document.createElement(‘aside’);

http://www.accountingtoday.com

Print

Email

Reprints

The Internal Revenue Service has followed up on the Obama administration’s opening of diplomatic relations with Cuba by releasing a new revenue ruling that removes certain restrictions on income earned in Cuba.

The previously applicable restrictions denied a foreign tax credit for income taxes paid to Cuba and disallowed deferral on income earned in Cuba through a controlled foreign corporation.

Revenue Ruling 2016-08 removes those restrictions. It modifies an earlier revenue ruling from 2005, which lists countries subject to special rules under sections 901(j) and 952(a)(5) of the Tax Code.

The Code generally allow U.S. taxpayers to claim a foreign tax credit for income, war profits, and excess profits taxes paid or accrued (or deemed paid or accrued) to any foreign country or to any possession of the United States. But the foreign tax credit is subject to various limitations and restrictions under section 901(j)(1), which imposes restrictions in the case of income and taxes attributable to certain countries. Section 952(a)(5) provides that subpart F income includes income derived by a controlled foreign corporation from any foreign country during any period during which section 901(j) applies to that foreign country.

Be the first to comment on this post using the section below.

‘);
var $text = $(”).text(text);
var $meta = $(”);

var $newComment = $comment.append($text).append($meta);
if ($(‘.no-comments’).length) {
$(‘.no-comments’).after($(”).append($newComment));
$(‘.no-comments’).remove();
} else {
$(‘#comments-box .comment’).last().after($newComment);
}

$(‘.comments-count’).each(function(){
$(this).text(+$(this).text()+1);
});
}

function ajaxBusyTest() {
buttonOff();
setTimeout(buttonOn, 3000);
}

var commentOptions = {
client_id: ‘webcpa_news’,
story_id: ‘77360’,
user_id: ”,
comment_message: ” // textarea or NOCOMMENT
};

function postComment(options, callback, doButtonOff) {
callback = callback || function(){};
doButtonOff = typeof doButtonOff === ‘undefined’ ? true : doButtonOff;

var opts = $.extend(true, {}, commentOptions);
$.extend(true, opts, options);

if (doButtonOff) buttonOff();

$.ajax({
type:”POST”,
url: ‘/apps/custom/ajax_post_comment.php’,
data: opts,
success: function(data) {
callback($.parseJSON(data));
if (doButtonOff) buttonOn();
}
});
};

function showNotification(message) {
$.fancybox(message+’

Return to article.’);
};

$.fn.extend({
charWarden: function (outSelector, limit) {
return this.each(function(){
var $this = $(this);
var $out = $(outSelector);
var _limit = limit;
var _chars = 0;
function handler(e) {
_chars = e.target.value.length;
var left = _limit – _chars;
if (left = (page-1)*listCount i 3 (page (pageCount -2)) {
showMin = pageCount – 4;
if (showMin ‘;
if (page 1) {text += ‘

«

‹

‘;}
while (count ‘ + count + ”;
if (showMax != count) {
text += ‘ | ‘;
}
text += ”;
count++;
}
if (page ›

»

‘;}
text += ”;
$(pagination).html(text);
}
function scrollToTop(){
$(‘html, body’).animate({
scrollTop: parseInt($(“#comments”).offset().top)
}, 700);
}
showPage(page);
if (pageCount 1){
buildPagination(page,pageCount);
$(pagination+” li.arrow_double_right a”).live(‘click’,function(){
page = pageCount;
showPage(page);
buildPagination(page,pageCount);
scrollToTop();
});
$(pagination+” li.arrow_right a”).live(‘click’,function(){
showPage(++page);
buildPagination(page,pageCount);
scrollToTop();
});
$(pagination+” li.numbers a”).live(‘click’,function(){
page = $(this).data(‘number’);
//console.log(“pageCount: “+pageCount+” page: “+page);
showPage(page);
buildPagination(page,pageCount);
scrollToTop();
});
$(pagination+” li.arrow_left a”).live(‘click’,function(){
showPage(–page);
buildPagination(page,pageCount);
scrollToTop();
});
$(pagination+” li.arrow_double_left a”).live(‘click’,function(){
page = 1;
showPage(page);
buildPagination(page,pageCount);
scrollToTop();
});
}
}

$(function(){ // DOM ready
paginateComments();
$(‘.scroll-into-view’).each(function(i){if (i == 0) this.scrollIntoView();});

$(‘.reset-form’).click(function(e){
e.preventDefault();
this.form.reset();
});

$(‘#comment_message’).charWarden(‘#chars-remaining’, 4096);

$(‘.comment-notify’).click(function(e) {
e.preventDefault();
var options = {
comment_notify: ‘TRUE’,
comment_message: ‘NOCOMMENT’
};
var notification = function(data) {
if (data.success) {
$(‘.not-following’).hide();
$(‘.following’).show();
showNotification(data.success);
} else if (data.error) {
showNotification(data.error);
}
};
postComment(options, notification);
});

$(‘#wrapperForm’).on(‘submit’, function(e) {
e.preventDefault();
var options = {
comment_notify: $(‘#comment_notify’).prop(‘checked’) ? ‘TRUE’ : ”,
comment_message: $(‘#comment_message’).val()
};
var notification = function(data) {
if (data.success) {
if ($(‘#comment_notify:checked’).length) {
$(‘.not-following’).hide();
$(‘.following’).show();
}
document.wrapperForm.reset();
addPostOptimistically(options.comment_message);
$(‘#comment_message’).change();
} else if (data.error) {
showNotification(data.error);
}
};
postComment(options, notification);
});

$(‘a.username’).fancybox({
‘hideOnOverlayClick’: false,
‘centerOnScroll’ : true,
‘autoScale’ : false,
‘autoDimensions’ : false,
‘width’: 435,
‘height’: 205,
‘onClosed’: function() {
if ($(‘#do-refresh’).length) location.reload();
}
});
}); // end DOM ready
})(jQuery);