Daily Tax Update - July 29, 2014: House Speaker Urges Senate to Pass Highway Funding Bill without Tax Compliance Offsets

HOUSE SPEAKER URGES SENATE TO PASS HIGHWAY FUNDING BILL WITHOUT TAX COMPLIANCE OFFSETS: House Speaker John Boehner urged the Senate not to try to attach tax compliance offsets to the House-passed bill.   Boehner said, “If the Senate sends the highway bill over here with those provisions in it, we're going to strip it out and put the House-passed provisions back in and send them back to the Senate.”  The Senate is scheduled to vote on the bill later today.

MISCELLANEOUS GUIDANCE RELEASED:
Notice 2014-45 provides guidance relating to certain dispositions of assets following a section 901(m) covered asset acquisition. This notice provides that the rules set forth in the Notice 2014-44 will apply to entity classification elections filed on or after this release date that are effective for dates preceding July 21.