Recent Developments in Federal Income Taxation: The Year 2005

151 Pages Posted: 13 Jun 2007

See all articles by Martin J. McMahon, Jr.

Martin J. McMahon, Jr.

University of Florida - Levin College of Law

Ira B. Shepard

University of Houston Law Center


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 2005 - 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. 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 Marty the opportunity to mock our elected representatives. The outline focuses primarily on topics of broad general interest [to the two of 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. Please read this outline at your own risk; we take no responsibility for any misinformation in it, whether occasioned by our advancing ages or our increasing indifference as to whether we get any particular item right. See VIII.C. for restrictions on your use of this Outline, i.e., readers are not permitted to use anything contained in this outline for purposes of giving advice to clients on any tax avoidance technique.

Keywords: Taxation, Income Taxation, Corporate Taxation, Partnership Taxation

JEL Classification: K34

Suggested Citation

McMahon, Jr., Martin James and Shepard, Ira B., Recent Developments in Federal Income Taxation: The Year 2005. Florida Tax Review, Vol. 8, 2006, Available at SSRN:

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)

Ira B. Shepard

University of Houston Law Center ( email )

4604 Calhoun Road
Houston, TX 77204-6060
United States

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