On August 8, the Internal Revenue Service and the Treasury Department issued proposed regulations addressing the deduction for owners of “pass-through” entities engaged in certain trades or businesses created by the recent federal tax reform legislation. The Proposed Regulations provide guidance on which businesses would be eligible for the Pass-Through Deduction and would also provide rules for calculating various components of the limitations on an individual’s Pass-Through Deduction. The Proposed Regulations contain several anti-abuse rules aimed at commonly discussed strategies for maximizing the Pass-Through Deduction for established trades or businesses.