OMB Receives Proposed Foreign Tax Credit Regs for Review

The Office of Management and Budget (OMB) received proposed foreign tax regulations for review on November 7. The regulations include guidance on allocation of expenses to the section 951A Global Intangible Low-Taxed Income (GILTI) basket for purposes of determining the foreign tax credit limitation, as well as transition rules for excess foreign tax credit carryforwards. The regulations are to receive expedited review, according to a Treasury official.

Read more: Proposed U.S. Foreign Tax Credit Regs Submitted for OMB Review

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