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Department of the Treasury Issues another Invitation to Taxpayers to Comment on Department Regulations

On June 30, 2017, we alerted stakeholders to the request by the Department of the Treasury (the “Department”) for public comments to assist the Department in its broad review of Department guidance that should be modified, eliminated, or streamlined in order to reduce compliance burdens in furtherance of Executive Orders 13771 and 13777. Those comments are due to the Department by July 31, 2017.

Now, the Department has issued Notice 2017-38, inviting comments from stakeholders on whether eight specific regulations identified by the Department should be rescinded or revised, and in the latter case, how the regulations should be revised to reduce tax regulatory burdens and complexity. The eight regulations identified by the Department are: 

  1. Proposed Regulations under Section 103 on Definition of Political Subdivision (REG-129067-15; 81 F.R. 8870);

  2. Temporary Regulations under Section 337(d) on Certain Transfers of Property to Regulated Investment Companies (RICs) and Real Estate Investment Trusts (REITs) (T.D. 9770; 81 F.R. 36793);

  3. Final Regulations under Section 7602 on the Participation of a Person Described in Section 6103(n) in a Summons Interview (T.D. 9778; 81 F.R. 45409);

  4. Proposed Regulations under Section 2704 on Restrictions on Liquidation of an Interest for Estate, Gift and Generation-Skipping Transfer Taxes (REG-163113-02; 81 F.R. 51413)

  5. Temporary Regulations under Section 752 on Liabilities Recognized as Recourse Partnership Liabilities (T.D. 9788; 81 F.R. 69282);

  6. Final and Temporary Regulations under Section 385 on the Treatment of Certain Interests in Corporations as Stock or Indebtedness (T.D. 9790; 81 F.R. 72858);

  7. Final Regulations under Section 987 on Income and Currency Gain or Loss With Respect to a Section 987 Qualified Business Unit (T.D. 9794; 81 F.R. 88806); and

  8. Final Regulations under Section 367 on the Treatment of Certain Transfers of Property to Foreign Corporations (T.D. 9803; 81 F.R. 91012).

Public comments are due to the Department by August 7, 2017.  This is an excellent opportunity for stakeholders to comment and participate in legislative and regulatory outcomes that will affect how they do business.

Copyright 2017 K & L Gates

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About this Author

Mary Baker Burke, KL Gates Law Firm, Tax Attorney
Government Affairs Advisor

Mary Burke Baker is a government affairs advisor in the Washington, D.C. office. Mary focuses on federal tax matters affecting businesses—including domestic and multi-national corporations and all types of pass-through entities—and individuals. Her practice covers tax policy, tax reform, regulatory and other guidance, tax administration and technical tax issues, with particular emphasis on the OECD and the European Union, accounting methods, energy and medical device issues, and FBAR compliance matters for individuals.

Mary consults with and...

202-778-9223
Elizabeth Crouse, KL Gates Law Firm, Tax Attorney
Associate

Elizabeth Crouse is an associate in the tax group of the Seattle office. She provides business-focused solutions for U.S. federal, state, and international tax matters pertinent to mergers and acquisitions, corporate divestitures, internal reorganizations, cross-border transactions, private equity and venture capital fund creation and investments, and start-up companies.

Ms. Crouse is also experienced with U.S. federal and state alternative energy tax incentive programs (including the investment tax credit, production tax credit, and 1603 cash grant), non-profit corporation tax compliance, foreign income reporting requirements (FBAR and the Offshore Voluntary Disclosure Programs), compliance with the Foreign Account Tax Compliance Act (FATCA), federal tax matters pertinent to the expatriation of U.S. citizens, and federal employment tax controversy and planning.

206-370-6793