The US IRS has announced that it will hold a hearing on September 18 on proposed regulations released April 23 that provide guidance regarding when a foreign insurance company’s income is excluded from the definition of passive income under section 1297(b)(2)(B).
The regulations are designed to prevent hedge funds from using offshore reinsurance companies located in tax havens to avoid paying tax.
The hearing will be held at 10:00 a.m. in the IRS Auditorium, Internal Revenue Service Building, located at 1111 Constitution Avenue NW, Washington.
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