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2015

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Tax Law

Institution
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Articles 1 - 30 of 116

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 …


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 …


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 …


Post-Graduate Legal Training: The Case For Tax-Exempt Programs, Adam Chodorow, Philip T. Hackney Nov 2015

Post-Graduate Legal Training: The Case For Tax-Exempt Programs, Adam Chodorow, Philip T. Hackney

Journal Articles

The challenging job market for recent law school graduates has highlighted a fact well known to those familiar with legal education: A significant gap exists between what students learn in law school and what they need to be practice-ready lawyers. Legal employers historically assumed the task of providing real-world training, but they have become much less willing to do so. At the same time, a large numbers of Americans – and not just those living at or below the poverty line – are simply unable to afford lawyers. In this Article, we argue that post-graduate legal training, similar to post-graduate …


2015 Schedule Nov 2015

2015 Schedule

William & Mary Annual Tax Conference

No abstract provided.


2015 Tax Conference Speakers Nov 2015

2015 Tax Conference Speakers

William & Mary Annual Tax Conference

No abstract provided.


2015 Tax Conference Forms Nov 2015

2015 Tax Conference Forms

William & Mary Annual Tax Conference

No abstract provided.


Employee Benefits In Acquisitions, Paul M. Hamburger Nov 2015

Employee Benefits In Acquisitions, Paul M. Hamburger

William & Mary Annual Tax Conference

No abstract provided.


Special Family And Lifestyle Tax Issues, Helena S. Mock Nov 2015

Special Family And Lifestyle Tax Issues, Helena S. Mock

William & Mary Annual Tax Conference

No abstract provided.


21st Century State Taxation Of The Closely Held Business, D. French Slaughter Iii, Duane Dobson Nov 2015

21st Century State Taxation Of The Closely Held Business, D. French Slaughter Iii, Duane Dobson

William & Mary Annual Tax Conference

No abstract provided.


Corporate Tax Update, Andrew F. Gordon, Lisa M. Zarlenga Nov 2015

Corporate Tax Update, Andrew F. Gordon, Lisa M. Zarlenga

William & Mary Annual Tax Conference

No abstract provided.


Dealing With Installment Sales 35 Years After The Installment Sales Revision Act Of 1980, Robert D. Schachat Nov 2015

Dealing With Installment Sales 35 Years After The Installment Sales Revision Act Of 1980, Robert D. Schachat

William & Mary Annual Tax Conference

No abstract provided.


Recent Developments In Virginia Taxation, Craig D. Bell, William L.S Rowe Nov 2015

Recent Developments In Virginia Taxation, Craig D. Bell, William L.S Rowe

William & Mary Annual Tax Conference

No abstract provided.


Traps All Tax Practitioners Should Know And Avoid, Christopher S. Rizek, Craig D. Bell, Karen Hawkins Nov 2015

Traps All Tax Practitioners Should Know And Avoid, Christopher S. Rizek, Craig D. Bell, Karen Hawkins

William & Mary Annual Tax Conference

No abstract provided.


The Administration's Tax Reform Targets -- Selected Issues, Stephen L. Owen, Lisa M. Zarlenga Nov 2015

The Administration's Tax Reform Targets -- Selected Issues, Stephen L. Owen, Lisa M. Zarlenga

William & Mary Annual Tax Conference

No abstract provided.


International Tax Considerations: Inbound & Outbound (Slides), Seth Green Nov 2015

International Tax Considerations: Inbound & Outbound (Slides), Seth Green

William & Mary Annual Tax Conference

No abstract provided.


Aligning The Stars -- Estate Planning For Entrepreneurs In Interesting Times, Stefan F. Tucker, Mary Ann Mancini, Tammara Langlieb Nov 2015

Aligning The Stars -- Estate Planning For Entrepreneurs In Interesting Times, Stefan F. Tucker, Mary Ann Mancini, Tammara Langlieb

William & Mary Annual Tax Conference

No abstract provided.


Getting Up To Speed On Partnership Basis Adjustments, James B. Sowell Nov 2015

Getting Up To Speed On Partnership Basis Adjustments, James B. Sowell

William & Mary Annual Tax Conference

No abstract provided.


International Tax Considerations: Inbound & Outbound, Seth Green, Monica Zubler Nov 2015

International Tax Considerations: Inbound & Outbound, Seth Green, Monica Zubler

William & Mary Annual Tax Conference

No abstract provided.


Federal Tax Update, Stephen L. Owen Nov 2015

Federal Tax Update, Stephen L. Owen

William & Mary Annual Tax Conference

No abstract provided.


Let's Make A Deal! Business Succession Planning, John M. Olivieri, Stefan F. Tucker Nov 2015

Let's Make A Deal! Business Succession Planning, John M. Olivieri, Stefan F. Tucker

William & Mary Annual Tax Conference

No abstract provided.


With Marriage On The Decline And Cohabitation On The Rise, What About Marital Rights For Unmarried Partners?, Lawrence W. Waggoner Oct 2015

With Marriage On The Decline And Cohabitation On The Rise, What About Marital Rights For Unmarried Partners?, Lawrence W. Waggoner

Law & Economics Working Papers

Part I of this paper uses recent government data to trace the decline of marriage and the rise of cohabitation in the United States. Between 2000 and 2010, the population grew by 9.71%, but the husband and wife households only grew by 3.7%, while the unmarried couple households grew by 41.4%. A counter-intuitive finding is that the early 21st century data show little correlation between the marriage rate and economic conditions. Because of the Supreme Court’s decision in Obergefell v. Hodges (2015), same-sex marriage is now universally available to same-sex couples. Part I considers the impact of same-sex marriage on …


Becker V. Becker, 131 Nev. Adv. Op. 85 (Oct. 29, 2015), Paul George Oct 2015

Becker V. Becker, 131 Nev. Adv. Op. 85 (Oct. 29, 2015), Paul George

Nevada Supreme Court Summaries

In response to a certified question by the United States Bankruptcy Court for the District of Nevada, the Court concluded that under NRS 21.090(1)(bb) a debtor can exempt his stock in the corporations described in NRS 78.746(2), but his economic interest in that stock is still subject to the charging order remedy in NRS 78.746(1).


Should Apb 23 Indefinite Reinvestment Be Repealed?, J. Richard Harvey Oct 2015

Should Apb 23 Indefinite Reinvestment Be Repealed?, J. Richard Harvey

Working Paper Series

A recent letter to FASB suggested that APB 23 should be repealed. Although there is a clear lack of application guidance surrounding APB 23, repeal is not justified. Instead, FASB should address several practical uncertainties that have effectively allowed U.S. MNCs to make whatever APB 23 assumption best suits their needs.

Given that many U.S. MNCs have shifted substantial amounts of income to low-tax foreign jurisdictions and may need those foreign earnings back in the U.S. relatively soon, it is important for FASB to address these issues. If not, aggressive MNCs may continue to assert indefinite reinvestment when in fact …


Reforming Reit Taxation (Or Not), Bradley T. Borden Oct 2015

Reforming Reit Taxation (Or Not), Bradley T. Borden

Faculty Scholarship

No abstract provided.


Keeping Up With Tax Law And The Affordable Care Act, Frederick W. Dingledy Oct 2015

Keeping Up With Tax Law And The Affordable Care Act, Frederick W. Dingledy

Library Staff Publications

No abstract provided.


Business Law Bulletin, Fall 2015 Oct 2015

Business Law Bulletin, Fall 2015

Business Law Bulletin

No abstract provided.


Cancellation Of Debt And Related Transactions, Jeffrey H. Kahn, Douglas A. Kahn Oct 2015

Cancellation Of Debt And Related Transactions, Jeffrey H. Kahn, Douglas A. Kahn

Scholarly Publications

If a taxpayer borrows money, the borrowed funds are not included in the taxpayer’s gross income. That treatment is proper even though the taxpayer has increased his assets by the amount he borrowed because he also has created a corresponding liability to pay back the loan. The taxpayer’s net wealth has not increased. The more difficult and interesting questions arise when the taxpayer fails to repay the loan. At first blush, it would appear that upon cancellation of a loan, the taxpayer should have income for the amount that was cancelled. However, the current tax treatment is not that simple. …