Mission Creep: The Expansion of the Role of the Debt Modification Regulations
11 February 2015
BloombergBNA Daily Tax Report
In a co-authored article, Tax Transactions & Consulting partner Mark Leeds (New York) examines how the IRS has expanded its use of tax code Section 1001 debt modification regulations beyond their original scope, applying the standards in insurance and government bond cases, for example. The authors explore this recent ‘‘mission creep’’ for the regulations and whether it is consistent with the rules’ values when promulgated.