This report uses tax opinions rendered to Donald Trump's enterprises in the early 1990s as a case study for examining the relevance of probability theory in multi-issue opinions in which each tax position must be correct for the desired benefits to be achieved. This report also makes...

The recent proposals to reform the tax treatment of private equity, venture capital, and hedge fund managers are misguided. Policymakers and commentators often take industry-focused, results-oriented approaches to the “carried interest” debate, thereby obscuring the real source of the policy...

The enactment of sweeping tax changes in late 2017 by Republicans without any bipartisan support and the calls by Democrats to reverse those changes (and make more) when they regain political power create an unstable tax landscape that is challenging for taxpayers who are trying to make economic...