Paul L. Caron
Dean
Pepperdine Caruso
School of Law
2013
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Estate Tax Portability FAQs
Forbes: A Married Couple’s Guide To Estate Planning, by Deborah L. Jacobs: The New Year’s Day fiscal cliff bill, which ended an 11-year period of uncertainty about estate tax exemptions and rates, also made permanent a wonderful break for widows and widowers that was set to expire after a two-year introductory period. Starting for deaths…
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The Continuing Free-Fall in LSAT Takers and Law School Applicants
Matt Leichter, LSAT Tea-Leaf Reading: December 2012 Edition:
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79 Year-Old Florida Women Pleads Guilty in UBS Tax Evasion Case, Faces Prison, $21M Penalty
Bloomberg, UBS Client Pleads Guilty in U.S. Tax Case in Florida Forbes, Florida Widow Guilty + $21M Penalty For Inherited Swiss + Liechtenstein Accounts Huffington Post, Mary Estelle Curran, 79-Year-Old Ex-UBS Client, Facing 6 Years In Prison Over Tax Evasion Reuters, Former UBS Client In Florida Pleads Guilty to Tax Evasion
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Religious Giving as a Guide to the Principles of Good Taxation
Robert Wolf (Wisconsin – La Crosse), Religious Giving as a Guide to the Principles of Good Taxation, 13 J. Accounting, Ethics & Pub. Pol’y, 1 (2012): The principles of good taxation are a set of guiding values necessary for any responsible state to consider in constructing their tax policy. The principles are derived from various…
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Kleinbard: The Debt Ceiling’s Escape Hatch
New York Times op-ed: The Debt Ceiling’s Escape Hatch, by Edward Kleinbard (USC): The gist of the idea is to issue scrip ("registered warrants," technically, or IOUs, colloquially) to holders of money claims against the US government, other than owners of Treasury securities; the latter would continue to be paid in cash. The scrip would…
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TaxProf Blog Named Best Law Professor Blog of 2012
I am delighted that TaxProf Blog has been named the Best Law Professor Blog by Dennis Kennedy in his ninth annual Best of Law-related Blogging Awards (the “Blawggies”): Best Law Professor Blog – Paul Caron’s The TaxProf Blog The Blawggies have always had a spot for the best law professor blog. In part, it’s my…
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Northeastern Seeks to Hire Tax Teaching Assistants
Northeastern University's College of Business Administration, in partnership with Embanet ULC, is seeking to hire assistants to help Lead Faculty teach two tax courses in Spring 2013 in its online Masters of Science in Taxation Program: Income Taxation of Trusts and Estates Tax Research, Practice, Ethics These are 5 week long courses. Main duties include: responding…
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ABA Task Force on the Future of Legal Education Solicits Comments
The ABA Task Force on the Future of Legal Education (charge) has asked me to remind readers to submit comments or request to speak at its public hearing at the Hilton Anatole in Dallas on Saturday, February 9, 2013 from noon to 5 p.m. during the ABA’s mid-year meeting. For more details, see this solicitation…
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City-by-City Rankings: Buying Power of Starting Associate Salaries
NALP, Buying Power Index Class of 2011: City Median Salary Salary Required to Yield NYC Buying Power Buying Power Index Dallas, TX $135,000 $70,350 1.919 Wilmington, DE 145,000 79,710 1.819 Houston, TX 115,000 65,670 1.751 Charlotte, NC 115,000 68,230 1.686 Los Angeles, CA 160,000 97,110 1.648 Boston, MA 160,000 100,400 1.594 Costa Mesa, CA 160,000…
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Osofsky Presents Frictions as Screening Mechanisms Today at Toronto
Leigh Osofsky (Miami) presents Frictions as Screening Mechanisms at Toronto today as part of its James Hausman Tax Law and Policy Workshop Series hosted by Ben Alarie: Tax planning can be highly problematic. It can reduce revenue, produce inefficiency, and allocate tax burdens in an inequitable fashion. As a result, scholars have examined how the…
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Catholic University Launches Business School to Mix Faith and Finance
Wall Street Journal: B-School Mixes Faith and Finance: Catholic University's New Program Will Infuse Courses With Instruction in Virtues: Confident that aspiring corporate leaders want to worship more than just the almighty dollar, Catholic University of America is creating a new business school. The Washington, D.C., university will announce the launch of its new School…
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Bartlett: Tax Increases Often Lead to Bull Markets
New York Times: Tax Increases and Bull Markets, by Bruce Bartlett: [T]he stock market rose sharply after the passage of the tax deal, which raised the top income tax rate and the rate on capital gains and dividends. This is the opposite of what should have happened according to Republican doctrine, which holds that the…
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National Taxpayer Advocate Releases Annual Report to Congress
National Taxpayer Advocate Nina E. Olson today released (IR-2013-3) her 2012 Annual Report to Congress, identifying the need for tax reform as the overriding priority in tax administration.: The Advocate also expressed concern that the Internal Revenue Service is not adequately funded to serve taxpayers and collect tax, and identified ways in which this chronic…
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California Raises Bar Passage Standard to 40% for State-Accredited Law Schools
The California State Bar has raised the bar passage standard to 40% for California-accredited law schools: Last month, the State Bar’s Committee of Bar Examiners voted to adopt changes to its guidelines for accredited law schools to specify that they must maintain a cumulative bar examination rate of at least 40% in order to keep…
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Yale: Taxing Market Discount on Distressed Debt
Ethan Yale (Virginia), Taxing Market Discount on Distressed Debt, 138 Tax Notes 85 (Jan. 7, 2013): The statutory rules regarding the timing and character of income and losses on debt instruments overtax distressed debt investors. Investors that make profitable investments in distressed debt are likely to have some or all of their income tainted as…
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Tax Foundation Gives F Grade to CRS Report on Tax Rates and Economic Growth
Tax Foundation: CRS Study on Tax Rates and Growth Still Flunks the Test, by Stephen J. Entin: Studies issued by the Congressional Research Service are intended to inform the Congress as it develops public policy and enacts legislation. A recent CRS publication on the effect of the top statutory tax rates on economic activity [Taxes…
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GAO: Evaluating Tax Expenditures
The Government Accountability Office has released Tax Expenditures: Background and Evaluation Criteria and Questions (GAO-13-167SP): Tax expenditures are reductions in a taxpayer's tax liability that are the result of special exemptions and exclusions from taxation, deductions, credits, deferrals of tax liability, or preferential tax rates. Similar to spending programs, tax expenditures represent a substantial federal…
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CBO: Options for Taxing U.S. Multinational Corporations
Congressional Budget Office, Options for Taxing U.S. Multinational Corporations: In 2008, 12% of all federal revenues came from corporate income taxes; about half was paid by multinational corporations reporting income from foreign countries. How the federal government taxes U.S. multinational corporations has consequences for the U.S. economy overall as well as for the federal budget.…
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WSJ: Law Firm Partners Face Layoffs in 2013
Wall Street Journal: Law-Firm Partners Face Layoffs: It used to be that once a lawyer grabbed the brass ring of partnership at a major firm, lifetime employment was virtually assured. But more partners are discovering that those days are over. As firms grapple with continued lackluster demand for legal services, some are handing out pink…
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2013 Tax Season Opens on Jan. 30
Following the passage ofthe American Taxpayer Relief Act, the IRS announced today (IR-2013-12) it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30: The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will…
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WSJ: The M.B.A. Crisis
Wall Street Journal: For Newly Minted M.B.A.s, a Smaller Paycheck Awaits: Soaring tuition costs, a weak labor market and a glut of recent graduates … are upending the notion that professional degrees like M.B.A.s are a sure ticket to financial success. The M.B.A.’s lot is partly reflected in starting pay. While available figures vary by…
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Chronicle: Deans Confront a ‘New Normal’ as Law Schools Adjust to Job-Market Changes
Chronicle of Higher Education: Law Deans Confront a 'New Normal' as Schools Adjust to Job-Market Changes: With applications to law schools in free fall and many of their graduates struggling to find jobs to pay off staggering debts, about 3,000 legal educators gathered here over the weekend to discuss what a panel of law deans…
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Joint Tax Committee Releases Overview of the Federal Tax System as in Effect for 2013
The Joint Committee on Taxation today released Overview of the Federal Tax System as in Effect for 2013 (JCX-2-13): This document … provides a summary of the present-law Federal tax system as in effect for 2013. The current Federal tax system has four main elements: (1) an income tax on individuals and corporations (which consists…
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Sander & Bambauer: How Status, Eliteness, and School Performance Shape Legal Careers
Richard Sander (UCLA) & Jane Bambauer (Arizona), The Secret of My Success: How Status, Eliteness, and School Performance Shape Legal Careers, 9 J. Empirical Legal Stud. 893 (2012): Rewards are distributed more unevenly within the legal profession than in virtually any other occupation. Most of those who study the careers of lawyers would agree that…
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NY Times: The Next Round of Tax Increases
New York Times editorial: The Next Round of Tax Increases: When the White House announced the deal on the fiscal cliff last week, it was quick — and correct — to note that much was left undone. There was still “substantial” room, the administration said, to raise taxes on high-income Americans, to reform corporate taxes…