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Journal of Foreign Legislation and Comparative Law
Reference:
E.V. Romanova
Application of Judicial Doctrines in US Tax Law
// Journal of Foreign Legislation and Comparative Law.
2011. ¹ 5.
P. 171-176.
URL: https://en.nbpublish.com/library_read_article.php?id=58935
E.V. Romanova Application of Judicial Doctrines in US Tax LawAbstract: For more than 70 years, courts in US have interpreted and applied the tax law with the aid of various «common law» doctrines, such as business purpose, sham transaction, and economic substance. Notwithstanding this long history, the application of the doctrines has always been controversial. This article analyzes doctrines and reviews the principles which courts and tax authorities rely on, their application to specific transactions and impact on taxpayers and tax system. Contingent liability transactions have great importance. Their treatment is currently in limbo, and recent cases present several concerns with both the assumption of liabilities in section 351 transactions and judicial doctrines traditionally used to combat tax shelters. Keywords: tax law US, common law doctrines, contingent liability transactions, tax shelter, tax antiavoidance.
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References
1. Kodeks Vnutrennikh Dokhodov SShA // Legal Information Institute: http//www.law.cornell.edu/uscode/.
2. I.R.S. Notice 2001–17, 2001–1 C.B. 730 // http://www.irs.gov/pub/irs–drop/n–01–17.pdf.
3. Black and Decker Corp. v. United States, 436 F.3d, 431 (4th Cir.2006).
4. Coltec Indust., Inc. v. United States, 454 F.3d, 1340, 1354 (Fed. Cir. 2006).
5. Lamie v. U.S. Tr., 540 U.S. 526, 534 (2004).
6. Daniel N. Shaviro. Economic Substance, Corporate Tax Shelters, and the Compaq Case // — 2000 — 98 TAX NOTES — 221.
7. David B. Mcginty. Economic substance, business purpose, and tax avoidance in section 351 continget liability transactions after Black and Decker, Coltec, and Hercules. // 2005–2006 — 36 Cumberland Law Review 1.
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