Taxation & Estate Planning

CBPP: Capping Itemized Deductions at Today's Rates Would Help Pay for Health Care Reform

Posted on June 10, 2009
The Center on Budget and Policy Priorities has published Maintaining Current Value of Itemized Deductions For High-Income Taxpayers Could Help Pay For Health Care Reform: If Congress rejects the President?s proposal to help pay for health care reform by limiting the value of itemized deductions for high-income filers, it should...

District Court Denies West's Motion to Dismiss Lawsuit by Two Law Prof Authors

Posted on June 10, 2009
I previously blogged the lawsuit by David Rudovsky (Penn) and Leonard N. Sosnov (Widener) against West, claiming that they were falsely identified as the authors of a poorly researched ?sham? supplement to their treatise, Pennsylvania Practice: Criminal Procedure Law, Commentary and Forms...

Forbes: The 10 Highest State Income Tax Rates (In Pictures)

Posted on June 10, 2009
Forbes: In Pictures: The 10 Highest State Income Tax Rates: Facing budget shortfalls, revenue-hungry states are raising personal income tax rates. As they do, some are targeting the better-off. In May, Hawaii displaced California as the state with the highest rate when it imposed a new top rate of 11%...

More on the J&G/BDO Tax Shelter Indictments

Posted on June 10, 2009
Following up on my post on yesterday's Jenkens & Gilchrist/BDO Seidman tax shelter indictments: American Lawyer: Ex-Jenkens Lawyer Paul Daugerdas Indicted for Tax Fraud ataxingmatter: More on the Jenkins & Gilchrist/BDO Seidman Tax Shelters Roth & Co...

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Illinois Refuses to Release Data on Politically-Connected Admittees

Posted on June 10, 2009
Following up on last week's post, Illinois Bends Admissions Standards to Admit Politically Connected: the Chicago Tribune reports today, University of Illinois Shields Data on Clouted Students: The University of Illinois has refused a request by the Chicago Tribune for test scores and grade-point averages of applicants who appeared on...

IRS Extends Tax Break for New Car Purchases to Residents of States Without Sales Taxes

Posted on June 10, 2009
The IRS announced today (IR-2009-60) that the special deduction for sales taxes on a new car purchased in 2009 (after February 16) also extends to taxpayers in those states without a sales tax -- Alaska, Delaware, Hawaii, Montana, New Hampshire and Oregon...

Clemson's President: We're Better Than Harvard (and Princeton, Stanford, Yale, ...)

Posted on June 09, 2009
Following up on last week's post, Clemson Official Admits to Manipulating its U.S. News Ranking, from today's Inside Higher Ed: The Best University?: Clemson University officials took great umbrage at last week's assertion by a fellow administrator that they had rated "all programs other than Clemson below average" in the...

Conference on Comparative Tax Law and Culture

Posted on June 09, 2009
The three-day conference on Comparative Tax Law and Culture kicks off today at the Monash University Prato Centre in Prato, Italy. The conference is sponsored by the Cegla Center for Interdisciplinary Research of the Law at Tel Aviv University and the Monash University Taxation Law and Policy Research Institute...

Pietruszkiewicz: Economic Substance and the Standard of Review

Posted on June 09, 2009
Christopher M. Pietruszkiewicz (LSU) has published Economic Substance and the Standard of Review, 60 Ala. L. Rev. 339 (2009). Here is the abstract: Traditionally, appellate review hinged on the distinction between law and fact with appellate courts reviewing legal conclusions under a de novo standard of review while factual findings...

Tax Court Denies "Tax Doctor's" Deduction For His Hummer

Posted on June 09, 2009
The Tax Court yesterday denied a depreciation deduction for a Hummer used by "The Tax Doctor" in his tax preparation business. Symonette v. Commissioner, T.C. Summ. Op. 2009-90 (June 8, 2009): Brian operated a tax preparation business under the business name "Tax Doctor"...

Borden: Open Tenancies in Common

Posted on June 09, 2009
Bradley T. Borden (Washburn) has published Open Tenancies in Common, 39 Seton Hall L. Rev. 387 (2009). Here is the abstract: Tax law (section 1031 in particular) has spawned a new investment vehicle-open tenancies in common. Tax law allows property owners to exchange into like-kind real property tax free, but...

Apple Announces New iPhone; IRS to Let Your Employer Give You One Tax-Free

Posted on June 09, 2009
Apple yesterday announced its new iPhone 3G S. Also yesterday, the IRS announced that it was considering new rules that would allow your employer to give you one on a tax-free basis. I previously blogged the draconian rule of § 280F that employers must include in an employee's W-2 income...

Tax Shelter Indictments

Posted on June 09, 2009
Three lawyers, two accountants, and two bankers were charged today with tax fraud related to tax shelters promoted by the Jenkens & Gilchrist law firm, BDO Seidman accounting firm, and a foreign bank with headquarters in New York. Press Release Indictment Bloomberg New York Times Wall Street Journal

EATLP Annual Meeting

Posted on June 08, 2009
The European Association of Tax Law Professors (EATLP) held its annual meeting last Thursday - Saturday in Santiago de Compostela. Henry M. Ordower (St. Louis) provided commentary on a panel on The Use of the Mutual Assistance in Tax Affairs by the Member States and the ECJ...

Mankiw, Weinzierl & Yagan: Optimal Taxation in Theory and Practice

Posted on June 08, 2009
N. Gregory Mankiw (Harvard University, Department of Economics), Matthew Weinzierl (Harvard Business School) & Danny Yagan (Ph.D. Candidate, Harvard University, Department of Economics) have posted Optimal Taxation in Theory and Practice: The optimal design of a tax system is a topic that has long fascinated economic theorists and flummoxed economic...

Bartlett: The VAT: An Ideal Conservative Tax

Posted on June 08, 2009
Forbes: VAT Time? A Money Machine That Conservatives Shouldn't Oppose, by Bruce Bartlett: According to a Washington Post report, the Obama administration and leaders on Capitol Hill are looking seriously at a value-added tax to pay for health care reform and reduce federal budget deficits...

TaxProf Blog Weekend Roundup

Posted on June 08, 2009
Saturday: Off to San Diego 4th Annual Junior Tax Scholars' Workshop Concludes Today at Brooklyn Bogdanski: Discount for Built-in Corporate Taxes Fisher: Improving Mulitple-Choice Testing in Law School Sunday: Top 5 Tax Paper Downloads NY Times: Why Major Law Firms Are Shrinking The Age of Diminishing Endowments Mumford: The Comprehensive...

CRS: Constitutionality of Geographical Variations in Tax Benefits

Posted on June 08, 2009
The Congressional Research Service has conducted an Analysis of Whether Linking Tax Benefits to the Geographic Variations in the Cost of Living Violates the Uniformity Clause: Based upon an examination of the case law, it may be possible to identify scenarios in which geographical classifications in the exclusion of employer-provided...

Open Records Laws Impede Law School Clinics

Posted on June 08, 2009
In today's Chronicle of Higher Education: Open-Records Dispute Could Complicate Work of Public Law-School Clinics: A lawsuit seeking to force a Rutgers University legal clinic to disclose client information under New Jersey's open-records act poses a serious threat to the work of public law schools elsewhere, several higher-education associations argue...

Johnson Posts Tax Articles on SSRN

Posted on June 08, 2009
Steve R. Johnson (UNLV) has posted several of his tax articles on SSRN: The Work Product Doctrine and Tax Accrual Workpapers, 123 Tax Notes ___ (2009) Substantial Compliance, 52 State Tax Notes ___ (2009) Supertext and Consistent Meaning, 52 State Tax Notes ___ (2009) Equitable Tolling, 51 State Tax Notes...

USC Caught Gaming U.S. News Rankings

Posted on June 08, 2009
Following up on last week's post, Clemson Official Admits to Manipulating its U.S. News Ranking, today's Inside Higher Ed reports on More Rankings Rigging at USC: How many members of the National Academy of Engineering are on the faculty at the University of Southern California? This might seem like a...

Faculty Salaries at Illinois' Public Law Schools

Posted on June 08, 2009
The Chicago Sun-Times has published a detailed report on salaries of faculty, administrators, and coaches at Illinois' five public colleges and universities: Top-Notch Professors, Coaches Don't Come Cheap. The paper has created a detailed database, which lists these salaries at Illinois' three public law schools for the 2007-08 academic year:...

Speedway Takes Checkered Flag in Tax Dispute With IRS

Posted on June 08, 2009
International Speedway Corp.("ISC"), which owns and operates 13 of the nation's major motorsports tracks (including Daytona and Talladega) today announced a settlement with the IRS in connection with depreciation deductions claimed on its 1999-2005 tax returns...

Mumford: The Comprehensive Inheritance Tax as a "Just" Tax

Posted on June 07, 2009
Ann Mumford (University of London, Queen Mary) has posted From Dahomey, to London, to DC: 'Marketing' Wealth with the Proposal for a Comprehensive Inheritance Tax, 62 Tax L. Rev. ___ (2009), on SSRN. Here is the abstract: This paper was presented at the September 19, 2008 NYU Tax Law Review...

NY Times: Why Major Law Firms Are Shrinking

Posted on June 07, 2009
New York Times: A Study in Why Major Law Firms Are Shrinking, by Alan Feuer: After months of anxious planning, it was time for Hugh Verrier to finally press send. In his two years as chairman of White & Case, the venerable Wall Street law firm, Mr. Verrier had already...

The Age of Diminishing Endowments

Posted on June 07, 2009
Wall Street Journal op-ed: The Age of Diminishing Endowments, by Matthew Kaminski: Richard Levin, the longest serving president in the Ivy League, had enjoyed a charmed run at Yale. In his first 15 years Yale's endowment notched up the best returns of any university's, and its innovative investment strategy became...

Top 5 Tax Paper Downloads

Posted on June 07, 2009
There is a lot of movement in this week's list of the Top 5 Recent Tax Paper Downloads, with a new #1 paper and new papers debuting on the list at #4 and #5: 1. [268 Downloads]: Now You See it, Now You Don't: Exiting a Partnership and Making Gain...

4th Annual Junior Tax Scholars' Workshop Concludes Today at Brooklyn

Posted on June 06, 2009
The 4th Annual Junior Tax Scholars' Workshop concludes today at Brooklyn: Panel #5: Tax Base and Tax Policy Ilan Benshalom (Hebrew University): Values and Valuations? Nirvana Falsies, Genetics and Slippery Slopes?A Critique of the Endowment Tax Consensus Commentators: Sarah Lawsky (George Washington), David Gamage (UC-Berkeley) Brad Borden (Washburn): Commentators: Steven...

Bogdanski: Discount for Built-in Corporate Taxes

Posted on June 06, 2009
Jack Bogdanski (Lewis & Clark) has published Discount for "Built-in" Corporate Taxes is Far from Settled, 36 Est. Plan. 38 (June 2009).

Fisher: Improving Mulitple-Choice Testing in Law School

Posted on June 06, 2009
Janet Fisher (Suffolk) has published Multiple-Choice: Choosing the Best Options for More Effective and Less Frustrating Law School Testing, 37 Cap. U. L. Rev. 119 (2008). Here is the abstract: Multiple-choice testing presents challenges and frustrations not only for the students who take the tests, but also for the doctrinal...

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