Daily Tax Update - January 11, 2017: House Democrats Announce Ways and Means Subcommittee Assignments

House Democrats Announce Ways and Means Subcommittee Assignments:  House Ways and Means Committee Ranking Member Richard Neal (D-MA) today announced ranking member and subcommittee assignments for Democratic committee members in the 115th Congress:

Health

  • Ranking Member Sander Levin (MI)
  • Mike Thompson (CA)
  • Ron Kind (WI)
  • Earl Blumenauer (OR)
  • John Lewis (GA)
  • Brian Higgins (NY)
  • Terri A. Sewell (AL)

Human Resources

  • Ranking Member Danny Davis (IL)
  • Lloyd Doggett (TX)
  • Linda Sánchez (CA)
  • Terri A. Sewell (AL)

Oversight

  • Ranking Member John Lewis (GA)
  • Joe Crowley (NY)
  • Danny Davis (IL)
  • Earl Blumenauer (OR)

Social Security

  • Ranking Member John B. Larson (CT)
  • Bill Pascrell, Jr. (NJ)
  • Joe Crowley (NY)
  • Brian Higgins (NY)

Tax Policy

  • Ranking Member Lloyd Doggett (TX)
  • John B. Larson (CT)
  • Linda Sánchez (CA)
  • Mike Thompson (CA)
  • Suzan DelBene (WA)
  • Earl Blumenauer (OR)

Trade 

  • Ranking Member Bill Pascrell, Jr. (NJ)
  • Ron Kind (WI)
  • Lloyd Doggett (TX)
  • Sander Levin (MI)
  • Danny Davis (IL)
  • Suzan DelBene (WA)

Reps. Higgins and DelBene also will serve on the House Budget Committee.

House Ways and Means Announces Organizational Meeting:  The House Ways and Means Committee will hold its organizational meeting tomorrow at 3:00 p.m.  The meeting will include the consideration of the committee’s draft rules for the 115th Congress.  The committee also released a summary of the proposed changes to the draft rules.  

DTU In Depth

Final 367 Regulations Depart From Congressional Intent and Historical IRS Approach:  In December 2016, the US Treasury Department and the IRS issued final regulations under section 367, regarding the treatment of transfers of certain property to foreign corporations.  As foreshadowed in the proposed regulations issued in September 2015, the IRS changed the law so that transfers of foreign goodwill and going concern value are taxable.  The final regulations are a departure from 30 years of IRS guidance.  Further, Congress itself explicitly stated when it enacted the statute that such transfers ordinarily should be tax free.  Click here for more in-depth coverage.