Victor Fleischer (Illinois) reports on his latest research project:  Taxing Sovereign Wealth Funds:

My newest research project looks at the taxation of sovereign wealth funds. The paper is still a work-in-progress, but here is where I think I am headed: Under current law, Sovereign Wealth Funds are exempt from U.S. tax. Congress should consider amending Section 892 of the code to tax these state-owned investments under certain conditions, and the Code should not favor state-owned investors over private foreign investors. As with Two and Twenty, I think this is an example where the investment world has changed since Congress wrote the rules, and it is time for an update.

As Larry Solum notes, this is "a model for the use of blogging for early development of scholarship."

Update:  Victor Fleischer, Current Law on Taxing Sovereign Wealth Funds: Why It’s Good to Be The King.