20th Law Student Tax Challenge
Update: 2020-2021 LSTC JD Division Questions and Answers
- Clarification on the prompt, and on the rules
a. Question 4 on the prompt asks for an answer regarding “when the best time is for [the clients] to sell the real property.” Should this portion of the prompt be interpreted by its plain language, or should the memo also include analysis regarding time of sale for personal property (i.e. the classic car)?
You should respond to the question as written and analyze only the optimal timing for sale of the real property.
b. The rules are clear that plagiarism is prohibited. My competition partner and I competed as teammates in last year’s LSTC. If this year’s problem contains similar issues as last years prompt, is reusing small excepts of language from a previous LSTC submission prohibited?
Solely for purposes of the LSTC, the prohibition on plagiarism does not apply to students’ use of their own prior work product, with the exception of course exam submissions and other prohibited works that would be in violation of an academic honor code or professional policy. Thus, students are allowed to use their own past LSTC work product in their current LSTC submission.
- Gift-tax questions
a. I thought that, at the JD level anyway, the issues were limited to individual income taxation. Assuming that is true, may I tell that to my students?
Yes the issues in the JD problem are limited to U.S. federal income tax consequences. Student do not have to analyze any potential gift tax consequences.
A Note on This Year's Competition
The LSTC Administrators are carefully monitoring the ongoing COVID-19 situation. To protect the health and safety of the LSTC participants, the Oral Defense Part of the Competition may be held virtually, via Zoom or a similar virtual platform. Further information will be provided by the LSTC Administrators well in advance of the Midyear Tax Meeting, so that each semi-finalist team can make appropriate arrangements. The LSTC Administrators reserve the right to make any accommodations or adjustments to the Competition, in its sole discretion, that it deems necessary to protect the health and safety of Competition entrants.
- Problem Release Date: September 8, 2020, released by 5pm ET
- Submission Deadline: November 9, 2020 by or before 5pm ET
- Semi-Finalists and Finalist Notified: December 18, 2020
- Oral Round Competition & Awards: January 29, 2021