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Don’t Let Capital Accounts Go Negative

Calvin Johnson
The proposal would prevent negative capital accounts as a remedy to prevent tax shelters. It would suspend deductions that would otherwise result in the taxpayer’s adjusted basis being lower than the outstanding debt. When capital accounts are negative, the transaction is a tax shelter in which tax is negative, that is, tax increases the pretax return. Limiting deductions to prevent negative capital accounts will prevent...
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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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Managing Funds for After Tax Returns: Unresolved Issues About Unrealised Gains

Gordon Mackenzie
Managing a portfolio for after tax returns can be difficult and expensive and the paper reviews some perceived difficulties with managing a portfolio for after tax returns, actual practices used by managers and five methods for reporting after tax returns to investors and potential investors under Australian tax conditions. The value of unrealised gains in a portfolio is not quite clear as, even though it is considered...
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Don’t Increase Federal Gasoline Taxes; Abolish Them

Jerry Taylor
Written by: Jerry Taylor and Peter Van Doren Executive Summary Many experts believe that gasoline taxes should be increased for a variety of reasons. Their arguments are unpersuasive. Oil is not disappearing, and when it becomes more expensive, market agents will substitute away from gasoline to save money. The link between oil price shocks and recessions, although real in the 1970s, has been much more benign since...
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Decentralizing Family: An Inclusive Proposal For Individual Tax Filing in the United States

Anthony Infanti
I. INTRODUCTION Our federal tax laws privilege the so-called traditional, nuclear family over all other family arrangements. This privileging is most starkly and easily illustrated by— though in no way confined to—the blatant discrimination against families headed by same-sex couples that permeates our tax laws.[1] To ameliorate this discrimination, recent contributions to the tax literature have proposed establishing...
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Is the Value Added Tax Naturally Progressive?

Glenn P. Jenkins
Written by : Glenn P. Jenkins, Hatice Jenkins, Chun-Yan Kuo 1.0 Introduction A broad based value added tax on consumption is generally considered to be a regressive tax. The hypothesis is that because the poorer households spend a greater proportion of their income on consumption they are also likely to pay a higher average rate of tax as compared to higher income households. This may sound reasonable, however,...
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Historic, Comparative and Evolutionary Analysis of Tax Systems

Allison Christians
1.INTRODUCTION Tax reform is a constant process in most nations as governments continuously revisit their tax systems in response to economic, social, and political forces. Domestic legislative processes involving national lawmakers may be the most obvious source of change in the tax system in any independent nation, but international events, institutions, and individuals—while comparatively much less studied—are...
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The Effects of Fiscal Institutions on Public Finance: A Survey of the Empirical Evidence

Gebhard Kirchgassner
Abstract This paper surveys the empirical research on fiscal institutions of the last three decades. The main results are: (i) Constitutional or statutory fiscal limitations have in most cases proved to be effective in cutting down public expenditure, revenue, and debt. (ii) Budgetary procedures matter as well. They might be less effective than constitutional or statutory rules, but in a situation where it is impossible...
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Tax Fraud Investigations – A Procedural Road Map – Part I

Burton J. Haynes
Joseph M. Jones I. Introduction An IRS fraud investigation is a harrowing experience, not only for the corporate officers, directors and employees who are the subject of the investigation, but for the corporation's legal advisors as well. The process many begin innocuously with a routine civil tax examination, or with the jolting arrival of a grand jury subpoena. The investigators may not know exactly what (or who)...
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Employee Stock Options, Corporate Taxes and Debt Policy

John Graham
Written by: John R. Graham, Mark H. Lang and Douglas A. Shackelford Abstract: We find that employee stock option deductions lead to large aggregate tax savings for Nasdaq 100 and S&P 100 firms and also affect corporate marginal tax rates. For Nasdaq firms, including the effect of options reduces the estimated median marginal tax rate from 31 percent to 5 percent. For S&P firms, in contrast, option deductions...
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