Business Interest Deduction Limit Parameters Explained

Overview


Timothy Shuman, at a District of Columbia Bar Community of Taxation event, pointed out that the exclusion from adjusted taxable income of any item of income, gain, deduction, or loss that is not properly allocated to a trade or business has raised questions under the new tax bill of whether a multinational’s global intangible low-taxed income (GILTI) inclusion is considered properly allocable to a trade or business.