Section 909 and Loss Surrender; Temporary Regulations Strike Balance

Bloomberg BNA's International Journal
In this article, Layla Asali and Rocco Femia discuss the application of the new foreign tax credit splitter rules of §909 to group relief systems. They propose that while the application of §909 to the surrender of losses in a group relief system is not mandated by the statute and may not have been intended, the policy lines drawn by recent Temporary Regulations are sensible and better fulfill the purpose of the statute than those in Notice 2010-92. Asali and Femia also provide technical observations and suggestions regarding the mechanical rules applicable to foreign tax credit splitting events in the group relief context.
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BNA Tax Management International Journal - December 14, 2012
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