Taxation & Estate Planning

Forman Presents Using Refundable Tax Credits to Help Low-Income Taxpayers Today at Loyola-L.A.

Posted on August 30, 2010
Jonathan Forman (Oklahoma) presents Using Refundable Tax Credits to Help Low-Income Taxpayers: What Do We Know and What Can We Learn From Other Countries? at Loyola-L.A. today as part of its Tax Policy Colloquium Series. The commentator is Kirk J. Stark (UCLA)...

Ground Zero Mosque May Get Tax-Exempt Financing

Posted on August 30, 2010
Reuters, Ground Zero Muslim Center May Get Public Financing: The Muslim center planned near the site of the World Trade Center attack could qualify for tax-free financing. ... The mosque's backers hope to raise a total of $70 million in tax-exempt debt to build the center, according to the New...

Aprill: Bilski and the Future of Tax Strategy Patents

Posted on August 30, 2010
Ellen Aprill (Loyola-L.A.) has published The Supreme Court's Opinions in Bilski and the Future of Tax Strategy Patents, 113 J. Tax'n 81 (Aug. 2010). Here is the abstract: The Supreme Court waited until the last day of the 2009-10 Term to issue its pronouncement on business method patents, Bilski v...

State Tax Revenues Rise for Second Consecutive Quarter

Posted on August 30, 2010
The Nelson A. Rockefeller Institute of Government reported today that state tax revenues increased for the second consecutive quarter, up 2.2% for the second quarter of 2010: Corporate income tax: -18.8% Personal income tax: +1.6% Sales tax: +5.9% The largest increase was in the Northeast (+8...

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IRS Approves Deduction for Credit Card Cash Rewards Donated to Charity

Posted on August 30, 2010
In Priv. Ltr. Rul. 2010-027-015 (Apr. 5, 2010), the IRS ruled that (1) cash rewards on credit card purchases do not constitute income under § 61 to the card holder, and (2) cash rewards paid out to charity at the direction of the holder constitute a charitable contribution on the...

Aspiring Law Profs Conference

Posted on August 30, 2010
Arizona State is hosting an Aspiring Law Professors Conference on October 2: Designed for Visiting Assistant Professors, Fellows and Clerks who plan to go on the academic teaching market, but valuable to anyone considering a move to teaching Learn to succeed in the entry-level law teaching market Obtain an insider?s...

Aprill: The Americans for Prosperity Tax Tax Controversy

Posted on August 29, 2010
Following President Obama's lead, the Democratic Congressional Campaign Committee has filed a complaint with the IRS regarding Americans for Prosperity Foundation ("APF"), a § 501(c)(3) organization. The complaint alleges that APF is a lobbying or advocacy organization ineligible for exemption under § 501(c)(3) and that it is engaged in prohibited...

Building Envy: Marquette

Posted on August 29, 2010
The University of Cincinnati College of Law is in the midst of a capital campaign to construct a new building (as part of the university's $1 billion campaign), so this video of Marquette's new building set my heart racing: I am looking forward to checking out Marquette's new building at...

Top 5 Tax Paper Downloads

Posted on August 29, 2010
This week's list of the Top 5 Recent Tax Paper Downloads is the same as last week's list: 1. [977 Downloads] Social Security Benefits Formula 101: A Practical Primer, by Francine J. Lipman (Chapman) & James E. Williamson (San Diego State University, College of Business Administration) 2...

WSJ: The $31 Billion Tax Fantasy

Posted on August 29, 2010
Wall Street Journal editorial, The $31 Billion Revenue Fantasy: Congress's Joint Committee on Taxation recently dropped a study claiming that millionaires will pay $31 billion of the $36 billion in revenue that it expects will be raised next year if tax rates rise as scheduled on January 1...

2d Cir. Upholds KPMG BLIPS Tax Shelter Convictions

Posted on August 28, 2010
The Second Circuit on Friday upheld the convictions former KPMG tax partner Robert Pfaff, former KPMG senior tax manager John Larson, and former Sidley Austin partner Raymond Ruble of tax evasion in connection with the sale of BLIPS tax shelters. The court, however, reduced Mr...

CNN: Barrister Barista -- Law Grad Works in Coffee Shop

Posted on August 28, 2010

Where Do State and Local Governments Get Their Tax Revenue?

Posted on August 28, 2010
Tax Foundation, Where Do State and Local Governments Get Their Tax Revenue?: Property Sales Sales Individual Business License U.S. 30.8% 22.9% 10.8% 22.9% 4.3% 8.2% AL 16.4% 29.5% 17.3% 22.7% 3.7% 10.3% AK 11.0% 2.2% 3.6% 0.0% 10.1% 73.1% AZ 29.2% 39...

Obama Tax Policies Threaten Gulf Recovery From Katrina and BP

Posted on August 28, 2010
Washington Examiner, Looming Tax Hikes Threaten Gulf Economic Recovery, by Bill Dickens: Will we ever see good news for the Gulf of Mexico region? [On the heels of Katrina and the BP oil spill,] new energy taxes recently proposed in Washington are ensuring that [the Gulf's recovery] future remains only...

Tax Court Cites Monty Python to Excuse Taxpayer From Accuracy-Related Penalty

Posted on August 27, 2010
Shao v. Commissioner, T.C. Memo. 2010-189 (Aug. 26, 2010): In Shao?s case we don?t find the circumstances that led the Court to penalize Calloway [Calloway v. Commissioner, 135 T.C. ___ (July 8, 2010)] -- there is no evidence of a wink-wink-nudge-nudge-say-no-more arrangement with Derivium...

President's Deficit Commission to Discuss Tax Options at Today's Meeting

Posted on August 27, 2010
The President?s Economic Recovery Advisory Board (PERAB) meets today at 2:00 p.m. EST via conference call (live webcast available here). From the agenda: The discussion will include Board review of a report by the Tax Reform subcommittee. The report discusses a spectrum of reform ideas relating to tax simplification, enforcement...

"My Wife Knows Everything" Beats "My Wife Doesn't Know"

Posted on August 27, 2010
Check out the hilarious call of the seventh race at Monmouth Park (New Jersey) on August 22, 2010:

Hatfield: The Ethics of Tax Lawyering

Posted on August 27, 2010
Michael Hatfield (Texas Tech) has posted The Ethics of Tax Lawyering: An Introduction on SSRN. Here is the abstract: This draft chapter?s objective is to raise interesting tax ethics issues in practical contexts. There are 43 notes and questions to prompt and guide discussions, and primary source materials to inform...

President's Deficit Commission Releases 126-Page Tax Report

Posted on August 27, 2010
Following up on this morning's post, the President?s Economic Recovery Advisory Board (PERAB) today released The Report on Tax Reform Options: Simplification, Compliance, and Corporate Taxation (126 pages). Press and blogosphere coverage: Bloomberg Forbes The Hill National Journal Wall Street Journal Washington Post Here is the preface: What follows is...

BNA: Pay to Win -- Campaign Contributions Produce California Taxpayer Victories

Posted on August 27, 2010
BNA Daily Tax Report, Campaign Contributions and the California State Board of Equalization: Taxpayers with complex tax dispute cases before the California State Board of Equalization were more likely to win their cases if they or their representatives made campaign contributions to the elected board members, either directly or through...

Do We Need a Tax Bracket for the Super-Rich?

Posted on August 27, 2010
Huffington Post, Do We Need A Tax Bracket For The Super-Rich?: Should someone who makes $400,000 a year pay the same effective tax rate as someone who makes $40 million a year? In a recent CNBC spot, two analysts took up the debate, which has taken on a new urgency...

Garnett: 'Preaching What They Don't Practice'

Posted on August 27, 2010
Following up on Monday's post, Newton: How Law Profs' Preoccupation with 'Impractical Scholarship' Obstructs Legal Education Reform (Aug. 23, 2010): Rick Garnett (Notre Dame), "Preaching What They Don't Practice" (PrawfsBlawg): Critiques like this are nothing new, of course, and (just as "of course") have some bite...

Lewis: Charitable Waste -- Consideration of a 'Waste Not, Want Not' Tax

Posted on August 27, 2010
Evelyn Alicia Lewis (UC-Davis) has posted Charitable Waste: Consideration of a 'Waste Not, Want Not' Tax, 40 Va. Tax Rev. ___ (2010), on SSRN. Here is the abstract: Lavish expenditures by charities occur regularly, even in today?s depressed economy. Many are unwarranted and foolish while some prove to be extremely...

Lawsuit Claims IRS

Posted on August 26, 2010
Politico, Pro-Israel Group Claims IRS Persecution: A hawkish pro-Israel group today filed a lawsuit against the Commissioner of the IRS containing the explosive allegation that the IRS is devoting special scrutiny to pro-Israel groups whose policies conflict with that of the administration...

Morse: How Australia Got a VAT

Posted on August 26, 2010
Susan C. Morse (UC-Hastings) has posted How Australia Got a VAT on SSRN. Here is the abstract: Australia got its goods and services tax ? its VAT ? in 2000. It enacted GST legislation through ordinary political channels, without external pressure from a multinational organization, without the pressure of an...

Dean David Van Zandt to Leave Northwestern to Become President of the New School

Posted on August 26, 2010
From the New School Press Release: The New School Board of Trustees announced today the appointment of David E. Van Zandt, dean and professor of law at the Northwestern University School of Law, as the eighth president of the university. The New School, which offers some of the nation's most...

1st Circuit Upholds Check-the-Box Regs

Posted on August 26, 2010
The First Circuit on Tuesday summarily affirmed Medical Practice Solutions, LLC v. Commissioner, 132 T.C. 125 (2009), joining the Second (McNamee v. Dept. of the Treasury, 488 F.3d 100 (2d Cir. 2007)) and Sixth (Littriello v. United States, 484 F.3d 372 (6th Cir...

The Top 10 Highest State Capital Gains Taxes: All Obama Blue States

Posted on August 26, 2010
Forbes, Consider State And Local Taxes Before You Take Capital Gains, by Ashlea Ebeling: The ten highest state taxes on capital gains: Oregon: 11% (income > $500,000 (couple), $250,000 (single)) California: 10.55% (income > $1 million) Rhode Island: 9...

White House Says Alan Simpson to Remain as Co-Chair of Deficit Commission Despite Offensive Comment

Posted on August 26, 2010
The White House today announced that Alan Simpson will remain as co-chair of President Obama?s bipartisan fiscal commission despite writing a letter comparing Social Security to ?a milk cow with 310 million tits.? Atlantic CNN Fox News Huffington Post New York Daily News New York Times Paul Krugman Wall Street...

WSJ: IRS Goes Overboard in Regulating Tax Preparers

Posted on August 26, 2010
Wall Street Journal op-ed: The IRS Targets Incompetent Tax Preparers -- That's Good News. But the Agency Is Going Overboard, by Brad Sherman (D-CA) & Michael Conaway (R-TX): The IRS is out to do something nice for us by ensuring we get quality help when we hire someone to prepare...

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