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Designing Nonrecognition Rules Under the Internal Revenue Code
Get PDFNonrecognition rules are a prominent feature of the income tax laws and are a source of considerable complexity and tax planning. Included among the nonrecognition rules contained in the Internal Revenue Code are provisions applying to like kind exchanges, corporate formations, corporate reorganizations, parent-subsidiary liquidations, and partnership formations and distributions. The policies that arguably support the nonrecognition rules include the familiar trio of tax policy concerns—efficiency, equity, and tax administration. None of these policies, however, provide a strong basis for most of the nonrecognition rules as currently formulated. The efficiency case generally lacks evidentiary support. The equity case is complicated by the fact that the rules operate in a second-best world where the tax base deviates from economic income. And the tax administration argument for the rules, while plausible in theory, is compromised because nonrecognition frequently occurs where there are no valuation and liquidity concerns as a result of the receipt of publicly traded property or the presence of related cash sales. This Article generally dispenses with the efficiency and equity bases for the nonrecognition rules because of the aforementioned flaws. As a result, the similar replacement property factor, which is a product of these rationales for nonrecognition and currently is prominent in most nonrecognition provisions, should be generally discarded. This Article proposes a standard for designing nonrecognition rules that generally ignores the similarities or differences in the relinquished and replacement properties, unless the properties are either identical or possess a very high degree of similarity, and instead takes into account the following: presence of difficult-to-value property, presence of illiquid property, use of rules that are narrowly tailored to common transactional forms that are typically selected for significant nontax reasons, and adherence to certain corporate tax policies. This Article then applies this standard as a basis for suggesting revisions to the current nonrecognition rules. Included among the recommended reforms are (1) eliminating nonrecognition for like kind exchanges; (2) eliminating the control requirement for shareholders to receive nonrecognition upon transfers to corporations, but generally taxing shareholders on the transfer or receipt of publicly traded property; and (3) permitting nonrecognition in corporate reorganizations irrespective of satisfying continuity of interest or continuity of business enterprise requirements, but taxing shareholders on the receipt of publicly traded stock. Overall, the recommended approach and reforms should serve to rationalize and simplify the nonrecognition rules contained in the Internal Revenue Code
Unmasking the Nineteenth Amendment Centennial Through the Pandemic Lenses of Liberty, Loss, Masculinity, and Leadership
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Republicanism: Philosophical Aspects | Republicanismo: aspectos filosóficos
Get PDFRepublicanism is the doctrine that public power should always serve the common good of all those subject to its rule. This raises the question how to do so most effectively, either through particular policies or through constitutional structure (“the republican form of government”). The republican philosophical tradition began with Plato and Aristotle, flowered in the writings of Marcus Tullius Cicero, and reappeared with the revival of learning in such authors as Machiavelli, James Harrington, John Adams, and Immanuel Kant. More recently Philip Pettit, Jürgen Habermas, and others have returned to the republican conception of liberty as nondomination, and how to secure this through the rule of law, popular sovereignty, and the checks and balances of well-designed deliberative politics. Republicanism seeks freedom and justice through law and government in pursuit of the common good.
El republicanismo es una doctrina que plantea que el poder público siempre debe servir al bien común de todos aquellos sujetos a su gobierno. Plantea la cuestión de cómo hacerlo de manera cada vez más efectiva, ya sea a través de políticas particulares o de la estructura constitucional (“la forma republicana de gobierno”). La tradición filosófica republicana comenzó con Platón y Aristóteles, floreció en los escritos de Cicerón y reapareció con el renacimiento del aprendizaje en autores como Maquiavelo, James Harrington, John Adams y Kant. Más recientemente, Philip Pettit, Jürgen Habermas, entre otros, han regresado a la concepción republicana de la libertad como no dominación. Además de cómo asegurar esto último a través del Estado de derecho, la soberanía popular y los pesos y contrapesos de una política deliberativa bien diseñada. El republicanismo busca la libertad y la justicia a través del derecho y el gobierno a favor del bien común
