Proposed Regulations Issued on Unrelated Business Taxable Income

Last week, the U.S. Department of the Treasury and the IRS issued proposed regulations under Section 512(a)(6), which was enacted by the Tax Cuts and Jobs Acts of 2017. Among other things, this section provides that losses from one unrelated trade or business cannot offset the gains from another. Comments on the proposed regulations are due by June 23, 2020. For more details, see this report for OMA Connections Partner Crowe. 4/30/2020