This is a draft of the table of contents and introduction of the forthcoming Cambridge Handbook on the Law of the Sharing Economy (2018). The handbook grapples conceptually and practically with what the sharing economy – which includes entities ranging from large for- profit firms like Airbnb, Uber, Lyft, TaskRabbit, and Upwork to smaller, nonprofit collaborative initiatives – means for law, and how law, in turn, is shaping critical aspects of the sharing economy. Featuring a diverse set of contributors from multiple academic disciplines and countries, the book compiles the most important, up- to- date research on the regulation of the sharing economy. The first part surveys the nature of the sharing economy, explores the central challenge of balancing innovation and regulatory concerns, and examines the institutions confronting these regulatory challenges. The second part turns to a series of specific regulatory domains, including labor and employment law, consumer protection, tax, and civil rights. This groundbreaking work should be read by anyone interested in the dynamic relationship between law and the sharing economy.

The Cambridge Handbook of the Law of the Sharing Economy

List of tables, charts, and illustrations Acknowledgments Introduction Part I. The Old Fiscal Order: 1. The growing social antagonism: partisan taxation and the early resistance to fiscal reform 2. The gradual demise: modern forces, new concepts, and economic crisis Part II. The Rise of the Modern Fiscal State: 3. The response to Pollock: navigating an intellectual middle ground 4. The factories of fiscal innovation: institutional reform at the state and local level 5. Corporate capitalism and constitutional change: the legal foundations of the modern fiscal state Part III. Consolidating the New Fiscal Order: 6. Lawyers, guns, and public monies: the US treasury, World War I, and the administration of the modern fiscal state 7. The paradox of retrenchment: postwar Republican ascendancy and the resiliency of the modern fiscal state Conclusion Index.

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Making the Modern American Fiscal State: Law, Politics, and the Rise of Progressive Taxation, 1877–1929

: This study examines the effect of timing (gradual versus immediate) and direction (tax increase or decrease) of a tax change on taxpayer behavior. Specifically, we focus on capital gain tax changes and preferences for investment in riskier assets. We run an experiment with 117 participants who allocate investment dollars between two funds of differing risk. Drawing on mental accounting and hedonic editing (Thaler 1985; Thaler and Johnson 1990), we posit that a tax decrease (a “gain”) implemented gradually over several years will result in a greater increase in risky investment once the decrease is fully implemented than when the tax change is implemented all at once. In contrast, once a tax increase (a “loss”) is fully implemented, a smaller decrease in risky investment will result when the change occurs all at once rather than gradually. Our findings support these expectations, suggesting that the manner of implementing a tax law change may impact decisions. Data Availability: Contact the authors.

The effect of the timing and direction of capital gain tax changes on investment in risky assets

This book comprises the final reports of the annual meeting of the European Association of Tax Law Professors (EATLP) held in Leuven, Belgium from 27-29 May 2010. The main subject of the conference was retroactivity in taxation.rnrnMain contentsrnGeneral reportrnrnSpecial topicsrn-Legal certainty: a matter of principlern-Retroactive and retrospective tax legislation: a principle based approach; a theory about ??riority principles of transition law??and ??he method of the catalogue of circumstances??n-Retroactive interpretative statutes and validation statutes in tax law: an assessment in the light of legal certainty, separation of powers and the right to a fair trialrn-Legislation by press release: the role of announcements in the debate about retroactive tax legislationrn-The law and economics approaches to retroactive tax legislationrn-It?? the outcomes, not the rules ??transition issues in the process of tax reformrnrnNational reportsrnAustria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hungary, Italy, Luxembourg, Netherlands, Poland, Portugal, Spain, Sweden, Turkey, United Kingdom, United States

Retroactivity of Tax Legislation

From the State to the Shareholder: Rent and the Production of Shareholder Value in Real Estate

The current tax system integrates structural revenue raising provisions with policy-driven tax incentive, or subsidy, provisions designed to induce taxpayers to engage in activities favored by Congress for extrinsic political or social reasons. The wisdom of this dual mission has been the subject of extensive analysis and criticism.1 Indeed, the Tax Reform Act of 19862 marked a distinct shift away from the use of tax incentives. It now has become apparent that this country is likely to reverse much of the 1986 tax reform and to resume using the tax system to provide incentives for business and other socially desirable activities. Both President Clinton's original tax proposal to Congress,3 which underwent significant modification before enactment as the Omnibus Budget Reconciliation Act of 1993,4 and the Revenue Act of 1992,5 which was vetoed by President Bush, were replete with the kind of tax incentives that the 1986 Act sought to eliminate.6 At this stage in tax evolution, one either could warn again of the dangers of using the tax system to advance social and economic goals, or accept the inevitable and attempt to insure that tax incentives are structured in the best possible way. Adopting the latter course, this Article offers a new and useful framework for structuring tax policy in the 1990's in order to minimize harmful economic and social side ef-

/pdf/tax-subsidies-one-time-vs-periodic-an-economic-analysis-of-1km9s210if.pdf

Tax Subsidies: One-time vs. Periodic An Economic Analysis of the Tax Policy Alternatives

The Death of the Income Tax explains how the current income tax is needlessly complex, contains perverse incentives against saving and investment, fails to use modern technology to ease compliance and collection burdens, and is subject to micromanaging and mismanaging by Congress. Daniel Goldberg proposes that the solution to the problems of the current income tax is completely replacing it with a progressive consumption tax collected electronically at the point of sale. Available in OSO:

The Death of the Income Tax: A Progressive Consumption Tax and the Path to Fiscal Reform

Most tax professionals would advise entrepreneurs to commence their start-up business as a limited liability company (LLC), which, absent an election, is treated as a partnership for federal tax purposes. That advice reflects the notion that tax considerations are among the most important in choosing an entity form, and LLCs offer the advantages of partnership treatment yet provide the limited liability of corporations. In the high-tech start-up industry, however, entrepreneurs are often advised to begin business as a corporation, albeit sometimes an S corporation if the entity can qualify. This advice is based largely on several perceived operating advantages which are either more easily achieved by or require the corporate form. Most important of these perceived advantages, perhaps, is the need for the corporate form to achieve the most sought after exit strategies of a public offering or a tax-free acquisition by a public company, sometimes referred to as the "home run" exit strategies. Another perceived advantage of the corporate form is its facility to allow for stock options to employees, giving them additional work incentives through compensation that does not deplete the start-up company's cash resources. Another commonly perceived corporate advantage lies in satisfying the desire of investors to invest in corporations rather than other types of entities. These investors may be early stage investors, sometimes referred to as "angel investors" or simply "angels," or later stage investors, sometimes referred to as "venture capitalists." Venture capitalists sometimes form investment funds with several participating investors, called "venture capital funds." Finally, advisors appear to view the tax advantages of LLCs as more theoretical than real, neither of great magnitude nor importance to any of the participants in the venture. This article asserts that advisors who advise immediate incorporation are relying largely on myths that the corporation, rather than the LLC, is the more desirable entity for a start-up seeking venture capital funding. This article will review briefly the most important federal tax advantages enjoyed by the LLC over the corporation and then set forth, examine, and debunk the myths of incorporation.

/pdf/choice-of-entity-for-a-venture-capital-start-up-the-myth-of-2ktdle05vl.pdf

Choice of Entity for a Venture Capital Start-Up: The Myth of Incorporation

When a taxpayer sells property for a promise of future payment, it is normally to his advantage to defer any gain realized on the sale. Section 453 of the Internal Revenue Code1 permits a seller of property in an installment sale to postpone recognition of gain until he has received payments from the purchaser, and then he need only recognize gain ratably as payments are received. In some instances, however, a seller may seek even greater deferral of gain than is provided by section 453 under so-called "open transaction" treatment. This article deals with the circumstances under which open transaction treatment may be achieved after the Installment Sales Revision Act of 1980.2 It clearly continues to be available under the theory of Burnet v. Logan3 to situations in which the value of the consideration received by the seller cannot be determined. The Act, its legislative history and the Treasury's temporary regulations support this result. It also should continue to be available for a cash method seller who receives a purchaser's promise of future payment the value of which can be determined, but which is not the equivalent of cash. The Act supports that result. The Senate Finance and House Ways and Means Committee reports on the Act and the Treasury's temporary regulations, however, take a contrary position. Part I of this article examines the tax consequences of deferred payment sales and compares the possible ways in which deferred payment sales may be reported. Part II discusses open transaction treatment under the theory of Burnet v. Logan. Part III deals with the continuing possibility under the Installment Sales Act of open transaction treatment for deferred payment sales by a seller using the cash method of accounting. It discusses the theoretical basis and case law support for permitting open transaction treat-

/pdf/open-transaction-treatment-for-deferred-payment-sales-after-41scbmdbfr.pdf

Open Transaction Treatment for Deferred Payment Sales After the Installment Sales Act of 1980

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, "How to Get There from Here" The difficulty with transition and the changes in the tax law since the CBO study, however, prompt the more basic question: "Can we get there from here?" This article deals with this question by examining the effects of transition on existing wealth under a variety of consumption tax systems and the likely responses of transition relief under each of the systems The consumption tax proposals considered and analyzed include direct consumption taxes (like a consumed income tax and yield exemption tax), indirect consumption taxes (like a retail sales tax and various forms of value added taxes), and combinations of the two (like the Flat Tax, X Tax, and E Tax proposals), which involve a two-tier tax structure The article explains that, as a general proposition, a consumption tax in the form of either a consumed income tax or a VAT reduces the tax on newly invested capital to zero In contrast, a consumption tax in the form of a yield exemption tax reduces the tax on all capital - including existing capital - to zero The difference, then, is in the treatment of existing or "old" capital This important proposition, as well as its significance for purposes of transition, provides a substantial obstacle to the adoption of any form of consumption tax other than yield exemption, and to the extent that the current system already incorporates large elements of yield exemption, makes it less likely that any other form of consumption tax can garner sufficient support for adoption It is possible that a gradual, phase-in approach could overcome the obstacle of the additional tax on existing wealth The forces of reform, however, may be working against any shift to a consumption tax (other than yield exemption) even with transition relief in the form of gradual phase-in As the income tax gradually becomes a yield exemption, wage and business tax, existing wealth owners may view the consumption tax battle as having already been won without cost and without the need to make compromises Possessors of existing wealth may be reluctant to support an alternative consumption tax system that would erode the consumption purchasing power of some of their wealth Reform in other consumption tax directions may then be elusive, because it would lack the group that would be its natural supporters

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The Aches and Pains of Transition to a Consumption Tax: Can We Get There From Here?

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