The IRS and the U.S. Treasury Department examined proposed regulations to the Internal Revenue Code that would recharacterize certain debt instruments issued to related parties as equity for U.S. federal income tax purposes.
The Internal Revenue Service and the Treasury will hold a public hearing to review jointly proposed debt-equity regulations. The proposed regulations were published in the Federal Register.
The Senate Homeland Security and Government Affairs Permanent Subcommittee on Investigations announced a hearing titled "Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits." The hearing will examine a set of transactions that utilize financial engineering and structured financial products to effect attempts to avoid paying U.S. taxes on short-term capital gains. Witnesses will include representatives of major financial institutions, as well as from a nonprofit institution and the U.S. Government Accountability Office. A witness list will be
The Senate held a hearing to consider the President's nomination of John Koskinen for IRS Commissioner. Chair Max Baucus and Ranking Member Orrin Hatch both expressed support of the nomination. See: Video of the Hearing.See also: Statement from Chair Baucus; Statement from Hatch; Witness Testimony of Koskinen.