No Quick Answer On Transition Tax, Treasury Official Says

Law360, Houston (February 23, 2018, 9:48 PM EST) -- Taxpayers shouldn't hold their breath waiting for guidance on how foreign income tax factors into the calculation of the overseas earnings they bring back to the U.S. under the recently enacted tax overhaul, a U.S. Department of Treasury official said Friday at a conference in Houston.

The Tax Cuts and Jobs Act, P.L. 115-97, imposed a one-time tax on deferred offshore earnings that U.S. businesses bring back to American borders. To prevent companies from gaming the rates before the law was passed, the legislation required businesses to measure their earnings and profits as of Nov. 2 — the date the House...

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