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Today the Treasury Department issued revised temporary regulations requiring corporations to notify the IRS and their shareholders when they move their headquarters offshore or are acquired by a foreign company. Temporary regulations were first released on November 12, 2002, and covered transactions occurring after 2001. These revised regulations cover transactions occurring after 2002 and reflect clarifications that will ensure better information reporting by brokers. These regulations are part of Treasury’s proposals to address corporate inversion transactions, which were unveiled by Treasury Assistant Secretary Pam Olson in testimony before the House Ways & Means Committee on June 6, 2002.
The texts of the revised temporary and proposed regulations are attached. They will be published in the Federal Register in the next few days and are subject to minor technical changes.
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