Vol. 25 No. 1 - Fall 2005

From the Chair

Taxation

From the Chair

Dennis B. Drapkin

Within days after Hurricane Katrina struck the Gulf Coast, the Tax Section assembled a Task Force to address the many tax- related issues that would inevitably emerge in the aftermath of the storm. The Task Force is modeled on the Section’s 9/11 Task Force, and is co-chaired by Mike Hirschfeld, who chaired the 9/11 Task Force, and Brian Trauman, current chair of the Pro Bono Committee...

Points to Remember

Taxation

"One Face to the Customer": Merger Integration Issues with Foreign Manufacturing Targets

Michael E. Steinsaltz and David B. McGinty

Multinationals often expand their operations by acquiring offshore manufacturing businesses. Following an acquisition, it is important to integrate the target’s distribution activities with those of the acquiror so that both existing and future customers deal with a single distributor for order taking, shipping, invoicing, collection, customer service, and repairs...

Taxation

The Not-so-brave New World of Deferred Compensation

David Pratt

Section 885 of the American Jobs Creation Act of 2004 added section 409A to the Internal Revenue Code, providing new rules for the design and operation of nonqualified deferred compensation plans. The Act demands prompt attention from almost all tax practitioners who advise business or professional clients...

Taxation

A Trap for the Unwary - The Pennsylvania Personal Income Tax

Stewart M. Weintraub

This article illustrates how one state’s treatment of a particular class of income—deferred compensation—can differ from the federal treatment, and how that difference can lead to unexpected results for individuals who might not even think they are subject to the state’s tax. It should remind practitioners in other states to examine...

Challenge Point

Taxation

Spin-offs: The Uncomfortable Predicament of Protective 83(b) Elections with Respect to Restricted Stock

Veronica A. Rouse

This article is another in the series begun in the last volume of the NewsQuarterly to highlight issues that were featured in the Young Lawyer’s Forum (YLF) Law Student Tax Challenge. The issues selected for this feature reflect cutting-edge problems encountered by tax practitioners, but for which no clear answer exists. ...

Point & Counterpoint: The No-net-value Proposed Regulations: Invalid Exercise of Authority or Well-reasoned Interpretation?

Taxation

Point: Worthless Stock Is Still Stock

Jasper L. Cummings, Jr.

Iregret having to oppose Treasury’s exercise of regulatory power. The last time I appeared on these pages, I defended a regulation. My personal opinion is that, often as not, judicial rejection of tax regulations reflects judicial confusion rather than profound application of the doctrine of separation of powers. However, the proposed regulations I am about to discuss...

Taxation

Counterpoint: Continuity of Interest Can't Exist Without Value

Roberta F. Mann

Why is Treasury worrying about net value in corporate exchanges after many years of relative silence? Should that extended silence affect our view of the proposed regulations? I think not. The proposed regulations do not break new ground but reflect prior judicial decisions and administrative guidance, as well as recent statutory changes. ...

Interview

Taxation

Ernest S. Christian

Jasper L. Cummings, Jr.

Ernest Christian is the Executive Director of the Center for Strategic Tax Reform and has influenced the formation of tax policy for over 30 years. He served as Deputy Assistant Secretary for Tax Policy in the Ford Administration, was a member of President Reagan’s tax transition team in 1980-81, and was the leading drafter of the USA Tax proposed by Senators Dunn and Domenici in 1995. ...

Spotlight on Committees

Taxation

Employee Benefits

Kurt L.P. Lawson

The Employee Benefits Committee is one of the largest committees of the Tax Section, with over 700 active members and more than 30 active subcommittees and task forces. James R. Raborn leads the committee, assisted by a chairelect and three vice-chairs. ...

Margaret Brent Award

Taxation

2005 Margaret Brent Award Recipient: Loretta Collins Argrett

ABA Section of Taxation

The Section of Taxation congratulates Loretta Collins Argrett, winner of the 2005 Margaret Brent Women Lawyers of Achievement Award. The Margaret Brent Award, presented by the American Bar Association Commission on Women in the Profession, honors outstanding women lawyers who have achieved professional excellence in their areas of specialty and who actively pave the way to success for others. ...

Boxscore

Taxation

Government Submissions Boxscore

ABA Section of Taxation

Since June 1, 2005, the Tax Section has coordinated the following government submissions, which can be viewed and downloaded free of charge from the Section’s website.

Tax Bites

Taxation

Tax Bites Went Hollywood

Dan Olincy

The Spring 2005 issue requested concept papers for soap operas or reality shows with tax themes. Dan Olincy, who contributed the Deck of Cards article in Fall 2004, returns this issue with a rewrite of an old favorite. Here's how Dallas might have played out if written by a team of tax lawyers.

American Bar Association TM American Bar Association

Vol. 25 No. 1 - Fall 2005

NewsQuarterly, Vol. 25 No. 1

From the Chair

From the Chair

Points to Remember

"One Face to the Customer": Merger Integration Issues with Foreign Manufacturing Targets

The Not-so-brave New World of Deferred Compensation

A Trap for the Unwary - The Pennsylvania Personal Income Tax

Challenge Point

Spin-offs: The Uncomfortable Predicament of Protective 83(b) Elections with Respect to Restricted Stock

Point & Counterpoint: The No-net-value Proposed Regulations: Invalid Exercise of Authority or Well-reasoned Interpretation?

Point: Worthless Stock Is Still Stock

Counterpoint: Continuity of Interest Can't Exist Without Value

Interview

Ernest S. Christian

Spotlight on Committees

Employee Benefits

Margaret Brent Award

2005 Margaret Brent Award Recipient: Loretta Collins Argrett

Boxscore

Government Submissions Boxscore

Tax Bites

Tax Bites Went Hollywood