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IRS issues final regulations and other guidance on business interest expense deduction limitation [税金]

The Internal Revenue Service issued final regulations regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act.

For tax years beginning after December 31, 2017, business interest expense deductions are generally limited to the sum of:

•the taxpayer's business interest income;
•30 percent (or 50 percent, as applicable) of the taxpayer's adjusted taxable income; and
•the taxpayer's floor plan financing interest expense.

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