The American Bar Association (ABA) Section of Taxation Young Lawyers Forum has released its 2007 Tax Challenge question. An alternative to traditional moot court competitions, the Law Student Tax Challenge asks two-person teams of students to solve a cutting-edge and complex business problem that might arise in everyday tax practice.
Past topics have included:
* Cash-rich international split-offs
* Merger and acquisition issues
* Section 83(b) elections
* Cancellation of debt in an executive loan program
The top teams selected by a panel of judges then present their solutions to some of the top tax practitioners in the country. Past oral-round judges have included:
* Hon. L. Paige Marvel, U.S. Tax Court
* Donald L. Korb, Chief Counsel, IRS
* Peter H. Blessing, Partner, Tax, Shearman & Sterling, LLP
* Kimberly Majure, Member, International Tax, Miller & Chevalier, Chartered
* Glenn Carrington, Partner, National Tax Practice, Ernst & Young, LLP
Teams are initially evaluated on two criteria: a memorandum to a senior partner and a letter to the client explaining the result. Based on this written work product, 6 teams from the J.D. Division and 4 teams from the LL.M. Division will receive a free trip (including airfare and accommodations for two nights) for the Section's 2008 Midyear Meeting, January 17-19 at the Hyatt Regency Lake Las Vegas Resort, Henderson, NV, where they will defend their submissions before a panel of some of the country's top tax lawyers.
The competition is a great way for law students to showcase their knowledge in a real-world setting and gain valuable exposure to the tax law community. On average, more than 40 teams compete in the J.D. Division and the LL.M. Division debuted for the first time last year.
At several institutions, the competition is used as a learning tool. The competition offers motivated students a tremendous opportunity to learn more about tax law, interact with professionals in the world of tax, and earn credit while doing so.
You can see how you fare with the 2007 tax problem.