December 2018 Bar Bulletin
By James K. Treadwell
(First of Two Parts)
Section 199A of the Internal Revenue Code was passed into law as a part of the December 22, 2017, Tax Cuts and Jobs Act — 14 pages in number. On August 8, Section 199A Proposed Regulations were issued — 184 pages in number. The statute’s operation is projected by the Joint Committee on Taxation to result in $414.4 billion of the projected $1.456 trillion of deficits over the next 10 years — almost 30 percent of the total projected impact.
By application of a deduction equal to as much as 20 percent of a qualified business’s net operating income,...