MoFo Tax Talk, Volume 3, Issue 1

Editor's Note

As the financial crisis continues to ease, and capital markets continue to mend, policymakers can shift their attention to other important matters. In the first quarter of 2010, we continue to report on an emerging financial recovery, as well as movement on other important policy issues. Of particular note, we report on certain important revenue raisers in the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (together, the "Health Care Act"), which pays for increased health care by, in part, codifying the economic substance doctrine (effective immediately) and increasing the Medicare tax on high-income earners (beginning in 2013), and in the Hiring Incentives to Restore Employment Act (the "HIRE Act"), which codified the provisions of the Foreign Account Tax Compliance Act of 2009. In addition, we discuss an IRS issued Industry Director Directive on Total Return Swaps and Container Corp. v.