The U.S. Department of the Treasury on March 4, released proposed regulations dealing with the application of the recent U.S. tax reform to U.S. shareholders of a controlled foreign corporation (CFC). The proposed regulations (REG-104464-18) provide relief from some of the provisions of the U.S. tax reform that apply to individual U.S. citizens or tax residents and U.S. trusts and estates who own stock in a CFC.

While the relevant provisions of the applicable U.S. tax law are quite detailed, this article provides a general summary of the relief provided to individuals.

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