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Book part
Publication date: 8 August 2014

Karen Pierce, Ted D. Englebrecht and Wei-Chih Chiang

This study examines whether Revenue Procedure 2003-61 is an improvement over Revenue Procedure 2000-15, in the areas of taxpayers’ expectations for IRS equitable relief

Abstract

This study examines whether Revenue Procedure 2003-61 is an improvement over Revenue Procedure 2000-15, in the areas of taxpayers’ expectations for IRS equitable relief decisions and gender-related in-group bias. The survey instrument includes a vignette adapted from a judicial decision. The results show that Rev. Proc. 2003-61 does improve upon Rev. Proc. 2000-15. Furthermore, taxpayers perceive different expectations of what the IRS should do and what the IRS would do in equitable relief decision making. Also, gender-related in-group biases are found to be present for both genders. Tax policy implications regarding equitable relief are discussed.

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Advances in Accounting Behavioral Research
Type: Book
ISBN: 978-1-78190-838-9

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Book part
Publication date: 20 January 2010

Gary M. Fleischman, Sean Valentine and Don W. Finn

Ethical issues and moral reasoning are important in the tax policy context because shared moral values create good societies (Paul et al., 2006). This study of the…

Abstract

Ethical issues and moral reasoning are important in the tax policy context because shared moral values create good societies (Paul et al., 2006). This study of the equitable relief subset of the innocent spouse rules is a good example of Congressional and IRS policy that has been substantially reformed twice (and continues to be reassessed) to create tax law that effectively treats innocent spouses equitably (Fleischman & Shen, 1999). The purpose of this study was to evaluate the degree to which subjects' moral reasoning, using the first two steps of Rest's (1986) ethical reasoning model, is related to perceived moral intensity (Jones, 1991) in several tax-based equitable relief situations. Integrative social contracts theory provides the study's theoretical lens.

Subjects evaluated a mailed-questionnaire containing two separate equitable relief scenarios about a spouse who was unaware of her husband's tax evasion – one scenario included verbal abuse and the other scenario contained no such abuse. The survey also contained a variety of ethics and attitudinal measures used to measure the study's focal variables. The results support the a priori hypotheses that moral intensity is positively related to recognition of an ethical issue, judgment that the ethical scenario is unethical, and judgment to grant equitable relief. In addition, the scenario containing emotional abuse was associated with increased levels of moral intensity as compared to the scenario that did not contain abuse. The paper concludes with a discussion of both professional and public policy implications.

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Research on Professional Responsibility and Ethics in Accounting
Type: Book
ISBN: 978-1-84950-722-6

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Article
Publication date: 1 April 1999

Thomas C. Newkirk and Ira L. Brandriss

In a high‐profile case that first drew big media headlines last February, a New York brokerage firm and a ring of eight brokers on the floor of the New York Stock Exchange…

Abstract

In a high‐profile case that first drew big media headlines last February, a New York brokerage firm and a ring of eight brokers on the floor of the New York Stock Exchange were charged with perpetrating a scheme in which they made over $11.1m in illegal profits and at the same time covered their tracks with an elaborate fraud.

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Journal of Money Laundering Control, vol. 3 no. 2
Type: Research Article
ISSN: 1368-5201

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Book part
Publication date: 13 November 2006

Gerald E. Whittenburg, Ira Horowitz and William A. Raabe

This paper examines the decision criteria used by federal courts to adjudicate equitable innocent-spouse relief, when such relief has previously been denied by the…

Abstract

This paper examines the decision criteria used by federal courts to adjudicate equitable innocent-spouse relief, when such relief has previously been denied by the Internal Revenue Service (IRS). Empirical logit/probit regression is used, rather than traditional legal analysis. Specifically, we determine which of the equitable-relief criteria detailed in the innocent-spouse rules did affect judicial decisions during our sample period. We also determine the relative importance of the factors. Using these data, taxpayers and their advisors can better decide whether to pursue further litigation, and how best to tailor the pertinent arguments.

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Advances in Taxation
Type: Book
ISBN: 978-1-84950-464-5

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Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and…

Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

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Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 4 December 2020

M. Alexander Koch, Carmen J. Lawrence, Aaron Lipson, Russ Ryan, Richard H. Walker, Jessica Rapoport and Katie Barry

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal…

Abstract

Purpose

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal district court proceedings.

Design/methodology/approach

This paper provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and a summary of the background and opinion in Liu v. SEC. This article then focuses on the practical implications of Liu on SEC disgorgement by considering questions left open by the decision.

Findings

The Court in Liu held that the SEC is authorized to seek disgorgement as “equitable relief” as long as it “does not exceed a wrongdoer’s net profits and is awarded for victims.” But the Court left many unanswered questions, such as whether disgorged funds must always be returned to investors for disgorgement to be a permissible equitable remedy, whether the SEC can obtain joint-and-several disgorgement liability from unrelated co-defendants, what “legitimate expenses” should be deducted in disgorgement calculations, and to what extent the SEC can seek disgorgement in cases when victims are difficult to identify.

Originality/value

Original, practical guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

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Journal of Investment Compliance, vol. 21 no. 2/3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 29 August 2018

Brad Karp, Andrew Ehrlich, Lorin Reisner, Audra Soloway, Richard Tarlowe, Maia Lichtenstein and Peter Vizcarrondo

This paper aims to explain the US Supreme Court’s ruling in Kokesh v. SEC, which limited the U.S. Securities and Exchange Commission’s (SEC) ability to seek the remedy of…

Abstract

Purpose

This paper aims to explain the US Supreme Court’s ruling in Kokesh v. SEC, which limited the U.S. Securities and Exchange Commission’s (SEC) ability to seek the remedy of disgorgement and to examine how lower courts have applied the ruling to other types of equitable relief that that the SEC commonly pursues.

Design/methodology/approach

This study explains why the Supreme Court in Kokesh ruled that disgorgement is a “penalty” and that the five-year limitations period therefore was applicable to actions seeking disgorgement; discusses a footnote in Kokesh that left open the question of whether the SEC has the power to pursue disgorgement at all; and reviews four recent cases that grapple with the application of Kokesh to injunctions and lifetime bars.

Findings

Lower courts and the SEC have not settled on how Kokesh might impact equitable remedies commonly pursued by the SEC, but recent cases indicate that the effect of Kokesh may be broader than its narrow holding suggests.

Originality/value

Practical guidance from experienced white collar and regulatory defense lawyers that consolidates several recent developments in one piece.

Details

Journal of Investment Compliance, vol. 19 no. 3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 1 January 1991

J.R. Carby‐Hall

In a previous monograph a discussion took place on stages one and part of stage two of the three stage process in an unfair dismissal action, namely the employee having to…

Abstract

In a previous monograph a discussion took place on stages one and part of stage two of the three stage process in an unfair dismissal action, namely the employee having to show that he has been dismissed (stage one), and some of the reasons for dismissal which fall within the statutory categories, namely the employee's capability and qualifications; misconduct and redundancy (part of stage two). In this monograph an analysis is proposed on the two remaining reasons, these being the contravention of a duty imposed by an enactment and some other substantial reason. There will then follow a discussion on the test of fairness as constituting the third of the three stage process and on the remedies available when the tribunal finds that the employee has been unfairly dismissed.

Details

Managerial Law, vol. 33 no. 1/2/3
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 January 1975

Knight's Industrial Law Reports goes into a new style and format as Managerial Law This issue of KILR is restyled Managerial Law and it now appears on a continuous…

Abstract

Knight's Industrial Law Reports goes into a new style and format as Managerial Law This issue of KILR is restyled Managerial Law and it now appears on a continuous updating basis rather than as a monthly routine affair.

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Managerial Law, vol. 18 no. 1
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 June 2001

Jo Carby Hall

Examines the situation in the UK in some detail with regard to three aspects of the Charter of Fundamental Human Rights of the European Union. Looks at the aims, together…

Abstract

Examines the situation in the UK in some detail with regard to three aspects of the Charter of Fundamental Human Rights of the European Union. Looks at the aims, together with an analysis and appraisal. Considers, first, information and consultation rights with regards to the transfer of undertakings and redundancies, followd by the right to collective action and, lastly, protection in the event of unjustifiable dismissal. Presents case law throughout as examples. Concludes that the UK has attempted to prevent social and economic rights for workers from being included in the final charter despite fierce opposition. Compares this view together with the UK suspicion of Europe against the views of the other member states.

Details

Managerial Law, vol. 43 no. 3/4
Type: Research Article
ISSN: 0309-0558

Keywords

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