United States: Potential State Tax Implications Of Proposed IRC 385 Debt/Equity Regulations
Last Updated: August 15 2016

American Bar Association, Taxation Section Fall Meeting

Sullivan & Worcester Conference Center, Boston, MA

September 30, 2016 (4:00 - 5:00 p.m.)

On September 30, 2016, Richard L. Jones will be a panelist at the American Bar Association, Taxation Section Fall Meeting program entitled "Potential State Tax Implications of Proposed IRC 385 Debt/Equity Regulations."

In April, the U.S. Department of Treasury proposed comprehensive regulations under Section 385 of the Internal Revenue Code. Although the Treasury indicated that the regulations were issued in the context of addressing corporate inversions, if adopted in their present form, the regulations would apply well beyond corporate inversions, to a broad range of related-party transactions. The proposed regulations would authorize the Internal Revenue Service to treat certain related-party interests that would otherwise be treated as indebtedness as stock for federal tax purposes (or as part stock and part debt) and establish extensive documentation requirements for intra-group indebtedness.

Mr. Jones' panel will provide an overview of the proposed regulations and discuss potential state and local tax implications.

Questions to be addressed include:

  • What are the general implications for the states?
  • How would the rules apply in the context of a group of taxpayers that file a federal consolidated return (and therefore may not be subject to the federal rules) but file separate state tax returns?

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