Attorney

1545-BO93 201810 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 1545 Internal Revenue Service IRS 1500 Department of the Treasury TREAS Electing Small Business Trusts With Nonresident Aliens as Potential Current Beneficiaries

Proposed regulations that provide guidance regarding the expansion of eligible potential current beneficiaries (PCBs) of an electing small business trust (ESBT) to include nonresident aliens (NRAs) by section 13541 of the Tax Cuts and Jobs Act, Pub. L. 115-97, 131 stat. 2054 (2017). These proposed regulations prevent NRAs who are PCBs from avoiding U.S. tax on certain types of S corporation income when these NRAs are owners of grantor trusts electing to be ESBTs.

]]> Other Significant First Time Published in The Unified Agenda Proposed Rule Stage No No Other 26 CFR 1.641(c)-1 26 CFR 1.1361-1 26 U.S.C. 7805 26 U.S.C. 1361(c)(2)(B)(v) No NPRM 12/00/2018 REG-117062-18 (NPRM) Drafter attorney: Cynthia Morton (202) 317-4630 Reviewer attorney: Richard Probst (202) 317-5044 Treasury attorney: Catherine Hughes (202) 622-9407 CC:PSI No No None No No No No Cynthia Morton D. Attorney 1545 Internal Revenue Service IRS 202 317-4630 855 591-7865 cynthia.d.morton@irscounsel.treas.gov 1111 Constitution Avenue NW., Room 5011, Washington DC 20224