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Full-Text Articles in Accounting Law
Implications Of Discovering Unreported Income, Improper Deductions, And Hidden Assets Upon A Taxpayer's Death, Jay A. Soled
Implications Of Discovering Unreported Income, Improper Deductions, And Hidden Assets Upon A Taxpayer's Death, Jay A. Soled
Georgia Law Review
Death commonly opens windows into taxpayers' lives and sheds light on items that were previously kept hidden or tightly guarded. This light sometimes reveals that the decedent failed to report income, took improper deductions, or held undisclosed assets-factors that have historically contributed to the size of the "tax gap," i.e., the difference between what taxpayers owe in taxes and what they actually pay. This Article explores the implications of these postmortem discoveries for executors, who must administer the decedent's estate; estate beneficiaries,who are recipients of the estate's assets; and tax practitioners,who are called upon to lend technical assistance. Beyond describing …
Aggregate-Plus Theory Of Partnership Taxation, Bradley T. Borden
Aggregate-Plus Theory Of Partnership Taxation, Bradley T. Borden
Georgia Law Review
This Article presents a theory of partnership taxation. To provide context for the presentation,the Article examines the history and status of partnerships.That examination reveals humans have a natural tendency to form partnerships and partnerships create a significant challenge for lawmakers. The challenge is determining whether partnerships are entities separate from their members or aggregates of the members. After decades of debate and consideration,many lawmakers and commentators now view partnerships as entities. Tax law has not, however, adopted that view. Partnershipsare subject to an aggregate tax regime that contains entity components. Economic theory justifies tax law deviating from the legal view …
Last Ditch Options: An Assessment Of Independent Director Liability And A Proposal For Congressional Action In Light Of The Employee Stock Option Backdating Scandal, Matthew S. Chambers
Last Ditch Options: An Assessment Of Independent Director Liability And A Proposal For Congressional Action In Light Of The Employee Stock Option Backdating Scandal, Matthew S. Chambers
Georgia Law Review
The employee stock option backdating scandal that came to light in 2006 affected over 100 public companies in the United States. Greedy executives, auditing oversight, and even faulty accounting software systems have been blamed for allowing backdating to happen. This Note, however, examines how some corporate directors, in derogation of their fiduciary duties, may have assisted stock option backdating. The Note concludes with a proposal for congressional action that will curb further stock option manipulation.
Incorporation Choice, Uniformity, And The Reform Of Nonprofit State Law, Garry W. Jenkins
Incorporation Choice, Uniformity, And The Reform Of Nonprofit State Law, Garry W. Jenkins
Georgia Law Review
This Article explores the significance of private lawmaking initiatives in the reform process of nonprofit state law. Specifically, Professor Jenkins considers projects led by the American Bar Association, American Law Institute, and National Conference of Commissioners on Uniform State Laws. He documents and explains how various institutional dynamics, ingrained habits, and other factors unique to the tax-exempt sector, most notably the choices of nonprofit organizations regarding where to incorporate,affect the ways in which nonprofit law is developed. To that end, the Article presents empirical findings revealing that nonprofits are far less likely than for-profit corporations to opt for out-of-state incorporation.This, …
Charities, Endowments, And Donor Intent: The Uniform Prudent Management Of Institutional Funds Act, Susan N. Gary
Charities, Endowments, And Donor Intent: The Uniform Prudent Management Of Institutional Funds Act, Susan N. Gary
Georgia Law Review
American charities manage substantial funds in conjunction with carrying out their charitable purposes, holding some funds for current operating needs and others as endowments. The legal rules on managing and investing those funds have worked well, but are now somewhat out of date, and revisions to these rules will benefit donors, charities, and charitable beneficiaries. Because laws regulating charities come from a variety of sources, including trust law, nonprofit corporation statutes, federal tax laws, and additional state statutes, this Article does not address the full panoply of regulations governing charities. Rather, the Article takes a narrow focus: the investment, management, …
Revising The Model Nonprofit Corporation Act: Plus Qa Change, Plus C'Est La M~Me Chose, Lizabeth A. Moody
Revising The Model Nonprofit Corporation Act: Plus Qa Change, Plus C'Est La M~Me Chose, Lizabeth A. Moody
Georgia Law Review
The proposed revision of the 1988 version of the Model Nonprofit Corporation Act (MNCA) leaves most of the 1988 revisions in place. Overall the changes will bring the Act closer to the Model Business Corporation Act which was the stated intention of the 1988 revision. The major changes which are being proposed include: dropping the classification scheme which divided nonprofit corporations into Public Benefit, Mutual Benefit and Religious corporations;deleting certain provisions with respect to the role of the attorney general; prohibiting cumulative voting; including provisions of the Model Entity Transactions Act (META); and providing for Select Exempt Corporations.
Foreword: Introducing The Law Of Nonprofit Organizations And Philanthropy, David A. Brennen
Foreword: Introducing The Law Of Nonprofit Organizations And Philanthropy, David A. Brennen
Georgia Law Review
On January 5, 2007, the Nonprofit and Philanthropy Law Section of AALS held its first program at the AALS Annual Meeting in Washington, D.C. The program, entitled "State-Level Legal Reform of the Law of Nonprofit Organizations,"was a fitting way to launch what should prove to be a valuable contribution to the study of law relating to nonprofit organizations and philanthropy. This burgeoning area of academic legal study is well poised to grow by leaps and bounds in the coming years due to its impact on many traditional areas of legal study, including tax law, corporate law, estate law, trust law, …