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TREAS/IRS RIN: 1545-BH13 Publication ID: Fall 2008 
Title: Treatment of Overall Foreign and Domestic Losses 
Abstract: Section 402 of the American Jobs Creation Act of 2004 enacted a new section 904(g) providing for the recharacterization of U.S. source income as foreign source income where a taxpayer's foreign tax credit limitation has been reduced as a result of an overall domestic loss. The regulation will provide rules for maintaining and recapturing overall domestic loss accounts relating to such recharacterization. The regulation will also include some revisions of the existing regulations regarding overall foreign loss recapture under section 904(f). 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 25 CFR 1   
Legal Authority: 26 USC 7805   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  12/21/2007  72 FR 72646   
NPRM Comment Period End  03/20/2008    
Public Hearing   04/10/2008    
Final Action  06/00/2009    
Additional Information: REG-141399-07 Drafting attorney: Jeffrey L. Parry (202) 622-3850 Reviewing attorney: Barbara A. Felker (202) 622-3850 Treasury attorney: Gretchen Sierra (202) 874-1755 CC: INTL
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Related RINs: Related to 1545-BH14 
Agency Contact:
Jeffrey L. Parry
Senior Counsel
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW., Room 4555,
Washington, DC 20224
Phone:202 317-6936
Fax:202 317-4922
Email: jeffrey.l.parry@irscounsel.treas.gov