The trouble with income trusts

This paper sketches broadly the efficiency and equity effects of income trusts that make their use as a substitute for the direct holding of shares of a corporation problematic for tax policy purposes. The paper also considers the potential effectiveness of an equity recharacterization rule applicable to the high-yield junk debt that is the common feature of the basic income trust structure. The author suggests that this type of narrowly focused rule would be more target-efficient than other possible responses to income trusts, such as fundamental reform of the corporate income tax or the restrictions on the holding of trust units proposed in the 2004 budget. However, a principal difficulty in designing an equity recharacterization rule is ensuring that it applies equally to structures that realize the same effect as the basic income trust structure but do not use high-yield junk debt.
The author argues that income trusts are examples of tax-driven financial innovation in the sense that they replicate an existing set of securities and therefore have no nontax rationale. These securities are essentially redundant, and the innovative process of which they are a product does not constitute “genuine” financial innovation. This essential characteristic of income trusts distinguishes them from real estate investment trusts, which arguably do not present a tax policy problem (or at least not the same one). More particularly, income trust transactions are redundant in the sense that they do not complete capital markets by providing investors with a risk and return payoff profile that is otherwise unavailable. In the absence of any efficiency gains or desirable distributional effects associated with income trusts, the available tax benefit is the subject of a defensible government response intended to eliminate it. But without any clear evidence that income trusts are substituted generally for the corporate form, any response can defensibly be limited to a narrowly targeted one that introduces a “taxlaw friction” by shifting the debt-equity boundary that is the focus of the basic income trust structure. Because the precise dividing points along this boundary lack any obvious normative content, the suggested policy focus should be the development of a legislative response that redraws the debt-equity boundary in a manner that minimizes perceived efficiency losses otherwise associated with the use of income trusts.

The trouble with woon: the selective answering of police questions and the right to pre-trial silence

The 1964 High Court decision in Woon v The Queen is commonly understood to permit the drawing of an inference of a ‘consciousness of guilt’ when a suspect selectively responds to police questions. It is the author’s contention that, in the light of the emphatic endorsement of the right to pre-trial silence by the High Court in 1993 in Petty v The Queen; Maiden v The Queen, Woon should now be regarded as bad law and should no longer be followed.

Academics,think tanks and journalists : the trouble with expert opinion, empirical evidence and bilingual education

This book reports the findings of the Australian News media and Indigenous policymaking 1988-2008 ARC Discovery Project

Resolución 428(XIX): Comercio agrícola y seguridad alimentaria = Resolution 428(XIX): Agricultural trade and food security = Résolution 428(XIX): Commerce agricole et sécurité alimentaire

Publicado separadamete en cada idioma

Agriculture paysanne et marché alimentaire: étude de cas: Haiti

Inclut la bibliographie

Actes de la Conférence-Débats Haïti, Sécurité Alimentaire 2005

Inclut la bibliographie

Charakteristika schwer essgestörter Patientinnen in einer universitären Einrichtung und therapeutische Richtlinien

Patientinnen und Patienten mit einer schweren Essstörung (Anorexie, Bulimie, weitere) finden einerseits selten Eingang in systematische Studien, sind andererseits aber häufig auf ein stationäres Behandlungssetting in einem tertiären Zentrum angewiesen. Die kürzlich veröffentlichte S3-Leitlinie zur Behandlung von Essstörungen erlaubt eine klarere Einschätzung der Hospitalisationsbedürftigkeit schwer Essgestörter als bisher. In der vorliegenden Arbeit wurden 26 Patientinnen und Patienten mit einer schweren Essstörung, die konsekutiv auf einer spezialisierten psychosomatisch/internistischen universitären Einrichtung hospitalisiert wurden, retrospektiv hinsichtlich ihrer biologischen, psychologischen und sozialen Merkmale charakterisiert und in Bezug zur S3-Leitlinie gestellt. Die biopsychosozialen Charakteristika der untersuchten Population zeigen, dass die Hospitalisierung schwer Essgestörter im tertiärmedizinischen Setting mit einem multiprofessionellen Behandlungsteam evidenzbasiert erfolgt.

"HIT on Trousseau" double trouble: acquired coagulopathy with femoral artery thrombosis

Trousseau Syndrome is a paraneoplastic procoagulant phenomenon. Heparin-induced thrombocytopenia (HIT) is a rare complication of anticoagulation with heparin. To our knowledge, the coincidence of the two has not been reported so far. We report a case of an acute thrombosis of the left femoral artery and distal leg arteries in a patient with an otherwise normal cardiovascular status. Endovascular revascularization attempts using mechanical rotational thrombectomy catheter, aspiration and local thrombolysis were unsuccessful. Progressive coagulation along the intra-arterial catheter was seen. Surgical thrombectomy of the femoral-pedal axis was successful, but the patient developed an immune-mediated HIT postoperatively. An adenocarcinoma of the colon was the likely cause for the initial arterial thrombosis, and probably adversely affected endovascular revascularization attempts. Subsequent HIT with microvascular thrombosis worsened ischemic damage leading to a below knee-amputation, despite patent large vessels. Compared to venous thrombosis, arterial thrombosis is a rare manifestation of Trousseau syndrome. The coincidence of it with HIT is even rarer. There may be a causal relationship between the two.

The EU’s Trouble with Mashups: From Disabling to Enabling a Digital Art Form

New tools for editing of digital images, music and films have opened up new possibilities to enable wider circles of society to engage in ’artistic’ activities of different qualities. User-generated content has produced a plethora of new forms of artistic expression. One type of user-generated content is the mashup. Mashups are compositions that combine existing works (often) protected by copyright and transform them into new original creations. The European legislative framework has not yet reacted to the copyright problems provoked by mashups. Neither under the US fair use doctrine, nor under the strict corset of limitations and exceptions in Art 5 (2)-(3) of the Copyright Directive (2001/29/EC) have mashups found room to develop in a safe legal environment. The contribution analyzes the current European legal framework and identifies its insufficiencies with regard to enabling a legal mashup culture. By comparison with the US fair use approach, in particular the parody defense, a recent CJEU judgment serves as a comparative example. Finally, an attempt is made to suggest solutions for the European legislator, based on the policy proposals of the EU Commission’s “Digital Agenda” and more recent policy documents (e.g. “On Content in the Digital Market”, “Licenses for Europe”). In this context, a distinction is made between non-commercial mashup artists and the emerging commercial mashup scene.