Tax Law Commons^™

Debt Instruments' Tax Treatment In Corporate Mergers And Acquisitions, Tae Oon Jang

LLM Theses and Essays

The increase of merger and acquisition(M&A) activity since 1992 has resulted mainly from a domestic economic recovery. The current M&A trend shows that M&A is still an important means of enhancing many corporations' competitive power and of stimulating growth in such areas as computer software and services, wholesale and distribution, miscellaneous services, banking and finance, and leisure and entertainment. Fundraising for mezzanine-fund financing, which reflects investors' foresight about current and future M&A trends, has also seen rapid growth. After the Tax Reform Act of 1986 and the repeal of the General Utilities doctrine, the elimination of the capital gain preference …

The Limited Liability Company: A Catalyst Exposing The Corporate Integration Question, Susan Pace Hamill

Michigan Law Review

The rise of the domestic limited liability company (LLC) from obscurity to its present position as a viable, mainstream alternative to the corporation or partnership was met with enormous enthusiasm by the business community and the practicing bar. First introduced by the State of Wyoming in 1977 and recognized by the Internal Revenue Service (IRS) as a partnership for federal income tax purposes in 1988, the LLC offers for the first time a domestic entity that combines the tax advantages of a partnership with limited liability protection for all members, an advantage commonly associated with corporations. The advantages of the …

Hyperlexis And The Loophole, Walter D. Schwidetzky

Oklahoma Law Review

No abstract provided.

Faculty Spotlight - Kyle D. Logue, Kyle D. Logue

Articles

Most of my teaching and research efforts are currently spent in two general fields of law - taxation and insurance. Which raises an interesting question: Why would a rational person decide to devote a good portion of his academic career to areas of law that many people - lawyers and nonlawyers alike - find painfully boring and unreasonably complicated? The ta and insurance lawyers in the audience, of course, already know the answer - that ta ation and insuran e are e ceptionally interesting topics and that, if one wants to understand how the real world works (in particular, the …

Tax Transitions, Opportunistic Retroactivity, And The Benefits Of Government Precommitment, Kyle D. Logue

Articles

What if the current federal income tax laws were repealed and replaced with a simple flat tax? What if the entire Internal Revenue Code (with its graduated rates and countless deductions, exclusions, and credits) were scuttled in favor of a broad-based consumption tax? Only a few years ago, such proposals would have seemed radical and extremely unlikely to be adopted. But times are changing. Calls for a drastic overhaul of the Internal Revenue Code have become commonplace, even at the highest levels in the tax-policy community. In addition, proposals that would replace the income tax with a flat-rate broad-based consumption …

Ethical Issues In Tax Practice, Robert I. Brauer, James P. Holden

William & Mary Annual Tax Conference

No abstract provided.

Planning Opportunities Remain Under The Final Partnership Allocation Rules For Contributed Property, Michael G. Frankel, Leslie H. Loffman, Sanford C. Presant

William & Mary Annual Tax Conference

No abstract provided.

Meeting With Irs Regarding Partnership Issues In Developing Section 1017 Regulations, Blake D. Rubin

William & Mary Annual Tax Conference

No abstract provided.

Partnership Workouts: Problems And Solutions Under Final Section 704(B) And 752 Regulations, Michael G. Frankel, Charles H. Coffin

William & Mary Annual Tax Conference

No abstract provided.

The Tax Treatment Of Environmental Cleanup Costs, Blake D. Rubin, Seth Green, Katherine P. Rosefsky

William & Mary Annual Tax Conference

No abstract provided.

Focus On Capitalization V. Deductibility - Environmental Remediation, Stefan F. Tucker

William & Mary Annual Tax Conference

No abstract provided.

Allocation Of Nonrecourse Liabilities: Irs Takes Two Steps Forward, One Back, J. D. Dell, Michael G. Frankel, Leslie H. Loffman, Sanford C. Presant, Blake D. Rubin

William & Mary Annual Tax Conference

No abstract provided.

Taxation Of Damages After Schleier - Where Are We And Where Do We Go From Here?, Douglas A. Kahn

Articles

This article will examine the reasoning of the Schleier decision and speculate as to how taxation of pre-1996 damages will likely apply in light of Schleier. First, the article will set forth a very brief history of the judicial and administrative constructions of the statutory exclusion, and explore tax policy justifications for providing an exclusion from gross income for certain damages. These latter two items (set forth in Parts II and III of this article) are areas that have been extensively addressed previously by several commentators, including the author of this article.' The reason for exploring tax policy issues is …

The Limited Liability Company Experiment: Unlimited Flexibility, Uncertain Role, Wayne M. Gazur

Publications

No abstract provided.

Partnership Profits Share For Services: An Aggregate Exegesis Of Revenue Procedure 93-27 (Part 1), John W. Lee

Faculty Publications

In this article, Lee charts two alternative methods for implementing an aggregate solution to the problem of partnership profits share exchanged for services. The functional, or judicial, method, he explains, is to handle (1) the exchange of partner-capacity services for a profit share subject to the risk of the venture with the Culbertson "common law relation of partnership," nonrealization event doctrine, implicitly contemplated by the 1984 legislative history to section 707(a)(2); (2) the classic Diamond transitory partner with a substance-over-form rule or step-transaction rule; and (3) a sale of the partnership interest in circumstances that would result in ordinary income …

Section 338 And Its Foolish Consistency Rules - The Hobgoblin Of Little Minds, Douglas A. Kahn

Articles

The purposes of this Article are to examine whether there is any longer a reason for concern because a target corporation can choose selected assets for nonrecognition and to what extent the 1994 regulations properly deal with potentially abusive circumventions of tax goals. Before examining the current status of the consistency requirements, the historical background that led to the adoption of Section 338 and the operation of the section is discussed. The historical background includes: the judicially created Kimbell-Diamond rule, the codification and modification of that rule by the old version of Section 334(b)(2), the operation of the old version …

Tax Treatment Of Contingent Liabilities: The Need For Reform, Ellen H. De Mont

University of Richmond Law Review

The proper tax treatment of the assumption of deductible and nondeductible contingent liabilities' for both the buyer and seller in transactions involving taxable asset acquisitions is currently under debate. Case law precedents and the current state of the law are contradictory or, at best, uncertain. Authority on the buyer's side in particular is undefined and authority on the seller's side is sparse. From a tax policy perspective, it is desirable to avoid rules that yield inconsistent results. A healthy economy depends in part upon businesses being able to make decisions based upon expected tax consequences, and currently, a comfortable level …

The Morality Of Money: American Attitudes Toward Wealth And The Income Tax, Marjorie E. Kornhauser

Indiana Law Journal

No abstract provided.

Redemptions Incident To Divorce: Reconciling Section 1041 And General Tax Principles, Leandra Lederman

Articles by Maurer Faculty

No abstract provided.

The Double Standard Under Section 162: Why The Employee Business Deduction Is No Longer For Employees, Cheryl A. Cunagin

Kentucky Law Journal

No abstract provided.

Miscellaneous Revenue Issues: Hearings Before The Subcommittee On Select Revenue Measures Of The Committee On Ways And Means, House Of Representatives, One Hundred Third Congress, First Session, Charles B. Rangel, Mel Hancock, Stefan F. Tucker, B. Wyckliffe Pattishall Jr., Howard J. Levine, John W. Lee

Congressional Testimony

No abstract provided.

Common Misconceptions: The Function And Framework Of "Trade Or Business Within The United States", Nancy H. Kaufman

Vanderbilt Journal of Transnational Law

In this Article, Professor Kaufman examines the administrative and jurisdictional functions of the Internal Revenue Code's term "trade or business within the United States" in the taxation of foreign persons' income and the existing framework established for the term's interpretation. The author contends that the courts, by relying on two common misconceptions of the term, have made the term's application unpredictable. The author further believes that defining the term according to its functions would serve United States tax policy and economic interests. This definition would focus primarily on facts indicating an ongoing commitment to participation the United States economy. The …

Intangible Asset Depreciation: Newark And Section 197, Kenneth W. Gideon

William & Mary Annual Tax Conference

No abstract provided.

Compensatory And Punitive Damages For A Personal Injury: To Tax Or Not To Tax, Douglas A. Kahn

Articles

Since the adoption in 1919 of the Revenue Act of 1918, damages received on account of personal injuries or sickness have been excluded by statute from gross income.1 This exclusion, which does not apply to reimbursements for medical expenses for which the taxpayer was previously allowed a tax deduction,2 is presently set forth in section 104(a)(2). One might expect that a provision having recently attained the ripe age of 75 years without change in its basic language would have a settled meaning. However, recent litigation under section 104(a)(2) bristles with unsettled issues. Does the exclusion apply to punitive damages? To …

Planning Opportunities After Chapter 14 (Section 2701 And 2702), Frederic A. Nicholson

William & Mary Annual Tax Conference

No abstract provided.

The Like-Kind Exchange Of Partnership Interests Under Irc Section 1031(A)(2)(D): An Historical Analysis Of Alternative Approaches, Vincent John Piazza

University of Richmond Law Review

Before the Tax Reform Act of 1984, general partnership interests were considered like-kind property which could be exchanged tax-free under Internal Revenue Code ("IRC") section 1031(a). Prior to 1984, the Internal Revenue Service ("IRS") had tried unsuccessfully to convince the courts that the parenthetical clause of section 1031(a), which excludes certain exchanges of interests from the definition of like-kind property, encompassed all types of equity interests. Since the IRC did not specifically exclude partnership interests, judges were very reluctant to adopt the IRS's over-expansive reading of the statute. After making very little headway with the courts, the IRS and treasury …

Section 382: Net Operating Loss Carryovers In Corporate Acquisitions, Peter L. Faber

William & Mary Annual Tax Conference

No abstract provided.

The Affiliated Management Group And Code § 414(M), Robert M. Reed

William & Mary Annual Tax Conference

No abstract provided.

Food For Thought And Thoughts About Food: Can Meals And Lodging Provided To Domestic Servants Be For The Convenience Of The Employers?, Erik M. Jensen

Indiana Law Journal

No abstract provided.

A Comprehensive Attack On Tax Deferral, Mary Louise Fellows

Michigan Law Review

This article explores the operation of T ARET and demonstrates that it produces economic neutrality and fairness among taxpayers, while simplifying the tax system by eliminating the need for provisions designed to reduce deferral advantages or ameliorate the inequities created by the realization-event rule. Finally, even if one decides that TARET should not be implemented, considering its operation provides a useful and quite different perspective on tax policy and taxing issues. In Simons' words, exploring the T ARET model allows us "to consider fruitfully the problem of bettering the system of presumptions."

Part I establishes the foundation for the time-adjustment …