By David J. Shakow On March 25, the Supreme Court accepted certiorari in U.S. v. Gary Woods. (Supreme Court order) The issue presented to the Court arose from a split in the Circuits over whether a taxpayer can avoid the valuation misstatement penalties of section 6662(e) and (h) by conceding that there was no economic substance … Continue reading Supreme Court’s Review of Valuation Misstatement Penalty Leaves the Door Open for Appellants
By David J. Shakow David J. Shakow is counsel in the Philadelphia office of Chamberlain, Hrdlicka, White, Williams & Aughtry and is professor emeritus at the University of Pennsylvania Law School. The Supreme Court's decision in Home Concrete raises new questions about the deference to be given to administrative pronouncements that conflict with prior judicial … Continue reading A Concrete Show for Brand X?
By David Shakow Following the Supreme Court’s decision in Mayo Foundation v. United States, in which the Court ruled that tax regulations receive deference from courts under the Chevron doctrine that applies to non-tax regulations, many commentators acknowledged the decision’s anticipated impact on disputes about the validity of tax regulations. The new standard gives the … Continue reading Innocent Spouse Relief After Mayo: Congress Strikes Back?
By David Shakow The Supreme Court’s decision this week in Mayo Foundation for Medical Education and Research v. United States clarifies the approach courts should take in determining the validity of IRS regulations. The decision is a victory for the IRS, but it leaves many issues unresolved. One thing is very clear, however: the IRS … Continue reading Pass The Mayo Foundation: The Supreme Court Says Goodbye To National Muffler
By David Shakow As previewed by my earlier post, State Tax Notes today published an article in which I argued generally that claims that high state taxes discourage economic development may be flawed because they look at statistics selectively and fall prey to the fallacy that correlation implies causation. In particular, I considered an article by … Continue reading Do High State Taxes Discourage Economic Growth?
By David Shakow In an article to be published in State Tax Notes' December 6 issue, I argue generally that claims that high state taxes discourage economic development may be flawed because they look at statistics selectively and fall prey to the fallacy that correlation implies causation. In particular, I consider an article by Arthur … Continue reading Do High State Taxes Discourage Economic Growth–Background Data
By David Shakow If you haven’t memorized the 433 pages of the latest version of the American Jobs and Closing Tax Loopholes Act of 2010 (undoubtedly named to allow for the euphonious acronym, AJACTLA), you are denying yourself a unique treat. (To get the true flavor, don’t forget the fifteen pages of amendments included with … Continue reading Say That Again: A Summary of AJACTLA