Amount B Rules ‘Going to Take Some Time,’ Treasury Official Says

The IRS and Treasury Department are working on regulations for the simplified transfer pricing framework known as Amount B, a Treasury official said Monday.

“There’s a reg drafting team that has already begun to think about the comments that we received,” Chris Bello, senior counsel for tax legislation at the department, said at a Washington conference sponsored by the OECD and the US Council for International Business. “And that work is slowly starting to begin. I cannot predict how long it’ll take, but I have a feeling that it’s going to take some time.”

He said writing these regs ...