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Author:  Houman B.  Shadab.


Source: Volume 29, Number 01, September/October 2015 , pp.1-56(56)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

Our first article addresses the important issue of offshore tax enforcement. Authors Jed Dwyer, Michelle Ferreira, and Barbara T. Kaplan examine recent Internal Revenue Service and Department of Justice offshore tax avoidance enforcement actions with a focus on how the agencies are collecting and using evidence obtained overseas. This issue’s second article, by Stanley F. Orszula and Rachel H. Bryers, turns to the increasingly important topic of cybersecurity. The authors focus on the Federal Financial Institutions Examination Council’s new cybersecurity assessment tool and its legal implications for compliance examinations, governance, and vendor risk management. David H. Benz and Lisa Donn Sergi, in our third article, discuss the continuing relevance of the Tax Increase Prevention Act of 2014 (TIPA). As the authors note, despite expiring at the end of 2013, TIPA still matters to investment funds and other taxpayers due to, for example, its ability extend gain exclusion for small business investors. Bitcoin and other blockchain technologies have recently received a tremendous amount of interest from financial institutions seeking to utilize such systems’ distributed ledger architecture. In our fourth article, Scott R. Bowling gives a state-of-play on the regulatory framework surrounding digital currencies and then examines how parties may fare when a digital currency exchange or other institution becomes distressed. As Mr. Bowling notes, there is no clear bankruptcy law framework that applies. Kevin L. Petrasic and Helen Y. Lee, in our fifth article, analyze the issue of federal preemption of state banking law. The authors discuss the ongoing case of Madden v. Midland Funding , which held that a nonbank purchaser of loans was not able to benefit from federal preemption of New York state usury law. As the authors note, the case implicates the broader contractual issue of assignee rights and the national loan sale market, which may very well ultimately result in a Supreme Court decision to settle the matter. We close the issue with a State & Local column by John P. Barrie, who covers several issues of interest. Mr. Barrie first examines the May 2015 Supreme Court decision in Wynne , which overturned a Maryland county income tax for discriminating against interstate commerce. He then looks at several other topics, including litigation addressing whether the Texas franchise tax is an income tax and the operation of New York’s franchise tax on foreign banking corporations.

Keywords: tax avoidance, Mutual Legal Assistance Treaties, Cybersecurity Assessment Tool, inherent risk profile, Gain Exclusion for Qualified Small Business Stock, Madden v. Midland Funding, statutory preemption, Maryland Comptroller of the Treasury v. Wynne

Affiliations:  1: New York Law School.

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