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Upfront payments arising from some notional principal contracts made by controlled foreign corporations do not constitute U.S. property, IRS says in proposed (REG-107548-11) and final and temporary rules (T.D. 9589). The financial industry has sought this outcome, and the decision is likely to be welcomed, one practitioner tells BNA, while another calls the regulations “a sensible resolution of competing concerns.” The guidance affects payments made under contracts that are cleared by a derivatives clearing organization or clearing agency, IRS says.
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