The U.S. Treasury Department and IRS today released for publication in the Federal Register final regulations (T.D. 9914) as guidance on the definition of an eligible terminated S corporation and rules relating to distributions of money by such a corporation after the post-termination transition period.
Read the final regulations [PDF 325 KB] (14 pages as published in the Federal Register on October 20, 2020)
The IRS on September 15, 2020, posted on its website a version of these final regulations that includes the following statement:
This document has been submitted to the Office of the Federal Register (OFR) for publication and will be pending placement on public display at the OFR and publication in the Federal Register. The version of the final rule released today may vary slightly from the published document if minor editorial changes are made during the OFR review process. The document published in the Federal Register will be the official document.
For initial impressions about the final regulations, based on the September 2020 version, read TaxNewsFlash.
Read a computer-generated document [PDF 870 KB] that provides a comparison of the version of the final regulations submitted today for publication in the Federal Register against the version posted by the IRS on September 15, 2020. This unofficial document was produced by KPMG for the purpose of showing what changes, if any, were made to the regulations prior to being released to the Federal Register for publication. It has not been reviewed for accuracy.
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