Taxation-Federal Commons^™

The National Association Of Women And The Law : Pre-Budget Submission To The Standing Committee On Finance, House Of Commons, Lisa Philipps

Commissioned Reports, Studies and Public Policy Documents

No abstract provided.

The Irs As Super Creditor, Steve R. Johnson

Scholarly Publications

The IRS is a super creditor in the sense that its efforts to collect tax debts are free of restrictions imposed by state law on other creditors. This principle is no novelty. Several recent developments, though, have involved interesting applications of it. Part I of this article explains the principle. Part II examines recent applications of it.

Federal Taxation, Suellen M. Wolfe, Jennifer N. Moore

Mercer Law Review

The Eleventh Circuit Court of Appeals examined prominent and controversial tax issues during 2000. The technically difficult concept of cancellation of indebtedness income as it relates to the basis of a Subchapter S shareholder's interest was examined just prior to the United States Supreme Court's interpretation of this tax concept. The Supreme Court agreed with the interpretation of Internal Revenue Code ("I.R.C.") section 1366 espoused by the Eleventh Circuit. The Eleventh Circuit also examined an issue that the Supreme Court may soon consider when the circuit court followed the lead of an early 2000 Tax Court case examining the tax …

Rendering Unto Caesar Or Electioneering For Caesar--Loss Of Church Tax Exemption For Participation In Electoral Politics, Alan L. Feld

Faculty Scholarship

The restriction on church participation in political campaigns contained in the Internal Revenue Code operates uneasily. It appears to serve the useful purpose of separating the spheres of religion and electoral politics. But the separation often is only apparent, as churches in practice signal support for a particular candidate in a variety of rays that historically have not cost them their exemptions. Although the limited enforcement by the Internal Revenue Service has reflected the sensitive nature of the First Amendment values present, the federal government should provide more formal elaboration by statute or regulation. Focus on the use of funds …

Wells Fargo & Co. And Subsidiaries V. Commissioner: Rethinking The Deductibility Of Certain Pre-Merger Expenditures, Jeffery R. Atkin

Brigham Young University Journal of Public Law

No abstract provided.

Grantor Trusts And Income Tax Reporting Requirements: A Primer, Bridget J. Crawford

Elisabeth Haub School of Law Faculty Publications

In the last decade, grantor trusts have become a cornerstone of many sophisticated estate plans. Although clients and their advisors employ grantor trusts with great frequency and success, few taxpayers and not all estate planning professionals are fully conversant with the income tax reporting requirements for grantor trusts. Some erroneously assume that because grantor trusts are "ignored" for purposes of calculating taxable income, they are also ignored for purposes of reporting taxable income. this is not always the case, however. This article explains the complex rules with which taxpayers and their advisors must comply for reporting income of grantor trusts. …

Taxation Of An Attorney's Contingency Fee Of A Punitive Damages Recovery: The Srivastava Approach, Benjamin C. Rasmussen

Brigham Young University Journal of Public Law

No abstract provided.

An Obituary Of The Federal Estate Tax, M C. Mirow, Bruce A. Mcgovern

Faculty Publications

The authors adopt the genre of the obituary to discuss the development and present condition of the Federal Estate Tax. Using this form of descriptive narrative, the authors present a concise summary of the most important changes in the tax over the past eighty-five years.

Prohibiting The Deduction For Non-Corporate Tax Deficiency Interest: When Treasury Goes Too Far, 34 J. Marshall L. Rev. 557 (2001), William G. Andreozzi

UIC Law Review

No abstract provided.

Anatomy Of Valuing Stock In Closely Held Corporations: Pursuing The Phantom Of Objectivity Into The New Millennium, Stephen J. Leacock

Faculty Scholarship

No abstract provided.

Recent Developments In Federal Income Taxation: The Year 2000, Ira B. Shepard, Martin J. Mcmahon Jr.

UF Law Faculty Publications

This recent developments outline discusses, and provides context to understand the significance of, the most important judicial decisions and administrative rulings and regulations promulgated by the Internal Revenue Service and Treasury Department during 2000 - and sometimes a little farther back in time if we find the item particularly humorous or outrageous. Most Treasury Regulations, however, are so complex that they cannot be discussed in detail and, anyway, only a devout masochist would read them all the way through; just the basic topic and fundamental principles are highlighted. Amendments to the Internal Revenue Code generally are not discussed except to …

Rulemaking, Michael Herz

Articles

No abstract provided.

An Analysis Of The Irs’S Voluntary Disclosure Policy, Allen Madison

Faculty Publications

When a taxpayer files a fraudulent return but amends it before the IRS begins a criminal investigation, the IRS has a long-standing policy that it will not refer that taxpayer to the Department of Justice for prosecution. This policy is known as the Voluntary Disclosure Policy. Such a policy allows taxpayers who have fallen off the tax rolls to get right with the government, which in turn helps the government by increasing revenues without the expense of investigation and enforcement. Over the Policy's history, the IRS has tinkered with it, at times keeping it in written form and at other …

Protecting The Tax-Exempt Status Of Housing Developers Participating In Low-Income Housing Tax Credit Partnershps, Marni Hussong

Washington Law Review

The Low-Income Housing Tax Credit (LIHTC) is an important source of federal funding for developers of affordable housing for low-income persons. Although for-profit and nonprofit developers compete for credits, the federal government reserves ten percent of the credits for nonprofit, tax-exempt developers. Exempt developers often sell the credits to for-profit investors, forming a partnership through which the exempt organization develops the housing and the investors receive tax benefits in exchange for capital contributions. The partnership formation, however, may jeopardize the tax-exempt status of the nonprofit organizations and result in the partnership losing the LIHTC. To maintain exempt status, the Internal …

A Primer On The Sale Of Residence Tax Rules After The Proposed Regulations, Wayne M. Gazur

Publications

No abstract provided.

Federal Tax Collection Controversies In The Era Of Drye, Steve R. Johnson

Articles by Maurer Faculty

By "tax collection controversies," I mean cases in which it has been established that the taxpayer owes additional taxes, those taxes remain unpaid, and the IRS is attempting to enforce collection out of the taxpayer's assets. Such cases are numerous and involve attorneys in general legal practice as well as tax specialists. For example, the taxpayer may be your client for non-tax matters, and may expect you to handle her tax collection controversy as well. Or, your client may not be the taxpayer herself, but instead someone who co-owns property with the taxpayer. Your client expects you to make sure …

Corporate Bankruptcy: Treatment Of Filing Year Income Tax -- A Suggested Approach, Jacob L. Todres

Faculty Publications

(Excerpt)

The focus of this article is the proper treatment in a chapter 7 or 11 bankruptcy proceeding of the federal income tax incurred by a corporate debtor for the year in which the bankruptcy petition is filed, the so-called "straddle-year." Bankruptcy law requires that the straddle-year income tax be apportioned between the pre-petition and post petition portions of the year for priority purposes. Yet, neither the relevant statutes nor the reported cases provide a principled method of apportionment. Under relevant tax law there are only two possible methods of apportionment: (1) to apportion ratably over time; or (2) to …

A Quiet Faith? Taxes, Politics, And The Privatization Of Religion, Richard W. Garnett

Journal Articles

The government exempts religious associations from taxation and, in return, restricts their putatively political expression and activities. This exemption-and-restriction scheme invites government to interpret and categorize the means by which religious communities live out their vocations and engage the world. But government is neither well-suited nor to be trusted with this kind of line-drawing. What's more, this invitation is dangerous to authentically religious consciousness and associations. When government communicates and enforces its own view of the nature of religion - i.e., that it is a private matter - and of its proper place - i.e., in the private sphere, not …

Hester Prynne, Lydia Bennet, And Section 306 Stock: The Concept Of Tainting In The American Novel, The British Novel, And The Internal Revenue Code, Stephen B. Cohen, Stephen B. Cohen

Georgetown Law Faculty Publications and Other Works

Did Nathaniel Hawthorne's novel, The Scarlet Letter, inspire Section 306 of the Internal Revenue Code? This code provision adopts a peculiarly Hawthorne-like solution to a tax avoidance scheme known as the "preferred stock bailout." Section 306 taints the stock used in the scheme as "Section 306 stock." Special rules then govern all subsequent dispositions of the tainted stock. With its concept of a taint that can dog a stock from acquisition to disposition, Section 306 might have been designed by a novelist rather than a tax technician.

The U.S. Treasury's Subpart F Report: Plus Ça Change, Plus C'Est La Même Chose?, Reuven S. Avi-Yonah

Articles

On 29 December 2000, the U.S. Treasury Department released its long-awaited study of Subpart F, entitled “The Deferral of Income Earned through U.S. Controlled Foreign Corporations." This study was commenced in the aftermath of the controversy that ensued from the issuance and subsequent withdrawal of Notice 98-11. The study was originally expected to be issued in 1999 in response to the report published that year by the National Foreign Trade Council, which advocated significant changes in Subpart F. The Treasury Study’s delayed issuance at the end of the Clinton Administration means that it only has (at best) persuasive force for …

Making Sense Of U.S. International Taxation: Six Steps Toward Simplification, Reuven S. Avi-Yonah

Articles

The Joint Committee on Taxation of the U.S. Congress issued a three-volume study in April 2001 entitled Study of the Overall State of the Federal Tax System and Recommendations for Simplification. Among the more than 100 recommendations of the Joint Committee Study, ten relate to international taxation. Of these, only one can be regarded as achieving significant simplification – the proposal to reduce the number of antideferral regimes from six to two. The other recommendations were limited to relatively minor changes of detail in various international provisions. Even these small steps toward simplifying the notoriously complex U.S. international tax …

Equity And The Article I Court: Is The Tax Court's Exercise Of Equitable Powers Constitutional?, Leandra Lederman

Articles by Maurer Faculty

Article I courts are the other federal courts, infrequently studied despite their important role in the judiciary. This article focuses on the United States Tax Court, an Article I court that hears approximately 95 percent of litigated federal tax cases. The article argues that the Tax Court's current tendency to apply equitable doctrines when necessary to avoid harsh outcomes dictated by statute lacks constitutional authority. First, the article examines the role of Article I courts in the federal judicial system and under the Constitution. Next, it considers the historical and modern meanings of equity and equitable powers in the context …

Are There Procedural Deficiencies In Tax Fraud Cases? A Reply To Professor Schoenfeld, Leandra Lederman

Articles by Maurer Faculty

No abstract provided.

Deferral: Consider Ending It Instead Of Expanding It, J. Clifton Fleming Jr.

Faculty Scholarship

No abstract provided.

Investing For After-Tax Returns: An Overview, Anne B. Shumadine

William & Mary Annual Tax Conference

No abstract provided.

Recent Developments In Federal Income Taxation, Ira B. Shepard, Martin J. Mcmahon Jr.

William & Mary Annual Tax Conference

No abstract provided.

Preslar V. Commissioner: Debt-Discharge Income And Its Rationale, Chad J. Pomeroy

BYU Law Review

No abstract provided.

After Drye: The Likely Attachment Of The Federal Tax Lien To Tenancy-By-The-Entireties, Steve R. Johnson

Scholarly Publications

On December 7, 1999, the United States Supreme Court unanimously decided Drye v. United States, a case likely to be a landmark in federal tax lien law. Drye clarified what had been muddied by previous Supreme Court and lower court decisions: the proper relation between state law and federal law in tax lien attachment cases. That clarification will permit-indeed, compel-greater analytical precision as future courts address tax lien cases. This Article discusses one such line of cases.

It has long been the rule that the federal tax lien does not attach to tenancy-by-the entireties interests when (1) only one of …

The Death Of The Income Tax (Or, The Rise Of America’S Universal Wage Tax), Edward J. Mccaffery

Indiana Law Journal

The killing of the income tax has not been open and notorious: such is not the style of contemporary politics. As with other markers of progressive social policy—the promises of universal health care, Obamacare, come to mind6—the income tax is dying a death by stealth, albeit stealth played out in plain view. The plot lines of the tragedy are apparent. The individual “income” tax has been split in two. One tax, for the masses, is a simple, increasingly formless wage tax. This wage/income tax adds higher brackets onto the payroll tax, the model toward which the wage/income tax aims, to …

Bad Drafting - A Case Study Of The Design And Implementation Of The Income Tax Subsidies For Education, Glenn E. Coven

Faculty Publications

No abstract provided.