The Treasury Department  has issued notice 2017-38 (here) identifying eight regulations, including Final and Temporary Regulations under Section 385 on the Treatment of Certain Interests in Corporations as Stock or Indebtedness (T.D. 9790) and Final Regulations under Section 367 on the Treatment of Certain Transfers of Property to Foreign Corporations (T.D. 9803), as imposing an undue financial burden on US taxpayers or adding undue complexity to Federal tax laws. An Executive Order signed by President Trump on 21 April 2017 required a review of all "significant tax regulations" issued on or after 1 January 2016 and the identification of those that impose undue financial burden, add undue complexity, or exceed statutory authority. The order further instructs the Secretary to submit a final report to the President by 18 September 2017, recommending “specific actions to mitigate the burden imposed by regulations identified in the interim report". The Treasury Department has requested comments by 7 August 2017 on whether the regulations described in the Notice should be rescinded or modified, and how they should be modified. For further information, please contact Paul Hale or Enrique Clemente.