Interest Deductibility Guidance Settles Unanswered Questions - McDermott Will & Emery

Interest Deductibility Guidance Settles Unanswered Questions

Overview


Timothy Shuman said that in issuing initial guidance on business interest expense limitations under the new tax law, the IRS “chose some of the important but low-hanging fruit,” but needs to address “many more issues,” including those fundamental to computing adjusted taxable income and whether the rules apply to controlled foreign corporations.