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60 Taxes 1 (1982)

handle is hein.journals/taxtm60 and id is 1 raw text is: 2&Iic 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 OC(H 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. McNells
Busins Manager
James A. Merchant
.0iruZation Manager
Donald B. Izban
'AXES--T', Tax Maga-
sine (ISSN 0040-01A1) Is
published   monthly   by
Commerce Clearing House,
Inc., 4025 W. Peterson
Ave., Chicago, IL 60646.
Second-clas postage paid
at Chicago, Illinois. POSTV
NASTX :     SEND     AD-
DRESS CHANGES TO
TAXES-The Tw Maga-
sit, 4025 W. PETERSON
AVE.. CHICAGO, ILW-
NOIS 60646. Subbcrition
toe: 00, 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
0 1961. Commerce Clear-
ing House, Inc. All rights
reserved. Printed in U.S.A.

JANUARY 1982 * VOL. 60 No. 1
T a x  N o te s  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
Royalty Owners and the Windfall Profit Tax ......................  3
Craig E. Reese analyzes the royalty owner's credit and the small-volume
royalty owner's exemption from the windfall profit tax.
State Taxes ................................................. 15
Revisiting the Uneasy Case for Progressive Taxation ...............  16
Recent economic and social trends, argues Walter J. Blum, diminish an al-
ready uneasy justification for a highly progressive rate of taxation in the
United States.
Estate Planning After the Economic Recovery Tax Act of 1981 ....... 22
The effect of the Economic Recovery Tax Act of 1981 on the value and
importance of estate planning is examined by Joseph E. Doussard.
Business Start-Up Expenses and Section 195: Some Unresolved Problems 27
Lewis D. Solomon and Alan Weintraub focus on the enactment of Section
195 on the deductibility of various kinds of business start-up expenses.
Church Plans ................................................ 33
The effect of the Multiemployer Pension Plan Amendments Act of 1980 on
classification of church plans is discussed by Thomas G. Tracy.
The Professional Corporation and the Gift-Leaseback: Shifting Income by
Means  of  an  Equipment  Trust ..............................  49
Andrew C. Mallor describes the procedures he believes will provide a greater
likelihood that a gift-leaseback arrangement by means of an equipment trust
will be able to withstand attack by the IRS.
In  W ashington  .............................................   54
Extension of the At-Risk Rules to the Investment Tax Credit: A Further
Legislative Attack on Tax Shelter Investments .................. 55
The amendment of Section 46 to provide that the basis of property eligible
for the investment tax credit may not exceed the taxpayer's amount at risk is
discussea by Paul J. Streer and Kenneth H. Heller.
Emerging Criteria for Tax-Exempt Classification for Religious Orga-
n izatio ns  . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . .  6 1
The criteria for classification of religious organizations as tax exempt are
analyzed by Kenneth E. Peacock.
Issuance and Enforcement of IRS Summonses Against Third-Party
Recoidkeepers  ..........................................      66
Bonnie Smith Moses reviews the discovery powers of the IRS against third-
party recordkeepers as decided by the courts.
Tax Meetings ................................................ 80

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