Determining an Asset\u27s Tax Basis in the Absence of A Meaningful Transfer Tax Regime

Until recently, in those circumstances where there was a valuation range with respect to a particular asset, executors faced a choice: among estates subject to the estate tax, declaring a high value would increase the estate tax liability; however, due to the Internal Revenue Code\u27s basis equal to fair market value rule applicable at death, declaring a low value would expose heirs to a greater capital gains tax on subsequent asset disposition. Because the estate tax rates were higher and that tax was immediate (as opposed to deferred until a later sale by the heir), executors typically minimized asset values, with the corresponding effect of tax basis diminishment. This commonplace strategy thus negated the possibility that taxpayers might exploit the basis equal to fair market rule. But this is often no longer the case. Through a series of exemption level increases, tax rate reductions, and other reforms, Congress has gutted the nation\u27s transfer tax system. What remains is a teetering transfer tax system that applies only to a handful of the wealthiest taxpayers. For the rest, the transfer tax system provides no disincentive to executors from assigning the highest defensible valuations to a decedent\u27s assets, opening the opportunity to capitalize upon the basis equal to fair market value rule. Unfortunately, the I.R.S. lacks the tools and resources to combat this practice. To preserve the integrity of the capital gains tax and the revenue that it produces, Congress must therefore intercede

The NCAA and the IRS: Life at the Intersection of College Sports and the Federal Income Tax

Few organizational acronyms are more familiar to Americans than those of the National Collegiate Athletic Association (NCAA) and the Internal Revenue Service (IRS). Although neither organization is particularly popular, both loom large in American life and popular culture. Because there is a tax aspect to just about everything, it should come as no surprise that the domains of the NCAA and the IRS overlap in a number of ways. For many decades, the strong tendency in those areas has been for college athletics to enjoy unreasonably generous tax treatment-sometimes because of the failure of the IRS to enforce the tax laws enacted by Congress, sometimes because Congress itself has conferred dubious tax benefits on college sports. In just the past year, however, there have been signs of what may be a major attitudinal shift on the part of Congress-although so far there have been no signs of a corresponding change at the IRS. This article offers an in-depth look at the history and current status of four areas of intersection between the federal tax laws and college sports. Part I considers the possible application of the tax on unrelated business income (UBI) to big-time college sports. It concludes that, even in the absence of any change in the statute, there is a strong argument that revenues from the televising of college sports should be subject to the UBI tax. Part II examines the tax status of athletic scholarships. It explains that athletic scholarships as currently structured are taxable under the terms of the Internal Revenue Code, and that the IRS seems to have made a conscious decision not to enforce the law. While the first two parts of the article address areas where the traditional sweetheart arrangement between the IRS and the NCAA remains in effect, the final two parts of the article consider areas where Congress has very recently intervened to increase the tax burden on college athletics. Part III describes how Congress, three decades ago, explicitly permitted taxpayers to claim charitable deductions for most of the cost of season tickets to college football and basketball games, and how Congress in 2017 to the surprise of many observers, including the authors of this article-repealed that special tax benefit. Finally, Part IV addresses issues of both statutory interpretation and policy raised by Congress\u27s creation, in 2017, of a 21 percent excise tax on at least some universities paying seven-figure salaries to their football and basketball coaches. The article\u27s conclusion suggests the IRS should follow the lead of Congress, and reconsider the administrative favoritism toward college sports described in Parts I and II

Effects of Stock Type and Planter Experience on the Time Required to Plant Loblolly Pine Seddlings

Inexperienced workers planted container-grown and bare-root seedlings of loblolly (Pinus taeda L.) on a rocky, upland site near Batesville, AR in a comparison of planting speed and survivability. Planting speed depended on the type of seedling planted and the amount of planting experience. Significantly less time was required to plant an acre with container-grown than bare-root seedlings. Experience increased the consistency and speed of planting for both seedling types

A Preservative-Free Emergent Trap for the Isotopic and Elemental Analysis of Emergent Insects From a Wetland System

This study reports a cost-effective, live emergent trap designed for the preservative-free use in both biogeochemical and ecological analyses of emerging insects. The trap proved to be advantageous in several ways. First, the simple design made the trap time-efficient since it was easy to set-up, change, and maintain. Second, live sampling not only provided uncontaminated organisms for elemental and stable isotopic analyses, it minimized disfigurement. This resulted in rapid and easy handling, as well as identification, of adult insects. Finally, trap avoidance by ephemeropterans and odonates, a common problem encountered in the literature, was minimal and organisms from both insect orders were successfully collected

Gill Ventilation Rates of Mayfly Nymphs (Ephemeroptera: Heptageniidae) as a Biomonitoring Technique

Gill ventilation frequency (GVF) of the mayfly nymph Stenacron interpunctatum (Ephemeroptera: Heptageniidae) was studied to assess the applicability of a relatively simple, real time video methodology and to assess the potential of GVF rates for use in a chronic assay of sediment pore water. Stenacron interpunctatum nymphs were exposed to pore water samples taken along a transect from the mouth of the Fox River to Sturgeon Bay in the Green Bay area of Lake Michigan. This transect has previously been shown to exhibit several distinct gradients in sediment and water column conditions with distance from the Fox River. The highest GVF value of 6.68 ± 0.27 Hz was observed in pore water from the more polluted area near the Fox River. A lower GVF value of 5.44 ± 0.32 Hz was observed in pore water from the station near Sturgeon Bay and of 4.25 ± 0.27 Hz from the cleaner Lake Michigan station. GVF values exhibited a decreasing trend with relative distance from the mouth of the Fox River (r2 = 0.76)