Daily Tax Update - August 11, 2011: Pelosi Names "Super Committee" Members

PELOSI NAMES "SUPER COMMITTEE" MEMBERS: Today, House Minority Leader Nancy Pelosi selected Reps. Jim Clyburn, Xavier Becerra, and Chris Van Hollen to represent House Democrats on the 12-member Joint Select Committee on Deficit Reduction (Super Committee).  Clyburn serves as the assistant Democratic leader, Becerra serving as the vice chairman of the House Democratic Caucus and a member of the House Ways and Means Committee, and Van Hollen the ranking member of the House Budget Committee.

MISCELLANEOUS GUIDANCE RELEASED TODAY:

Revenue Ruling 2011-19, which holds that a United Kingdom tax on long-term nondomiciliaries is allowable under tax code Section 901, when combined with the remittance basis of taxation. The Remittance Basis Charge (RBC) is imposed by the government of the United Kingdom on long-term nondomiciliaries who elect to be taxed under the remittance basis of taxation.

TD 9540 contains final regulations relating to the use of actuarial tables in valuing annuities, interests for life or terms of years, and remainder or reversionary interests. These regulations will affect the valuation of inter vivos and testamentary transfers of interests dependent on one or more measuring lives. These regulations are necessary because section 7520(c)(3) directs the Secretary to update the actuarial tables to reflect the most recent mortality experience.

INTERNAL REVENUE SERVICE - CIRCULAR 230 DISCLOSURE:
As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.

STEPTOE & JOHNSON LLP - TAX PRACTICE
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