Spin offs Steptoe Johnson LLP An International Law Firm“分拆” 斯特普托amp；约翰逊LLP国际法律公司.doc

PRACTISING LAW INSTITUTE TAX STRATEGIES FOR CORPORATE ACQUISITIONS, DISPOSITIONS, SPIN-OFFS, JOINT VENTURES, FINANCINGS, REORGANIZATIONS AND RESTRUCTURINGS 2012 “Spin-Offs”: The Anti-Morris Trust and Intragroup Spin Provisions By Mark J. Silverman Steptoe Johnson llp Washington, D.C. Copyright ? 2012 Mark J. Silverman, All Rights ReservedTABLE OF CONTENTS Internal Revenue Service Circular 230 Disclosure:? As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein. Page I. INTRODUCTION 1 II. DESCRIPTION OF THE STATUTE AND ITS HISTORY 2 A. Description of Statutory Language 2 1. Section 355(e) -- The Anti-Morris Trust Provision 3 2. Section 355(f) -- Intragroup Distribution Provision 6 3. “Control Immediately After” Provision 7 B. History of the Statute 8 1. Administration’s Budget Proposal 8 2. Archer/Roth/Moynihan Bill 9 3. House Bill 12 4. Senate Bill 14 5. Taxpayer Relief Act of 1997 15 6. Technical Corrections 17 III. ISSUES AND ANALYSIS 18 A. Purpose of Section 355(e) and (f) 18 B. Operation of Section 355(e) 21 1. Base Case 21 2. Distributions That Are “Part of a Plan” 22 3. One or More Persons “Acquire Directly or Indirectly” Stock 37 4. The Distributing or “Any” Controlled Corporation 42 5. Exceptions to Section 355(e) 44 6. Successors and Predecessors 51 7. Regulatory Authority Under Section 355(e) 59 C. Operation of Section 355(f) 60 1. In General 60 2. Section 358(g) Regulations 63 D. Control and Step-Transaction Issues 72 1. Control 72 2. The Step-Transaction Doctrine 73 3. The Step-Transaction Doctrine and Section 355(e) 78 IV. RECOMMENDATIONS 81 “Spin-offs” The Anti-Morris Trust and Intragroup Spin Provisions Mark J. Silverman and