Taxation & Estate Planning

Chicago Lawyer Catches Foul Ball in One Hand While Holding 7-Month Old Son in Other Hand

Posted on July 28, 2010
(Hat Tip: Above the Law.)

TIGTA: Tax Liens Up 200%, With 26% IRS Error Rate

Posted on July 28, 2010
The Treasury Inspector General for Tax Administration today released Actions Are Needed to Protect Taxpayers? Rights During the Lien Due Process (2010-30-072): The IRS is not always following statutory requirements regarding the timely notification of taxpayers when liens are filed and does not always follow its own regulations for notifying...

More on George Steinbrenner and the Estate Tax

Posted on July 28, 2010
Following up on my prior post, By Dying in 2010, Did George Steinbrenner Save His Family $600m in Estate Tax? (July 13, 2010): New York Post, The Boss' Will Power: Nifty Move Gives Trust Option Year on Taxes: Where there's a will, there's a way -- to keep George Steinbrenner's...

Liberal Bias in Law School?

Posted on July 28, 2010
Following up on my prior post, Ideological Diversity and Law School Hiring (July 20, 2010): Richard Epstein (Chicago), Liberal Bias in Law School?: There is no question that if law professors were arrayed on a one-dimensional liberal to conservative line, the majority would be toward the liberal end...

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Sen. Kerry Abandons (Tax-Dodge) Ship, Agrees to Pay $500k MA Tax on Yacht

Posted on July 28, 2010
Following up on my prior posts: Sen. John Kerry Skips Town on Sails Tax (July 23, 2010) Sen. Kerry Sails Around the Tax Issue (July 27, 2010) Sen. Kerry announced yesterday that he would pay over $500,000 in Massachusetts taxes on his $7 million yacht ($437,500 in state use tax,...

Farewell, San Diego!

Posted on July 28, 2010
I have left San Diego after seven glorious weeks to return home to Cincinnati. This was my seventh summer teaching at the University of San Diego School of Law, my second as the Herzog Summer Visiting Professor in Taxation. My thanks to the kind folks at USD for having me...

Tax Gusher: Gulf Oil Spill Deduction Will Save BP $10 Billion in U.S. Taxes

Posted on July 28, 2010
Washington Post, BP to Cut U.S. Tax Bill by $10 Billion Because of Losses in Gulf Spill: BP said Tuesday that it plans to cut its U.S. tax bill by $9.9 billion, or about half the amount pledged to aid victims of the disaster, by deducting costs related to the...

KKR: Living the Tax Dream You Can't

Posted on July 28, 2010
Following up on my prior post, KKR's Tax Motivation in Going Public (July 15, 2010): Fortune: KKR: Living the Tax Dream You Can't, by Allan Sloan: [KKR] has set up a corporate subsidiary that can increase the stated value of its assets based on the gain realized by insiders who...

Sen. Kerry Sails Around the Tax Issue

Posted on July 27, 2010
Following up on last week's post, Sen. John Kerry Skips Town on Sails Tax: Wall Street Journal, John Kerry -- A One-Man 'Benedict Arnold' Corporation; Mr. Kerry Sails Around the Tax Issue, by John Fund: "Let's not get silly here." That was Senator John Kerry's response Friday to questions about...

Universities Fail to Report Taxable Income

Posted on July 27, 2010
Bloomberg, Universities Fail to Report Taxable Income, IRS Says: Nonprofit colleges and universities may be failing to report the full extent of their taxable income to the IRS, according to Lois Lerner, the agency?s director of exempt organizations. The IRS found in a survey sent to 400 schools in October...

Ring: The Promise of International Tax Scholarship

Posted on July 27, 2010
Diane M. Ring (Boston College) has posted The Promise of International Tax Scholarship and its Implications for Research Design, Theory and Methodology, 54 St. Louis U. L.J. ___ (2010), on SSRN. Here is the abstract: What should international tax scholars be doing? Over the past two decades, international tax has...

Rebollo: The Civil Arrest and Imprisonment of Taxpayers

Posted on July 27, 2010
Anthony E. Rebollo (Richardson Plowden & Robinson, Columbia, SC) has published The Civil Arrest and Imprisonment of Taxpayers: An Analysis of the Writ of Ne Exeat Republica, 7 Pitt. Tax Rev. 103 (2010). Here is the Introduction: Section 7402 of the Internal Revenue Code (the ?Code?) addresses the ability of...

Will Obama's

Posted on July 27, 2010
Obama Commission Will Call for Trillions in Tax Hikes, Floyd & Mary Beth Brown: Obama debt commission member, Republican Sen. Judd Gregg of New Hampshire, launched a scary trial balloon on ABC News. Gregg suggested the debt commission will likely recommend a massive $26...

Faculty Retention at North Carolina

Posted on July 27, 2010
One of the striking features of my post on Public Law School Faculty Salaries was the low faculty salaries at North Carolina, compared to higher ranked (e.g., Illinois, Michigan, Texas, Virginia) and even some lower ranked (e.g., Florida, Ohio State) public law schools...

IRS Continues to Use 'Tax Protester' Label Despite Congressional Prohibition

Posted on July 27, 2010
Section 3707 of the IRS Restructuring and Reform Act of 1998 prohibits the IRS from designating taxpayers as "illegal tax protesters (or any similar designation)." I.R.C. § 7803(d)(1)(A)(v) requires the Treasury Inspector General for Tax Administration to annually audit the IRS's compliance with § 3707...

NY Times: Profits Surge, Jobs Don't

Posted on July 27, 2010
New York Times, Industries Find Surging Profits in Deeper Cuts: Many companies are focusing on cost-cutting to keep profits growing, but the benefits are mostly going to shareholders instead of the broader economy, as management conserves cash rather than bolstering hiring and production...

New Issue of Journal of Taxation of Investments

Posted on July 27, 2010
The Journal of Taxation of Investments has published its Summer 2010 issue (Vol. 27, No. 4), with these articles: Walter Schwidetzky (Baltimore) & Rolfe Eicke (Ernst & Young), Income Taxation in the United States and Germany: The Rugged Individualist Meets the Social Activist, 27 J...

McCaffrey & Schneider: The Generation-Skipping Tax in 2010 and Beyond

Posted on July 27, 2010
Carlyn S. McCaffrey (Weil, Gotshal & Manges, New York) & Pam H. Schneider (Gadsden Schneider & Woodward, Philadelphia) have published Time Traveling and Generation-Skipping in 2010 and Beyond, 128 Tax Notes 407 (July 26, 2010). Here is the abstract: In this article, McCaffrey and Schneider look at the GSTT, its...

10th Circuit Reverses Taxpayer's Lone Victory in Son-of-BOSS Tax Shelter Case

Posted on July 26, 2010
Following up on my prior posts: Government Loses Son-of-BOSS Tax Shelter Case (Apr. 24, 2008) WSJ: Tax-Shelter Users Get Some Rare Good News (June 4, 2008) 10th Circuit Hears Oral Argument Today in Sala Son-of-BOSS Tax Shelter Case (Nov. 16, 2009) The Tenth Circuit on Friday reversed the only court...

District Court Denies Charitable Deduction for Donation of Home to Fire Department

Posted on July 26, 2010
Following up on my prior posts: IRS Burns Kirk Herbstreit's Donation of Home to Fire Department (July 24, 2009) IRS Denies Deduction for Homes Donated to Fire Departments and Burned Down (Sept. 26, 2009) The U.S. District Court in Columbus, Ohio (Kirk Herbstreit's hometown) denied a couple's charitable contribution deduction...

Durst: Fix Transfer Pricing and Protect U.S. Competitiveness

Posted on July 26, 2010
Michael C. Durst (Steptoe & Johnson, Washington, D.C.) has published Congress: Fix Transfer Pricing and Protect U.S. Competitiveness, 128 Tax Notes 401 (July 26, 2010). Here is the abstract: The House Ways and Means Committee conducted a hearing on July 22 to explore issues arising under current U...

Law Prof Blog Rankings by Citations in Journals and Judicial Opinions

Posted on July 26, 2010
Following up on my recent rankings of law professor blogs by traffic and 'stickiness': Dave Hoffman (Temple) ranks the Top 20 law blogs by citations in law reviews and the Top 15 law blogs by citations by courts (the spreadsheet with all the law blog data is here -- TaxProf...

TaxProf Blog Weekend Roundup

Posted on July 26, 2010
Saturday: NY Times: Who Ultimately Pays the Corporate Income Tax? Johnson & Aprill: Eliminate UBIT Exemption for ESOPs and Government Plans Tax Foundation Releases 2011 Tax Calculator With 3 Bush Tax Cut Scenarios Sanders: No to Oligarchy, Yes to Retroactive Estate Tax Sunday: Top 5 Tax Paper Downloads ABA Considers...

Law School

Posted on July 26, 2010
Following up Sunday's post, ABA Considers Dramatic Changes This Weekend in Law School Accreditation Standards, Including Dilution of Tenure: Inside Higher Ed, Law School Tenure in Danger?, by Scott Jaschik: The ABA is moving ahead with changes in its accreditation system that faculty members fear could erode tenure protections for...

NY Times: The Two-Track Lawyer Market

Posted on July 26, 2010
Following up on last week's post, Class of 2009 Employment Data: Jobs Down, Salaries Flat: New York Times, The Two-Track Lawyer Market: One of the most-watched statistics in any profession is the average salary. [NALP] does indeed report a figure for average new lawyer?s salary ? somewhere around $90,000, depending...

Welcome to the Tax Blogosphere: Miller & Chevalier

Posted on July 26, 2010
Tax Appellate Blog: The Tax Appellate Blog is a new blog dedicated to covering important tax cases pending before the various federal courts of appeals that are of interest to practitioners and others who follow the development of federal tax law. We will try to post regularly as developments warrant,...

An Empirical Study of the Use of Legal Scholarship by the Federal Courts of Appeals

Posted on July 26, 2010
David L. Schwartz (Chicago-Kent) & Lee Petherbridge (Loyola-L.A.) have posted The Use of Legal Scholarship by the Federal Courts of Appeals: An Empirical Study on SSRN. Here is the abstract: Chief Justice Roberts recently explained that he does not pay much attention to law review articles, reportedly stating that they...

Cockfield & Arnold: What Can Trade Teach Tax?

Posted on July 26, 2010
Arthur J. Cockfield (Queen's University, Faculty of Law) & Brian J. Arnold (Goodmans, Toronto) have published What Can Trade Teach Tax? Examining Reform Options for Art. 24 (Non-Discrimination) of the OECD Model, 2 World Tax J. 139 (June 2010). Here is the abstract: This paper examines the relationship between tax...

ABA Considers Dramatic Changes This Weekend in Law School Accreditation Standards, Including Dilution of Tenure

Posted on July 25, 2010
Following up on my prior post, ABA Proposes Changes to Law School Accreditation Standards (June 30, 2010): the Standards Review Committee of the ABA Section of Legal Education & Admission to the Bar concludes two days of meetings today in Chicago. The committee released these documents in advance of the...

Brookings: A VAT Is Part of the Solution

Posted on July 25, 2010
The Tax Policy Center has published A Value-Added Tax for the United States: Part of the Solution, by William G. Gale & Benjamin H. Harris. Here is the abstract: The U.S. faces a large medium-term federal budget deficit and an unsustainable long-term fiscal gap...

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