Vol. 24 No. 4 - Summer 2005

From the Chair

Taxation

From the Chair

Kenneth W. Gideon

The May Meeting in Washington was an enormous success, with over 2,000 registrants and strong participation by government representatives. Although Secretary Snow was unable to speak at our breakfast session, Al Hubbard, Assistant to the President for Economic Policy and Director of the National Economic Council shared his insights...

From the Chair-Elect

Taxation

From the Chair-Elect

Dennis B. Drapkin

My inaugural column for the NewsQuarterly covers some topics of particular interest to me as I begin my term as Chair of the Tax Section: The benefits to the Section of moving to the fall CLE meeting format, Section responses to major tax policy initiatives...

Points to Remember

Taxation

Supreme Court Decision may Impact Foreign Tax Planning

Philip R. West and Keith Sieverding

U.S. taxpayers routinely engage in international tax planning to minimize their worldwide tax burden. Sometimes foreign authorities allege that the U.S. taxpayer has violated foreign tax laws and, as a result, institute legal proceedings to collect the underpaid taxes. In addition, the foreign authorities may attempt to prosecute the U.S. taxpayer...

Taxation

The New Payment vs. Deposit Landscape

Leandra Lederman

Until October 2004, a Revenue Procedure provided for two types of remittances to the IRS: payments and deposits. See Rev. Proc. 84-58, 1984-2 C.B. 501. While each stopped the running of underpayment interest, id. at § 5.01, they differed in two important ways. First, a deposit generally was returnable upon request until such time as the IRS assessed a tax...

Taxation

Recent Ruling Expands Scope of Like-kind Exchanges

David L. Silverman

In Revenue Ruling 2004-86, the IRS distinguished two prior rulings and thus expanded the types of interests that will produce nonrecognition treatment when exchanged in a section 1031 transaction. Rev. Rul. 2004-86 treats ownership of interests represented by certificates of trust in a Delaware Statutory Trust (DST) owning real estate as actual ownership...

Point & Counterpoint: Certification and Precertification for the Earned Income Tax Credit

Taxation

Point: Certification Will Improve Administration of the EITC

Nina E. Olson

The Earned Income Tax Credit (EITC) serves many masters. It lifts working families out of poverty; it increases the fairness of the income tax by helping to eliminate taxation of poverty level income; at certain income levels, it provides an incentive for individuals to work, or work more. Each of these goals, however, is a source of the program’s complexity...

Taxation

Counterpoint: The EITC Certification Inintiative Should Be Stopped

Janet Spragens

The EITC Certification Initiative is the latest in a long history of enforcement strategies developed over the past decade to combat perceived high overclaims of the earned income tax credit (EITC). Beginning in 1997, and continuing through 2002, the EITC was, by Congressional mandate, the only provision...

Interview

Taxation

Audrey Nacamuli

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

Audrey Nacamuli has been an Attorney Advisor in the Office of Tax Legislative Counsel at the Treasury Department since March, 2001. Prior to joining Treasury, Ms. Nacamuli was a senior manager at KPMG, and an associate at McKee Nelson in Washington, DC, and Foley, Hoag & Eliot in Boston. After graduating from Dartmouth College and Vanderbilt Law School...

Distinguished Service Award

Taxation

2005 Distinguished Service Award Recipient: Jere D. McGaffey

Herbert N. Beller

Jere D. McGaffey, of Milwaukee, Wisconsin, is this year’s recipient of the Section’s Distinguished Service Award. The eleventh person to receive this honor, he joins the ranks of a select group of individuals whose professional and public accomplishments and contributions have been truly outstanding and exemplary. ...

Spotlight on Committees

Taxation

Exempt Organizations

LaVerne Woods

With nearly 400 members, the Exempt Organizations Committee is among the five largest in the Tax Section. The Committee’s membership ranges from specialists who practice exclusively in the exempt organizations field, to attorneys practicing primarily in other areas who rely on Committee panels to keep them current...

Boxscore

Taxation

Government Submissions Boxscore

ABA Section of Taxation

Since April 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.

News Briefs

Taxation

News Briefs

ABA Section of Taxation

Tax Section news and announcements.

Tax Bites

Taxation

Tax Bites Investment Advice

Mary Monahan

Taxpayers who suffer investment losses shouldn’t count on Uncle Sam to reduce their pain through a tax deduction. The three hapless investors below offer some rules to invest by...

American Bar Association TM American Bar Association

Vol. 24 No. 4 - Summer 2005

NewsQuarterly, Vol. 24 No. 4

From the Chair

From the Chair

From the Chair-Elect

From the Chair-Elect

Points to Remember

Supreme Court Decision may Impact Foreign Tax Planning

The New Payment vs. Deposit Landscape

Recent Ruling Expands Scope of Like-kind Exchanges

Point & Counterpoint: Certification and Precertification for the Earned Income Tax Credit

Point: Certification Will Improve Administration of the EITC

Counterpoint: The EITC Certification Inintiative Should Be Stopped

Interview

Audrey Nacamuli

Distinguished Service Award

2005 Distinguished Service Award Recipient: Jere D. McGaffey

Spotlight on Committees

Exempt Organizations

Boxscore

Government Submissions Boxscore

News Briefs

News Briefs

Tax Bites

Tax Bites Investment Advice