U.S. Treasury Deputy Secretary Justin Muzinich highlighted developments in housing finance reform, Committee on Foreign Investment in the United States reform, digital taxation, and cryptocurrency policy.
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Sears Holding Corp. ("Sears"), the parent of Sears and Kmart, announced in a recent SEC filing that it is actively considering monetizing some of its real estate holdings by selling and leasing back certain of its real estate assets to a newly formed Real Estate Investment Trust ("REIT"). Sears' proposal could reduce its U.S. tax bill while creating a stream of rental income earned by the REIT that could escape corporate level tax. Other companies used tax-free spin-offs to move real estate off their tax books and into more tax-efficient structures, such as REITS, but House Ways and Means