3,636 research outputs found

    RUPA and Former Partners: Cutting the Gordian Knot With Continuing Partnership Entities

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    Passage of the Revised Uniform Partnership Act (RUPA) brought change in the treatment of partnerships as entities rather than aggregates of their members. The nature of the Gordian knot that binds individuals associated in partnership and the lingering ties between individuals formerly associated in partnership are examined, and the hidden costs of continuity that RUPA imposes on withdrawing partners are evaluated

    RUPA and Former Partners: Cutting the Gordian Knot With Continuing Partnership Entities

    Get PDF
    Passage of the Revised Uniform Partnership Act (RUPA) brought change in the treatment of partnerships as entities rather than aggregates of their members. The nature of the Gordian knot that binds individuals associated in partnership and the lingering ties between individuals formerly associated in partnership are examined, and the hidden costs of continuity that RUPA imposes on withdrawing partners are evaluated

    The phase coherence of light from extragalactic sources - direct evidence against first order Planck scale fluctuations in time and space

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    We present a method of directly testing whether time continues to have its usual meaning on scales of <= t_P = sqrt(hbar G/c^5) ~ 5.4E-44 s, the Planck time. According to quantum gravity, the time t of an event cannot be determined more accurately than a standard deviation of the form sigma_t/t = a_o (t_P/t)^a, where a_o and a are positive constants ~1; likewise distances are subject to an ultimate uncertainty c \sigma_t, where c is the speed of light. As a consequence, the period and wavelength of light cannot be specified precisely; rather, they are independently subject to the same intrinsic limitations in our knowledge of time and space, so that even the most monochromatic plane wave must in reality be a superposition of waves with varying omega and {\bf k}, each having a different phase velcocity omega/k. For the entire accessible range of the electromagnetic spectrum this effect is extremely small, but can cumulatively lead to a complete loss of phase information if the emitted radiation propagated a sufficiently large distance. Since, at optical frequencies, the phase coherence of light from a distant point source is a necessary condition for the presence of diffraction patterns when the source is viewed through a telescope, such observations offer by far the most sensitive and uncontroversial test. We show that the HST detection of Airy rings from the active galaxy PKS1413+135, located at a distance of 1.2 Gpc, secures the exclusion of all first order (a=1) quantum gravity fluctuations with an amplitude a_o > 0.003. The same result may be used to deduce that the speed of light in vacuo is exact to a few parts in 10^32.Comment: Title change. One reference added. Final version accepted by ApJ

    Framework Proposal for a US Upstream Greenhouse Gas Tax with WTO-Compliant Border Adjustments

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    Discussions regarding policies to limit greenhouse gas (GHG) emissions have been ongoing for decades, and GHG policies of various types have been implemented for years in many countries. In practice, countries that adopt GHG policies utilize a portfolio that typically includes a mix of standards, subsidies, mandates and price-based policies, each directed at particular economic sectors. In view of obvious inefficiencies and lack of synergies resulting from the portfolio approach, economists and many others have convincingly argued that setting a price on carbon—and other GHG emissions—using an economy-wide, upstream GHG tax would be the most effective and efficient policy to address GHG emissions. Its effectiveness stems from being able to cover all emissions from production and use of fossil fuels by applying the tax on producers of coal, oil, and gas resources at the mine mouth and wellhead before they are combusted, rather than dealing with actual emissions from millions of individual sources and actors throughout the economy. Its efficiency stems from allowing markets, rather than the political process, to identify and implement the most cost-effective steps to reduce emissions through decisions that affect current operations and purchases, and through decisions now about investment, research and development to invent and deploy more effective solutions to reduce future GHG emissions. Myriad issues must be addressed to design and approve legislation to implement an upstream, economy-wide GHG tax. This report does not address that galaxy of challenges and opportunities. Rather, assuming that an upstream GHG tax could be implemented, the report addresses the challenge of border adjustments for exports and imports in the context of a domestic upstream GHG tax, as described below. The domestic GHG tax could cause energy-intensive industries to shift production to countries without comparable pricing, resulting in “leakage” of GHG emissions that the domestic tax aims to prevent. By shifting production from the United States, the tax would also disadvantage domestic manufacturers, their employees, and the communities where they operate. Hence, the call by many to introduce border adjustments: through the imposition of equivalent GHG pricing on imported products from energy-intensive, trade-exposed (EITE) industries, and by providing rebates from the impact of the upstream tax on the cost of products exported by domestic producers. However, doing this has raised concerns about consistency with rules of the World Trade Organization (WTO). Here we propose a Framework for a US climate policy with border adjustments that are compatible with US obligations under WTO agreements. It is based on an upstream tax on GHG emissions with rebates for exports and charges on imports for products from EITE industries. A companion Compendium (forthcoming) provides additional details on implementing border adjustments with specific recommendations for 35 EITE industries. Proposed border measures are designed in a non-discriminatory fashion, with the intent and effect of reducing global GHG emissions. Therefore, the border adjustments proposed as part of the Framework will not give rise to any valid claims of WTO violations. Even if such claims should be raised, a strong defense could be made under the exceptions to the WTO rules

    Private Ordering Within Partnerships

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    Borrowing and Repaying Student Loans

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    This essay synthesizes the most recent and rigorous research on student loan debt. It focuses on basic questions about who borrows, how much, and whether debt affects behaviors. Answers to these questions are necessary for informing federal student loan policymaking, yet the research findings are surprisingly mixed because of poor data quality, research design challenges, and the growing heterogeneity of borrowers. This ambiguity makes federal policymaking difficult when questions about the benefits and burdens of student loan debt are left unanswered. By synthesizing the current research, this essay helps answer some of these questions while calling attention to others
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