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- Potential Effects of the Presidential Transition on Recent Tax Regulations
Potential Effects of the Presidential Transition on Recent Tax Regulations
February 6, 2017, Covington Alert
The new Trump Administration has generated significant uncertainty about the applicability of a number of tax regulations finalized in the waning days of the Obama Administration. On the day of President Trump’s inauguration, Reince Priebus, the Chief of Staff of the White House issued a memorandum to all the heads of executive agencies to pause certain of their rule-making activities until review by the President’s new appointees or designees, with very limited exceptions for emergency situations. The Chief of Staff’s memorandum directs executive agencies to: (1) refrain from sending any new regulations to the Office of the Federal Register (“OFR”) until it has been approved by an agency head appointed by President Trump; (2) withdraw those regulations that had been sent to the OFR but remain unpublished (there is typically a lag of at least one day between a regulation being sent to the OFR and its publication in the Federal Register); and (3) postpone for 60 days the effective date of any regulation that had been published in the Federal Register but had not yet taken effect.
January 9, 2019, Covington Alert
On January 2 of this year, former House Ways & Means Chairman Kevin Brady (R-TX) introduced the Tax Technical and Clerical Corrections Act. It contains technical corrections to existing tax law, many of which relate to Public Law 115–97, also known as the Tax Cuts and Jobs Act (TCJA) of 2017. Mr. Brady introduced this measure as a discussion draft and has ...
Proposed Guidance Regarding the Treatment of Income from Banking Under Section 199A
June 7, 2018, Covington Comment Letter to The Honorable David J. Kautter and The Honorable William M. Paul
January 22, 2018
WASHINGTON—Covington advised Bacardi Limited in its definitive agreement to acquire Patrón Spirits International AG and its PATRÓN® brand, the world’s top-selling ultra-premium tequila, from John Paul DeJoria, a founder of Patrón. The transaction reflects an enterprise value for Patrón of $5.1 billion. The transaction follows the successful relationship the ...