Taxpayers who have asked the IRS for private letter rulings about transactions related to corporate spin-offs will get 21 days to modify those outstanding requests to take into account recently proposed rules.
IRS Associate Chief Counsel (Corporate) Mark Schneider said Thursday during D.C. Bar Tax Conference that taxpayers can update pending requests for guidance from the agency regarding spin-off transactions within 21 days from filing to take into consideration proposed corporation transaction regulations released on Monday.
Taxpayers who find the proposed regulations more favorable to certain transactions but already have an outstanding request for guidance with the IRS can ...
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