The IRS has issued preliminary guidance on the transition tax computation. The “transition tax” was enacted as part of the budget resolution on December 22, 2017. Also, the IRS has announced that it will issue rules for determining what amounts are included in gross income by a U.S. shareholder under Code Sec. 951(a)(1). Taxpayers may rely on […]
The post Preliminary Guidance Issued on Transition Tax Computation (IR-2017-212; Notice 2018-7) appeared first on Tax & Accounting Blog.