TEI-Treasury Department Office of Tax Policy liaison meeting minutes.

• Position: Tax Executive Institute

February 27, 2013

On February 27, 2013, a delegation from Tax Executives Institute met with Mark J. Mazur, Assistant Secretary for Tax Policy, and other officials of the Treasury Department's Office of Tax Policy. The following minutes were prepared by Tax Executives Institute and, although reviewed by the Office of Tax Policy, they have not been formally approved by the Department. The agenda for the meeting was submitted in advance and was published in the February-March 2013 issue of The Tax Executive magazine and on TEI's website.

Department of the Treasury Delegation

Mark J. Mazur

Assistant Secretary (Tax Policy)

Emily S. McMahon

Deputy Assistant Secretary (Tax Policy)

J. Mark Iwry

Senior Advisor & Deputy Assistant

Secretary (Retirement & Health Policy)

Lisa M. Zarlenga

Tax Legislative Counsel

Danielle E. Rolfes

International Tax Counsel

George H. Bostick

Benefits Tax Counsel

Henry J. Louie

Deputy to the International Tax Counsel

Jessica Hauser

Deputy Tax Legislative Counsel

Alexa M. Claybon

Tax Legislative Counsel Staff

Krishna P. Vallabhaneni

Tax Legislative Counsel Staff

Scott Mackay

Tax Legislative Counsel Staff

TEI Delegation

Carita R. Twinem

Spectrum Brands Holdings, Inc.

TEI International President

Terilea J. Wielenga

Allergan Inc.

TEI Senior Vice President

Mark C. Silbiger

The Lubrizol Corporation

TEI Secretary

Charles N. (Sandy) Macfarlane

Chevron Corporation

TEI Treasurer

Kim N. Berjian

ConocoPhillips Canada

TEI Executive Committee

Thomas J. DeGeorgio

BHP Billiton

TEI Executive Committee

Ernest N. Gates

Wal-Mart Stores, Inc.

TEI Executive Committee

Daniel R. Goff

Xilinx, Inc.

TEI Executive Committee

Katrina H. Welch

Texas Instruments Incorporated

TEI Executive Committee

Michael J. Bernard

Microsoft Corporation

Chair, TEI IRS Administrative Affairs Committee

Robert L. Howren

BlueLinx Corporation

Chair, TEI Federal Tax Committee

Eli J. Dicker

TEI Executive Director

W. Patrick Evans

TEI Chief Tax Counsel

Jeffery P. Rasmussen

TEI Senior Tax Counsel

Daniel B. De Jong

TEI Tax Counsel

Benjamin R. Shreck

TEI Tax Counsel

Tax Reform

TEI's delegation referred to the Institute's recently issued Guideposts for Tax Reform II and asked where tax reform fell among the Treasury Department's priorities. Ms. McMahon replied that priorities are on hold until a new Secretary of the Treasury is confirmed. In response to a question from the Institute's delegation, she added that the Administration does not have a time table for releasing a 2014 budget.

Mr. Bostick asked for the Institute's views on tax reform, recognizing the difficulty in producing consensus across TEI members given the broad array of industries represented. Institute representatives replied that TEI members were currently scoring House Ways & Means Committee Chairman Dave Camp's international tax reform proposal against TEI's Guideposts. The Institute can provide a unique perspective on the administrative aspects of reform proposals and the impact on financial statements.

Ms. McMahon remarked that the Administration's view is that business tax reform must be revenue-neutral, and thus difficult choices have to be made.

Capitalization Issues

TEI's delegation asked for the Administration's view on the Institute's comments regarding...