Tax Law Commons^™

The 40th Tei-Sjsu High Tech Tax Institute Conference On Nov 4-5, 2024: Ip Development In Other Countries, Junli Zhang

The Contemporary Tax Journal

No abstract provided.

The Contemporary Tax Journal’S Interview With Benjamin R. Shreck, Shuang Zhang

The Contemporary Tax Journal

No abstract provided.

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

The Contemporary Tax Journal

No abstract provided.

Analysis Of H.R. 7458 - 118th Congress Made In The U.S.A. Act., Jung-Hee Kwon, Jinjin Yang

The Contemporary Tax Journal

No abstract provided.

Gleim Cpa Review — Regulation (Reg) & Tax Compliance And Planning (Tcp) Sample Questions

The Contemporary Tax Journal

No abstract provided.

Fbar Penalty Is Not Extinguished At Death: Hendler, No. 23 Civ. 3280 (Deh) (Sd Ny, 2024), Shuang Zhang

The Contemporary Tax Journal

No abstract provided.

The Contemporary Tax Journal Volume 13, No. 2 – Winter 2024

The Contemporary Tax Journal

No abstract provided.

The 40th Annual Tei-Sjsu High Tech Tax Institute Conference On Nov. 4-5, 2024: Ai In The Corporate Tax Department - Let’S See It!, Raymond Clark

The Contemporary Tax Journal

No abstract provided.

The 40th Annual Tei-Sjsu High Tech Tax Institute Conference On Nov 4-5, 2024: The Future Of The Corporate Tax Department, Cynthia Flores

The Contemporary Tax Journal

No abstract provided.

Deductibility Of Investigatory Expenses Incurred In Business Expansion: North Carolina National Bank V. United States, Edward R. Benjamin Jr.

Maine Law Review

Section 162 of the Internal Revenue Code allows the current deduction of "all the ordinary and necessary expenses paid or incurred . . . in carrying on any trade or business . . . .” Exactly which business expenditures meet the requirements of section 162, however, has not been easy for courts to determine. In an attempt to enunciate a standard that is easily applicable to complex business transactions, courts have refused to allow current deduction of business expenditures which result in a benefit or advantage with a useful life which continues beyond the taxable year. In North Carolina National …

Application Of The Federal Securities Acts To The Sale Of A Closely Held Corporation By Stock Transfer, Loftus C. Carson Ii

Maine Law Review

The purchase and sale of a closely held corporation is a commonly occurring transaction which may be accomplished by a transfer of stock or a transfer of assets. Structuring such a transaction as a sale of stock, however, may offer certain advantages not attainable if the transaction is structured as a sale of assets. For example, non-assignable contracts and leases, not transferable with a sale of assets, may pass to the transferee of corporate stock. The transferor generally will be absolved of all of the enterprise's liabilities since, by law, they pass with the transfer. Transferors subject to compliance with …

Backing-Into Internal Revenue Code Section 338, Drew Erik Swenson

Maine Law Review

In recent years there has been an increasing incidence of corporate takeovers. Typically, the takeover begins with a purchasing corporation acquiring a controlling but less than 100% interest in the target corporation. Often, the partial ownership is merely a transitory step toward complete ownership, shortly after which the target is liquidated or merged into what is now the parent corporation. In other instances, the target retains its separate corporate existence within a parent/subsidiary relationship. The choice between termination and continued corporate existence is made only after a careful appraisal of the economic and tax consequences to the parent and the …

Personal Injury Compensation As A Tax Preference, Lawrence A. Frolik

Maine Law Review

Samuel Johnson tells us "[d]epend on it, sir, when a man knows he is to be hanged in a fortnight, it concentrates his mind wonderfully." Projected federal budget deficits in the realm of $200 billion a year for the foreseeable future ought to have a similar effect: a concentration on means of reducing these unacceptable deficits. The simple answer is either to spend less or tax more, or perhaps, a bit of both. If we choose to tax more, we must either raise tax rates or widen the tax base, or both. The former, a general rise in tax rates, …

Gifts, Joint Ownership, And Marital Property: Interspousal Transfers Of Property Under Maine's Marital Property Act, Paul Fillmore

Maine Law Review

The classification of property in divorce proceedings as either marital or individual is crucial because under Maine's Marital Property Act a divorce decree can dispose of only marital property. Once the court identifies the marital property, the actual division of that property is within the court's discretion. Courts, however, often have difficulty classifying property which was once individual property but which was transferred by the owner spouse into joint ownership during the course of the marriage. Maine courts have reached different results in these situations depending on whether they have read the Marital Property Act literally or in the context …

Hyperlocal Gift Economies Under The Duberstein Gift Standard, Nicolás R. Munsen

Notre Dame Law Review Reflection

Hyperlocal gift economies, such as those moderated by the “Buy Nothing Project,” have become increasingly popular in the United States and abroad within the last decade. Explicitly banning the buying, selling, trading, or bartering of goods and services, hyperlocal gift economies instead encourage local community members to give to each other out of their own abundance and without any expectation of return or obligation—in short, to give and receive gifts. But while members of these groups regard these transactions as gifts, it is unclear if the Internal Revenue Service would agree. The Internal Revenue Code’s definition of “gift” in I.R.C. …

Shaping Preferences With Pigouvian Taxes, Gary M. Lucas Jr.

Faculty Scholarship

A Pigouvian tax is a tax that is imposed to correct an externality, which arises when a person engages in behavior that harms others without their consent. Pigouvian taxes are popular among academics—with prominent economists and legal scholars arguing for their imposition on myriad goods and activities that harm third parties, like carbon emissions and alcohol. Policymakers have recently been receptive to at least some of these arguments as evidenced by taxes imposed on or proposed for a variety of externality-generating goods, including guns, plastic bags, and sugary drinks.

The conventional economic rationale for Pigouvian taxes assumes that they affect …

Distribution Through Taxation Versus Legal Rules, And The Epistemic Limits Of Law-And-Economics, Erick J. Sam

Utah Law Review

This Article develops an epistemic critique of the view, widely held in law-and-economics, that legal rules should always be chosen for efficiency and that redistribution to produce a fair distribution should be conducted solely through the tax-and-transfer system. In place of this orthodox view, I develop an alternative distributive theory.

The canonical ‘double distortion’ argument for the orthodox position, formulated by Kaplow and Shavell (1994), claims that opting for efficient legal rules minimizes economic distortions and maximizes aggregate social wealth, some of which can then be redistributed via the tax-and-transfer system to those who would have been better off under …

Three Proposals For Fixing The Tcja, Reuven S. Avi-Yonah

Articles

The year 2025 promises to be important in U.S. tax history for three reasons. First, the expiration of the individual provisions of the Tax Cuts and Jobs Act means that Congress is very likely to enact important tax legislation to prevent tax increases for millions of individual taxpayers. Second, a new administration frequently means tax legislation, typically through budget reconciliation if the same party controls Congress (1981, 1993, 2001, 2017, 2022). Third, the trifecta of Supreme Court decisions in 2024 (Moore, Corner Post, and Loper Bright) suggests that there may be a spike in litigation challenging various tax provisions as …

The Constitutional Limits To The Taxing Power, Ari Glogower

Fordham Law Review

The modern U.S. Supreme Court has elevated the apportionment requirement for direct taxes into the most important constitutional limitation to Congress’s taxing power. The U.S. Constitution requires that any “direct tax” must be apportioned among the states by population, which is impracticable or impossible for a tax today. The modern interpretative approach focuses on the formal categorization of the tax base, as either a “direct tax” or not. This approach could bar Congress from enacting certain taxes—such as a federal wealth tax or possibly even capital income tax reforms—simply through their formal labeling as direct taxes.

This interpretation inflates apportionment’s …

Outlier On Lgbtq Rights: Japanese Ban On Same-Sex Marriage And Its Contradiction In The Age Of Globalization, Yumi Higashi

Brooklyn Journal of International Law

Japan is the only Group of Seven country yet to recognize same-sex marriage. Despite strong public support for marriage equality, the conservative dominance of the Japanese legislature and the Japanese courts’ deferential approach have stalled the change. This Note will analyze the legal issues and implications of Japan’s failure to recognize same-sex marriage and Japan’s worldwide inheritance tax regime, with an emphasis on cross-border succession and estate planning. Specifically, the Note argues that the United States, as the only country with which Japan has a treaty in estate, inheritance, and gift tax, should renegotiate the treaty as it could have …