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TD 9922: Guidance Related to the Allocation and Apportionment of Deductions and Foreign Taxes, Foreign Tax Redeterminations, Foreign Tax Credit Disallowance Under Section 965(g), Consolidated Groups, Hybrid Arrangements and Certain Payments Under Section 951A

Date: 2020-11-12
Links to Federal Register: HTML, PDF (Proposed Regulation: REG-105600-18 HTML, PDF)
Document Number: 2020-21819, RIN: 1545-BP21
Action: Final and temporary regulations and removal of temporary regulations.

Abstract: This document contains final regulations that provide guidance relating to the allocation and apportionment of deductions and creditable foreign taxes, the definition of financial services income, foreign tax redeterminations, availability of foreign tax credits under the transition tax, the application of the foreign tax credit limitation to consolidated groups, adjustments to hybrid deduction accounts to take into account certain inclusions in income by a United States shareholder, conduit financing arrangements involving hybrid instruments, and the treatment of certain payments under the global intangible low-taxed income provisions.

Word frequency
Notable phrases   Frequency
foreign tax redetermination(s)      194
gross intangible income      103
foreign tax credit(s)      92
allocat(ing|ion) and apportion(ing|ment)      85
subpart F (income|inclusion)      77
SIC code      72
statutory and residual      57
general category income      55
item(s) of foreign gross income      52
hybrid deduction account(s)      50
stewardship expenses      49
foreign branch category      47
U.S. source income      47
redetermination of U.S. tax      46
controlled foreign corporation      44
United States shareholder      34
gross income method      33
definitely related      32
adjusted GILTI inclusion      30
foreign branch category income      29
class of gross income      27
foreign tax credit limitation      24
notify the IRS      22
research and experimentation      22
904 as the operative section      19
foreign tax(es) deemed paid      19
previously taxed earnings and profits      18
foreign law inclusion regime      17
related and allocable to      13
foreign income tax(es) paid or accrued      13
on the basis of the relative amounts      12
asset method      11
foreign gross income is assigned      11
U.S. return of capital amount      11
class of gross intangible income      10
foreign personal holding company income      9
members of the affiliated group      9
apportioned to the statutory grouping      8
apportioned to U.S. source income      8
apportioned exclusively to the residual grouping      7
foreign base company sales income      7
apportioned among the statutory and residual groupings      6

Reg. Cites   Frequency
1.861-17      27
1.905-4      25
1.861-20      21
1.861-9      15
1.861-14      14
1.904-6      13
1.904-4(f)(2)(vi)      12
1.861-8      11
1.881-3      10
301.6689-1      10
1.905-5      10
1.6038-5      10
1.78-1(a)      9
1.905-3(a)      8
1.861-12      8
1.905-3(b)(2)      8
1.6038-2(f)(14)      8
1.1502-4      8
1.965-5(b)(2)      7
1.905-5T      7

Sec. Cites   Frequency
951A      97
904      50
250      40
905(c)      36
245A(e)      34
78      30
954(b)(4)      23
861      15
245A      13
904(f)      12
864(e)(3)      12
965(a)      10
901      10
243(a)(1)      10
960(a)      9
904(c)      9
960      9
6511      9
951A(c)(2)(A)(i)(III)      9

Authorities Referenced:


Statistics

Number of pages: 78, words: 87,677, sentences: 2,753
Average words per sentence: 31