Paul L. Caron
Dean





Friday, May 24, 2024

Alfani Presents Economic Inequality in Preindustrial Times Today At The Oxford-Virginia Legal Dialogs

Guido Alfani (Bocconi University; Google Scholar) presents Economic Inequality in Preindustrial Times: Europe and Beyond, 59 J. Econ. Lit. 3 (2021), today as part of the Oxford-Virginia Legal Dialogs hosted by Tsilly Dagan and Ruth Mason: 

Guido alfaniRecent literature has reconstructed estimates of wealth and income inequality for a range of preindustrial, mostly European, societies covering medieval and early modern times, occasionally reaching back to antiquity and even prehistory. These estimates have radically improved our knowledge of distributive dynamics in the past. It now seems clear that in the period circa 1300–1800, inequality of both income and wealth grew almost monotonically almost everywhere in Europe, with the exception of the century-long phase of inequality decline triggered by the Black Death of 1347–52. Regarding the causes of inequality growth, recent literature ruled out economic growth as the main one. Other possible factors include population growth (also as mediated by inheritance systems) and especially regressive fiscal institutions (also as connected to the unequal distribution of political power). The recently proposed theoretical framework of the inequality possibility frontier (IPF) lends a better understanding of the implications of the reconstructed trends. This article concludes by showing how connecting preindustrial trends to modern ones changes our perception of long-term inequality altogether.

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May 24, 2024 in Colloquia, Scholarship, Tax, Tax Daily, Tax Scholarship, Tax Workshops | Permalink

Thursday, May 23, 2024

Delmotte: Beyond The Wealth Tax

Charles Delmotte (Michigan State; Google Scholar), Beyond the Wealth Tax, 76 Ala. L. Rev. __ (2024):

Alabama law reviewThe increased emphasis on economic equality has led to a consensus on the desirability of a federal wealth tax. Prominent tax scholars and economists advocate imposing a 1% or 2% levy on households with assets exceeding a net worth of $50 million. A wealth tax attempts to tax capital owners on the market value of their assets and businesses in the absence of transactions that determine such value. The proposal thus rests upon a dominant underlying assumption: that determining the market value of assets worth trillions of dollars is a surmountable and administrable task. Yet in reality, wealth taxes fail to satisfy the goals of tax policy, namely administrability, efficiency, and equity.

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May 23, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

9th Annual Texas Tax Faculty Workshop

Tax workshop photoSMU hosted the 9th Annual Texas Tax Faculty Workshop on Monday:

Christopher Hanna (SMU), Taxing Carried Interest: A Reappraisal (with David Elkins (Netanya; Google Scholar)
Commenter: Susan Morse (Texas; Google Scholar)

Gary Lucas (Texas A&M; Google Scholar), Shaping Preferences with Pigouvian Taxes
Commenter: Johnny Buckles (Houston; Google Scholar)

Orly Mazur (SMU; Google Scholar), Beyond ChatGPT: Responsible AI and Government Innovation, 92 Tenn. L. Rev. __ (2025) (with Adam Thimmesch (Nebraska; Google Scholar))
Commenter: William Byrnes (Texas A&M; Google Scholar

Susan Morse (Texas; Google Scholar), The Truth About Safe Harbors, 92 Tenn. L. Rev. __ (2025)
Commenter: Dennis Drapkin (SMU)

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May 23, 2024 in Scholarship, Tax, Tax Conferences, Tax Daily, Tax Profs, Tax Workshops | Permalink

Wednesday, May 22, 2024

Equity And Ownership In Affordable Housing

Adam Cowing (UC-Irvine), Equity and Ownership in Affordable Housing, 2024 U. Ill. L. Rev. 399: 

Illinois law reviewThe Low-Income Housing Tax Credit (“LIHTC”) is the nation’s largest affordable housing development program. From its inception, policymakers have seen the program’s potential path to homeownership as one of its advantages. In fact, the Internal Revenue Code anticipates tenant and cooperative purchases of LIHTC-financed affordable housing. But the program has never achieved significant homeownership for low-income families. Meanwhile, residents in increasing numbers of LIHTC developments face instability related to investor acquisitions of rental housing and the expiration of restrictions that keep rents affordable—instability that resident ownership could prevent. 

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May 22, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

The Constitutional Meaning Of Financial Terms

Tomer Stein (Tennessee; Google Scholar) & Shelby Ponton (Stetson), The Constitutional Meaning of Financial Terms, 2025 Utah L. Rev. ___:

Utah law reviewThe Constitution has sixty-three financial terms. These financial terms include, for instance, “compensation,” “expenditures,” “debt,” “coin,” “revenue,” “securities,” and “bankruptcies”—all of which determine the elementary building blocks of our governmental makeup. When the Supreme Court interprets the meaning of these financial terms, it does so in isolation and without a consistent framework. This Article proposes a unified framework for the interpretation of financial terms in the Constitution, comprising of two fundamental canons of construction.

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May 22, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Lawsky: Reasoning With Formalized Statutes — The Case Of Capital Gains And Losses

Sarah B. Lawsky (Northwestern; Google Scholar), Reasoning with Formalized Statutes: The Case of Capital Gains and Losses, 43 Va. Tax Rev. 361 (2024):

Virginia tax reviewThis article formalizes sections of the Internal Revenue Code — that is, represents them symbolically — and then reasons with these formalizations algebraically, graphically, and, in a novel approach for U.S. legal scholar-ship, using a computer program that proves theorems. Reasoning with the formalizations reveals previously overlooked errors in the statute, demonstrates equivalence between the actual law and facially dissimilar administrative implementations of the law, and uncovers technical corrections in these administrative implementations that the Internal Revenue Service has not openly acknowledged. The article thus shows how reasoning with formalized statutes leads to insights that may be otherwise obscured by the law’s complexity.

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May 22, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Tuesday, May 21, 2024

Bearer-Friend & Satterthwaite: Taxation & Inequalities—USA National Report

Jeremy Bearer-Friend (George Washington; Google Scholar) & Emily A. Satterthwaite (Georgetown; Google Scholar), Taxation & Inequalities: USA National Report:  

EATLP Logo (2013)As the U.S. Report for the 2024 Congress of the European Association of Tax Law Professors, this draft manuscript provides a survey of US tax law as it pertains to the conference theme, “Taxation and Inequalities.” The report is divided into three sections: constitutional underpinnings of taxation and inequality (Section I); national tax policy and inequality (Section II); and tax enforcement and inequality (Section III).

I. Taxation and Inequalities: Constitutional Underpinnings
1. Equality and Non-Discrimination Law in the United States ...

2. Constitutional Links between Equality and Taxation ...

II. Tax policy and income inequality
1. Tax Policy and Other Inequalities ...
2. Tax Competition and Inequality ...

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May 21, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Brooks: The (Non)Taxation Of Student Debt Cancellation: Statutory Misinterpretation And Normative Conflict

John R. Brooks (Fordham; Google Scholar), The (Non)Taxation of Student Debt Cancellation: Statutory Misinterpretation and Normative Conflict, 77 Nat’l Tax J. __ (2024):

National tax journalStudent debt cancellation is an increasingly important form of subsidy for higher education and reflects a shift toward financing higher education with income-contingent loans. But the legal formalities of debt cancellation expose borrowers to the risk of taxation, especially after 2025. This paper shows that the IRS and Treasury's position that student debt cancellation is sometimes taxable is based on a misreading of the tax code and its history. I further argue that this misreading arises in part because of the conflicting norms of tax policy and non-tax social policy, a conflict that arises in other transfer contexts as well.

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May 21, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Journal Of Legal Education Publishes New Issue: International Perspectives On Legal Education

The Journal of Legal Education has published Vol. 72, No. 1 & 2 (Fall 2022-Winter 2023):

Journal of legal educationFrom the Editors

Articles

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May 21, 2024 in Legal Ed Scholarship, Legal Education, Scholarship | Permalink

Kemker: Do Black Taxpayers Matter? A Critical Tax Analysis Of IRS Audit Practices

Diane Kemker (Southern; Google Scholar), Do Black Taxpayers Matter? A Critical Tax Analysis of IRS Audit Practices, 20 Stan. J. C.R. & C.L. 133 (2024):

Stanford journal of civil rights and civil libertiesThe Earned Income Tax Credit, a federal anti-poverty program administered through the tax system, provides a total of about $65 billion a year in “refundable credits” (a payment in excess of tax liability) to more than 25 million working low-income taxpayers, who receive an average of about $2000 (the precise amount depends on their number of dependents).  Its complex eligibility rules produce persistently high error rates, which are in turn used to justify high audit rates and a grossly disproportionate share of IRS enforcement activity.  

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May 21, 2024 in Legal Education, Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Monday, May 20, 2024

Kysar: The Global Tax Deal And The New International Economic Governance

Rebecca M. Kysar (Fordham; Google Scholar), The Global Tax Deal and the New International Economic Governance, 77 Tax L. Rev. __ (2024):

NYU Law (2016)The ethos of economic integration and trade liberation no longer reigns supreme. Instead of multilateral trade agreements, nations are turning towards protectionism and unilateralism. Yet in late 2021, nearly 140 countries agreed to a new global tax deal that is aimed at coordinating their tax systems to curtail tax competition and corporation profit shifting to tax havens, as well as constructing a new allocation of taxing rights among nations.

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May 20, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

The Kinder, Gentler IRS? Where?

Harvey Gilmore (Hartford), The Kinder, Gentler IRS? Where?, 21 DePaul Bus. & Com. L.J. 31 (2022): 

IRS Logo 2I was a practicing accountant for the better part of ten years. I prepared income tax returns, sales tax returns, property tax returns, payroll tax returns, and New York City Commercial Rent tax returns. Over the years, I’ve also prepared my own tax returns as well as those of friends, relatives, and other paying clients. Academically, I am in my twenty-fifth year as an undergraduate tax law professor. I have a Master of Science Degree in Taxation and a Master of Law in Taxation. What’s the point of all that? Not much, really, except to say that I know a little something about taxes. The most important thing is this: generally, tax authorities and in particular, the Internal Revenue Service (“IRS”) is NOT the friend of the taxpayer.

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May 20, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

A Future for Carbon Taxation?

Myanna Dellinger (EinStrong Foundation),  A Future for Carbon Taxation?, 46 Fordham Int'l L.J. 659 (2023): 

Fordham international law journalCarbon taxation has been the topic of academic and political discussions for quite some time. With the exception of some Northern European countries, far too few states or nations have adopted taxation in amounts likely to impact climate change mitigation positively. However, simply writing off a potential governmentally imposed price on carbon as not feasible is not warranted. First, in a world where we need urgent action from all angles, a carbon tax could prove to be one of several inroads on climate change. There is no one “silver bullet” in this area. Second, since the mere phrasing of the issue as one of “taxation” nearly always elicits negativity in the United States, something as simple as reframing the issue in ways palatable to a broader political spectrum could garner more support. Third, as a younger and more environmentally conscious generation comes into voting age and power, opinions about carbon pricing are shifting. 

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May 20, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Sunday, May 19, 2024

Hasen: Taxation Of Work In Christian Theology

David Hasen (Florida; Google Scholar), Taxation of Work in Christian Theology:

How should Christian theological principles inform rules for the taxation of work? The answer to this question is ambiguous because work plays an ambiguous role in the life of the believer. Scripture accords dignity to work, but work, like almost any activity, can become an idol; depending on its content, work also can be harmful to the worker or to others. Similarly, work, or certain kinds of work, may be systematically underpaid or overpaid. For these reasons, recommendations about the optimal taxation of work in any given case depend on the larger tax system and indeed on the larger economic, social and political conditions in which the tax system operates.

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May 19, 2024 in Faith, Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

The Top Five New Tax Papers

This week's list of the Top 5 Recent Tax Paper Downloads is the same as last week's list.

  1. SSRN Logo (2018) [879 Downloads]  Don't Blame the Victims: Individuals and the MRT, by Karen Alpert (FixTheTax Treaty.org), John Richardson (TaxResidentAbroad.com) & Laura Snyder (Association of Americans Resident Overseas)
  2. [569 Downloads]  No More Tax-Free Lunch for Billionaires: Closing the Borrowing Loophole, by Edward Fox (Michigan; Google Scholar) & Zachary Liscow (Yale; Google Scholar)
  3. [507 Downloads]  Taxing People, Not Residents, by Yariv Brauner (Florida, Google Scholar) (reviewed by Mirit Eyal-Cohen (Alabama; Google Scholar) here)
  4. [410 Downloads]  Combining VPFs and Tax-Aware Strategies to Diversify Low-Basis Stock, by Joseph Liberman & Nathan Sosner (AQR Capital Management)
  5. [324 Downloads]  Money Moves: Taxing the Wealthy at the State Level, by Brian Galle (Georgetown; Google Scholar), David Gamage (Missouri-Columbia; Google Scholar) & Darien Shanske (UC-Davis; Google Scholar)

May 19, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship, Top 5 Downloads | Permalink

Saturday, May 18, 2024

Hatfield: Safeguarding Taxpayer Data

Michael Hatfield (University of Washington; Google Scholar), Safeguarding Taxpayer Data, 26 Fla. Tax Rev. ___ (2023):

Florida tax reviewThe Internal Revenue Service (IRS) collects more information on more individuals than any other government agency. The information is not only financial but personal, potentially including information about health care needs and decisions; the caregivers, disabilities, and foreign birth of children; the educational progress and felony convictions of students; and one’s religious and charitable associations. In acknowledging the vast quantity of information held by the IRS, and the necessity of taxpayers trusting tax administrators with their information, Congress provided greater protection for taxpayer information under the Internal Revenue Code (IRC) than it was provided under the Privacy Act. Congress obligated IRS employees to keep taxpayer information confidential, and authorized felony charges and damages suits, including punitive damages for inappropriate disclosures of taxpayer information. 

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May 18, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Friday, May 17, 2024

Weekly SSRN Tax Article Review And Roundup: Roberts Reviews The Missing “T” in ESG By Chaim & Parchomovsky

This week, Tracey M. Roberts (Cumberland; Google Scholar) reviews a new work by Danielle A. Chaim (Bar-Ilan; Google Scholar) and Gideon Parchomovsky (Penn; Google Scholar), The Missing “T” in ESG, 77 Vanderbilt L. Rev. 789 (2024).

Roberts (2020)

In The Missing T in ESG, Danielle Chaim and Gideon Parchomovsky take a magnifying glass to ESG investing and the large asset management firms that have been promoting it in recent years. Environmental Social and Governance or “ESG” standards describe a broad array of criteria. Environmental factors examine environmental impacts (such as waste management and greenhouse gas production). Social factors focus on human rights violations and violations of labor laws (such as human trafficking and child labor in the supply chains), among other things. Governance factors consider longer-term value, positive and negative spillover effects, and whether a corporation has implemented structures and personnel with diverse perspectives to avoid the kinds of group-think that led to the mortgage crisis and Great Recession. Ultimately, ESG ratings allow investors, with an aversion to longer-term risks and with preferences beyond short term profit, to pick and choose where they invest their money.

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May 17, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship, Weekly SSRN Roundup, Weekly Tax Roundup | Permalink

Next Week’s Tax Workshop

Next Week's Tax Workshops - twitterFriday, May 24: Guido Alfani (Bocconi University; Google Scholar) will present Economic Inequality in Preindustrial Times: Europe and Beyond, 59 J. Econ. Lit. 3 (2021), as part of the Oxford-Virginia Legal Dialogs. If you would like to attend, please RSVP

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May 17, 2024 in Colloquia, Legal Education, Scholarship, Tax, Tax Daily, Tax Scholarship, Tax Workshops | Permalink

Thursday, May 16, 2024

Parsons: Cryptocurrency, Legibility, And Taxation

Amanda Parsons (Colorado; Google Scholar), Cryptocurrency, Legibility, and Taxation, 72 Duke L.J. Online 1 (2022):

Duke Law Journal (2022)In Jarrett v. United States, a taxpayer in Tennessee is arguing that staking cryptocurrency did not result in him earning “income” under federal income tax law. This case illustrates the fundamental challenge that cryptocurrency and blockchain technology present for tax law. Wealth creation in the crypto space is not readily legible to the state. This absence of legibility threatens tax law’s reliance on placing economic activities into categories to determine how they should be taxed. Furthermore, this case highlights the harms Congress and Treasury are risking by not taking action on cryptocurrency taxation. The uncertainty and lack of guidance on the appropriate taxation of cryptocurrency is opening the door for a critical juncture in tax law to be decided via strategic litigation. This threatens a jurisprudential evasion of the democratic and administrative process in a high-stakes moment for tax law.

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May 16, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Hayashi & Deeks: Tax Sanctions And The Russia-Ukraine Conflict

Andrew T. Hayashi (Virginia; Google Scholar) & Ashley Deeks (Virginia; Google Scholar), Tax Sanctions and the Russia-Ukraine Conflict, 48 N.C. J. Int'l L. 433 (2023):

North carolina journal of international lawThe Russian invasion of Ukraine in 2022 provoked the imposition of economic sanctions that are unprecedented in their swiftness, severity, and novelty. In this essay, we evaluate the possible role of tax law as another sanctions tool for addressing the Russia-Ukraine conflict and discuss a recent legislative proposal to impose tax sanctions.

Conclusion
When we wrote about the need for tax sanctions in January 2022, our primary concern was the need to find alternative points of leverage over foreign targets that would broaden the reach of U.S. sanctions and reduce the pressure being exerted through traditional financial sanctions, which risked divestment from the U.S. financial system and currency over the long term. More generally, we saw the possibility of making more favorable tradeoffs between foreign policy goals and domestic concerns through tax sanctions and through sanctions rules that allowed for finer calibration. 

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May 16, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship, Tax Workshops | Permalink

Estate Tax Consequences Of Redeeming Stock With Life Insurance Proceeds

Timothy M. Todd (Liberty; Google Scholar) & Philip Manns (Liberty), Seeing Through the Sleight of Hand: Estate Tax Consequences of Redeeming Stock With Life Insurance Proceeds, 183 Tax Notes Fed. 437 (Apr. 15, 2024): 

Tax-notes-federalThe Supreme Court granted certiorari in Connelly v. United States to resolve a circuit court split concerning the federal estate tax valuation of shares in a closely held corporation when that corporation uses life insurance proceeds to satisfy its obligation to redeem the decedent-shareholder’s shares.

We argue that treating the insurance proceeds as suddenly appearing and then quickly disappearing is akin to the magician’s “now you see it, now you don’t” sleight of hand. 

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May 16, 2024 in Scholarship, Tax, Tax Analysts, Tax Daily, Tax Scholarship | Permalink

Wednesday, May 15, 2024

Grewal: The Mandatory Repatriation Tax Is Not A Tax

Andy Grewal (Iowa; Google Scholar), The Mandatory Repatriation Tax Is Not a Tax:

In Moore v. United States, the Supreme Court has agreed to address whether the Sixteenth Amendment allows Congress to tax unrealized sums. The case arises over Section 965(a). Under that section, taxpayers with substantial equity interests in a foreign corporation must immediately include in income their shares of the corporation’s accumulated earnings. The parties and commentators frequently say that Section 965(a) establishes a “Mandatory Repatriation Tax.”

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May 15, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Step-Up In Basis: Policy Perspectives On A Longstanding Policy Loophole

Bridget J. Crawford (Pace; Google Scholar), Crystal Lichtenberger (Pace), Kaitlyn Maguire (Pace) & Gigi McQuillan (Pace), Step-Up in Basis: Policy Perspectives on a Longstanding Policy Loophole, 7 Bus. & Fin. L. Rev. __ (2024):

This essay offers three different and conflicting perspectives on the income tax step-up in basis for property acquired from a decedent under IRC § 1041. Arguments in favor of repealing this longstanding tax loophole include increased revenue, elimination of the tax preference for income from capital versus labor, and minimizing tax considerations on economic investment decisions. Arguments against repeal include political infeasibility, administrative convenience, and incentives for middle class investment. These divergent perspectives are concrete examples of robust tax policy analysis guided by commitments to multiple principles at the same time. Those commitments include familiar ones like efficiency, equity, and administrability, but also equity and the real-world human consequences of tax rules.

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May 15, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Tuesday, May 14, 2024

A Liberal Theory Of Legal Education

Eli Wald (Denver), A Liberal Theory of Legal Education, 75 Ala. L. Rev. 563 (2024): 

Alabama law reviewLaw schools have a reputation, and are often criticized, for being liberal. Yet, their reputation notwithstanding, law schools are traditional, orthodox institutions, teaching and instilling in students a version of the law devoid of justice and morality. One might be tempted to assume law schools merely reflect the conservatism of the legal profession, which generally serves the interests of powerful clients and sustains the status quo, but this account does not withstand scrutiny. Law schools and law professors are relatively insulated from the intense competitive pressures of the market for legal services. Whatever the explanatory power of lawyers’ usual excuses for ignoring justice and morality—“the adversary system made me do it,” or “clients made me do it”—they do not apply to and do not explain the conduct of law professors. 

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May 14, 2024 in Legal Ed Scholarship, Legal Education, Scholarship | Permalink

April's Tax Reflections With Reuven Avi-Yonah

Reuven S. Avi-Yonah (Michigan; Google Scholar):

Avi-YonahIs Treasury Bound by the Arm’s-Length Standard?, 183 Tax Notes Fed. 109 (Apr. 1, 2024):

Avi-Yonah examines the history of the arm’s-length standard and considers whether Treasury can deviate from it if it is necessary to clearly reflect related taxpayers’ income.

Can the United States Curb Its Debt?, 183 Tax Notes Fed. 515 (Apr. 15, 2024):

Avi-Yonah argues that because digital services taxes are used to offset the taxation impediment that “digital giants” cannot be taxed under permanent establishment rules, they should qualify as an in-lieu-of tax and therefore be creditable.

Corporate Taxpayers and Frivolous Arguments, Part 1, 183 Tax Notes Fed. 671 (April 22, 2024):

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May 14, 2024 in Scholarship, Tax, Tax Analysts, Tax Daily, Tax Scholarship | Permalink

Monday, May 13, 2024

Smith Presents Taxing Business Owner-Managers Today At Oxford

Kate Smith (London School of Economics and Political Science; Google Scholar) presents It’s All About the Base: Taxing Business Owner-Managers (with Helen Miller (Institute for Fiscal Studies)) at Oxford today as part of its Centre for Business Taxation Seminar:

Kate smithBusiness owner-managers form an important part of the workforce in many countries, including the US and UK. We develop an empirical dynamic model to study the taxation of this group, who commonly benefit from preferential tax rates aimed at boosting entrepreneurship and investment. We study all UK owner-managed businesses, explicitly accounting for heterogeneity in their activities and traits, and allow for a wide range of responses to tax, including avoidance margins. We model a rich set of policy instruments, including tax rates, bases and loans, accounting for how their interaction affects inter- and intra-temporal incentives. Increasing capital gains tax (CGT) rates on business owners raises revenue in a progressive manner and leads to a small drop in aggregate owner-managed business investment. There are large declines in investment for some high income incorporated businesses, because higher rates increase the cost of capital associated with new equity investments. 

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May 13, 2024 in Colloquia, Scholarship, Tax, Tax Daily, Tax Scholarship, Tax Workshops | Permalink

Taxing Artificial Intelligence

Xavier Oberson (University of Geneva), Taxing Artificial Intelligence (2d ed. 2024):

Taxing Artificial IntelligenceIn this insightful book, a fully updated edition of the author’s Taxing Robots, Xavier Oberson explores taxing Artificial Intelligence (AI) as a potential response to rising workplace disruption and inequality as the use of AI across the economy continues to grow.

Drawing on key legal and economic principles, Xavier Oberson, who may be regarded as a pioneer of the idea of taxing robots, examines diverse tax models that could be applied to either the use of AI, such as a usage or automation tax, or to AI systems directly, and presents a novel argument in favour of taxing AI. Oberson highlights critical issues including definitions of AI and robots, the complexity of granting a tax capacity to AI, and the compatibility of AI taxes with international tax rules. In particular, this cutting-edge new edition analyses how VAT can be applied to enterprises using AI and autonomous AI systems, and reflects on the legal and technological limits facing lawmakers.

Taxing Artificial Intelligence will be essential reading for scholars, policy makers and students across law and economics. It will also be invaluable for law and tax professionals seeking to understand the latest developments in AI, automation, and the future of work.

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May 13, 2024 in Book Club, Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Who Is Being "Assisted"? A Call For Transparency In Hiring Visiting Assistant Professors (VAPs) In Legal Writing

Suzanne E. Rowe (Oregon), Who Is Being "Assisted"? A Call for Transparency in Hiring Visiting Assistant Professors (VAPs) in Legal Writing, 22 Scribes J. Legal Writing 111 (2024):

Scribes journal of legal writingThis essay is essential reading for schools considering a visiting assistant professor (VAP) program to supplement its legal writing faculty as well as for academics and attorneys applying for VAP positions. The essay begins with a comparison of “visiting” positions, looking at the varying terms used to describe each position, what the hiring institution (host school) expects, and what a new visitor needs for a successful transition to academia. The heart of the essay is its insights for visitors looking for an entryway to legal academia, associate deans hiring these visitors, and legal-writing colleagues expected to mentor them. 

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May 13, 2024 in Legal Ed Scholarship, Legal Education, Scholarship | Permalink

Sunday, May 12, 2024

The Top Five New Tax Papers

This week's list of the Top 5 Recent Tax Paper Downloads is the same as last week's list.

  1. SSRN Logo (2018) [877 Downloads]  Don't Blame the Victims: Individuals and the MRT, by Karen Alpert (FixTheTax Treaty.org), John Richardson (TaxResidentAbroad.com) & Laura Snyder (Association of Americans Resident Overseas)
  2. [554 Downloads]  No More Tax-Free Lunch for Billionaires: Closing the Borrowing Loophole, by Edward Fox (Michigan; Google Scholar) & Zachary Liscow (Yale; Google Scholar)
  3. [487 Downloads]  Taxing People, Not Residents, by Yariv Brauner (Florida, Google Scholar) (reviewed by Mirit Eyal-Cohen (Alabama; Google Scholar) here)
  4. [402 Downloads]  Combining VPFs and Tax-Aware Strategies to Diversify Low-Basis Stock, by Joseph Liberman & Nathan Sosner (AQR Capital Management)
  5. [318 Downloads]  Money Moves: Taxing the Wealthy at the State Level, by Brian Galle (Georgetown; Google Scholar), David Gamage (Missouri-Columbia; Google Scholar) & Darien Shanske (UC-Davis; Google Scholar)

May 12, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship, Top 5 Downloads | Permalink

Saturday, May 11, 2024

IRS Inconsistencies: Section 213 And The Deductibility Of Assisted Reproductive Technology

Natalie Packard (J.D. 2023, Arizona State), Comment, IRS Inconsistencies: Section 213 and the Deductibility of Assisted Reproductive Technology, 54 Ariz. St. L.J. 1421 (2022): 

Arizona-state-law-journalThe Internal Revenue Code (the “Code”) is a powerful tool that both reflects and shapes public policy. Through its complex set of deductions, tax rates, and credits, the Code creates financial incentives that encourage certain behavior, such as buying a house or donating to charity. While the Treasury Department writes the Code, the Internal Revenue Service (“IRS”) performs the essential role of interpreting its language, hopefully in a way that reflects taxpayers’ values. Thus, as values change, the IRS’s application of the Code or the Code itself should change. Unfortunately, both Congress and the IRS can be slow to accept evolving values. As a result, many Code provisions preserve outdated and inaccurate assumptions about families, resulting in a “landscape of discrimination hidden within the tax code.” Section 213 is one such provision, where the IRS has applied a traditional view of family and medical care that discriminates against same-sex couples who want to have children. 

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May 11, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Friday, May 10, 2024

Weekly SSRN Tax Article Review And Roundup: Kim Reviews Raskolnikov's Law For The Rich

This week, Young Ran (Christine) Kim (Cardozo; Google Scholar) reviews a recent paper by Alex Raskolnikov (Columbia), Law for the Rich, 109 Minn. L. Rev. __ (2024).

Kim (2023)

With respect to the heated debate on introducing higher, more effective taxes on the rich, like a wealth tax, Alex Raskolnikov (Columbia) asks a provocative question in his recent essay, Law for the Rich, 109 Minn. L. Rev. (forthcoming 2024)—why not  propose legal reforms to expand the scope beyond tax law and introduce a separate general (non-tax) law for the rich, encompassing property law, contract law, corporate law, antitrust law, IP law, labor law, and so on (collectively, the Law for the Rich (LFR))?

Raskolnikov explains that although there is no such LFR, it is possible to envisage a practicable one and implement it. For example, in property law, "time limits can be shortened or lengthened if the negatively affected party happens to be the rich."

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May 10, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship, Weekly SSRN Roundup, Weekly Tax Roundup | Permalink

27th Annual Critical Tax Conference At Florida

Florida levin college of lawFlorida hosts the 27th Annual Critical Tax Conference today and tomorrow. If you would like to attend via Zoom, contact David Hasen

Friday 

9:00 AM: Welcome 

9:10 AM: First Morning Session 

10:25 AM: Second Morning Session  

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May 10, 2024 in Conferences, Legal Education, Scholarship, Tax, Tax Conferences, Tax Daily, Tax Workshops | Permalink

Next Week’s Tax Workshop

Next Week's Tax Workshops - twitterMonday, May 13: Kate Smith (London School of Economics and Political Science; Institute for Fiscal Studies; Google Scholar) will present It’s All About the Base: Taxing Business Owner-Managers (with Helen Miller (Institute for Fiscal Studies)) as part of the Oxford Centre for Business Taxation Seminar. If you would like to attend, please RSVP here

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May 10, 2024 in Colloquia, Legal Education, Scholarship, Tax, Tax Daily, Tax Scholarship, Tax Workshops | Permalink

Thursday, May 9, 2024

Competing Narratives In OIRA Review Of Tax Regulations

Kristin E. Hickman (Minnesota; Google Scholar) & Bridget C.E. Dooling (Ohio State; Google Scholar), Competing Narratives in OIRA Review of Tax Regulations, 19 J.L. Econ. & Pol’y __ (2024):

Journal of law economics and policyIn a major retreat for presidential administration, the Biden Administration pulled the plug—at least for now—on Office of Information and Regulatory Affairs (OIRA) review of tax regulations. The interagency memorandum of agreement (the 2023 MOA) ended the OIRA-facilitated interagency review process and compliance with Executive Order (EO) 12,866 for tax regulatory actions. Contrary to some assertions, the 2023 MOA goes further than any of its predecessor agreements by exempting not merely some or most but rather all tax regulatory actions from OIRA review. The move also ended a short-lived effort, memorialized in a 2018 memorandum (the 2018 MOA), that required OIRA review more often in the tax context than had been the case in the past.

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May 9, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Fleischer: Taxing Old Money—Considerations In Crafting A Rignano Tax

Miranda Perry Fleischer (San Diego; Google Scholar), Taxing Old Money: Considerations in Crafting a Rignano Tax, 8 L. Ethics & Phil. 86 (2020):

Law ethics and philosophyThis article explores whether it is possible to tax “old money” differently than “new money.” In The Inheritance of Wealth, Daniel Halliday proposes that we tax wealth more heavily the second time it is transferred than the first, and even more heavily the third time. He envisions something like the following: Grandfather builds a business from the ground up and bequeaths $10,000,000 to Mother. No tax is imposed, but if Mother does not create any wealth of her own and simply retransfers $10,000,000 to Daughter, all of Mother’s estate is taxed. In contrast, if Mother creates new wealth, different portions of her estate are treated differently. 

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May 9, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Borden: The IRS’s Position On Section 1031 Straddle Exchanges Is Half Wrong

Bradley T. Borden (Brooklyn; Google Scholar), The IRS’s Position on Section 1031 Straddle Exchanges Is Half Wrong, 181 Tax Notes Fed. 1193 (Nov. 13, 2023):

Tax Notes Federal (2022)When a section 1031 exchange straddles tax years and includes liability relief, exchangers must determine whether gain is recognized in the year of disposition of the relinquished property or in the subsequent year when the exchanger acquires replacement property or the exchange terminates. In Rev. Rul. 2003-56, the IRS took the position that the timing of the gain depends upon whether the exchanger replaces the relinquished liability.

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May 9, 2024 in Scholarship, Tax, Tax Analysts, Tax Daily, Tax Scholarship | Permalink

Wednesday, May 8, 2024

Blank & Osofsky: Democratizing Administrative Law

Joshua D. Blank (UC-Irvine; Google Scholar) & Leigh Osofsky (North Carolina; Google Scholar), Democratizing Administrative Law, 73 Duke L.J. 1615 (2024): 

Duke Law Journal (2022)When agencies make statements about the law, people listen. This insight yields a fundamental tension. According to one set of views, such agency statements, and their ability to influence public behavior, are critical not only for a well-functioning bureaucracy but also for our entire system of government. According to another set of views, this agency power, if left unchecked, could border on tyranny.

Administrative law responds to this tension through an extensive, purportedly comprehensive, framework that attempts to police agency statements. The framework places different types of agency statements into different legal categories. On the one hand, legislative rules make new binding law. On the other hand, less formal guidance (including interpretive rules and policy statements) offers an agency’s interpretive or policy positions about the law. Scholars and courts have long debated the categorization effort as well as what legal consequences flow from it.

This Article identifies a striking gap in this categorization framework.

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May 8, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Layser & Greenlee: Structural Inequality And The New Markets Tax Credit

Michelle D. Layser (San Diego; Google Scholar) & Andrew Greenlee (Illinois; Google Scholar), Structural Inequality and the New Markets Tax Credit, 73 Duke L.J. 800 (2024):

Duke-law-journalThe New Markets Tax Credit (NMTC) is a federal tax incentive used to promote investment in low-income neighborhoods. Many of these neighborhoods are home to historically marginalized communities. However, very few minority-led institutions participate in the NMTC program. This Article provides the first theoretical and empirical exploration of the underrepresentation of minority-led institutions in the NMTC program. Based on original interviews with representatives of Community Development Entities (CDEs), investors, borrowers, and consultants who participate in the NMTC program, this Article describes the “NMTC ecosystem,” a complex, relationship-driven network of NMTC program participants who influence decision making and create opportunities for success within the NMTC program. 

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May 8, 2024 in Scholarship, Tax, Tax Scholarship | Permalink

The Rise Of Pass-Throughs: An Empirical Investigation

Sebastian Dyrda (Toronto; Google Scholar) & Benjamin W. Pugsley (Notre Dame; Google Scholar), The Rise of Pass-Throughs: An Empirical Investigation:

Pass-through entities have emerged as the leading U.S. business organization form in recent decades. Using comprehensive confidential administrative data, this paper highlights five core findings: (1) the rise in pass-throughs is pervasive across industries and states; (2) the pass-through share converges unconditionally across both; (3) 60% of the rise is driven by entrants' organizational choices; (4) shifts in firm and organizational dynamics following the 1986 Tax Reform Act show continued effects through the 2000s; (5) organizational forms exhibit high persistence with little lifecycle variation. Our study implies that tax or regulatory policy changes might take decades to fully manifest.

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May 8, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Tuesday, May 7, 2024

Columbia Tax Workshop (Day 2)

Today's Columbia Tax Workshop is being held at its Manhattanville Campus

Columbia (2023)Katarzyna Bilicka (Utah State; Google Scholar), The Role of Intellectual Property in Tax Planning (with Paul Organ (U.S. Treasury Department; Google Scholar) & İrem Güçeri (Oxford; Google Scholar)) 
Discussant: Michael Love (Columbia)

Multinational enterprises (MNEs) that invest in research and development (R&D) and innovation find it easier to shift profits between their subsidiaries located in jurisdictions with different tax rates. While MNEs invest in R&D and develop intellectual property (IP) across multiple jurisdictions, they can also strategically move profits arising from that IP from high- to low-tax jurisdictions to reduce their overall tax bill. In this paper, we analyze and quantify the importance of two different strategies that MNEs use to move their IP to low-tax jurisdictions: selling a patent developed in a high-tax jurisdiction to a low-tax jurisdiction directly, or signing a cost-sharing arrangement (CSA) between those two jurisdictions to cover the costs of developing further IP. Combining administrative data on CSAs, patent applications and transactions, and US tax returns, we provide novel stylized facts on the use of both those strategies by MNEs. We then show that CSAs increase jurisdiction-level patenting activity, royalty payments, profits, and profitability, especially the CSAs signed with low-tax jurisdictions. At the MNE level, a new CSA significantly increases firm sales, profitability, and R&D investment, without affecting the MNE’s effective tax rates. Private firms are the only ones that experience the significant MNE-level effects on sales, profitability, and intangible assets after they sign their first CSA.

Ari Glogower (Northwestern; Google Scholar), Closing the Life Insurance Tax Loophole (with Andrew Granato (J.D.-Ph.D. Candidate, Yale))
Discussant: John Vella (Oxford) 

Permanent life insurance contracts enjoy an unparalleled combination of tax benefits. In a permanent or “cash value” contract, a portion of the premium paid is allocated to an internal savings account or “cash value reserve,” which over time reduces the amount of insured risk in the contract. The cash value reserve enables the policyholder’s beneficiary to ultimately receive a guaranteed “death benefit” that includes the policyholder’s accumulated savings upon the death of the insured person, resulting in an arrangement that resembles an investment account, rather than financial protection in the event of an untimely death.

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May 7, 2024 in Colloquia, Conferences, Scholarship, Tax, Tax Conferences, Tax Daily, Tax Scholarship, Tax Workshops | Permalink

Symposium: The New AI—The Legal And Ethical Implications Of ChatGPT And Other Emerging Technologies

Symposium, The New AI: The Legal and Ethical Implications of ChatGPT and Other Emerging Technologies, 93 Fordham L. Rev. 1785-2012 (2024): 

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May 7, 2024 in Conferences, Legal Ed Conferences, Legal Ed Scholarship, Legal Education, Scholarship | Permalink

Monday, May 6, 2024

Columbia Tax Workshop (Day 1)

Today's Columbia Tax Workshop is being held at its Manhattanville Campus

Columbia (2023)Kimberly Clausing (UCLA; Google Scholar), Capital Taxation and Market Power
Discussant: Wojciech Kopczuk (Columbia; Google Scholar)

In recent decades, market power has increased substantially, according to multiple measures that describe industry concentration, mark-ups, and business profitability. While market power can generate benefits, it also raises vexing policy concerns, including the potential for adverse effects on labor markets, income inequality, and the dynamism of market competition. The concept of market power also has implications for how we conceptualize capital income, making it important to distinguish between normal and above-normal returns to capital. The tax system taxes both types of returns to capital, but often imperfectly and incompletely. Full consideration of the relationship between market power and capital income suggests important implications for optimal capital taxation design, including the role of entity taxation, the use of graduated business tax rates, and international tax reform.

Conor Clarke (Washington University; Google Scholar) & Wojciech Kopczuk (Columbia; Google Scholar), Income Inequality and the Corporate Sector
Discussant: Yair Listokin (Yale; Google Scholar)

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May 6, 2024 in Colloquia, Conferences, Scholarship, Tax, Tax Conferences, Tax Daily, Tax Scholarship, Tax Workshops | Permalink

Lesson From The Tax Court: When Is An Excise Tax Really A Penalty?

Lessons From The Tax Court (2024)“The power to tax involves the power to destroy.” Justice John Marshall in McCulloch v. Maryland, 17 U.S. 316, 431 (1819).

“Sometimes a tax is...just a tax.” — Sigmund Freud’s Tax Advisor.

Today’s lesson is about how to tell when an excise tax is really a penalty.  The answer I learn is: “why do you want to know?”  I hope to explain why that answer makes the most sense.

In Clair R. Couturier Jr. v. Commissioner, T.C. Memo. 2024-6 (Jan. 17, 2024) (Judge Lauber), the IRS sent the taxpayer a Notice of Deficiency for over $8 million.  The basis for the proposed deficiency was that Mr. Couturier had made an excess contribution of over $25 million to his IRA, thus triggering the excise tax imposed by §4973 on excess IRA contributions.

In Tax Court, Mr. Courturier—well represented by Taylor, Nelson and Amitrano—argued that the §4973 “tax” was really a “penalty.”  If true, that meant that the IRS needed to have followed the supervisory approval procedures for penalties in §6751(b), which it had not.  The IRS argued that it did not have to follow the §6751(b) supervisory approval procedures before sending out the NOD because the tax was ... just a tax!

Judge Lauber’s opinion explains why the §4973 excise tax was not a penalty for purposes of the §6751(b) supervisory approval requirements.  Keith Fogg has a really good post on this issue here, where he suggests a potential tension between what he describes as the Tax Court’s textual analysis (focusing on the labels) and what he describes as the Supreme Court’s functional analysis about a similar excise tax in U.S. v. Reorganized CF & I Fabricators of Utah, Inc., 518 U.S. 213 (1996), a bankruptcy case.

I see the matter a bit differently than Keith.  Different statutes (e.g., bankruptcy statutes, statutes imposing interest) treat penalties differently than they treat taxes.  The lesson I learn is that looking to see whether an excise tax operates in some abstract sense as a penalty is not the strongest analysis.  Instead, the better analysis is to see whether treating it as a penalty is more appropriate under the relevant statutory scheme than treating it as a tax.  In other words, why do you want to know?

Details, and a fuller explanation, await those intrepid readers who continue below the fold.

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May 6, 2024 in Bryan Camp, New Cases, Scholarship, Tax, Tax Daily, Tax Practice And Procedure, Tax Scholarship | Permalink | Comments (2)

Sunday, May 5, 2024

The Top Five New Tax Papers

This week's list of the Top 5 Recent Tax Paper Downloads is the same as last week's list.

  1. SSRN Logo (2018) [873 Downloads]  Don't Blame the Victims: Individuals and the MRT, by Karen Alpert (FixTheTax Treaty.org), John Richardson (TaxResidentAbroad.com) & Laura Snyder (Association of Americans Resident Overseas)
  2. [541 Downloads]  No More Tax-Free Lunch for Billionaires: Closing the Borrowing Loophole, by Edward Fox (Michigan; Google Scholar) & Zachary Liscow (Yale; Google Scholar)
  3. [473 Downloads]  Taxing People, Not Residents, by Yariv Brauner (Florida, Google Scholar) (reviewed by Mirit Eyal-Cohen (Alabama; Google Scholar) here)
  4. [400 Downloads]  Combining VPFs and Tax-Aware Strategies to Diversify Low-Basis Stock, by Joseph Liberman & Nathan Sosner (AQR Capital Management)
  5. [314 Downloads]  Money Moves: Taxing the Wealthy at the State Level, by Brian Galle (Georgetown; Google Scholar), David Gamage (Missouri-Columbia; Google Scholar) & Darien Shanske (UC-Davis; Google Scholar)

May 5, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship, Top 5 Downloads | Permalink

Friday, May 3, 2024

Weekly SSRN Tax Article Review And Roundup: Eyal-Cohen Reviews Efficiency vs. Welfare In Benefit-Cost Analysis — The Case Of Government Funding By Liscow & Sunstein

This week, Mirit Eyal-Cohen (Alabama; Google Scholar) reviews Zachary D. Liscow (Yale; Google Scholar) & Cass R. Sunstein (Harvard; Google Scholar), Efficiency vs. Welfare in Benefit-Cost Analysis: The Case of Government Funding, 15 J. Benefit-Cost Analysis ___ (2024).

Eyal-Cohen

Benefit-Cost Analysis (“BCA”) is a methodical approach to assessing the economic advantages and disadvantages of different options that fulfill transactions, activities, or functional needs for businesses or individuals. Whether we are aware of it or not, we widely employ this method in everyday life as a tool for making decisions when assessing the viability of a project and comparing its strengths and weaknesses. Whether it is investing in higher education, buying a new appliance, or implementing a new business strategy, BCA enables us to evaluate the financial and practical consequences of our choices and efficiently optimize the allocation of our resources.

This Article critically examines the use of BCA in government funding decisions, particularly focusing on how its application has evolved to incorporate concerns for social welfare and equity.

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May 3, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship, Weekly SSRN Roundup, Weekly Tax Roundup | Permalink

Kuehn: The Fallacy Of 'We Can't Afford More Clinical Legal Education For Our Students'

Robert R. Kuehn (Washington University; Google Scholar), The Fallacy of 'We Can't Afford More Clinical Legal Education for Our Students', 32 Clin. Legal Educ. Ass’n Newsl. ___ (2024):

CLEAPrevious proposals by the ABA and state bar authorities to require more experiential training for law students have met with objections from some legal educators that mandating more experiential coursework, especially law clinics, would impose large costs on schools that would have to be passed on to students. Yet analysis of data from the 2022-23 academic year demonstrates that law schools can provide all their students with enhanced clinical training, including a mandated law clinic experience, without having to increase the tuition students pay.

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May 3, 2024 in Legal Ed Scholarship, Legal Education, Scholarship | Permalink

Akron Hosts International Tax Symposium

Akron hosted an International Tax Symposium yesterday: 

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May 3, 2024 in Conferences, Scholarship, Tax, Tax Conferences, Tax Daily | Permalink

Thursday, May 2, 2024

Zhang: Fiscal Citizenship And Taxpayer Privacy

Alex Zhang (Emory; Google Scholar), Fiscal Citizenship and Taxpayer Privacy, 125 Colum. L. Rev. __ (2025):

Columbia Law ReviewInequality has reached record levels, and the public shares a common belief that the ultra-rich—while accumulating enormous capital—have not borne their fair share of tax burdens. In response, commentators have called for transparency in the tax records of the wealthy and the powerful. The most dramatic illustration was the fight over former President Trump’s tax returns. It ended with the House Ways and Means Committee obtaining those returns—under the quiet blessing of the U.S. Supreme Court—and releasing them to the public. Even more consequential was the leak of ultra-wealthy taxpayers’ records to ProPublica in 2021. 

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May 2, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Lipman: Not Taxing Puerto Rico—Whitewashing Impoverishment In United States v. Vaello Madero

Francine J. Lipman (UNLV; Google Scholar), Not Taxing Puerto Rico: Whitewashing Impoverishment in United States v. Vaello Madero, 77 Tax Law. 357 (2024): 

Tax lawyerPuerto Rico is a lush archipelago located between the Caribbean Sea and the North Atlantic Ocean. More than three million U.S. citizens with diverse racial and ethnic histories and cultures live on the islands. But life for Puerto Ricans has been challenging with high rates of impoverishment, disability, unemployment, and devastating natural disasters. In addition to these challenges, Puerto Rico has a complicated relationship with the United States. Indeed, residents, 99 percent of whom identify as Hispanic, are treated “separately and unequally” in many aspects by the federal government compared to their state counterparts. One significant difference is the federal tax treatment of Puerto Rican residents.

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May 2, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink

Mayer: Charity Law And Blockchain Technology

Lloyd Hitoshi Mayer (Notre Dame; Google Scholar), Charity Law & Blockchain Technology: Using Old Wineskins for New Wine?, 77 Tax Law. __ (2024):

Tax lawyerWhenever something new emerges, the question of how existing law applies arises. Sometimes it is both easy to answer that question and the answer is consistent with the policy goals of existing law. But sometimes the answer to that question is uncertain, does not fit well with those policy goals, or reflects a mixture of these two issues.

This question is particularly vexing today with respect to new assets facilitated by blockchain technology. These new assets include cryptocurrencies, non-fungible tokens (NFTs), and ownership interests in decentralized autonomous organizations (DAOs). Commentators have written about how certain laws, particularly securities law, apply to these new assets. However, there is one legal area that commentators have yet to fully address: charity law, especially the federal tax laws relating to charities. Charities and donors are increasingly involved in transactions involving these new assets, with little guidance about how this law applies to those transactions.

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May 2, 2024 in Scholarship, Tax, Tax Daily, Tax Scholarship | Permalink