United States

RSM submits Comment Letter regarding section 382 proposed regulations


RSM has submitted to the Treasury Department and the Internal Revenue Service comments addressing Proposed Regulation section 1.382-7, which addresses built-in gains and built-in losses under section 382(h). Our summaries of the proposed regulations and their potential impact can be found here and here.

The Proposed Regulations are taxpayer unfavorable and eliminate the use of the wasting asset concept, which has been available to taxpayers for 15 years through Notice 2003-65. Our comments set forth recommendations regarding these and certain other matters addressed by the Proposed Regulations for the consideration of Treasury and the Service when re-proposing or finalizing the Proposed Regulations or issuing other related guidance.

View the comment letter.


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