The U.S. IRS has released an updated practice unit, IRC Section 250 Deduction: Foreign-Derived Intangible Income (FDII). The practice unit was updated to remove references to resources that are no longer available and supersedes the 28 June 2021 practice unit with the same title. The general overview of the practice unit includes the following:
The Tax Cuts and Jobs Act enacted section 250, which provides for a deduction with respect to Global Intangible Low-Taxed Income (GILTI) and Foreign…