In this article, Layla Asali and Rocco Femia discuss the government's current focus on section 367(d), in light of the history of the rules for outbound transfers and the establishment of the exception for foreign goodwill and going concern value. Asali and Femia propose a basic framework for interpretation and regulation in this area given the policy compromises reflected in the statute, and present factors for policymakers to weigh when considering legislative proposals.