Taxation & Estate Planning

NLJ: 3Ls Brace for Tough Job Prospects; Does Tax Offer Hope?

Posted on January 26, 2009
In this week's National Law Journal: The View from 3L: Law Students Brace for Tough Reality, by Karen Sloan: Although 3Ls aren't in despair, many of them are far less confident about what the future holds for them than the...

Senate Finance Committee Holds Markup Session Tomorrow on Recovery and Reinvestment Tax Act

Posted on January 26, 2009
The Senate Finance Committee holds a markup session tomorrow on The American Recovery and Reinvestment Tax Act of 2009 Joint Committee on Taxation Description Joint Committee on Taxation Revenue Estimate Bloomberg CNN Reuters

Nevada Rebuffs Brothels' Request to be Taxed

Posted on January 26, 2009
New York Times: Brothels Ask to Be Taxed, but Official Sees a Catch, by Steve Friess: It is virtually unheard of for any legal industry to ask to be taxed. And it would seem even more unlikely for any government,...

CB&PP: Repeating Dividend Repatriation Tax Holiday Would be Poor Stimulus

Posted on January 26, 2009
The Center on Budget & Policy Priorities has released Proposed Tax Break for Multinationals Would be Poor Stimulus; "Dividend Repatriation Tax Holiday" Failed in 2004, Unlikely to Work Now, by Chye-Ching Huang: The Business Roundtable and Chamber of Commerce have...

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TaxProf Blog Weekend Roundup

Posted on January 26, 2009
Saturday: Magee & Farmer: A FIRPTA Tax Trigger Unsuccessful Iowa Legal Writing Faculty Candidate Sues, Claiming Discrimination Due to Her Conservative Views State Financing of Universities Leads to Lower Quality Faculty Temporarily Suspending DOI Rules on Repurchase of Below-Par Business...

Top 5 Tax Paper Downloads

Posted on January 25, 2009
There is a bit of movement in this week's list of the Top 5 Recent Tax Paper Downloads, with a new paper debuting on the list at #4: 1. [301 Downloads] The Virtual Tax Library: A Comparison of Five Electronic...

CB&PP: Corporate Tax Rate Cut Ineffective as Stimulus

Posted on January 25, 2009
The Center on Budget & Policy Priorities has released Corporate Tax Rate Cut Likely to be Ineffective as Stimulus, by Chye-Ching Huang: Numerous government and independent studies agree that corporate tax rate cuts provide relatively little ?bang-for-the-buck? as stimulus...

IRS TV

Posted on January 25, 2009
The IRS and Telemundo host a one-hour tax information program today for Spanish-speaking taxpayers today -- ?Los Impuestos y Usted? (?Taxes and You?) at 3:00 p.m. Eastern, Central and Pacific Time, and 2:00 p.m. Mountain Time: ?Los Impuestos y Usted?...

Magee & Farmer: A FIRPTA Tax Trigger

Posted on January 24, 2009
John B. Magee & F. Scott Farmer (both of McKee Nelson, Washington, D.C.) have published Failing to Talk to Yourself -- A FIRPTA Tax Trigger, 53 Tax Notes Int'l 169 (Jan. 12, 2009), which examines how foreign-controlled U.S. corporate groups...

Unsuccessful Iowa Legal Writing Faculty Candidate Sues, Claiming Discrimination Due to Her Conservative Views

Posted on January 24, 2009
Teresa R. Wagner, Associate Director of the University of Iowa College of Law Writing Resource Center, has filed a lawsuit against the school and its dean, Tax Prof Carolyn Jones, claiming that she was twice rejected for a legal writing...

State Financing of Universities Leads to Lower Quality Faculty

Posted on January 24, 2009
Irina Khovanskaya (Higher School of Economics, Moscow), Konstantin Sonin (New Economic School, Moscow) & Maria Yudkevich (Higher School of Economics, Moscow) have posted Budget Uncertainty and Faculty Contracts: A Dynamic Framework for Comparative Analysis on SSRN...

Temporarily Suspending DOI Rules on Repurchase of Below-Par Business Debts

Posted on January 24, 2009
Everett Ehrlich has posted Temporarily Suspending the Recognition of Income from the Repurchase of Below-Par Business Debts on the U.S. Chamber of Commerce web site. Here is the Executive Summary: The economy is contracting rapidly. At the heart of this...

Judge Revokes Wesley Snipes' Passport Pending Appeal of Tax Conviction

Posted on January 23, 2009
I previously blogged the federal district judge's order granting actor Wesley Snipes' motion to travel overseas while the appeal of his conviction on three misdemeanor tax fraud counts is pending in the Eleventh Circuit. The order permitted Snipes to travel...

Temple, Northwestern Win 2008 ABA Law Student Tax Challenge

Posted on January 23, 2009
The ABA Tax Section today announced that two-person student teams from Temple (J.D. Division) and Northwetsern (LL.M. Division) won the 2008 Law Student Tax Challenge at the Midyear Meeting in New Orleans: J.D. Division: 1st Place: Temple: Lisa Kothari &...

Commentary on Textron Tax Accrual Work Papers Case

Posted on January 23, 2009
Following up on yesterday's post on United States v. Textron, No. 07-2631 (1st Cir. Jan. 21, 2009): Bloomberg: Textron Can Keep Tax Paperwork From Agency, Appeals Court Rules, by Ryan J. Donmoyer National Law Journal: A Company's Tax Accrual Work...

Fingerprints of God

Posted on January 23, 2009
A timeless reminder for those of you with children, and indeed for all of us as children: Fingerprints of God, by Stephen Curtis Chapman (Hat Tip: Brian Spiess):

Tax Court Allows TP to Claim Dependency Exemption for GC of Live-In "Friend"

Posted on January 23, 2009
Bridget J. Crawford (Pace) on Feminist Law Professors recently blogged Leonard v. Commissioner, T.C. Summ. Op. 2008-141 (Nov. 4, 2008), in which the Tax Court permitted a pro se taxpayer to take dependency exemption deductions for the two grandchildren of...

House Ways & Means Committee Approves $275 Billion Tax Portion of Stimulus Bill

Posted on January 23, 2009
The House Ways & Means Committee yesterday approved the $275 billion tax portion of the economic stimulus bill (H.R. 598) on a straight party-line vote, 24-13: Ways & Means Committee Press Release Text of Bill Joint Committee on Taxation Description....

Book: Increasing Preparer Responsibility, Visibility and Competence

Posted on January 23, 2009
Leslie Book (Villanova) has posted Increasing Preparer Responsibility, Visibility and Competence, National Taxpayer Advocate 2008 Annual Report to Congress (Jan. 2009), on SSRN. Here is the abstract: The insights from the responsive regulation literature present an intriguing model for IRS...

Chronicle: University-Provided Laptops Are Taxable to Faculty

Posted on January 22, 2009
I previously blogged that the IRS increasingly is requiring faculty to report the value of university-provided cell phones as income under § 280F. This week's Chronicle of Higher Education reports that the IRS is similarly targeting faculty who receive a...

Auerbach Presents Understanding U.S. Corporate Tax Losses Today at NYU

Posted on January 22, 2009
Alan Auerbach (UC-Berkeley, Department of Economics) presents Understanding U.S. Corporate Tax Losses (with Rosanne Altshuler (Rutgers Unviersity, Department of Economics), Michael Cooper (University of Utah, Eccles School of Business) & Matthew Knittel (Office of Tax Analysis, Treasury Department) & Matthew...

Senate Finance Committee Approves Geithner's Nomination, 18-5

Posted on January 22, 2009
After Treasury Secretary nominee Timothy Geithner submitted over 100 pages of answers to follow up questions from senators, the Senate Finance Committee today approved his nomination by an 18-5 vote. The nay votes were all Republicans: ranking member Charles Grassley...

Infanti: Bringing Sexual Orientation and Gender Identity into the Tax Classroom

Posted on January 22, 2009
Anthony C. Infanti (Pittsburgh) has posted Bringing Sexual Orientation and Gender Identity into the Tax Classroom on SSRN. Here is the abstract: A recent piece in the Journal of Legal Education analyzing student surveys by the Law School Admission Council...

Ventry: Textron Deals Blow to IRS's Anti-Tax Shelter Efforts

Posted on January 22, 2009
Dennis J. Ventry, Jr. (UC-Davis) offers his thoughts on yesterday's much-anticipated First Circuit decision in United States v. Textron, No. 07-2631 (1st Cir. Jan. 21, 2009): The sharply divided panel majority (2-1, with one member of the majority sitting by...

Dharmapala Leaves UConn for Illinois

Posted on January 22, 2009
Dhammika Dharmapala (University of Connecticut, Department of Economics) has accepted a senior offer from the University of Illinois College of Law: He completed a PhD in Economics from the University of California at Berkeley, where he was an Alfred P...

Johnston: Obama Tax Policy Lacks Boldness, Innovation

Posted on January 22, 2009
David Cay Johnston has published Obama Tax Policy Lacks Boldness, Innovation, 122 Tax Notes 421 (Jan. 19, 2009): [W]e have problems. And one of the biggest is that when it comes to tax policy, our new president is acting with...

Alleged Tax, Nanny,

Posted on January 22, 2009
Tax issues are listed along with nanny and marital infidelity as the reasons for Caroline Kennedy's surpirse withdrawal from consideration for appointment to Hillary Clinton's Senate seat. Bloomberg NBC New York New York Daily News New York Magazine New York...

Jensen: Achieving Capital Gain Treatment While Keeping the Property

Posted on January 22, 2009
Ronald H. Jensen (Pace) has posted Can You Have Your Cake and Eat It Too?: Achieving Capital Gain Treatment While Keeping the Property, 5 Pitt. Tax Rev. 75 (2008), on SSRN. Here is the abstract: Although the Internal Revenue Code...

DOJ's Tax Accomplishments, 2001-2009

Posted on January 21, 2009
The Accomplishments of the U.S. Department of Justice 2001-2009: The Tax Division strives to enforce the nation?s tax laws fully, fairly and consistently, through both criminal and civil litigation, to promote compliance with the tax laws and maintain confidence in...

Mehrotra Presents The Treasury, WWI, and the Modern Fiscal State Today at USC

Posted on January 21, 2009
Ajay K. Mehrotra (Indiana) presents Lawyers, Guns & Public Monies: The U.S. Treasury, World War One, and the Administration of the Modern Fiscal State at USC today as part of its Center for Law, History and Culture Workshop Series. Here...

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