Battle Over Contentious IRS Regulations About to Heat Up

The already-heated debates over controversial IRS regulations are liable to get even hotter soon, as President-elect Donald Trump’s more anti-regulatory, business-friendly administration takes the reins.

Parts of Treasury Department rules on the 1% stock-buyback tax, the corporate book-income tax, and attempts to prevent companies from “double-dipping” losses to deduct them both in a foreign country and the US—all opposed by multinational companies—stand to be reviewed, revised, or rolled back under Trump, practitioners and other observers said.

Some recent regulations “are problematic and extend beyond their legislative intent and Treasury’s authority,” said Anne Gordon, vice president of international tax policy for ...