INTERNAL REVENUE SERVICE ISSUES PROPOSED RULE: PREVIOUSLY TAXED EARNINGS AND PROFITS AND RELATED BASIS ADJUSTMENTS; HEARING CANCELLATION

WASHINGTON, Sept. 30 -- Internal Revenue Service has issued a proposed rule called: Previously Taxed Earnings and Profits and Related Basis Adjustments; Hearing Cancellation.

The proposed rule was published in the Federal Register on Sept. 30 by Oluwafunmilayo A. Taylor, Section Chief, Publications and Regulations Section, Associate Chief Counsel, (Procedure & Administration).

Summary: This document cancels a public hearing on proposed regulations regarding previously taxed earnings and profits of foreign corporations and related basis adjustments.

For more information, contact Martina Greene of the Publications and Regulations Section, Associate Chief Counsel (Procedure and Administration) at 202/317-6901 (not a toll-free number).

The ...