Taxation-Federal Commons^™

Tax Abuse According To Whom, Shannon Weeks Mccormack

Articles

In 1996, Congress banned the Treasury Department from enacting retroactive regulations but provided an important exception, allowing tax regulations to apply retroactively “to prevent abuse.” Congress did not, however, explicitly define abuse; nor did it designate to any specific actor the power to do so. This Article provides the first comprehensive look at the level of deference owed a Treasury regulation’s interpretation of the Internal Revenue Code’s abuse exception. Generally, a reviewing court owes some level of deference to an agency’s interpretation of the statute it is entrusted to administer. Some statutory interpretations are entitled to receive the strong standard …

Extending The Taxation-Of-Risk Model To Timing Options And Marked-To-Market Taxes, Eric D. Chason

Faculty Publications

No abstract provided.

The Broken Safety Net: A Study Of Earned Income Tax Credit Recipients And A Proposal For Repair, Sara Sternberg Greene

Faculty Scholarship

The Earned Income Tax Credit (EITC) is the largest federal antipoverty program in the United States and garners almost universal bipartisan support from politicians, legal scholars, and other commentators. However, assessments of the EITC missed an imperative perspective: that of EITC recipients themselves. Past work relies on largely unconfirmed assumptions about the behaviors and needs of low-income families. This Article provides a novel assessment of the EITC based on original data obtained directly from 194 EITC recipients through in-depth qualitative interviews. The findings are troubling: They show that while the EITC has important advantages over welfare, which it has largely …

Indopco, Inc. V. Commissioner: National Starch Isn't The Only One "Stiffed" By The Supreme Court's Decision, Jeffrey Gates Davis

Pepperdine Law Review

No abstract provided.

A Primer On Us. Taxation Of International Transactions (Outline), William B. Sherman

William & Mary Annual Tax Conference

No abstract provided.

A Primer On Us. Taxation Of International Transactions (Slides), William B. Sherman

William & Mary Annual Tax Conference

No abstract provided.

Statute Of Limitations For Overstatements Of Basis, Richard T. Rice

William & Mary Annual Tax Conference

No abstract provided.

Federal Tax Update: Structuring Deals In 2012 And Beyond (Slides), Stephen L. Owen

William & Mary Annual Tax Conference

No abstract provided.

The Case For The Retention Of The State Death Tax Credit In The Federal Transfer Tax Scheme: "Just Say No" To A Deduction, John M. Janiga, Louis S. Harrison

Pepperdine Law Review

No abstract provided.

How Long Can This Go On? The Controversy Over The Application Of The Statute Of Limitations To S Corporations And Their Shareholders, J. Marcus Sommers

Pepperdine Law Review

No abstract provided.

Utility Of Personal Service Corporations For Athletes, Bret M. Kanis

Pepperdine Law Review

No abstract provided.

Federal Tax Update: The Current Situation And The Prospects For Reform (Slides), Harry L. Gutman

William & Mary Annual Tax Conference

No abstract provided.

Preserving Fairness In Tax Administration In The Mayo Era, Steve R. Johnson

Scholarly Publications

One of the dominant themes in contemporary federal taxation is bringing tax administration within the fold of general administrative law. In 2011, the United States Supreme Court unambiguously embraced this movement in the landmark case Mayo Foundation for Medical Education & Research v. United States, in which the Court held that challenges to the validity of Treasury regulations generally are governed by the Chevron standard to the same extent as are regulations issued by other administrative agencies.

There was an immediate and strong hostile reaction to Mayo in tax circles. Many fear that Mayo dramatically tips the balance in favor …

It's Not A Tax (Statutorily), But It Is A Tax (Constitutionally), Steve R. Johnson

Scholarly Publications

No abstract provided.

Not All Defined Value Clauses Are Equal, Wendy G. Gerzog

All Faculty Scholarship

Defined value clauses used to value nonmarketable family limited partnership (FLP) interests create valuation distortions and other public policy issues. This paper describes these abuses and proposes the employment of restrictions similar to those applied to pecuniary formula marital deduction clauses.

The article explains how pecuniary formula marital deduction provisions created valuation distortions by allowing for undervaluation of the marital share that were remedied by the IRS’s Rev. Proc. 64-19 and the enactment of section 2056(b)(10). The article analyzes recent case law expanding the use of defined value clauses into the FLP area and criticizes the courts for not applying …

Putting State Courts In The Constitutional Driver's Seat: State Taxpayer Standing After Cuno And Winn, Edward A. Zelinsky

Articles

This article explores the implications of the U.S. Supreme Court’s decisions in DaimlerChrysler Corp. v. Cuno and Arizona Christian School Tuition Organization v. Winn. In Cuno and Winn, the Court held that state taxpayers lacked standing in the federal courts. Because the states have more liberal taxpayer standing rules than do the federal courts, Cuno and Winn will not terminate taxpayers’ constitutional challenges to state taxes and expenditures, but will instead channel such challenges from the federal courts (where taxpayers do not have standing) to the state courts (where they do). Moreover, municipal taxpayer standing in the federal courts, which …

Tax Exemptions For Charitable Single-Member Limited Liability Companies, Terri Lynn Helge, David M. Rosenberg

Faculty Scholarship

This summer, the IRS issued long-awaited guidance on the deductibility of charitable contributions made to a single-member limited liability company (“SMLLC”) that is wholly-owned by a charitable organization exempt from federal income tax as a organization described in Section 501(c)(3). Previously, in a 2001 private letter ruling, the IRS confirmed that a SMLLC wholly-owned by a U.S. charity did not need to submit a separate application for recognition of federal income tax exemption, but declined to rule on whether contributions made to the SMLLC would be deductible under Section 170 as charitable contributions. An article in the IRS Continuing Professional …

Reforming Executive Compensation: What Do We Know And Where Do We Go?, Priyanka Rajagopalan

The Journal of Business, Entrepreneurship & the Law

In this Article, I study a fascinating problem - what are the legal, political and economic implications of regulating executive bonuses? While the Administration's recent consideration of proposals to tax bonuses of AIG executives has sparked a great deal of media speculation and attention, there has been little legal scholarship discussing the various possible consequences of this and other methods of regulating executive compensation. Especially given the growing interest in executive compensation and the possible benefits and costs of regulation in this arena, I believe this paper will make a significant scholarly contribution to the existing literature on corporate governance …

The Physical Consequences Of Emotional Distress: The Need For A New Test To Determine What Amounts Are Excluded From Gross Income Under § 104(A)(2), C. Anthony Wolfe Iv

Washington and Lee Law Review

No abstract provided.

Tefra: No Fix Possible, Just Get Rid Of It!, Steve R. Johnson

Scholarly Publications

No abstract provided.