IRS Gives Guidance On Future Of No-Rule Areas

Law360, New York (January 28, 2014, 3:30 PM EST) -- An Internal Revenue Service official addressed a packed house of tax attorneys in New York on Tuesday, giving guidance on the future of the agency's no-rule policy and its application to granite trusts, hook equity and North-South transactions.

At the New York State Bar Association's annual meeting, William D. Alexander, the IRS' associate chief counsel, said the taxing authority's position on no-rule areas continues to expand due to ever-increasing budget constraints.

“The IRS ruling program is a government program like all others and we have to...
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