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2015

Tax Law

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Full-Text Articles in Law

Designing A 21st Century Corporate Tax – An Advance U.S. Minimum Tax On Foreign Income And Other Measures To Protect The Base, Stephen E. Shay, J. Clifton Fleming Jr., Robert J. Peroni Dec 2015

Designing A 21st Century Corporate Tax – An Advance U.S. Minimum Tax On Foreign Income And Other Measures To Protect The Base, Stephen E. Shay, J. Clifton Fleming Jr., Robert J. Peroni

Faculty Scholarship

The 21st Century has seen unprecedented levels of corporate tax aggressiveness and avoidance. This article continues our exploration of second best international tax reforms that would protect the U.S. corporate tax base and have some likelihood of adoption. In this case, we consider how a U.S. minimum tax on foreign income earned by a controlled foreign corporation should be designed to protect the United States against erosion of its corporate income tax base and to combat tax competition by low-tax intermediary countries. In the authors’ view, a minimum tax should be an interim levy that preserves the residual U.S. tax …


How The Massachusetts Supreme Judicial Court Should Interpret Wynne, Michael S. Knoll, Ruth Mason Dec 2015

How The Massachusetts Supreme Judicial Court Should Interpret Wynne, Michael S. Knoll, Ruth Mason

All Faculty Scholarship

In this special report, Knoll and Mason discuss how the Massachusetts Supreme Judicial Court should apply Wynne when it hears on remand First Marblehead v. Commissioner of Revenue. The authors conclude that when it originally heard the case, the Massachusetts court mistakenly considered, as part of its internal consistency analysis, whether Gate Holdings Inc. experienced double state taxation. As developed by the U.S. Supreme Court and most recently applied in Wynne, the internal consistency test is not concerned with actual double taxation that may arise from the interaction of different states’ laws. Rather, the test is designed to determine …


The Eighth Amendment And Tax Evasion: Whether Fatca Non-Compliance Fines And Fbar Penalties Are Excessive, Tyler R. Murray Dec 2015

The Eighth Amendment And Tax Evasion: Whether Fatca Non-Compliance Fines And Fbar Penalties Are Excessive, Tyler R. Murray

William & Mary Bill of Rights Journal

No abstract provided.


Exculpatory Liabilities And Partnership Nonrecourse Allocations, Karen C. Burke Dec 2015

Exculpatory Liabilities And Partnership Nonrecourse Allocations, Karen C. Burke

Karen Burke

The rise of limited liability companies (LLCs) classified as partnerships for federal income tax purposes challenges traditional assumptions concerning the treatment of recourse and nonrecourse liabilities under Subchapter K. The complex rules of sections 704(b) and 752 give little attention to liabilities that are recourse to the entity under section 1001 but for which no member bears the economic risk of loss under section 752. In comparison to traditional general or limited partnerships, however, LLCs are much more likely to incur such "exculpatory" liabilities because of the limited liability shield under state law. Although exculpatory liabilities are functionally quite similar …


A Winn For Educational Pluralism, Nicole Stelle Garnett Dec 2015

A Winn For Educational Pluralism, Nicole Stelle Garnett

Nicole Stelle Garnett

This short essay takes as its starting point on the Supreme Court’s recent decision in Winn v. Arizona Christian Tuition Organization, which involved an Establishment Clause challenge to Arizona’s scholarship tax program — a school-choice device that provides tax credits from state income taxes for donations to organizations granting scholarship to private K-12 schools. In Winn, a divided court ruled that taxpayers lack standing to challenge this and other tax credit programs — thereby dramatically limiting the Flast v. Cohen exception to the no-taxpayer-standing rule. The essay makes the case that the Winn will promote authentic educational pluralism by clearing …


Saving The Next Superman: An Alternative Approach To The Taxation Of Copyright Termination Rights, Benjamin Newell Dec 2015

Saving The Next Superman: An Alternative Approach To The Taxation Of Copyright Termination Rights, Benjamin Newell

Journal of Intellectual Property Law

No abstract provided.


Trade Act Of 1974-Countervailing Duties-Nonexcessive Remission Of Foreign Excise Tax On Products Imported Into The United States Does Not Constitute A Bounty Or Grant Requiring The Levy Of Countervailing Duties, Garry Seltzer Dec 2015

Trade Act Of 1974-Countervailing Duties-Nonexcessive Remission Of Foreign Excise Tax On Products Imported Into The United States Does Not Constitute A Bounty Or Grant Requiring The Levy Of Countervailing Duties, Garry Seltzer

Georgia Journal of International & Comparative Law

No abstract provided.


The Impact Of The United States Tax Laws On International Technology Transfer: An Overview And Some Suggestion For Minimizing The Bite, Marcus B. Finnegan, Robert E. Mccarthy Dec 2015

The Impact Of The United States Tax Laws On International Technology Transfer: An Overview And Some Suggestion For Minimizing The Bite, Marcus B. Finnegan, Robert E. Mccarthy

Georgia Journal of International & Comparative Law

No abstract provided.


Comments On Proposed Treasury Regulations Defining Terms Relating To Marital Status, Anthony C. Infanti, The American Bar Association Dec 2015

Comments On Proposed Treasury Regulations Defining Terms Relating To Marital Status, Anthony C. Infanti, The American Bar Association

Articles

These comments respond to proposed Treasury Regulations defining terms relating to marital status in the Internal Revenue Code following the Supreme Court's decision in the Windsor and Obergefell cases. The comments applaud the Internal Revenue Service for reading gendered terms relating to marital status in a gender-neutral fashion. For a number of reasons, however, the comments recommend that the final regulations omit the proposed rule for determining an individual’s marital status and, in its place, codify the current deference to local law in determining marital status for federal tax purposes. Most importantly, the comments further recommend that the final regulations …


Curb Your Enthusiasm For Pigovian Taxes, Victor Fleischer Nov 2015

Curb Your Enthusiasm For Pigovian Taxes, Victor Fleischer

Faculty Scholarship

Pigovian (or “corrective”) taxes have been proposed or enacted on dozens of harmful products and activities: carbon, gasoline, fat, sugar, guns, cigarettes, alcohol, traffic, zoning, executive pay, and financial transactions, among others. Academics of all political stripes are mystified by the public’s inability to see the merits of using Pigovian taxes more frequently to address serious social harms, some even calling for the creation of a “Pigovian state.”

This academic enthusiasm for Pigovian taxes should be tempered. A Pigovian tax is easy to design—as a uniform excise tax—if one assumes that each individual causes the same amount of harm with …


How King V. Burwell Creates Tax Problems For Consumers And What The Treasury Can Do About It, Andy Grewal Nov 2015

How King V. Burwell Creates Tax Problems For Consumers And What The Treasury Can Do About It, Andy Grewal

Andy Grewal

Commentators have expressed concern that a government loss in King v. Burwell, which addresses whether taxpayers can enjoy tax credits for policies purchased on federal health care exchanges, will lead to a "death spiral" during future enrollment seasons.

However, this discussion threatens to mask the potential tax problems facing persons who purchase policies this enrollment season. As this short article explains, purchasers may be faced with a surprising tax bill when they complete their 2015 tax returns. Additionally, the government has argued that it can protect customers from surprise tax bills, but it's authority to do so is far from …


The Inexorable Rise Of The Vat: Is The Us Next?, Reuven S. Avi-Yonah Nov 2015

The Inexorable Rise Of The Vat: Is The Us Next?, Reuven S. Avi-Yonah

Law & Economics Working Papers

The rise of the Value Added Tax (VAT) from obscure beginnings in the 1950s to one of the most important taxes in the world (by revenue collected) is a story worth telling, and Kathryn James does a magnificent job in telling it in her new book. Despite its significance, very little is known about why so many countries have adopted the VAT and, in particular, why different countries adopt the types of VAT that they do. The popular mythology provides that the merits of the VAT have underpinned its global spread; however, this book contends that much scholarship on the …


The Estate Planner's Income Tax Playbook, Samuel A. Donaldson Nov 2015

The Estate Planner's Income Tax Playbook, Samuel A. Donaldson

Samuel A. Donaldson

No abstract provided.


2003 Federal Tax Update, Samuel Donaldson Nov 2015

2003 Federal Tax Update, Samuel Donaldson

Samuel A. Donaldson

No abstract provided.


United States International Taxation, Allison Christians, Samuel Donaldson, Phillip Postlewaite Nov 2015

United States International Taxation, Allison Christians, Samuel Donaldson, Phillip Postlewaite

Samuel A. Donaldson

No abstract provided.


The Best Arrow In The Quiver: Qualified Personal Residence Trusts In Contemporary Estate Planning, Samuel Donaldson Nov 2015

The Best Arrow In The Quiver: Qualified Personal Residence Trusts In Contemporary Estate Planning, Samuel Donaldson

Samuel A. Donaldson

No abstract provided.


Teaching Tax And Other Tedious Topics, John Bogdanski, Samuel Donaldson Nov 2015

Teaching Tax And Other Tedious Topics, John Bogdanski, Samuel Donaldson

Samuel A. Donaldson

No abstract provided.


Basic Federal And State Tax Relevant To Estate Planning, Samuel Donaldson, Karen Boxx Nov 2015

Basic Federal And State Tax Relevant To Estate Planning, Samuel Donaldson, Karen Boxx

Samuel A. Donaldson

No abstract provided.


2010 Federal Tax Update, Samuel Donaldson Nov 2015

2010 Federal Tax Update, Samuel Donaldson

Samuel A. Donaldson

This update explains several developments in the substantive federal income, estate and gift tax laws affecting individual taxpayers and small businesses. It contains summaries of significant cases, rulings, regulations, legislation and other matters from August, 2009, through September, 2010. This update generally does not discuss developments in the areas of qualified plans or the taxation of business entities (except to a very limited extent).


The Easy Case Against Tax Simplification, Samuel A. Donaldson Nov 2015

The Easy Case Against Tax Simplification, Samuel A. Donaldson

Samuel A. Donaldson

There is growing political momentum to simplify the Internal Revenue Code. While the federal tax laws should be no more complex than necessary, this Article demonstrates that tax complexity is not as bad as political rhetoric leads us to believe. The Article makes four arguments in support of this thesis. First, the forces comprising tax complexity are either inevitable or net beneficial, so calls for simplification are ultimately pointless. Second, the alleged harms of tax complexity are either unproven or overstated, so the need for simplification is questionable. Third, significant proposals for simplification are flawed because they either overcorrect for …


2008 Federal Tax Update, Samuel Donaldson Nov 2015

2008 Federal Tax Update, Samuel Donaldson

Samuel A. Donaldson

This update explains several developments in the substantive federal income, estate and gift tax laws affecting individual taxpayers and small businesses. It contains summaries of significant cases, rulings, regulations, legislation and other matters from August, 2007, through August, 2008. This update generally does not discuss developments in the areas of qualified plans or the taxation of business entities (except to a very limited extent).


2007 Federal Tax Update, Samuel Donaldson Nov 2015

2007 Federal Tax Update, Samuel Donaldson

Samuel A. Donaldson

No abstract provided.


Pre-Death Planning Opportunities For Taxable Estates, Samuel Donaldson Nov 2015

Pre-Death Planning Opportunities For Taxable Estates, Samuel Donaldson

Samuel A. Donaldson

No abstract provided.


Federal Income Tax: A Contemporary Approach, Samuel Donaldson, Donald Tobin Nov 2015

Federal Income Tax: A Contemporary Approach, Samuel Donaldson, Donald Tobin

Samuel A. Donaldson

Federal Income Taxation: A Contemporary Approach uses several modern platforms to introduce students to the federal income taxation of individuals. After a general overview, the book takes two more passes through the system, each in increasing detail. This helps students see the overall structure early in their studies and gives context to new concepts as they are introduced. Helpful self-assessment questions allow students to measure their own comprehension and save valuable class time for more advanced discussions. Almost 100 detailed problems for class discussion require students to apply Code and Regulation provisions to real-life fact patterns. PLEASE NOTE: If you …


Super-Recognition And The Return-To-Sender Exception: The Federal Income Tax Problems Of Liquidating The Family Limited Partnership, Samuel Donaldson Nov 2015

Super-Recognition And The Return-To-Sender Exception: The Federal Income Tax Problems Of Liquidating The Family Limited Partnership, Samuel Donaldson

Samuel A. Donaldson

This article discusses three income tax rules that can cause partners to recognize gain for federal income tax purposes upon the liquidation of a family limited partnership: §§ 704(c)(1)(B), 731(c), and 737. From a policy perspective, the application of these rules to traditional family limited partnerships creates two problems. These problems are illustrated through the use of a hypothetical case study. The first problem (which arises where the partnership holds loss property) is that of super-recognition, where a partner recognizes more gain from the liquidation than he or she would recognize upon a sale of his or her partnership interest. …


2009 Federal Tax Update, Samuel Donaldson Nov 2015

2009 Federal Tax Update, Samuel Donaldson

Samuel A. Donaldson

This paper examines significant developments in the federal income, gift, and estate taxation of individuals and small businesses from August, 2008, through August, 2009. It covers important cases, rulings, regulations, and legislation during this period. This paper generally does not address developments in the areas of qualified plans or the taxation of C corporations (except to limited extents).


International Taxation: Corporate And Individual, Philip Postlewaite, Samuel Donaldson Nov 2015

International Taxation: Corporate And Individual, Philip Postlewaite, Samuel Donaldson

Samuel A. Donaldson

No abstract provided.


Teacher's Manual To Federal Income Tax, A Contemporary Approach, Samuel Donaldson, Donald Tobin Nov 2015

Teacher's Manual To Federal Income Tax, A Contemporary Approach, Samuel Donaldson, Donald Tobin

Samuel A. Donaldson

Teacher's Manual to accompany Federal Income Tax, a Contemporary Approach.


Recent Developments - 2009, Samuel Donaldson Nov 2015

Recent Developments - 2009, Samuel Donaldson

Samuel A. Donaldson

No abstract provided.


An Introduction To Federal Wealth Transfer Tax, Samuel Donaldson Nov 2015

An Introduction To Federal Wealth Transfer Tax, Samuel Donaldson

Samuel A. Donaldson

No abstract provided.