November 10, 2015
Richard M. Nugent of Cadwalader, Wickersham & Taft LLP told Tax Analysts that while it's possible that Darden's letter ruling from the IRS addressed the active trade or business (ATB) requirement in section 355(b), no one will know for sure until the redacted ruling is made public. "Nor do we know the assumptions and representations that underlie the ruling. Those could be critical," he said. Nugent added that a challenge to Darden's REIT spinoff on section 337(d) grounds "is unlikely."
— Richard Nugent comments in Tax Analysts on the Darden ruling
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