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56 Taxes 1 (1978)

handle is hein.journals/taxtm56 and id is 1 raw text is: .7A 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 CCH 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 Business Manager James L. Jones Circulation Manager Donald B. Izban TAXES-The Tax Maga- zine is published monthly by Commerce Clearing House, Inc., 4025 W. Peterson Ave., Chicago, Illinois 60646. Second- class postage paid at Chi- cago. Illinois. Subscrip- tion rate: $35, 1 year; $4, single copy, April, 1978, Vol. 56, No. 4. Change of address should be received at least 30 days before the date of the issue with which it Is to take effect. C) 1978, Commerce Clearing House, Inc. All rights re- served. Printed In U. S. A. January 1978 * VOL. 56 No. 1 T a x N o t e s . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . 2 Are All Silver Transactions Created Equal? An Analysis of Revenue R u ling 7 7-18 5 . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . 3 Lee R. Barbakoff and Robert L. Sabin say the IRS has not established any precedent to support its position in Revenue Ruling 77-185. Compensating the General Partner: The Pratt Case .......... 10 The Pratt victory may cost the Treasury almost as much as it saves, and Martin B. Cowan doubts that anything significant has been achieved. In W ashington ................... .. ... . . ........ .. 2 1 The Itemized Deductions of Homeowners-An Analysis of the Need for Tax Reform . .. .. ... ............... 22 It appears to Jonathan J. Davies and Sam A. Hicks that the inequity and revenue loss caused by itemized deductions, in particular, personal residence expenditure deductions, are not severe enough to justify an immediate pro- gram of stringent tax reform. Practitioner's Note: Sec. 355 Separation of Businesses ............... 27 David M. Diness provides a brief commentary on Section 355 corporate spinoffs to shareholders. Fifth Circuit Reaffirms Distaste for IRS Misrepresentation: .......... 28 Steven M. Harris and Richard E. Warner consider it important that the IRS confine the role of the Revenue Agent to civil functions. Use of the Revenue Agent in a particular criminal investigation may result in suppression of the evidence in the case. S tate T axes . . . . . . . . . ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 6 Lump-Sum Distributions May Not Always Be Eligible for Ten-Year Forward Averaging: An Analysis of Recent Decisions .................... 37 The total distribution payable normally includes those amounts subject to substantial restrictions or conditions. James H. Boyd and Mary Jane Boyd reveal an exception to this rule. ESOP May Facilitate Tax-Free Transfer of Interest in Closely Held Cor- p o ratio n s . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 The value of an ESOP in connection with special problems of closely held corporations is analyzed by David F. Rock and Raymond D. Brooks. Percentage Depletion Deductions for Oil and Gas Operations: A Review and A nalysis . . . . . . . .. . . . . .. .. . . ... . . . . . . . . . . . . .. . . . . 4 8 The importance of the role that percentage depletion will play in the future is a matter of considerable doubt and uncertainty, point out Ted D. Englebrecht and Richard W. Hutchins. T ax M eeting s . .. .. .. .. .. .. .. ...... ... . .. .. .... . .. ......... 6 4 EH N_ 1