US IRS releases draft rules relating pass-through entities deduction including anti-avoidance rule

US IRS releases proposed tax regulations for new 20% income tax deduction for owners of businesses organized as pass-through entities (introduced through US Tax Code legislated in December 2017) for stakeholders comments within 45 days; The regulations will affect individuals, partnerships, S corporations, trusts, and estates engaged in domestic trades or businesses; As a measure to prevent a tax loophole for wealthy Americans, the proposed regulations also contain an anti-avoidance rule to treat multiple trusts as a single trust in certain cases; For the purpose of claiming deduction, ‘qualified trade or business’ is proposed to exclude Specified service trade or business (‘SSTB’), which is any business involving the performance of services in the fields of health, law, consulting, athletics, financial services, brokerage services