Business Interest Expense Limitation Explained in 2 Minutes
Join our Tax Law Editor Alex Bayrak as he explains the business interest expense limitation under IRC §163(j). He shares the definitions of the business interest expense limitation and interest; he also covers the CARES Act impact on §163(j).
Introduced by the 2017 Tax Cuts and Jobs Act, GILTI is a deemed amount of income derived from controlled foreign corporations (“CFCs”) in which a U.S. person is a 10% direct or indirect shareholder. As a newly defined category of foreign income, the GILTI regime effectively imposes a worldwide minimum tax on foreign earnings.
For additional resources, visit http://onb-tax.com/hfS650DVyhT
— CHAPTERS —
00:00 Intro
00:10 What is the business interest expense limitation?
00:37 The definition of interest
1:33 The CARES Act’s impact on §163(j)
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