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Abstract
The Treasury Department has proposed repealing 298 regulations. According to the Treasury, the targeted rules are unnecessary, duplicative or obsolete. In addition, the Treasury proposed to amend another 79 regulations to reflect the repeal. The Treasury began reviewing IRS regulations in response to two Executive Order (EO) issued in 2017. The first EO directed each agency to establish a Regulatory Reform Task Force. In addition, each Regulatory Reform Task Force was directed to review existing regulations to determine which, among other things, were outdated, unnecessary or ineffective. The second EO directed the Treasury to review all significant tax regulations issued on or after Jan 1, 2016. Accordingly, on Jun 22, 2017, the Treasury issued an interim report identifying eight regulations to be revised or withdrawn. On Oct 2, 2017, the Treasury issued a second report noting that the IRS Offi ce of Chief Counsel had identified over 200 regulations for potential repeal.