Final IRS Rules On REIT Dividends Create Statutory Conflict
Law360 (July 14, 2020, 6:32 PM EDT) -- Internal Revenue Code Section 199A, which generally provides a 20% deduction to individuals with respect to their qualified business income, has been one of the most talked-about — and commented on — aspects of the 2017 Tax Cuts & Jobs Act.
On June 24, the U.S. Department of the Treasury and the Internal Revenue Service published final regulations that provide welcome guidance on a number of issues, including on how certain income earned by regulated investment companies, or RICs, which include mutual funds and other types of investment entities, can generate a deduction for the individual shareholder of the RIC.
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