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June 26, 2024

Tax Group chair Linda Swartz spoke with Law360 about recent IRS guidance limiting the types of corporate spinoffs that would qualify for tax-free status.

Among other insights, Linda noted that the guidance and the agency’s accompanying notice represent a “sea change,” with the notice’s “aggressive limiting tone” applying to a breadth of issues.

“In my experience, it is not typical to have a tax avoidance purpose for many of the actions the IRS is worried about," she said.  Linda also expressed concern that complying with the standards that the government may promulgate in future proposed regulations "will make spinoffs very difficult to accomplish with an IRS ruling, even when they're permitted under the statute and case law."

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In response to YA Global Investments, LP v. Commissioner (discussed here), the New York State Bar Association Tax Section has urged the government to provide clear guidance for partnerships filing protective returns to start the statute of limitations on Section 1446 withholding tax.

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Key Contacts

Linda Z. Swartz
Partner
T. +1 212 504 6062
linda.swartz@cwt.com

 

Adam Blakemore
Partner
T. +44 (0) 20 7170 8697
adam.blakemore@cwt.com

Jon Brose
Partner
T. +1 212 504 6376
jon.brose@cwt.com

Andrew Carlon
Partner
T. +1 212 504 6378
andrew.carlon@cwt.com

Mark P. Howe
Partner
T. +1 202 862 2236
mark.howe@cwt.com

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