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TREAS/IRS RIN: 1545-BP70 Publication ID: Spring 2021 
Title: Guidance Related to the Foreign Tax Credit, Clarification of Foreign-Derived Intangible Income 
Abstract:

The proposed regulations will provide guidance related to the foreign tax credit, including guidance with respect to expense allocation, legal liability for foreign tax, definition of a foreign income tax, and when foreign taxes accrue and may be claimed as credit. The proposed regulations will also provide guidance clarifying rules relating to foreign-derived intangible income.

 
Agency: Department of the Treasury(TREAS)  Priority: Economically Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Yes  Unfunded Mandates: No 
CFR Citation: 26 CFR 1.245A(d)    26 CFR 1.250(b)    26 CFR 367(b)    26 CFR 1.861    26 CFR 1.901    26 CFR 1.903    26 CFR 1.904    26 CFR 1.905    26 CFR 1.960    ...     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 26 U.S.C. 7805    26 U.S.C. 245A(g)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  11/12/2020  85 FR 72078   
Final Action  08/00/2021 
Additional Information: REG-101657-20 (NPRM) Drafter attorney: Tianlin (Laura) Shi (202) 317-6987 Reviewer attorney: Barbara Felker (202) 317-4925 Treasury attorney: Jason Yen (202) 622-1776 CC:INTL
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Tianlin Shi
Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 317-6987
Email: tianlin.shi@irscounsel.treas.gov