WASHINGTON, May 16 -- Internal Revenue Service has issued a proposed rule called: Previously Taxed Earnings and Profits and Related Basis Adjustments.
The proposed rule was published in the Federal Register on May 16 by Oluwafunmilayo A. Taylor, Section Chief, Publications & Regulations Section, Associate Chief Counsel (Procedure and Administration).
Summary: This document reopens the period to submit comments for a notice of proposed rulemaking (REG-105479-18), which was published in the Federal Registeron Monday, December 2, 2024. The proposed regulations address previously taxed earnings and profits of foreign corporations and related basis adjustments. The proposed regulations affect foreign corporations with previously taxed earnings...