The White House has completed its regulatory review of IRS and Treasury Department plans to revoke regulations on reporting of partnership-related basis-adjustment transactions.
The White House Office of Information and Regulatory Affairs completed its review Tuesday of proposed regulations that would revoke the reporting requirements, according to OIRA’s website. The proposed regulations went to OIRA on Dec. 4.
The proposed regulations would rescind final regulations issued in January under then-President Joe Biden that classified basis-adjustment transactions as potentially abusive “transactions of interest” that must be reported to the IRS. President Donald Trump’s IRS and Treasury said in April that ...