Open Access. Powered by Scholars. Published by Universities.®

Taxation-Federal Estate and Gift Commons

Open Access. Powered by Scholars. Published by Universities.®

686 Full-Text Articles 390 Authors 300,290 Downloads 66 Institutions

All Articles in Taxation-Federal Estate and Gift

Faceted Search

686 full-text articles. Page 1 of 15.

Taxes, Spending, And Innovation, Michael Simkovic 2019 USC Gould School of Law

Taxes, Spending, And Innovation, Michael Simkovic

University of Southern California Legal Studies Working Paper Series

Part I: Billionaire Taxes, https://ssrn.com/abstract=3326615.

Part III: After Paying Ultra-High Net Worth Wealth Taxes, How Much Would Billionaires Have Left to Live on?, https://ssrn.com/abstract=3340925.

Key Takeaways:

- Innovation is the product of teamwork.

- Engineers and scientists play a critical role.

- Scientific research is insufficiently rewarded financially.

- Taxes can boost innovation by funding human capital investment and basic research.

- The amount of investment is important – who owns financial assets is not.

In formulating taxation and public investment policies, we should carefully consider data and the peer reviewed literature. Claims that we can drive more ...


After Paying Ultra-High Net Worth Wealth Taxes, How Much Would Billionaires Have Left To Live On?, Michael Simkovic 2019 USC Gould School of Law

After Paying Ultra-High Net Worth Wealth Taxes, How Much Would Billionaires Have Left To Live On?, Michael Simkovic

University of Southern California Legal Studies Working Paper Series

Part I: Billionaire Taxes, https://ssrn.com/abstract=3326615.

Part II: Taxes Spending and Innovation, https://ssrn.com/abstract=3335386.

How much can a passive investor with a high-risk tolerance earn on his or her capital?

If history since the end of World War 2 is any guide, between 11 and 14 percent per year before taxes and inflation. After inflation, this comes to around 7 to 10 percent. With good tax planning, the rate of return net of income taxes, inflation, and fees could average around 6.5 to 9.5 percent per year.

A family with $100,000 ...


Billionaire Taxes, Michael Simkovic 2019 USC Gould School of Law

Billionaire Taxes, Michael Simkovic

University of Southern California Legal Studies Working Paper Series

Targeted ultra-high net worth wealth taxes can fund reductions in taxes on wages. Wealth taxes are harder to avoid than existing capital gains taxes and inheritance taxes, and can be more precisely targeted toward extreme wealth. Exit taxes to prevent capital flight are consistent with business law principles governing partnerships. Valuation disputes can be managed through existing property tax mechanisms and through private law provisions called "shotgun clauses."

Most experts believe that wealth taxes are constitutional. The critical difference between wealth taxes and income taxes, the realization requirement, exists for administrative convenience, not as a constitutional requirement. Constitutional challenges can ...


Table Of Contents, Seattle University Law Review 2019 Seattle University School of Law

Table Of Contents, Seattle University Law Review

Seattle University Law Review

No abstract provided.


Of Piketty And Perpetuities: Dynastic Wealth In The Twenty-First Century (And Beyond), Eric Kades 2019 William & Mary Law School

Of Piketty And Perpetuities: Dynastic Wealth In The Twenty-First Century (And Beyond), Eric Kades

Boston College Law Review

For the first time since independence, in a nation founded in large part on the rejection of a fixed nobility determined by birth and perpetuated by inheritance, America is paving the way for the creation of dynastic family wealth. Abolition of the Rule Against Perpetuities in over half the states along with sharp reductions in, and likely elimination of, the federal estate tax mean that there soon will be no obstacles to creating large pools of dynastic wealth insuring lavish incomes to heirs for generations without end. The timing of these legal changes could hardly be worse. Marshaling innovative economic ...


A Historical Examination Of The Constitutionality Of The Federal Estate Tax, Henry Lowenstein, Kathryn Kisska-Schulze 2018 College of William & Mary Law School

A Historical Examination Of The Constitutionality Of The Federal Estate Tax, Henry Lowenstein, Kathryn Kisska-Schulze

William & Mary Bill of Rights Journal

No abstract provided.


The Republic Of Virtue: The Republican Ideal In British And American Property Law, Maxwell M. Garnaat 2018 Cornell Law School, J.D. Candidate 2019

The Republic Of Virtue: The Republican Ideal In British And American Property Law, Maxwell M. Garnaat

Cornell International Law Journal

As the estate tax comes under increasing pressure from all sides, it is important that we determine just how rooted in American ideals such a measure truly is. On the one hand, it is true that Lockean theories of private property remain a stalwart influence on the nation, one which may be used to argue against the estate tax. On the other hand, however, the equally venerable theory of republicanism— one adopted and developed by the Framers themselves— can justify its continuation. Applying the principles of republicanism to this specific context, one can see how closely its tenets align with ...


Front Matter (Letter From The Editor, Masthead, Etc.), 2018 San Jose State University

Front Matter (Letter From The Editor, Masthead, Etc.)

The Contemporary Tax Journal

No abstract provided.


The Contemporary Tax Journal Volume 7, No. 2 – Summer 2018, 2018 San Jose State University

The Contemporary Tax Journal Volume 7, No. 2 – Summer 2018

The Contemporary Tax Journal

No abstract provided.


Higher Education Savings And Planning: Tax And Nontax Considerations, F. Philip Manns Jr., Timothy M. Todd 2018 Liberty University

Higher Education Savings And Planning: Tax And Nontax Considerations, F. Philip Manns Jr., Timothy M. Todd

Texas A&M Law Review

Funding higher education is among the critical financial decisions made by individuals and families. There are myriad options. Yet, the conventional wisdom—namely using Section 529 Plans—may not be the optimal vehicle to effectuate this goal. Therefore, this Article discusses various strategies to plan, save, and pay for higher education. It compares various savings methods including gifts, UTMA accounts, Section 529 Plans, trusts, and other vehicles. The analysis explores both tax and non-tax considerations, including the effect of different strategies on financial aid, transaction costs, investor control, income taxes, gift and estate taxes, flexibility, and creditor protection. This Article ...


Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And “Ability To Pay”, James M. Puckett 2018 University of Oklahoma College of Law

Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And “Ability To Pay”, James M. Puckett

Oklahoma Law Review

No abstract provided.


Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And "Ability To Pay", James M. Puckett 2018 Penn State Law

Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And "Ability To Pay", James M. Puckett

Journal Articles

The federal income tax can and should do more to address wealth disparities and income inequality. The income tax does not directly count wealth, and the realization rule and basis "step-up" at death exclude substantial amounts of income for the wealthy. The Constitution limits Congress's ability to tax wealth. Despite these serious challenges, this Article considers how to potentially bridge the gap between wealth and the income tax. For example, asset-based phase-outs in the income tax should pass muster without apportionment, although their bite would necessarily be limited. The Article posits that the public would be more receptive to ...


Determining An Asset's Tax Basis In The Absence Of A Meaningful Transfer Tax Regime, Jay A. Soled, Richard L. Schmalbeck 2018 Duke Law School

Determining An Asset's Tax Basis In The Absence Of A Meaningful Transfer Tax Regime, Jay A. Soled, Richard L. Schmalbeck

Faculty Scholarship

Until recently, in those circumstances where there was a valuation range with respect to a particular asset, executors faced a choice: among estates subject to the estate tax, declaring a high value would increase the estate tax liability; however, due to the Internal Revenue Code's "basis equal to fair market value" rule applicable at death, declaring a low value would expose heirs to a greater capital gains tax on subsequent asset disposition. Because the estate tax rates were higher and that tax was immediate (as opposed to deferred until a later sale by the heir), executors typically minimized asset ...


The Centennial Of The Estate And Gift Tax: Perspectives And Recommendations, Panel 1, James R. Repetti, Jennifer Bird-Pollan, Paul L. Caron, David Joulfaian 2017 Boston College Law School

The Centennial Of The Estate And Gift Tax: Perspectives And Recommendations, Panel 1, James R. Repetti, Jennifer Bird-Pollan, Paul L. Caron, David Joulfaian

Jennifer Bird-Pollan

Welcome and Introductory Remarks James Repetti, William J. Kenealy, S.J. Professor, Boston College Law School Panel 1: Whether it is desirable to tax the gratuitous transfer of wealth during life or at death Participants: Jennifer Bird-Pollan (University of Kentucky College of Law) Paul Caron (Pepperdine University School of Law) Dr. David Joulfaian (U.S. Department of the Treasury) Commentator and Moderator:James Repetti (Boston College Law School)


Please Don’T Make Me Pay Taxes: How New Irs Law Helps Art Collectors Avoid Hefty Taxes, Stephanie Dunn 2017 Pepperdine University

Please Don’T Make Me Pay Taxes: How New Irs Law Helps Art Collectors Avoid Hefty Taxes, Stephanie Dunn

Journal of the National Association of Administrative Law Judiciary

No abstract provided.


Tax-Deductible Conservation Easements And The Essential Perpetuity Requirements, Nancy McLaughlin 2017 S.J. Quinney College of Law, University of Utah

Tax-Deductible Conservation Easements And The Essential Perpetuity Requirements, Nancy Mclaughlin

Utah Law Faculty Scholarship

Property owners who make charitable gifts of perpetual conservation easements are eligible to claim federal charitable income tax deductions. Through this tax-incentive program the public is investing billions of dollars in easements encumbering millions of acres nationwide. In response to reports of abuse in the early 2000s, the Internal Revenue Service (Service) began auditing and litigating questionable easement donation transactions, and the resulting case law reveals significant failures to comply with the deduction’s requirements. Recently, the Service has come under fire for enforcing the deduction’s “perpetuity” requirements, which are intended to ensure that the easements will protect the ...


Front Matter (Letter From The Editor, Masthead, Etc.), 2017 San Jose State University

Front Matter (Letter From The Editor, Masthead, Etc.)

The Contemporary Tax Journal

No abstract provided.


Tomorrow's Inheritance: The Frontiers Of Estate Planning Formalism, David Horton 2017 University of California, Davis, School of Law

Tomorrow's Inheritance: The Frontiers Of Estate Planning Formalism, David Horton

Boston College Law Review

The rules that govern the creation of an estate plan are in flux. Courts once demanded strict adherence to the Wills Act. Yet, this legacy of hyper-vigilance is waning, as the Uniform Probate Code, the Restatement (Third) of Property, and ten states have adopted the harmless error rule. Meanwhile, trusts, which need not comply with the Wills Act, have eclipsed wills as the dominant method of posthumous wealth transmission. This Article explores three budding topics that threaten to further complicate this area. First, there are anecdotal accounts of decedents trying to make electronic wills. In both strict compliance and harmless ...


Estate Of Holliday: "Flping" The Script, Phyllis C. Taite 2017 Florida A&M University College of Law

Estate Of Holliday: "Flping" The Script, Phyllis C. Taite

Journal Publications

In this article, Taite examines Estate of Holliday, in which the Tax Court held that the full value of property transferred to a family limited partnership was properly includable in the decedent’s estate because the decedent had a retained right in the property and no significant nontax reasons for making the transfer.


Estate Of Purdue: A Blueprint For Flping, Phyllis C. Taite 2017 Florida A&M University College of Law

Estate Of Purdue: A Blueprint For Flping, Phyllis C. Taite

Journal Publications

In this article, Taite examines Estate of Purdue, in which the Tax Court held that assets of the decedent that were transferred to the family limited liability company were not includable in the gross estate, that transfers to the family trust qualified for an annual exclusion, and that the estate could deduct interest on loans from the estate’s beneficiaries.


Digital Commons powered by bepress