The Preliminary Report to President Trump
The Preliminary Report to President Trump’s Executive Order 13789 is IN!!! That order required the Treasury to review all regulations issued on or after January 1st, 2016 and identify those that imposed a financial burden or added complexity or exceeded their statutory authority.
The Treasury has reported that there were 105 Proposed and Final Regulations issued from January 1st, 2016, thru April 17th, 2017!!!! They further reported that 53 of those were minor or technical. However, they did in fact identify 8 that met the test laid out by the President.
Of those 8 – the ones of most concern to Closely Held Companies across the U.S. are:
The Proposed Regulations under Section 2704 on Restrictions on Liquidation of an Interest for Estate, Gift and Generation-Skipping Transfer Taxes (reg-163113-02); and
Final and Temporary Regulations under Section 385 on the Treatment of Certain Interests in Corporations as Stock or Indebtedness (TD 9790).
The Treasury has stated that they anticipate presenting a final report to the President by September 18th, 2017.
I will talk about the Executive Order and now the results of this Preliminary Report during our July Webinar – so be sure to tune in!!!!