Vol. 20 No. 1 - Fall 2000

From the Chair

Taxation

From the Chair

Pamela F. Olson

No, we're not hailing a cab, but you can hail a CD-ROM version of TAX-interactive, the award-winning website the Tax Section and the IRS partnered to create. TAXi grabbed the media spotlight last summer as the Section and the IRS distributed 78,000 CD-ROM copies of TAXi to high school teachers across the country. ...

Council Actions

Taxation

Council Actions

Joel D. Zychick

The Council of the ABA Section of Taxation met on July 8, 2000, at the 2000 Annual Meeting of the ABA in New York City. The Council heard reports and took actions on the following topics. ...

From the Editor

Taxation

From the Editor

Ellen P. Aprill

The Chair’s column in this issue gives a wonderful overview of key issues facing the tax system and thus the Tax Section. The various pieces in the Newsletter go on to illustrate or expand upon many of the points raised—the estate tax, international issues and the impact of multidisciplinary practice, particularly its effect on young lawyers. ...

Points to Remember

Taxation

Treasury Issues Final Section 367(b) Regulations

Nancy Beckner

Section 367 limits use of the reorganization and certain other nonrecognition provisions of the Internal Revenue Code (“IRC”) in various international transactions so as to preserve U.S. taxation of income or gains having a U.S. nexus or derived through foreign corporations owned by U.S. persons. ...

Taxation

IRS Battles Against Family Limited Partnerships Continue

Alexander Drapatsky

Family limited partnerships and family limited liability companies (hereinafter “FLPs”) have become popular estate planning devices. By using FLPs to transfer assets to future generations, donors can institute a lifetime gifting program, reduce the eventual estate tax liability of the donor by removing assets...

Taxation

Installment Sales to Defective Grantor Trusts

David L. Silverman

Installment sales of assets to grantor trusts exploit provisions in the Internal Revenue Code enacted to prevent income shifting at a time when trust income tax rates were much lower than individual income tax rates. The technique also attempts to capitalize on the different definitions of “transfers” for gift and income tax purposes. ...

Point & Counterpoint: Plaintiff's Attorneys' Fees and Costs

Taxation

Point: Only Congress Can Create Deductions

Deborah A. Geier

In the series of recent cases involving attorney’s fees, plaintiffs have resorted to creative arguments to get their desired result via the backdoor by arguing that the portion of the award paid to the attorneys for their fees and litigation costs is “excludable” by them in the first place. ...

Taxation

Counterpoint: Let's Not Forget the Forest While Examining the Trees

Maxine Aaronson

First, it is important to point up areas of agreement with Professor Geier. Virtually no one (except perhaps 535 elected officials in Congress) actually believes that it is appropriate or good tax policy to fail to allow some sort of credit for attorneys fees against the AMT. ...

Interview

Taxation

Frederic G. Corneel

Jasper L. Cummings, Jr. and Alan J.J. Swirski

At its 2000 May Meeting, the Section of Taxation presented its Distinguished Service Award to Frederic G. Corneel in recognition of his many years of service and his exemplary leadership on behalf of the tax bar and the profession. ...

Special Report

Taxation

Unwinding a Transaction

Stephen L. Tolles and Dora Arash

Almost every tax practitioner at some point in his or her career is faced with analyzing the tax consequences of undoing or modifying some past transaction. In the usual case, the goal is to erase the existence of a past event for tax purposes and start over. Achieving such a result can be extremely important to taxpayers in light of the differing tax consequences...

Boxscore

Taxation

Government Submissions Boxscore

ABA Section of Taxation

The Tax Section has coordinated the following Government Submissions. For more information about the Section’s governmental affairs, visit its public policy page...

American Bar Association TM American Bar Association

Vol. 20 No. 1 - Fall 2000

Newsletter, Vol. 20 No. 1

From the Chair

From the Chair

Council Actions

Council Actions

From the Editor

From the Editor

Points to Remember

Treasury Issues Final Section 367(b) Regulations

IRS Battles Against Family Limited Partnerships Continue

Installment Sales to Defective Grantor Trusts

Point & Counterpoint: Plaintiff's Attorneys' Fees and Costs

Point: Only Congress Can Create Deductions

Counterpoint: Let's Not Forget the Forest While Examining the Trees

Interview

Frederic G. Corneel

Special Report

Unwinding a Transaction

Boxscore

Government Submissions Boxscore