Taxation-Federal Estate and Gift Commons^™

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

The Contemporary Tax Journal

No abstract provided.

When Should Bitcoin Be Subject To Fbar?, Arash Kiadeh

The Contemporary Tax Journal

No abstract provided.

Repeal The Alternative Minimum Tax, Branden Wilson

The Contemporary Tax Journal

No abstract provided.

Valuation, Values, Norms: Proposals For Estate And Gift Tax Reform, Bridget J. Crawford

Elisabeth Haub School of Law Faculty Publications

In their contributions to this Symposium, Professor Joseph Dodge, Professor Wendy Gerzog, and Professor Kerry Ryan offer concrete proposals for improving the existing estate and gift tax system. Professor Dodge and Professor Gerzog are especially interested in accuracy in valuation, and advance specific proposals with respect to split-interest transfers and family limited partnerships. Professor Dodge makes an additional proposal to improve the generation-skipping transfer tax system, an understudied area of the law. Professor Gerzog's Symposium contribution draws particular attention to the legal fiction on which the estate and gift tax marital deductions rely. She would restrict the availability of the …

Lack Of Marketability And Minority Discounts In Valuing Close Corporation Stock: Elusiveness And Judicial Synchrony In Pursuit Of Equitable Consensus, Stephen J. Leacock

Faculty Scholarship

No abstract provided.

Oklahoma Tax Commission V. United States: Death Taxes On Restricted Indian Personalty, Thomas Simmons

Faculty Publications

No abstract provided.

Why Tax Wealth Transfers?: A Philosophical Analysis, Jennifer Bird-Pollan

Law Faculty Scholarly Articles

The one-hundredth anniversary of the estate tax provides an ideal moment to reflect on the role of wealth transfer taxation in the larger scheme of the U.S. tax system. Wealth and income inequality are at historically high levels, and the responses to these issues are often reduced to a simplistic political dichotomy of “right” versus “left.” The multitude of views of the American people cannot be reduced to such simple generalities without losing important nuances. This Article identifies three general categories of political philosophical viewpoints that are commonly endorsed by both politicians and everyday Americans, and then examines the current …

Utilitarianism And Wealth Transfer Taxation, Jennifer Bird-Pollan

Law Faculty Scholarly Articles

This article is the third in a series examining the continued relevance and philosophical legitimacy of the United States wealth transfer tax system from within a particular philosophical perspective. The article examines the utilitarianism of John Stuart Mill and his philosophical progeny and distinguishes the philosophical approach of utilitarianism from contemporary welfare economics, primarily on the basis of the concept of "utility" in each approach. After explicating the utilitarian criteria for ethical action, the article goes on to think through what Mill's utilitarianism says about the taxation of wealth and wealth transfers, the United States federal wealth transfer tax system …

Irwin V. Gavit: Income Is (Sometimes) In The Eye Of The Beholder, William P. Lapiana

Articles & Chapters

No abstract provided.

Cross-Deductions In The Net Investment Income Tax Imposed On A Trust Or Estate With Separate Shares, Michael T. Yu

Faculty Scholarship

Part I of this article first provides a general overview of §§ 1411 and 663(c) and the interaction between them and the respective regulations thereunder and then proposes a revised regulation to clarify the relationship between and among the two sections and their regulations. Part II discusses the possibility of certain cross-deductions under § 1411, in conjunction with §§ 661, 662, and 663(c). Finally, Part III presents and discusses a proposed calculation and allocation, to the separate shares of a trust or estate, of income and deduction items entering into the computation of NII and DNI of the trust or …

Toward A Reality-Based Estate Tax, Wendy C. Gerzog

All Faculty Scholarship

Currently, the estate tax does not accurately value the property and transactions that it is meant to cover. Additionally, the marital and charitable deductions do not reflect actual associated transfers, instead skewing their benefits away from their purported beneficiaries. This Article proposes reforming the estate tax by eliminating these sources of unreality and distortion, and to make the current estate tax a reality-based tax. Through six specific proposals, the Article identifies solutions to the problems associated with testamentary transfers, puts forth alternative methods of valuation to prevent gaming of transfer taxes, and offers significant modifications to two deduction provisions.

Saving The Next Superman: An Alternative Approach To The Taxation Of Copyright Termination Rights, Benjamin Newell

Georgia Journal of Law & Technology

No abstract provided.

Crummey Delivers Another Knockout Punch To The Irs, Phyllis C. Taite

Other Faculty Publications

No abstract provided.

The Family Llc: A New Approach To Insuring Dynastic Wealth, Evan Michael Purcell

The Journal of Business, Entrepreneurship & the Law

This Article introduces the taxpayer to the basic background principles needed to understand the inner workings of the investment, then provides a guide to drafting considerations for the family's attorney, and concludes with a general plan to maintain business legitimacy and take advantage of tax-favored status, while retaining the flexibility essential to combating the unexpected. Part II addresses the historically favored tax treatment of life insurance products, as well as relatively recent restrictive reforms. Part III addresses the background foundation of the LLC entity and surveys its skeletal structure. Part IV introduces a practical example of how to create an …

Untangling The Strings: Transfer Taxation Of Retained Interests And Powers, Matthew A. Reiber

Akron Law Review

This Article takes a more sanguine approach: it acknowledges the utility of certain portions of these provisions to a functioning transfer tax system, but ultimately concludes that the current statutory scheme is overbroad in reach, clumsy in application, and therefore should be replaced with a single, stand-alone provision. Such a provision would require inclusion of property irrevocably transferred during life in which (a) the transferor retains an economic interest in the property, such as the right to use the property or to receive the income generated by the property, (b) the transferor pays gift tax at the time of transfer …

Front Matter

ACTEC Law Journal

No abstract provided.

Planned Parenthood: Adult Adoption And The Right Of Adoptees To Inherit, Richard C. Ausness

ACTEC Law Journal

This Article is concerned with the effect of adult adoptions on the inheritance rights (in the broad sense of that term) of adult adoptees. The Article contends many adult adoption statutes assume the existence of a parent-child relationship in which the adopter is the "parent" and the adoptee is a "child" even though this is not true of all adult adoption cases. In addition, legislatures and courts frequently fail to differentiate between "quasi-familial" adoptions and "strategic" adoptions, particularly where inheritance rights are concerned.

The Generation-Skipping Transfer Tax And Sociological Shifts In Generational Length: Proposing A Generation-Inflation Index For Taxation, Alyssa A. Dirusso

ACTEC Law Journal

No abstract provided.

Medicaid Planning For Long-Term Care: California Style, John A. Miller, Vanessa S. Stroud

ACTEC Law Journal

California's Medicaid program, "Medi-Cal", differs significantly from programs in other states. This article sets out the major distinctions between California's program and other state programs as applied to long term care for disabled seniors. It illustrates the major planning techniques that are employed throughout the country and also those techniques that are available only in California.

Medicaid is the means tested, cooperative state and federal program that pays for much of the nursing home and other long term care in the United States. California's uneven implementation of federal legislation regulating Medicaid over the last several decades has created many challenges …

Elaine Hightower Gagliardi On Proving Estate And Gift Tax Value: Evolving Lessons From Recent Cases, Elaine H. Gagliardi

Faculty Journal Articles & Other Writings

The term, “fair market value,” proves one of the most litigated in the Federal estate and gift tax code. Value lies in the eyes of the appraiser, often resulting in wide disparities between the Service’s and taxpayer’s appraised values.2 The underlying assumptions, and at times the legal principles, on which an appraisal rests can vary greatly based on the particular asset and the appraisal method. The Tax Court claims wide latitude in deciding an asset’s value, reserving the right to draw from each appraisal submitted as it deems appropriate to arrive at ultimate value based on a preponderance of the …

Contractual Wills: Misplaced Marital Loyalties: Eunsuing Litigation: Increased Federal Estate Taxes, Addison E. Dewey

Akron Law Review

A MYSTIFYING PLETHORA OF RECENT CASES indicates that husbands and and wives seem to be placing much more euphoric confidence in the judicial enforcement of their contractual wills than they do in unbargained-for assurances by the spouse that the provisions of such will never be changed. Many cases indicate that married couples feel that while mutual trust and confidence may be a revered tradition resulting from matrimonial bliss, they prefer to superimpose upon testamentary dispositions of their estates the common law concept of contract as an agreement which the courts will enforce. The repeated pattern of the various cases is …

Nontaxable Transfers; Interest-Free Loans; Crown V. Commissioner, Linda Haught Robb

Akron Law Review

"INTEREST-FREE FAMILY LOANS remain outside the purview of the federal estate and gift tax statutes despite the recent efforts of the Internal Revenue Service to convince the judiciary that, in such loans, the fair market value of the foregone interest is a gift. This is an extrapolation of the Service's efforts to find income to the recipient in other interest-free money situations. In light of the Service's limited activity in dealing with tax consequences of the interest-free loans, the Seventh Circuit's decision in Crown v. Commissioner' will be an important reference for estate and tax planning. Doubtlessly, the Service will …

Revenue Act Of 1978, Merlin G. Briner

Akron Law Review

"THE REVENUE ACT OF 1978 is a continuation of Federal Income Tax Developments: 1978 which appeared in the Fall, 1978 issue of the AKRON LAW REVIEW. This survey examines the substantive changes in federal tax law resulting from the passage of the Revenue Act of 1978 and other legislation. This author has again engaged the most able assistance of several members of the AKRON LAW REVIEW. Without their substantial contributions and complete dedication, this article would not have been possible. Special appreciation is extended to Linda Robison for her dedicated efforts."

Individual, Couple Or Family? The Unit Of Taxation For Transfer Tax Purposes: A Shifting Focus, Anne-Marie Rhodes

Akron Law Review

This paper examines the shifting focus of the transfer tax system from the perspectives of the articulated primary purpose for the taxes and the appropriate unit of taxation given that purpose. The historical progression shows that as a sense of purpose became less clear, the unit of taxation similarly became less focused.

United States Trust Co. V. I.R.S., Scott D. Brackett

Akron Law Review

During the course of its administration, an estate may receive income that is subject to federal income tax. When, and if, an estate receives such income the executor is faced with the task of filing the estate's income tax return along with a number of related considerations. One of the more important considerations is the allocation of the burden of such tax between the beneficiaries of the estate and the estate itself.

Subchapter J of the Internal Revenue Code provides the mechanism to allocate that burden between the beneficiaries and the estate. Generally, Subchapter J attempts to allocate the tax …

Taxation Expatrition: Will The Fast Act Stop Wealthy Americans From Leaving The United States?, Beckett G. Cantley

Akron Law Review

In the wake of September 11, 2001, several influential lawmakers have sought to pass tax legislation that would reduce the tax benefits that may result from an American citizen expatriating to a foreign nation. According to these congressional critics, certain wealthy American citizens are willing to relinquish their United States citizenship to save taxes (“tax expatriates”). The last major attempt to prevent tax expatriation was undertaken in 1995 when Internal Revenue Code (“I.R.C.”) § 877 was enacted. Several congressional critics have charged that I.R.C. § 877 is being easily circumvented by tax expatriates and their advisors. To stem the tide …

The Contemporary Tax Journal Volume 5, No. 1 – Spring/Summer 2015

The Contemporary Tax Journal

No abstract provided.

An Ounce Of Planning Is Worth A Pound Of Litigation Prevention, Phyllis C. Taite

Other Faculty Publications

No abstract provided.

An Introduction To Conservation Easements In The United States: A Simple Concept And A Complicated Mosaic Of Law, Nancy Mclaughlin, Federico Cheever

Utah Law Faculty Scholarship

The idea of a conservation easement – restrictions on the development and use of land designed to protect the land’s conservation or historic values – can be relatively easily understood. More significant and more challenging is the complex body of state and federal laws that shapes the creation, funding, tax treatment, enforcement, modification, and termination of conservation easements.

The explosion in the number of conservation easements over the past four decades has made them one of the most popular land protection mechanisms in the United States. The National Conservation Easement Database estimates that the total number of acres encumbered by …

Tax Planning: Foreign Investment In United States Real Property, William H. Newton Iii

Georgia Journal of International & Comparative Law

No abstract provided.