OMB Completes Its Review of Proposed Regulations under Section 163(j)
Posted on Jan 5, 2021 in International Tax
The Office of Management and Budget (OMB) has completed its review of proposed regulations under section 163(j). Section 163(j) generally limits a taxpayer’s interest deduction to the sum of its business interest income, floor plan financing interest, and 30% of its adjusted taxable income. The proposed regulations provide rules applicable to partnerships and controlled foreign corporations in calculating interest limitations under section 163(j) for such entities and their owners.
Read More: Final Business Interest Deduction Regs Possibly Days Away