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1980 Ann. Surv. Am. L. 191 (1980)
Tax Law: Developments Since the Revenue Act of 1978: While Congress Slept

handle is hein.journals/annam1980 and id is 225 raw text is: TAX LAW DEVELOPMENTS SINCE THE REVENUE ACT OF 1978: WHILE CONGRESS SLEPT JONATHAN D. KAUFELT JAMES B. KALB Developments in the law of federal income taxation since the Rev- enue Act of 19781 were largely clarifying or cumulative in nature, consisting mainly of judicial decisions and rulings and regulations is- sued by the Internal Revenue Service (IRS or Service). Numerous and sometimes important legislative proposals for the most part were de- ferred or rejected by the close of 1979. Congress declined to enact leg- islation increasing taxes because of uncertain economic conditions,2 yet failed to pass any tax reduction legislation despite broad agreement that some economic stimuli could have a salutary effect. This article surveys the major developments of general interest during 1979, underscoring those items of significance to taxpayers and their tax ad- visers. Submitted for publication Feb. 1, 1980. Jonathan D. Kaufelt is a member of the New York, New Jersey, and District of Co- lumbia Bars. James B. Kalb is a member of the New York Bar. The authors collaborated on Part I of the article; Mr. Kaufelt wrote Part IV, and Mr. Kalb wrote Parts II and It. All references and citations to sections in this article are to sections of the Internal Revenue Code of 1954, as amended to the date of publication, unless otherwise indi- cated. All references and citations to regulations are to Treasury regulations under the Internal Revenue Code of 1954, as amended to the date of publication. unless other- wise indicated. 1. Pub. L. No. 95-600, 92 Star. 2763 (1978) (codified in scattered sections of 26 U.S.C.). For a survey of the major provisions of the Act, see Billman & Karig. Tax Law, 1979 Ann. Survey Am. L. 179, passim. 2. See, e.g., Act of Dec. 12, 1979, Pub. L. No. 96-167, 93 Stat. 1275 (codified in scat- tered sections of 26 U.S.C.), which extended the prohibition in the Revenue Act of 1978 against the issuance of regulations concerning employee fringe benefits, id. § 1, I. LC. § 61 note, delayed any change in the status of independent contractors, § 9(d), and further postponed the effective date for special limitations on net operating loss carryovers. § 9(e), I.RC. § 382 note. Similarly, bankruptcy tax reform legislation, proposed as the Bankruptcy Tax Bill of 1979, H.R. 5043, 96th Cong., 1st Sess., and intended to comple- ment the Bankruptcy Reform Act of 1978, Pub. L. No. 95-598, 92 Stat. 2549 (codified in scattered sections of 11, 28 U.S.C.) (effective for petitions filed as of October 1, 1978). was not enacted, apparently because certain provisions curtailed or eliminated tax bene- fits available under existing law. 191 Imaged with the Pemission of N.Y.U. Annual Survey of American Law

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