Vol. 21 No. 2 - Winter 2002

From the Chair

Taxation

From the Chair

Richard M. Lipton

The last few months have been trying ones for all Americans. We have gone from the tragedy of September 11 to the steely resolve of the battle against terrorism. Most of us have had our attention focused on matters—families, friends, country—that are of the utmost importance. ...

Nominating Committee

Taxation

2002-2003 Nominees

ABA Section of Taxation

In accordance with sections 6.1 and 6.3 of the Section of Taxation Bylaws, the following nominations have been submitted by the Nominating Committee for terms beginning at the conclusion of the 2002 Annual Meeting in August. ...

From the Editor

Taxation

From the Editor

Alice G. Abreu

One of the problems with editing a quarterly publication is that articles that seem timely when submitted can be made irrelevant by subsequent events. Unfortunately, that has not been a problem with the pieces submitted for this issue. Although it would be great if employers no longer needed to learn of the special duties...

Council Actions

Taxation

Council Actions

Helen M. Hubbard

The Council of the ABA Section of Taxation met on November 10, 2001, at White Oak Plantation in Yulee, Florida. Council heard reports and took actions on the following topics. ...

Points to Remember

Taxation

Benefits Issues and Military Call-up: A Guide for the Times

Dianne Bennett

Employers face new benefits issues in the wake of September 11, the resulting military call-up, and the heightened national security issues that continue to unfold. Law firms and lawyers therefore need to familiarize themselves with the re-employment and benefits rights of employees heading for and returning from military leave. ...

Taxation

Contingent Liabilities Assumed By the Buyer in a Business Acquisition: A Guide to the Questions, and Some of the Answers

Annette Nellen

When a business is acquired in a taxable transaction, the acquiring company (Acquiror) is likely to assume the liabilities of the acquired company (Target) as part of the purchase price. Such assumption may include both settled and contingent liabilities. ...

Taxation

Prejudgement Interest and Delay Damages: Another Circuit Comes on Board for Taxation

Bernice J. Koplin

Ilast wrote about the taxation of delay damages awarded in connection with lawsuits for personal injuries in the Summer, 1994 issue of this Newsletter, but much has happened since then. In 1994 I had observed that although delay damages seemed to be interest income, they had been escaping federal income taxation...

Taxation

Death and Valuation: The Effect of Post-Death Events

Edward Kessel, Kathleen Stephenson and Edward N. Polisher

Estate of McMorris v. Commissioner, 243 F. 3d 1254 (10th Cir. 2001) is one of the latest in a long string of cases dealing with the question whether post-death events should affect the valuation of a claim for federal estate tax purposes. ...

Point & Counterpoint: Regulating Tax Shelter Opinions

Taxation

Point: The Secretary Should Establish Standards for Certain Tax Shelter Opinions

James P. Holden

Since 1884, the Secretary of the Treasury has had statutory authority to establish standards of conduct for those who practice before the Treasury Department. With regard to the Internal Revenue Service, the Secretary has exercised that authority by issuing regulations that have become known as “Circular 230.” ...

Taxation

Counterpoint: The Proposed Revisions to Circular 230 Are Flawed

Lawrence M. Hill

Ido not question the authority of the Secretary of the Treasury to regulate practice before the Internal Revenue Service. Nor do I dispute the fact that the Secretary’s delegate, the Director of Practice, has for decades regulated practice before the Service in a generally unobtrusive manner. ...

Interview

Taxation

Nina Olson—National Taxpayer Advocate

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

Nina Olson was appointed Taxpayer Advocate in January, 2001. She is the second person to hold that position, succeeding Val Oveson. Ms. Olson’s extensive experience dealing with the problems that confront taxpayers who become entangled in the web of tax administration and her commitment to service for taxpayers made her an inspired choice for the job. ...

Spotlight on Committees

Taxation

Sales, Exchanges and Basis

ABA Section of Taxation

The Sales, Exchanges and Basis Committee focuses on a broad range of tax provisions covering transfers and ownership of all types of property. These tax provisions include likekind exchanges, disposition of a principal residence, capital gains and losses and characterization, involuntary conversions, transfers incident to divorce, depreciation of intangibles, installment sales, and the related party rules. ...

In Memoriam

Taxation

Remembering Fred Corneel

Paul Sax

If any man can embody conscience, Fred Corneel was the conscience of the Tax Section. We mourn his death, in Boston at the age of 79, and the loss of a friend. The Boston Globe printed the particulars. A former Chair of the Committee on Standards of Tax Practice and longtime Committee leader, for decades he inspired us to maintain the highest standards in the practice of the tax law. ...

Boxscore

Taxation

Government Submissions Boxscore

ABA Section of Taxation

Since the last issue of this Newsletter, the Tax Section has coordinated the following Government Submissions, which can be viewed and downloaded free of charge from the Section’s website.

News Briefs

Taxation

News Briefs

ABA Section of Taxation

Tax Section news and announcements.

American Bar Association TM American Bar Association

Vol. 21 No. 2 - Winter 2002

Newsletter, Vol. 21 No. 2

From the Chair

From the Chair

Nominating Committee

2002-2003 Nominees

From the Editor

From the Editor

Council Actions

Council Actions

Points to Remember

Benefits Issues and Military Call-up: A Guide for the Times

Contingent Liabilities Assumed By the Buyer in a Business Acquisition: A Guide to the Questions, and Some of the Answers

Prejudgement Interest and Delay Damages: Another Circuit Comes on Board for Taxation

Death and Valuation: The Effect of Post-Death Events

Point & Counterpoint: Regulating Tax Shelter Opinions

Point: The Secretary Should Establish Standards for Certain Tax Shelter Opinions

Counterpoint: The Proposed Revisions to Circular 230 Are Flawed

Interview

Nina Olson—National Taxpayer Advocate

Spotlight on Committees

Sales, Exchanges and Basis

In Memoriam

Remembering Fred Corneel

Boxscore

Government Submissions Boxscore

News Briefs

News Briefs