Law360 discussed the U.S. Treasury’s recent move to target eight Obama-era tax regulations for repeal or adjustments with Gardere partner James Howard, chair of the firm’s tax practice group. According to Howard, while a number of these rules affect cross-border transactions, the only real common theme threading these rules together is that they kicked up a fair bit of dust when they were proposed.
"Most of them were changes in substantive rules that caused some controversy," Howard said. "If all eight of them are gone, and we go back to the rules that were in place before these regulations were published, I don’t know that it makes it any easier or more difficult for taxpayers to carry out transactions, but they would certainly, in many instances, lower the aggregate tax liability of taxpayers that are engaging in the transactions."
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