Vol. 26 No. 3 - Spring 2007

From the Chair

Taxation

From the Chair

Susan P. Serota

This has been a very busy quarter for Tax Section committees working on policy issues and technical comments. We have submitted more than fifteen comment letters to Capitol Hill, Treasury, IRS and the Tax Court since the beginning of 2007. Among others are comments to the House and Senate leadership on the Small Business and Work Opportunity Act of 2007...

Interview

Taxation

Nina E. Olson

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

Nina Olson has been the National Taxpayer Advocate since 2001, when we interviewed her for the first time. She has carried on this difficult work with distinction and has many views for improving our tax system, based on an unmatched experience with it. ...

Challenge Point

Taxation

Balancing Competing Goals in Structuring Transactions

Kathryn J. Morrison

This year’s Law Student Tax Challenge asked competitors to provide guidance to a corporate client structuring an acquisition of an S corporation. The problem raised a number of interesting and challenging employee compensation issues, calling on competitors to delve into the world of section 409A. ...

Pro Bono Award

Taxation

Leslie M. Book

Diana L. Leyden

This year, the ABA Section of Taxation is proud to present its Pro Bono Award to Leslie Book, Professor of Law, Villanova University School of Law. Through this award, established in 2002, the Tax Section recognizes one or more individuals or law firms that have provided meritorious pro bono service in the representation of low income taxpayers. ...

Points to Remember

Taxation

Balancing Taxpayers' Reliance Interest and the Service's Need to Interpret the Law

Reginald Mombrun

Transactional lawyers, who spend significant amounts of time structuring transactions that will survive on audit, must be able to rely on established authority. Defending a transaction in court, even successfully, may not be worth the time and money involved. ...

Taxation

New "Substantial Assistance" Rules: Notice 2007-13 is Welcomed Relief!

Juan Carlos Ferrucho, Nadia Bustos, and Michelle M. Robles

The 1968 “substantial assistance” regulations outdate the technological innovations that are at the core of modern day business models and create a “gap” that results in gray areas in the tax law. Fortunately, the Service has responded by issuing Notice 2007-13...

Taxation

Maintaining Tax Privilege to Documents and Legal Advice in Light of FASB Interpretation 48, Accounting for Uncertainty in Income Taxes

B. Shawn Martin

Tax attorneys who assist clients in implementation of FASB Interpretation 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109, must safeguard the protections afforded tax advice under the attorney-client privilege and the work-product doctrine. In recent years...

Taxation

The New Section 7122 OIC Rules

Robb A. Longman

On July 16, 2006, the rules for taxpayers (and their attorneys) submitting an Offer in Compromise changed substantially. As discussed below, taxpayers and their attorneys must be extremely careful because some of the new rules are complex and complicate the submission and review process. ...

Spotlight on Committees

Taxation

Bankruptcy & Workouts

Mark Wallace

The Bankruptcy & Workouts Committee is a relatively new Tax Section committee. It previously was part of the Individual Investments & Workouts Committee (which has become the Individual and Family Taxation Committee) and then was the Bankruptcy Task Force. ...

Boxscore

Taxation

Government Submissions Boxscore

ABA Section of Taxation

Since February 2007, the Section has coordinated the following government submissions, which can be viewed and downloaded free of charge from the Section’s website.

Tax Bites

Taxation

When Buying a Home, Expect the Unexpected

Gail L. Richmond

Code section 121 provides an exclusion of up to $250,000 ($500,000 for certain married taxpayers) of gain from the sale of taxpayer’s principal residence. Section 121(c) lets taxpayers who fail to meet one of the two-year requirements (ownership, use as a principal residence...

American Bar Association TM American Bar Association

Vol. 26 No. 3 - Spring 2007

NewsQuarterly, Vol. 26 No. 3

From the Chair

From the Chair

Interview

Nina E. Olson

Challenge Point

Balancing Competing Goals in Structuring Transactions

Pro Bono Award

Leslie M. Book

Points to Remember

Balancing Taxpayers' Reliance Interest and the Service's Need to Interpret the Law

New "Substantial Assistance" Rules: Notice 2007-13 is Welcomed Relief!

Maintaining Tax Privilege to Documents and Legal Advice in Light of FASB Interpretation 48, Accounting for Uncertainty in Income Taxes

The New Section 7122 OIC Rules

Spotlight on Committees

Bankruptcy & Workouts

Boxscore

Government Submissions Boxscore

Tax Bites

When Buying a Home, Expect the Unexpected