United States: Taxation Of Financial Institutions And Products

Originally published November 2002

I. Course Schedule

II. Assignments and Course Reading List

III. Substantive Outlines

A. Taxation of Commercial Banks and Thrift Institutions

B. Taxation of Regulated Investment Companies (RICs)

C. Taxation of Real Estate Investment Trusts (REITs)

D. Taxation of Real Estate Mortgage Investment Conduits (REMICs)

E. Taxation of Financial Asset Securitization Investment Trusts (FASITs)

F. Taxation of Property and Casualty (P&C) Insurance Companies

G. Taxation of Life Insurance Companies

H. Taxation of Insurance Products

I. Other Insurance Topics

IV. Examples

1. Introduction

2. Taxation of Banks and Thrifts

3. Taxation of Banks and Thrifts

4. Taxation of Banks and Thrifts

5. Taxation of Regulated Investment Companies (RICs), Real Estate Investment Trusts (REITs), Real Estate Mortgage Investment Conduits (REMICs), and Financial Asset Securitization Investment Trusts (FASITs)

6. Taxation of Regulated Investment Companies (RICs), Real Estate Investment Trusts (REITs), Real Estate Mortgage Investment Conduits (REMICs), and Financial Asset Securitization Investment Trusts (FASITs)

7. Taxation of Property and Casualty (P&C) Insurance Companies

8. Taxation of Property and Casualty (P&C) Insurance Companies

9. Taxation of Life Insurance Companies

10. Taxation of Life Insurance Companies

11. Taxation of Life Insurance Companies

12. Taxation of Insurance Products

13. Other Insurance Topics

14. Comparison of Financial Institutions and Review Session

I. TAXATION OF BANKS AND THRIFTS (SESSIONS 2-4)

A. Required Reading

1. Code Sections:

Generally §§581-597; §501(c)(1)&(14); §581; §7701(a)(19); §591(a)-(b); §542(c)(2); §166; §165(f)-(g); §1211; §582(a)-(c); §585; §1001; §1221; §172(b)(1)(D); §593; §291; §481; §591; §163; §265; §595; §594; §61(a); §165(c) and (l); §584(a)-(d),(h).

2. Treasury Regulations:

§ 1.581-1; § 301.7701-13A; § 1.585-2(e)(2)(ii); § 1.165-4; § 1.166-2; § 1.166-3(a)(2); § 1.585-2; §1.585-5 through –8; § 1.593-11; Prop. Treas. Reg. § 1.593-12 to –14; § 1.166-6; § 1.584-4(a)-(b).

Examples: 1-7.

B. Suggested Reading

Cases:

U.S. v. Seattle First Int’l Corp., 79-2 U.S.T.C. ¶ 9495(D. Wash. 1979); Morris Plan Bank of New Haven v. Smith, 125 F.2d 440 (2d Cir. 1942); Austin State Bank v. Comm’r, 57 T.C. 180 (1973); Cottage Savings Ass’n v. Comm’r, 499 U.S. 554 (1991); Community Trust Bancorp v. U.S., 1999-2 USTC ¶50,698; Bell Federal Savings and Loan Ass’n v. Comm’r, 40 F.3d 224 (7th Cir. 1994); Midwest Sav. Ass’n v. Comm’r, 75 T.C. 262 (1980); Community Bank v. Comm’r, 819 F.2d 940 (9th Cir. 1987); Gilbraltar Financial Corp. of California v. U.S., 825 F.2d 1568 (Fed. Cir.1987).

Published IRS Guidance:

Rev. Rul. 58-605, 1958-2 C.B. 358; Rev. Rul. 90-54, 1990-2 C.B. 270; Rev. Rul. 81-18, 1981-1 C.B. 295; Rev. Rul. 92-14, 1992-1 C.B. 93; Rev. Proc. 92-84, 1992-2 C.B. 489; Rev. Rul. 2001-59, 2001-51 I.R.B. 1; Rev. Rul. 55-391, 1955-1 C.B. 306; Rev. Proc. 70-20, 1970-2 C.B. 499; Rev. Rul. 90-44, 1990-1 C.B. 54.

Informal IRS Guidance:

LTR 7921016 (Feb. 12, 1979); LTR 8928002 (Mar. 22, 1989); LTR 9423002 (Jan. 25, 1994); LTR 8425059 (Mar. 20, 1984); LTR 8544030 (July 31, 1985); LTR 8929061 (Apr. 26, 1989).

Legislative History:

Staff of the Jt. Comm. on Taxation, General Explanation of the Tax Reform Act of 1986 ("1986 Act Bluebook") 549-574; Staff of the Jt. Comm. on Taxation, General Explanation of Tax Legislation Enacted in the 104th Congress ("1996 Act Bluebook") 195-196, 247-256.

Other:

Wakely et al., Federal Income Taxation of Banks and Financial Institutions (5th ed.).

Peat, Marwick, Mitchell & Co., Taxation of Financial Institutions.

RIA, Federal Tax Coordinator 2d, Volume 8, Paragraphs E-3000 to E- 3800.

II. TAXATION OF RICs, REITs, REMICs, AND FASITs (SESSIONS 5-6)

A. RICs

1. Required Reading

Code Sections:

§851; §584(a); §852; §243; §4982; §855; §860; §561; §265(a)(3); §854(b); §67(c); §853.

Treasury Regulations:

§ 1.851-1; § 1.851-5; § 1.852-11; § 1.852-4.

Examples: 8-10.

2. Suggested Reading

Published IRS Guidance:

Rev. Rul. 88-41, 1988-1 C.B. 253; Rev. Rul. 89-81, 1989-1 C.B. 226; IRS Notice 97-64, 1997-2 C.B. 323; Rev. Rul. 92-56, 1992-2 C.B. 153; Rev. Rul. 92-89, 1992-2 C.B. 154.

Informal IRS Guidance:

LTR 8806044 (Nov. 17, 1987); LTR 9006015 (Nov. 8, 1989); LTR 9015011 (Jan. 8, 1990); LTR 9332031 (May 17, 1993).

Other:

GCM 39626 (Apr. 29, 1987); IRS Notice 97-64, 1997-47 I.R.B. 7.

B. REITs

1. Required Reading

Code Sections:

§856; §857; §859; §858; §357(b)(3)(D); §860; §1221(a)(1); §4981; §4982.

Treasury Regulations:

§ 1.857-6(a).

Example: 11.

2. Suggested Reading

Published IRS Guidance:

Rev. Rul. 89-130, 1989-2 C.B. 117.

Informal IRS Guidance:

LTR 9013043 (Dec. 28, 1989); LTR 9014022 (Jan. 2, 1990); LTR 9826049 (Apr. 1, 1998).

Other:

IRS Notice 97-64, 1997-47 I.R.B. 7.

C. REMICs

1. Required Reading

Code Sections:

§860D; §860B; §860G(a)-(d); §860C; §856(e); §860F; §1276; §171; §860E; §860A.

Treasury Regulations:

§ 1.860D-1; § 1.860F-2; § 1.860E-2; § 1.860C-2; § 1.860E-1.

2. Suggested Reading

Informal IRS Guidance:

LTR 9033008 (May 17, 1990).

Other:

IRS Notice 87-41, 1987-1 C.B. 500; IRS Notice 87-67, 1987-2 C.B. 377.

D. FASITs

1. Required Reading

Code Sections:

§§860H through 860L.

Treasury Regulations:

Prop. Treas. Reg. §1.860L-1; Prop. Treas. Reg. §1.860H-6; Prop. Treas. Reg. §1.860J-1; Prop. Treas. Reg. §1.860H-4; Prop. Treas. Reg. §1.860I-2; Prop. Treas. Reg. §1.860L-2.

E. LEGISLATIVE HISTORY OF RICs, REITs, REMICs AND FASITs

1. Staff of the Jt. Comm. on Taxation, General Explanation of the Tax Reform Act of 1986 ("1986 Act Bluebook") 375-383, 384- 401, and 402-428.

2. Senate Finance Committee Report on the Technical Corrections Act of 1988 (S. 2238), S. Rep. No. 445, 100th Cong., 2d Sess. 92- 109 (1988).

3. Staff of the Jt. Comm. on Taxation, General Explanation of Tax Legislation Enacted in the 104th Congress ("1996 Act Bluebook") 258-266.

4. Staff of the Jt. Comm. on Taxation, General Explanation of Tax Legislation Enacted in 1997 ("1997 Blue Book") 382-393.

F. OTHER MATERIALS

1. Tax Management, Tax Practice Series, Chapters on RICs, REITs and REMICs

2. Mertens, Law of Federal Income Taxation, Volume 10, Chapters 41 (RICs), 41A (REITs) and 40A (REMICs and FASITs).

3. RIA, Federal Tax Coordinator 2d, Volume 8, Sections E- 6000 to E-6300 (RICs), E-6500 to E-6850 (REITs), E-6900 to E-7200 (REMICs), and E-7300-7400 (FASITs).

4. RIA, Tax Advisors Planning Series, Regulated Investment Companies (1997).

5. Tax Management Portfolio No. 107-5th, Real Estate Investment Trusts.

6. Tax Management Portfolio No. 117-2d, REMICs and Other Mortgage-Backed Securities.

7. Humphreys et. al., Mortgage-Backed Securities Including REMICs and Other Investment Vehicles (Little, Brown 1995).

III. TAXATION OF PROPERTY AND CASUALTY (P&C) INSURANCE COMPANIES (SESSIONS 7-8)

A. Required Reading

Code Sections:

§461(h); §816; §832; §831; §501(c)(15); §834; §812(c)-(d); §848; §846; §847; §264(f); §501(m); §833.

Treasury Regulations:

§ 1.832-4; § 1.846-1 through § 1.846-3; Treas. Reg. § 1.832-4.

Examples: 12-16.

B. Suggested Reading

Cases:

AAA v. U.S., 367 U.S. 687 (1961); RCA Corp. v. U.S., 664 F.2d 881 (2d Cir. 1981); Bituminous Casualty Corp. v. Comm’r, 57 T.C. 58 (1971); Sears, Roebuck & Co. v. Comm’r, 96 T.C. 61 (1991), rev’d, 972 F.2d 858 (7th Cir. 1992); AIG, Inc. V. U.S., 38 Fed. Cl. 272 (1997); Utah Medical Ins. Ass’n v. Comm’r, 76 TCM (CCH) 1100 (1998); Minnesota Lawyers Mutual Ins. Co. v. Comm’r, 79 TCM (CCH) 2234 (2000); Home Group, Inc. v. Comm’r, 89-1 U.S.T.C. ¶9329 (2d Cir. 1989); Allstate Ins. Co. v. U.S., 936 F.2d 1271 (Fed. Cir. 1991); Western Nat’l Mutual Ins. Co. v. Comm’r, 102 T.C. 338 (1994), aff’d, 65 F.3d 90 (8th Cir. 1995); Atlantic Mutual Ins. Co. v. Comm’r, 98-1 U.S.T.C. ¶50,341 (1998), aff’d, 111 F.3d 1056, aff’d, 523 U.S. 382 (1998); Blue Cross & Blue Shield of Texas v. Comm’r, 115 T.C. 148 (2000).

Published IRS Guidance:

Rev. Rul. 83-174, 1983-2 C.B. 108, obsoleted by Rev. Rul. 91-22, 1991-1 C.B. 91; Rev. Rul. 68-27, 1968-1 C.B. 315; Rev. Proc. 90-23, 1990-1 C.B. 507; Rev. Proc. 92-76, 1992-2 C.B. 453; Rev. Proc. 98-11, 1998-4 I.R.B. 9; Rev. Proc. 92-72, 1992-2 C.B. 439; Rev. Proc. 98-12, 1998-4 I.R.B. 18; Rev. Proc. 92-77, 1992-2 C.B. 454; IRS Notice 2000-34, 2000-33 I.R.B. 1.

Informal IRS Guidance:

LTR 8817001 (July 28, 1987); LTR 9412002 (Dec. 17, 1993); FSA 200104011 (Oct. 19, 2000); LTR 200028018 (Apr. 14, 2000); LTR 200042018 (July 21, 2000); LTR 200140057 (July 9, 2001); LTR 200044028 (Aug. 7, 2000); LTR 200116041 (Jan. 24, 2001); LTR 9647002 (July 29, 1996); LTR 9648002 (Aug. 2, 1996); LTR 9811041 (Dec. 11, 1997); 9228003 (Mar. 26, 1992); LTR 9516001 (Dec. 8, 1994); TAM 200006007 (Sept. 2, 1999); LTR 9732004 (Apr. 30, 1997).

Legislative History:

Staff of the Jt. Comm. on Taxation, General Explanation of the Tax Reform Act of 1986 ("1986 Act Bluebook") 594-623.

Other:

KPMG, Federal Taxation of Insurance Companies (RIA 1998), Chapters 12-15.

Mertens, Law of Federal Income Taxation, Volume 11, Section 44.

RIA, Federal Tax Coordinator 2d, Volume 8, Sections E-5500 to E-5700.

Male, "Unearned" or Merely Inexplicable?: The Federal Tax Treatment ofRetrospective Rate Credits by Property and Casualty Insurance Companies, 98 Tax Notes 104-94 (1998).

IV. TAXATION OF LIFE INSURANCE COMPANIES (SESSIONS 9-11)

A. Required Reading

Code Sections:

§7702; §816; §801; §815; §803; §807; §809; §810(a); §812; §804; §805; §806; §808; §264(f); §481; §848; §845(a)-(b).

Treasury Regulations:

§ 1.807-1; Prop. Treas. Reg. § 1.801-4(g); § 1.809-10; § 1.848-1; § 1.848- 2.

Examples: 17-20.

B. Suggested Reading

Cases:

Bankers Life & Casualty Co. v. U.S., 98-1 U.S.T.C. ¶50,346 (7th Cir. 1998); National Life Ins. Co. v. Comm’r, 103 T.C. No. 615 (1994), aff’d, 103 F.3d 5 (2d Cir. 1996); UNUM Life Ins. Co. v. U.S., 929 F. Supp. 15 (D. Me. 1996), aff’d, 130 F.3d 501 (1st Cir. 1997); American Mutual Life Ins. Co. v. U.S., 43 F.3d 1172 (8th Cir. 1994), cert. denied, 516 U.S. 930 (1995); Indianapolis Life Ins. Co. v. U.S., 115 F.3d 430 (7th Cir. 1997), aff’g 940 F. Supp. 1370 (S.D.Ind. 1996); ¶50,904 (Fed. Cl. 1997); Pan American Life Ins. Co. v. U.S., 97-2 U.S.T.C. ¶50,655 (E.D. La. 1997); Trans City Life Ins. Co. v. Comm’r, 106 T.C. 274 (1996), nonacq., 1998-1 I.R.B. 5.

Published IRS Guidance:

Rev. Rul. 83-132, 1983-2 C.B. 270; Rev. Rul. 94-45, 1994-2 C.B. 39; Rev. Rul. 92-19, 1992-1 C.B. 227; Rev. Rul. 98-2, 1998-2 I.R.B. 15; Rev. Rul. 94-74, 1994-2 C.B. 157; Rev. Rul. 89-106, 1989-2 C.B. 108.

Informal IRS Guidance:

LTR 9224001 (Feb. 12, 1992); LTR 9452001 (Aug. 26, 1994); LTR 9620001 (Jan. 23, 1996); LTR 9442001 (June 7, 1994); LTR 9745013 (Aug. 7, 1997); LTR 9623005 (Feb. 22, 1996).

Legislative History:

Staff of the Jt. Comm. on Taxation, General Explanation of the Revenue Provisions of the Deficit Reduction Act of 1984 ("1984 Act Bluebook") 572-665; Staff of the Jt. Comm. on Taxation, General Explanation of the Tax Reform Act of 1986 ("1986 Act Bluebook") 582-593; H.R. Rep. No. 964, 101st Cong., 2d Sess. at 1063-72 (1990)("1990 Act Conference Report").

Other:

IRS Notice 88-106, 1988-2 C.B. 444.

Peat, Marwick, Mitchell & Co., Federal Taxation of Insurance Companies (P-H).

Mertens, Law of Federal Income Taxation, Volume 11, Section 44A.

Emanuel Burstein, Federal Income Taxation of Insurance Companies (Insurance Taxation and Regulation Publications, 1996).

RIA, Federal Tax Coordinator 2d, Volume 8, Sections E-4800 to E-5400.

V. TAXATION OF INSURANCE PRODUCTS (SESSION 12)

A. Required Reading

Code Sections:

§101(a)-(g); §7702; §262; §162; §264; §62; §79(a)-(b); §163; §265(f); §291; §72(e), (u), and (v); §7702A; §7702B; §72(b)(1)-(3),(c)(1)- (3),(e),(q), and (s); §213(d)(10); §104; §817; §817A; §61; §1001; §1035; §1031.

Treasury Regulations:

§ 1.817-5(a),(b),(f).

Examples: 21-26.

B. Suggested Reading

Cases:

Winn-Dixie Stores, Inc. v. Comm’r, 113 T.C. 254 (1999), aff’d, 2001 WL 726216 (11th Cir. 2001); IRS v. CM Holdings, 254 B.R. 578 (D. Del. 2000); American Electric Power, Inc. v. U.S., 136 F. Supp.2d 762 (S.D. Ohio 2001); Conway v. Comm’r, 111 T.C. 350 (1998), acq., 1999-47 I.R.B. 573.

Published IRS Guidance:

Rev. Proc. 2001-42, 2001-36 I.R.B. 212; Rev. Rul. 64-328, 1964-2 C.B. 11; Rev. Rul. 67-154, 1967-1 C.B. 11; Rev. Rul. 66-110, 1966-1 C.B. 12; Notice 2001-10, 2001-5 I.R.B. 459; Rev. Proc. 2001-13, 2001-3 I.R.B. 337; Rev. Rul. 95-53, 1995-2 C.B. 30; Notice 2000-9, 2000-1 C.B. 449; Rev. Rul. 73-67, 1973-1 C.B. 330; Rev. Rul. 97-46, 1997-46 I.R.B. 7; Rev. Rul. 90-109, 1990-2 C.B. 191; Rev. Rul. 72-358, 1972-2 C.B. 473; Rev. Rul. 85-159, 1985-2 C.B. 29; Rev. Rul. 92-43, 1992-1 C.B. 288; Rev. Proc. 92-44(as amended by 92-44A), 1992-1 C.B. 875.

Informal IRS Guidance:

LTR 9601039 (Oct. 5, 1995); LTR 9517042 (Jan. 31, 1995); LTR 9524021 (Mar. 21, 1995); LTR 9322023 (Mar. 9, 1993); LTR 9202008 (Oct. 31, 1991); LTR 9604001 (Sept. 8, 1995); LTR 9812005 (Jan. 22, 1998); LTR 9322011 (Mar. 5, 1993); LTR 9316018 (Jan. 22, 1993); LTR 9120024 (Feb. 20, 1991); LTR 9542037 (July 21, 1995); LTR 8310033 (Dec. 3, 1982); LTR 9708016 (Nov. 20, 1996); LTR 9644016 (July 18, 1996).

Legislative History:

Staff of the Jt. Comm. on Taxation, General Explanation of the Revenue Provisions of the Deficit Reduction Act of 1984 ("1984 Act Bluebook") 645-665; Staff of the Jt. Comm. on Taxation, General Explanation of the Tax Reform Act of 1986 ("1986 Act Bluebook") 575-581; Staff of the Jt. Comm. on Taxation, General Explanation of Tax Legislation Enacted in the 104th Congress ("1996 Act Bluebook") 235-239.

Other:

Tax Management, Tax Practice Series, Chapter on Section 1035 Exchanges of Insurance Contracts.

Bittker, Federal Taxation of Income Estates and Gifts, Chapter 12.

Pike, Reflections on the Meaning of Life; An Analysis of Section 7702 and the Taxation of Cash Value Life Insurance, 43 Tax Law Rev. 491 (1989).

VI. OTHER INSURANCE TOPICS (SESSION 13)

A. Required Reading

Code Sections:

§165(a); §461(f),(h); §951; §953(c)-(d); §4371.

Treasury Regulations:

§ 1.162-1(a); § 1.165-1(a); § 1.461-1(a)(2).

B. Suggested Reading

Cases:

Supermarkets General Corp. v. U.S., 537 F. Supp. 759 (D.N.J. 1982); Kaiser Steel Corp. v. U.S., 717 F.2d 1304 (9th Cir. 1983); U.S. v. Hughes Properties, Inc., 476 U.S. 593 (1986); Lukens Steel Co. v. Comm’r, 442 F.2d 1131 (3d Cir. 1971); General Dynamics Corp. v. U.S., 6 Cl. Ct. 250 (1984), aff’d, 773 F.2d 1224 (Fed. Cir. 1985), rev’d, 87-1 U.S.T.C. ¶9280 (U.S. 1987); Spring Canyon Coal Co. v. Comm’r, 43 F.2d 78 (10th Cir. 1930), cert. denied, 284 U.S. 654 (1930); Steere Tank Lines, Inc. v. U.S., 577 F.2d 279 (5th Cir. 1978), cert. denied, 440 U.S. 946 (1979); Black Hills Corp. v. Comm’r, 73 F.3d 799 (8th Cir. 1996); Kidde Industries Inc. v. U.S., 98-1 U.S.T.C. ¶50,162 (Fed. Cl. 1998); Clougherty Packing Co. v. Comm’r, 811 F.2d 1297 (9th Cir. 1987); Humana, Inc. v. Comm’r, 881 F.2d 247 (6th Cir. 1989); Malone & Hyde v. Comm’r, 95-2 U.S.T.C. ¶50,450 (6th Cir. 1995); United Parcel Service v. Comm’r, 254 F.3d 1014 (11th Cir. 2001), rev’g T.C. Memo. 1999-268; Gulf Oil Corp. v. Comm’r, 89 T.C. 1010, aff’d, 914 F.2d 396; Sears, Roebuck & Co. v. Comm’r, 96 T.C. 61 (1991), aff’d, 92-2 U.S.T.C. ¶50,426 (7th Cir. 1992); AMERCO v. Comm’r, 96 T.C. 18 (1991), aff’d, 92-2 U.S.T.C. ¶50,571 (9th Cir. 1992); Harper Group v. Comm’r, 96 T.C. 45 (1991), aff’d, 92-2 U.S.T.C. ¶50,572 (9th Cir. 1992); Ocean Drilling v. U.S., 92-1 U.S.T.C. ¶ 50,018 (Cl. Ct. 1991); Crawford Fitting Co. v. U.S., 606 F. Supp. 136 (N.D. Ohio 1985); U.S. v. I.B.M., 517 U.S. 843 (1996); Home Warranty Corp. v. Elliott, 585 F. Supp. 443 (D.Del. 1984).

Published IRS Guidance:

Rev. Rul. 89-96, 1989-2 C.B. 114; Rev. Rul. 77-316, 1977-2 C.B. 53; Rev. Rul. 88-72, 1988-2 C.B. 31; Rev. Rul. 2001-31, 2001-25 I.R.B. 1; Rev. Rul. 78-338, 1978-2 C.B. 107; Rev. Rul. 80-120, 1980-1 C.B. 41.

Informal IRS Guidance:

LTR 8637003 (May 23, 1986); LTR 8638003 (June 11, 1986); LTR 8111087 (Dec. 18, 1980); LTR 9629021 (Apr. 23, 1996); LTR 9623009 (Feb. 29, 1996); LTR 9618024 (Feb. 5, 1996); LTR 8405034 (Oct. 31, 1983); LTR 8032087 (May 15, 1980); FSA 200029010 (Apr. 24, 2000); FSA 200043012 (June 19, 2000); FSA 200105014 (Oct. 26, 2000); FSA 200027008 (Mar. 31, 2000); OM 19167 (Sept. 28, 1979); GCM 39795 (Apr. 15, 1982); GCM 35796 (May 1, 1974); GCM 38136 (Oct. 12, 1979); GCM 39247 (June 27, 1984).

Other:

Product Liability Risk Retention Act of 1981, 15 U.S.C. §§3901-3904.

IRS Notice 96-37, 1996-2 C.B. 208.

KPMG Peat Marwick, Federal Taxation of Insurance Companies, (RIA 1998), Chapter 25.

VII. COMPARISON OF FINANCIAL INSTITUTIONS (SESSION 14)

A. Suggested Reading

1. Clark, The Federal Income Taxation of Financial Intermediaries, 84 Yale Law Journal 1603 (1975).

Neubig, The Taxation of Financial Institutions After Deregulation, 37 National Tax Journal 351 (1984).

Neubig and Steuerle, The Taxation of Income Flowing Through Financial Institutions: General Framework and Summary of Tax Issues, Office of Tax Analysis, Treasury Department, OTA Paper 52 (Sept. 1983).

Treasury Department, Interim Report to the Congress on Life Insurance Company Taxation (June 1988).

Johnson, Common Trends in the Taxation of Banks, Thrifts, and Insurance Companies, 67 TAXES 485 (1989).

To view this article in its full entirety, please enter the following link into a fresh browser:
http://www.steptoe.com/publications/Baxley_pub.pdf