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A Journal of the Yale Law School

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Latest Post on Notice & Comment

The IRS vs. Private Equity (Part 2), by Andy Grewal
JREG Notice and Comment - Tuesday, July 28, 2015

In my previous post, I briefly discussed how the IRS has short-circuited the APA’s notice and comment rulemaking procedures to combat tax motivated transactions by private equity firms. I’d like to further flesh out that point here. Given the general readership of this blog, I’ll start by considering a hypothetical environmental statute and then turn to the tax specific issues.   Read more...

Rodriguez, Stiglitz & Weingast on Presidential Signing Statements and Separation of Powers (AdLaw Bridge Series), by Chris Walker
Chris Walker - Monday, July 27, 2015

In my survey of federal agency rule drafters, I decided to ask a question about the role of presidential signing statements in agency statutory interpretation. In particular, I included a list of nine types of legislative history and asked: “For each of the following, please tell us if the type of legislative history is a (VR) very reliable source, a (SR) somewhat reliable source, or not a (NR) reliable source for agencies (and courts) to use in resolving questions about statutory ambiguities or statutory implementation.”   Read more...

The IRS Beats Private Equity Firms At Their Own Game, by Andy Grewal
JREG Notice and Comment - Thursday, July 23, 2015

Earlier this week, the IRS issued regulations related to private equity “fee waiver” transactions, which are designed to convert high-taxed ordinary income into low-taxed capital gain. At first, I was pleasantly surprised by the IRS’s method of rulemaking here. Usually, when it issues regulations, the IRS announces that the APA does not apply, and it issues immediately effective regulations. But here, the IRS issued regulations in proposed form. Finally, the agency was allowing the public a meaningful opportunity to participate in the rulemaking process.   Read more...

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