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House passes bill taxing AIG and other bonuses
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[QUOTE]Originally posted by glassman: [QB] check this out: [b]SUPREME COURT OF THE UNITED STATES Syllabus UNITED STATES v. CARLTON certiorari to the united states court of appeals for the ninth circuit No. 92-1941. Argued February 28, 1994 -- Decided June 13, 1994 As adopted in October 1986, 26 U.S.C. § 2057 granted an estate tax deduction for half the proceeds of "any sale of employer securities by the executor of an estate" to "an employee stock ownership plan" (ESOP). In December 1986, respondent Carlton, acting as an executor, purchased shares in a corporation, sold them to that company's ESOP at a loss, and claimed a large §2057 deduction on his estate tax return. In December 1987, §2057 was amended to provide that, to qualify for the deduction, the securities sold to an ESOP must have been "directly owned" by the decedent "immediately before death." Because the amendment applied retroactively, as if it were incorporated in the original 1986 provision, the Internal Revenue Service (IRS) disallowed Carlton's §2057 deduction. The District Court entered summary judgment against him in his ensuing refund action, rejecting his contention that the amendment's retroactive application to his transactions violated the Due Process Clause of the Fifth Amendment. The Court of Appeals reversed, holding that such application was rendered unduly harsh and oppressive, and therefore unconstitutional, by Carlton's lack of notice that §2057 would be retroactively amended and by his reasonable reliance to his detriment on pre-amendment law. [/b] http://www.law.cornell.edu/supct/html/92-1941.ZS.html the Supreme Court found that tax laws aren't expostfacto protected. [b]Held: The 1987 amendment's retroactive application to Carlton's 1986 transactions does not violate due process.[/b] [/QB][/QUOTE]
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