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As amended by the Tax Cuts and Jobs Act (TCJA), section 163(j) of the Internal Revenue Code (the Code) provides that a taxpayer’s interest expense is deductible only to the extent of the sum of: (i) the taxpayer’s interest income; (ii) 30% of the taxpayer’s adjusted taxable income (ATI); and (iii) the taxpayer’s floor plan financing interest. On July 28, 2020, the US Department of the Treasury and the Internal Revenue Service (IRS) issued final regulations confirming the application of section 163(j) to controlled foreign corporations (CFC), along with proposed regulations (2020 proposed regulations), which, among other things, provided rules for applying section 163(j) to CFCs. For a detailed analysis of the 2020 proposed regulations, please see our earlier
Drug and alcohol misuse by parents and their kids in Newcastle and Durham soars
The figures are based on assessment of households visited by social workers across the North East
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