Partnership-Basis Rule Rollback Is Under White House Review (2)

Plans by the IRS to revoke regulations on reporting of partnership-related basis-adjustment transactions are now under White House regulatory review.

The IRS’s proposed regulations to revoke requirements to identify the basis-adjustment transactions as “transactions of interest” reached the White House Office of Information and Regulatory Affairs on Thursday, according to OIRA’s website.

The classification as transactions of interest, made in final regulations issued in January, required material advisers and certain participants in basis-adjustment transactions to file disclosures with the IRS.

But the agency said in April it would propose new regulations to withdraw those regulations, as part of ...