diff --git a/src/ReferenceCounting.hs b/src/ReferenceCounting.hs
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+{-# LANGUAGE DeriveTraversable #-}
+{-# LANGUAGE LambdaCase #-}
+{-# LANGUAGE OverloadedRecordDot #-}
+
+module ReferenceCounting where
+
+import Data.EnumMap (EnumMap)
+import qualified Data.EnumMap as EnumMap
+import Data.EnumSet (EnumSet)
+import qualified Data.EnumSet as EnumSet
+import qualified Index.Map
+import qualified Index.Map as Index (Map)
+import Literal (Literal)
+import Low.PassBy (PassBy)
+import Low.Representation (Representation)
+import qualified Low.Syntax as Syntax
+import Monad hiding (State)
+import Name (Name)
+import qualified Name
+import Protolude hiding (evaluate, repr)
+import Var (Var)
+
+type Occurrences = EnumSet Var
+
+data WithOccurrences a = WithOccurrences
+  { occurrences :: Occurrences
+  , payload :: a
+  }
+  deriving (Show, Functor, Foldable, Traversable)
+
+instance Applicative WithOccurrences where
+  pure = WithOccurrences mempty
+
+  WithOccurrences occs1 f <*> WithOccurrences occs2 x = WithOccurrences (occs1 <> occs2) (f x)
+
+type Value = WithOccurrences InnerValue
+
+data InnerValue
+  = Operand !Operand
+  | Let !PassBy !Name !Var !Value !Value
+  | Seq !Value !Value
+  | Case !Operand [Branch] (Maybe Value)
+  | Call !Name.Lowered [Operand]
+  | StackAllocate !Operand
+  | HeapAllocate !Name.QualifiedConstructor !Operand
+  | HeapPayload !Operand
+  | PointerTag !Operand
+  | Offset !Operand !Operand
+  | Copy !Operand !Operand !Operand
+  | Store !Operand !Operand !Representation
+  | Load !Operand !Representation
+  deriving (Show)
+
+data Operand
+  = Var !Var
+  | Global !Representation !Name.Lowered
+  | Literal !Literal
+  | Representation !Representation
+  | Tag !Name.QualifiedConstructor
+  | Undefined !Representation
+  deriving (Show)
+
+data Branch
+  = ConstructorBranch !Name.QualifiedConstructor !InnerValue
+  | LiteralBranch !Literal !InnerValue
+  deriving (Show)
+
+evaluate :: Index.Map v Var -> EnumMap Var (EnumSet Var) -> Syntax.Term v -> M (Value, EnumSet Var)
+evaluate env parents = \case
+  Syntax.Operand operand -> do
+    let operand' = evaluateOperand env parents operand
+    pure (Operand <$> operand', operand'.occurrences)
+  Syntax.Let passBy name term body -> do
+    var <- freshVar
+    (term', termParents) <- evaluate env parents term
+    (body', bodyParents) <-
+      evaluate
+        (env Index.Map.:> var)
+        ( if EnumSet.null termParents
+            then parents
+            else EnumMap.insert var termParents parents
+        )
+        body
+    pure
+      ( WithOccurrences (term'.occurrences <> EnumSet.delete var body'.occurrences) $
+          Let passBy name var term' body'
+      , EnumSet.delete var bodyParents
+      )
+  Syntax.Seq lhs rhs -> do
+    (lhs', _) <- evaluate env parents lhs
+    (rhs', rhsParents) <- evaluate env parents rhs
+    pure (WithOccurrences (lhs'.occurrences <> rhs'.occurrences) $ Seq lhs' rhs', rhsParents)
+  Syntax.Case scrutinee branches maybeDefaultBranch -> do
+    let scrutinee' = evaluateOperand env parents scrutinee
+    branches' <- mapM (evaluateBranch env parents) branches
+    maybeDefaultBranch' <- mapM (evaluate env parents) maybeDefaultBranch
+    pure
+      ( WithOccurrences
+          ( scrutinee'.occurrences
+              <> foldMap ((.occurrences) . fst) branches'
+              <> foldMap ((.occurrences) . fst) maybeDefaultBranch'
+          )
+          $ Case scrutinee'.payload (map ((.payload) . fst) branches') (fst <$> maybeDefaultBranch')
+      , foldMap snd branches' <> foldMap snd maybeDefaultBranch'
+      )
+  Syntax.Call global args -> do
+    let args' = map (evaluateOperand env parents) args
+    pure (WithOccurrences (foldMap (.occurrences) args') $ Call global (map (.payload) args'), mempty)
+  Syntax.StackAllocate size ->
+    pure (StackAllocate <$> evaluateOperand env parents size, mempty)
+  Syntax.HeapAllocate constr size ->
+    pure (HeapAllocate constr <$> evaluateOperand env parents size, mempty)
+  Syntax.HeapPayload pointer -> do
+    let pointer' = evaluateOperand env parents pointer
+    pure (HeapPayload <$> pointer', pointer'.occurrences)
+  Syntax.PointerTag pointer ->
+    pure (PointerTag <$> evaluateOperand env parents pointer, mempty)
+  Syntax.Offset ref size -> do
+    let ref' = evaluateOperand env parents ref
+    pure (Offset <$> ref' <*> evaluateOperand env parents size, ref'.occurrences)
+  Syntax.Copy dst src size ->
+    pure (Copy <$> evaluateOperand env parents dst <*> evaluateOperand env parents src <*> evaluateOperand env parents size, mempty)
+  Syntax.Store dst src repr ->
+    pure (Store <$> evaluateOperand env parents dst <*> evaluateOperand env parents src <*> pure repr, mempty)
+  Syntax.Load ref repr ->
+    pure (Load <$> evaluateOperand env parents ref <*> pure repr, mempty)
+
+evaluateOperand :: Index.Map v Var -> EnumMap Var (EnumSet Var) -> Syntax.Operand v -> WithOccurrences Operand
+evaluateOperand env parents = \case
+  Syntax.Var index -> do
+    let var = Index.Map.index env index
+    WithOccurrences (EnumMap.findWithDefault (EnumSet.singleton var) var parents) $ Var var
+  Syntax.Global repr global -> pure $ Global repr global
+  Syntax.Literal lit -> pure $ Literal lit
+  Syntax.Representation repr -> pure $ Representation repr
+  Syntax.Tag constr -> pure $ Tag constr
+  Syntax.Undefined repr -> pure $ Undefined repr
+
+evaluateBranch :: Index.Map v Var -> EnumMap Var (EnumSet Var) -> Syntax.Branch v -> M (WithOccurrences Branch, EnumSet Var)
+evaluateBranch env parents = \case
+  Syntax.LiteralBranch lit branch -> do
+    (branch', branchParents) <- evaluate env parents branch
+    pure (LiteralBranch lit <$> branch', branchParents)
+  Syntax.ConstructorBranch constr branch -> do
+    (branch', branchParents) <- evaluate env parents branch
+    pure (ConstructorBranch constr <$> branch', branchParents)
+
+data Ownership
+  = Borrowed
+  | Owned
+  deriving (Show)
+
+data ReferenceCountState = ReferenceCountState
+  { owned :: EnumMap Var Representation
+  , borrowed :: EnumMap Var Representation
+  }
+
+type ReferenceCount = State ReferenceCountState
+
+data Provenance
+  = Unmanaged
+  | Managed !Ownership !Representation
+  | DerivedFrom !Var
+
+referenceCount :: Value -> ReferenceCount (Value, Provenance)
+referenceCount value = case value.payload of
+  Operand operand -> case operand of
+    Var var -> do
+      rc <- get
+      case (EnumMap.lookup var rc.owned, EnumMap.lookup var rc.borrowed) of
+        (Nothing, Nothing) -> pure (value, Unmanaged)
+        (Just repr, _) -> pure (value, Managed Owned var)
+        (Nothing, _) -> pure (value, DerivedFrom var)
+    Global _ _ -> pure (value, Unmanaged)
+    Literal _ -> pure (value, Unmanaged)
+    Representation _ -> pure (value, Unmanaged)
+    Tag _ -> pure (value, Unmanaged)
+    Undefined _ -> pure (value, Unmanaged)
+  Let passBy name var val body -> do
+    (val', provenance) <- referenceCount val
+    _
+  Seq lhs rhs -> do
+    owned <- gets (.owned)
+    EnumMap.intersection rhs.occurrences
+  Case scrutinee branches maybeDefaultBranch -> _
+  Call fun args -> _
+  StackAllocate size -> _
+  HeapAllocate con size -> _
+  HeapPayload operand -> _
+  PointerTag operand -> _
+  Offset offset operand -> _
+  Copy dst src size -> _
+  Store dst src repr -> _
+  Load src repr -> _