NUMBER OF THE WEEK: 33

The number of members on the House Republican Steering Committee, which will meet tomorrow to choose the next chairman of the Ways and Means Committee, picking between the two contenders, Reps. Kevin Brady (R-TX) and Pat Tiberi (R-OH). But not all Steering Committee members are created equally. Read more about the Brady Brunch vs. Team Tiberi below….

LEGISLATIVE LANDSCAPE

Highway Bill Headed To House Floor. But first, it’s taking a pit stop in the House Rules Committee, which will meet at 3 p.m. ET this afternoon to consider which revenue-related amendments will be deemed “in order,” and thus up for consideration when the long-term transportation package comes to the floor for a vote…

The Brady Bunch vs. Team Tiberi . The Ways and Means gavel will find its way into a new hand after the House Republican Steering Committee meets tomorrow to pick former Chairman (now Speaker) Paul Ryan’s successor. How does the process work? …

Deadline to Pass Extenders Fast Approaching. One thing’s for sure, whether Brady or Tiberi wins the gavel, both say tax extenders are the top priority, and a deal with the White House could produce a package with some permanent provisions…

REGULATORY WORLD

IRS Final Regulations on Private Activity Bonds Offers Issuers More Flexibility. The IRS issued final regulations on allocating and accounting for private activity bond restrictions under I.R.C. § 141…

New Partnership Audit Provisions Raise Concerns for Practitioners. The IRS’s approach to auditing partnerships such as hedge funds and private equity firms was simplified by the Bipartisan Budget Act of 2015, which was signed into law by President Obama on Monday, Nov. 2, 2015.

Pfizer-Allergan Deal May Be the ‘Whopper’ of Inversions. Pfizer Inc. and Irish drug maker, Allergan PLC confirmed rumors that they are currently discussing the possibility of a merger, though no deal has been reached. If the merger goes through, this could be the biggest U.S. tax inversion to date.

Country-by-Country Reporting Set for Release by Year End. The U.S. Treasury Deputy Assistant Secretary, Robert Stack, recently issued a statement noting that the U.S. country-by-country reporting regulations are on track for release by the end of 2015.

JCT Claims Costs of Permanent Bonus Depreciation Provision Outweigh Benefits. According to a recent JCT report, the economic benefits of making permanent bonus depreciation will do little to lower the bill’s overall cost over the next decade, which is currently estimated to be $280.7 billion…

INDUSTRY SPOTLIGHT

Major Loss for Online Travel Companies in Chicago Hotel Tax Dispute. Online Travel Companies, Expedia.com, Hotels.com, and Hotwire.com, will pay an estimated $29 million as a settlement with the city of Chicago to end a 10-year old dispute over taxes on gross receipts from hotel room sales, according to a final judgment approved by Cook County Circuit Judge Edmund Ponce de Leon.