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The President Proposes a Second Tax on Estates

As part of his new tax plan, the president has proposed ending the “step-up” in tax basis for inherited assets, and, furthermore, requiring the capital gains tax to be paid at death rather than when an heir later sells the assets. There...Show More Summary

IRS issues Applicable Federal Rates (AFR) for February 2015

The IRS has issued (Rev. Rul. 2015-03) the minimum required interest rates for loans made in February 2015: Short Term (demand loans […]

Weekly SSRN Tax Roundup

Sean Cao (Georgia State) & Chi Wan (University of Massachusetts), Stock Liquidity and Tax Avoidance: Evidence from Natural Experiments Irina Filatova, Tax Policy in the Modernization of the Economy Pat Oglesby (Center for New Revenue), Supplemental Thoughts About Tax Revenue from Marijuana in Vermont Timothy Todd (Liberty), Brief of Amicus...

Weekly Legal Education Roundup

David Barnhizer (Cleveland State), Law School 2020: Rise of the “Cyborg” Law Professors Bloomberg, BigLaw Associate's Error Could Cost $1.5 Billion Boston Globe, Alan Dershowitz Gets Support of 36 Harvard Professors Bridget Crawford (Pace), Census of Law Professor Twitter Users Version 3.0 David Frakt, Some Thoughts on In-House Bar Prep...

C-Span: Economic Inequality and the U.S. Tax System

C-Span Washington Journal, Economic Inequality and the U.S. Tax System: Edward Kleinbard talked about his book, We are Better Than This: How Government Should Spend Our Money. He spoke about why the government should do more, including increasing the size of the tax system, to improve the economy and combat...

Comprehensive Business Tax Reform a Good First Step

It looks like I wasn’t the only one unhappy with the president’s economic proposals in the State of the Union. In a New York Times op-ed this week, Glenn Hubbard, too, voiced his disappointment: “Our unwillingness to confront mounting...Show More Summary

Washington Nationals $210M Pitching Contract For Max Scherzer Is About Taxes

Tax savings can help forge a deal, and if the loser is the government, few will cry. DC's Home Rule may set up future pro athletes with winning contracts.

The IRS Has Too Many Responsibilities

Last week, IRS Commissioner John Koskinen said at a news conference that the IRS may need to use furloughs in order to handle its budget issues. A well-functioning revenue service is necessary for an effective government, so it is worthwhile...Show More Summary

Halfway There?

Social media is all aflutter, or should I say, atwitter, reacting to news that by 2016 the top one percent will own nearly half the world’s wealth. Interestingly, several months ago, this news circulated but did not seem to get as much...Show More Summary

Tax Court: Payments for Donations of Eggs to Infertile Couples = Income, Not Damages Excludable Under § 104

Following up on my previous posts (links below): Perez v. Commissioner, 144 T.C. No. 4 (Jan. 22, 2014): We acknowledge that this case has received some publicity in tax and nontax publications, which is why it is important to state clearly what it does not concern. It does not require...

ITPF, TPC Conference Today on Corporate Inversions and Tax Policy

The International Tax Policy Forum and Tax Policy Center are co-hosting a conference today at the Brookings Institution from 8:50 - 11:15 a.m. (webcast here) on Corporate Inversions and Tax Policy: Corporate inversions, which change the tax home of a multinational corporation by merging it with a foreign company that...

TurboTax Apologizes for Bait-and-Switch, Provides $25 Refunds to Customers

Following up on last week's post, TurboTax Customers Angry Over Change In Tax Return Software: USA Today, TurboTax 'Messed Up,' Refunds Customers: Investors outraged by TurboTax’ recent change that forced them to pay 50% more for the tax preparation software: put down your pitchforks. TurboTax isn’t just apologizing, but will...

Living Amidst Wildlife in Malibu

My wife and I were watching our DVR'd Saturday Night Live Wednesday night in bed when we received an email warning us that a mountain lion had been spotted on campus a few hundred yards from our home. Pepperdine helpfully included an Emergency Preparedness Guide with specific safety guidelines for...

The IRS Scandal, Day 624

Wall Street Journal, 7 Down, 1 to Go: An Ungracious Address Even By This President’s Standards, by James Taranto: In four of the past six midterm elections, voters have administered what is sometimes called a “shellacking” or a “thumpin’ ” to the sitting president’s party. In 1994, 2006, 2010 and...

Intuit Offers $25 Refund To TurboTax Deluxe Users Hurt By Software Changes

But TurboTax will no longer offer free upgrades to angry callers to its 800 customer support line. It says the rebates will be available for more people to claim.

Obama Would Simplify and Expand Spending and Tax Subsidies for Child Care

President Obama proposed three important changes to the way the federal government helps families with child care costs – increase direct subsidies for low-income families, increase tax credits for middle- and higher income families,...Show More Summary

Escaping JFK Arrest, London’s Mayor Boris Johnson Pays IRS  

London's Boris Johnson paid off the IRS, clearing the way for Mayor to visit, but disappointing tax protesters everywhere. Et tu Boris?

Knoll Presents Balancing State Sovereignty and Interstate Commerce Today at Northwestern

Michael Knoll (Pennsylvania) presents Striking a Balance Between State Sovereignty and Interstate Commerce, 75 State Tax Notes ___ (2015) (with Ruth Mason (Virginia)), at Northwestern today as part of its Tax Colloquium Series hosted by Lawrence Zelenak: This Article discusses Wynne v. Comptroller, a dormant Commerce Clause case against Maryland...

D.C. Tax Law Gave Washington Nationals Unique Advantage in Inking Max Scherzer to $210 Million Deal

Washington Post, Can Max Scherzer’s Contract be a Model for Other Superstars Thinking of Washington?: Washington may have at least one advantage over other pro sports cities when it comes to wooing high-priced free agent talent: the District’s tax laws. Scott Boras, the agent for pitcher Max Scherzer and several...

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