GPT-4 performs vastly better than ChatGPT or GPT-3.5 on legal tasks like the bar exam and statutory reasoning. To test GPT-4’s abilities, we ran it on our final exams this semester and graded its output alongside students’ exams. We found that it produced smoothly written answers that failed...

This article discusses probably the most significant obstacle to the adoption of a consumption tax: the negative effects on existing wealth that the transition from the income tax to most forms of a consumption tax would have. The Congressional Budget Office in its 1997 study posed the question,...

The procedure provided in the section 704(b) regulations known as “re-valuation and book-up” (sometimes called simply “book-up”) of a partnership’s assets and capital accounts is available and often used when a new partner enters an existing partnership and acquires a partnership...