Tax losses

Lester Snyder
In this chapter we will discuss some examples of how the tax law treats losses. But first let’s make some introductory comments. There are billions of dollars of losses that taxpayers incur in their businesses, investments and in their personal lives. If an activity rises to the level of a “business” as distinguished from an “investment,”[1] there is generally an unlimited allowance of losses. But, as we shall...

Fair Taxation as a Basic Human Right

Allison Christians
ABSTRACT This symposium issue explores the limits and possibilities of law and legal institutions in redressing poverty and economic inequality. The following essay approaches the question by considering the ways in which domestic tax policy interacts with internationally-recognized human rights. I suggest that focusing on human rights discourse provides a needed vocabulary for addressing the global impact of domestic...

Special Report: Global Tax Audit and Controversy Risk Management

Daniel N. Erasmus II
Introduction We have maintained in our publications and workshops over the years that managing tax risk is one of the greatest challenges for tax departments around the world (creating the opportunities to build lasting world class relationships with Revenue Services), starting with the verification audit through to the resolution of tax controversies. A recent big 4 survey supports this contention. 541 companies from...

Tax Opinions in TIC Offerings and Reverse TIC Exchanges

Bradley T. Borden
Co-author: Todd D. Keator[*] TABLE OF CONTENTS I.INTRODUCTION II.DEVIATIONS FROM THE REVENUE PROCEDURE A.Common Deviations 1.Deemed Consent 3.Investor Loans 4.Sponsor Guarantees 5.Sponsor Bridge Loans B.Significant Deviations 1.Multiple Properties 2.Non-Pro Rata Debt 3.Construction Activities 4.Sponsor-Retained Interests III.REVERSE EXCHANGES INVOLVING TIC INTERESTs A.Securities Issues B.Contractual...

Repeal Tax Exemption for Municipal Bonds

Calvin Johnson
Overview The proposal would repeal for future years the exemption for interest on state and local bonds. While the exemption is supposed to help state and local borrowers, only a fraction of the federal cost of the exemption is captured by the borrowers. What is captured, in the form of lower interest paid, does harm by inducing public ownership of projects that should not be undertaken. For outstanding bonds, the...

New York Adopts a VAT

Richard Ainsworth
INTRODUCTION Virtual intermediaries (enterprises like Priceline.com,[1] Expedia.com,[2] Orbitz.com,[3] and Travelocity.com[4]) are having a significant impact on state and local revenues. These enterprises (room remarketers) acquire lodging at steep discounts and then resell the accommodations to the public. When rooms are resold the discount the public receives is more modest. The difference is the intermediary's...

The Unhappy Marriage of Law and Equity in Joint Return Liability

Bryan T. Camp
It is no accident that Justice Holmes penned those words in a tax case. Of all the corners in all the laws governing citizen interaction with government, tax laws contain some of the squarest. Today’s column discusses what happens when Congress attempts to smooth out the sharp corners of the tax code with notions of equity, but does so with an inadequate understanding of, or appreciation for, the problems of tax administration....

Tax Planning, Imbalance And Production

Yoram Margalioth
Eyal Sulganik
Rafael Eldor
Yoseph Edrey
Yoram Margalioth Eyal Sulganik Rafael Eldor Yoseph Edrey INTRODUCTION Ten years ago it was unusual to find mainstream corporate tax departments who would buy tax-sheltering ideas. Today, with the tax department viewed as a profit center, it is rare to find a major corporation that does not use them (Avi-Yonah, 2004). Such understatement of income creates inequity and inefficiency. The inequity is due...

Enhanced opportunities to appeal collection actions

Burton J. Haynes
As all of us who represent taxpayers before the IRS Collection Division know only too well, the Revenue Officer handling a particular client's case may not agree with our ever so reasonable suggestions about what should be done. In these situations, thanks to the IRS Restructuring and Reform Act of 1998, we now have greatly expanded rights to bypass the Revenue Officer and pursue an independent administrative appeal....

Moonshine to Motorfuel: Tax Incentives For Fuel Ethanol

Mona Hymel
Written by Roberta F. Mann and Mona L. Hymel ABSTRACT Biofuels have been embraced by supporters from President George W. Bush to the Natural Resources Defense Council. Before 1930, the U.S. Treasury focused on shutting down small alcohol producers. After 1978, U.S. energy policy sought to encourage ethanol production to reduce dependence on foreign oil. Federal and state incentives have been credited with increasing...
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