U.S. Senators Call on Treasury to Maintain Section 385 Debt-Equity Regulations

U.S. Senator Dick Durbin (D-IL) has announced that he and 11 of his Senate colleagues have sent a letter to Treasury Secretary Steven Mnuchin to urge him to reject calls to eliminate, undermine, or scale back the Section 385 debt-equity regulations, which are meant to address corporate inversions and earnings stripping. Treasury and the IRS recently delayed the documentation requirements under the rules to 2019 and noted that the regulations as a whole are under review as significant tax regu…