Government Hoping Rules on Covered Asset Acquisitions Out by Summer

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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.