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Taxation & Estate Planning

TaxProf Blog

Provides news, information and resources for tax professors and practitioners.

Post Frequency: 110.3/day

Last Entry: April 01, 2011 at 16:00:00

Murphy: Finding the "Income" in "Income Tax"

Posted on December 20, 2008
Matthew J. O'Connor (J.D. 2008, Indiana) has published Note, Finding the "Income" in "Income Tax": A Look at Murphy v. I.R.S. and an Attempt to Pick Up the Pieces of Glenshaw Glass. (Murphy v. I.R.S., 460 F.3d 79, 2006, rev'd,...

Christmas Gifts for that Special Tax Person

Posted on December 20, 2008
1969 magazine ad: Face the IRS with a Coke in Your Hand ($9.99):

Don Korb, IRS Chief Counsel (4/15/04 - 12/19/08)

Posted on December 19, 2008
Today is the last day of Donald L. Korb's 1,711-day tenure as the 46th Chief Counsel of the Internal Revenue Service. As previously blogged here, Don is leaving the IRS to become a partner at Sullivan Cromwell, where he...

Tax Policy and Sole Proprietorships

Posted on December 19, 2008
Susan C. Nelson (Office of Tax Analysis, Treasury Department) has published Tax Policy and Sole Proprietorships: A Closer Look, 61 Nat'l Tax J. 421 (2008). Here is the abstract: The 21 million sole proprietorship returns filed in 2005 represent a...

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Christmas Gifts for that Special Tax Person

Posted on December 19, 2008
For sale on eBay: an IRS action figure -- Irwin R. Schyster (for $9.99): The action figure is modeled after WWF wrestler Mike Rotunda: In the WWF, Rotunda became Irwin R. Shyster (I.R.S.) and he is perhaps best known for...

Northwestern B-School Sends Acceptance Emails to Fifty Rejected Applicants

Posted on December 19, 2008
Fifty applicants to Northwestern University?s Kellogg School of Management received an email from the school offering them admission. But when they later logged onto the school's website, they learned that they had been rejected. The school blamed the mistake on...

Ex-Bechtel Tax Lawyer Acquitted in Tax-Credit Prosecution

Posted on December 19, 2008
The Recorder: Ex-Bechtel Lawyer Acquitted in Tax-Credit Prosecution, by Dan Levine: In-house lawyers and tax managers should be breathing a lot easier this Christmas, thanks to jurors in a rare white-collar prosecution. Deliberating for little more than an hour, a...

NY Times: Tax Break May Have Helped Cause Housing Bubble

Posted on December 19, 2008
New York Times: Tax Break May Have Helped Cause Housing Bubble, by Vikas Bajaj David Leonhardt: Getting rid of capital gains on most home sales seemed like the perfect idea. Treasury officials had become interested in that provision earlier...

Christmas Gifts for that Special Tax Person

Posted on December 19, 2008
On eBay: Willie Nelson, Who'll Buy My Memories: The IRS Tapes (current bid: $20.50)): As part of a settlement with the IRS, Willie Nelson recorded Who'll Buy My Memories (which is why the album is sometimes referred to as The...

IRS Publishes Updated Publication 17

Posted on December 19, 2008
The IRS has published an updated version of its comprehensive tax guide for individuals for use in preparing 2008 tax returns: The updated on-line version of Publication 17, Your Federal Income Tax, contains more than 900 interactive links. Publication 17...

ABA Tax Section Survey of Low-Income Tax Clinics

Posted on December 19, 2008
The ABA Tax Section has released this press release and survey of Low Income Tax Clinics around the country to gauge their need for assitance from pro bono attorneys. Here are the recommendations from the survey: Based on the results...

Kurt Usowsk & Mike Hollar (both

Posted on December 18, 2008
Kurt Usowsk & Mike Hollar (both of the U.S. Department of Housing and Urban Development) have published Social Policy and the U.S. Tax Code: The Curious Case of the Low-Income Housing Tax Credit, 61 Nat'l Tax J. 519 (2008). Here...

Tax Law to Provide Bailout to Madoff's Victims

Posted on December 18, 2008
Bloomberg: Madoff?s Victims May Recover Losses Through Tax Code, by Ryan J. Donmoyer: Individual investors who lost money in Bernard Madoff?s alleged $50 billion fraud may be able to recover some of their money by seeking U.S. tax refunds. ?The...

Christmas Gifts for that Special Tax Person

Posted on December 18, 2008
On eBay (with a $1.99 starting bid): this bumper sticker:

Academic BCS Rankings

Posted on December 18, 2008
The second annual Academic BCS Rankings are out from Higher Ed Watch. The rankings measure the academic performance of the players on the football teams playing in this year's bowl games. In Cincinnati, we are thrilled that the University of...

Two-Year Moratorium on OID Rules Needed Fix Capital Markets

Posted on December 18, 2008
OP-ed in today's Wall Street Journal: Deleveraging Can Save Jobs; A Simple Change in Tax Policy Would Make It Easier for Companies to Retire Debt, by James Barth, Michael Klowden & Glenn Yago (all of the Milken Institute): What's needed...

The Taxation of Capital and Labor by Entity Type

Posted on December 18, 2008
Nicholas Bull (Joint Committee on Taxation) & Paul Burnham (Congressional Budget Office) have published Taxation of Capital and Labor: The Diverse Landscape by Entity Type, 61 Nat'l Tax J. 397 (2008). Here is the abstract: This paper derives standardized measures...

A Cincinnati Christmas Tragedy

Posted on December 18, 2008
As I have noted a couple of times on this blog, my familly and I are privileged to attend a wonderful church here in Cincinnati -- Crossroads Community Church. For the past two years, the church has put on a...

Hill: Exempt Organizations in the 2008 Election

Posted on December 18, 2008
Frances R. Hill (Miami) has published Exempt Organizations in the 2008 Election: Will Wisconsin Right to Life Bring Changes?, 19 U. Fla. J.L. & Pub. Pol'y 271 (2008). Here is part of the Introduction: This Article begins with a discussion...

Sklars to Appeal to Supreme Court

Posted on December 18, 2008
Paul Streckfus, Editor of the Exempt Organizations Tax Journal, reports that the attorney for the Sklars is going to file a petition for a writ of certiorari with the Supreme Court in Sklar v. Commissioner, No. 06-72961 (9th Cir. Dec....

Law School Seeks to Sell Naming Rights to Everything (Except the Bathrooms)

Posted on December 18, 2008
Following up on my previous posts: Law School Naming Rights: $25 Million (7/13/07) Ave Maria Offers to Sell Naming Rights for $20 Million (12/15/07) St. Thomas (Miami) is seeking to sell naming rights to the school for $10 million, and...

Nothing Says "I Love You" Like Giving Your Girlfriend a 1099

Posted on December 17, 2008
Nothing says "I love you" like giving your girlfriend a 1099 reporting your $10,500 gift as a (deductible) payment for services: Yang v. Commissioner, T.C. Summ. Op. 2008-156 (Dec. 15, 2008): The sole issue for our consideration is whether the...

Effect of the 2003 Dividend Tax Cut on Corporate Dividend Policy

Posted on December 17, 2008
Alon Brav (Duke University, Fuqua School of Business), John R. Graham (Duke University, Fuqua School of Business), Campbell R. Harvey (Duke University, Fuqua School of Business) Roni Michaely (Cornell University, Johnson graduate School of Management) have published The Effect...

The $712 Question

Posted on December 17, 2008
Every now and then you read a tax case and wonder: what was the IRS thinking? Check out Nicholas v. Commissioner, T.C. Summ. Op. 2008-155 (Dec. 15, 2008): Petitioners are married and resided in Arizona at the time that their...

Christmas Gifts for that Special Tax Person

Posted on December 17, 2008
Available on eBay: Mortimer Caplin IRS Commissioner Signed Autograph: This is an authentic hand signed item and is NOT a preprint. Buy It Now price: $9.99. From Wikipedia: First in his class at University of Virginia School of Law, and...

Customers of Law Schools "Don't Give a Damn" About the U.S. News Rankings

Posted on December 17, 2008
From next week's National Law Journal: "U.S. News" List: A Curse, by Peter Kalis (Chairman Global Managing Partner, KL Gates): As the head of a major customer of American law schools, I am concerned about the impact of U.S....

3 Convictions, 1 Acquittal in KPMG Tax Shelter Trial

Posted on December 17, 2008
Bloomberg New York Times Reuters Roth Co. Wall Street Journal Wall Street Journal Law Blog

NFL Players Blindsided by � 409A

Posted on December 17, 2008
In yesterday's National Football Post: NFL agents were sent an urgent memo this week from the NFLPA, requiring immediate attention to � 409A. This provision, originally aimed at bloated executive compensation packages, potentially calls for a full tax burden on...

IRS Will Assist Homeowners by Subordinating or Discharging Tax Liens

Posted on December 17, 2008
The IRS yesterday announced (IR-2008-141) two forms of relief for financially strapped homeowners if one of the more than 1 million existing federal tax liens is preventing the refinancing of their mortgage or the sale of their home: Subordination of...

Read a Tax Prof's Blog, Help Feed the Hungry

Posted on December 17, 2008
An anonymous benefector has agreed to donate $1 to the Oregon Food Bank for every visitor to Lewis ClarkTax Prof Jack Bogdanski's Jack Bog's Blog today. Jack's blog is the 11th most popular blog run by a law professopr,...

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