Foreign Tax Credit Guidance Related to the Tax Cuts and Jobs Act, Overall Foreign Loss Recapture, and Foreign Tax Redeterminations; Correcting Amendment

Summary

The IRS has released a document correcting guidance related to the Tax Cuts and Jobs Act, foreign loss recapture, and foreign tax redeterminations, as outlined in Treasury Decision 9882 published on December 17, 2019. This decision provides final and temporary regulations for determining the foreign tax credit under the Internal Revenue Code.