Did Anyone Notice the TCJA Made Code Sec. 367(b) Obsolete?

Public Policy and Tax attorney Joshua Odintz co-authored an article in Taxes The Tax Magazine, a CCH Incorporated publication, about how the Tax Cuts and Jobs Act (TCJA) shifted the United States to a system in which all income is either subject to immediate U.S. federal income tax or it is never subject to U.S. federal income tax. Given this reform, Code Sec. 367(b) almost never gives rise to an income inclusion and is subsequently obsolete. Code Sec. 367(b) was intended to preserve the ability of the U.S. to tax the earnings and profits of CFCs in connection with inbound and foreign-to-foreign transactions.

READ: Did Anyone Notice the TCJA Made Code Sec. 367(b) Obsolete?