Taxation-Transnational Commons^™

Should Governments Play Robin Hood? The Effects Of The Repeal Of The Estate Tax On Wealth Apportionment, Mark Bernstein

Cardozo Journal of International and Comparative Law

The note explores the debate surrounding wealth disparity and the effectiveness of taxes, such as the estate tax and net wealth tax, in addressing this issue. It examines the historical and contemporary arguments for and against these taxes, drawing comparisons between the U.S. and countries like Japan, Sweden, and Switzerland. The analysis highlights the tension between reducing wealth inequality and maintaining economic growth, ultimately suggesting that a well-structured net wealth tax could be a viable solution to both redistribute wealth and generate revenue.

Fishing For Rainbows, The Fsc Repeal And Extraterritorial Income Exclusion Act, Stuart Smith

San Diego International Law Journal

On August 30, 2002, the final decision was released in the case of United States-Tax Treatment for "Foreign Sales Corporations". The World Trade Organization arbitration panel report authorizes the European Communities to levy $4.043 billion in annual trade sanctions against imports from the United States because of a provision in the U.S. tax code. "The FSC Repeal and Extraterritorial Income Exclusion Act of 2000", the most recent of 40 years worth of half-hearted attempts by the United States to comply with world trading body regulations, is the current offender. According to the arbitration panel, the act subsidizes foreign sales by …

A Broader View Of Corporate Inversions: The Interplay Of Tax, Corporate And Economic Implications, Orsolya Kun

ExpressO

Multinational corporations have, in substantial numbers, moved their corporate residence from the U.S. to Bermuda, for the purpuse of minimizing U.S. taxation on their worldwide income. This study reviews the forms of these "corporate inversion transactions," and explores their tax implications, as well as their corporate governance implications and motivations. It is the first scholarly study to examine the corporate governance implications of inversions, and it concludes that previously unexplored aspects of the change of corporate domicile result in substantial reduction of accountability of directors and officers and significant impediments to enforcement of shareholder rights.

The Once And Future Property Tax: A Dialogue With My Younger Self, Edward A. Zelinsky

Cardozo Law Review

No abstract provided.

For Haven's Sake: Reflections On Inversion Transactions, Reuven S. Avi-Yonah

Articles

This article discusses “inversion” transactions, in which a publicly traded U.S. corporation becomes a subsidiary of a newly established tax haven parent corporation. In the last three years, an increasing number of these transactions have been taking place, undeterred by the shareholderlevel tax imposed by the IRS on them in 1994. The article first discusses the reasons for the increasing popularity of the transactions and the tax goals they aim at achieving (primarily avoiding subpart F and U.S. earnings stripping). The article then discusses the tax policy implications of these transactions. In the short run, the article suggests that the …

The Interaction Of Tax And Non-Tax Treaties, Robert A. Green

Cornell Law Faculty Publications

This background note consists of two parts. Part one provides an overview of the extent to which tax matters are currently covered in non-tax treaties. This discussion focuses on the general agreement on tariffs and trade (GATT)/World Trade Organization (WTO) agreement and the North American free trade agreement (NAFTA) (which cover direct tax measures only to a limited extent) and the European Community (EC) treaty (which covers direct tax measures more broadly). Part two outlines the issues raised when tax matters are covered in non-tax treaties.

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 …

Customary International Law And State Taxation Of Corporate Income: The Case For The Separate Accounting Method, Chantal Thomas

Cornell Law Faculty Publications

No abstract provided.

The Future Of Source-Based Taxation Of The Income Of Multinational Enterprises, Robert A. Green

Cornell Law Faculty Publications

Taxation Issues Facing The Foreign Athlete Or Entertainer, Debra Dobray, Tim Kreatschman

NYLS Journal of International and Comparative Law

No abstract provided.

The Canadian White Paper On Sales Tax Reform And The Model Value Added Tax Statute For The United States: A Comparative Analysis, Alan Schenk

Law Faculty Research Publications

No abstract provided.

Income Taxation Of Social Security Benefits: Balancing Social Policy With Tax Policy, Christopher R. Hoyt

Faculty Works

No abstract provided.

Tax Accrual Workpapers: Protected By A Limited Privilege?, Patricia D. White

Articles

United States of America

v.

Arthur Young & Company and Amerada Hess Corporation

(Docket No. 82-687)

To be argued January 16, 1984

A New Export Policy: The Foreign Sales Corporation And State Unitary Taxation Of Foreign Source Income, Reed D. Rubinstein

Michigan Journal of International Law

Part I of this note will examine the structure of the FSC, and analyze its potential benefits in light of the Domestic International Sales Corporation (DISC) tax incentive. Part II discusses the use of the unitary tax as a disincentive to direct foreign investment by U.S. corporations. Finally, Part III outlines the new export policy based upon a combination of the FSC export incentive and state unitary taxation of foreign-source income. If implemented, this policy would increase export production and discourage direct foreign investment, thereby making a substantial contribution to U.S. economic well-being.

The Supreme Court's "Resolution" Of The Tax Accrual Workpapers Controversy, Diana Gillett Plotkin

Cardozo Law Review

No abstract provided.

International Tax Evasion: Spawned In The United States And Nurtured By Secrecy Havens, Allaire U. Karzon

Vanderbilt Journal of Transnational Law

The United States system of income taxation is predicated upon the voluntary self-assessment and payment of tax. Voluntary compliance, in turn, depends upon the confidence of United States citizens that the taxation system is basically fair, that the tax burden essential to maintain the government is shared by all in proportion to their net income, and that those who cheat are discovered and prosecuted. Circumstances that allow certain taxpayers to escape their proper tax liability successfully tempt others to seek tax evasion devices for themselves, and, more importantly, demoralize the conscientious majority who pay their just share of taxes but …

Federal Income Taxation Of Fine Art, Jeffrey C. Mccarthy

Cardozo Arts & Entertainment Law Journal

No abstract provided.

Do Chinese Income Taxes Qualify For The U.S. Foreign Tax Credit, Richard Pomp, Timothy A. Gelatt

Faculty Articles and Papers

The desirability of doing business in any foreign country may turn on the ability to avoid double taxation. This issue is a serious concern for foreign countries. For example, in China authorities have expressed a willingness to pursue a treaty specifically removing the problem of double taxation regarding a proposed petroleum or mineral exploitation tax. However, without such a treaty, U.S. taxpayers will be left with an important question: Will the Chinese income taxes be creditable against their U.S. income taxes?

A U.S. foreign tax credit is generally allowed for foreign income taxes paid or accrued, or for foreign income …

Double Jeopardy Of Corporate Profits, The , Constantine N. Katsoris

Faculty Scholarship

The more one reads about our economy, the more one is baffled and alarmed. Permanent solutions to economic problems are elusive. Treating one financial malaise often aggravates another sector of the economy, necessitating a delicate balancing of conflicting interests. Furthermore, the problems are complicated by the constant influence of foreign forces. Nevertheless, most economists agree that any solution will require enormous funding. Unfortunately, the public has little, if any, confidence in our tax system. Indeed, some tax laws and proposals have been referred to as "obscene" and a "disgrace to the human race." Few quarrel with the aptness of such …

The United States Interest Equalization Tax, Richard Pomp

Faculty Articles and Papers

The United States Interest Equalization tax is a one-time tax levied on certain foreign securities, proposed by President Kennedy in order to reduce the balance-of-payments deficit by restricting portfolio investment. Although the tax was enacted in 1964 as a short-term measure, it was continually extended and amended. This article explores the contours of the tax.

Prior to the tax, many foreign debt issues were attracting large amounts of capital due to their high interest rates. The IET attempts to equalize the yield of foreign debt issues with domestic debt issues by imposing a tax on the foreign issues and thus …

Limitation On Artificial Accounting Losses (Lal): Another Assault On The Tax Shelter., Jeffrey Clarke Anderson

St. Mary's Law Journal

Abstract Forthcoming.

Corporate Taxation In 1971; Something New, Something Old., Malcolm L. Shaw

St. Mary's Law Journal

Abstract Forthcoming.

Taxation-Federal Tax Liens-Section 6321 Of The Internal Revenue Code As Basis For Injunction Binding Assets Of Foreign Branch Of American Bank, Gerald J. Laba

Michigan Law Review

The Commissioner of Internal Revenue issued jeopardy assessments against the taxpayer, Omar, S.A., a Uruguayan corporation. To avoid payment, Omar began to liquidate its American-held assets by transferring receipts out of the country. Pursuant to its statutory right, under section 6321 of the Internal Revenue Code of 1954, to impose a lien upon all property of a delinquent taxpayer, the United States brought suit against Omar and various New York banks in the domestic and foreign branches of which Omar's funds were deposited. The district court granted a preliminary injunction restraining certain of the banks from transferring any property whether …

Taxation-Federal Income Tax-Liquidation Distributions Entitled To Both Capital Gains Treatment And Foreign Tax Credit, Lloyd C. Fell

Michigan Law Review

Plaintiff, Associated, is an American corporation whose wholly-owned subsidiary, Automatic, owned all the stock of Filcrest, a Canadian corporation. In 1954 all the assets of Filcrest were distributed to Automatic pursuant to a plan of complete liquidation, accomplished in accordance with Canadian law. In its 1954 consolidated return, plaintiff treated the gain realized on the Filcrest liquidation as a capital gain, and also claimed a foreign tax credit for any Canadian income, war or excess profits taxes which Filcrest had paid over the years to Canada on that part of the liquidation distribution which represented Filcrest's accumulated earnings and profits. …

A New Seminar In Taxation At The University Of Pennsylvania, Paul W. Bruton, Raymond J. Bradley

Journal of Legal Education

No abstract provided.