Tax Law Commons^™

New Puzzles In International Tax Agreements, Wei Cui

All Faculty Publications

The G7’s “global minimum tax” accord—followed by a new version of the OECD’s “Two Pillar Solution” and its endorsement by the G20—is accepted by many as evidence for international tax cooperation. But recent policy discussions offer no answer to a basic question: What can countries cooperate to achieve? This Article shows that the answers provided by proponents of the new international tax agreement are alarmingly ad hoc, misleading, and incoherent. Scholarship on corporate taxation has also long failed to identify potentials for international cooperation. The more successful international agreements purport to be, therefore, the more puzzling they become. I …

What Does China Want From International Tax Reform?, Wei Cui

All Faculty Publications

In this article, the author examines China’s possible response to recent global efforts to reach consensus on international tax reform — particularly, a minimum corporate tax rate.

Will The New Global Tax Agreement Benefit The World?, Wei Cui

All Faculty Publications

The world has been abuzz lately with news of major global agreements within reach to reform international taxation. Countries in the G-7, G-20, and the even more impressive “Inclusive Framework”—a group of 139 countries convened by the Organization for Economic Cooperation and Development (OECD)—appear to be joining hands to end corporate tax competition and multinationals’ tax avoidance. Though many warn that the path to ultimate accord is arduous and depends on details, the declared goals of these efforts command broad public support.

Puff, Puff, Tax: Internal Revenue Code Section 280e Penalizes State-Sanctioned Marijuana Companies And Undermines The Ability-To-Pay Principle, Joseph E. Thomas

Villanova Law Review (1956 - )

No abstract provided.

The Taxation Of Cryptocurrency Gains, Vincent Ooi

Research Collection Yong Pung How School Of Law

Taking Singapore as an example, this article lays out a series of tests for determining whether gains arising from the disposal of cryptocurrencies are trade or business income, “all other income” or capital gains. It also considers the possibility of a presumption that individuals engaging in such transactions are gambling.

Collecting Medical Debt Through South Carolina's Setoff Debt Collection Program: How It Works And Why It Doesn't, Dixie N. Mccollum

South Carolina Law Review

No abstract provided.

Zarin V. Commissioner Revisited And Some Methodologies For Determining Cod Income, Philip G. Cohen

William & Mary Business Law Review

The focus of this Article is a revisit of a very well-known and much written about Third Circuit Court of Appeals decision, Zarin v. Commissioner, concerning whether the taxpayer had COD income. Zarin dealt with whether a compulsive and unlucky gambler could avoid COD income when he settled with the casino for substantially less than what he owed. Along with a plethora of diverse third-party assessments of the case, the judges who heard the case and its appeal were also divided. The Tax Court opinion was decided by an eleven to eight vote for the Internal Revenue Service (IRS), with …

Business Interruption Insurance In The Time Of Covid-19: Who Should Foot The Bill?, Paul Mchugh

Journal of Law and Policy

COVID-19-related business closures led to thousands of business interruption insurance claims and lawsuits across the country. However, throughout the history of business interruption policies, obstacles such as virus exclusions and “physical damage” requirements have been added in response to prior pandemics and catastrophic losses. These exclusions and requirements have led to many hurdles and outright denials for those seeking payment on their policies. So, then, can business owners still find some economic refuge in these policies? Despite outright denials in many courts, at least a handful of federal judges as well as a number of members of Congress seem to …

Front Matter

ACTEC Law Journal

No abstract provided.

An Alternate Approach To Situs Determination For Partnership Interests, Jack Spencer

ACTEC Law Journal

No abstract provided.

The Ultimate Gift Horse: Modernizing The Upc On Advancements To Avoid Unintended Redistributions, Jackie Elder, Frederick E. Vars

ACTEC Law Journal

A common tax avoidance strategy is to make annual lifetime gifts in the maximum amount exempt from the gift tax in order to reduce or avoid the estate tax. These gifts are likely intended as an intergenerational transfer of wealth, only differing from passing through the estate in timing. The donors probably don't intend for their tax avoidance strategy to affect the ultimate equitable distribution of their wealth. However, under the Uniform Probate Code (UPC) and case law applying it, these gifts are generally not treated as advancements, so an uneven distribution can result from something as simple as differing …

When The Stepped-Up Basis Of Inherited Property Is No More, Richard L. Kaplan

ACTEC Law Journal

Written for a symposium on how Trusts & Estates might change in the future, this article considers the implications of repealing the “step-up in basis” rule for inherited property, as President Biden proposed. The article begins by explaining how this century-old tax rule affects gratuitous transfers and then reviews previous repeal efforts before it examines the impact of such repeal on family tax planning, retirement account funding, and charitable donations.

Alkaline Hydrolysis, Victoria J. Haneman

ACTEC Law Journal

Hollywood has developed its own villainous death disposition trope that is often a link in a nefarious narrative chain—disposition of human remains through some form of chemical dissolution. Spanning decades and genre, popular cinema and television have warmly embraced liquification of the dead, including but not limited to The Wizard of Oz, House on Haunted Hill, Thief, Who Framed Roger Rabbit, Point of No Return, Palmetto, Walker, Texas Ranger, NCIS, Bones, The Wire, Breaking Bad, Dexter, Blacklist, Homeland, Elementary, 10 Cloverfield Lane, Ozark, Rick and Morty. The specifics vary dramatically from one work of fiction to the next but the …

Estate Planning For Cannabis Business Owners: An Introduction, Bridget J. Crawford, Jonathan G. Blattmachr

ACTEC Law Journal

As more states legalize cannabis sales, estate planners may increasingly be called upon to advise clients with interests in cannabis-related businesses. This essay seeks to assist estate planners in two ways. First, it aims to raise general awareness of cannabis business owners’ unique concerns. Second, the essay provides an overview of some of the fundamental issues about which cannabis business owners are likely to seek estate planning advice: business formation matters, wealth transfers, the ability of trusts to own cannabis-related businesses, and gift, estate, and income tax considerations.

In most states that permit legal cannabis sales, there is limited (or …

Black Deaths Should Matter, Too! Estate Planning As A Tool For Antiracists, Terrence M. Franklin

ACTEC Law Journal

No abstract provided.

The Nonfiduciary "Trust", Jeffrey Schoenblum

ACTEC Law Journal

This article identifies and details the emergence in an increasing number of states of a new trust law that rejects the fundamental tenets of traditional trust law. This alternative concept of the trust liberates the trustee from any meaningful accountability to the beneficiary, the very core concept of traditional trust law. In short, these states are enabling the creation of what might be described as a "nonfiduciary trust."

Modernizing Trusts And Estates: Introduction, Alyssa A. Dirusso

ACTEC Law Journal

No abstract provided.

The Perpetual Business Purpose Trust: The Business Planning Vehicle For The Future, Starting Now, Alexander A. Bove Jr., Melissa Langa

ACTEC Law Journal

No abstract provided.

Maintaining Client Privacy In An Increasingly Public World, Mel M. Justak, Anne-Marie Rhodes

ACTEC Law Journal

No abstract provided.

The Intersection Of Racial Inequities And Estate Planning, Reetu Pepoff

ACTEC Law Journal

No abstract provided.