Tax Lawyer, Vol. 55, No. 1 THE TAXATION OF SPACE, OCEAN, AND COMMUNICATIONS INCOME 133 133 THE TAXATION OF SPACE, OCEAN, AND COMMUNICATIONS INCOME UNDER THE PROPOSED TREASURY REGULATIONS Jeffrey P. Cowan Jr.* I. INTRODUCTION On January 17, 2001, in the waning days of the Clinton Administration, the Department of Treasury and the Service issued regulations1 on the taxation of income from space, ocean, and telecommunications activities. While only issued in a proposed form, they are nonetheless a...