{"abstract":"This document contains final regulations relating to the foreign tax credit, including the disallowance of a credit or deduction for foreign income taxes with respect to dividends eligible for a dividends-received deduction; the allocation and apportionment of interest expense, foreign income tax expense, and certain deductions of life insurance companies; the definition of a foreign income tax and a tax in lieu of an income tax; the definition of foreign branch category income; and the time at which foreign taxes accrue and can be claimed as a credit. This document also contains final regulations clarifying rules relating to foreign-derived intangible income (FDII). The final regulations affect taxpayers that claim credits or deductions for foreign income taxes, or that claim a deduction for FDII.","action":"Final 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/2022/01/04/2021-27887.html","cfr_references":[{"chapter":null,"citation_url":null,"part":"1","title":26}],"citation":"87 FR 276","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":["https://www.federalregister.gov/api/v1/documents/C1-2021-27887"],"dates":"Effective date: These regulations are effective on March 7, 2022.","disposition_notes":null,"docket_ids":["TD 9959"],"dockets":[],"document_number":"2021-27887","effective_on":"2022-03-07","end_page":376,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2022/01/04/2021-27887.xml","html_url":"https://www.federalregister.gov/documents/2022/01/04/2021-27887/guidance-related-to-the-foreign-tax-credit-clarification-of-foreign-derived-intangible-income","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2021-27887?publication_date=2022-01-04","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2022-01-04/2021-27887/mods.xml","not_received_for_publication":null,"page_length":101,"page_views":{"count":16837,"last_updated":"2026-06-04 12:15:14 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2022-01-04/pdf/2021-27887.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2021-27887.pdf?1640726125","publication_date":"2022-01-04","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2022/01/04/2021-27887.txt","regulation_id_number_info":{"1545-BP70":{"issue":"202304","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","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202304&RIN=1545-BP70&operation=OPERATION_EXPORT_XML","priority_category":"Economically Significant"}},"regulation_id_numbers":["1545-BP70"],"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-2020-0040-0034","regulation_id_number":"1545-BP70","title":"Guidance: Foreign Tax Credit; Clarification of Foreign-Derived Intangible Income (REG–101657–20)","checked_regulationsdotgov_at":"2022-01-05T04:30:10Z"},"regulations_dot_gov_url":null,"significant":true,"signing_date":null,"start_page":276,"subtype":null,"title":"Guidance Related to the Foreign Tax Credit; Clarification of Foreign-Derived Intangible Income","toc_doc":"Clarification of Foreign-Derived Intangible Income; Guidance","toc_subject":"Foreign Tax Credit:\n","topics":["Income taxes","Reporting and recordkeeping requirements"],"type":"Rule","volume":87}