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TREAS/IRS RIN: 1545-AK74 Publication ID: Spring 2019 
Title: Foreign Corporations 
Abstract:

The income tax regulations under section 367 will be amended to reflect the legislative changes made to that section, including changes in the Tax Cuts and Jobs Act.  Section 367 provides generally that a foreign corporation will not be considered to be a corporation, for purposes of certain nonrecognition provisions of the Internal Revenue Code, upon the transfer of property to such corporation by a U.S. person.  TCJA amended section 367 by removing the active trade or business exception, for example, in section 367(a).  Accordingly, updates to the regulations under section 367(a), as well as other updates, are necessary.  Specifically, the regulations will provide guidance concerning the applicability of the general rule and its exceptions and special rules, including guidance concerning transfers of assets for use in the active conduct of a trade or business, stock transfers, transfers of intangible assets, and transfers of branch operations that have operated at a loss.

 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: Other 
CFR Citation: 26 CFR 1   
Legal Authority: 26 U.S.C. 367    26 U.S.C. 7805   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  05/16/1986  51 FR 17990   
Second NPRM  12/00/2019 
Additional Information: REG-209042-86 (INTL-610-86) Drafting attorney: Shane McCarrick (202) 317-6937 Reviewing attorney: Charles P. Besecky (202) 317-6937 Treasury contact: Brenda Zent (202) 622-6894 CC:INTL
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Shane M. McCarrick
Assistant to the Branch Chief
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 317-6937
Fax:202 317-4922
Email: shane.m.mccarrick@irscounsel.treas.gov