Archive for July, 2010
EO Tax Journal 2010-98
Today we are completing our transcripts of the May 7 meeting of the EO Committee of the ABA’s Tax Section. I’m including the panelists’ handouts, which greatly add to one’s understanding of the panel’s subject matter.
Bankruptcy and Creditors’ Rights in a Charitable Context
What follows are the May 7 remarks of Douglas M. Mancino, McDermott Will & Emery, Los Angeles, and Linda Manley, Lawyers Alliance of New York, New York, as delivered to members of the EO Committee of the ABA’s Tax Section. The moderator of the panel is Professor Evelyn Brody, Chicago-Kent College of Law, Chicago. Their handouts follow the transcript. Continue…
EO Tax Journal 2010-97
1 – Tax Court Decision in Free Fertility Foundation
2 - IRS Provides Information on Treatment of LLC whose Sole Member is a Tax-exempt Public Charity
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EO Tax Journal 2010-96
The New York Times has had two interesting articles in recent days, the second article following an earlier article from the Jewish daily newspaper, Forward. I’m running excerpts of these articles with my comments in CAPS. These articles raise difficult issues under the tax law.
EO Tax Journal 2010-95
1 – Old Business
In regard to last Thursday’s email in regard to Revocation 201025083, I have been informed by the IRS that it has been pulled and replaced with a corrected version. You are to pretend that you never read “Second Chance Foundation” in the earlier version.
EO Tax Journal 2010-94
I know folks are starting to bail out for the 4th of July, so I’ll just leave you with some tidbits to ponder over the long weekend.
One reader sent along these salary figures from a recent article on the University of Texas audit:
Mack Brown, head football coach, $5.1 million
Francisco Cigarroa, chancellor of the University of Texas System, $750,000
Rick Perry, governor, $150,000
My comment: If Mack Brown wins most, if not all, of his football games, his salary will probably be worth it to the University of Texas in terms of generating football revenue and pride in the university. If he doesn’t, he’ll be fired, and someone else will be receiving his $5 million.
Another reader wanted to know whatever happened to the Free Fertility Foundation case. It appears Tax Court Judge Maurice Foley has been sitting on this case since the reply briefs were filed in March 2008 (see EOTJ, vol. 13, no. 2, pp. 116-133, and vol. 13, no. 3, pp. 137-143). Productivity has never been a hallmark of the Tax Court.
Denial 201025078 Continue…