On December 20, 2018, the US Department of Treasury and the Internal Revenue Service released proposed regulations under Section 864(c)(8) of the Code on the treatment of a foreign partner’s transfer of an interest in a partnership that is engaged in the conduct of a trade or business in the United States. Section 864(c)(8) was newly introduced to the Code by the 2017 Tax Cuts and Jobs Act. This Legal Update provides an overview of certain aspects of the proposed regulations.
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