Government Hoping Rules on Covered Asset Acquisitions Out by Summer

For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

The government is working hard on eagerly anticipated rules to address the treatment of covered asset acquisitions under new tax code Section 901(m), with a hope that the guidance could be out by summer, a Treasury Department official says. “We're hopeful,” Ginny Chung, an attorney-adviser with the Treasury's Office of International Tax Counsel, tells reporters. “These rules are a high priority and we continue to work diligently to finish them.” Chung says the rules will be “more comprehensive than originally thought,” and thus are more complex to complete.

Request Daily Tax Report