Financial Advisor quoted Jeffrey Tebbs in a recent article addressing interim guidance issued by the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) on the stock buyback excise tax.  As enacted, the law applies to transactions beyond conventional stock buybacks. In December's guidance, the Treasury began to refine the scope. "Depending on their perspective, companies have responded that the Treasury Department's approach is both overbroad and under-inclusive," Tebbs noted. He added, "The excise tax may dampen share repurchases relative to other methods of returning capital to investors. The guidance may affect how M&A transactions are structured, particularly debt-financed transactions." Now that the excise tax has been enacted, and Treasury is establishing the regulatory infrastructure, "a future Congress may be tempted to 'turn the dial' on the tax to a higher rate."