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The IRS and Treasury hope to release several guidance projects concerning foreign tax credits in 2014, according to acting Treasury Deputy International Tax Counsel Ginny Chung.
Chung gave a preview of coming FTC guidance on December 13 at the annual Institute on Current Issues in International Taxation, cosponsored by George Washington University Law School and the IRS. She said that long-awaited guidance on the covered asset acquisition rules under section 901(m) remains a priority project for Treasury and that the goal is to issue the guidance sometime in 2014.
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