United States v. Carlton: retroactive application of tax legislation meets the Due Process Clause in the Supreme Court
Article Abstract:
The Supreme Court upheld as constitutional a curative change in IRC section 2057 that was applied retroactively in United States v. Carlton. The case involved an estate tax statute that addressed the deductibility of proceeds from the sale of employee stock ownership plan stock. The Court found that the retroactive application of a revision made one year later to correct a loophole did not violate the Due Process Clause because the law had a legitimate purpose. The Court rejected detrimental reliance arguments and noted that the curative amendment was enacted promptly after the loophole was found.
Publication Name: Journal of Corporate Taxation
Subject: Law
ISSN: 0094-0593
Year: 1995
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An (A)ESOP fable: transitory Newco is recognized; Court Holding is not applied; Seagram (surreptitiously) is
Article Abstract:
The author discusses IRS technical advice memoranda 9631002 and 9631003 regarding the use of employee stock ownership plans in mergers and their effect on corporate taxes.
Publication Name: Journal of Corporate Taxation
Subject: Law
ISSN: 0094-0593
Year: 1997
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Private Letter Ruling 9843036: enough material for an entire conference
Article Abstract:
The author reviews IRS Private Letter Ruling 9843036 which relates to the tax treatment of a complex multi-stage corporate merger.
Publication Name: Journal of Corporate Taxation
Subject: Law
ISSN: 0094-0593
Year: 1999
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