Law Commons^™

Monitoring Governmental Disposition Of Assets: Fashioning Regulatory Substitutes For Market Controls, Harold J. Krent, Nicholas S. Zeppos

Vanderbilt Law Review

Each year, the government sells and leases public assets worth billions of dollars. FCC auctions to allocate rights to electromagnetic spectrum generated over twenty billion dollars within a three-year period, and proceeds from mineral leases, timber sales, and disposition of real estate from defaulting thrifts have surpassed several billion dollars annually.

From the taxpayer's perspective, however, government sales and leases have been deplorable. The government has donated valuable resources to preferred claimants, allocated scarce broadcast and oil rights resources by lottery, and sold both public land and mineral rights to private parties at a fraction of the market price. Although …

Provoking Introspection: A Reply To Galanter & Palay, Hull, Kelly, Lesnick, Mclaughlin, Pepper, And Traynor, Patrick J. Schiltz

Vanderbilt Law Review

I have benefitted enormously from reading the Responses, and I am grateful to all of the commentators for entering into this conversation with me. There is much in each of the seven Responses to which I would like to reply-sometimes to agree, sometimes to disagree, sometimes to elaborate, sometimes just to express puzzlement. Unfortunately, though, my time and space are extremely limited. Given those limitations, I will first reply generally to Marc Galanter and Thomas Palay, Michael Kelly, Howard Lesnick, Stephen Pepper, and Michael Traynor, all of whom seem to be at least somewhat sympathetic to the underlying theme of …

The Rise Of The International Trust, Jeffrey A. Schoenblum

Vanderbilt Journal of Transnational Law

With considerable acuity, Carlyn S. McCaffrey and Elyse G.Kirschner explore the maze created by the new Code and treasury regulation provisions. In addition to affording a fascinating roadmap through the maze, their article, Learning to Live with the New Foreign Nongrantor Trust Rules, demonstrates the difficulty of addressing legislatively the multitude of trust arrangements that can be devised in the struggle between grantors worldwide and the U.S. tax authorities. The article also exposes the inevitable generation of unintended consequences, including new loopholes, that are a product of such legislation.

In a second tax article, Respect for "Form" as "Substance" in …