EY Cross-Border Taxation Spotlight for Week ending 17 February 2017

A review of the week's major US international tax-related news. In this edition: President Trump holds meeting with CEOs of major retailers to discuss tax reform and border-adjustable tax proposal – Congressman Mike Kelly calls for a more methodical approach in trying to pass tax reform legislation to impose a border-adjustable tax – IRS official at recent International Tax Institute luncheon notes proposed Section 901(m) regulations include broader language than the original statute because they are meant to act as a catchall for transactions not targeted by Section 901(m) – IRS official at recent New York conference indicates the IRS will not be releasing any guidance other than most routine ones in the near future; practitioners caution that consolidated group members should ensure that they satisfy the Section 385 debt-equity documentation requirements – Steven Mnuchin sworn in as 77th US Treasury secretary.