969 Under Section 170, Olin R. Melchionna Jr. Jan 1976

The Tax Consequences Of Inter Vivos Charitable Contributions After December 31, 1969 Under Section 170, Olin R. Melchionna Jr.

University of Richmond Law Review

To give and live to give again has always been the American way. Traditionally, Americans contribute to those charitable institutions and associations which effectuate their benevolent, philanthropic desires. Many individuals believe the funding of charitable institutions should be primarily by direct contributions from the private sector as opposed to federal and state government subsidies. This view is supported by the federal income, I gift and estate tax deductions.


Section 1244 Small Business Stock - Professional Responsibility Demands Its Use Jan 1976

Section 1244 Small Business Stock - Professional Responsibility Demands Its Use

University of Richmond Law Review

In 1958, Congress added section 1244 to the Internal Revenue Code, which allows ordinary loss treatment for original owners of specified stock in "small business corporations" when such stock is sold, exchanged at a loss, or when the stock becomes worthless. The purpose of section 1244 is to reduce the discrepancy between the tax treatment of losses sustained by corporations and those sustained by proprietorships or partnerships, thereby diminishing the role which tax considerations play in determining whether a business should be conducted in corporate or in unincorporated form. When an unincorporated business sustains an operating loss, such loss is …


Federal Estate Taxation - Inter Vivos Gift Between Co-Owners Of United States Savings Bonds Requires Surrender And Reissue Jan 1973

Federal Estate Taxation - Inter Vivos Gift Between Co-Owners Of United States Savings Bonds Requires Surrender And Reissue

University of Richmond Law Review

At the present time there are approximately 500 million Series E United States Savings Bonds outstanding about 75% of which are registered in the names of co-owners. Until recently there had been no consensus in the federal courts as to whether a registered co-owner of such a bond could remove it from his gross estate by making an inter vivos gift to the other co-owner without having the bond reissued according to Treasury Regulation procedures. This conflict in case law and its attendant confusion has had the effect of preventing uniform application of federal estate tax law concerning savings bonds. …


Deferred Compensation Under The Tax Reform Act Of 1969, David R. Goode Jan 1971

Deferred Compensation Under The Tax Reform Act Of 1969, David R. Goode

University of Richmond Law Review

Executive compensation covers a broad range of benefits, including current cash payments, stock bonuses and options in their various forms, qualified pension plans, life insurance and even such fringe benefits as use of company provided automobiles and aircraft. A significant portion of the compensation picture encompasses contracts and plans which defer the receipt of income until a taxable period later than the period to which the services giving rise to the compensation are related. Although only one of many compensation devices, deferred compensation is of considerable importance to American industry as a form of executive pay. A recent study of …


Recent Legislation Jan 1970

Recent Legislation

University of Richmond Law Review

This is a list of the recent legislation from 1970.


Lawyers And The Professional Association Act, Ellsworth Wiltshire Jan 1962

Lawyers And The Professional Association Act, Ellsworth Wiltshire

University of Richmond Law Review

The Professional Association Act passed by the recent Gen- eral Assembly of Virginia becomes effective as Chapter 277 of the Acts of 1962 on June 29, 1962. It permits three or more individuals authorized to practice in Virginia any one of the following named professions to form an association, which will be a legal entity separate from the associates comprising it: "architecture, professional engineering, land surveying, certified public accounting, dentistry, optometry, practice of the healing arts, and veterinary medicine, surgery and law".


The Issuance Of Stock Under Section 1244 Of The Internal Revenue Code, Carle E. Davis Jan 1960

The Issuance Of Stock Under Section 1244 Of The Internal Revenue Code, Carle E. Davis

University of Richmond Law Review

The purpose of this brief note is to examine the provisions of section 1244 with a view toward qualifying for the tax benefits of that section.