Overview
David Noren said that although proposed regulations on global intangible low-taxed income (GILTI) provide much-needed technical guidance, they include a surprising and “very aggressive” antiabuse rule that would target non-calendar-year taxpayers not yet subject to GILTI. “It is not clear that there is any basis in the statute or legislative history for treating these transactions as per se abusive and disregarding their effects for purposes of computing GILTI,” he said.
