Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 3 of 3
Full-Text Articles in Law
Treatment Of Income Tax Refunds In Bankruptcy After Lines V. Frederick, Michigan Law Review
Treatment Of Income Tax Refunds In Bankruptcy After Lines V. Frederick, Michigan Law Review
Michigan Law Review
Under section 70a(5) of the Bankruptcy Act, the bankruptcy trustee is entitled to take the debtor's interest in "property" that "prior to the filing of the petition [the debtor] could by any means have transferred or which might have been levied upon and sold under judicial process against him." The Act does not, however, specifically define the term "property," and, as a result, the Supreme Court has developed its own definition. No problem has been presented by money or assets held by the bankrupt at the time of filing; such items are uniformly considered to be property. Nor has a …
The Employee's Home Office Deduction: The Problem Of Duplicate Facilities, Michigan Law Review
The Employee's Home Office Deduction: The Problem Of Duplicate Facilities, Michigan Law Review
Michigan Law Review
The Internal Revenue Code expressly and impliedly allows taxpayers to deduct many business-related expenses that also fill personal needs. However, the deductibility of home office expenses under the general provision for business expenses, section 162 of the Code, has been a frequent subject of litigation. Section 162 requires that the employee establish that the expenses were "ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business." Since it is well established that working for an employer is carrying on a trade or business within the statute, in order to secure a deduction …
Income Tax "Loopholes" And Political Rhetoric, Boris I. Bittker
Income Tax "Loopholes" And Political Rhetoric, Boris I. Bittker
Michigan Law Review
When used by newspaper reporters and politicians, the term "tax loophole" is always a pejorative, though the tone of disapproval may be mingled with a dash of admiration for the astute lawyer or accountant who discovered the device. Since condemnation is the predominant tone, it is always assumed that loopholes can be quickly and reliably distinguished from tax provisions that are reasonable and fair. Sometimes, to be sure, it is suggested that the only criterion is self-interest: one man's loophole is another man's relief provision. More frequently, loopholes are said to inure primarily, if not solely, to the benefit of …