2018-08-28 State Tax Credits take a Hit

This week we look at the following items:

• Taxpayers creating multiple entities to try and avoid double taxation of C corporation income find their plan fails
• IRS issues SALT workaround regulations and affect both new and pre-existing state tax credit programs
• Modifications made to automatic accounting method revenue procedure to deal with S corporation revocations under special TCJA rule
• Guidance provided on applying the rules to compute UBTI separately for each trade or business

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