Paul L. Caron
Dean
Pepperdine Caruso
School of Law
ABA Tax Section
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ABA Tax Section Submits Comments on § 152 Regulations
The ABA Tax Section has submitted comments to the Treasury Department and IRS on the proposed § 152 regulations. Tax Prof Bryan T. Camp (Texas Tech), Chair of the Committee on Individual and Family Taxation, was primarily resposible for the preparation of the comments. Here is the Executive Summary: These Comments are submitted in response…
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ABA Tax Section Releases Survey Report on Independence of IRS Appeals
The ABA Tax Section has released Survey Report on Independence of IRS Appeals. Here is part of the Executive Summary: The ABA Section of Taxation decided to survey its membership to determine the members’ experience relating to the perceived independence of the IRS’s Appeals Division. In that regard, a seven-page survey instrument was developed by…
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Osofsky on Solving Section 734(b)
Leigh Osofsky (Fenwick & West, Mountain View, CA) has published Solving Section 734(b), 60 Tax Law. 473 (2007). Here is the Conclusion: This Article presents two fundamental fixes for section 734(b). One fix, the share of inside basis, outside basis dilemma, makes section 734(b) work better under the contemporary distribution system. The second deals with…
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ABA Law Student Tax Challenge Releases This Year’s Problem
The ABA Section of Taxation Young Lawyers Forum last night released the Problem, updated rules (J.D.; LL.M.), and entry forms (J.D.; LL.M.) for the 7th Annual Law Student Tax Challenge ("LSTC"): Teams are initially evaluated on two criteria: a memorandum to a senior partner and a letter to the client explaining the result. Based on…
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Spiro on Will Health Savings Accounts Provide Retirees with Necessary Health Benefits?
Michael P. Spiro (Flaster/Greenberg, Cherry Hill, NJ) has published A Penny Saved: Will Health Savings Accounts Provide Retirees with Necessary Health Benefits?, 60 Tax Law. 455 (2007). Here is the Conclusion: Ultimately, the extent to which consumer driven health plans ("CDHPs") will actually decrease the cost of health care on a macro-level remains to be…
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Student Notes in Winter 2007 ABA Tax Lawyer
The Winter 2007 ABA Tax Lawyer contains student notes on these three cases: Coltec Industries, Inc. v. United States. by Leland Gardner Murphy v. Internal Revenue Service, by Elizabeth Rose United States v. Roxworthy, by Jeremy Scanlan
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An End to Politically Motivated Audits of Churches? How Amendment to § 7217 Can Preserve Integrity of the Tax Investigation of Churches Under § 7611
Leslie Garthwaite (J.D. 2007, Georgetown) has published Comment, An End to Politically Motivated Audits of Churches? How Amendment to Section 7217 Can Preserve Integrity of the Tax Investigation of Churches Under Section 7611, 60 Tax Law. 503 (2007). Here is the Conclusion: Amending section 7217’s scope and penalty are only two Code improvements to solve…
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Myers on The Low-Income Housing Tax Credit
Bradley Myers (North Dakota) has published The Low-Income Housing Tax Credit: A Proposal to Address Concerns Regarding Non-Profit / For-Profit Partnerships, 60 Tax Law. 415 (2007). Here is part of the Introduction: This Article proposes a change to the structure of LIHTC transactions which should satisfy the concerns of the Service that nonprofits maintain control…
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Hariton on Equity Derivatives, Inbound Capital and Outbound Withholding Tax
David P. Hariton (Sullivan & Cromwell, New York City) has published Equity Derivatives, Inbound Capital and Outbound Withholding Tax, 60 Tax Law. 313 (2007). Here is part of the Conclusion: [D]oes it still make sense for Congress to impose, and the Treasury to enforce, an outbound withholding tax on the payment of dividends by U.S.…
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Schwidetzky on Family Limited Partnerships
Walter D. Schwidetzky (Baltimore) has published Family Limited Partnerships: The Beat Goes On, 60 Tax Law. 277 (2007). Here is the Conclusion: The family limited liability entities ("FLLE") problem has been brewing for some time. The litigation will not end anytime soon. Practitioners will adjust to the cases, push the envelope, and the Service will…
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Burke on Origins and Evolution of Section 751(b)
Karen C. Burke (San Diego) has published Origins and Evolution of Section 751(b), 60 Tax Law. 247 (2007). Here is the Conclusion: Because section 751(b) is deeply flawed and extraordinarily complex, commentators have repeatedly urged outright repeal. Unless section 751(b) can be radically simplified, it may be difficult to justify retaining the provision simply as…
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ABA Tax Section Submits Comments to IRS on Tax Treatment of Open Account S Corp Debt
The ABA Tax Section has submitted comments to the IRS on Proposed § 1367 Regs on the Treatment of Open Account S Corp Debt (8/31/07).
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ABA Tax Section Offers Teleconference & Webcast Today on The Economic Substance and Business Purpose Doctrine
The ABA Tax Section offers a teleconference and webcast today on Recent Developments in the Economic Substance and Business Purpose Doctrine from 1:00 – 2:30 p.m. EST: The last few years have seen the occurrence of several important developments regarding the economic substance doctrine. This program discusses several of these recent developments and their potential…
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Tax Profs Named to ABA Tax Section Leadership Positions
Following up on last week’s post on the selection of Stanley L. Blend (Oppenheimer, Blend, Harrison & Tate, San Antonio, TX) as the new chair of the ABA Tax Section: several Tax Profs were named to leadership positions in the Section: Vice Chair (Communications): Ellen P. Aprill (Loyola-L.A.) Secretary: Alice Abreu (Temple) Council Director: Christine…
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ABA Tax Section Submits Comments on Gift Tax Return Form
The ABA Tax Section has submitted comments to the IRS on Form 709, United States Gift (and Generation-Skipping Transfer Tax) Return.
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Blend Named Chair of ABA Tax Section
Stanley L. Blend (Oppenheimer, Blend, Harrison & Tate, San Antonio, TX) yesterday was named chair of the ABA Tax Section at the close of the ABA Annual Meeting in San Francisco, succeeding Susan P. Serota (Pillsbury Winthrop Shaw Pittman, New York, NY). From the ABA press release: Blend is practice group leader of the Property…
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ABA Offers Teleconference & Webcast Today on Review of Estate Tax, Gift Tax, and GST Tax
The ABA Real Property, Probate & Trusts Section launches its Essential Issues in Trust and Estate Law Fundamentals Series today with a teleconference and webcast on Review of Estate Tax, Gift Tax, and GST Tax from 1:00 – 2:30 p.m. EST: This first program in our comprehensive series consists of an overview of the estate…
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ABA Tax Section Publishes Summer 2007 Issue of News Quarterly
The ABA Tax Section has published 26 News Quarterly No. 4 (Summer 2007): From the Chair (Susan P. Serota) (pp. 3-4) From the Chair-Elect (Stanley L. Blend) (pp. 5, 9) Distinguished Service Award Recipient (Loretta Collins Argrett) (pp. 6, 9) Interview with Robert H. Jackson (pp. 7-9) Opinion Point: Can the Income Tax Survive i…
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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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ABA Tax Section Submits Comments on Donor Advised Funds and Supporting Organizations
The ABA Tax Section has submitted comments to the IRS in response to Notice 2007-21 on the Treasury Study on Donor Advised Funds and Supporting Organizations: The Pension Protection Act of 2006, enacted on August 17, 2006, contained a number of provisions relating to charitable organizations classified as section 509(a)(3) supporting organizations (“SOs”), and donor…
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ABA Tax Section Submits Comments on Proposed § 2053 Regs on Claims Against an Estate
The ABA Tax Section yesterday submitted comments to the IRS on the proposed regs on deductions for caims against an estate under § 2053.
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ABA Tax Section Offers Teleconference & Webcast Today on Preserving Capital Gains: Dealer/Developer Issues
The ABA Tax Section offers a teleconference and webcast today on Preserving Capital Gains: Dealer/Developer Issues from 1:00 – 2:30 p.m. EST: Your clients may want to lock-in existing appreciation as capital gains on real estate they would like to develop by transferring it to a related entity. But what type of transfer is best?…
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ABA Tax Section Submits Comments to IRS
The ABA Tax Section has submitted comments to the IRS on: Proposed Regs Relating to Payment of Tax Liabilities in Installments (7/2/07) Proposed Regs Relating to Payment In Lieu of Taxes under Treas. Reg. § 1.141-4 (7/10/07)
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ABA Tax Section Submits Comments to IRS on Proposed Regs on Payment of Tax Liabilities in Installments
The ABA Tax Section yesterday submitted to the IRS Comments on Proposed Regulations Relating to the Payment of Tax Liabilities in Installments (07/2/07): Principal responsibility for preparing these Comments was exercised by Kamran Idrees and George Willis of the Section’s Low Income Taxpayers Committee. Substantive contributions were made by Lauren Duncan, LaDonna Kienitz, Robb A.…