Midyear Conference continues TEI's tradition of excellence.

• Position: Tax Executives Institute

As the economy continued to be buffeted and presidential election winds began to swirl, TEI International President .David M. Penney welcomed more than 500 members and guests to the 62nd Midyear Conference, which was held March 25th to 28th in Washington, D.C. In his opening remarks, Mr. Penney expressed his appreciation "to members who raised their hand, rolled up their sleeves, and found time to help sustain TEI as the preeminent association of in-house tax professionals worldwide."

The changing economic and political landscape helped frame key aspects of this year's conference program that included several cross-disciplinary sessions examining various aspects of the tax, financial, and accounting fields.

The opening address of the conference was delivered by Lisa Zarlenga, Tax Legislative Counsel for the U.S. Department of the Treasury. Ms. Zarlenga discussed several areas of focus within the Treasury Department including business tax reform and numerous regulatory projects. She reported that the tax reform framework put forward by the Obama Administration was intended as a beginning point--a document designed to begin, not end, the discussion with Congress. She emphasized that the Administration will strive find common ground on tax reform. And, while there was broader agreement on the need for corporate tax reform, she said the Administration had not forgotten the need for comprehensive individual tax reform.

Turning to regulatory developments, Ms. Zarlenga commented that the pipeline includes projects to better define the allocation of earnings and profits to transfers of assets, address the treatment of related party losses within a controlled group, and clarify the effect of section 367(d) on transfers to RICs and REITS. Finally, Ms. Zarlenga noted that projects on the short-term horizon included section 172(h), section 721, and a reexamination of the "covered opinion" rules contained in Circular 230.

The opening plenary session, styled Washington Update, featured current and former senior legislative staffers discussing the challenging road ahead for tax reform. Michael P. Hauswirth, Tax Counsel for House Committee on Ways & Means; Jefferson P. Vanderwolk, Tax Counsel for the Senate Committee on Finance; and Jon Traub, former senior aide to the House Ways and Means Committee, engaged in a spirited discussion of both the problems ahead as and possible solutions. The discussion was moderated by Joshua Odintz, formerly a senior...