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57 Taxes 1 (1979)

handle is hein.journals/taxtm57 and id is 1 raw text is: .7IA TAX MAGAZINE This magazine is pub- lished to promote sound thought in economic, legal and accounting principles relating to all federal and state taxation. To this end it contains signed articles on tax subjects of current interest and re- ports by the OXH Editorial Staff on recent federal and state tax matters. The editorial policy Is to allow frank discussion of tax issues. On this basis contributions are invited. Responsibility Is not as- sumed for the contents of the articles or for the opinions expressed therein. Editor Gene 0. SJostrand Washington Editor James R. McNelis Businsws Manager James A. Merchant Circudation Manager Donald B. Izban T'AXEB--The Tax Magea- mne (ISSN 0040.0181) Is published monthly by Commerce Clearing House, Inc.. 4025 W. Peterson Ave., Chicago, IL 60646. Second-class postage paid at Chicago, ll1lnois. POST NASTUR: SEND AD- DRESS CHANGES TO TAXES-The 2w Maga- slfts, 4025 W. PETERSON AVE., CHICAGO, IWI- NOIS 60646. Subscription te: 0, 1 year: $5 single copy. January. 1W. Vol. 60. No. 1. Change of address should be recelved at least 30 days before the date of the Issue with which it is to take effect 0 161, Commerce Clear- Ing House, Inc. All rlight reserved. Printed In U.S.A. January 1979 9 VOL. 57 No. 1 T ax N o te s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Estate and Gift Tax Consequences of Contractual Wills .............. An analysis of the tax status of the contractual will between spouses at each death is offered by Thomas M. Cleary. The Pros and Cons of Term Trusts and Some Alternatives ............ Judith F. Todd examines the viability of term trusts after the Tax Reform Act of 1976 and analyzes the various factors that determine their usefulness in an individual case. In W ashington . . . . . . . . . . .. . . .. . . ... . .. . .. .. . . . . . . .. . . . .. . . Tax Pointer-Another Tax Season: And More 1040 Changes .......... Robin Hood Revisited--Estate Planners Must Now Beware of 1978 Rev- e n u e A ct . . . . . . . . . . . . . .. W . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The most significant Revenue Act of 1978 changes made in estate and gift taxes are reviewed by Robert H. Daskal, David K. Carlson and Byrle M. Abbin. Tax Status of Friendly, but Unmarried, Taxpayers .................. Gary C. Randall deals with the income tax problems arising out of the type of situation where unmarrieds live together in what would usually be a marital relationship. Trade or Business Requirement of Sec. 162 and the Deductibility of Expenses Incurred in Rental Real Estate Projects ................ A background applicable to the deduction of pre-opening or start-up expenses under Section 162 is presented by David M. Roth. Tax Aspects of Bond Refundings ............................... Abba Spero and William Simon suggest treating bond refundings as repur- chases, recapitalizations or substitutions of one debt for another so that no taxable gain will be recognized. From the Thoughtful Tax Advisor ............................... The IRS's non-negative restriction on taxable income in the income-averaging process is examined by Our Thoughtful Tax Advisors, James E. Parker and Donald C. Marshall. When Illegal Payments, Kickbacks, and Bribes Reduce Income ......... David A. Blade and William E. Howard distinguish payments that reduce gross income from those that must be claimed as deductions from gross income. Unwanted E&P of Subchapter S Corporations ...................... Current E&P in excess of the corporation's taxable income taxed to its share- holders and/or accumulated E&P has the potential for creating significant problems for the shareholders, points out Lorence L. Bravenec. S ta te T axes . .. .. .. .. .. .. .. .. .. .. .. .. .. . . . . .. . . .. .. .. . . . . . Tax M eetings ........................ .....................

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