Please join us on Monday, April 28th from 6:00 PM to 7:30 PM for a public lecture by Martin Sullivan, titled “Tax Reform 2017: Incremental or Fundamental?” The event will take place in Vanderbilt Hall Room 204, 40 Washington Square South.
Martin Sullivan is the chief economist of Tax Analysts (publisher of Tax Notes) and is a leading expert on federal tax reform. He is a contributing editor for Tax Analysts’ daily and weekly publications. Sullivan has written over 500 economic analyses for Tax Analysts and is the author of two books on tax reform, including the recent Corporate Tax Reform: Taxing Profits in the 21st Century. He is also a regular contributor to Tax Analysts’ blog and Forbes.com. He has testified before Congress on numerous occasions. Previously, Sullivan taught economics at Rutgers University and served as a staff economist at the U.S. Department of the Treasury and later at the congressional Joint Committee on Taxation. Sullivan graduated magna cum laude from Harvard College and received a PhD in economics from Northwestern University.
Unfortunately, as a result of expected inclement weather, this event will be POSTPONED until Thursday, May 8th at 7:15 AM. We hope you can join us on the new date (when the weather will hopefully be more cooperative). Details are below.
On Thursday, May 8th from 7:15 AM to 8:30 AM, the Graduate Tax Program will host its first James S. Eustice Memorial Fun Run in Hudson River Park.
Professor James S. Eustice was a legendary tax scholar and lawyer, who served on the faculty of NYU School of Law for several decades, most recently as the Gerald L. Wallace Professor of Taxation Emeritus. Professor Eustice passed away in 2011. Professor Eustice’s treatise, Federal Income Taxation of Corporations and Shareholders, co-authored with Professor Boris Bittker of Yale Law School, has long been viewed as the authoritative work on the subject, and has been widely cited by the Supreme Court and used by tax academics and practitioners regularly. In addition, Professor Eustice was an avid runner and he participated in dozens of marathons.
In honor of the arrival of spring and Professor Eustice, we hope you will join us for a fun, 3-mile run along the Hudson River. The event will be very casual – so please join us whether you run, jog or speedwalk. Members of the tax faculty, including Professors Kamin, Steines, Speck and Blank will participate. Here are the key details:
WHAT: James S. Eustice Memorial Fun Run
WHEN: **NEW DATE** Thursday, May 8th, 7:15 AM – 8:30 AM
WHERE: Please gather along the Hudson River at West 12th Street and West Street. Shortly after 7:15 AM, we will run from this point downtown to Stuyvesant High School and then we will return back uptown to West 12th Street. The total distance is approximately 3 miles. After the run, we will have bagels and light refreshments.
Please join us for a discussion of Professor Daniel Shaviro’s current book, Fixing U.S. International Taxation(Oxford University Press, 2014).
Following a presentation by Professor Shaviro of key themes from the book, leading experts in the field will offer commentary. We are thrilled that Martin Sullivan, Chief Economist at Tax Analysts (publisher of Tax Notes), and Professor Itai Grinberg, Georgetown University Law Center, will join us. We will also save time for a question-and-answer session with the audience.
A brief description of Fixing U.S. International Taxation is below:
“International tax rules, which determine how countries tax cross-border investment, are increasingly important with the rise of globalization, but the modern U.S. rules, even more than those in most other countries, are widely recognized as dysfunctional. The existing debate over how to reform the U.S. tax rules is stuck in a sterile dialectic, in which ostensibly the only permissible choices are worldwide or residence-based taxation of U.S. companies with the allowance of foreign tax credits, versus outright exemption of the companies’ foreign source income. In Fixing U.S. International Taxation, Daniel N. Shaviro explains why neither of these solutions addresses the fundamental problem at hand, and he proposes a new reformulation of the existing framework from first principles. He shows that existing international tax policy frameworks are misguided insofar as they treat “double taxation” and “double non-taxation” as the key issues, conflate the distinct questions of what tax rate to impose on foreign source income and how to treat foreign taxes, and use simplistic single-bullet global welfare norms in lieu of a comprehensive analysis. Drawing on tools that are familiar from public economics and trade policy, but that have been under-utilized in the international tax realm, Shaviro offers a better analysis that not only reshapes our understanding of the underlying issues, but might point the way to substantially improving the prevailing rules, both in the U.S. and around the world.” The book is available on Amazon here .
We hope that you will join us for what promises to be an illuminating discussion. Light refreshments will be served. The event will be held on Monday, April 28th, 12:30 PM to 1:50 PM in Vanderbilt Hall Room 220, 40 Washington Square South.
Please join us for the 5th Annual NYU Tax Movie Night! This year’s event is titled “Tax and City.” We will screen four classic television episodes, where characters encounter tax issues while living in New York City during the “Mad Men” era. The episodes featured are from “The Dick Van Dyke Show” (1965), “Occasional Wife” (1966), “That Girl” (1969) and “The Odd Couple” (1973). Professor Lawrence Zelenak from Duke Law School will join us as a special guest speaker and will lead a discussion following the screening. Refreshments, including popcorn, will be served.
The NYU Journal of Law & Business and the NYU Graduate Tax Program cordially invite you to participate in a half-day symposium titled “Tax and Corporate Social Responsibility” on Tuesday, March 25, 2014 from 9:00 a.m. to 12:30 p.m. in Lipton Hall, D’Agostino Hall, NYU School of Law, located at 108 West Third Street.
From the enactment of the corporate excise tax in 1909 to the present, the corporate tax in the United States has generated intense debate. Topics at the center of this debate have ranged from the fundamental purpose of the tax to moral obligations of corporations to pay tax to tax transparency and accountability. This half-day symposium will continue the discussion by addressing two questions: Should corporations pay tax? And should corporate tax returns be public? Each panel will feature leading tax and corporate law scholars and distinguished practitioners. Participation from the audience in the discussion will be encouraged.
This program is free of charge and will offer attendees 3 credits of CLE in the Area of Professional Practice.
On WEDNESDAY, MARCH 12th from 12:30 to 1:30 PM in VANDERBILT HALL 202, the Graduate Tax Program will host a meeting for all J.D. students interested in learning about the J.D./LL.M in Taxation program and related scholarship opportunities.
At the meeting, we will discuss the following:
J.D./LL.M. IN TAXATION: Current NYU J.D. students can receive up to 12 credits of LL.M. advanced standing for certain tax courses taken at NYU School of Law and may qualify to obtain a Tax LL.M. with only one additional full-time semester of post-J.D. study. NOTE: For 3Ls who may be interested in this program, THE DEADLINE TO APPLY IS TUESDAY, APRIL 1, 2014.
TAX POLICY FELLOWSHIP: A small number of 3L J.D./LL.M. in Taxation candidates will be selected to spend up to six months as interns at the U.S. Department of the Treasury or the Staff of the Joint Committee on Taxation during Summer 2014 and Fall 2014. A stipend is available, absent outside funding. The fellows will complete the LL.M. in Taxation during the Spring 2015 semester and may receive a scholarship for their semester as LL.M. students.
TAX LAW REVIEW SCHOLARSHIP: The Tax Law Review (TLR), the premier law school journal for tax policy scholarship, often awards a one-half tuition, merit-based scholarship to a J.D./LL.M. student. The winners of the TLR Scholarships serve as student editors, who do cite checking, proofreading, etc. This involves a commitment of approximately 15 hours a week. Students who are eligible to apply are current 2Ls interested in the J.D./LL.M. in Taxation program. A student must have completed Income Taxation and priority will be given to a student who has taken an additional tax course(s).
We will explain all of these opportunities in more detail and answer your questions at the meeting on Wednesday, March 12th at 12:30 PM in Vanderbilt Hall Room 202. If you are unable to attend, please feel free to direct any questions to John Stephens, Director of the Graduate Tax Program, or Professor Joshua Blank, Faculty Director of the Graduate Tax Program.
On Tuesday, February 11th, from 12:30 PM to 1:30 PM in Snow Dining Room, William McRae (LL.M. ’02) will be the first guest speaker of Spring 2014 for the Graduate Tax Program Lunch Series.
William McRae is a Partner in the Tax Group at Cleary in New York. His practice focuses on U.S. federal income tax matters, including the taxation of financial products, corporate transactions and international mergers and acquisitions. Mr. McRae is a member of the Bar of New York, and the New York State Bar Association, where he serves on the Tax Section Executive Committee. He regularly speaks on tax matters at conferences, and has published several articles on tax matters, including “Financial Modeling from the Bench: Bank One and the Internal Revenue Service’s Attempt to Fix the Consequences,” Journal of Taxation and Regulation of Financial Institutions, Nov/Dec 2003, Vol. 17, No 2; “Character and Timing Rules in the Proposed Contingent Swap Regulations: First, Do No Harm,” Journal of Taxation and Regulation of Financial Institutions, March/April 2005, Vol. 18, No 4; “Contingent Interest Convertible Bonds and The Economic Accrual Regime”, “Everything I Know About New Financial Products I Learned from DECS” (published by the Practising Law Institute).
If you are a current NYU student and are interested in participating, please e-mail Hannah Olson.
On Tuesday, October 22nd from 2:00 PM to 4:00 PM in Vanderbilt Hall Room 206, please join us for a discussion with Zach Carter (Huffington Post), Jia Lynn Yang (Washington Post) and Reihan Salam (National Review), three reporters who cover tax stories. The panel will discuss what makes a great “tax story”, the sources of information for tax stories, why certain tax issues are often misreported in the press and, of course, tax issues in the ongoing budget debate. Professor Erin Scharff will moderate the discussion. To RSVP please click here.
Congratulations to Orly Mazur LL.M. ’13, the winner of the 2013 David F. Bradford Memorial Prize for Best Paper in Taxation. The Bradford Prize is dedicated to the memory of David F. Bradford, who taught at Princeton University and NYU School of Law.
Orly’s paper is titled “Taxing the Cloud”. A brief abstract of the paper follows:
After decades of expanding worldwide, companies have now reached the clouds. The cloud represents a new method of using information technology resources that may forever change how we use our computers and the Internet. Instead of purchasing or downloading software, we can now use the Internet to access software and other fundamental computing resources located on remote computer networks operated by third parties. These transactions offer companies lower operating costs, increased scalability and improved reliability, but also give rise to a host of international tax issues. Despite the rapid growth and prevalent use of cloud computing, U.S. taxation of international cloud computing transactions has yet to receive significant scholarly attention. This Article seeks to fill that void by analyzing the U.S. tax implications of operating in the cloud. Such an analysis shows that the technological advances associated with the cloud put pressure on traditional U.S. federal income tax principles, which creates uncertainty, compliance burdens and liability risks for companies and a potential loss of revenue for the government. In light of these problems, federal attention is warranted to clarify how U.S. federal income tax principles apply to businesses operating in the cloud. Thus, this Article proposes that Congress and Treasury issue guidance that clearly addresses the U.S. tax implications of international cloud computing services. Specifically, Congress should issue new statutory guidance to clarify the characterization, source, and taxation of global cloud computing transactions and collaborate with other countries to achieve international consensus on these issues. Together these changes will ensure that the United States appropriately taxes the cloud and does so in a manner that minimizes double taxation and promotes efficiency, equity and administrative simplicity.
Please join us next Monday, April 22 from 12:30-1:30 PM in Furman Hall Room 324 for the next installment in our Pathways to Tax Reform Series. Next week’s session is titled “The Future of Pass-Through Entity Taxation: A Discussion of the Ways & Means Committee Proposals.” In March 2013, the House Ways and Means Committee released a discussion draft of proposals that would make fundamental changes to the way that partnerships and S-corporations are taxed. If enacted, these provisions would take effect in 2014. These proposals may play an important role as the discussion of business tax reform progresses in DC. In this one-hour session, Professors Willard Taylor (NYU, Sullivan & Cromwell LLP) and John Steines (NYU)will provide an overview of the proposals and will moderate a group discussion. In addition, Mark Warren and Harold Hancock (House Ways & Means Committee) will provide commentary by phone. To help you prepare for the event, we have attached an outline, which describes the proposed legislation.
Thurs., April 4th, 7:00-9:00 PM, Faculty Library, 3rd Floor of Vanderbilt Hall
The New York Region of the Federal Bar Association Section on Taxation invites you to attend a discussion on recent developments in tax controversy. The presentation will include a discussion on recent court opinions on economic substance, debt-versus-equity, expert witness testimony, and discovery. The discussion will be followed by light refreshments. The primary speakers at the event will be Brian Power, Mayer Brown LLP and Elizabeth McGee, Shearman & Sterling LLP. Please RSVP to Erin Rodgers at firstname.lastname@example.org .
Thurs., April 4th, 12:30-1:30 PM, Furman Hall Room 330
What happens when a law professor becomes an expert witness? What sorts of challenges and issues does he or she face, what’s it like, and how does it relate to teaching and research activities? Professor Daniel Shaviro, Wayne Perry Professor of Taxation (NYU), will address these questions and more, based generally on his recent experiences. This program should be of interest to lawyers and future lawyers (especially tax lawyers) who may seek the services of expert witnesses, as well as to law professors who may consider becoming expert witnesses themselves. Light refreshments will be served, but please feel free to bring your lunch. To RSVP, please e-mail Greg Zwahlen at email@example.com .
Please join us on Wednesday, April 3 from 12:30-1:30 PM in Vanderbilt Hall Room 216 for the next installment of our “Pathways to Tax Reform Series” for a discussion with Dr. Alan D. Viard, resident scholar at the American Enterprise Institute. Dr. Viard will outline a proposal to “completely replace the income tax system with a progressive consumption tax.” He will argue that his approach “avoids the problems arising from the adoption of a consumption tax alongside the income tax and also avoids the distributional problems posed by regressive consumption taxes, such as the VAT.” Before joining the American Enterprise Institute, Dr. Viard was a senior economist at the Federal Reserve Bank of Dallas and an assistant professor of economics at Ohio State University. He has also worked for the U.S. Treasury Department’s Office of Tax Analysis, the White House’s Council of Economic Advisers, and the Joint Tax Committee. In January 2010, Dr. Viard was named by Tax Notes as a nominee for 2009 Tax Person of the Year. To RSVP, please e-mail Greg Zwahlen at firstname.lastname@example.org .
This Thursday, March 28, from 6:30 PM-8:30 PM, please join us for the 4th Annual NYU Tax Movie Night! This year’s event is titled “To Pay or Not To Pay: Tax Dilemmas in Sitcoms.” We will screen four classic television episodes, spanning different decades, where major characters are faced with tax compliance choices. Some characters choose to report their tax liabilities honestly and others do not. The episodes featured are from “The Honeymooners” (1956), “The Phil Silvers Show” (1956), “The Mary Tyler Moore Show” (1975) and “The Simpsons” (1998). Professor Lawrence Zelenak from Duke Law School will join us as a special guest speaker and will lead a discussion on what popular culture can teach us about public attitudes toward tax compliance. Refreshments, including popcorn, will be served.
We should have plenty of space, but we would like to get a sense of how much food to order. To RSVP, please click here .
On Wednesday, March 6th from 12:30 PM to 1:50 PM in Vanderbilt Hall Room 202, the Graduate Tax Program will continue its Pathways to Tax Reform Series, which began last week at the Law School’s Forum.
Victor Thuronyi, Senior Counsel at the International Monetary Fund, will present a proposal for a “Supplemental Expenditure Tax,” which would facilitate an overall tax reform package. A copy of the paper is attached. The Supplemental Expenditure Tax would be very similar to the current income tax, except that includable receipts would be defined more broadly, the tax would not apply until income is consumed and investment would generally be deductible. In addition to describing the proposal, the program will compare the Supplemental Expenditure Tax to several consumption tax alternatives. Professor Daniel Shaviro, the Wayne Perry Professor of Taxation at NYU School of Law, and David Miller, Partner at Cadwalader, Wickersham & Taft LLP, will provide commentary.
Please feel free to bring your lunch to this event. To RSVP, please email Kevin Agnese at email@example.com . We hope you will join us for what should be an interesting and informative discussion.
After weeks of negotiations, in the first days of January, Congress and the Obama Administration struck a last-minute deal that averted the so-called “fiscal cliff”, a combination of federal tax increases and budget cuts. Yet this compromise merely deferred until March 1st “sequestration”, which will cause the military and dozens of other government agencies to face about $1 trillion in automatic budget cuts over the coming decade. And, the debt limit again looms later in the year. Did Congress make progress toward reducing our fiscal shortfalls by enacting tax increases earlier this year? What is likely to happen in the upcoming sequestration negotiations and how will it affect the economy? Is tax reform the way forward, or is it a distraction? And why do budget and tax debates appear to occur only when the clock is ticking on looming high-stakes deadlines? Join a panel of experts for a timely discussion of these questions and more as we consider approaches to addressing America’s fiscal future.
Mitchell Kane, Professor of Law, has co-authored an amicus brief in PPL Corp. v. Commissioner, Docket No. 12-43. Erin Scharff, Acting Assistant Professor of Tax Law, was the counsel of record on the brief. The U.S. Supreme Court will hear oral arguments in the case on February 20th. The issue presented is “Whether, in determining the creditability of a foreign tax, courts should employ a formalistic approach that looks solely at the form of the foreign tax statute and ignores how the tax actually operates, or should employ a substance-based approach that considers factors such as the practical operation and intended effect of the foreign tax.” A copy of the brief is available here.
Many decry the fact that policymakers are nowhere close to addressing the longterm fiscal shortfall and as evidence they point to the Congressional Budget Office’s projection of enormous long-term deficits under current policy. This report contends that the minimum deficit reduction incorporated in leading progressive and conservative budgets can put us on a path toward closing the long-term deficit. A significant gap would remain even if consensus were fully realized. However, this report describes a plausible path for further cutting the long-term deficit, as well as important revenue and spending backstops. Finally, it explains that while the country can and should try to reach a fiscally sustainable path, because of the uncertainty surrounding many of those reforms — especially the restructuring of the healthcare system — we cannot expect an immediate solution.
A complete list of the Tax Policy Colloquium presentations for the rest of the Spring 2013 semester is available here.
The NYU Graduate Tax Program and UCLA School of Law cordially invite you to the second annual NYU/UCLA Tax Policy Symposium, titled “The Internal Revenue Code at 100,” on Friday, October 19, 2012 from 9:00 a.m. to 5:00 p.m. in Greenberg Lounge, Vanderbilt Hall, NYU School of Law, located at 40 Washington Square South.
This program is free of charge and will offer attendees 6 credits of CLE in the Area of Professional Practice.
The symposium will celebrate the 100th anniversary of the income tax in the United States. Participants will consider the evolution of the American income tax over the past century and will consider prospects for tax reform as the income tax begins its second century. The conference will feature panels on business taxation, international taxation, inequality and taxation and politics. A list of the panels and participants is below.
The NYU/UCLA Tax Policy Symposium hosted by NYU School of Law and UCLA School of Law is a joint annual conference focusing on tax policy issues from both a legal and economic perspective. It provides a forum in which leading scholars, policy-makers, and practitioners can analyze complex tax policy questions and options for reform and brings together members of both NYU Law’s tax law faculty and UCLA Law’s business law and policy program. It builds on tax policy symposia that have historically been hosted by the Tax Law Review, the premier law school journal for tax policy scholarship published at NYU School of Law, and the UCLA Colloquium on Tax Policy and Public Finance, started in 2004. Financial support for this conference is provided by NYU School of Law and the Lowell Milken Institute of Business Law and Policy, UCLA School of Law.
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