AICPA Seeks to Preserve Audit Protection for CFCs

The American Institute of CPAs has suggested that taxpayers be able to exclude the amount of deemed foreign taxes paid in the inclusion year of the transition tax under section 965 (generally 2017) from the calculation of the 150 percent special rule for controlled foreign corporations in Rev. Proc. 2015-13 to prevent the unintended denial of audit protection under that guidance.

Tax Analysts

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By Tax Analysts, posted on Monday December 17, 2018

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