IRS T.D.: Deduction for Foreign-Derived Intangible Income, Global Intangible Low-Taxed Income Rules Corrected (IRC §250)

Corrections to final regulations providing guidance regarding the deduction for foreign derived intangible income (FDII) and global intangible low-taxed income (GILTI) under tax code Section 250 released September 28. The corrections include revising language on related party transactions, qualified business asset investment (QBAI), foreign-derived deduction eligible income (FDDEI) sales, and FDDEI services. [T.D. 9901, RIN 1545-BO55, 85 Fed. Reg. __ (Sept. 29, 2020)]

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