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2009

University of Michigan Law School

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Full-Text Articles in Law

Alimony Treatment For A Single Payment, Douglas A. Kahn Dec 2009

Alimony Treatment For A Single Payment, Douglas A. Kahn

Articles

Before 1942 alimony paid to a former spouse was not included in the spouse’s gross income. In 1942 Congress adopted the antecedent to section 71. Although an alimony recipient must recognize gross income, section 215 provides the payer with a nonitemized deduction for the payment. Therefore, the alimony tax provisions provide a congressionally approved income-splitting arrangement which can benefit the parties by shifting income from a high-bracket taxpayer to one in a lower tax bracket. The parties can divide the resulting savings between them by altering the amount paid to the former spouse.


Vol. 60, No. 3, November 24, 2009, University Of Michigan Law School Nov 2009

Vol. 60, No. 3, November 24, 2009, University Of Michigan Law School

Res Gestae

•Football Observations By The Unqualified •Letter to the Editor: LRAP •Justice At All Costs •The Fast and the Furious •This is Water •Ye Olde Issue Spotter •The Beer Guy •The Food Court •"Best" of LawOpen •Crossword •Kicking it Old School


Vol. 60, No. 2, October 14, 2009, University Of Michigan Law School Oct 2009

Vol. 60, No. 2, October 14, 2009, University Of Michigan Law School

Res Gestae

•John Nannes '73: He's Paying for This Paper •Dean Gregory on Tutors •Question on the Quad •The Dual-Degree Life •The Beer Guy Returns! •The Food Court •Sesquicentennial Style •Kicking It Old School •Between the Briefs


Theorizing Transnational Law - Observations On A Birthday, Susanne Baer Oct 2009

Theorizing Transnational Law - Observations On A Birthday, Susanne Baer

Articles

There are many ways to theorize transnational law. As always, there is a mainstream, and there are “sidestreams.” However, it may be more interesting to consider from which direction such theories develop. Here, in appreciation of what the German Law Journal did to transnational legal conversations, I suggest to consider three directions in transnational legal studies: (1) theorizing from above; (2) theorizing from below; and (3) theorizing from inside. As you will see, much of the theories are in the German Law Journal (GLJ).


Rudkin Testamentary Trust -- A Response To Prof. Cohen, Douglas A. Kahn Sep 2009

Rudkin Testamentary Trust -- A Response To Prof. Cohen, Douglas A. Kahn

Articles

In the August 3 issue of Tax Notes, Prof. Stephen Cohen wrote an article about Justice Sonia Sotomayor’s opinions in three tax cases. Of those three cases, only the opinion she wrote in William L. Rudkin Testamentary Trust v. Commissioner, 467 F.3d 149 (2d Cir. 2006), Doc 2006- 21522, 2006 TNT 203-4, is worthy of comment. Although the Second Circuit’s decision in that case was affirmed by the Supreme Court under the name Knight v. Commissioner, the construction of the critical statutory language that Justice Sotomayor adopted was rejected and criticized by Chief Justice Roberts, writing for ...


Vol. 60, No. 1, September 17, 2009, University Of Michigan Law School Sep 2009

Vol. 60, No. 1, September 17, 2009, University Of Michigan Law School

Res Gestae

•New 1Ls Have Some Unexpected Similarities •Letter from the Editor: 60 years?! •Desperately Seeking Tutors •Service Day •Pride and (DLA) Piper •Save Yourself: Get Out Now •This is Water: Calm Down •When You Were Cooler: Rock Band Edition •Best of LawOpen: An E&E •Between the Briefs: Real Sex, Posner-style •Grade Curves


Michigan Law Sesquicentennial Celebration, University Of Michigan Law School Sep 2009

Michigan Law Sesquicentennial Celebration, University Of Michigan Law School

Event Materials

Schedule of events for the Michigan Law Sesquicentennial Celebration.


Review Of Staying With Conflict: A Strategic Approach To Ongoing Disputes, Carl E. Schneider Sep 2009

Review Of Staying With Conflict: A Strategic Approach To Ongoing Disputes, Carl E. Schneider

Reviews

Bernie is at it again! And we can be thankful for that. For the past three decades, he has consistently provided leadership in our field. A central part of his work has been his invitation for us to rethink just what our field is. Through his work, he has offered us an expanded definition of our role. This time, in Staying with Conflict, he wants us to consider how misleading and confining our tag line of “conflict resolution” is. So much of what we deal with cannot be resolved! If that is our self-concept, he argues, we will often be ...


The Supreme Court’S Impact On Securities Class Actions: An Empirical Assessment Of Tellabs, Adam C. Pritchard, Stephen Choi Aug 2009

The Supreme Court’S Impact On Securities Class Actions: An Empirical Assessment Of Tellabs, Adam C. Pritchard, Stephen Choi

Law & Economics Working Papers Archive: 2003-2009

Using a sample of securities fraud class actions filed between 2003 and 2007, we study the impact of a widely-followed Supreme Court decision from that period, Tellabs, Inc. v. Makor Issues & Rights, Ltd., 551 U.S. 308 (2007). This decision clarified the law with respect to one of the most hotly contested issues in securities litigation: pleading scienter. The Tellabs decision reversed a very lenient Seventh Circuit decision with respect to pleading scienter, but replaced it with a standard that is nonetheless relatively generous to plaintiffs. Looking at opinions resolving motions to dismiss decided before and after that decision, we ...


Coordinating Sanctions In Torts, Kyle D. Logue Jul 2009

Coordinating Sanctions In Torts, Kyle D. Logue

Law & Economics Working Papers Archive: 2003-2009

This Article begins with the canonical law-and-economics account of tort law as a regulatory tool, that is, as a means of giving regulated parties the optimal ex ante incentives to minimize the costs of accidents. Building on this regulatory picture of tort law, the Article asks the question how tort law should coordinate with already existing non-tort systems of regulation. Thus, for example, if a particular activity is already subject to extensive agency-based regulation, regulation that already addresses the negative externalities or other market failures associated with the activity, what regulatory role remains for tort law? Should tort law in ...


Corporate And International Tax Reform: Long-, Medium-, And Short Term Proposals, Reuven S. Avi-Yonah Jul 2009

Corporate And International Tax Reform: Long-, Medium-, And Short Term Proposals, Reuven S. Avi-Yonah

Law & Economics Working Papers Archive: 2003-2009

The current controversy surrounding President Obama’s international tax proposals seems like an opportune moment to try to consider them in context. How do these proposals fit in with an agenda for US corporate and international tax reform?

Few observers doubt that such reforms are sorely needed, for several reasons. First, the long-term budgetary outlook is unsustainable. Second, the US corporate tax rate is among the highest in the OECD. Third, the current system raises relatively little revenue and large amounts of corporate income go untaxed. Finally, the system is horrendously convoluted and imposes high transaction costs.

This paper will ...


Constitutional Flaw?, Carl E. Schneider Jul 2009

Constitutional Flaw?, Carl E. Schneider

Articles

Do terminally ill patients have a constitutional right "to decide, without FDA interference, whether to assume the risks of using potentially life-saving investigational drugs that the FDA has yet to approve for commercial marketing, but that the FDA has determined, after Phase I clinical human trials, are safe enough for further testing"? In Abigail Alliance for Better Access to Developmental Drugs v. McClellan, the United States District Court for the District of Columbia said "no." In Abigail Alliance for Better Access to Developmental Drugs v. von Eschenbach, a panel (three judges) of the United States Court of Appeals for the ...


Designing A Federal Vat: Summary And Recommendations, Reuven S. Avi-Yonah Jun 2009

Designing A Federal Vat: Summary And Recommendations, Reuven S. Avi-Yonah

Law & Economics Working Papers Archive: 2003-2009

For the past thirty-five years, the debate on fundamental tax reform in the United States has centered on whether some type of consumption tax would replace all or part of the federal income tax. In my opinion, this debate has now been decided. Given recent budgetary developments and the impending eligibility of the baby boom generation for Social Security and Medicare, we cannot dispense with the revenue from the corporate and individual income tax. Moreover, we will need huge amounts of additional revenue, and most informed observers believe that the only plausible source for such revenues is a federal Value ...


Xilinx And The Arm's-Length Standard, Reuven S. Avi-Yonah Jun 2009

Xilinx And The Arm's-Length Standard, Reuven S. Avi-Yonah

Articles

On May 7 the Ninth Circuit decided Xilinx v. Commissioner. By a 2-1 majority, the panel reversed the Tax Court and held that costs of employee stock options must be included in the pool of costs subject to a tax-sharing agreement. The Xilinx decision is important for three reasons. First, cost sharing is probably the key element in current transfer pricing law because it is the principal way in which profits from intangibles get shifted from the United States to low-tax jurisdictions. Moreover, informed observers agree that the allocation of income from intangibles is the most important problem in transfer ...


Between Formulary Apportionment And The Oecd Guidelines: A Proposal For Reconciliation, Reuven S. Avi-Yonah May 2009

Between Formulary Apportionment And The Oecd Guidelines: A Proposal For Reconciliation, Reuven S. Avi-Yonah

Law & Economics Working Papers Archive: 2003-2009

While there have been few decided cases under the 1995 Transfer Pricing regulations and the OECD Guidelines, it is clear by now that the transfer pricing problem is as bad as it ever was. That is why my co-authors Kimberly Clausing and Michael Durst and I have recently re-proposed adopting Formulary Apportionment (FA). However, it is clear from the reactions we received that it is unlikely we will persuade advocates of the ALS and in particular the OECD that FA is the way forward (although this may change if the Obama Administration were to press the issue, or if the ...


Structuring A Us Federal Vat, Reuven S. Avi-Yonah May 2009

Structuring A Us Federal Vat, Reuven S. Avi-Yonah

Law & Economics Working Papers Archive: 2003-2009

On 18 and 19 February 2009, the American Tax Policy Institute (ATPI) sponsored a conference in Washington, DC, on "Structuring a Federal VAT: Design and Coordination Issues." The conference was co-organized by Charles E. McLure, Jr. of Stanford University and the present writer, and featured many of the world's leading VAT experts from academia, government, and the private sector.

The purpose of the conference was to lay the ground for a potential future adoption of a federal VAT in the United States by discussing some of the technical issues related to two broad topics: Firstly, how should such a ...


Securities Class Actions Move North: A Doctrinal And Empirical Analysis Of Securities Class Actions In Canada, Adam C. Pritchard, Janis P. Sarra May 2009

Securities Class Actions Move North: A Doctrinal And Empirical Analysis Of Securities Class Actions In Canada, Adam C. Pritchard, Janis P. Sarra

Law & Economics Working Papers Archive: 2003-2009

A number of Canadian provinces recently have adopted legislation providing shareholders with a claim for secondary market fraud. Although the legislation has some similarities to the “fraud on the market” class action found in the United States, the laws have some important differences. This article compares securities class actions in Canada and the United States, highlighting the differences between the two regimes that are likely to have important strategic consequences for class action attorneys and issuers. The article also collects and analyzes data on the securities class actions that have been filed to date against Canadian issuers in both Canada ...


London As Delaware?, Adam C. Pritchard May 2009

London As Delaware?, Adam C. Pritchard

Law & Economics Working Papers Archive: 2003-2009

Regulatory competition has long driven the path of corporate law in the federal system of the United States. Now, jurisdictional competition has spread to exchange listings. New York took an early lead in that competition in the 1990s, but has now been overtaken by London. Can London prevail in the competition for stock listings in the long term? This essay explores that question through the insights offered by Delaware’s dominance in the market for corporate listings. Delaware has prevailed by offering corporate directors a predictable body of that credibly shields directors from the vagaries of political backlash in times ...


Obama's International Tax Plan: A Major Step Forward, Reuven S. Avi-Yonah May 2009

Obama's International Tax Plan: A Major Step Forward, Reuven S. Avi-Yonah

Articles

President Barack Obama last week personally introduced a set of proposals to reform U.S. international taxation that are the most significant advance toward preserving the income tax on cross-border transactions since the enactment of the subpart F rules by the Kennedy administration in 1962. (For prior coverage, see Doc 2009-10047 or 2009 TNT 84-1.) In essence, the Obama proposals introduce a 21stcentury version of the vision begun by Thomas Adams in 1918 and continued by Stanley Surrey in 1961: a world in which source and residence taxation are coordinated so as to achieve the underlying goals of the international ...


The Obama International Tax Plan: A Major Step Forward, Reuven S. Avi-Yonah May 2009

The Obama International Tax Plan: A Major Step Forward, Reuven S. Avi-Yonah

Law & Economics Working Papers Archive: 2003-2009

On May 4, 2009, President Obama in person introduced a set of proposals to reform U.S. international taxation that are the most significant advance toward preserving the income tax on cross-border transactions since the enactment of Subpart F by the Kennedy Administration in 1962. In essence, the Obama proposals (the “Obama Plan”) introduce a 21st Century version of the vision begun by Thomas Adams in 1918 and continued by Stanley Surrey in 1961: A world in which source and residence taxation are coordinated so as to achieve the underlying goals of the international tax regime. As I have explained ...


Vol. 59, No. 11, April 21, 2009, University Of Michigan Law School Apr 2009

Vol. 59, No. 11, April 21, 2009, University Of Michigan Law School

Res Gestae

•Revisiting PRS a Year Later •Letter from the Editor •No Other Warranties •This is Water •Bless Your Heart •Kicking it Old School •Beer Guy •MLaw Softball Pics •Prof. Green Retires •When You Were Cooler •Bold As Tech •Save Yourself •Law Prom Pics •Campbell Finals Pics •SFF BBall Pics


Evolutionary Theory And The Origin Of Property Rights, James E. Krier Apr 2009

Evolutionary Theory And The Origin Of Property Rights, James E. Krier

Law & Economics Working Papers Archive: 2003-2009

Legal scholars have never settled on a satisfactory account of the evolution of property rights. The touchstone for virtually all discussion, Harold Demsetz’s Toward a Theory of Property Rights, has a number of well-known (and not so well-known) shortcomings, perhaps because it was never intended to be taken as an evolutionary explanation in the first place. There is, in principle at least, a pretty straightforward fix for the sort of evolutionary approach pursued by followers of Demsetz, but even then that approach – call it the conventional approach – fails to account for very early property rights, right at the genesis ...


Do Individual Investors Affect Share Price Accuracy? Some Preliminary Evidence, Alicia Davis Evans Apr 2009

Do Individual Investors Affect Share Price Accuracy? Some Preliminary Evidence, Alicia Davis Evans

Law & Economics Working Papers Archive: 2003-2009

A common belief is that individual investors are noise traders that distort stock prices. Because accurate share prices are important for economic functioning, the market effect of retail investors has significant regulatory implications. This paper, employing a new NYSE retail trading data set and the R2 metric of share price informedness, contributes to the debate by demonstrating that as the proportion of trading by individual investors increases, the R2 of firms decreases. Adherents of the R2 methodology hold that lower R2's imply more accurate stock prices. The results of an instrumental variable estimation suggest that this relationship is a ...


Low Probability/High Consequence Events: Dilemmas Of Damage Compensation, Richard O. Lempert Apr 2009

Low Probability/High Consequence Events: Dilemmas Of Damage Compensation, Richard O. Lempert

Law & Economics Working Papers Archive: 2003-2009

This article was prepared for a Clifford Symposium which challenged paper writers to imagine how our system of tort compensation might look in the year 2020. This paper responds to an aspect of the general challenge: to imagine a tort recovery system which would deal adequately with rare and catastrophic events. To get a handle on this problem, the paper looks closely at how the legal system compensated damages attendant on four recent events that might be considered “rare and catastrophic” – Three Mile Island, 9/11, Hurricane Katrina and the Exxon Valdez oil spill. In no case did the system ...


Vol. 59, No. 10, March 31, 2009, University Of Michigan Law School Mar 2009

Vol. 59, No. 10, March 31, 2009, University Of Michigan Law School

Res Gestae

•New Scheduling Policy •Letter to the Editor •ACS Moot Court •Kicking it Old School •Bold As Tech •The Food Court •Origins Pics •LC Recycling •When You Were Cooler •Alum Assesses Jobs •Bless Your Heart •Between the Briefs •SFF Pics


Vol. 59, No. 8, March 26, 2009, University Of Michigan Law School Mar 2009

Vol. 59, No. 8, March 26, 2009, University Of Michigan Law School

Res Gestae

•Campbell Semi-Finals Kick Off! •Website Launch •Valogram Pics •Ask the Beer Guy •Grade Curves •Save Yourself •This is Water •Bold As Tech •Between the Briefs •The Food Court •Grade Deviations •Juan Luis Tienda Pics


Vol. 59, No. 7, February 17, 2009, University Of Michigan Law School Feb 2009

Vol. 59, No. 7, February 17, 2009, University Of Michigan Law School

Res Gestae

•A Blue Jean Lecture with A.W. Brian Simpson •Pub. Int. Love Connection •Halloween Tickets •Save Yourself •Op-Ed: Postracialism •MLaw SCOTUS Clerks •Kicking it Old School •Mr. Wolverine Photos •Q&A with Dean Sarosi •The Tech Column •Sports •The Beer Guy •When You Were Cooler •Nunc Pro Tunc •A Call to Action


A New Era Of Tax Enforcement: From 'Big Stick' To Responsive Regulation, Sagit Leviner Feb 2009

A New Era Of Tax Enforcement: From 'Big Stick' To Responsive Regulation, Sagit Leviner

Law & Economics Working Papers Archive: 2003-2009

This Article explores the economics of crime and compliance as the dominant approach to U.S. tax enforcement of the past three and a half decades. It evaluates the key advantages and disadvantages of the economic model as well as its application to tax. The Article then addresses the multiplicity of taxpayer behavior and the need and prospect of balancing the economically conceived methods of detection and punishment against other, more cooperative, means and developing a broader approach to tax enforcement more generally. The Article explores responsive regulation as a case study for an alternative method to tax enforcement that ...


When Patients Say No (To Save Money): An Essay On The Tectonics Of Health Law., Mark A. Hall, Carl E. Schneider Feb 2009

When Patients Say No (To Save Money): An Essay On The Tectonics Of Health Law., Mark A. Hall, Carl E. Schneider

Articles

The ultimate aim of health care public policy is good care at good prices. Managed care stalled at achieving this goal by trying to influence providers, so health policy has turned to the only market-based option left: treating patients like consumers. Health insurance and tax policy are now pressuring patients to spend their own money when they select health plans, providers, and treatments. Expecting patients to choose what they need at the price they want, consumerists believe that market competition will constrain costs while optimizing quality. This classic form of consumerism is today's watchword. This Article evaluates this ideal ...


Of Coase, Calabresi, And Optimal Tax Liability, Kyle D. Logue, Joel B. Slemrod Jan 2009

Of Coase, Calabresi, And Optimal Tax Liability, Kyle D. Logue, Joel B. Slemrod

Law & Economics Working Papers Archive: 2003-2009

The Coase Theorem and the vast literature it inspired explore two basic questions: to whom should responsibility for external harms be assigned and how will that assignment matter. Building on the Coasean insight in the torts context, Guido Calabresi observed that the assignment of tort liability can indeed matter from an efficiency perspective and should, under certain assumptions, be assigned to the “cheapest cost avoider.” This article applies a similar Coasean/Calabresian framework to a related (though not identical) set of questions in the tax context: To whom should the responsibility for remitting taxes be assigned and when and how ...