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Title: Federal Taxation
Author: Phelan, Marilyn E.
Abstract: The Fifth Circuit issued opinions in twenty cases involving federal taxation questions during the current survey period. The cases involved a wide spectrum of issues; a few involved unprecedented issues. The court rendered several noteworthy opinions in cases addressing the definition and/or application of various tax concepts, such as "innocent spouse," "working capital needs" of a corporation, and "sham transaction"; it also issued a highly questionable opinion relating to the application of the "assignment of income" doctrine. One unprecedented case, addressing the redemption rights of the Internal Revenue Service ("IRS") regarding property subject to a junior tax lien, caused adverse consequences to a first lien mortgagor who bid less than the fair market value for the property at a foreclosure sale.
Related Resources: Click to follow Hein Online link Click to follow Westlaw link
Date: 1990

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