Taxation-Federal Commons^™

Has The 1976 Tax Reform Act Injected A Gain-Seeking Requirement Into Section 166?, J. Clifton Fleming Jr.

Faculty Scholarship

No abstract provided.

Tax Superiority In Bankruptcy—A Study Of Business Bankruptcy Distributions In The Southern And Western Districts Of New York, Peter D. Wolfson

Buffalo Law Review

No abstract provided.

Capital Gains As Well As Ordinary Income Absorb Net Operating Loss Deductions, Neal Weinberg

Mercer Law Review

In United States v. Foster Lumber Co., the U.S. Supreme Court, in a 5-4 decision, held that a § 1722 net operating loss deduction is absorbed by both ordinary and capital gains portions of taxable income, even though it does not reduce capital gains subject to tax in the §1201 alternative tax method.

Carter's Projected "Zero-Based" Review Of The Internal Revenue Code: Is Our Tax Code To Be "Born Again"?, L. Hart Wright

Michigan Law Review

The evolution of today's Internal Revenue Code, which began with the mere embryo that Congress created in 1913, has absorbed over the ensuing sixty-four years more creative energy on the part of more co-authors than any other law in history. Despite this unstinted expenditure of "blood, sweat, and tears," the resulting document--were it possessed of human senses--would recognize that, for a foreseeable period, its life will be anything but serene. The plight in which it would find itself could even be compared to that early morning scene observed one hundred years ago by General Custer, when hostile forces were massed …

Recent Interpretations Of The "Meaningful Reduction" Test Of I.R.C. Section 302(B)(L), Boyd C. Randall

BYU Law Review

No abstract provided.

The Continued Vaildity Of The Supreme Court's Broad Approach To Income In James V. United States, William B. Barker

Buffalo Law Review

No abstract provided.

Sales And Other Dispositions Of Property Under Section 1001: The Taxable Event, Amount Realized And Related Problems Of Basis, Louis A. Del Cotto

Buffalo Law Review

No abstract provided.

Distributions In Kind And The Dividends Paid Deduction-Conflict In The Circuits, Dwight Drake

BYU Law Review

No abstract provided.

Partnership Allocations And Tax Reform, Donald J. Weidner

Florida State University Law Review

No abstract provided.

Deduction Of Traveling Expenses By The Two-Worker Family -- An Inquiry Into The Role Of The Courts In Interpreting The Federal Tax Law, William D. Popkin

Articles by Maurer Faculty

Professor Popkin urges that courts interpret section 162 of the Internal Revenue Code, which permits a deduction for business expenses, also to permit a two-worker family to deduct that part of their transportation costs and living expenses attributable to a second job. After tracing the current state of the law, he contends that the implicit assumption of the Code-that married taxpayers live together and constitute a single consumption unit-should allow deduction of some commuting costs and living expenses, much as a single taxpayer is allowed a deduction for transportation to and living expenses at a secondary place of business. Last, …

Assessing Internal Revenue Service Jeopardy Procedures: Recent Legislative And Judicial Reforms, Margaret M. Armen

Cleveland State Law Review

Recent events have led thoughtful citizens, jurists, and Congressmen to question the wisdom of allowing the Internal Revenue Service (Service) to assess and collect taxes without prior judicial hearing in those instances in which the revenue is thought to be "in jeopardy." Congress and the Supreme Court have made significant reforms which strengthen a taxpayer's rights against Service intransigence or arrogance with respect to jeopardy assessments. The reforms, the abuses which prompted them, and suggestions for future congressional action are the subject of this Note.

Recognition Under Section 501(C)(3) Of The Internal Revenue Code As A Prerequisite To Arts Grants: A Special Problem For Literary Publishers And Art Galleries, Michael E. Skindrud

Cleveland State Law Review

This Article will examine the origin and impact of section 501(c)(3)recognition as a prerequisite to arts grants. Arts organizations which have the most difficulty obtaining recognition under section 501(c)(3) include small presses and literary magazines, organizations which assist visual artists with marketing, and certain arts service organizations. Their special problems in obtaining recognition will be examined. This Article suggests the appropriate test for recognition of exemption under section 501(c)(3) for organizations whose sole activity is a business which furthers their exempt purposes. This includes most small presses and literary magazines. The appropriate test is whether an exempt purpose, or profit, …

Incorporating A Cash Basis Business: The Problem Of Section 357©

Washington and Lee Law Review

No abstract provided.

New Developments In The Taxation Of Real Estate Partnerships, Michael T. Madison

Faculty Publications

No abstract provided.

Eliminating The Capital Gains Preference. Part Ii: The Problem Of Corporate Taxation, Michael J. Waggoner

Publications

No abstract provided.

Eliminating The Capital Gains Preference. Part I: The Problems Of Inflation, Bunching And Lock-In, Michael J. Waggoner

Publications

No abstract provided.

Federal Taxation Of The Assignment Of Life Insurance, Douglas A. Kahn, Lawrence W. Waggoner

Articles

The most litigated estate tax issue concerning life insurance is whether the proceeds should be included in the insured's gross estate. This question usually is governed by section 2042 of the Internal Revenue Code of 1954, the estate tax provision directed specifically at life insurance. While the Tax Reform Act of 1976 wrought enormous changes in many areas of estate taxation, Congress did not change section 2042. Thus the several unresolved questions concerning the interpretation of that section remain unsettled. But the question of the includability of life insurance proceeds in the gross estate of the insured is not always …

Distributions In Kind And The Dividends Paid Deduction--Conflict In The Circuits, Dwight Drake

Articles

The dividends paid deduction provided for in section 561 of the Internal Revenue Code is of vital importance to any corporation that is subject to the accumulated earnings tax or the personal holding company tax. Either of these taxes, if applicable, is imposed in addition to the federal income taxes otherwise payable by the corporation.

Since the accumulated earnings tax is substantial and the personal holding company tax is downright confiscatory, a corporation must do whatever is necessary legally to avoid paying these additional taxes. A corporation subject to either of the taxes generally can avoid them only by taking …

Federal Income Taxation-Disallowance Of Surtax Exemption To Brother-Sister Corporations-Stock Ownership Test Under Sections 1551 And 1563 - Fairfax Auto Parts Of N. Va., Inc. V. Commissioner, James E. Skeen

BYU Law Review

No abstract provided.

Klein: Policy Analysis Of The Federal Income Tax, J. Clifton Fleming Jr.

BYU Law Review

No abstract provided.

Taxes--Constitutional Law--Nondiscriminatory Ad Valorem Tax Not Prohibited By Import-Export Clause, Michael F. Swick

Mercer Law Review

In Michelin Tire Corp. v. Wages the United States Supreme Court held that the assessment by the tax commissioners and tax assessors of Gwinnett County, Georgia, of a nondiscriminatory ad valorem property tax against petitioner's inventory of imported tires maintained at its wholesale distribution warehouse was not within the prohibition of the Import- Export Clause of the Constitution.

The Tax Reform Act Of 1975 And The Foreign Tax Area, Richard S. Lehman

University of Miami Inter-American Law Review

No abstract provided.

Federal Taxation--Credit Allowed For Foreign Social Security Payments, Ronald M. Mack

Mercer Law Review

In Revenue Ruling 69-338 the Internal Revenue Service held that certain compulsory contributions levied on the salary of a U.S. citizen employee under article 66 of the Venezuelan social security law were "an income tax which is creditable within the meaning of section 901 of the Code."

Section 901 requires that in order for a foreign tax to be creditable against U.S. income tax, it must be an income tax, a war profit tax, or an excess profits tax. Section 903 expands the concept by making certain taxes imposed in lieu of income taxes also creditable against U.S. income tax.

The Federal Taxation Of Options Investors: An Examination Of Sections 1091, 1233 And 1234 For Their Implications And Tax-Planning Potential, John A. Berry

Loyola University Chicago Law Journal

No abstract provided.

Federal Taxation Of Corporate Unifications: A Review Of Legislative Policy, Ulysses S. Crockett Jr.

Duquesne Law Review

Throughout most of the twentieth century, federal tax laws have permitted nonrecognition of gain in specified corporate reorganizations. This article traces the legislative history of the nonrecognition provisions and discusses some of their resulting economic effects. The author concludes that present tax treatment of mergers and other corporate unifications needs congressional reexamination.

Puttkammer V. Commissioner Of Internal Revenue, Robert English

Maryland Journal of International Law

No abstract provided.

Real Estate Tax Shelters: How To Tell A Good Deal From A Bad Deal, Marvin Kelner

Cleveland State Law Review

That the purpose of these comments is to impart basic knowledge to the legal or financial advisor who is asked to render advice to his (or her) client (who is assumed to be in at least the 50 percent marginal income tax bracket) on whether to invest in a particular real estate tax shelter syndication. Hopefully, this article will enable such an advisor to give an informed opinion regarding the investment without holding himself out as an expert in real estate tax shelters. The following are my views with respect to important standards against which one can test the desirability …

The Contribution Limitations For I.R.C. 403(B) Tax Sheltered Annuities After Erisa, Kevin E. Irwin

Cleveland State Law Review

This Comment will consider the contribution limitations imposed upon section 403(b) annuities before ERISA and then proceed to examine the present contribution limitations in depth. A grasp of the mechanics of calculating an employee's contribution limitations is indispensable to an understanding of the concepts involved. Examples will therefore be used throughout this Comment to illustrate the determination of these limitations.

United States V. Foster Lumber Co.: Net Operating Losses And Capital Gains - You Can Have Two, But You Only Get One, Robert M. Wilson

Cleveland State Law Review

In 1974 a conflict development among circuit courts over the application of the net operating loss carryback provisions of the Internal Revenue Code to years in which a corporate taxpayer enjoyed the benefit of the "alternative" method for the computation of the capital gains tax. In November 1976, the United States Supreme Court resolved the conflict in favor of the Internal Revenue Service in United States v. Foster Lumber Co. This Case Comment will analyze Foster Lumber, as well as some of the earlier conflicting decisions, in an effort to determine if the Supreme Court has effectively resolved the problem

Reconciling Business Purpose With Bail-Out Prevention: Federal Tax Policy And Corporate Divisions, Stephen B. Cohen

Georgetown Law Faculty Publications and Other Works

Corporate divisions-spin-offs, split-offs, and split-ups-unfortunately pose a more complex problem than Senator Humphrey's childlike vision would lead one to believe: the reconciliation of competing goals of maximizing business flexibility and minimizing tax avoidance. It is widely believed that divisions are essential to business planning; thus, tax-free treatment promotes business flexibility. Yet, an untaxed division may allow tax avoidance through "bail-out" of corporate earnings and profits at capital gain rates.