Sec. 901(m): Potential Trap for Partnership Transactions

New Sec. 901(m) limits the creditability of foreign taxes in certain acquisition transactions where a taxpayer receives a basis step-up for U.S. tax purposes but no corresponding basis step-up for foreign tax purposes.

Source: http://feedproxy.google.com/~r/AICPA_TaxAdvisor/~3/hUp5U9YKgiw/clinic_may2013-story-06.aspx

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