Individuals Can Get Foreign Tax Deduction, Treasury Says

Law360 (March 4, 2019, 5:08 PM EST) -- Individual taxpayers with businesses abroad can elect for corporate treatment and receive a deduction on their intangible income worth up to 50 percent, according to regulations released by the U.S. Treasury Department on Monday.

The U.S. Department of the Treasury released its proposed rules Monday for treatment of foreign-derived intangible Income and global intangible low-taxed income, key planks in the international framework of the Tax Cuts and Jobs Act. (AP) The regulations, on Section 250, outline that individuals can use Section 962, a nearly 60-year-old section of the Internal Revenue Code, to have subsidiaries they own treated as if they were...

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