{"abstract":"This document contains final regulations that provide guidance relating to the allocation and apportionment of deductions and creditable foreign taxes, the definition of financial services income, foreign tax redeterminations, availability of foreign tax credits under the transition tax, the application of the foreign tax credit limitation to consolidated groups, adjustments to hybrid deduction accounts to take into account certain inclusions in income by a United States shareholder, conduit financing arrangements involving hybrid instruments, and the treatment of certain payments under the global intangible low-taxed income provisions.","action":"Final and temporary regulations and removal of temporary regulations.","agencies":[{"raw_name":"DEPARTMENT OF THE TREASURY","name":"Treasury Department","id":497,"url":"https://www.federalregister.gov/agencies/treasury-department","json_url":"https://www.federalregister.gov/api/v1/agencies/497","parent_id":null,"slug":"treasury-department"},{"raw_name":"Internal Revenue Service","name":"Internal Revenue Service","id":254,"url":"https://www.federalregister.gov/agencies/internal-revenue-service","json_url":"https://www.federalregister.gov/api/v1/agencies/254","parent_id":497,"slug":"internal-revenue-service"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2020/11/12/2020-21819.html","cfr_references":[{"chapter":null,"citation_url":null,"part":"1","title":26},{"chapter":null,"citation_url":null,"part":"301","title":26}],"citation":"85 FR 71998","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"Effective Date: These regulations are effective on January 11, 2021.","disposition_notes":null,"docket_ids":["TD 9922"],"dockets":[],"document_number":"2020-21819","effective_on":"2021-01-11","end_page":72075,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2020/11/12/2020-21819.xml","html_url":"https://www.federalregister.gov/documents/2020/11/12/2020-21819/guidance-related-to-the-allocation-and-apportionment-of-deductions-and-foreign-taxes-foreign-tax","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2020-21819?publication_date=2020-11-12","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2020-11-12/2020-21819/mods.xml","not_received_for_publication":null,"page_length":78,"page_views":{"count":9261,"last_updated":"2026-08-26 16:15:06 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2020-11-12/pdf/2020-21819.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2020-21819.pdf?1604333717","publication_date":"2020-11-12","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2020/11/12/2020-21819.txt","regulation_id_number_info":{"1545-BP21":{"issue":"202010","html_url":"https://www.federalregister.gov/regulations/1545-BP21/allocation-and-apportionment-of-deductions-and-foreign-taxes-foreign-tax-redeterminations-ftc-disall","title":"Allocation & Apportionment of Deductions & Foreign Taxes, Foreign Tax Redeterminations, FTC Disallowance Under 965(g), Consolidated Groups, Hybrid Arrangements & Certain Payments under 951A","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202010&RIN=1545-BP21&operation=OPERATION_EXPORT_XML","priority_category":"Economically Significant"},"1545-BP22":{"issue":"202010","html_url":"https://www.federalregister.gov/regulations/1545-BP22/guidance-involving-hybrid-arrangements-and-the-allocation-of-deductions-attributable-to-certain-disq","title":"Guidance Involving Hybrid Arrangements and the Allocation of Deductions Attributable to Certain Disqualified Payments Under Sections 951A","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202010&RIN=1545-BP22&operation=OPERATION_EXPORT_XML","priority_category":"Other Significant"}},"regulation_id_numbers":["1545-BP21","1545-BP22"],"regulations_dot_gov_info":{"supporting_documents":[{"title":"Foreign Tax Credit: Clarification of Foreign-Derived Intangible Income; Guidance; Correction","document_id":"IRS-2020-0040-0039"},{"title":"Foreign Tax Credit: Clarification of Foreign-Derived Intangible Income; Guidance; Correction","document_id":"IRS-2020-0040-0038"},{"title":"Guidance Related to the Foreign Tax Credit; Clarification of Foreign-Derived Intangible Income","document_id":"IRS-2020-0040-0035"},{"title":"Foreign Tax Credit: Clarification of Foreign-Derived Intangible Income; Guidance","document_id":"IRS-2020-0040-0034"},{"title":"Public Hearing: Guidance Related to the Foreign Tax Credit; Clarification of Foreign-Derived Intangible Income","document_id":"IRS-2020-0040-0031"},{"title":"Guidance: Allocation and Apportionment of Deductions and Foreign Taxes, Foreign Tax Redeterminations, Foreign Tax Credit Disallowance, Consolidated Groups, Hybrid Arrangements and Certain Payments","document_id":"IRS-2020-0040-0003"},{"title":"Guidance: Foreign Tax Credit; Clarification of Foreign-Derived Intangible Income (REG–101657–20)","document_id":"IRS-2020-0040-0001"}],"regulatory_plan":{"html_url":"https://www.federalregister.gov/regulations/1545-BP70/guidance-related-to-the-foreign-tax-credit-clarification-of-foreign-derived-intangible-income","title":"Guidance Related to the Foreign Tax Credit, Clarification of Foreign-Derived Intangible Income"},"comments_count":0,"agency_id":"IRS","comments_url":"https://www.regulations.gov/docketBrowser?rpp=50&so=DESC&sb=postedDate&po=0&dct=PS&D=IRS-2020-0040","supporting_documents_count":7,"docket_id":"IRS-2020-0040","document_id":"IRS-2020-0040-0003","regulation_id_number":"1545-BP70","title":"Guidance: Foreign Tax Credit; Clarification of Foreign-Derived Intangible Income (REG–101657–20)","checked_regulationsdotgov_at":"2020-12-03T04:30:11Z"},"regulations_dot_gov_url":null,"significant":true,"signing_date":null,"start_page":71998,"subtype":null,"title":"Guidance Related to the Allocation and Apportionment of Deductions and Foreign Taxes, Foreign Tax Redeterminations, Foreign Tax Credit Disallowance Under Section 965(g), Consolidated Groups, Hybrid Arrangements and Certain Payments Under Section 951A","toc_doc":"Allocation and Apportionment of Deductions and Foreign Taxes, Foreign Tax Redeterminations, Foreign Tax Credit Disallowance, Consolidated Groups, Hybrid Arrangements and Certain Payments","toc_subject":"Guidance:\n","topics":["Income taxes","Penalties","Reporting and recordkeeping requirements"],"type":"Rule","volume":85}