Author: Paul Caron
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More on Tax Consequences to Fan Catching Barry Bonds’ 756th Home Run
Last month, I blogged the tax consequences to the fan catching Barry Bonds’ 756th home run. Bonds’ record-setting home run on Tuesday night has unleashed additional commentary on the tax consequences to Matt Murphy, the fan who caught the ball. From the Associated Press: Man Could Face Big Tax Bill on Bonds’ Home Run Ball,…
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Kahn Responds to Bartlett’s WSJ Op-Ed Opposing Private Equity Tax Increase
Last week, I blogged Bruce Bartlett’s Wall Street Journal op-ed opposing the proposed increase in the private equity tax (Not Income At All). In response, Jeffrey Kahn (Penn State) published a letter to the editor (Additions to Bolster an Otherwise Capital Idea) in yesterday’s Wall Street Journal: In Bruce Bartlett’s op-ed, the author states that…
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More on the Troubles at Ave Maria Law School
Inside Higher Ed has a detailed report this morning in Purge at Ave Maria Law?. Prior TaxProf Blog coverage: An Open Letter to Ave Maria Law School (7/21/07) Faculty "Mutiny" at Ave Maria Law School (5/14/07) More Troubles at Ave Maria Law School (5/2/07) Ave Maria to Move From Michigan to Florida in Fall 2009…
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Buchanan on Dishonest Tax Rhetoric
Neil Buchanan (George Washington) has an excellent three-part series on Dishonest Tax Rhetoric: One of the oddities of studying taxes is that mind-numbing technical details coexist with bluntly political posturing. The recent debate over taxing hedge fund and private equity fund managers is a good example, with arguments about whether managers’ compensation is more like…
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Germain on Taxing Emotional Injury Recoveries: A Critical Analysis of Murphy
Gregory L. Germain (Syracuse) has published Taxing Emotional Injury Recoveries: A Critical Analysis of Murphy v. Internal Revenue Service, 60 Ark. L. Rev. 185 (2007). Here is the abstract: Does Congress have the power under the U.S. Constitution to tax compensatory personal injury awards? Several months ago, the D.C. Circuit Court of Appeals said “no”…
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TIGTA Seeks to Hire Attorney
The Treasury Department’s Office of the Inspector General for Tax Administration seeks to hire an attorney: The General Attorney performs the following duties: Provides legal assistance in support of all aspects of TIGTA, including, but not limited to, audit activity, criminal investigations, disclosure, FOIA and Privacy Act, personnel and EEO, ethics, procurement, torts, and contract…
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Does Tax LL.M. Help Move from Big 4 to Big Law?
Linda E. Laufer, Director of Career Development, Morgan, Lewis & Bockius, responds to this question in her weekly column in the New York Lawyer: Q: I decided to work at a Big 4 accounting firm after law school rather than a law firm thinking that it would be tough to land a position within a…
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New Issues of Wealth Strategies Journal
The May and July 2007 issues of the Wealth Strategies Journal are now available online, with the following tax-related articles: Choices: Why Do I Need A Trust? Setting the Stage for Decision-Making by Donald Kozusko (Kozusko Harris Vetter Wareh, Washington, D.C.) Abstract: Trusts are most often valued as vehicles for tax planning, protecting against creditors,…
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Law School Tuition News
Georgia State: + 33% Georgia: +15% Michigan: + >5% Wayne State: +13.3% in-state – 35.0% out-of-state Wisconsin: +5.5%
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Back to School Special: Teachers Can Take Annualized Salary and Defer Income Into 2008 Without Violating § 409A
With schools throughout the country set to begin, the IRS announced today (IR-2007-142) that teachers who elect to be paid on a 12-month basis (August 2007 – July 2008) rather than on a 9-month basis (August 2007 – May 2008) will not be required to include on their 2007 tax returns the portion of their…
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Associate Moneyball
Given my long-standing interest in the application of Moneyball principles to law schools, this post on Adam Smith, Esq. caught my eye: Associate Moneyball Several months ago, I proposed to a few AmLaw 50 firms that we try to develop our own version of "Associate Moneyball," looking through firms’ data about associates’ backgrounds, who left…
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New Poll: Country Trusts Democrats More Than Republicans on Taxes
Interesting tax polling data on Rasmussen Reports: Democrats and Republicans Have Different Understanding of Fair Tax System: Democrats, by a 53% to 34% margin, say that a fair tax system would have higher income Americans paying a higher percentage of their income in taxes. Republicans, by a 66% to 25% margin, say that a fair…
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FactCheck.org Assails McCain’s Overstatement of Cost of Tax Compliance
The non-partisan FactCheck.org assailed Republican presidential candidate John McCain’s statement in Sunday’s debate on ABC-TV’s This Week with George Stephanopoulos that "the tax code … requires $140 billion of American families’ income to prepare their tax returns." From Sunday Morning Missteps: We’re still waiting for McCain’s campaign to let us know where he got that…
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Welfare Effects of Distortionary Company Car Taxation
Eva Gutierrez Puigarnau & Jos Van Ommeren (both of the Free University of Amsterdam) have posted Welfare Effects of Distortionary Company Car Taxation on SSRN. Here is the abstract: In Europe, company cars are offered by employers as fringe benefits to their employees at a lower price than employees pay in the car market, mainly…
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Ron Paul Discusses the Ed Brown Tax Protestor Case
Republican presidential candidate Ron Paul discusses the Ed Brown tax protestor case and the right of citizens to stop paying income tax on Neil Cavuto’s TV show on FOX TV:
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Antarctica Is Not a Foreign Country for Tax Purposes
For those, like we in Cincinnati, who are suffering through a road-melting heat wave, I offer five cases decided by the Tax Court yesterday holding that Antarctica is not a foreign country for § 911 foreign earned income exclusion purposes (following Arnett v. Commissioner, 126 T.C. 89, 91-96 (2006), aff’d, 473 F.3d 790 (7th Cir.…
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ABA Offers Teleconference & Webcast Today on 21st Century Advanced Estate Planning for Wealthy Clients
The ABA Real Property, Probate & Trusts Section offers a teleconference and webcast today on 21st Century Advanced Estate Planning for Wealthy Clients from 1:00 – 2:30 p.m. EST: The largest transfer of wealth in history is happening now and will continue over the next 15 years. Families that have accumulated significant wealth are at…
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ABA Tax Section Submits Comments on Impact of Pension Protection Act on Tax-Exempt Organizations
The ABA Tax Section yesterday submitted comments to the Subcommittee on Oversight of the House Ways and Means Committee in response to the subcommittee’s request for comments on the provisions of the Pension Protection Act of 2006 affecting tax-exempt organizations.
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District Court Denies Five KPMG Tax Shelter Defendants’ Motion for Continuance
Following up on this morning’s post: federal district judge Lewis A. Kaplan has denied the five KPMG tax shelter defendants’ motion for a continuance of the trial scheduled to begin on October 16, 2007. United States v. Stein, No. 1-05-cr-0888 (S.D.N.Y. 8/3/07): [T]he Court understands that, from defendants’ perspective, there probably never will be a…
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Kane & Rock on Corporate Taxation and International Charter Competition
Mitchell Kane (Virginia) & Edward B. Rock (Penn) have posted Corporate Taxation and International Charter Competition on SSRN. Here is the abstract: Corporate Charter competition has become an increasingly international phenomenon. The thesis of this article is that this development in the corporate law requires a greater focus on the corporate tax law. We first…
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WaPo Tax News Roundup
A GOP Muddle on Taxes (op-ed), by Robert Novak Frontrunners Dodge Commitment on Tax Changes, by Chhris Cillizza Raising Tax on Private Equity Could Cut Critical Investment, by Bruce Rosenblum
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More on Law School Gamesmanship in Placement Data Reporting for U.S. News Rankings
My MoneyLaw co-blogger Tom Bell (Chapman) continues his excellent coverage of the law school gamesmanship in reporting placement data for the U.S. News rankings with "a solid explanation for one school’s data discrepancies, reservations about another school’s explanation, and an anonymous cynic’s take on Emp9 reporting practices." Prior TaxProf Blog coverage: Impact of Placement Data…
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Other Five KPMG Tax Shelter Defendants Seeks Trial Delay
Interesting article in today’s New York Law Journal: KPMG Defendants Seek Postponement of Trial, by Beth Bar Following the dismissal of charges against 13 of the 18 ex-KPMG employees in United States v. Stein, 05 Cr. 888 [blogged here and here], the remaining five defendants in the criminal tax fraud case have asked Southern District…
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Business School Accreditor to Require Evidence of Influence of Faculty Research
Interesting article in today’s Chronicle of Higher Education: Business-School Accreditor Proposes Requiring Evidence of Influence of Faculty Research, by Katherine Mangan: Business schools would be required to demonstrate the effect of faculty research on practice, teaching, or theory under a controversial draft plan published on Friday by the schools’ primary accreditor. [Report of the AACSB…
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Keith Olbermann: Tax Policy to Blame for Minneapolis Bridge Collapse?
Keith Olbermann’s Countdown asks: Is Tax Policy to Blame for Minneapolis Bridge Collapse?: