The deductibility of educational costs: why does Congress allow the IRS to take your education so personally?

Article Abstract:

The IRS improperly denies taxpayers' educational business expenses under IRC 162(a) contrary to the clear language of the statute. IRS regulations under sections 162(a) and 262(a) operate to deny deductions for educational business expenses by expanding the scope of what is properly personal expenses. All ordinary and necessary expenses incurred while carrying on a trade or business should be deductible according to statutory language. Change must await legislative action as the courts generally uphold IRS regulations.

Taxation, College costs, Higher education costs

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Comprehensive tax base theory, transaction costs, and economic efficiency: how to tax our way to efficiency

Article Abstract:

Reform of the tax law should be done in such a way that the new provisions are directed at correcting market imperfections and improving the efficiency of the overall economy. Reducing transaction costs caused by laws or the lack of laws is key to economic efficiency. Provisions such as deductibility of transaction costs without reference to business purpose would be beneficial. Comprehensive tax base theory based upon neoclassical economic theory is a model which may help to formulate ideas to increase efficiency.

Analysis, Tax law, Beliefs, opinions and attitudes, Tax reform, Efficient market theory

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Shareholder loans to S Corporations: what constitutes a direct loan

Article Abstract:

The authors discuss regulations and tax cases related to direct and indirect shareholder loans to S corporations. The statutory rules pertaining to indebtedness basis on such loans are outlined.

United States, Stockholders, S corporations

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