Law Commons^™

Trust Planning And The Washington State Capital Gains Tax, Jadrian M. Coppieters

Seattle University Law Review Online

On April 25, 2021, the Washington state legislature enacted a new state capital gains tax. Prior to the enactment of the new state capital gains tax, Washington had been one of the few states that did not impose a tax on either income or capital gains. The limitations imposed by the Washington state constitution have forced the legislature to characterize the tax as an excise tax, rather than treat it as an income tax as would the federal government and every other state. Based on the statute’s structure and its presentation as an excise tax, whether intentionally or unintentionally, the …

For Richer Or Poorer: Incentivizing Meaningful Investments In Qualified Opportunity Zones, Monica L. Keo

Seattle University Law Review

The wealth disparity in the United States is nothing new. Many have proposed wealth taxes and higher tax rates for large corporations to address income inequality; however, these proposals have been criticized as tax programs that are difficult to administer. Congress passed the Tax Cut and Jobs Act (TCJA) in 2017 and created a new investment vehicle known as the Qualified Opportunity Zone (QOZ). The QOZ program incentivizes private investors to invest their capital gains in exchange for a reduction in capital gains tax. The underlying idea of the QOZ program is to utilize a new tool designed to spur …

The Unique Benefits Of Treating Personal Goodwill As Property In Corporate Acquisitions, Darian M. Ibrahim

Darian M. Ibrahim

Corporate acquisition talks may not get far if buyer and seller disagree over transaction structure, which can have significant after-tax effects. But the parties may have overlooked an item that, due to its potential tax treatment, could be the key to facilitating the acquisition. That item is the selling shareholder's "personal goodwill."

Personal goodwill exists when the shareholder's reputation, expertise, or contacts gives the corporation its intrinsic value. It is most likely to be found in closely held businesses, especially those that are technical, specialized, orprofessional in nature or have few customers and suppliers. If personal goodwill is treated as …

The Economic Ambiguity (And Possible Irrelevance) Of Tax Transition Rules, Eric D. Chason

Eric D. Chason

No abstract provided.

The Effects Of Price Volatility And Strategic Trading Under Realization, Expected Return And Retrospective Taxation, Mark P. Gergen

Mark P. Gergen

No abstract provided.

The End Of The Revolution In Partnership Tax, Mark P. Gergen

Mark P. Gergen

No abstract provided.

Contractual Option Interests And Capital Gains Tax In Nigeria, Dr Obayemi K. Olumide, Oluwaseun Viyon Ojo, Tobi Michael Babalola

Oluwaseun Viyon Ojo

Capital gains are the profits realized from the sale of chargeable assets at a price which exceeds and is higher than the purchase price, and so, when a capital asset is sold, the difference between the cost price (purchase price, including acquisition costs) and the sales price (selling costs) is a capital gain or a capital loss, because a taxpayer realizes a capital gain if sales price is higher than cost of sale, while the reverse is the case for a capital loss. While substantial revenue can be realized from capital gains tax (CGT), there are challenges facing CGT in …

Taxing Offshore Transactions In India And The Territoriality Clause - A Case For Substantial Constitutional Limitations On Indian Parliament's Power To Retrospectively Amend The Income Tax Act, Khagesh Gautam

Khagesh Gautam

No abstract provided.

Is Sharif's Castle Deductible? Islam And The Tax Treatment Of Mortgage Debt, Roberta Mann

William & Mary Bill of Rights Journal

This Article examines the tax treatment of Islamic mortgage alternatives and considers the cultural and constitutional implications of the tax treatment of mortgage debt. Islamic law cannot be separated from the religion of Islam, and one of the primary tenets of Islamic law is the prohibition of riba, which is defined by some Islamic jurists as the payment of interest on any loan. Financing institutions, working with Muslim religious leaders, have developed a number of financing instruments that do not violate the prohibition against riba, thus facilitating home ownership for those Muslims who do not feel comfortable with a traditional …

The Capital Gains "Sieve" And The "Farce" Of Progressivity 1921-1986, John W. Lee

Faculty Publications

No abstract provided.

The Unique Benefits Of Treating Personal Goodwill As Property In Corporate Acquisitions, Darian M. Ibrahim

Faculty Publications

Corporate acquisition talks may not get far if buyer and seller disagree over transaction structure, which can have significant after-tax effects. But the parties may have overlooked an item that, due to its potential tax treatment, could be the key to facilitating the acquisition. That item is the selling shareholder's "personal goodwill."

Personal goodwill exists when the shareholder's reputation, expertise, or contacts gives the corporation its intrinsic value. It is most likely to be found in closely held businesses, especially those that are technical, specialized, orprofessional in nature or have few customers and suppliers. If personal goodwill is treated as …

The Economic Ambiguity (And Possible Irrelevance) Of Tax Transition Rules, Eric D. Chason

Faculty Publications

No abstract provided.

Critique Of Current Congressional Capital Gains Contentions, John W. Lee

Faculty Publications

No abstract provided.

Capital Gains Myths, John W. Lee

Faculty Publications

This article is a summary of parts of Lee's forthcoming article "Critique of Current Congressional Capital Gains Contentions," 15 Va. Tax. L. Rev. 1 (1995). Professor Lee believes that the reasons given by the House Ways and Means Committee Report and capital gains cuts proponents in the recent hearings and the House floor debate in support of the CWATRA 50-percent individual generic capital gains cut are untrue in whole or in part. These stated reasons, reports Lee, are that a capital gains cut will (1) increase the personal savings rate, (2) encourage risk taking by entrepreneurs seeking new technologies and …

President Clinton's Capital Gains Proposals, John W. Lee

Faculty Publications

Professor Lee believes that the generic capital gains rate should not be increased over 28 percent for revenue and political reasons. But to reflect that, on the average, capital gains realized by middle-income families consists entirely of inflation gain, while half of the capital gain realized at the 31- percent bracket and above consists of economic gain, increasing to 80-percent economic at the very top, he argues that a greater exclusion should be provided at the 28- and 15-percent brackets, either by a "progressive schedule" or by a $3,500 annual exclusion. To strengthen the political base for increasing the top …

Capital Gains Exception To The House's "General Utilities" Repeal: Further Indigestions From Overly Processed "Corn Products", John W. Lee

Faculty Publications

In this article, Lee first describes the mechanics and tax effects of cost basis corporate acquisitions and analyzes why current tax rules favor such acquisitions over carryover basis acquisition (e .g., tax-free mergers); then he describes the House's proposed repeal in HR 3838 of the General Utilities doctrine in current sections 336-338, focusing on the continued exemption for long-term capital gains of a closely held active business corporation. This sets the stage for analysis of the Corn Products doctrine, which under an "integral asset" reading would deny the exemption to most appreciated operating assets, surely not the intent of the …

Taxation - Stock Redemptions - The Availability Of Capital Gains Treatment. United States V. Davis, 90 S. Ct. 1041 (1970), W. J. Funk

William & Mary Law Review

No abstract provided.

Non-Business Guaranty Loss: Ordinary Or Capital Deduction, Robert S. Parker Jr.

William & Mary Law Review

No abstract provided.

The Tax Benefit, Recoveries, And Sales Of Property Under Section 337, Don L. Ricketts

William & Mary Law Review

No abstract provided.