On January 16, TEI submitted comments on the proposed regulations on the corporate alternative minimum tax (CAMT).
TEI’s comments addressed foreign tax credit considerations and provided recommendations for modifications to adjusted financial statement income related to the treatment of investments in certain financial instruments and the treatment of certain covered recognition transactions, among other concerns. TEI previously submitted comments on Notice 2023-64 on October 12, 2023, on Notice 2023-7 on March 20, 2023, and on the Inflation Reduction Act provision on October 18, 2022.
The Tax Reform Task Force, chaired by Andreia Verissimo and in coordination with TEI Tax Counsel Kelly Madigan, spearheaded the comments.
