Paul Schmidt Talks to Bloomberg about Limits on Foreign Tax Credit

News / March 9, 2017

Partner Paul Schmidt is quoted in an article published March 9, 2017, in Bloomberg BNA’s “Daily Tax Report.” The article, “Credit Rules on Taxing U.S., Foreign Acquisitions a Concern,” examines limits on the foreign tax credit that taxpayers fear may have gone too far.

Schmidt recently wrote a letter to the Internal Revenue Service expressing concerns on behalf of a client and asking for an exception for a certain type of transaction within a group of companies. Schmidt told Bloomberg he is seeking an exception for step-up in basis that may take place in a group of related companies where a company in the group paid for the step-up by recognizing gain on the transaction.

Read the article.

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