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Articles 61 - 90 of 325
Full-Text Articles in Tax Law
Of More Than Usual Interest: The Taxing Problem Of Debt Principal, Charlene Luke
Of More Than Usual Interest: The Taxing Problem Of Debt Principal, Charlene Luke
UF Law Faculty Publications
Leverage is an essential but often troubling component of the U.S. market. The financial crisis highlighted the risks and complexity of a leverage web that includes flesh-and-blood people from all walks of life and paper people from all corners of the business and investment world. In the tax area, the potentially problematic incentive effects of interest deductibility have long engaged a wide array of tax commentators and policymakers. While interest deductibility rightly receives widespread scrutiny, a more comprehensive approach to leverage is needed. This Article focuses on the surprisingly complicated tax treatment of cash (and cash equivalent) borrowings. This Article …
Nonpayment Of Taxes: When Ignorance Of The Law Is An Excuse, Jon Strauss
Nonpayment Of Taxes: When Ignorance Of The Law Is An Excuse, Jon Strauss
Akron Law Review
"Ignorance of the law is no excuse" is a well-known saying regarding criminal law. Yet the 1991 Supreme Court decision of Cheek v. United States held that a defendant's ignorance of the federal tax laws is an excuse to the crime of nonpayment of income taxes. This paper reviews the history of the defense of ignorance of the law in tax crimes, discusses the philosophical ramifications of this defense, and examines the extent to which the Supreme Court's allowance of this defense is appropriate.
Of Taxes And Duties: Taxing The System With Public Employees' Tax Obligations, Kenneth H. Ryesky
Of Taxes And Duties: Taxing The System With Public Employees' Tax Obligations, Kenneth H. Ryesky
Akron Law Review
Governmental agencies, including and especially those involved in the taxation function, have compelling reasons to insist that individuals in their employ comply with the laws of the land, including the personal tax requirements. As tax law complexity increases, so does the general propensity for noncompliance. The governmental agencies are thus confronted with increasing volumes of disciplinary issues relating to employee tax obligations. This article will explore how the various types of governmental agencies deal with enforcing compliance by their employees with personal taxation obligations, and will discuss how fallout from thetax law arena affects the efficiency of government as compliance …
Reviving Fiscal Citizenship, Ajay K. Mehrotra
Reviving Fiscal Citizenship, Ajay K. Mehrotra
Michigan Law Review
April 15 is a day that most Americans dread. That date is, of course, when federal and nearly all state-level individual income tax returns are due. Agonizing over the filing of income tax returns has long been a perennial part of modern American legal culture. Since the mid-1940s, when the United States first adopted a return-based mass income tax, the vast majority of Americans have been legally required to file an annual Form 1040. Over the years, taxpayers have been complaining about, procrastinating over, and generally loathing the filing of their annual tax returns. Indeed, in recent times, April 15 …
Did The Sixteenth Amendment Ever Matter? Does It Matter Today?, Erik M. Jensen
Did The Sixteenth Amendment Ever Matter? Does It Matter Today?, Erik M. Jensen
Northwestern University Law Review
No abstract provided.
Cancellation Of Debt And Related Transactions, Douglas A. Kahn, Jeffrey H. Kahn
Cancellation Of Debt And Related Transactions, Douglas A. Kahn, Jeffrey H. Kahn
Articles
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. …
企業の社会的責任と戦略的租税行動 [Corporate Social Responsibility And Strategic Tax Behavior], Reuven S. Avi-Yonah, Keisaku Koga Translator
企業の社会的責任と戦略的租税行動 [Corporate Social Responsibility And Strategic Tax Behavior], Reuven S. Avi-Yonah, Keisaku Koga Translator
Articles
This paper addresses two questions. First, from the perspective of the corporation, should the corporation cooperate and pay the corporate tax, or should it engage in "strategic" tax behavior designed to minimize or eliminate its corporate tax burden? Second, from the perspective of the state, should the state use the corporate tax just to raise revenue, or should it also try to use it as a regulatory tool to steer corporate behavior in directions that it deems beneficial to society? The paper argues that whatever our view of the nature of the corporation and of the legitimacy of corporate social …
The Rise And Fall Of The Consumption Tax, Reuven S. Avi-Yonah
The Rise And Fall Of The Consumption Tax, Reuven S. Avi-Yonah
Articles
The year 1974 was an eventful one in U.S. history. For the first time, a president resigned under threat of impeachment. Watergate and the Vietnam War shook Americans’ faith in their government. The economy was reeling from the first oil embargo, and the United States’ prospects seemed bleak. In that context, Professor William Andrews of Harvard Law School published an article that would revolutionize tax scholarship. Against the backdrop of widespread dissatisfaction with the government in general and the income tax in particular, Andrews suggested replacing the income tax with a consumption tax. That suggestion was ironic for anyone familiar …
The Case For Taxing (All Of) Labor Income, Consumption, Capital Income, And Wealth, David Gamage
The Case For Taxing (All Of) Labor Income, Consumption, Capital Income, And Wealth, David Gamage
Articles by Maurer Faculty
Perhaps the most fundamental questions in tax legal scholarship concern debates about what should be the ideal tax base or tax bases. In particular, scholars have vigorously disagreed about (1) whether the United States should follow other developed countries in supplementing its income tax with a value-added consumption tax, and (2) whether governments should seek to tax capital income and wealth or should instead seek to redesign or replace income taxes with progressive consumption taxes.
The prior economics-oriented theoretical literature on these questions has largely focused on analyzing labor supply and savings behaviors. Yet the existing empirical literature does not …
Moving Beyond Marriage: A Proposed Unit Of Presumed Economic Interdependence For Joint Filing Purposes In Bankruptcy And In Tax, Heather V. Graham
Moving Beyond Marriage: A Proposed Unit Of Presumed Economic Interdependence For Joint Filing Purposes In Bankruptcy And In Tax, Heather V. Graham
Pace Law Review
In order to promote both equality and efficiency, this Comment proposes that individuals should have the opportunity to file jointly for tax and bankruptcy purposes when they have a relationship predicated upon economic interdependence, as opposed to basing the opportunity to file jointly upon marital status. Part I of this Comment will briefly discuss the history of marriage in the United States. In particular, Part I will discuss the role that the government has had in promoting and regulating marriage and how the treatment of married persons operates to the exclusion of the unmarried. Parts II and III of this …
Why Congress Adopted The Church Audit Procedures Act And What Must Be Done Now To Restore The Law For Churches And The Irs, J. Michael Martin
Why Congress Adopted The Church Audit Procedures Act And What Must Be Done Now To Restore The Law For Churches And The Irs, J. Michael Martin
Akron Tax Journal
This Article explores the significant policy purposes achieved by CAPA through the lens of the law's history and present challenges. Part II reviews the historical context and events leading to the adoption of CAPA in 1984. Part III then describes the present challenges associated with the law due to the failure of Congress and the Treasury Department to rectify the issue of who is an appropriate high-level Treasury official under CAPA. Finally, Part IV concludes with recommended solutions for restoring the law consistent with congressional intent in adopting CAPA-solutions that could easily be achieved through a simple amendment to the …
A Proposed Replacement Of The Tax Expenditure Concept And A Different Perspective On Accelerated Depreciation, Douglas A. Kahn
A Proposed Replacement Of The Tax Expenditure Concept And A Different Perspective On Accelerated Depreciation, Douglas A. Kahn
Articles
Over 32 years ago, I published an article on accelerated depreciation in which I concluded that some amount of acceleration was consistent with normal tax principles and should not be classified as a tax expenditure. Over the intervening years, from time to time, I have exchanged comments with authors who have questioned that conclusion. It is time to revisit that topic and renew the consideration of how tax depreciation may properly operate. This Essay’s analysis of depreciation provides one example of how the tax expenditure budgets are flawed. The treatment of some accelerated depreciation as a tax expenditure is based …
Understanding The Amt, And Its Unadopted Sibling, The Amxt, James R. Hines Jr., Kyle D. Logue
Understanding The Amt, And Its Unadopted Sibling, The Amxt, James R. Hines Jr., Kyle D. Logue
Articles
Four million Americans with extensive tax preferences are subject to the Alternative Minimum Tax (AMT). By taxing a broad definition of income, the AMT makes it possible to have a tax system that both encourages certain activities with generous tax preferences and maintains a semblance of distributional equity. The same rationale supports the imposition of an Alternative Maximum Tax (AMxT), which would cap tax liabilities of individuals with very few preference items and thereby afford Congress greater flexibility in designing the income tax. The original 1969 AMT proposal included an AMxT; it is difficult to justify imposing one without the …
Cameos From The Margins Of Conjugality, Kim Brooks
Cameos From The Margins Of Conjugality, Kim Brooks
Articles, Book Chapters, & Popular Press
This chapter uses the changes to the legislation in Canada’s Income Tax Act, implemented by the Modernization of Benefits and Obligations Act, and the subsequent cases on the meaning of ‘common-law partner’ or unmarried spouse as a method of deriving evidence about the texture of the lives lived by adults in personal relationships. From that evidence, I seek to contribute to the social history of the margins of conjugal relationships between adult members in a post-legal-equality world in Canada. The project of this chapter is not to be prescriptive about how Canada’s tax legislation should be changed. Rather, it is …
The Supreme Court's 2012 Tax Cases: Formalism Trumps Pragmatism And Good Sense, William Neil Brooks, Kim Brooks
The Supreme Court's 2012 Tax Cases: Formalism Trumps Pragmatism And Good Sense, William Neil Brooks, Kim Brooks
Articles, Book Chapters, & Popular Press
The Supreme Court of Canada released decisions in four cases in the 2012 year. We argue that each illustrates the Court's formalistic approach to interpreting tax legislation. Each of the following four cases is evaluated in turn. Canada v Craig relates to the circumstances under which a taxpayer can offset losses incurred in a farming business against income earned from a completely different source. Fundy Settlement v Canada required determining the residency of a trust for tax purposes. Canada v GlaxoSmithKline Inc. focused on the circumstances to be taken into account in determining an arm's-length price in the transfer pricing …
Corporate Taxation And Corporate Social Responsibility, Reuven S. Avi-Yonah
Corporate Taxation And Corporate Social Responsibility, Reuven S. Avi-Yonah
Articles
This Article will address the question of whether publicly traded U.S. corporations owe a duty to their shareholders to minimize their corporate tax burden through any legal means, or if instead, strategic behaviors like aggressive tax-motivated transactions are inconsistent with corporate social responsibility (“CSR”). I believe the latter holds true, regardless of one’s view of the corporation. Under the “artificial entity” view, such behavior undermines the constitutive relationship between the corporation and the state. Under the “real view,” such behavior runs contrary to the normal obligation of citizens to comply with the law (even absent effective enforcement). And under the …
Tax Recognition, Barry Cushman
Tax Recognition, Barry Cushman
Journal Articles
This article was prepared for the St. Louis University Law Journal’s “Teaching Trusts & Estates” issue. Many law students take a course in Trusts & Estates, but comparatively few enroll in a class devoted to the federal wealth transfer taxes. For most law students, the Trusts & Estates course provides the only opportunity for exposure to some of the basic features of the estate tax, the gift tax, the generation-skipping transfer tax, and some related features of the income tax. The coverage demands of the typical Trusts & Estates course do not allow for intensive discussion of these issues, but …
Up In The Air Over Taxing Frequent Flyer Benefits: The American, Canadian, And Australian Experiences, Lawrence A. Zelenak
Up In The Air Over Taxing Frequent Flyer Benefits: The American, Canadian, And Australian Experiences, Lawrence A. Zelenak
Faculty Scholarship
No abstract provided.
The End Of Cash, The Income Tax, And The Next 100 Years, Gregg D. Polsky, Jeffery H. Kahn
The End Of Cash, The Income Tax, And The Next 100 Years, Gregg D. Polsky, Jeffery H. Kahn
Scholarly Works
The income tax is technologically very similar to the way it was in its early years, and technological developments have been at the margins of the income tax and have not affected its core elements. Still, technological improvements have made third-party reporting and withholding more efficient, which has allowed these mechanisms to become more pervasively used. Technology has also made it easier for taxpayers to substantiate their activities. These changes have facilitated the evolution of the incometax from its original class tax to the mass tax it is today.
While further technological advances might improve the federal income tax, it …
Reconciling Intentions With Outcomes: A Critical Examination Of The Mortgage Interest Deduction, David Frederick
Reconciling Intentions With Outcomes: A Critical Examination Of The Mortgage Interest Deduction, David Frederick
Akron Tax Journal
This article will work to answer the question: What effect has the mortgage interest deduction had on the American mortgage market? The main examination proceeds in two ways. First, this article recounts the interrelated histories of the American mortgage market and the deduction of interest from taxable income throughout the twentieth century, giving special attention to the Tax Reform Act of 1986 and the events that led to the codification of the current mortgage interest deduction. Second, this article analyzes several sets of time series data and numerous pieces of qualitative evidence on mortgage consumption in and around the 1980s …
Scholarship: Daniel Goldberg And William Reynolds
Scholarship: Daniel Goldberg And William Reynolds
Maryland Carey Law
No abstract provided.
Give Taxpayers A Break: Putting The Reliance Element Back Into The Reasonable Reliance And Good Faith Defense, Ronald Z. Domsky
Give Taxpayers A Break: Putting The Reliance Element Back Into The Reasonable Reliance And Good Faith Defense, Ronald Z. Domsky
Akron Tax Journal
This Article considers the present law regarding the accuracy related penalties pursuant to I.R.C § 6662 and the reasonable reliance and good faith defense provided for in I.R.C § 6664 using Canal as a prime example of how the courts have treated and penalized taxpayers for relying on tax advisors in planning proposed transactions and in taking positions on returns and proposes a new analysis of a taxpayer's good faith and reasonable reliance. Section II of this Article discusses the current state of the law regarding the Section 6662 penalties, the function and regulations imposed on tax attorneys in advising …
Challenges To Federal Income Tax Exemption Of The Clergy And Government Support Of Sectarian Schools Through Tax Credits Device And The Unresolved Questions After Arizona V. Winn: Is The U.S. Supreme Court Standing In The Way Of Taxpayer Standing To Seek Meritorious Redress?, Gabriel O. Aitsebaomo
Akron Tax Journal
Part II of the article begins with a critical examination of the parsonage exemption Act as was originally conceived at inception, the expansion and modification of the Act over the years, and the current statutory framework of the exemption under the Internal Revenue Code ("Code"). Part III evaluates who is considered a minister of the gospel within the meaning of the Code, and whether a minister of the gospel may obtain a parsonage exemption for more than one home at a time. Part IV discusses the various attempts to rid the Code of the parsonage exemption. In this part, the …
Tax Advice For The Second Obama Administration, Michael J. Graetz
Tax Advice For The Second Obama Administration, Michael J. Graetz
Faculty Scholarship
Delivered January 18, 2013 as the keynote address at a conference cosponsored by Pepperdine Law School and Tax Analysts.
Kite: Irs Wins Qtip Battle But Loses Annuity War, Kerry A. Ryan
Kite: Irs Wins Qtip Battle But Loses Annuity War, Kerry A. Ryan
All Faculty Scholarship
In Kite, the Tax Court held that a 10-year deferred annuity constituted adequate and full consideration for a transfer of family partnership interests, even though the transferor died before receiving any payments. The court also held that the liquidation of a qualified terminable interest property trust and subsequent sale of its assets constituted a disposition of the qualifying income interest for life, resulting in a deemed transfer of the entire trust under section 2519. Ryan discusses those holdings and two more issues that were not raised in the Tax Court proceeding but are clearly implicated by the Kite facts.
Retirees Beware: Don't Worry About The British-- 2013 Is Coming, Douglas A. Kahn, Lawrence W. Waggoner
Retirees Beware: Don't Worry About The British-- 2013 Is Coming, Douglas A. Kahn, Lawrence W. Waggoner
Articles
Retirees beware. The easy money policy of the Federal Open Market Committee and the 15 percent tax rate on qualified dividends have encouraaged retirees, especially middle-income retired savers, to reorient their nest eggs away from certificates of deposit, treasuries, and money market funds to dividend-paying stocks and mutual funds. According to the IRS, 43 percent of taxpayers age 65 or older reported qualified dividend income amounting to nearly half of the qualified dividend income reported by all taxpayers. By contrast, 46 percent of taxpayers age 65 or older reported net capital gains amounting to 30.5 percent of the net capital …
Political Hot Potato: How Closing Loopholes Can Get Policymakers Cooked, Stephanie Mcmahon
Political Hot Potato: How Closing Loopholes Can Get Policymakers Cooked, Stephanie Mcmahon
Faculty Articles and Other Publications
Loopholes in the law are weaknesses that allow the law to be circumvented. Once created, they prove hard to eliminate. Acase study of the evolving tax unit used in the federal income tax explores policymakers' response to loopholes. The1913 income tax created an opportunity for wealthy married couples to shift ownership of family income between spouses, then to file separately, and, as a result, to reduce their collective taxes. In 1948, Congress closed this loophole by extending the income-splitting benefit to all married taxpayers filing jointly. Congress acted only after the federal judiciary and Treasury Department pleaded for congressional …
I.R.C. Section 1014(E) And Gifted Property Reconveyed In Trust, Mark R. Siegel
I.R.C. Section 1014(E) And Gifted Property Reconveyed In Trust, Mark R. Siegel
Akron Tax Journal
The taxpayer’s method of property acquisition is significant in determining the proper income tax or adjusted basis in the property. Distinct adjusted basis rules apply to the transferee of property acquired by purchase, gift, and inheritance. A buyer who purchases property for cash receives an adjusted basis in the property acquired equal to its cost. For property acquired by gift, the general rule is that the donee’s adjusted basis equals the donor’s adjusted basis immediately prior to the transfer. A third income tax basis regime applies to the taxpayer who happens to acquire property by inheritance upon the death of …
Penalty Protection Opinions And Advisor Conflicts Of Interest, David T. Moldenhauer
Penalty Protection Opinions And Advisor Conflicts Of Interest, David T. Moldenhauer
Akron Tax Journal
This article has five parts. The second part describes the statutory and regulatory standards for taxpayers seeking to rely on tax advice to avoid penalties. The third part describes the cases where a taxpayer has sought to rely on the opinion of a tax advisor with a conflict of interest. Those cases involve three types of situations: (1) tax advisors acting as promoters or brokers of a tax shelter; (2) tax advisors with referral arrangements with tax shelter promoters; and (3) tax advisors that are developers or implementers of a tax strategy. Typically, in the first two types of situations, …
Achieving Meaningful Civil Tax Penalty Reform And Making It Stick, Jeremiah Coder
Achieving Meaningful Civil Tax Penalty Reform And Making It Stick, Jeremiah Coder
Akron Tax Journal
This essay examines the historical use of penalties within the tax code, reviews a number of reports that led to the last round of significant penalty reform legislation, and considers existing problems of penalty administration. Several proposals are outlined to ensure that if and when Congress acts to simplify and revise the penalty regime, the reforms will have lasting impact. Part II covers the growth of penalties in the tax system from its original simple form through its significant expansion to the time that the IRS and Congress worked to cut back the complexity of the civil tax penalty regime …