Capital Letter No. 41

Ronald D. Aucutt recently wrote Capital Letter No. 41, which considers the history of proposed regulations concerning section 2704. Below is a short abstract of the paper: 

Capital Letter Number 40 discussed the current attention to the Proposed Treasury Regulations under section 2704, generated by the President’s Executive Order to identify recent unduly burdensome or complex regulations.  This Capital Letter Number 41 will look at the history of the Proposed Regulations in a depth and detail perhaps uncharacteristic of most Capital Letters.  It will then compare the divergent interpretations of the Proposed Regulations, will choose the interpretation it prefers, will explain that choice, will offer some views about how the Proposed Regulations became so muddled, and will conclude by acknowledging some opportunities for the future.