@DanielJHemel

Teaching tax & torts at @nyulaw.

 Greenwich Village, Manhattan
slate.com/technology/2023/04/twitter-hack-elon-musk-crypto-scams.html
Joined March 2012
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In print: "Capital Taxation in the Middle of History," exploring how polities can credibly commit to future tax pathways & why capital tax hikes may incentivize investment in times of rising inequality. Thanks to @nyulawreview editors for fantastic work. ssrn.com/abstract=4737318
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Now up on SSRN: "The Law & Economics of Farm Animal Welfare." How do farm animal regulations affect human & nonhuman welfare when animals of different species lead lives of very different quality & have bodies of very different sizes? Comments appreciated! papers.ssrn.com/sol3/papers.…
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Now up on SSRN: "Presidential Administration to the Slaughter" (my contribution to the Gray Center's symposium on the 25th anniversary of Professor Kagan's 2001 article -- forthcoming in @JL_PubAffairs). Comments appreciated! papers.ssrn.com/sol3/papers.…
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The IRS has two avenues of attack against box spread ETFs: enforcement & regulation. 1/
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W/no guarantees, my tentative view—& curious for others’ opinions—is that the newer box spread ETFs are probably less vulnerable to enforcement attack than BOXX itself, b/c the new ETFs don’t have a history of being marketed as producing capital gain 10/
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All box spread ETFs are vulnerable to the regulatory line of attack. Finally: Are the federal tax advantages of these ETFs still worth (a) the fees & (b) the state income tax costs, given that Treasuries are state tax-exempt and box spread ETFs are not? 11/11
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Now up on SSRN (& all the more relevant after the IRS's shot across the bow of tax-aware funds): "Ordinary Loss Harvesting: A Tax Shelter of Treasury's Own Making." papers.ssrn.com/sol3/papers.….
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Very curious to see what strategy Treasury & IRS use to go after box-spread ETFs. Now that BOXX is using calls & puts on an S&P 500 ETF -- rather than section 1256 contracts linked to the S&P 500 index -- it's not obvious how the IRS can attack this at the fund level 1/
Richard Rubin@RichardRubinDCSep 28
New this afternoon. Treasury goes after tax-reducing investing strategies. wsj.com/personal-finance/tax…

Treasury Takes Aim at Tax-Avoiding Investment Strategies

The government moved to block some versions of an ETF maneuver known as “351 conversion transactions,” while flagging others.

wsj.com
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Still potentially a § 1258 conversion transaction at the shareholder level (depending on how the products are marketed) -- but attacking these transactions at the shareholder level requires lots of individual, low-dollar-value audits. 2/2
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Yes -- use of tax-aware funds to generate ordinary losses & long-term capital gains is contrary to the purposes of the timing & character rules -- but Treasury has no one to blame for this other than itself. taxnotes.com/tax-notes-today…
Richard Rubin@RichardRubinDCSep 28
New this afternoon. Treasury goes after tax-reducing investing strategies. wsj.com/personal-finance/tax…

Treasury Takes Aim at Tax-Avoiding Investment Strategies

The government moved to block some versions of an ETF maneuver known as “351 conversion transactions,” while flagging others.

wsj.com
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Whether you watch, listen, or read the transcript, consume this interview in some format. @RickPildes is—as always—extraordinarily engaging & illuminating. It made me less worried about the ‘26 midterms in some respects & yet more worried about the future of American democracy
Jack Goldsmith
@jacklgoldsmithSep 24
Must watch: @whignewtons interviews @RickPildes on NYT "Interesting times" on what to fear in midterm elections. Great discussion. nytimes.com/2026/09/24/opini…

Opinion | How Worried Should We Be About the Midterm Elections? (Gift Article)

And how we learn to trust elections again.

nytimes.com
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Thanks to Cornell's Committee on the Future of the American University for taking notice of our work & reflecting thoughtfully on the benefits of stakeholder representation in higher ed. provost.cornell.edu/initiati…. (& for the cited paper, see: papers.ssrn.com/sol3/papers.….)
The Wall Street Journal
@WSJSep 22
Cornell became the latest elite school to propose a course-correction as it navigates one of the toughest periods in the history of American higher education. on.wsj.com/4dz1jBB

In 200-Page Report, Cornell Confronts the Crisis in American Higher Education

Employers have voiced skepticism about U.S. graduates’ ability to handle workplace demands.

wsj.com
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Now out in @TaxNotes: How Treasury created "carried interest on steroids" -- a tax strategy that allows high-net-worth investors w/sufficient liquidity to transform potentially unlimited amounts of active business income into long-term capital gain ... 1/
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Textualists should be infuriated. Individuals who pay ordinary rates on their wages & business income should be infuriated. This is a tax shelter of Treasury's own creation -- and Treasury can shut it down w/out any additional congressional action ... 6/
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Link here: taxnotes.com/tax-notes-today…. (Behind the paywall for now, but up on SSRN in 2 weeks. Email me if you don't have @TaxNotes access & want to read sooner.) 7/7

Ordinary Loss Harvesting: A Tax Shelter of Treasury’s Own Making | Tax Notes

Daniel J. Hemel provides an overview of ordinary loss harvesting, a tax strategy that offers high-net-worth investors an opportunity to offset potentially unlimited amounts of active business income,...

taxnotes.com
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