April 1, 1992
TO: TAX COMMITTEE NO. 12-92
ACCOUNTING/TREASURERS COMMITTEE NO. 15-92
RE: IRS NOTICE ON REGULATIONS PROJECTS TO BE CLOSED
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As you may know, President Bush recently instructed all
government agencies to eliminate unnecessary regulatory burden.
One step that the Treasury Department and the Internal Revenue
Service have taken to meet this objective is to identify
regulations projects that should be closed or withdrawn.
The attached IRS Notice identifies three categories of
regulations projects: (1) those to be closed because they are no
longer needed or will not be pursued for the foreseeable future;
(2) those proposed regulations to be withdrawn because no current
plans exist to finalize them; and (3) those to be redesignated as
relating to prior law in light of subsequent legislative changes.
The one regulation project on the "to be closed" list that deals
directly with Subchapter M of the Internal Revenue Code (i.e.,
the project on the section 851(g) designated hedge rule), is a
project that the Tax Committee previously indicated was not a
high priority item.
The Notice indicates that these projects will be closed or
redesignated as of June 30, 1992. Anyone believing that any of
the identified projects should be maintained in active status or
finalized is requested by the IRS to file public comments before
June 30. In addition, the IRS has invited public comments on
three additional matters: (1) additional projects or proposed
regulations that should be closed or withdrawn, (2) regulations
projects and proposed regulations that should be completed or
finalized on a priority basis; and (3) existing regulations that
should be modified to reduce taxpayer burden.
If you have comments that you would like the Institute to
submit, please inform the undersigned at 202/955-3585 by June 1,
1992.
We will keep you informed of developments.
Keith D. Lawson
Associate Counsel - Tax
Attachment