Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Tax Analysts
-
Practitioners Blast Economic Substance Guidance as ‘Profoundly Disappointing’
Amy S. Elliott, Practitioners Blast Economic Substance Guidance With No Angel List, 2010 TNT 177-1 (Sept. 14, 2010): Practitioners panned long-awaited guidance on the codified economic substance doctrine that the IRS released September 13, criticizing it as “profoundly disappointing.” “It basically says ‘we’re not providing guidance,’” said Mark Silverman, a partner at Steptoe & Johnson
-
Sullivan: U.S. Multinationals Cut U.S. Jobs While Expanding Abroad
Martin A. Sullivan (Tax Analysts) has published U.S. Multinationals Cut U.S. Jobs While Expanding Abroad, 128 Tax Notes 1102 (Sept. 13, 2010): It is only natural that U.S. companies have increased hiring overseas during the last decade. After all, the world economy has become increasingly integrated. There are huge overseas markets to be exploited. There
-
Wood: What Good Is a Tax Opinion, Anyway?
Robert W. Wood (Wood & Porter, San Francisco) has published What Good Is a Tax Opinion, Anyway?, 128 Tax Notes 1071 (Sept. 6, 2010): The shorthand justification for getting a tax opinion may simply be penalty protection, but that maxim sells tax opinions short. Tax opinions, especially if prepared early, can help shape the transaction or position,
-
More on The Redemption Puzzle
Jeffrey M. Trinklein & David A. Siffert (both of Gibson Dunn, New York) respond to Reuven S. Avi-Yonah (Michigan), The Redemption Puzzle, 128 Tax Notes 853 (Aug. 23, 2010), in this week's Tax Notes (128 Tax Notes 1082 (Sept. 6, 2010)): In his article, Prof. Avi-Yonah suggests that the apparent increase in stock redemptions starting in 2003 is due
-
Hellerstein & Duncan: VAT Exemptions — Principles and Practice
Walter Hellerstein (Georgia) & Harley Duncan (KPMG, Washington, D.C.) have published VAT Exemptions: Principles and Practice, 128 Tax Notes 989 (Aug. 30, 2010): This article reviews the nature and operation of exemptions in a VAT system and explores some of the issues of principle and practice related to VAT exemptions, including the types of exemptions commonly implemented in
-
Johnston: How Would You Invest $1 Billion Under the Current Tax System?
David Cay Johnston has published How Would You Invest $1 Billion Under the Current Tax System?, 128 Tax Notes 1001 (Aug. 30, 2010): In this column, Johnston poses a question about what to do with a windfall, asking readers to ponder how the tax system affects investment decisions and suggest ways to increase demand for goods and
-
Johnson: Intermountain and the Importance of Administrative Law in Tax Law
Steve R. Johnson (UNLV) has published Intermountain and the Importance of Administrative Law in Tax Law, 128 Tax Notes 837 (Aug. 23, 2010). Here is the abstract: This report argues that the tax community cannot safely ignore general principles of administrative law. This fact is illustrated by the Intermountain case recently decided by the Tax
-
Dellinger: Return Preparer Due Diligence and the IRS
Kip Dellinger (Kallman & Co., Los Angeles) has published Return Preparer Due Diligence and the IRS: The Looming Battle, 128 Tax Notes 889 (Aug. 23, 2010). Here is the abstract: In this article, Dellinger discusses IRS due diligence expectations for tax return preparers and suggests that the IRS approach the matter realistically and judiciously. All Tax
-
Johnson: Repeal Roth IRAs
Calvin H. Johnson (Texas) has published Repeal Roth Retirement Plans to Increase National Savings, 128 Tax Notes 773 (Aug. 16, 2010). Here is the abstract: Roth IRA or 401(k) plans provide a tax exemption for profits generated under the plans. As much as $6,000 a year may be contributed to a Roth IRA, and as
-
Kleinbard: The Tax Penalty in ObamaCare Is Constitutional
Edward D. Kleinbard (USC) has published Constitutional Kreplach, 128 Tax Notes 755 (Aug. 16, 2010). Here is the abstract: Recent federal healthcare legislation mandated that every ‘‘applicable individual’’ maintain healthcare insurance and it imposed (in new § 5000A(b)) a penalty to enforce that mandate. In a recent report (Constitutional Decapitation and Healthcare, 128 Tax Notes 169 (July 12,
-
Johnston: Nanny Tax Evasion Grows Bigger and Bigger
David Cay Johnston has published Nanny Tax Evasion Geows Bigger and Bigger, 128 Tax Notes 783 (Aug. 16, 2010): Johnston critiques new research into why household employment tax evasion is getting worse and takes a look at the latest development in refund anticipation loans. All Tax Analysts content is available through the LexisNexis® services.
-
Soled: Requiem for Paper Information Statements
Jay A. Soled (Rutgers Business School) has published Requiem for Paper Information Statements, 128 Tax Notes 658 (Aug. 9, 2010): This article is a synopsis of a longer piece on the same topic. See Jay A. Soled, Call for the Gradual Phase-Out of All Paper Tax Information Statements, 10 Fla. Tax Rev. (forthcoming 2010). All
-
Pennell: Wealth Transfer Taxation — ‘Transfer’ Defined
Jeffrey N. Pennell (Emory) has published Wealth Transfer Taxation: 'Transfer' Defined, 128 Tax Notes 615 (Aug. 9, 2010). Here is the abstract: To be valid under the U.S. Constitution, the estate, gift, and generation-skipping taxes must be imposed on the transfer of wealth. The most significant flaw in these wealth transfer taxes is the lack
-
Tax Court ‘Misguided’ in Accuracy-Related Penalty Decision Involving $800k PWC Flat-Fee Opinion
Following up on my prior posts: Tax Court Upholds $37m Penalty Against TP Who Relied on Tax Opinion Issued by PWC for $800k Flat Fee (Aug. 6, 2010) More on Tax Court's Approval of $37m Penalty Because of PWC's 'Tainted' Opinion (Given for $800k Flat Fee) (Aug. 7, 2010) Sam Young, Court 'Misguided' in Accuracy-Related
-
Johnson: Ain’t Charity: Disallowing Deductions for Kept Resources
Calvin H. Johnson (Texas) has published Ain’t Charity: Disallowing Deductions for Kept Resources, 128 Tax Notes 545 (Aug, 2, 2010). Here is the abstract: A deduction for a charitable contribution is a reasonable subtraction when the taxpayer has lost the amounts paid so it can no longer be used to support the taxpayer’s standard of living.
-
Abrams: The Carried Interest Catastrophe
Howard E. Abrams (Emory) has published The Carried Interest Catastrophe, 128 Tax Notes 523 (Aug. 2, 2010). Here is the abstract: Congress seems intent on taxing the labor component of carried interests as ordinary income. If that must be done, it should be simple and accurate. The method of taxation provided for under the current legislative
-
Johnston: Anschutz Will Cost Taxpayers More Than the Billionaire
David Cay Johnston has published Anschutz Will Cost Taxpayers More Than the Billionaire, 128 Tax Notes 557 (Aug. 2, 2010): In this article, Johnston examines the costly implications of the Tax Court finding against Denver billionaire Philip Anschutz and his wife and calls for new rules to protect the fisc. All Tax Analysts content is available through
-
McCaffrey & Schneider: The Generation-Skipping Tax in 2010 and Beyond
Carlyn S. McCaffrey (Weil, Gotshal & Manges, New York) & Pam H. Schneider (Gadsden Schneider & Woodward, Philadelphia) have published Time Traveling and Generation-Skipping in 2010 and Beyond, 128 Tax Notes 407 (July 26, 2010). Here is the abstract: In this article, McCaffrey and Schneider look at the GSTT, its prospects, and the complications that the 2010 suspension
-
Durst: Fix Transfer Pricing and Protect U.S. Competitiveness
Michael C. Durst (Steptoe & Johnson, Washington, D.C.) has published Congress: Fix Transfer Pricing and Protect U.S. Competitiveness, 128 Tax Notes 401 (July 26, 2010). Here is the abstract: The House Ways and Means Committee conducted a hearing on July 22 to explore issues arising under current U.S. transfer pricing rules. Acting Ways and Means Chair Sander
-
Johnson & Aprill: Eliminate UBIT Exemption for ESOPs and Government Plans
Calvin H. Johnson (Texas) & Ellen P. Aprill (Loyola-L.A.) have published UBIT to the Defense! ESOPs and Government Entities, 128 Tax Notes 317 (July 19, 2010). Here is the abstract: The unrelated business income tax is imposed on otherwise exempt organizations to prevent the shifting of business assets to exempt entities. Entities that are exempt (or believe
-
Johnston: Taxes Are the Biggest Bargain in America
David Cay Johnston has published U.S. Tax Rates: A Bargain Hunter's Dream?, 128 Tax Notes 333 (July 19, 2010): In this article, Johnston examines new data showing that taxes are the biggest bargain in America, something no one would know from the tenor of the debate in Washington and on talk shows. All Tax Analysts content is
-
Johnson: Tax Penalty in ObamaCare Is Not Unconstitutional
Follwing up on last week's post, Steven J. Willis (Florida) & Nakku Chung (J.D. 2010, Florida), Constitutional Decapitation and Health Care, 128 Tax Notes 169 (July 12, 2010): Calvin H. Johnson (Texas) has published Healthcare Penalty Need Not Be Apportioned Among the States, 128 Tax Notes 335 (July 19, 2010): Steven J. Willis and Nakku Chung …argue that the
-
Chirelstein & Zelenak: Tax Increases, Revenue Effects, Efficiency, and Income Inequality
Marvin A. Chirelstein (Columbia) & Lawrence A. Zelenak (Duke) have published Tax Increases, Revenue Effects, Efficiency, and Income Inequality, 128 Tax Notes 197 (July 12, 2010). Here is the abstract: In this article, the authors examine — and dismiss — the major objections to the looming income tax rate increases on upper-income taxpayers. They also describe and endorse a proposal
-
Tax Professors Remember Marty Ginsburg
Tax Notes has reprinted our tribute to Marty Ginsburg, Tax Professors Remember Martin D. Ginsburg, 128 Tax Notes 215 (July 12, 2010): Martin D. Ginsburg, legendary tax professor (Georgetown) and tax lawyer (Fried Frank), and husband of Supreme Court Justice Ruth Bader Ginsburg, died on June 27, 2010 at 78 years of age. Marty’s life and
-
Gompertz: Lawsuit Challenges Income Tax Preferences for Clergy
Following up on my prior post, District Court Allows 1st Amendment Challenge to § 107 Parsonage Allowance to Proceed to Trial (May 24, 2010), Michael L. Gompertz (a retired IRS attorney) has published Lawsuit Challenges Income Tax Preferences for Clergy, 128 Tax Notes 81 (July 5, 2010). Here is the abstract: In this article, the author argues