Vol. 65, No. 1 - Fall 2011

In Memoriam: Stuart M. Lewis

Susan P. Serota

Stuart M. Lewis died on February 13, 2011, after battling ALS for more than three years. His career as a tax lawyer began in the early 1970s, prior to the enactment of the Employee Retirement Income Security Act of 1974...

Taxation

The Case for Dividend Deduction

Reuven S. Avi-Yonah & Amir C. Chenchinski

The December 2010 compromise between President Barack Obama and the Republicans extended the 15% tax rate on dividends through the end of 2012. ...

Taxation

The Taxation of Partnership Terminations in the U.S., the U.K., and Germany—Same Issues, Different Solutions

Hendrik Jacobsen

Taxpayers who have jointly been doing business in a partnership decide at a certain point of time to go their separate ways and therefore agree on partly or completely terminating their cooperation. ...

Taxation

I Should Have Been a Rockstar: Deconstructing Section 1221(a)(3)

Rodney P. Mock & Jeffrey Tolin

This Article discusses the inconsistent federal income tax treatment of gain and loss characterization in the Internal Revenue Code of 1986 upon the sale or other disposition of certain self-created intangibles. ...

Taxation

Good News in a Bad Economy: Service Acquiesces on Pro-Taxpayer Application of Passive Activity Loss Rules to Limited Liability Companies

Orly Sulami

Four recent taxpayer victories in court, the Service’s acquiescence, and newly issued proposed regulations provide investors with yet another reason to use the increasingly popular limited liability company form of business. ...

Taxation

The Cost of Freedom: Tax Treatment of Post-Exoneration Compensation Awards

Elaine Ellis

In the last few decades, over 300 innocent prisoners have been exonerated in the United States based on DNA analysis, proof of prosecutorial misconduct, or other previously overlooked evidence. ...

Taxation

Good Luck at Sea: How the Anschutz Co. v. Commissioner Transaction Has No Safe Harbor

T. Max O’Neill

Anschutz Co. v. Commissioner illustrates the difficulty of determining whether a built-in gain must be recognized when taxpayers use new types of customized derivatives to monetize an appreciated asset. ...

Taxation

United States v. Deloitte: The Proper Judicial Approach to Work Product in Light of Broadening Regulatory Requirements Including Schedule UTP

Ryan McCarthy

In United States v. Deloitte, a panel of judges from the Court of Appeals for the District of Columbia Circuit recognized a legal roadblock between the Service and the work product contained in a company’s...

Taxation

West Covina Motors, Inc. v. Commissioner: The Limits of Section 1060’s Fair Market Value Limitations

Chelsea Hunt Overhuls

On December 16, 2009, the United States Tax Court issued a surprising opinion when it held that the legal fees incurred in an applicable asset acquisition were not consideration and therefore not subject to section 1060’s fair market value limitations. ...