Taxation-Federal Commons^™

The Internal Revenue Code's Section 351 Implied Deferred Tax Liability Problem, Stanley Veliotis

Pace Law Review

Most people take for granted that the fair market value of property exchanged for other property is of equal value. However, in the case of transfers of appreciated property to a corporation in a transaction qualifying for non-recognition under Section 351, the creation of a second unrealized gain in the hands of the transferee corporation—and thus a newly created implied deferred tax liability on such gain when later realized—reduces the value of the stock issued to the shareholder. Despite this, in Section 351 settings academics, textbook and casebook writers, the Treasury, and the courts take a standard approach of equating …

Taxation’S Limits, Luís C. Calderón Gómez

Articles

Countless pages have been devoted to the question of why everyone should pay tax, yet its opposite has gone largely unnoticed: why should some people and organizations not pay tax? Our tax system exempts from ordinary income taxation a wide and diverse array of people and organizations engaged in significant economic activity—from parents providing childcare services for their family to consular activities and charities operating animal shelters—seemingly without a convincing explanation. Perhaps because of the dizzying diversity of tax-exempt activities, scholars and policymakers have avoided comprehensively or coherently justifying our exemption regimes.

This Article develops a novel normative theory that …

Allocating The Gst Exemption Under The Generation-Skipping Transfer Tax, Michael B. Lang

Maine Law Review

One of the most significant aspects of the Tax Reform Act of 1986 for estate planners was the retroactive repeal of the original 1976 generation-skipping transfer (GST) tax and the enactment of an entirely new generation-skipping transfer tax. The new generation-skipping transfer tax, unlike the 1976 version, generally applies to transfers that constitute "direct skips," such as outright gifts to grandchildren. Like the earlier tax, the new tax also applies to "taxable terminations,” such as a termination of the life estate of the transferor's child resulting in the grandchild receiving possession of the transferred property in fee simple under the …

Looking Through Trusts, Adam S. Hofri, Mark Bennett

Osgoode Hall Law Journal

As everyone knows, trusts are often used to avoid or subvert different rules of law. To combat such avoidance, jurisdictions enacted anti-avoidance rules; yet many of these rules do not fully prevent trusts-based avoidance, or in some cases reflect some jurisdictions’ acceptance of such avoidance. We review the anti-avoidance rules applied by Canada, the US, the UK, Australia and New Zealand to try and stymie trusts-based avoidance in three subject areas: distribution of family property on divorce or separation, taxation of income accrued in settlor-controlled trusts, and means-tested eligibility for welfare benefits. We find that anti-avoidance doctrines are often less …

Challenging The Johnson Amendment: What Safe Space Gets Right - And Wrong, Benjamin Leff

Scholarly Articles in Law Reviews & Journals

There has long been a scholarly debate about the so-called Johnson Amendment, which is the statutory provision that prohibits charities from “intervening” in campaigns for public office. Some scholars argue that the Johnson Amendment, or at least the IRS’s interpretation of it, unconstitutionally prevents charities from exercising their fundamental rights to speech or religious liberty. Activists have tried to provoke IRS enforcement of the prohibition so they could argue their interpretation of the Constitution in court, but the IRS appeared to be avoiding litigation on the issue. On March 18, Students and Academics for Free Expression, Speech, and Political Action …

Why Tariffs Are A Tax On American Consumers, Timothy Meyer

Cornhusker Economics

Summary

The takeaway from this article should be that tariffs are a political tool, not an economic one. They do raise prices and revenue, but not as much as advertised (by either side).

At its core, Economics is the study of how scarcity is solved. That is, how limited resources are best utilized. Time and time again, Adam Smith’s idea that the invisible hand of markets would guide us to welfare-maximizing solutions, largely through specialization and trade. It’s why most of us specialize in one career and trade our hard-earned money for goods and services instead of producing them at …

The Fallacies Behind The Excise Tax On "Excessive" Charity Compensation, Elaine Waterhouse Wilson

Law Faculty Scholarship

This Article examines the fundamental flaws in Section 4960 of the Internal Revenue Code, which imposes an excise tax on nonprofit executive compensation exceeding $1 million. The provision, enacted as part of the 2017 Tax Cuts and Jobs Act, rests on three problematic fallacies. First, Congress incorrectly assumed that an excise tax on nonprofits would function equivalently to the elimination of a tax deduction for excessive compensation in the for-profit sector under Section 162(m). Second, lawmakers failed to recognize that nonprofits respond differently to tax incentives than for-profit entities due to their distinct governance structures and sensitivity to public opinion …

The Contemporary Tax Journal’S Interview With Tony Coughlan, Enas J. Al-Mais

The Contemporary Tax Journal

No abstract provided.

The Contemporary Tax Journal Volume 13, No. 1 – Summer 2024

The Contemporary Tax Journal

No abstract provided.

Better Safe Than Sorry …. When The Lack Of Proper Tax Research Goes Wrong, Aizhan Toibazarova

The Contemporary Tax Journal

No abstract provided.

Does The Irs Have Statutory Authority To Assess Penalties Under Irc § 6038?, Jennifer Chang

The Contemporary Tax Journal

No abstract provided.

Navigating The Ins And Outs Of Amended Returns, Cheryl Cruz

The Contemporary Tax Journal

No abstract provided.

Taxation Of Decentralized Autonomous Organizations, Aizhan Toibazarova

The Contemporary Tax Journal

No abstract provided.

Uworld Review Questions

The Contemporary Tax Journal

No abstract provided.

Death, Taxes, And Clean Energy: How The Inflation Reduction Act Harnesses Tax Law To Revitalize American Clean Energy, James A. Ferguson

The Journal of Business, Entrepreneurship & the Law

This article explores the nature and impact of the IRA’s historic tax reform on U.S. clean energy markets, emphasizing its significance for businesses, American workers, the global community, and the climate. It begins with an overview of federal tax credits for clean energy, comparing German and American approaches to incentivizing clean energy investments. The article then details five key provisions of the IRA, including extensions of the ITC and PTC, creation of new credits, transferability of tax credits, prevailing wage and apprenticeship requirements, and additional tax credits for domestic content and siting. It further analyzes the IRA’s practical implications for …

Dol Fiduciary Rule 3.0 Strikeout, Base Knock, Or Home Run?, Antolin Reiber

DePaul Business & Commercial Law Journal

No abstract provided.

Money Is Morphing - Cryptocurrency Can Morph To Be An Environmentally And Financially Sustainable Alternative To Traditional Banking, Clovia Hamilton

DePaul Business & Commercial Law Journal

No abstract provided.

Survey Evidence In Trademark Actions, Ioana Vasiu And Lucian Vasiu

DePaul Business & Commercial Law Journal

No abstract provided.

Corporate Governance And Compelled Speech: Do State-Imposed Board Diversity Mandates Violate Free Speech?, Salar Ghahramani

DePaul Business & Commercial Law Journal

No abstract provided.

The Real Persons Are The Corporations We Made Along The Way, Leonard Brahin

DePaul Business & Commercial Law Journal

No abstract provided.