Law Commons^™

State Workarounds To The Irc's Salt Cap: The Past, The Present, And Building For The Future, Richard Stephenson Mcewan

Indiana Law Journal

Recently, Congress has debated measures to provide some relief to taxpayers negatively impacted by the Internal Revenue Code’s State and Local Tax (SALT) deductibility limit. Although Congress has not yet budged on whether to adjust this cap, many states have taken it upon themselves to find creative workarounds to provide relief for their constituent taxpayers. In the face of an uncertain future for the current SALT cap, crucial questions exist for these state workarounds and those still to come. This Note carefully lays out the individual income tax issue posed by the SALT cap, before analyzing the core elements of …

Is The Biggest Offer The Best Offer?, Alyssa Croft

Pace Intellectual Property, Sports & Entertainment Law Forum

Many people strive to be professional athletes because of the respect and accomplishment it receives. You make a lot of money, it can be glamorous, you are in commercials and magazines, and sometimes even movies. However, there are some things people do not think about when it comes to professional athletes. One of the biggest is taxation! There are so many different things athletes must think about and do because of taxes so they can take home the most amount of money possible. Athletes must be careful about who they hire to help them with their taxes because they want …

Max's Taxes: A Tax-Based Analysis Of Pet Trusts, Gerry W. Beyer, Jonathan P. Wilkerson

University of Richmond Law Review

No abstract provided.

This Is Our House! - The Tax Man Comes To College Sports, Kathryn Kisska-Schulze

Marquette Sports Law Review

None

Taxing Combat, Samuel Kan

Dickinson Law Review (2017-Present)

When you are being shot at or dodging landmines you are in a combat zone. Diplomatic niceties aside, these brave warriors are in danger because of the policies of their Government and we must take care of them. Quite frankly, we must act to insure that we do not have a repeat of what happened in Somalia. In Somalia, the families of the soldiers who lost their lives could not receive the benefits that should have gone to them under the Tax Code because the President never declared it a combat zone.

We don’t know exactly where we’re at in …

How The 1 Percent Pays Taxes; How The 99 Percent Could: The Subchapter T Worker Cooperative Tax Loophole, Michael Haber

Journal of Law and Policy

The ratification of the Sixteenth Amendment to the United States Constitution granted Congress the right to tax income “from whatever source derived.” Since its inception, the tax code has become long and complicated, filled with broad taxation rules and innumerable exceptions. Over time, the tax code has been amended with the stated purpose of promoting “fairness, efficiency, and enforceability.” However, the complexity of the tax code has led to abuse of “tax loopholes” by wealthy taxpayers who want to avoid paying their fair share of taxes. While abuse is likely to continue, as legislators remain intent on lowering taxes on …

How The 1 Percent Pays Taxes; How The 99 Percent Could: The Subchapter T Worker Cooperative Tax Loophole, Michael Haber

Journal of Law and Policy

The ratification of the Sixteenth Amendment to the United States Constitution granted Congress the right to tax income “from whatever source derived.” Since its inception, the tax code has become long and complicated, filled with broad taxation rules and innumerable exceptions. Over time, the tax code has been amended with the stated purpose of promoting “fairness, efficiency, and enforceability.” However, the complexity of the tax code has led to abuse of “tax loopholes” by wealthy taxpayers who want to avoid paying their fair share of taxes. While abuse is likely to continue, as legislators remain intent on lowering taxes on …

Belk V. Commissioner: Land Substitutions In Conservation Easements, Morgan Davis

Loyola of Los Angeles Law Review

No abstract provided.

Moving Beyond Marriage: A Proposed Unit Of Presumed Economic Interdependence For Joint Filing Purposes In Bankruptcy And In Tax, Heather V. Graham

Pace Law Review

In order to promote both equality and efficiency, this Comment proposes that individuals should have the opportunity to file jointly for tax and bankruptcy purposes when they have a relationship predicated upon economic interdependence, as opposed to basing the opportunity to file jointly upon marital status. Part I of this Comment will briefly discuss the history of marriage in the United States. In particular, Part I will discuss the role that the government has had in promoting and regulating marriage and how the treatment of married persons operates to the exclusion of the unmarried. Parts II and III of this …

A Tale Of Two Taxes: A Comparative Examination Of The Individual Income Tax In The United States And The People's Republic Of China, Steven J. Arsenault

Richmond Journal of Global Law & Business

No abstract provided.

The New Section 1202 Tax-Free Business Sale: Congress Rewards Small Businesses That Survived The Great Recession, Beckett G. Cantley

Fordham Journal of Corporate & Financial Law

On September 27, 2010, President Barack Obama signed the Creating Small Business Jobs Act of 2010 (“SBJA”) that contains a temporary amendment to Internal Revenue Code (“IRC”) § 1202. The amendment permits original shareholders of eligible corporation stock to sell the stock without being taxed on the sale. The temporary amendment initially only applied to certain stock acquired after the enactment of the SBJA and before January 1, 2011, but the amendment was extended on December 17, 2010 for another year ending January 1, 2012. With the impending sunset of the 15% capital gains rate at the end of 2012, …

The Forgotten Taxation Landmine: Application Of The Accumulated Earnings Tax To Irc Sec. 831(B) Captive Insurance Companies, Beckett G. Cantley

Richmond Journal of Global Law & Business

No abstract provided.

Analyzing The Schizoid Agency: Achieving The Proper Balance In Enforcing The Internal Revenue Code, Richard Lavoie

Akron Tax Journal

The purpose of this article is to examine the considerations that should influence the development of appropriate controversy position standards for the Service. In this regard it is crucial to understand the inherent duality in the Service's role. On one hand it is charged with enforcing the Internal Revenue Code (the "Code"), and as a result it attempts to maximize the collection of all legally owed taxes. On the other, the Service is charged with maintaining the efficient and fair operation of the tax system as a whole. The United States federal income tax system is premised on voluntary taxpayer …

Treble Damages In National Health Service Corps Contracts, Public Policy, And Hawronsky V. Commissioner, Richard C.E. Beck

Akron Tax Journal

The main thesis of this article is that Hawronsky v. Commissioner is erroneous and the deduction should be allowed because I.R.C. § 162(f) does not apply. The taxpayer did pay a "fine or similar penalty to the government," but he did not pay it "for the violation of any law," which is a necessary element of I.R.C. § 162(f). The taxpayer merely breached his NHSC contract. This crucial issue went completely unnoticed by the court and the parties. Because I.R.C. § 162(f) does not apply, the treble damages are (except for the original tax-free scholarship itself) a deductible business expense …

Repairing Facade Easements: Is This The Gift That Launched A Thousand Deductions?, Martha Jordan

Akron Tax Journal

This article explores the impact of such a covenant on the characterization for tax purposes of expenditures to maintain the façade. In particular this article explores the following question: Given that the charitable easement holder owns a nonpossessory interest in the façade, which imposes on the charity an obligation to repair and maintain the façade and entitles it to benefit from increases in the value of the façade, is a donor's assumption of the charity's obligation to repair the façade an additional charitable contribution to the charity? If a donor gratuitously makes improvements to property owned outright by a charity, …

Taxation, Craig D. Bell

University of Richmond Law Review

No abstract provided.

When Indian Law And Tax Law Collide: How Pull-Tab Games Got To The Supreme Court , John Burgess

Cleveland State Law Review

This Note will explore the reasons why two identical cases can turn out with completely different results. To do so, consideration will be given to the statutes involved and the varying interpretations of these statutes. Another important consideration is the policy behind these statutes, especially the IGRA. Part II will describe what the pull-tab games are, the statutes at issue, the conflicting cases, and the statutory interpretation issue. Part III will describe how the tenets of Indian Law can affect the analysis. Part IV will contain an analysis of the statutes and compare it to how the courts analyzed them. …

Tax Treatment Of Damages Awarded For Age Discrimination, Gerald A. Madek

Akron Tax Journal

Since the inception of anti-discrimination laws, the degree to which victims should be compensated has been a subject of debate. Legislators have always been acutely aware of competing pressures in this area. Civil rights advocates have persistently lobbied for generous compensatory awards for emotional distress, while businesses have lobbied just as persistently against these awards which threaten their ability to do business profitably. The result of these competing pressures has been a set of anti-discrimination statutes offering inconsistent remedies.

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 …

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 …

The Interpretation Of Taxing Statutes: The English Perspective, Nicola Preston

Akron Tax Journal

Revenue law is entirely a creature of statute. The maxim that there is "no equity in tax" is embodied in the Bill of Rights 1689 which provided for "no taxation without legislation." This principle was of major political importance in 1689 because prior to the English Civil War 1642-49, Charles I had attempted to raise funds without the aid of Parliament, by inter alia, levying a window tax' and imposing the payment of ship money nationwide. The authors of the Bill of Rights were keen to ensure that the monarch would be unable to exercise such absolute power in the …

Deductibility Of Mandatory Donations To Religious Organizations Under The Internal Revenue Code, Sandra Machan

Akron Tax Journal

Church of Scientology members discovered their "inner selves" through "auditing" I and studied Church doctrines and tenets during "training" sessions. To participate in the auditing and training sessions, members paid mandatory or fixed fees to the Church.

In a recent United States Supreme Court Case, the Court considered whether the mandatory donations made to the Church of Scientology constituted a charitable deduction. The Court determined that the members made the mandatory donations with the expectation of a commensurate return benefit (i.e., a quid pro quo). and disallowed the charitable contribution deductions.

Although the Court's decision to disallow the deductions affected …

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 …

Passive Activity Losses In Light Of The New Section 469 Temporary Regulations, Hans-Dieter Sprohge

Akron Tax Journal

The Tax Reform Act of 1986 created Internal Revenue Code (I.R.C.) Section 469.' The purpose of this Section is to prevent certain taxpayers from sheltering income with non-cash losses from businesses in which the taxpayers do not participate. The new Regulations are intended to provide taxpayers with guidance on compliance with the rules of Section 469. Taxpayer compliance is difficult for two reasons: First, the Regulations do not address some of the key Section 469 concepts and rules. The Section 469 concepts and rules omitted by the first set of Section 469 Regulations will be discussed in future regulations. The …

Survey Of The Law And Selected Issues Relating To The Deductibility Of Soil And Water Conservation Expenditures Under Section 175 Of The Internal Revenue Code, Lonnie R. Beard

Kentucky Law Journal

No abstract provided.

Business Versus Hobby: Determination Of Whether A Horse Activity Is Engaged In For Profit, Tandy C. Patrick

Kentucky Law Journal

No abstract provided.

Applying I.R.C. Section 1033 To Involuntary Conversions Of Thoroughbred Horses, Bruce M. Reynolds

Kentucky Law Journal

No abstract provided.

Of No Interest: Truth, Substance, And Bargain Borrowing, Joseph W. Jacobs

Florida State University Law Review

No abstract provided.

The Continuing Saga Of Prepaid Feed Expense: The Fat Lady Has Not Sung, James D. Wright, Nancy E. Wright

Florida State University Law Review

No abstract provided.

Section 302(C)(2): Opportunities And Pitfalls, Michael A. Jones

Florida State University Law Review

No abstract provided.