Internal Revenue Service March 22, 2016 – Federal Register Recent Federal Regulation Documents

Tax Design Challenge; Requirements and Procedures
Document Number: 2016-06432
Type: Notice
Date: 2016-03-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This Notice announces the requirements and procedures for the Tax Design Challenge (``the Challenge). The Challenge is a crowdsourcing competition, with cash prizes, that the IRS is hosting to begin reimagining the taxpayer experience of the future. The goal of this design challenge is to develop new concepts for designing, organizing and presenting tax information in a way that makes it easier for taxpayers to understand their taxpayer responsibilities and effectively use their own taxpayer data.
Indirect Stock Transfers and the Coordination Rule Exceptions; Transfers of Stock or Securities in Outbound Asset Reorganizations
Document Number: 2016-06404
Type: Rule
Date: 2016-03-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations under sections 367, 1248, and 6038B of the Internal Revenue Code (Code). These regulations finalize the elimination of one of two exceptions to the coordination rule between asset transfers and indirect stock transfers for certain outbound asset reorganizations. The regulations also finalize modifications to the exception to the coordination rule for section 351 exchanges so that it is consistent with the remaining asset reorganization exception. In addition, the regulations finalize modifications to the procedures for obtaining relief for failures to satisfy certain reporting requirements. Finally, the regulations finalize certain changes with respect to transfers of stock or securities by a domestic corporation to a foreign corporation in a section 361 exchange. These regulations primarily affect domestic corporations that transfer property to foreign corporations in certain outbound nonrecognition exchanges.