Responding to a Trump Executive Order, the Treasury Department has reviewed all significant tax regulations issued after December 31, 2015 and identified eight regulations to be reformed to mitigate the burden that the regulations impose on taxpayers.  These regulations are:

• Proposed regulations under Section 103 defining a “political subdivision” of a State that is eligible to issue tax-exempt bonds.
• Temporary regulations under Section 337(d) dealing with transfers of property by C corporations to REITs and RICs, including rules designed to prohibit/limit tax-free spinoffs of REITS and RICs.
• Final regulations under Section 7602 on the participation of certain persons in a summons interview.
• Proposed regulations under Section 2704 limiting lack of marketability discounts  of an interest for estate, gift and GST taxes.
• Temporary regulations under Section 752 dealing with allocation of liabilities for disguised sale purposes and treatment of bottom-dollar guarantees.
• Final and Temporary regulations under Section 385 dealing with characterization of related-party debt as debt or equity for tax purposes.
• Final regulations under Section 987 dealing with currency gains or losses with respect to a qualified business unit.
• Final regulations under Section 367 dealing with the treatment of certain transfers of property to foreign corporations.

Many of these regulations were criticized or disliked by tax practitioners and therefore their proposed reform (which can include full repeal) is generally good news for taxpayers.