November 11, 2019
Office of Associate Chief Counsel (Corporate)Attention: Kevin M. Jacobs and Marie C. Milnes-VasquezInternal Revenue Service (I.R.S.)1111 Constitution Avenue, NWWashington, DC 20224
CC:PA:LPD:PR (REG-125710-18)Room 5203Internal Revenue ServiceP.O. Box 7604Ben Franklin StationWashington, D.C. 20224
Via Federal eRulemaking Portal
RE: Comments on REG-125710-18: Regulations Under Section 382(h) Related to Built-In Gain and Loss
Dear Mr. Jacobs and Ms. Milnes-Vasquez:
The U.S. Chamber of Commerce appreciates the opportunity to provide feedback on REG-125710-18, guidance regarding the items of income and deduction which are included in the calculation of built-in gains and losses under section 382 of the Internal Revenue Code, as published in the Federal Register on September 10, 2019.
The attached chart identifies issues arising under REG-125710-18 and provides suggested solutions as well as any additional explanation the Chamber believes would be helpful in addressing the issue. This feedback is the product of extensive conversations with a very wide array of impacted Chamber members. These comments may be considered as representing some of the most serious issues, but are not all the issues concerning Chamber members on REG125710-18.The Chamber appreciates the opportunity to provide this feedback on REG-12571018.The Chamber strongly urges Treasury and the I.R.S. to continue to work closely with the business community to implement the recent tax changes in a manner to ensure as little disruption as possible to normal business operations and that this law encourages the U.S. economy to achieve its true growth potential. The Chamber looks forward to working with you to address these and other issues as we work to implement our new, pro-growth tax code. Thank you for your time and attention.
Sincerely,
Caroline L. Harris
Cc: Charles P. Rettig, Commissioner, Office of the Commissioner, Internal Revenue Service,U.S. Department of the Treasury
David J. Kautter, Assistant Secretary, Office of Tax Policy, U.S. Department of the TreasuryWilliam M. Paul, Deputy Chief Counsel (Technical), Office of the Chief Counsel,Internal Revenue Service, U.S. Department of the Treasury
