Friday, December 21, 2012
Dan Sheaffer (Cooley), Letting the Horse Out of the Barn: A Proposal to Treat Educational Expenses Like Other Business Expenses, 28 T.M. Cooley L. Rev. 247 (2011):
The goals of this Article are to highlight and demonstrate the flaws of the current Regulation and propose changes to address those flaws. Part II of this Article briefly discusses the history of educational expenses under Section 162 and the current Treasury Regulation. Part III highlights and demonstrates the fundamental flaws of the current Regulation by examining various cases. In Part IV, this Article offers proposed amendments to the current Regulation that directly address the identified flaws with the newtrade- or-business test. This Article provides concluding comments in Part V.