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IRS grants relief for U.S. persons who own stock in certain foreign corporations

On Tuesday the Department of the Treasury and the IRS issued Revenue Procedure 2019-40 and proposed regulations that provides relief to certain U.S. persons owning stock in certain foreign corporations.

The Revenue Procedure limits the inquiries required by U.S. persons to determine whether certain foreign corporations are controlled foreign corporations (“CFCs”).

The proposed regulations provide additional relief to taxpayers affected by the repeal of section 958(b)(4).

The repeal of section 958(b)(4) was part of the Tax Cuts and Jobs Act. For more information about this and other TCJA provisions, visit IRS.gov/taxreform.

Original Story at TFX.

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