Volume 57, No. 1 - Fall 2003

Articles

The U.S. Consumption Tax: Evolution, Not Revolution

Daniel S. Goldberg

Much of the recent discussion in the literature regarding fundamental tax reform has centered around the abandonment of the income tax in favor of a consumption tax. Not as well publicized is that there has been significant movement toward a consumption tax already, through evolution. ...

Exculpatory Liabilities and Partnership Nonrecourse Allocations

Karen C. Burke

The rise of limited liability companies classified as partnerships for federal income tax purposes challenges traditional assumptions concerning the treatment of recourse and nonrecourse liabilities under Subchapter K. The complex rules of sections 704(b) and 752...

Restricted Stock Notes

David W. Mayo

The 1990s saw an increasing use of equity-based compensation, most notably among dot com and other technology companies where stock options were seen as the path to quick riches at no cash cost to the issuer. Along with the increased use of equity-based compensation...

Section 357(c) and the Elusive Basis of the Issuer's Note

Steven Quiring

Section 357(c) provides that a shareholder must recognize gain on a section 351 exchange to the extent that the liabilities assumed by the corporation exceed the total adjusted basis of the property transferred. Attempts by shareholders to increase their basis...

The Hedge Fund Versus the Mutual Fund

Alan L. Kennard

In determining whether to create, or invest in, a collective investment vehicle providing a risk arbitrage or other type of investment strategy, it is imperative that the major differences between a mutual fund and a hedge fund be understood. ...

By George! Costanza Provides Additional Certainty To SCIN Transactions

Daniel W. Matthews

Over two decades have passed since the Tax Court's seminal decision in Estate of Moss v. Commissioner, which held that the value of a bona fide self cancelling installment note is not includible in the gross estate of its holder. ...

Guidelines to Tax Practice Third

Frederic G. Corneel

A well-known tax lawyer, when asked for the source of the ethics governing his conduct, answered, "I don't know; I suppose it is my parents." Surely what this lawyer learned from his parents was not sterile rules but how they lived their lives, how they responded in action...

Comment

Comments in Response to Internal Revenue Service Announcement 2003-29 Regarding International Grant-Making and International Activities by Domestic 501(c)(3) Organizations

ABA Section of Taxation

In Announcement 2003-29, 2003-20 I.R.B. 928, the Internal Revenue Service requested public comment on how it might clarify the existing requirements that section 501(c)(3) organizations must meet with respect to international grantmaking and other international activities. ...

Notes

Water Rights and Like Kind Exchange: Wiechens v. United States

Gretchen Bundy

In Wiechens v. United States, the United States District Court for the District of Arizona granted the government's cross-motion for summary judgment, asserting that the gain realized from the disposition of water rights was taxable. ...

Form and Function in Section 104(a)(1) Dual-Purpose Statute Exclusions: Byrne v. Commissioner

Erika L. Larson

In Byrne v. Commissioner, the Tax Court held that the taxpayer properly excluded disability retirement benefits from gross income under section 104(a)(1). Section 104(a)(1) excludes from gross income payments received under workmen's compensation acts. ...

No Research and Development Tax Credit for Commercial Software Developers: Tax and Accounting Software Corp. v. United States

Sara J. O'Connell

Software developers attempting to claim a tax credit for research and development expenditures will face great difficulties due to a decision by the United States Court of Appeals for the Tenth Circuit. In Tax and Accounting Software Corp. v. United States...

Mystifying the Meaning of "Used By" in the Depreciation of Pipelines: Clajon Gas Company v. Commissioner

Jennifer Pogue

In Clajon Gas Co. v. Commissioner, the Tax Court held that Clajon Gas Company must use a 15-year recovery period to depreciate its natural gas gathering systems, instead of the seven-year recovery period Clajon originally used. ...

The Tax Lawyer

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Vol. 57, No. 1 - Fall 2003

The Tax Lawyer, Fall 2003

Articles

The U.S. Consumption Tax: Evolution, Not Revolution

Exculpatory Liabilities and Partnership Nonrecourse Allocations

Restricted Stock Notes

Section 357(c) and the Elusive Basis of the Issuer's Note

The Hedge Fund Versus the Mutual Fund

By George! Costanza Provides Additional Certainty To SCIN Transactions

Guidelines to Tax Practice Third

Comment

Comments in Response to Internal Revenue Service Announcement 2003-29 Regarding International Grant-Making and International Activities by Domestic 501(c)(3) Organizations

Notes

Water Rights and Like Kind Exchange: Wiechens v. United States

Form and Function in Section 104(a)(1) Dual-Purpose Statute Exclusions: Byrne v. Commissioner

No Research and Development Tax Credit for Commercial Software Developers: Tax and Accounting Software Corp. v. United States

Mystifying the Meaning of "Used By" in the Depreciation of Pipelines: Clajon Gas Company v. Commissioner

The Tax Lawyer

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Vol. 57, No. 1 - Fall 2003

The Tax Lawyer, Fall 2003

Articles

The U.S. Consumption Tax: Evolution, Not Revolution

Exculpatory Liabilities and Partnership Nonrecourse Allocations

Restricted Stock Notes

Section 357(c) and the Elusive Basis of the Issuer's Note

The Hedge Fund Versus the Mutual Fund

By George! Costanza Provides Additional Certainty To SCIN Transactions

Guidelines to Tax Practice Third

Comment

Comments in Response to Internal Revenue Service Announcement 2003-29 Regarding International Grant-Making and International Activities by Domestic 501(c)(3) Organizations

Notes

Water Rights and Like Kind Exchange: Wiechens v. United States

Form and Function in Section 104(a)(1) Dual-Purpose Statute Exclusions: Byrne v. Commissioner

No Research and Development Tax Credit for Commercial Software Developers: Tax and Accounting Software Corp. v. United States

Mystifying the Meaning of "Used By" in the Depreciation of Pipelines: Clajon Gas Company v. Commissioner

The Tax Lawyer

Subscribing