TEI Comments on Proposed Foreign Tax Credit Regulations

On February 5, 2019, TEI submitted responsive comments and recommendations to the IRS Office of Associate Chief Counsel (International) concerning the proposed regulations under sections 861 and 904 of the Internal Revenue Code (REG-105600-18), which were published in the Federal Register on December 7, 2018. The proposed regulations would provide guidance relating to the determination of the foreign tax credit under the Code and reflect changes made by Public Law 115-97, colloquially known as the Tax Cuts and Jobs Act. TEI’s comments focused on select provisions concerning the allocation and apportionment of certain deductions and the new separate foreign tax credit limitation basket for foreign branch income, among other things.

TEI’s comments were prepared jointly under the aegis of the Institute’s Tax Reform Task Force, the chair of which is Emily T. Whittenburg. Watson M. McLeish and Benjamin R. Shreck, tax counsels for the Institute, coordinated the preparation of TEI’s comments.

Download the letter.

Close