The IRS recently issued two notices as additional interim guidance to further clarify the application of the corporate alternative minimum tax added to the Internal Revenue Code as part of the Inflation Reduction Act of 2022.
Notice 2024-10 (Dec. 15, 2023) clarifies some of the prior guidance regarding application of the CAMT to consolidated groups and provides guidance on how to avoid duplication of income on distributions from controlled foreign corporations (CFCs). The comment period for Notice 2024-10 is open until January 15, 2024.
Notice 2023-64 (Sept. 12, 2023) expands on the guidance of Notice 2023-7 and addresses many of ...
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