Treasury Still Looking to Tweak Its Crackdown on ‘Killer B’s’

After nearly a decade and a half, the Treasury Department and the IRS are still hoping to fend off “Killer B’s” once and for all.

Treasury and IRS are preparing regulations to clamp down on Killer B’s—triangular reorganizations involving foreign corporations, so named because they fall under tax code Section 368(a)(1)(B)—which the government says companies have used in the past to avoid taxes.

Treasury is actively working on the rules, a Treasury official said, though there’s no time frame for when they might be issued. They were added last September to Treasury’s Priority Guidance Plan, the annual list of ...