Revised instructions for IRS Form 8990, Limitation on Business Interest Expense Under Section 163(j), released Jan. 20 noting that the instructions should be used with the May 2020 version of the form. The May 2020 revision of Form 8990 uses the term “taxable income” to refer to amounts described in the instructions as “tentative taxable income,” the instructions note. [Instructions for IRS Form 8990 (Rev. Dec. 2021)]
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