ABA Members Recommend Projects for IRS Priority Guidance Plan
ABA Members Recommend Projects for IRS Priority Guidance Plan
- AuthorsSolomon, Eric
- Institutional AuthorsAmerican Bar Association Section of Taxation
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2019-22523
- Tax Analysts Electronic Citation2019 TNT 111-152019 EOR 7-52
- Magazine CitationThe Exempt Organization Tax Review, July 2019, p. 9984 Exempt Org. Tax Rev. 99 (2019)
June 7, 2019
The Honorable David Kautter
Assistant Secretary (Tax Policy)
Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, DC 20220
Hon. Charles P. Rettig
Commissioner
Internal Revenue Service
1111 Constitution Avenue, NW
Washington, DC 20224
Hon. Michael Desmond
Chief Counsel
Internal Revenue Service
1111 Constitution Avenue, NW
Washington, DC 20224
Re: Recommendations for 2019-2020 Priority Guidance Plan
Dear Messrs. Kautter, Rettig and Desmond:
The American Bar Association Section of Taxation (the “Section”) welcomes the opportunity to provide recommendations for inclusion in the 2019-2020 Priority Guidance Plan. These recommendations represent the views of the Section. They have not been approved by the Board of Governors or House of Delegates of the American Bar Association and should not be construed as representing the policy of the American Bar Association.
The enclosed recommendations were made by members of the following committees within the Section.
Civil and Criminal Tax Penalties
Capital Recovery and Leasing
Energy & Environmental Taxes
Exempt Organizations
Financial Transactions
Individual & Family Taxation
Investment Management
Partnerships & LLCs
Pro Bono & Tax Clinics
S Corporations
Standards of Tax Practice
Tax Accounting
Teaching Taxation
Although members of the Section may have clients who might be affected by the federal tax principles addressed by these Comments, no member who has been engaged by a client (or is a member of a firm or other organization that has been engaged by a client) to make a government submission with respect to, or otherwise to influence the development or outcome of one or more specific issues addressed by, these Comments, or has participated in the preparation of the portion (or portions) of these Comments addressing those issues. Additionally, while the Section's diverse membership includes government officials, no such official was involved in any part of the drafting or review of these Comments.
We will be happy to discuss the recommendations with you or your staffs.
Eric Solomon
Chair, Section of Taxation
American Bar Association
Washington, DC
Enclosure
cc:
Krishna P. Vallabhaneni, Acting Tax Legislative Counsel, Department of the Treasury
Peter Blessing, Associate Chief Counsel (International), Internal Revenue Service
Scott K. Dinwiddie, Associate Chief Counsel (Income Tax & Accounting), Internal Revenue Service
Helen M. Hubbard, Associate Chief Counsel (Financial Institutions & Products), Internal Revenue Service
Victoria Judson, Associate Chief Counsel (Tax Exempt & Government Entities), Internal Revenue Service
Sunita Lough, Commissioner, Tax Exempt & Government Entities Division, Internal Revenue Service
John Moriarty, Deputy Associate Chief Counsel (Income Tax & Accounting), Internal Revenue Service
Holly Porter, Associate Chief Counsel (Passthroughs & Special Industries), Internal Revenue Service
Robert H. Wellen, Associate Chief Counsel (Corporate), Internal Revenue Service
Kathryn Zuba, Associate Chief Counsel (Procedure & Administration), Internal Revenue Service
AMERICAN BAR ASSOCIATION SECTION OF TAXATION
Recommendations for the 2019-2020 Department of the Treasury and Internal Revenue Service Priority Guidance Plan
As requested in Notice 2019-30 (the “Notice”), the Section of Taxation of the American Bar Association (the “Section”) has identified the following tax issues that we recommend be addressed through regulations, rulings, or other published guidance in 2019-2020. Some recommendations relate to Public Law 115-97 (the “Act”),1 and others involve high-priority guidance projects that do not relate to the Act. In each case, the name and contact information for a representative of the committee making the suggestion is provided.
Please note that these comments assume that the 2019-2020 Priority Guidance Plan will include guidance related to the Act as well as items from the 2018-2019 Plan that have not yet been addressed.
CIVIL AND CRIMINAL TAX PENALTIES
Niles Elber, Civic and Criminal Tax Penalties Committee Chair, (202) 862-7827, nelber@capdale.com
1. Updated guidance regarding reasonable cause for failure to file a tax return or pay a tax in light of the fact that a substantial number of tax returns are no longer signed by the taxpayer (the taxpayer instead executes a form in the 8879 series and provides it to the preparer) or mailed to the Service (the preparer is a Service-authorized e-filer who electronically submits the tax return).
2. Guidance for fiduciaries of trusts and estates addressing situations in which the fiduciary discovers that an incapacitated taxpayer or decedent is out of compliance and takes reasonable steps, including the filing of delinquent and/or amended tax returns, to correct compliance issues.
ENERGY AND ENVIRONMENTAL TAXES
Amish M. Shah, Energy and Environmental Taxes Committee Chair, (202) 383-0456, amishshah@eversheds-sutherland.com
1. Proposed regulations under section 482 to define certain types of property qualifying for the energy credit. (Notice 2015-70 requested comments on how to define these types of property.)
2. Guidance under section 45J regarding changes made to the nuclear production tax credit by the Bipartisan Budget Act of 2018, P.L. 115-119.
3. Guidance under section 45Q regarding changes made to the credit for carbon oxide sequestration by the Bipartisan Budget Act of 2018, P.L. 115-119. (Notice 2019-32 requested comments on issues arising under section 45Q.)
4. Guidance under section 168 to clarify the normalization requirements for excess tax reserves resulting from the corporate tax rate decrease in the Act. (Notice 2019-33 requested comments about ratemaking issues that have arisen or are anticipated due to the corporate rate decrease and the requirements of section 13001(d) of the Act.)
EXEMPT ORGANIZATIONS
Lisa L. Johnsen, Exempt Organizations Committee Chair, (206) 709-3212, lisa.johnsen@gatesfoundation.org
1. Proposed regulations under section 512(a)(7), requiring payments for certain employee fringe benefits to be treated as unrelated business taxable income.3
2. Proposed regulations under section 4960, taxing the payment of compensation of certain employees in excess of one million dollars and certain excess parachute payments, including whether transitional relief will be granted.4
3. Proposed regulations under section 512(a)(6), requiring separate computation of unrelated business income taxable for each trade or business.5
4. Proposed regulations under section 512(b) clarifying that income earned by an organization described in section 511(a)(2) from a controlled foreign corporation by application of subpart F of the Code (sections 951 to 965, including, Global Intangible Low-Taxed Income under section 951A and the repatriation tax under section 965) are excluded from the computation of such organization's unrelated business taxable income.
5. Proposed regulations under new section 4968, taxing the net investment income of certain private colleges and universities.
The Exempt Organizations Committee would also like to highlight the ongoing importance of its recommendations from last year's or prior year's Priority Guidance Plans.
6. Proposed regulations under sections 4958, 4966, and 4967 regarding donor advised funds.6
7. Final regulations under section 6104(c) relating to publication of information to state officials.
8. Final regulations under section 7611 relating to church tax inquiries and examinations.
9. If Treasury is not prohibited at any time during the plan year from finalizing regulations or other guidance relating to the standard that is used to determine whether an organization is operated exclusively for the promotion of social welfare for purposes of section 501(c)(4), proposed regulations under section 501(c) relating to political campaign intervention.7
10. Guidance under section 4944 regarding the qualification of an equity investment in a limited liability company as a program-related investment.8
11. Guidance under section 4941 regarding a private foundation's investment in a partnership in which disqualified persons are also partners.9
12. Proposed regulations under section 509 clarifying that, in certain circumstances, Type I and Type II supporting organizations that designate their supported organizations by name, rather than by class, are permitted to make distributions to publicly supported organizations other than those specifically designated by name.
The Exempt Organizations Committee also recommends including guidance needed on the new item below:
13. Guidance regarding the exception in section 4943(g) for philanthropic businesses, and in particular what it means to be “acquired by means other than by purchase,” and what constitutes “all profits to charity.”
FINANCIAL TRANSACTIONS
Craig J. Gibian, Financial Transactions Committee Chair, (202) 220-2637, cgibian@deloitte.com
1. Final regulations under section 163(j).10
2. Guidance on the treatment of debt-related fees, particularly with respect to fees paid to the lender, such as commitment fees and consent fees.
3. Regulations regarding the taxation of notional principal contracts (“NPCs”), including the character of payments made under an NPC, the inclusion in income or deduction of a nonperiodic payment (including a contingent nonperiodic payment), and the definition of a “payment” made pursuant to an NPC.
INDIVIDUAL AND FAMILY TAXATION
James Creech, Individual and Family Taxation Committee Chair, (312) 469-0883, jamesocreech@gmail.com
1. Guidance regarding the repeal of the alimony deduction under section 71, for a divorce or separation instrument executed on or before the effective date of the Act (a “grandfathered instrument”), including guidance addressing (i) the sufficiency of a written grandfathered instrument, (ii) the treatment of a pre-nuptial or post-nuptial agreement as a grandfathered instrument, and (iii) the effect of the modification of a grandfathered instrument that increases or decreases alimony payments.
2. Guidance in connection with the repeal of section 682 (alimony trusts).
3. Expansion of post-appeals mediation under section 7123(b) to additional collections matters (including collection due process and equivalent hearings).
INVESTMENT MANAGEMENT
Roger S. Wise, Investment Management Committee Chair, (202) 303-1154, rwise@willkie.com
1. Guidance regarding the tax treatment of exchange-traded notes.
2. Guidance confirming that regulated investment companies (“RICs”) generally can “look through” their interests in a partnership to the partnership's underlying assets for purposes of the asset diversification test under section 851(b)(3). (To date, the Service's published guidance has been limited to specific factual situations.11)
3. Regulations or other guidance clarifying existing tax hedging and straddle rules in the context of hedging transactions that reduce or manage risks on an entire portfolio of stocks or bonds held by a taxpayer (i.e., hedging transactions effected at the portfolio level, and not on a security-by-security basis).
4. Guidance on the application of the “cure” provisions in sections 851(d)(2) and (i), added by the RIC Modernization Act of 2010,12 including the schedules referred to in sections 851(d)(2)(A)(i) and (i)(1)(A) and the meaning of “due to reasonable cause and not due to willful neglect” in sections 851(d)(2)(A)(ii) and (i)(1)(B).
5. Guidance on the receipt of foreign withholding tax refunds by RICs, including revisions to the guidance in Notice 2016-10.13
PARTNERSHIPS AND LLCS
Jennifer Alexander, Partnerships and LLCs Committee Chair, (202) 879-5659 jenniferalexander@deloitte.com and Grace Kim, Partnerships and LLCs Committee Vice Chair, (202) 521-1590, grace.kim@us.gt.com
1. Section 163(j):14
a. Final regulations under section 163(j) applying section 163(j) to partnership situations generally.15
b. Guidance on the application of section 163(j) to partnership mergers and divisions
c. Guidance on the application of section 163(j) to tiered partnership situations.
d. Guidance on how section 163(j) applies with respect to the self-charged interest between a partner and a partnership (or a shareholder and an S corporation).
2. Final regulations under section 168(k) as they pertain to partnership issues.16
3. Final regulations on the treatment of previously suspended losses and on the treatment of RICs that receive qualified REIT dividends and qualified PTP income.17
4. Final guidance relating to a proposed revenue procedure concerning the treatment a rental real estate enterprise as a trade or business for purposes of section 199A.18
5. Section 106119
a. Guidance on the scope of the term investment real estate and whether it includes oil and gas properties before or after they are drilled.
b. Guidance on whether section 1061(a), which applies only with respect to applicable partnership interests that are “held by a taxpayer at any time during the taxable year,” means that if a taxpayer sells a carried interest in 2018 for an installment note payable in 2019, then the provision does not apply with respect to the 2019 gain.
c. Guidance on whether section 1061(a), applies to the distributive share of to section 1231 gain.
d. Guidance on whether a taxpayer can sell a carried interest that it has held for more than three years and recognize long-term capital gain notwithstanding that a significant amount of the assets in the partnership have been held for less than three years (where the sale is not to a related person under section 1061(d)), or whether a “look through” rule similar to section 751(a) applies.
e. Guidance on whether section 1061 applies to recharacterize long-term capital gains into short-term capital gains if a taxpayer that holds an applicable partnership interest is redeemed by the partnership distributing assets in kind where the taxpayer sells the assets within three years of the taxpayer's receiving the applicable partnership interest (or the assets having been acquired).
f. Guidance on whether, if a taxpayer restructures a partnership in which a person has an “applicable partnership interest” by giving each partner a “straight up” interest in the restructured partnership equal to the percentage of the value of the partnership's assets that the partner would receive if the partnership sold all of its assets at their then fair market values, that restructuring eliminates the possible recharacterization as short-term capital gain under section 1061 no later than the next taxable year.
g. Guidance on what does and does not constitute “portfolio” investments as referred to in section 1061(b) including guidance addressing when a “portfolio investment” is held “on behalf of” third party investors.
h. Guidance on whether a “corporation” referred to in section 1061(c)(4)(A) includes an S corporation.
6. Final regulations concerning investing in qualified opportunity funds under section 1400Z.20
7. Administrative guidance under section 1400Z–2(f) applicable to a qualified opportunity fund that fails to maintain the required 90 percent investment standard of section 1400Z–2(d)(1), as well as information-reporting requirements for an eligible taxpayer under section 1400Z–2.
PRO BONO AND TAX CLINICS
Christine Speidel, Pro Bono and Tax Clinics Committee Chair Emeritus, (610) 519-3895, christine.speidel@law.villanova.edu
1. Finalize proposed regulations21 under sections 2, 32, 63, and 152 on the definition of dependents and related provisions.
2. Guidance regarding the scope of section 131's gross income exclusion in light of the decision in Feigh v. Commissioner.22
3. Request public comment and consider revisions to Revenue Procedure 99-21, regarding procedures and standards for showing financial disability under section 6511(h).
4. Guidance under sections 6050P and 108(e) to clarify the non-taxable nature of institutional loan or private for-profit debt cancellations.
5. Guidance under section 61(a), relating to the exclusion of attorneys' fees from the prevailing party's income from a civil lawsuit. Specific topics on which we request guidance include (i) the tax consequences to a taxpayer if attorneys' fees are awarded directly to a public interest law firm and the taxpayer-client has no obligation to pay their attorneys, and (ii) situations in which lawyers in the private bar take cases with an agreement that provides they will take no fee from the client but will request a fee award for compensation.
S CORPORATIONS
Thomas J. Phillips, S Corporations Committee Chair, (414) 287-1524, tphillips@vonbriesen.com
1. Update Notice 89-35 regarding the deductibility of interest on indebtedness incurred to acquire interests in passthrough entities.23
2. Guidance on the situations in which the Service will not rule under section 1362(f) with respect to the validity or continuation of an S corporation election because the Service believes that the validity or continuation of the S corporation election is adequately addressed by existing law with respect to disproportionate distributions or substantial compliance.24
3. Guidance on the application of section 1371(f) to distributions by eligible terminated S corporations, including clarification on the allocation of such distributions between subchapter C accumulated earnings and profits and the accumulated adjustments account.
STANDARDS OF TAX PRACTICE
Rachel L. Partain, Standards of Tax Practice Committee Chair, (213) 379-6071, RPartain@capdale.com
A comprehensive review of Circular 230.
TAX ACCOUNTING; CAPITAL RECOVERY AND LEASING
David Strong, Tax Accounting Committee Chair, (616) 752-4251, david.strong@crowe.com; and
Sam Weiler, Capital Recovery and Leasing Committee Chair, (614) 232-7105, sam.weiler@ey.com
1. Operational guidance under section 451.
a. Guidance regarding the procedural rules relating to changes in method of accounting for income inclusion under sections 451(b) and (c).
b. Guidance regarding the change in law under sections 451(b) and (c) and the interrelation with the adoption of the Accounting Standard Codification (ASC) 606.
c. Clarification of when a change in financial reporting results in a tax accounting method change and consideration of simplified procedures to make that change if required.
d. Clarification of when a taxpayer has a realization event for purposes of revenue recognition under section 451.
e. Clarification of the application of section 451 to taxpayers in industries in which the recognition of revenue through unbilled accounts receivable is common practice or in which commissions are recognized before they are earned.
f. Guidance regarding what constitutes a special method of accounting exempted from the application of section 451.
g. Clarification regarding the application of section 451 to income subject to the rules under sections 1271 to 1288. Specifically, how do the rules under 451 impact the revenue recognized on original issue discount and other financial instruments?
2. Final regulations under section 163(j)25
a. Guidance on how other Code provisions impact what constitutes business interest expense for purposes of section 163(j) (e.g., sections 263A and 467).
b. Guidance regarding the treatment of small passthrough entities as “tax shelters” under section 163(j)(3), as a result of the definition of a “syndicate” in section 1256(e)(3)(B). This guidance would potentially provide relief to family-held or other closely-held entities.”
c. Whether an election under section 163(j) for an electing real property trade or business requires a one-time election or annual election.
3. Definitional and operational guidance under section 168.
d. Whether section 168(g)(8) applies to qualified leasehold improvement property, qualified restaurant property, or qualified retail improvement property of an electing real property trade or business.
e. Section 168(k):
i. Guidance providing a safe harbor for determining how many years a taxpayer should look back to determine if the taxpayer or its predecessor had a depreciable interest in the property.
ii. Guidance allowing a taxpayer to treat property manufactured, constructed, or produced for the taxpayer by another pursuant to a written binding contract as the taxpayer's self-constructed property.
iii. Guidance similar to Revenue Procedure 2011-26,26 to allow taxpayers to utilize 100% bonus depreciation for certain components of larger self-constructed property when the components are acquired and placed in service after September 27, 2017.
iv. Guidance treating the date that a contract becomes binding as the acquisition date and provide clarification of the rule to common fact patterns.
v. Clarify when a condition is in the control of either party for purposes of the written binding contract rules.
vi. Clarify what changes are considered “insubstantial” for purposes of the written binding contract rule (e.g., change orders in the construction context).
vii. Guidance on whether change orders (e.g., additions to a construction contract) are treated as a separate contract.
viii. Guidance clarifying and expanding on the limitations to utilize bonus depreciation for taxpayers that are engaged in businesses that are exempt from the interest expense limitations under section 163(j). Clarify whether utility property acquired prior to September 27, 2017, and placed in service after January 1, 2018, is eligible for bonus depreciation.
4. Guidance providing relief for taxpayers unable to file accounting method change in the section 965 year due to the timing of the proposed and final regulations.
5. Guidance regarding the adoption and changes in methods of accounting for tested income under section 951A.
6. Guidance regarding whether the use of ADS in computing qualified business asset investments under section 951A is a method of accounting.
7. Guidance under sections 162(f) and 6050X (issues not addressed by Notice 2018-23).27
8. Guidance regarding Small Business Accounting Method Reform and Simplification not addressed by Revenue Procedure 2018-40.28
a. Guidance regarding the annual election under section 266 to capitalize taxes and carrying costs in lieu of deducting the interest, for taxpayers owning real estate.
b. Guidance clarifying the accounting for inventory as non-incidental and the costs required to be capitalized. Specifically, what costs are required to be capitalized as non-incidental materials and supplies for a manufacturer of goods?
c. Guidance regarding the transition rules for section 263A(f) small taxpayers and the two-year exemption from the capitalization of interest during the post-production period for beer, wine, and distilled spirits.
d. Guidance for farmers that qualify as small business taxpayers that previously elected out of section 263A for plants with a preproductive period of more than two years under section 263A(d)(3) and accordingly use ADS.
e. Guidance related to section 179 for taxpayers that do not have basis in an asset until a taxable year after the asset is placed in service.
9. Guidance providing a safe harbor method for allocating income and expenses among multiple trades or businesses under section 199A.
The following reflects high priority guidance items not related to the Act (we recommend that priority be given first to guidance above relating to the Act):
1. Guidance under sections 167 and 168 for determining whether certain assets used by a wireline telecommunication service provider are primarily used for providing one-way or two-way communication services.
2. Revenue procedure under section 263(a) regarding the capitalization of natural gas transmission and distribution property.
3. Guidance regarding the treatment of deferred revenue in stock acquisitions.
4. Regulations under section 453A regarding contingent payment sales.
5. Regulations under section 472 regarding dollar-value last-in, first-out inventories, including rules for combining pools as a result of a change in method of accounting, certain corporate acquisitions, and certain nonrecognition transactions.
6. Final regulations amending Treasury Regulation section 1.472-8 regarding the inventory price index computation method.
7. Revenue procedure under section 47 regarding the rehabilitation credit and disaster relief.
8. Guidance clarifying whether the business use of an aircraft via lease to a five-percent owner or related party of the lessor of the aircraft is qualified business use for the purpose of section 280F.
9. Update and modernize Revenue Procedure 87-56.29
TEACHING TAXATION COMMITTEE
Kerry A. Ryan, Teaching Taxation Committee Chair, (314) 977-7237, kerry.ryan@slu.edu
1. Guidance on the tax treatment of cryptocurrency hard forks.30
OTHER RECOMMENDATIONS
The Section also recommends that Treasury and the Service finalize the proposed regulations they have issued regarding the Act, including the following proposed regulations upon which the Section has submitted written comments previously.
1. Proposed regulations under section 59A.31
2. Guidance on consolidated return issues in proposed regulations under section 168(k).32
3. Proposed regulations concerning foreign tax credits.33
4. Guidance on treatment of corporate taxpayers and consolidated groups in proposed guidance under section 163(j).34
5. Proposed regulations under section 951A.35
FOOTNOTES
1An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub. L. No. 115-97, 131 Stat. 2054 (sometimes referred to as the “Tax Cuts and Jobs Act” or “TCJA”).
2Unless indicated otherwise, references to a “section” or “I.R.C. §” are to a section of the Internal Revenue Code of 1986, as amended (the “Code”), and references to “Regulations,” “Reg. §,” “Temporary Regulations,” “Temp. Reg. §,” “Proposed Regulations,” or “Prop. Reg. §” are to the Regulations promulgated under the Code.
3See ABA Tax Section, Comments on Sections 512(a)(7) and 4960, as Added to the Internal Revenue Code of 1986 by Pub. L. No. 115-97 on December 22, 2017 (Aug. 28, 2018), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/082818comments.pdf.
4See ABA Tax Section, Comments on Sections 512(a)(7) and 4960, as Added to the Internal Revenue Code of 1986 by Pub. L. No. 115-97 on December 22, 2017 (Aug. 28, 2018), are available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/082818comments.pdf.
5See ABA Tax Section, Comments on Internal Revenue Code Section 512(A)(6) Special Rule for Organizations with More Than One Unrelated Trade or Business (Dec. 4, 2018), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/120418comments.pdf, supplementing submission with same title (June 21, 2018), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/062118comments.pdf.
6See ABA Section of Taxation, Comments on Notice 2017-73, Request for Comments on Application of Excise Taxes with Respect to Donor Advised Funds in Certain Situations, are available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/041918comments.pdf.
7See ABA Section of Taxation, Commentary on IRS 1993 Exempt Organizations Continuing Professional Education Technical Instruction Program Article on Election Year Issues (Feb. 21, 1995); ABA Section of Taxation, Comments on Proposed Regulations Regarding Guidance for Tax-Exempt Social Welfare Organizations on Candidate-Related Political Activities (May 7, 2014), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/050714comments.authcheckdam.pdf.
8See ABA Section of Taxation, Comments on New Examples of Program-Related Investments in Proposed Regulations Section 53.4944-3(b) (Aug. 8, 2012), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/080811comments.authcheckdam.pdf.
9See ABA Section of Taxation, Comments on Issues on Which Precedential Guidance is Needed (June22, 2016), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/062216comments.authcheckdam.pdf.
10See e.g. ABA Section of Taxation, Comments on Proposed Regulations Addressing the Definition of “Interest” for Purposes of Section 163(j) (February 26, 2019), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/022618comments.pdf
11E.g., those described in Revenue Procedure 2001-57, 2001-2 C.B. 577, Revenue Procedure 2005-20, 2005-1 C.B. 90, and Revenue Procedure 2009-42, 2009-40 I.R.B. 459.
12Regulated Investment Company Modernization Act of 2010, Pub. L. No. 111-325, 124 Stat. 3537.
13Notice 2016-10 solicited comments on whether excess refunds should be allowed to carry over to a subsequent year or years.
14For a thorough discussion, see ABA Section of Taxation, Comments on the Impact of the Proposed Regulations under Section 163(j) on Passthrough Entities and their Owners (March 7, 2019), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/030719comments.pdf and for a discussion of the impact of the proposed regulations under 163(j) on real estate, see ABA Section of Taxation, Comments on the Impact of the Proposed Regulations under Section 163(j) on Real Estate (February 28, 2019), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/022819comments.pdf
15Proposed regulations were published on December 28, 2018, 83 Fed. Reg. 67490 (2018).
16Proposed regulations were published on August 8, 2018, 83 Fed. Reg. 39292 (2018). For a thorough discussion of the Section's comments on the treatment of partnerships in the proposed regulations under section 168(k), see ABA Section of Taxation, Comments on Treatment of Partnerships in Proposed Regulations under Section 168(k) (February 12, 2019), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/021219comments.pdf
17Proposed regulations were published on February 8, 2019, 84 Fed. Reg. 3015 (2019).
18The proposed revenue procedure was set forth in Notice 2019-07.
19For a thorough discussion, see ABA Section of Taxation, Comments on the Treatment of Applicable Partnership Interests Under Section 1061 (March 22, 2019), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/032219comments.pdf
20A first set of proposed regulations was published on October 29, 2018, 83 Fed. Reg. 54279(2018). The second set of proposed regulations was published on May 1, 2019, 84 Fed. Reg. 18652 (2018). Under this notice of proposed rulemaking, new provisions were proposed and certain provisions in the first set of proposed regulations were withdrawn and updated.
2182 Fed. Reg. 6,370 (2017).
22See Feigh v. Commissioner, 152 T.C. No. 15 (2019).
23Notice 89-35.
24See ABA Section of Taxation, Comments on Draft Revenue Procedure Addressing Issues Under Section 1362(f) (May 4, 2017), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/050417comments.authcheckdam.pdf.
25See e.g. ABA Section of Taxation, Comments on Proposed Regulations Addressing the Definition of “Interest” for Purposes of Section 163(j) (February 26, 2019), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/022618comments.pdf
262011-16 I.R.B. 664.
272018-15 I.R.B. 474.
282018-34 I.R.B. 320.
291987-2 C.B. 674.
30See ABA Section of Taxation, Comments on the Tax Treatment of Hard Forks (Mar. 19,2018), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/031918comments2.pdf and ABA Section of Taxation, Comments on Notice 2014-21 (Mar. 24, 2015), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/032415comments.pdf
31See ABA Section of Taxation, Comments on Proposed Regulations Addressing Section 59A (May 15, 2019), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/051519comments.pdf
32See ABA Section of Taxation, Comments on Proposed Guidance under Section 168(k) Regarding Consolidated Return Issues (March 28, 2019), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/051519comments.pdf
33See ABA Section of Taxation, Comments on the Proposed Regulations Concerning Foreign Tax Credits (March 18, 2019), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/031819comments.pdf
34See ABA Section of Taxation, Comments on Treatment of Corporate Taxpayers and Consolidated Groups in Proposed Guidance under section 163(j) (February 26, 2019), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/022618comments1.pdf
35See ABA Section of Taxation, Comments on the Proposed Regulations Concerning Section 951A (November 21, 2018), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/112118comments.pdf and ABA Section of Taxation, Comments on Proposed Regulations under Section 951A in Relation to Passthrough Entities and their Owners (January 16, 2019), available at https://www.americanbar.org/content/dam/aba/administrative/taxation/policy/011619comments.pdf
END FOOTNOTES
- AuthorsSolomon, Eric
- Institutional AuthorsAmerican Bar Association Section of Taxation
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2019-22523
- Tax Analysts Electronic Citation2019 TNT 111-152019 EOR 7-52
- Magazine CitationThe Exempt Organization Tax Review, July 2019, p. 9984 Exempt Org. Tax Rev. 99 (2019)
