Andersen Managing Director Joe Calianno's comments are included in the recent Tax Notes article, Final Regs Adopt Single-Entity Approach for CFC Income Inclusion.The article covers final regulations adopted by Treasury and IRS, which treat a consolidated group as a single entity when calculating the group's required foreign income inclusions when there are certain transfers of controlled foreign corporations (CFCs) within the consolidated group, that in conjunction with such transfers, there are distributions by such CFCs of previously tax income. Joe was quoted in the article as saying that, given the short turnaround time between the issuance of the proposed regulations and the adoption of the new final rules, it appeared that Treasury saw the regulations as a high priority and fast tracked the project.