FROM THE OFFICE OF PUBLIC AFFAIRS
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February 18, 2005
JS-2263
Treasury Provides Guidance on Termination
of Section 936 Elections
WASHINGTON, DC -- Today the Treasury Department announced guidance on certain tax consequences of the termination of sections 936 and 30A. These sections, which provide for special tax treatment of certain domestic corporations with business activities in possessions of the United States, do not apply to taxable years beginning after December 31, 2005.
In response to the impending termination of these sections, corporations that have been subject to this special tax treatment have begun to restructure their business arrangements. The notice issued today provides guidance on tax issues that are likely to arise for these corporations.
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