Taxation & Estate Planning

UMass Law School

Posted on December 15, 2009
The University of Massachusetts Board of Trustees has approved the plan to convert the Southern New England School of Law into the state?s first public law school. Suffolk, New England, and Western New England oppose the new school, questioning the need for the school in light of the dismal job...

Christmas Gifts for that Special Tax Person

Posted on December 14, 2009
Continuing a TaxProf Blog holiday tradition, I will offer some gift ideas for that special tax person in your life. Today's suggestion: For Counsel (Products and Gifts for Lawyers) sells an exact reproduction of the original 1913 Form 1040: Four pages long, including one page of instructions...

2009 Tannenwald Tax Writing Competition Results

Posted on December 14, 2009
Results in the 2009 Tannenwald Writing Competition, sponsored by the Theodore Tannenwald, Jr. Foundation for Excellence in Tax Scholarship and the American College of Tax Counsel: First Prize ($5,000): David J. Warner (NYU), A Pathway to Fundamental Healthcare Reform? The Exclusion from Income for Employer-Sponsored Health Insurance...

Charitable Giving (and Deductions) With the Good Card

Posted on December 14, 2009
Illinois Law Profs Suja Thomas and Christine Hurt (and Kevin Bacon) extol the Good Card: Looking for that perfect holiday gift? Go with a Good Card! The Good Card is a gift card with stored value that can be redeemed as a donation to any of more than 1...

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L.A. Tax Lawyer Pleads Guilty to Tax Evasion in Hollywood Kickback Scheme

Posted on December 14, 2009
American Lawyer, L.A. Tax Lawyer Pleads Guilty to Tax Evasion in Kickback Scheme: The strange story of Matthew Krane took another turn late Thursday as the former partner of renowned entertainment lawyer Jacob Bloom pled guilty to federal passport fraud and tax evasion charges in a scheme involving overseas tax...

TaxProf Blog Weekend Roundup

Posted on December 14, 2009
Saturday: Another Tax Shoe Drops in Tiger Woods Affair(s) CCH Summary of Tax Extenders Act of 2009 Carbon Taxes and the WTO Waggoner: A Carbon Tax is Better Than Cap and Trade Sunday: Top 5 Tax Paper Downloads Mankiw: Tax Cuts Work 2x Better Than Government Spending to Cure Recession...

Tax Prep Software Rankings

Posted on December 14, 2009
The Journal of Accountancy and The Tax Adviser have released the results of a survey of 9,776 of their readers to rank their tax preparation software: Drake Software: 4.439 UltraTax CS (Thomson Reuters): 4.436 Lacerte (Intuit): 4.43 ATX 1040 Office (CCH): 4...

W&L Dean Named President of Furman University

Posted on December 14, 2009
Following up on my prior post: Dean Rodney A. Smolla, the driving force behind Washington & Lee's innovative 3L curriular reform which is scheduled to begin in the 2010-2011 academic year, will assume the presidency of Furman University, effective July 1, 2010...

Business Week: Fight the Deficit Monster with Tax Reform

Posted on December 14, 2009
Business Week, Fight the Deficit Monster with Tax Reform, by Chris Farrell: Here's one way to break the political logjam: Leaders of both parties should embrace major tax reform with an emphasis on simplification. In essence, eliminate all or most tax credits and tax deductions, income phase-ins and phase-outs, exclusions...

Schwidetzky: Integrating Subchapters K and S

Posted on December 14, 2009
Walter D. Schwidetzky (Baltimore) has posted Integrating Subchapters K and S?Just Do It, 62 Tax Law. 749 (2009), on SSRN. Here is the abstract: The Code contains two ?pass-through? tax regimes for business entities. One is contained in Subchapter K, which applies to partnerships, the other in Subchapter S, which,...

NLJ: Going to Law School? Proceed With Caution

Posted on December 14, 2009
National Law Journal, Going to Law School? Proceed With Caution; A J.D. Used to Mean a First-Class Seat on the Gravy Train. Now? Not So Much. Critics Say Law Schools Have a Duty to Warn, by Karen Sloan: Make no mistake: A Law School Carol is no heartwarming holiday tale...

Top 5 Tax Paper Downloads

Posted on December 13, 2009
This week's list of the Top 5 Recent Tax Paper Downloads is the same as last week's: 1. [390 Downloads] 2009 Federal Tax Update, by Samuel A. Donaldson (U. Washington) 2. [245 Downloads] The Accidental Deduction: A History and Critique of the Tax Subsidy for Mortgage Interest, by Dennis J...

Mankiw: Tax Cuts Work 2x Better Than Government Spending to Cure Recession

Posted on December 13, 2009
New York Times op-ed, Tax Cuts Might Accomplish What Spending Hasn?t, by N. Gregory Mankiw (Harvard University, Department of Economics): When devising its fiscal package, the Obama administration relied on conventional economic models based in part on ideas of John Maynard Keynes...

IRS to do Joint Tax Audits with Foreign Countries

Posted on December 13, 2009
Bloomberg, IRS Studying ?Protocols? for Joint Audits With Other Countries, by Ryan J. Donmoyer: The IRS is working with tax-collection agencies in other countries on how to conduct joint audits of multinational corporations, Commissioner Douglas Shulman said...

Taxpayer Advocacy Panel Adds 30 New Members

Posted on December 13, 2009
The Treasury Department and the IRS on Friday announced (IR-2009-117) the selection of 30 new members to serve on the nationwide Taxpayer Advocacy Panel (TAP), a federal advisory committee charged with providing direct taxpayer feedback to the IRS: The new TAP members will join 71 returning members to round out...

CCH Summary of Tax Extenders Act of 2009

Posted on December 12, 2009
CCH has published a 10-page special briefing on the Tax Extenders Act of 2009: Highlights: Extends Over 50 Tax Breaks Widespread Benefits $31 Billion in Tax Relief/Increases Targets Offshore Accounts Closes Carried Interest Loophole Impacts Year-End Planning

Carbon Taxes and the WTO

Posted on December 12, 2009
Paul-Erik Veel (Law Clerk to Hon. Louise Charron, Supreme Court of Canada) has published Carbon Tariffs and the WTO: An Evaluation of Feasible Policies, 12 J. Int'l Econ. L. 749 (2009). Here is the abstract: Both the European Union, which currently has an emissions trading scheme for greenhouse gases, and...

Waggoner: A Carbon Tax is Better Than Cap and Trade

Posted on December 12, 2009
Michael Waggoner (Colorado) has posted The House Erred: A Carbon Tax is Better Than Cap and Trade, 124 Tax Notes 1257 (Sept. 21, 2009), on SSRN. Here is the abstract: The House in June approved a cap-and-trade system to control greenhouse gases (GHGs) and to reduce the risks of climate...

Another Tax Shoe Drops in Tiger Woods Affair(s)

Posted on December 12, 2009
Following up on Monday's post, Tax Consequences of Tiger Woods' Marital Troubles: on Friday's Today show, Jamie Jungers claimed to have spent the night at Tiger Woods' home while wife Elin Nordegren was away. She claimed that she was not paid for her services and has never worked for, and...

WSJ: Let the Estate Tax Expire in Three Weeks

Posted on December 11, 2009
Wall Street Journal editorial, The Tax That Won't Die; Democrats Are Afraid to Let the Estate Tax Rate Hit Zero: In less than three weeks, the hated death tax is scheduled to expire?with the rate falling from 45% to zero for 2010. Then the tax will be resurrected in 2011...

21% of Law Students Regret Attending Law School

Posted on December 11, 2009
According to a new LexisNexis State of the Legal Industry Survey of 550 respondents (300 private practice attorneys, 150 in-house corporate counsel, and 100 law students): 65% of law students (and 90% of lawyers) say that law school teaches legal theory, but does not teach the practical business skills needed...

NY Times: A VAT May be Coming to U.S.

Posted on December 11, 2009
New York Times, Many See the VAT Option as a Cure for Deficits, by Catherine Rampell: Runaway federal deficits have thrust a politically unsavory savior into the spotlight: a nationwide tax on goods and services. Members of Congress, like their constituents, are squeamish about such ideas, instead suggesting spending cuts...

5th Cir. Admits Ex-Wife's Testimony About Ex-Husband's Tax Evasion

Posted on December 11, 2009
The Fifth Circuit recently allowed an ex-wife's testimony about conversations she had with her ex-husband about his tax evasion to be admitted at the husband's trial under the joint crimes exception to the martial communications privilege even thought he ex-wife was not charged with tax evasion herself...

Texas Legislator Files Amicus Brief in Support of 'Pole Tax'

Posted on December 11, 2009
Following up on my prior post, Texas "Pole Tax" on Strip Club Patrons Ruled Unconstitutional: Texas Lawyer, Texas Legislator Files Atypical Amicus Brief in Support of "Pole Tax": Legislators rarely send amicus briefs to the Texas Supreme Court explaining why a law was passed, because the court usually doesn't listen...

Zelinsky: New York?s ?Amazon Law?: Constitutional But Unwise

Posted on December 11, 2009
Edward A. Zelinsky (Cardozo) has posted New York?s ?Amazon Law?: Constitutional But Unwise, 54 State Tax Notes 715 (Dec. 7, 2009), on SSRN. Here is the abstract: On its face, New York?s Amazon Law can be construed to survive constitutional scrutiny, but only if the courts reject (as they should)...

Tax Court Allows Driver Cited for DUI in Accident to Deduct Car Damage as Casualty Loss Because He 'Only' Blew a .09

Posted on December 11, 2009
The Tax Court yesterday held held that an individual involved in a traffic accident when driving while intoxicated could claim a casualty loss deduction for damages to his car. Rohrs v. Commissioner, T.C. Summ. Op. 2009-190 (Dec. 10, 2009) (citations omitted): On August 12, 2005, petitioner purchased a 2006 Ford...

IRS Loses Billion Dollar Transfer Pricing Case

Posted on December 11, 2009
The IRS lost a billion dollar § 482 transfer pricing case yesterday. Veritas Software Corp. v. Commissioner, 133 T.C. No. 14 (Dec. 10, 2009): P entered into a cost-sharing arrangement with S, its foreign subsidiary, to develop and manufacture storage management software products...

Mayer: Politics at the Pulpit -- Tax Benefits, Substantial Burdens, and Free Exercise

Posted on December 11, 2009
Lloyd Hitoshi Mayer (Notre Dame) has published Politics at the Pulpit: Tax Benefits, Substantial Burdens, and Institutional Free Exercise, 89 B.U. L. Rev. 1137 (2009). Here is the abstract: More than fifty years ago, Congress enacted a prohibition against political campaign intervention for all charities, including churches and other houses...

Call for Tax Papers: 'Beyond Law'

Posted on December 11, 2009
The Graduate Law Students' Association at Osgoode Hall Law School has issued a call for papers for graduate students and junior faculty its Annual Conference, Beyond Law, to be held May 21-22, 2010 in Toronto: ?Beyond Law? aims to consider law from multiple viewpoints, foregrounding the importance of legal pluralism...

IRS-GW 22nd Annual International Tax Institute

Posted on December 11, 2009
The two-day IRS-George Washington University Law School 22nd Annual Institute on Current Issues in International Taxation concludes today at the J.W. Marriott Hotel in Washington, D.C.: On the first day, Douglas H. Shulman, Commissioner of the Internal Revenue Service, will deliver the luncheon address...

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