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Articles 1 - 30 of 52
Full-Text Articles in Law
The Cost Of Progress: Enduring The Tax Deductibility Of International Corporate Social Responsibility Initiatives, Wayne C. Wood
The Cost Of Progress: Enduring The Tax Deductibility Of International Corporate Social Responsibility Initiatives, Wayne C. Wood
Global Business Law Review
Until the end of the twentieth century, the predominant view in America was that a corporation’s sole duty was to supply wealth to its shareholders. The idea that a corporation owes a broader duty to all of its stakeholders has gained ground based largely on the emerging international recognition of human rights norms. Increasingly American MNCs have opted to voluntarily create and implement CSR policies for moral, economic, and political reasons. While charitable donations made to exempt organizations are expressly deductible under section 170 of the Internal Revenue Code, the same might not be true for a given CSR expenditure. …
Avoiding Misuse Of Donor Advised Funds, Michael J. Hussey
Avoiding Misuse Of Donor Advised Funds, Michael J. Hussey
Cleveland State Law Review
This Article presents a proposal for further modifying donor advised funds to retain most of their hallmark flexibility and ease of use while drawing them into line with other charitable giving vehicles that put contributed funds to use for active charitable purposes. This Article argues that using individual retirement accounts as an underlying legal model for donor advised funds will address Congress's concerns regarding the appropriateness of the income tax deductions for contributions to donor advised funds while allowing donor advised funds to retain much of their hallmark flexibility and ease of operation.
Question Of Purpose: Early Retirement Payments To Tenured Professors Constitute Wages Subject To Fica Taxation, Stephen Scott Wick
Question Of Purpose: Early Retirement Payments To Tenured Professors Constitute Wages Subject To Fica Taxation, Stephen Scott Wick
Cleveland State Law Review
Currently, there is a circuit split on the issue of whether early retirement payments (ERPs) made to tenured faculty constitute wages subject to Federal Insurance Contribution Act (FICA) taxation. In North Dakota State University v. United States, the Eighth Circuit held that ERPs made to tenured faculty do not constitute FICA wages because such payments are made to purchase the constitutionally protected property interest that tenured faculty hold in their tenure rights. However, the Sixth and Third Circuits, in Appoloni v. United States and University of Pittsburgh v. United States respectively, held that such payments do constitute FICA wages because …
Use Of Judicial Doctrines In Federal Tax Cases Decided By Trial Courts, 1993-2006: A Quantitative Assessment, Daniel M. Schneider
Use Of Judicial Doctrines In Federal Tax Cases Decided By Trial Courts, 1993-2006: A Quantitative Assessment, Daniel M. Schneider
Cleveland State Law Review
The hypothesis of this Article is that the accepted wisdom--that judicial doctrines are raised exclusively by the government or the courts for the government's benefit--is wrong. Instead, judicial doctrines are used in a much richer manner by courts and by taxpayers, as well as the government, than the “wisdom” would suggest. It is the first paper to question the accepted thought about judicial doctrines and to do so using social science methodology. Starting at the end and working forward, the evidence assembled for this Article from a group of trial decisions about federal tax controversies establishes that, under the language …
Recharacterization Of Unreasonable Compensation: An Equitable Mandate, Barbara F. Sikon
Recharacterization Of Unreasonable Compensation: An Equitable Mandate, Barbara F. Sikon
Cleveland State Law Review
This note identifies the inequities inherent in the failure to recharacterize unreasonable compensation payments and proposes that the taxpayer be allowed to present evidence of an alternative characterization after the government determines a reasonable allowance. Part I of this note demonstrates the historical applications of section 162 supporting a purpose of challenging payments disguised as compensation with an accompanying tax advantage. It will explore the legislative history and statutory implications, as well as applications in case law. Part II explains the highly subjective character of the determination of reasonableness and explores the numerous dimensions of that judgment. Part III explains …
Money From Heaven: Should Qualified Air Rights Donations Be Characterized As Interests In Land Or Buildings - Why Does It Matter , Daniel Markey
Money From Heaven: Should Qualified Air Rights Donations Be Characterized As Interests In Land Or Buildings - Why Does It Matter , Daniel Markey
Cleveland State Law Review
Currently, the Internal Revenue Service (hereinafter I.R.S.) and the federal courts do not offer specific positive authority as to whether large amounts of easement value from donated air rights can be allocated against the capital account of "land" as opposed to a "building" on a given tract of real estate. A lack of authority in this area creates uncertainty in the real estate market. This uncertainty is not only with the payment of federal income, estate, and gift taxes, but it also has a ripple effect with the assessment of local property taxes. Most importantly, if a deal is on …
Are Frequent Flyer Benefits Really Benefits: An Analysis Of The Frequent Flyer Tax Debate And A New Theory Of Taxability For Frequent Flyer Benefts , Jennifer A. Cunningham
Are Frequent Flyer Benefits Really Benefits: An Analysis Of The Frequent Flyer Tax Debate And A New Theory Of Taxability For Frequent Flyer Benefts , Jennifer A. Cunningham
Cleveland State Law Review
This Note will begin with a brief history of frequent flyer programs and an explanation of how they operate, followed by a closer look at the traditional arguments for nontaxability of mileage earned on personal flights, taxability of mileage earned on business flights for an employer, and proposed theories for valuing the taxable mileage. Next, it will summarize failed attempts by both the courts and the legislature to resolve the issue. After establishing this background, the Note will explore the concept of gross income, particularly as reflected by section 61 of the Internal Revenue Code and interpreted by case law …
Accumulated Earnings Tax And Stock Redemptions - Further Thoughts On The Reasonable Business Needs Test, Michael S. Weiner, Bruce M. Graham Jr.
Accumulated Earnings Tax And Stock Redemptions - Further Thoughts On The Reasonable Business Needs Test, Michael S. Weiner, Bruce M. Graham Jr.
Cleveland State Law Review
Few penalty taxes have been imposed with the frequency of the tax on unreasonable accumulations of corporate earnings and profits. Any corporation "formed or availed of for the purpose of avoiding income tax with respect to its shareholders by permitting earnings and profits to accumulate instead of being divided or distributed" is subject to the tax. However, the tax is not properly imposed where the accumulations are for the reasonable business needs of the corporation. Accordingly, the question of what constitutes reasonable business needs is critical. This article considers one aspect of the reasonable business needs question: Under what circumstances …
Farm Tax Advantages After The Tax Reform Act Of 1976: Congress Finds The Needle But Misses The Haystack, Daniel A. Minkler
Farm Tax Advantages After The Tax Reform Act Of 1976: Congress Finds The Needle But Misses The Haystack, Daniel A. Minkler
Cleveland State Law Review
This Note will first explain the source and operation of the benefits that may be derived from the utilization of the farm tax rules. Additionally, the ability of taxpayers to use farm losses to offset nonfarm income through sheltered investments will be examined. Next, the Note will review the attempt of Congress to reform the farm tax laws through the Tax Reform Act of 1969, including the attempted elimination of sheltered farm investments. Part III of the Note will explore the mechanics of those provisions of the Tax Reform Act of 19766 which were designed to curtail the use of …
Recognition Under Section 501(C)(3) Of The Internal Revenue Code As A Prerequisite To Arts Grants: A Special Problem For Literary Publishers And Art Galleries, Michael E. Skindrud
Recognition Under Section 501(C)(3) Of The Internal Revenue Code As A Prerequisite To Arts Grants: A Special Problem For Literary Publishers And Art Galleries, Michael E. Skindrud
Cleveland State Law Review
This Article will examine the origin and impact of section 501(c)(3)recognition as a prerequisite to arts grants. Arts organizations which have the most difficulty obtaining recognition under section 501(c)(3) include small presses and literary magazines, organizations which assist visual artists with marketing, and certain arts service organizations. Their special problems in obtaining recognition will be examined. This Article suggests the appropriate test for recognition of exemption under section 501(c)(3) for organizations whose sole activity is a business which furthers their exempt purposes. This includes most small presses and literary magazines. The appropriate test is whether an exempt purpose, or profit, …
Assessing Internal Revenue Service Jeopardy Procedures: Recent Legislative And Judicial Reforms, Margaret M. Armen
Assessing Internal Revenue Service Jeopardy Procedures: Recent Legislative And Judicial Reforms, Margaret M. Armen
Cleveland State Law Review
Recent events have led thoughtful citizens, jurists, and Congressmen to question the wisdom of allowing the Internal Revenue Service (Service) to assess and collect taxes without prior judicial hearing in those instances in which the revenue is thought to be "in jeopardy." Congress and the Supreme Court have made significant reforms which strengthen a taxpayer's rights against Service intransigence or arrogance with respect to jeopardy assessments. The reforms, the abuses which prompted them, and suggestions for future congressional action are the subject of this Note.
United States V. Foster Lumber Co.: Net Operating Losses And Capital Gains - You Can Have Two, But You Only Get One, Robert M. Wilson
United States V. Foster Lumber Co.: Net Operating Losses And Capital Gains - You Can Have Two, But You Only Get One, Robert M. Wilson
Cleveland State Law Review
In 1974 a conflict development among circuit courts over the application of the net operating loss carryback provisions of the Internal Revenue Code to years in which a corporate taxpayer enjoyed the benefit of the "alternative" method for the computation of the capital gains tax. In November 1976, the United States Supreme Court resolved the conflict in favor of the Internal Revenue Service in United States v. Foster Lumber Co. This Case Comment will analyze Foster Lumber, as well as some of the earlier conflicting decisions, in an effort to determine if the Supreme Court has effectively resolved the problem
Real Estate Tax Shelters: How To Tell A Good Deal From A Bad Deal, Marvin Kelner
Real Estate Tax Shelters: How To Tell A Good Deal From A Bad Deal, Marvin Kelner
Cleveland State Law Review
That the purpose of these comments is to impart basic knowledge to the legal or financial advisor who is asked to render advice to his (or her) client (who is assumed to be in at least the 50 percent marginal income tax bracket) on whether to invest in a particular real estate tax shelter syndication. Hopefully, this article will enable such an advisor to give an informed opinion regarding the investment without holding himself out as an expert in real estate tax shelters. The following are my views with respect to important standards against which one can test the desirability …
The Contribution Limitations For I.R.C. 403(B) Tax Sheltered Annuities After Erisa, Kevin E. Irwin
The Contribution Limitations For I.R.C. 403(B) Tax Sheltered Annuities After Erisa, Kevin E. Irwin
Cleveland State Law Review
This Comment will consider the contribution limitations imposed upon section 403(b) annuities before ERISA and then proceed to examine the present contribution limitations in depth. A grasp of the mechanics of calculating an employee's contribution limitations is indispensable to an understanding of the concepts involved. Examples will therefore be used throughout this Comment to illustrate the determination of these limitations.
Real Property: For Connoisseurs Of The Preposterous - When Is It A Capital Asset, Michael S. Weiner
Real Property: For Connoisseurs Of The Preposterous - When Is It A Capital Asset, Michael S. Weiner
Cleveland State Law Review
The tax approach to profit realized from the sale or exchange of real property involves a complex determination of whether it is to be treated as ordinary income or a capital gain. This problem has plagued the practitioner for more than fifty years, and has produced a voluminous body of case law. Developments in recent years have resulted in some clarification, yet to a certain extent, decisions have merely complicated what was already complex.
Federal Taxation And Non-Profit Organizations, Marcus Schoenfeld
Federal Taxation And Non-Profit Organizations, Marcus Schoenfeld
Cleveland State Law Review
The Revenue Act of 1969 is one of the greatest overall changes in the revenue laws since the introduction of the federal income tax . Perhaps the most extensive changes were made in the area of tax-exempt organizations. Only some of these changes were within of the topic of this presentation, and some of the other changes in the "charitable" area merit great discussion-for example charitable remainder trusts. Even the topics discussed herein, of necessity were discussed briefly due to lack of time and Regulations. The full the 1969 Act on non-profit organizations will not be apparent for quite some …
The Not-For-Profit Business Corporation, James K. Weeks
The Not-For-Profit Business Corporation, James K. Weeks
Cleveland State Law Review
The Non-Profit Corporation is usually regarded traditionally from a lay and legal viewpoint as one being engaged in charitable, educational, scientific or social work or a religious endeavor. On the other hand, the Not-for-Profit Corporation is more often engaged in enterprises usually associated with functions of a business corporation. However, as soon as one begins to view these corporations from a definitional standpoint, one is bogged down in an incredibly complicated procedure which does little to clarify the confusion.
Retirement Plans Limited To Salaried Employees: Tax Advantages And Qualification, Gerrit C. Kuechle
Retirement Plans Limited To Salaried Employees: Tax Advantages And Qualification, Gerrit C. Kuechle
Cleveland State Law Review
Retirement plans are among the most effective tax saving devices available and can be extremely attractive, as will be shown, to the small corporation and the highly compensated employee, especially when it is considered that a properly designed plan can be integrated with Social Security so that larger benefits are provided on the salary in excess of that covered by Social Security than on the salary subject to Social Security.
Retirement Plans For Self-Employed Individuals, Doris R. Hauth
Retirement Plans For Self-Employed Individuals, Doris R. Hauth
Cleveland State Law Review
The self-employed individual has not yet gained the status of the corporate employee in his ability to defer income, but the Keogh Act, asamended in 1967, does afford him substantial tax savings. The benefits should be thoroughly considered by all who qualify.
Excessive Salaries In A Closely Held Corporation, Donald J. Zinner
Excessive Salaries In A Closely Held Corporation, Donald J. Zinner
Cleveland State Law Review
Excessive salaries paid by a closely held corporation create a constant debate between the "owners" of the entity and the Internal Revenue Service, and with other corporation members. The basic law as to the tax aspects underlying the controversy, in the Internal Revenue Code of 1954, is substantially as follows: The compensation claimed as a deduction must be reasonable in amount, and must be paid purely for services. Distributions of profits under the guise of salaries are not deductible. This crucial issue leads to the question: What does the word reasonable salary mean in the framework of a closely held …
Book Review, James T. Flaherty
Book Review, James T. Flaherty
Cleveland State Law Review
Reviewing Weston Vernor Jr., Lillian M. Vernor and James F. Walom, Federal Income Taxation of Individuals, Jooint Committee on Continuing Legal Education, 1967
The Bootstrap Loophole: Can It Be Closed, Frank C. Fogl Jr.
The Bootstrap Loophole: Can It Be Closed, Frank C. Fogl Jr.
Cleveland State Law Review
The puropse of this paper is to review the history and background of bootstrap transactions and to determine: (1) Whether there is a need to close the bootstrap loophole; (2) If so, why this loophole has not been closed in the past; (3) Whether the Internal Revenue Code as it now exists contains provisions, if used, that can close this loophole; (4) If new legislation would be required to reach this end. A few key cases will be reviewed and analyzed, with major emphasis placed on the recent Clay Brown' decision, to show the attitude toward bootstrap transactions of both …
Unreasonable Accumulation Of Income By Foundations, Joel H. Feld
Unreasonable Accumulation Of Income By Foundations, Joel H. Feld
Cleveland State Law Review
Unreasonable accumulation of income was and still is one of the the common abuses found in some foundations. Prior to 1950 the Internal Revenue Service challenged foundation exemption by stating that unreasonable accumulations of income were evidence that the foundation was not organized for, or carrying out, a charitable purpose. The courts were reluctant to follow this theory, and gave the law a liberal interpretation in favor of the foundations. It was not until 1950 that Congress enacted Section 3814 of the Internal Revenue Code of 1939. The law is the same today in the Internal Revenue Code of 1954, …
Federal Tax Returns As Evidence In Non-Tax Cases, Laurence Glazer
Federal Tax Returns As Evidence In Non-Tax Cases, Laurence Glazer
Cleveland State Law Review
Many cases deal with the use of Federal tax returns in non-tax cases. The inherent danger in subjecting tax returns to discovery at pre-trial and admission at trial, is the unnecessary disclosure of confidential information. Yet, when income tax returns are material and relevant to the claims of the parties litigant, a contention of privileged communication should not be used to defeat justice.
Initial Impressions Of The Treasury Report On Foundations, Marcus Schoenfeld
Initial Impressions Of The Treasury Report On Foundations, Marcus Schoenfeld
Cleveland State Law Review
Very recently in the United States Treasury Department submitted its study of private foundations to Congress. This is the most recent development in an attempt to delineate the proper role of foundations and their donors in our society, and more particularly their proper tax treatment. Although it is much too soon to predict the effect of the Treasury Report, since Congress itself asked for the study, it is quite likely that some more restrictive legislation will result.
Some Problems In Liquidating Personal Holding Companies, Elliott H. Kajan, Martin C. Spector
Some Problems In Liquidating Personal Holding Companies, Elliott H. Kajan, Martin C. Spector
Cleveland State Law Review
Ordinarily, distributions by a personal holding company qualify for the dividends paid deduction only if they are "dividends" under section 316. However, certain distributions in liquidation may also qualify. These liquidating distributions of a personal holding company are divided into two categories: (1) Distributions to the extent of earnings and profits for the taxable year (computed without regard to capital losses) made in complete liquidation of the corporation occurring within 24 months after the adoption of the plan of liquidation; and (2) distributions in liquidation properly chargeable to earnings and profits accumulated after February 28, 1913.
Tax Exempt Organizations, Edward A. Lebit
Tax Exempt Organizations, Edward A. Lebit
Cleveland State Law Review
Although tax exempt organizations are creatures of the state ,it is under the federal law that they seek exemption from tax. Many unqualified organizations have sought and received this exemption. Many abuses and schemes have arisen, in which even qualified organizations have been made parties. The big question is whether the exemption laws are not clear enough or whether they have been lackadaisically enforced. It is this writer's opinion that the law is adequate, and that strict enforcement of the law is all that is necessary to clear up the tax abuses by non-profit organizations which have taken place since …
Book Review, Lawrence R. Bloomenthal
Book Review, Lawrence R. Bloomenthal
Cleveland State Law Review
Reviewing Philip M. Stern, The Great Treasury Raid, Random House, 1964
Corporate Employee Tax Status For The Professional Man, Carmen A. Stavole
Corporate Employee Tax Status For The Professional Man, Carmen A. Stavole
Cleveland State Law Review
Professional associations (i.e., corporations) have been specifically authorized by several state legislatures recently, contrary to the old rule that practice of a learned profession by a corporation is forbidden. Among these states are Connecticut, Illinois, Ohio, Oklahoma, Pennsylvania and Wisconsin. The purpose is to make available to professional men the tax advantages of corporate employee status.
Corporate Employee Tax Status For The Professional Man, Carmen A. Stavole
Corporate Employee Tax Status For The Professional Man, Carmen A. Stavole
Cleveland State Law Review
Professional associations (i.e., corporations) have been specifically authorized by several state legislatures recently, contrary to the old rule that practice of a learned profession by a corporation is forbidden. Among these states are Connecticut, Illinois, Ohio, Oklahoma, Pennsylvania and Wisconsin. The purpose is to make available to professional men the tax advantages of corporate employee status.