The Liability-Offset Theory of Peracchi Bradley T. Borden and Douglas L. Longhofer Transfers of property subject to liabilities are the focus of significant commentary and multiple court decisions. Such transactions conducted between unrelated parties raise complicated issues...
The Taxation of a Gift or Inheritance from an Employer Douglas A. Kahn Section 102(a) excludes from gross income property acquired by “gift, bequest, devise, or inheritance.” The oft-quoted standard for determining whether an uncompensated transfer qualifies as a gift is set forth in...
Tax Opinion Practice Robert P. Rothman Tax advisors render advice to their clients in any number of different forms. These forms include oral communications, informal written answers to specific questions (today, often in the form of electronic communications...
The Submerged Logic of “Doing Business” and Attribution: Diving Below the Surface of the Offshore Lending “GLAM” Andrew Walker In a recent, widely publicized general legal advice memorandum (the GLAM), the Service raised questions about the standards that determine when a foreign person is engaged in the conduct of a trade or business...
Why Common Law Calculus Failed: An Analysis of the Economic Substance Doctrine in Klamath Strategic Investment Fund v. United States Brea E. L’Heureux In Klamath Strategic Investment Fund ex rel. St. Croix Ventures v. United States, the U.S. Court of Appeals for the Fifth Circuit held that a transaction lacking economic substance must be disregarded for tax purposes...
United States v. Fletcher: Through the Lens of Section 83 Applied to Restricted Stock Accounts Joseph McClain Equity-based compensation for corporate executives and other key employees has become an increasingly important form of compensation in both public and closely held corporations. ...
A (Federal) Civil Action: When the Tax Injunction Act and Comity Bar Federal Court Jurisdiction Michael Pih In Commerce Energy, Inc. v. Levin, the U.S. Court of Appeals for the Sixth Circuit was presented with two related questions: (1) did the Tax Injunction Act bar plaintiffs’ challenge...
The Tax Practitioner–Client Privilege: Valero’s Shortcomings and a Better Approach John O. Sawyko In 2002, Valero Energy Corporation conducted a series of complicated financial transactions through which it realized significant tax-deductible losses. ...
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