For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
IRS withdraws and reproposes regulations (REG-114749-09) clarifying the rules for controlling domestic shareholders to adopt or change a method of accounting or taxable year on behalf of a foreign corporation. The proposed rules clarify required book-to-tax adjustments, including those related to depreciation and amortization, under tax code Section 964, IRS says in the preamble to the guidance. That code section says that earnings and profits of foreign corporations are determined under rules similar to those that apply to domestic companies.
Notify me when updates are available (No standing order will be created).
Put me on standing order
Notify me when new releases are available (no standing order will be created)