The U.S. IRS has released international practice units on:
- Stock Basis Ordering Rules, which address the stock basis ordering rules to determine the taxability of distributions as well as the deductibility of loss and deduction items for shareholders in S corporations that receive pass-through losses and distributions in the same year; and
- U.S. Territories - Self-Employment Tax, which discusses the self-employment tax (social security and Medicare tax) obligations of U.S. citizens and resi…