Are You Struggling to Understand and Apply the New Section 163(j) Limitation on Deductibility of Business Interest?

By Lynn Nichols, CPA, OSCPA Tax Section Moderator

On March 28th, the Joint Committee on Taxation published “Overview of Limitation on Deduction of Business Interest: Section 163(j).” The program consists of 46 slides (unfortunately only available as a PDF document) providing an overview of the section 163(j) interest deduction limitation. Topics include background information, present law, definitions, carryforward rules, application to passthrough entities, exceptions, relevant data, and partnership carryforward examples. You can download a copy from www.jct.gov or send me an e-mail and I will attach a copy of the PDF document to a return message.”