--Here lies the remains of the Code §2704 Proposed Regulations. RIP, 2016-2017--
As part of President Trump’s mandated review of federal regulations, the Secretary of Treasury has issued a report specifically recommending the elimination of the Code §2704 Proposed Regulations. While these regulations may reappear in revised form someday, it is highly unlikely that the current version will ever be finalized.
Of less general import, the Secretary also recommended the withdrawal of proposed regulations under Section 103 defining a political subdivision.
Other regulations were not targeted in their entirety – instead the Secretary recommended only partial revocation. These are:
-Final Regulations under Section 7602 on the Participation of a Person Described in Section 6103(n) in a Summons Interview
-Regulations under Section 707 and Section 752 on Treatment of Partnership Liabilities
-Final and Temporary Regulations under Section 385 on the Treatment of Certain Interests in Corporations as Stock or Indebtedness
Lastly, the Secretary recommended substantial revisions to these regulations:
-Final Regulations under Section 367 on the Treatment of Certain Transfers of Property to Foreign Corporations
-Temporary Regulations under Section 337(d) on Certain Transfers of Property to Regulated Investment Companies (RICs) and Real Estate Investment Trusts (REITs)
-Final Regulations under Section 987 on Income and Currency Gain or Loss With Respect to a Section 987 Qualified Business Unit
Second Report to the President on Identifying and Reducing Tax Regulatory Burdens, October 2, 2017
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