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IRS offers guidance for new limit on interest deduction

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Tax Hot Topics newsletterThe IRS released Notice 2018-28 on April 2 providing that the new limit on the interest deduction will be calculated at the consolidated group level and that all C corporation interest will be considered business interest. The guidance also provides that partners can use their share of excess business interest income from a partnership to calculate their deduction for business interest, and that taxpayers may still carry forward interest expense deferred under the old interest limitation rules.

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Contact
Jeff Borghino
Partner,
Washington National Tax Office
T +1 202 521 1532

Tom Kelly
Managing Director,
Washington National Tax Office
T +1 202 521 1512

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