Wyden-Coats: The Bipartisan Tax Fairness And Simplification Act Of 2011

A little more than a year after introducing The Bipartisan Tax Fairness and Simplification Act of 2010, Senator Ron Wyden (D-Ore.) has returned with a new partner, Dan Coats (R-Ind.), to push for much-needed simplification of the Internal Revenue Code.  (For our discussion of the prior proposal, see here.)  As with the earlier proposal, the … Continue reading Wyden-Coats: The Bipartisan Tax Fairness And Simplification Act Of 2011

Say That Again: A Summary of AJACTLA

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

More on Wyden-Gregg’s Interest Disallowance Rule

By Jonathan Prokup and David Shakow You might recall our prior post on the Wyden-Gregg tax reform proposal in which we discussed the proposed limitation on corporate interest deductions.  To summarize, the legislation would limit the deductibility of payments on corporate debt to the amount of the interest in excess of the annual rate of … Continue reading More on Wyden-Gregg’s Interest Disallowance Rule

The Wyden-Gregg Tax Reform Bill – Part I (cont’d)

By Jonathan Prokup and David Shakow We previously discussed how the Wyden-Gregg bill proposes reducing interest deductions to the extent the interest simply compensates for inflation.  Inflation affects tax calculations in two ways.  First, it affects the dollar figures in the Code so that, for example, when your wages keep up with inflation, but you … Continue reading The Wyden-Gregg Tax Reform Bill – Part I (cont’d)

Lee Sheppard Takes on Container Corp.

By Jonathan Prokup In her column last Monday, Lee Sheppard criticized Judge Holmes of the Tax Court for, as she put it, “strain[ing] to find a reason to hold for the taxpayer” in the recent case of Container Corp. v. Comm’r, 134. T.C. No. 5.  (For our prior discussion of this case, see here.  For … Continue reading Lee Sheppard Takes on Container Corp.