Recent Developments in Federal Income Taxation: The Year 2014

252 Pages Posted: 25 Feb 2015 Last revised: 10 Nov 2015

See all articles by Martin J. McMahon, Jr.

Martin J. McMahon, Jr.

University of Florida - Levin College of Law

Bruce A. McGovern

South Texas College of Law Houston

Ira B. Shepard

University of Houston Law Center

Date Written: February 24, 2015

Abstract

This recent developments outline discusses, and provides context to understand the significance of, the most important judicial decisions and administrative rulings and regulations promulgated by the Internal Revenue Service and Treasury Department during 2014 — and sometimes a little farther back in time if we find the item particularly humorous or outrageous. Most Treasury Regulations, however, are so complex that they cannot be discussed in detail and, anyway, only a devout masochist would read them all the way through; just the basic topic and fundamental principles are highlighted — unless one of us decides to go nuts and spend several pages writing one up. This is the reason that the outline is getting to be as long as it is. Amendments to the Internal Revenue Code generally are not discussed except to the extent that (1) they are of major significance, (2) they have led to administrative rulings and regulations, (3) they have affected previously issued rulings and regulations otherwise covered by the outline, or (4) they provide an opportunity to mock our elected representatives; again, sometimes at least one of us goes nuts and writes up the most trivial of legislative changes. The outline focuses primarily on topics of broad general interest (to us, at least) — income tax accounting rules, determination of gross income, allowable deductions, treatment of capital gains and losses, corporate and partnership taxation, exempt organizations, and procedure and penalties. It deals summarily with qualified pension and profit sharing plans, and generally does not deal with international taxation or specialized industries, such as banking, insurance, and financial services.

Keywords: federal income taxation, corporate taxation, partnership taxation, tax accounting, tax procedure

Suggested Citation

McMahon, Jr., Martin James and McGovern, Bruce A. and Shepard, Ira B., Recent Developments in Federal Income Taxation: The Year 2014 (February 24, 2015). Florida Tax Review, Vol. 17, No. 3, 2015, University of Florida Levin College of Law Research Paper No. 15-26, Available at SSRN: https://ssrn.com/abstract=2569359

Martin James McMahon, Jr. (Contact Author)

University of Florida - Levin College of Law ( email )

P.O. Box 117625
Gainesville, FL 32611-7625
United States
352-273-0931 (Phone)
352-392-7647 (Fax)

Bruce A. McGovern

South Texas College of Law Houston ( email )

1303 San Jacinto Street
Houston, TX 77002
United States
(713) 646-2920 (Phone)
(713) 646-1766 (Fax)

Ira B. Shepard

University of Houston Law Center ( email )

4604 Calhoun Road
Houston, TX 77204-6060
United States

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