Bradley Partner Bruce Ely Quoted in Bloomberg BNA on How States Will Track Federal Debt-Equity Rules

Bloomberg BNA

Media Mention

State and Local Tax (SALT) attorney Bruce Ely was quoted in Bloomberg BNA on the state-side impact of the Treasury Department’s recently announced regulations. The threshold inquiry for many practitioners is if, and how, states will apply the federal provisions—raising questions regarding conformity with the final regulations under tax code Section 385.

“The states that have an automatic tie to federal taxable income, I think the new regulations logically become part of their law, subject to any tweaking they might need in order to tie them to any quirks in that state's tax laws,” Ely said. “So I think the state departments of revenue will have to issue some, at least interpretive if not implementing, regulations quite soon.”

The complete article, “Debt-Equity Rules Still Skirt State Tax Conundrum,” appeared in Bloomberg BNA on October 18, 2016. (login required)