Tax Legislation Affecting Foreign Transactions Enacted Into Law

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On August 10, 2010, President Obama signed into law the Education Jobs and Medicaid Assistance Act of 2010 (the “Bill”). The Bill includes several U.S. federal income tax provisions affecting foreign transactions which are primarily aimed at limiting the use of foreign tax credits by U.S. taxpayers. In addition, the Bill repeals the rules regarding “80/20 companies,” as further described below.

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