Andrews & Kurth Centennial Professor of Law, University of Texas at Austin - School of Law, USA

7 years
Taxation of the Really Big House

A. Overview Serious long-term tax reform will need to limit the considerable tax advantages now available in owning the very largest houses and other personal-use properties. The primary return fro...

7 years
Gains and Losses on Business Depreciable Property

This proposal would repeal section 1231, which accords capital gain treatment to gains but gives ordinary treatment to losses. That asymmetry increases the expected value of volatile investments ...

7 years
Replace the Corporate Tax With a Market Capitalization Tax

This proposal would replace the 35 percent corporate tax on publicly traded companies with a low 20-basis point quarterly tax on the issuer on the market capitalization including both traded debt and ...

7 years
Impose Capital Gain Tax on Like-Kind Exchanges

Current law allows a taxpayer to avoid taxation of gain on a disposition of real estate to the extent the taxpayer is willing to acquire other real estate as a replacement. The proposal would repeal s...

7 years
Repeal Tax Exemption for Municipal Bonds

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 fe...

7 years
Was it Lost?: Personal Deductions Under Tax Reform

It is my pleasure to be able to contribute to an issue of the SMU Law review dedicated to Charles O. Galvin. Dean Galvin has had a long career of honorable service to the law and more specifically, to...

7 years
Accurate and Honest Tax Accounting for Oil and Gas

Tax accounting for the oil and gas industry does not describe the economic income from the investment. Indeed, for a broad range of reasonable assumptions, oil and gas accounting delivers anti-tax or ...

7 years
Don’t Let Capital Accounts Go Negative

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 ...

7 years
An Employer-Level Proxy Tax on Fringe Benefits

A. Overview When nontaxable substitutes for cash are available, an employer and employee working in concert will inevitably shift compensation away from cash to the untaxed form. Goods and services...

7 years
Timber!

Under current law the combination of tax preferences for timber means that timber investments are subject to less than zero tax. Tax accounting should describe the economic income from timber. This pr...

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