U.S. Senator Hatch Seeks Clarification from Treasury on Use of Secret Memo Regarding Section 385 Debt-Equity Regulations
On 11 October 2016, Senate Finance Committee Chairman Orrin Hatch R-UT sent a letter to Treasury Secretary Jacob Lew seeking clarification on the use of a long-secret Memorandum of Agreement (MOA) with the Office of Management and Budget (OMB) concerning the economic and regulatory effects of tax regulations. Treasury uses the MOA to justify forgoing a cost-benefit analysis required by federal …
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