Code of Federal Regulations transfer for a section of the BEAT regulations from December, the IRS stated in a final regulations correction released August 14. The IRS is transferring Treasury Regulations Section 1.1502-59A to Treas. Reg. Section 1.1502-55. The final regulations implement the base erosion and anti-abuse tax, designed to prevent the reduction of tax liability by certain large corporate taxpayers through certain payments made to foreign related parties and certain tax credits. [T.D. 9885, RIN 1545-BO56, 85 Fed. Reg. 49,595 (Aug. 14, 2020)]
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