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58 Taxes 1 (1980)

handle is hein.journals/taxtm58 and id is 1 raw text is: .I&c 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 Businss Manager James A. Merchant Cibcuiation Manager Donald B. Izban TAXES--Te Tax Maga- sine (IS=N 0040-0181) Is published monthly by Commerce Clearing House, Inc., 4025 W. Peterson Ave., Chicago, IL 60646. Second-class postage paid at Chicago, IUinols. POST NASTBR: SEND AD- DRESS CHANGES TO TAXES-VT 2a Maga- sift, 4025 W. PETERSON AVE.. CHICAGO, ILW- NOIS 60646. Subbwrption ote: 50, 1 year: $5 single copy. January. 1W. VOL 60. No. 1. Change of address should be received at least 30 days before the date of the Issue with which it is to take effect. S161, Commerce Clear- ing House, Inc. All rights reserved. Printed in U.S.A. January 1980 * VOL. 58 No. 1 T a x N o te s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Percentage Depletion in the Cement Industry: A Reexamination and Update 3 The computation of the depletion deduction in the cement industry as affected by new developments is explored by Deborah C. Manes. The Corporate Income Tax and Integration: A Summary of Positions and the Prospects for Change ..................................... 10 John H. Cox takes a look at some of the proposals being considered with re- gard to the corporate income tax and examines the problems they solve and/or create. S tate T axes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Dividends Received Deduction Computed Incorrectly in Rev. Rul. 79-347. . 25 Eugene Willis illustrates how to avoid what he believes is an incorrect com- putation of the dividends received deduction in Rev. Rul. 79-347. Stock Redemptions Following Stock Transfers-An Expanding Safe Har- bor Under Section 302(c) (2) (B) ........................... 29 The tax consequences of transfers of stock among family members on the later redemption of the remaining or transferred shares are detailed by Joel D. Kuntz. Family Discord and Section 302 Stock Redemptions: A Review and Analysis 43 The significance of family discord on the applicability of attribution rules to Section 302 stock redemptions is analyzed by Ted D. Englebrecht and Michael DeCelles. In Washington .. ............................................. 50 Social Security Tax and Benefit Implications of Post-retirement Income. . 51 Thomas M. Cleary discusses the tax impact of the FICA or self-employment tax on post-retirement income where the principal means of earnings is derived as an employee. New Rules on Sale of a Personal Residence Provide Tax Planning Oppor- tu n itie s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 9 The Revenue Act of 1978 rules for excluding or deferring recognition of gain on the sale of a personal residence are reviewed by Caroline D. Strobel. Use of Escrow Agreements in Connection with Installment Sales in Light of Revenue Ruling 79-91 . ................................... 63 According to Clifford R. Wasserman, sellers should be wary of cash escrow arrangements until Rev. Rul. 79-91 is modified or revoked. Estates vs. Gifts in a Period of Inflation ........................... 68 Dennis T. Officer and Warren E. Banks suggest an arithmetical tool to deter- mine whether it is better to make a present gift or to effect a'future transfer at death. Investment Tax Credit on Qualified Rehabilitation Expenditures: An Im- proved Tax Shelter? ....................................... 73 Michael L. Wiegand and Dennis J. Gaffney assess the impact of Sec. 48(a) (1)(E) on real estate tax shelters. T ax M eeting s . . . .. . . . . . . .. .. . . .. .. . . .. . . .. . . .. . . .. .. . . . . .. . 8 0

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