Vol. 28 No. 1 - Fall 2008

Time is of the Essence: Seize the Opportunity for Fulfillment in 2009

Francine J. Lipman

Fifty-three percent of workers worldwide surveyed in 2008 reported they would rather work and earn less, but have a happy, stress-free, fulfilling life. For the 78 million baby boomers and their pre- and post-boom colleagues this desire has resulted in a phenomenon that has been labeled “encore jobs”...

Michigan State University Law Students Tackle Hurricane Katrina Victims’ Tax Problems

Drew M. Taylor

For most Michigan State University (MSU) law students, it is safe to say that a well-spent spring break is not spent filing other people’s tax returns. But for a group of MSU Law students and their professors, this year’s spring break meant just that...

From the Chair

William J. Wilkins

On September 12, 2008, your Council approved a white paper entitled “Statement of Policy Favoring Tax Simplicity, Stability, and Transparency.” We have included the white paper in this issue of the NewsQuarterly, and I encourage you to read it...

Interview - Douglas Shulman

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

My most recent position was ViceChairman of the Financial Industry Regulatory Authority (FINRA), which has broad authority to oversee the conduct of securities firms. It is essentially a regulatory organization with a public purpose that happens to be a private institution...

Continuing Problems in the Taxation of Damage Awards: Will Congress Ever Get It Right?

Toni Robinson

Congress has long struggled with the question of whether damage awards should constitute income. As long ago as 1944 in Raytheon Production Corp. v. Commissioner, 144 F.2d 110, 113 (1st Cir. 1944), the First Circuit stated: “The test is not whether the action was one in tort or contract but rather the question to be asked is ‘in lieu of what were the damages awarded?’” That general rule, when applied to most damage awards...

Ninth Circuit Allows Late Challenges to Partnership Allocations by Bankrupt Partners– Does This Open the Door to TEFRA Abuse?

Gregory Germain

When the purposes of the tax laws and bankruptcy laws collide, the courts must determine which should have primacy. In Central Valley AG Enterprises v. United States, 531 F.3d 750 (9th Cir. 2008), rev’g 326 B.R. 807 (E.D. Cal. 2005), the court of appeals allowed a bankrupt partner to challenge partnership level tax allocations that had become final before bankruptcy...

Tax Sound Bites at the Movies: A Contest

Gail Richmond

Given that taxes affect so many aspects of life, it is surprising that relatively few movies focus on taxes or at least include tax-related themes. How familiar are you with these movies? Test your memory by answering two questions for each excerpt: (1) the movie’s name; and (2) the identity of the actors whose lines appear below...

Statement of Policy Favoring Tax Simplicity, Stability, and Transparency

The American Bar Association Section of Taxation (the “Section”) has a long history of advocacy for simplicity, stability, and transparency in our tax laws. At the Section’s urging, the House of Delegates of the American Bar Association has adopted policies supporting these principles...

News Briefs

Brief items of interest.

Boxscore

Submissions and comments on government regulations, administrative rulings, ABA policy and blanket authorities.

CLE Calendar

Section of Taxation

A calendar of upcoming CLE opportunities.