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52 results

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  • 6 - Tax Penalties

  • Joshua D. Blank, University of California, Irvine, Ari Glogower, Northwestern Pritzker School of Law
  • Book:
    Untaxed
    Published online:
    22 November 2024
    Print publication:
    28 November 2024, pp 138-160

  • Summary

    This chapter addresses the weaknesses of tax penalties in current law as deterrents of high-end tax noncompliance and describes how Congress could introduce tax penalties that vary depending upon taxpayers’ means. The chapter begins with a discussion of the possible motivations for individual tax compliance, including potential adverse consequences of noncompliance and, specifically, civil tax penalties. It then considers why current civil tax penalties often fail to deter high-end tax noncompliance. Finally, the chapter presents means-adjusted tax penalties as a new approach to the design of civil tax penalties, illustrates this approach with several examples, and addresses additional concerns.

  • 25 - Special Entities

  • from Part H - Entities
  • Stephen Barkoczy, Monash University, Victoria
  • Book:
    Foundations of Taxation Law
    Published online:
    09 February 2024
    Print publication:
    15 February 2024, pp 715-736

  • Summary

    The tax law contains a number of special regimes that apply to certain kinds of entities. This chapter outlines the special rules relating to primary producers, special professionals, minors, life insurance companies, co-operative companies, listed investment companies, corporate limited partnerships, public trading trusts, managed investment trusts, corporate collective investment vehicles, foreign hybrids, and offshore banking units.

  • 26 - Consolidated Groups

  • from Part H - Entities
  • Stephen Barkoczy, Monash University, Victoria
  • Book:
    Foundations of Taxation Law
    Published online:
    09 February 2024
    Print publication:
    15 February 2024, pp 737-750

  • Summary

    Ordinarily, the income tax law treats distinct legal entities as separate taxpayers. As a result, each entity must determine its own tax liability, irrespective of the liability of any other entity that may be related to it. This principle, however, operates subject to the consolidation regime, which was introduced on 1 July 2002 and is contained in pt 3-90 ITAA97 (divs 700 to 721). This chapter outlines the basic features of the consolidation regime. Because of the complexity of the regime, it is only possible to discuss the main general rules and not the many intricate exceptions to them. The chapter commences by examining the nature of a consolidated group and how such a group is formed. It also discusses a related kind of group, known as an ‘MEC group’. The chapter then proceeds to examine some of the core rules that exist under the consolidation regime, being the single entity rule, the entry history rule and the exit history rule. Other important rules, such as the cost setting rules and loss transfer rules, are also considered. The chapter also discusses the consequences that arise where an entity leaves a consolidated group. It concludes with a discussion of the special liability rules that apply to the tax debts of a consolidated group.

Core Tax Legislation and Study Guide 2022
  • 25th edition
  • Stephen Barkoczy
  • Published online:
    01 March 2022
    Print publication:
    12 January 2022
  • Core Taxation Legislation and Study Guide is a reference text for students undertaking tax subjects. It provides curated extracts of legislation as well as useful guidance on study skills. Part 1: The Study Guide assists students to prepare for a tertiary taxation course and conduct basic taxation research. It refers to key reference material, including websites and research tools, and includes useful tips on study techniques, researching a tax problem, essay writing and presentation, answering taxation law exam questions and how to cite legislation, cases, articles, rulings and reports for assignments. Part 2: The Core Tax Legislation comprises selected extracts from relevant sections of taxation legislation and regulations.An essential resource, this text allows students to access the parts of the legislation they will need for a taxation law course in a time-saving and user-friendly way.Core Taxation Legislation and Study Guide 2022 is designed to be used in conjunction with Foundations of Taxation Law 2022.

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