Layla Asali was quoted regarding new final regulations released by the U.S. Treasury and Internal Revenue Service (IRS) on December 15 that adopt the approach of the September 2015 proposed regulations under Code section 367, and provide that U.S. taxpayers must recognize gain on outbound transfers of foreign goodwill and going concern value. Asali expressed disappointment that Treasury and the IRS cited administrative concerns for their inability to craft a workable exception that would permit tax-free incorporations of foreign branches. "Conceiving of their authority as saying because there's a potential for tax avoidance if taxpayers take aggressive positions on value, then we are going to require gain recognition in all cases, as I see it, turns the congressional expectation on its head," she said.