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Letter from API to the Department of Treasury Regarding the Base Erosion Adjustment Tax (BEAT)

The industry strongly believes that Treasury regulations for the BEAT should be written to ensure the net operating loss add back required under the BEAT is determined based on the base erosion percentage in the year the NOL arose, and the BEAT add back for pre-TJCA losses carried into a post-TCJA year should be zero, and finally the use of a pre-2018 NOLs going forward should not be treated as a BEAT payment and are distinguishable from pre-2018 interest deductions deferred under section 163(j).

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Letter from API to Treasury re. Base Erosion Adjustment Tax (BEAT)

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