199A Final Regulations

The Treasury Department and the IRS have released the corrected draft final regulations under section 199A on the new qualified business income (QBI) deduction. Changes include corrections to the definition and computation of excess section 743(b) basis adjustments for purposes of determining the unadjusted basis immediately after an acquisition of qualified property, as well as corrections to the description of an entity disregarded as separate from its owner for purposes of section 199A and §§1.199A-1 through 1.199A-6. The corrected draft has been submitted to the Federal Register for publication.