American Council of Life Insurers Issues Public Comment on IRS Proposed Rule
Targeted News Service
Mandana Parsazad, vice president for taxes and retirement security, at the
American Council of Life Insurers have issued a public comment on the
Internal Revenue Service proposed rule entitled Guidance: Passive Foreign Investment Companies and the Treatment of Qualified Improvement Property under the Alternative Depreciation System . The comment was written on
April 14, 2021, and posted on
April 16, 2021:
Treasury published final regulations (REG-111950-20; the Final Regulations ) in the
Federal Register to address Passive Foreign Investment Companies ( PFICs ) providing guidance on the treatment of income and assets of a foreign corporation for purposes of the PFIC rules and on the exception from passive income under section 1297(b)(2)(B) ( PFIC insurance exception ) of the Internal Revenue Code of 1986, as amended (the Code )./1