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TaxProf Blog: WSJ: Let the Estate Tax Expire in Three Weeks

Fri, 11 Dec 2009 15:15:00 -0500

Wall Street Journal editorial, The Tax That Won't Die; Democrats Are Afraid to Let the Estate Tax Rate Hit Zero: In less than three weeks, the hated death tax is scheduled to expire—with the rate falling from 45% to zero for 2010. Then the tax will be resurrected in 2011...' [...]

CPA.BLOG: Financial Regulatory Reform Bill Passes House

Fri, 11 Dec 2009 14:35:46 -0500

BREAKING NEWS:

The New York Times is reporting that the House has passed the financial regulatory reform bill, 223 to 202.

Stay tuned...

[...]

TaxProf Blog: 21% of Law Students Regret Attending Law School

Fri, 11 Dec 2009 14:30:00 -0500

According to a new LexisNexis State of the Legal Industry Survey of 550 respondents (300 private practice attorneys, 150 in-house corporate counsel, and 100 law students): 65% of law students (and 90% of lawyers) say that law school teaches legal theory, but does not teach the practical business skills needed... [...]

TaxProf Blog: NY Times: A VAT May be Coming to U.S.

Fri, 11 Dec 2009 14:15:00 -0500

New York Times, Many See the VAT Option as a Cure for Deficits, by Catherine Rampell: Runaway federal deficits have thrust a politically unsavory savior into the spotlight: a nationwide tax on goods and services. Members of Congress, like their constituents, are squeamish about such ideas, instead suggesting spending cuts... [...]

TaxProf Blog: 5th Cir. Admits Ex-Wife's Testimony About Ex-Husband's Tax Evasion

Fri, 11 Dec 2009 14:00:00 -0500

The Fifth Circuit recently allowed an ex-wife's testimony about conversations she had with her ex-husband about his tax evasion to be admitted at the husband's trial under the joint crimes exception to the martial communications privilege even thought he ex-wife was not charged with tax evasion herself. United States v.... [...]

Tax Research UK: Britain’s top credit rating safe for now

Fri, 11 Dec 2009 13:34:51 -0500

Britain’s top credit rating safe for now, Moody’s says | Business | guardian.co.uk .

The UK credit rating is not just staying at AAA - Moody’s think the UK is resilient in the face of the crisis. In other words - but gilts.

But where is the apology from George [...]

TaxProf Blog: Texas Legislator Files Amicus Brief in Support of 'Pole Tax'

Fri, 11 Dec 2009 13:24:00 -0500

Following up on my prior post, Texas "Pole Tax" on Strip Club Patrons Ruled Unconstitutional: Texas Lawyer, Texas Legislator Files Atypical Amicus Brief in Support of "Pole Tax": Legislators rarely send amicus briefs to the Texas Supreme Court explaining why a law was passed, because the court usually doesn't listen...' [...]

Tax Research UK: The Tories and the debt delusion, part 94

Fri, 11 Dec 2009 13:01:35 -0500

New Statesman - The Tories and the debt delusion, part 94.

Good stuff at the Statesman on dear George’s descent into economic mania.

Who that ‘peerless Richard Murphy’ is is something to be discussed later.

[...]

TaxProf Blog: Zelinsky: New York’s “Amazon Law”: Constitutional But Unwise

Fri, 11 Dec 2009 13:00:00 -0500

Edward A. Zelinsky (Cardozo) has posted New York’s “Amazon Law”: Constitutional But Unwise, 54 State Tax Notes 715 (Dec. 7, 2009), on SSRN. Here is the abstract: On its face, New York’s Amazon Law can be construed to survive constitutional scrutiny, but only if the courts reject (as they should)... [...]

Roth & Company, P.C.: A college savings deduction just for Iowans

Fri, 11 Dec 2009 12:48:53 -0500

Mutual fund investors know all about high "loads" for investing in popular funds. It would be nice to have a fund vehicle where you receive a load, rather than pay one.

Actually, there is one vehicle that works that way: Iowa's "College Savings Iowa" Section 529 plan. [...]

Don't Mess With Taxes: Holiday gifts for tax geeks

Fri, 11 Dec 2009 12:16:00 -0500

Have you finished your your holiday shopping? Neither have I.

OK, I haven't even started. But there's still time! And if you're looking for the perfect present for the tax geek you love, then I've got some suggestions for you.

For Counsel is always a great place to start, [...]

footnoted.org: Another unicorn sighting in the filings!

Fri, 11 Dec 2009 11:02:31 -0500

Maybe we can chalk this all up to a sudden surge in holiday spirit — you know, how it’s better to give than receive. How else to explain why three top executives at Constellation Energy Group (CEG) voluntarily agreed to give up their change in control payments? [...]

Skeptical CPA: Marv Roffman-II

Fri, 11 Dec 2009 10:50:00 -0500

"But for Mr. [Brian] Kennedy, the call brought internal pressure and unexpected criticism. He found himself the subject of a complaint to the [SEC] brought by CardioNet and faced an in-house inquiry by Jeffries lawyers while his research was being pummeled by competitors. Mr. Kennedy's case is an example of" [...]

Tax Research UK: Name and shame tax advisers

Fri, 11 Dec 2009 10:36:37 -0500

HMRC wants to name and shame tax advisers - Accountancy Age

The Age reports:

The taxman wants to name and shame tax advisers if they help clients duck tax.

Around £25m a year is lost through deliberate contrivance by advisers to conceal client assets or by other failure to give an accurate [...]

Tax Research UK: PETER OBORNE: War on a class already taxed to the hilt

Fri, 11 Dec 2009 10:22:53 -0500

PETER OBORNE: War on a class already taxed to the hilt | Mail Online.

Oborne attacks Labour for raising tax on the middle class.

But right now the only people suggesting tax policy that will help the middle classes are the TUC and Compass.

If those on middle income (that’s £20k - [...]

Tax Research UK: Private equity admits it borrows to pay itself

Fri, 11 Dec 2009 10:01:50 -0500

Private equity firms using company debt to enrich themselves, says report | Business | guardian.co.uk .

From the Guardian:

Private equity firms are increasingly saddling companies with debt to pay themselves hefty bonuses, according to an industry-sponsored study.

A group of 47 private equity-owned businesses – including United Biscuits, sports chain Fitness First [...]

Tax Research UK: Time for George to learn some economics

Fri, 11 Dec 2009 09:54:15 -0500

Number of comments: 1

The following comes from Anthony Painter but is just far, far too good not to reproduce:

Many economists, commentators and bloggers have been warning about George Osborne’s tenuous grip on economics for some time.

All week he has been trying to scare us all that the UK is about to lose [...]

Tax Research UK: Moody’s sees no threat to UK top rating

Fri, 11 Dec 2009 09:44:07 -0500

Number of comments: 1

Moody’s sees no threat to UK top rating | Reuters .

After all the bulls**t from the City, top lawyers, the Big 4 and the Tories over the last couple of days on how the UK will never be able to sell its debt we get this news today:

HONG KONG [...]

: Lesson Learned: Even Madams Pay Their Taxes

Fri, 11 Dec 2009 08:46:08 -0500

Number of comments: 2

For the most part, I’ve tried to avoid blogging the Tiger Woods scandal. I mean, you can pretty much turn on any channel at any time and hear all about it. And, except for the potential prenup/divorce issues, it has zippo to do with tax. And [...]

Roth & Company, P.C.: Blowing .09 might cost you your license, but maybe not your casualty loss

Fri, 11 Dec 2009 08:30:44 -0500

So Justin goes to a party. He thought he'd have a few drinks, so he arranged to get a ride there and back. Sure enough, he has a few, but all goes well because he has a ride.

Then Justin gets home. He decides he's sobered up enough to drive,' [...]

Roth & Company, P.C.: Want to have your tax loss without walking away from the losing stock?

Fri, 11 Dec 2009 08:21:22 -0500

Good luck with that, says TaxMama. If you take a stock loss, you can't purchase other shares of the same stock within the preceding or following 30 days from the trade date.

' [...]

Roth & Company, P.C.: Both pedals to the floor at the same time

Fri, 11 Dec 2009 08:10:29 -0500

TaxVox points out how tax breaks, like those in the House "extender" bill, often work at cross-purposes:

Finally, there are my favorites—the contradictory energy breaks. The bill tries to encourage the use of alternative fuels by extending a subsidy for hybrid trucks at the same time it attempts to [...]

TaxProf Blog: Tax Court Allows Driver Cited for DUI in Accident to Deduct Car Damage as Casualty Loss Because He 'Only' Blew a .09

Fri, 11 Dec 2009 08:05:48 -0500

The Tax Court yesterday held held that an individual involved in a traffic accident when driving while intoxicated could claim a casualty loss deduction for damages to his car. Rohrs v. Commissioner, T.C. Summ. Op. 2009-190 (Dec. 10, 2009) (citations omitted): On August 12, 2005, petitioner purchased a 2006 Ford... [...]

MauledAgain: Tax Law Going to the Dogs in a Fishy Proposal

Fri, 11 Dec 2009 08:01:00 -0500

The tax law is complicated. Attempts to simplify it encounter opposition from the special interest groups who gain an edge by reason of their particular special, but complicated, provision. This situation encourages others to seek their own special interest provision. Over the years, tax breaks have been put in place [...]

theRacetotheBottom: Goldman Sachs and the Case for Say on Pay

Fri, 11 Dec 2009 08:00:16 -0500

Say on Pay does nothing more than give an advisory vote to shareholders on the compensation of top officers. Even if the compensation is voted down, boards are free to ignore the results. Yet even this mild right has been sharply resisted by most public companies. They simply don’t want [...]

Roth & Company, P.C.: We just took your money to build the factory. We never said we'd keep it open.

Fri, 11 Dec 2009 07:59:20 -0500

Dell chumps North Carolina, reports David Brunori at Tax.com:

Curious development in North Carolina. Apparently, Dell Inc., the giant computer manufacturer is refusing to pay the state back money it recieved as incentive. Dell, as many know, received millions of dollars in tax breaks and direct grants from North [...]

Sox First: Greece's debt bigger than its economy

Fri, 11 Dec 2009 07:06:58 -0500

Shocking news out of Europe with signs that 2010 could be a defining year for the EU with revelations that Greece's debt is bigger than its economy. Greece's debt will rise to 124.9% of its GDP next year. Greece's debt is now 300 billion euros or $450 billion which makes [...]

TaxProf Blog: IRS Loses Billion Dollar Transfer Pricing Case

Fri, 11 Dec 2009 06:30:00 -0500

The IRS lost a billion dollar § 482 transfer pricing case yesterday. Veritas Software Corp. v. Commissioner, 133 T.C. No. 14 (Dec. 10, 2009): P entered into a cost-sharing arrangement with S, its foreign subsidiary, to develop and manufacture storage management software products. Pursuant to the cost-sharing arrangement, P granted... [...]

Sox First: Climate change strategies: one child policy and shrinking the food and drink industry

Fri, 11 Dec 2009 06:20:01 -0500

When it comes to climate change, these seem to be desperate times, the sort of times when people will come up with desperate solutions. The sort of solutions that will transform society, business and economies.Now we read that the British Government has received recommendations from its independent advisory body on [...]

TaxProf Blog: Mayer: Politics at the Pulpit -- Tax Benefits, Substantial Burdens, and Free Exercise

Fri, 11 Dec 2009 05:00:00 -0500

Lloyd Hitoshi Mayer (Notre Dame) has published Politics at the Pulpit: Tax Benefits, Substantial Burdens, and Institutional Free Exercise, 89 B.U. L. Rev. 1137 (2009). Here is the abstract: More than fifty years ago, Congress enacted a prohibition against political campaign intervention for all charities, including churches and other houses... [...]

TaxProf Blog: Call for Tax Papers: 'Beyond Law'

Fri, 11 Dec 2009 04:00:00 -0500

The Graduate Law Students' Association at Osgoode Hall Law School has issued a call for papers for graduate students and junior faculty its Annual Conference, Beyond Law, to be held May 21-22, 2010 in Toronto: ‘Beyond Law’ aims to consider law from multiple viewpoints, foregrounding the importance of legal pluralism...' [...]

Tax Research UK: Investors take fright at ‘fiscal fiction’

Fri, 11 Dec 2009 03:28:25 -0500

Number of comments: 3

FT.com / UK / Economy & Trade - Investors take fright at ‘fiscal fiction’ .

The markets have done what they said they would, almost certainly in an act of coordinated spite. As the FT notes:

Investors took fright on Thursday at the timidity of the government’s plans to balance the [...]

Tax Research UK: Where’s the money?

Fri, 11 Dec 2009 03:22:00 -0500

It’s interesting to note what is happening in banking as the financial crisis develops. The Bank of England has noted the following for the third quarter of 2009:

External liabilities of banks and building societies operating in the UK fell by $86.9 billion during Q3 2009. The largest fall in [...]

TaxProf Blog: IRS-GW 22nd Annual International Tax Institute

Fri, 11 Dec 2009 01:29:00 -0500

The two-day IRS-George Washington University Law School 22nd Annual Institute on Current Issues in International Taxation concludes today at the J.W. Marriott Hotel in Washington, D.C.: On the first day, Douglas H. Shulman, Commissioner of the Internal Revenue Service, will deliver the luncheon address. On the second day, Michael F.... [...]

Tax Guru-Ker$tetter Letter: Servants to Slaves

Thu, 10 Dec 2009 22:54:00 -0500

Does anyone else long for the time when our elected officials were considered servants of the people, working for the public's best interest? What we have obviously evolved into is the opposite situation. The elected elite have become unaccountable royalty and we are their slaves in more and more ways [...]

Tax Guru-Ker$tetter Letter: The least welcome idea in DC...

Thu, 10 Dec 2009 22:46:00 -0500

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Skeptical CPA: Actual Innocence?

Thu, 10 Dec 2009 19:53:00 -0500

Number of comments: 1
"In a recent 79-page decision, a Manhattan judge could well have stopped after the first four sentences of his concluding paragraph and still conveyed his main point: that Fernando Bermudez was no longer guilty of murder. Instead, the judge, Justice John Cataldo of State Supreme Court in Manhattan, tacked on" [...]