Tax,
Government,
Corporate
Aug. 16, 2018
New transition tax imposed for controlled foreign corporations
Last month, the Internal Revenue Service issued proposed regulations describing the transition tax for controlled foreign corporations.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
Last month, the Internal Revenue Service issued its first three sets of proposed regulations implementing the provisions of the Tax Cuts and Jobs Act, the exhaustive tax reform bill which went into effect Jan. 1, 2018. The first set of proposed regulations describes the guidance under the transition tax for controlled foreign corporations. The second set offers guidance for bonus depreciation. The third set discusses the new aggregation rules for the 20 percent pass-t...
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