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US | Technical corrections to foreign tax credit regulations offer relief from cost recovery rules and include other impactful changes

|Tax Alerts, National/Federal Taxation, L ...|United States
United States

  • The technical corrections broaden the scope of permissible disallowances under the cost recovery requirement. More foreign tax credit guidance, however, is anticipated.

  • The technical corrections to the global intangible low-taxed income (GILTI) high-tax exclusion limit the foreign taxes taken into account for purposes of determining the effective rate of foreign tax on a tested income item.

  • Taxpa…

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