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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. |
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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 |
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Timetable:
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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: Andrew Wigmore Attorney Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Washington, DC 20224 Phone:202 317-6937 Fax:202 317-4922 Email: andrew.l.wigmore@irscounsel.treas.gov |