Daily Tax Report ®

‘Nothing Set in Stone’ in IRS Built-In Gain and Loss Regulations

Nov. 15, 2019, 6:55 PM

The IRS is “actively thinking about” issuing transition guidance for new regulations that could limit some companies’ use of tax-offsetting losses in mergers and acquisitions, an official said Nov. 15, echoing another official’s remarks the previous day.

”There’s nothing that is set in stone in the proposed regs,” IRS senior technician reviewer Kevin Jacobs said at an American Institute of CPAs conference in Washington. “I was the drafter of it, so I can assure you.”

His remarks came after Douglas Bates, branch chief in the IRS Office of Associate Chief Counsel, said at a Chicago conference Nov. 14...

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