Finance & markets · 24/09/2021

IRS Issues Final Regulations on Qualified Improvement Property and Foreign Tax Credit

The Internal Revenue Service (IRS) has released final regulations on the calculation of qualified business asset investment for qualified improvement property under the alternative depreciation system, as well as transition rules for the impact of the Coronavirus Aid, Relief, and Economic Security Act on loss accounts of net operating loss carrybacks. These regulations affect US shareholders of controlled foreign corporations, domestic corporations eligible for the section 250 deduction, and taxpayers claiming credits or deductions for foreign income taxes.