Law Commons^™

The Real Value Of Tax Deferral, Christopher H. Hanna

Faculty Journal Articles and Book Chapters

A leading law professor wrote, almost 25 years ago, that Deferral of gain is not as serious as outright exemption [exclusion], but it is the next best thing, as sophisticated taxpayers and their counsel are now well aware. If exclusion is not possible, then according to the professor, the next best result is to defer paying taxes on the item of income. From a tax law standpoint, very few academics would disagree with the statement that deferral is the next best thing to exclusion.

But how important is tax deferral in the real word, particularly with respect to the Fortune …

Immortal Fame: Publicity Rights, Taxation, And The Power Of Testation, Joshua C. Tate

Faculty Journal Articles and Book Chapters

Publicity rights, or the rights to the use of one’s image and likeness, are a relatively recent form of property. Several states now recognize rights of publicity as survivable, meaning that the heirs of deceased celebrities can inherit those rights. Because U.S. law has traditionally granted each individual the power of testation, a celebrity can also freely devise the rights to persons of her choosing. Nevertheless, some scholars have recently envisioned the adoption of hypothetical state statutes under which publicity rights would pass automatically to specified statutory heirs regardless of the celebrity’s wishes. Destroying the power of testation, these scholars …