Treasury/IRS Partial Withdrawal of Section 355 Device and Active Trade or Business Guidance
What happened
On October 20, 2026, the U.S. Department of the Treasury and the Internal Revenue Service published a partial withdrawal of guidance under Section 355 concerning the device test and the active trade or business requirement. The notice withdraws only part of the prior guidance; the reports do not specify which provisions remain in effect, the effective date of the withdrawal, or any filing or reliance deadline. Practitioners should consult the Federal Register notice for the scope of the withdrawal.
Generated by AI from the reports · updated 8 days ago
Report timeline
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- Federal Register · Treasury / IRS (OBBB)Treasury and IRS publish partial withdrawal of Section 355 device and active trade or business guidance
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