IRS provides taxpayers with an exclusive list of deals it would consider to be foreign tax credit splitter arrangements in long-anticipated proposed and temporary regulations (REG-132736-11, T.D. 9577). In addition, IRS finalizes, in T.D. 9576, portions of 2006 proposed rules (REG-124152-06) on determining who is considered to pay a foreign income tax. The proposed and temporary rules implement tax code Section 909, intended to target arrangements designed to separate foreign taxes from the underlying income in order to inappropriately get the foreign tax credit. It also provides guidance on the interaction of Sections 909 and Section 901(m), addressing covered asset acquisitions.