Rocco Femia's comments were quoted by Tax Notes following a panel discussion on recent transfer pricing developments at the Practising Law Institute's International Tax Issues Seminar in New York City on February 9, 2016. Femia commented in particular on recently proposed regulations addressing the outbound transfer of property in otherwise tax-free transactions. By removing tax-free treatment for foreign goodwill and going concern value, the proposed regulations "flip long-standing law on its head," Femia said. He noted the change was implemented by a change to the active trade or business exception rather than an expansion of section 367(d), which deals with the outbound transfer of intangible property. "It's possible that the IRS and Treasury believed that [expanding section 367(d)] was beyond their authority based on the legislative history, and frankly the language of the statute," he said.