Tax Law Commons^™

Consent To Student Loan Bankruptcy Discharge, John P. Hunt

Indiana Law Journal

As the Department of Education reconsiders its rules governing consent to discharge of federal student loans in bankruptcy, this Article argues for the first time that the Department should approach the problem specifically as an operator of programs to promote education and benefit students, rather than as an entity interested only in debt collection. This Article shows that the Department’s rules to date have treated whether to consent to discharge primarily as a pecuniary issue, without regard to the educational goals of the student loan programs. For example, the Department apparently has never considered whether making it difficult to discharge …

Mandatory Tax Penalty Insurance, Michael Abramowicz

Indiana Law Journal

In a mandatory tax penalty insurance regime, taxpayers would be required to find insurers to certify portions of their tax returns. A certifying insurer would be subject to a governmental auditing regime insurers of randomly selected filings would pay an amount equal to the inverse of the selection probability multiplied by the underpayment, or they would receive money from the government in the case of overpayment. The insurers function as private auditors with no incentive to underestimate their customers' tax liability. Such a regime will consume real resources, ultimately paid by taxpayers, and thus should not be imposed universally. But …

Will Create Resolve The Philippines’ Unemployment Woes Amidst The Covid-19 Pandemic?, Krista Danielle Yu, Marites Tiongco

Angelo King Institute for Economic and Business Studies (AKI)

In response to the COVID-19 pandemic, there is a proposal to amend the Corporate Income Tax and Incentives Reform Act (CITIRA) into the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Act. The proposed amendments are as follows: (a) An immediate five percentage point cut into the corporate income tax (CIT) rate starting July 2020; (b) Maintaining for up to nine years the status quo for registered business activities enjoying the 5% tax on gross income earned (GIE) incentive; and (c) More flexibility for the President to grant a combination of fiscal and non-fiscal incentives, which will be critical …

Tax Considerations For Funds Structuring In Asia, Vincent Ooi

Research Collection Yong Pung How School Of Law

Tax considerations play a major role in the decisions of fund managers of where to base their funds. The highly mobile nature of capital has resulted in tax competition, leading to several host jurisdictions for funds in Asia (Hong Kong, Singapore, Labuan, and the BVI) having very similar tax characteristics in terms of low effective corporate income tax rates; no capital gains taxes; no exit taxes; a single tier of taxation; and generally no withholding taxes. Other ways in which jurisdictions have attempted to distinguish themselves include a strong Double Tax Agreement network, certainty on the taxation of the carried …

Redesigning Education Finance: How Student Loans Outgrew The “Debt” Paradigm, John R. Brooks, Adam J. Levitin

Georgetown Law Faculty Publications and Other Works

This Article argues that the student loan crisis is due not to the scale of student loan debt, but to the federal education finance system’s failure to utilize its existing mechanisms for progressive, income-based payments and debt cancellation. These mechanisms can make investment in higher education affordable to both individuals and the government, but they have not been fully utilized because of the mismatch between the current system’s economic reality and its legal, financial, and institutional apparatus.

The current economic structure of federal student loans does not resemble a true credit product, but a government grant program coupled with a …

The Case For State Borrowing As A Response To The Current Crisis, David Gamage, Darien Shanske

Articles by Maurer Faculty

The coronavirus pandemic is a national emergency that requires a national response. Asking states to absorb the budgetary losses caused by the pandemic while they are tasked with providing essential frontline services is comparable to asking states during World War II to pay for the landing in Normandy.

This article is a contribution to Project SAFE: State Action in Fiscal Emergencies. We have already argued, more than once, that the federal government should borrow to prevent steep state and local budget cuts. But because the federal government will apparently not take sufficient action, we offer these ideas to states for …

Table Of Contents, Seattle University Law Review

Seattle University Law Review

Table of Contents

Pilot Agreements In West Virginia: A Tale Of Turbulent Taxation, Blake N. Humphrey

West Virginia Law Review

No abstract provided.

Twenty Things Real Estate Attorneys Can Do To Not Mess Up A Section 1031 Exchange (Part 2: Items 11-20), Bradley T. Borden

Faculty Scholarship

No abstract provided.

International Tax: Tax Treaties, Kim Brooks

OER Texts

This compendium of materials is designed to support the study of tax treaties around the world.

Assessing The Potential Impacts Of Reducing Philippine Corporate Income Tax And Reforming Sectoral Incentives On Poverty And Employment, Caesar Cororaton, Marites Tiongco

Angelo King Institute for Economic and Business Studies (AKI)

The Philippines needs to re-align its corporate income tax rates to its neighboring ASEAN countries to be competitive. Thus, the reduction in the corporate income tax rate, which is 30% at present to 20% in 2029 under the tax reform, is critical. However, because corporate income tax is a major source of government revenue, corporate incentives have to be reduced as well to finance/compensate for the reduction in the corporate tax. Also, to realize the full economic benefit of the reform, the government has to ensure that the resulting higher corporate income is reinvested back to the economy.

Tax Implications Of Covid-19 In Singapore, Vincent Ooi

Research Collection Yong Pung How School Of Law

As taxpayers in Singapore deal with a radically changed business environment due to COVID-19, there is a need to make non-routine decisions quickly. These decisions can have significant tax implications, which will likely manifest themselves later as the economy recovers. It is critical for taxpayers to understand the tax consequences of their decisions, even as they focus on issues of immediate survival. While the majority of the relevant tax principles are not new, the COVID-19 pandemic has resulted in the need to apply these existing principles to new situations and increased the frequency of certain activities that may have been …

Singapore’S Proposed Approach To Tackling Missing Trader Fraud, Vincent Ooi

Research Collection Yong Pung How School Of Law

In the Draft Goods and Services Tax (Amendment) Bill 2020 (the “Draft Bill”), Singapore proposes a new framework to deal with the problem of MTF. The approach is neatly summarised by a document released by the Singapore Ministry of Finance: “Annex: Proposed Changes to the Goods and Services Tax Act”, of which one point is of particular interest. The document states that the proposed legislative amendments will “allow the Comptroller of GST to deny a GST-registered business’ input GST claim, if the business knew or should have known that his purchase was part of or connected with a fraudulent arrangement. …

Fighting 'Missing Trader' Gst Fraud In Singapore, Hern Kuan Liu, Vincent Ooi

Research Collection Yong Pung How School Of Law

Missing Trader Fraud (MTF) is a problem that has plagued tax authorities around the world. It is a form of fraud by which syndicates make use of the Goods and Services Tax (GST) regime to defraud tax authorities. The recent Draft Goods and Services Tax (Amendment) Bill 2020 proposes a new framework to deal with the problem of MTF. It is expected to come into effect on Jan 1, 2021. Under the proposed framework, a taxpayer's input tax claims will be denied in cases where it knew or "should have known" that the supply made to the taxpayer was part …

Covid-19 And Us Tax Policy: What Needs To Change?, Reuven Avi-Yonah

Articles

The COVID-19 Pandemic already feels like a historical turning point akin to Word Wars I and II and the Great Depression. It may signal the end of the second period of globalization (1980-2020) and a change in the relative positions of the US and China. It could also lead in the US to significant changes in tax policy designed to bolster the social safety net which was revealed as very porous during the pandemic. In what follows I will first discuss some short-term effects of the pandemic and then some potential longer-term effects on US tax policy.

Amendment Clauses In Easements: Ensuring Protection In Perpetuity, Nancy Mclaughlin

Utah Law Faculty Scholarship

Internal Revenue Code § 170(h)(5)(A) requires that the conservation purpose of a deductible conservation easement be “protected in perpetuity.” This article explains how the protected-in-perpetuity requirement should limit the parties’ ability to reserve the right to make post-donation changes to the terms of a deductible easement.

Singapore Property Tax Law As It Stands: The Rebus Sic Stantibus Principle And The Statutory Formula, Vincent Ooi

Research Collection Yong Pung How School Of Law

The Singapore jurisprudence appears to have adopted the proposition that the rebus sic stantibus principle is to be disapplied where section 2(3) of the Singapore Property Tax Act (“PTA”) (the “Statutory Formula”) is applied. This article argues that this proposition perhaps ought to be stated more precisely. The principle is only disapplied where section 2(3)(b) is applied because it would run contrary to the statutory fiction imposed by section 2(3)(b) that the land is to be valued as if it were vacant land. There should be no disapplication of the principle where section 2(3)(a) is applied due to the absence …

Taxation As A Site Of Memory: Exemptions, Universities, And The Legacy Of Slavery, Bridget J. Crawford

Elisabeth Haub School of Law Faculty Publications

Many universities around the United States are attempting to grapple with their institution’s history of direct and indirect involvement with transatlantic slavery. One of the first schools to do so was Brown University, which appointed a special committee in 2003 to study its historic institutional ties to slavery. After three years of investigation and discussion, the Brown committee recommended the creation of a public campus memorial and widespread educational efforts. In 2015, Georgetown University undertook a similar investigation on its campus; the working group ultimately recommended renaming certain university buildings, erecting public memorials, creating an academic center of the study …

A New Corporate Tax, Reuven S. Avi-Yonah

Articles

If we can regulate our corporations simply through the medium of taxation, we can destroy every trust in a fortnight. It would be a great deal better for the Finance Committee to turn its attention to the imposition of such a tax upon corporations and the persons who actually need regulation, who are exercising powers that are injurious to the American people, destroying competition and invading our prosperity, than to attempt to levy a revenue tax upon all the little shareholders of all the little corporations throughout the length and breadth of the United States.

A Case For Higher Corporate Tax Rates, Edward G. Fox, Zachary D. Liscow

Law & Economics Working Papers

In this report, Fox and Liscow argue that, while conventional wisdom holds that we should lower taxes on corporations because of international competition, two recent changes militate in favor of higher corporate taxes, which would close the deficit, fund social programs, and reduce inequality. First, changes in tax law have increasingly targeted the corporate tax at economic “rents,” the supersized returns that businesses receive when they enjoy advantages like market power. Because taxing rents is progressive and does little to harm economic activity, a higher rate is justified. Second, shifts in the American economy have allowed companies to earn more …

Is Incorporation The Solution To The Enigma Of Corporate Tax Residency For International Tax Purposes?, Charles Edward Andrew Lincoln Iv

Texas A&M Law Review

Incorporation of a company for testing residency—if applied uniformly—is likely the best and most accurate way to reflect corporate residency for tax purposes. However, it does not always reflect economic reality. There is not a consensus on what the best approach is. The Organization for Economic Cooperation and Development (“OECD”) countries overwhelmingly use three tests for residency: incorporation, central management and control, and domicile. Indeed, a court in the United States or other jurisdictions may often ask if tax-avoidance motives exist when incorporation occurs in one jurisdiction and central management and control occurs in another.

This Article follows the 2017 …

Kaestner Fails: The Way Forward, Mitchell M. Gans

William & Mary Business Law Review

This past term, the Supreme Court applied the Due Process Clause to prevent the states from closing down a tax strategy that employs out-of-state trusts. Many had hoped that the case would serve as a vehicle for the Court to overrule taxpayer-friendly precedents that make the strategy possible. But it failed. The question that emerges is whether the decision leaves the states with a path to address the strategy and thereby prevent it from being used to exacerbate issues of inequality. After examining the decision, this Article considers the options available to the states and then suggests a way forward.

To Be A B Certified Benefit Corporation Or Not To Be, Emma Lloyd Best, Marcy R. Binkley

The Contemporary Tax Journal

No abstract provided.

The Contemporary Tax Journal's Interview With Mr. Robert J. Kovacev, Liubov (Luba) Shilkova

The Contemporary Tax Journal

No abstract provided.

Front Matter (Letter From The Editor, Masthead, Etc.)

The Contemporary Tax Journal

No abstract provided.

A Peruvian Tax Lawyer In A U.S. Corporate Tax Class: What Can Be Explained And What Cannot Be Explained, Fernando J. Loayza Jordán

The Contemporary Tax Journal

No abstract provided.

H.R. 5457 Carbon Reduction And Tax Credit Act, Madhuri Lanka Cma

The Contemporary Tax Journal

No abstract provided.

The Contemporary Tax Journal Volume 9, No. 2 – Summer 2020

The Contemporary Tax Journal

No abstract provided.

Fun Tax Facts, Rachana Khandelwal

The Contemporary Tax Journal

No abstract provided.

Cpa Exam Sample Questions

The Contemporary Tax Journal

No abstract provided.