What corporate tax reform may look like in 2015

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After the Republican-controlled Congress sorts out its new hierarchy, and after it gets done battling President Barack Obama over immigration, then will come the time to get some actual work done.

Atop the priority list, at least from a market perspective, will be meaningful tax reform to address some of the thornier issues of concern to corporate America.

With another whiff of change in the air, Wall Street pros are starting to handicap the odds of getting some actual changes in the tax code.

The priorities are to help U.S. companies bring home some of the more than $2 trillion they have parked overseas in an effort to avoid highest-in-the-world corporate tax rates. Doing so would have a two-pronged benefit: Getting some cash that hopefully would be used to grow the economy, and ending the rash of so-called inversions in which companies do deals that allow them to establish domiciles in lower-tax countries.