Mr. Faber sets the stage for the debate on the need for reform of our present system by summarizing some basic principles of current law, together with the exceptions that developed over the years. Mr. Faber makes the case for re-examination of Subchapter C, as well as other portions of the tax law. Mr. LeDuc seeks a framework within which to construct a tentative answer to the question that this conference is about: must corporate and shareholder income be taxed complexly? Mr. LeDuc suggests that, in order to create a framework to analyze the necessity for complexity in taxation of corporations and shareholders, we therefore have to look at the problem on both the substantive and procedural planes, and presents a four step framework to analyze the problem
