Decoding the Tax Cuts and Jobs Act – Part V: Changes to IRC §163(j) and the Business Interest Deduction Rules

by Garvey Schubert Barer

“Neither a borrower nor a lender be…” or at least, if you insist on borrowing (and we understand the appeal), we are here to help you stay abreast of the new rules on deducting interest.


Interest on a business or investment related debt is, in most instances, a deductible expense of the borrower and taxed as income to the lender. With a few exceptions, such as mortgage interest on a personal residence, borrowers generally cannot deduct personal interest. A borrower’s deduction is subject to a number of limitations set forth in Code Section 163. The Tax Cuts and Jobs Act (“TCJA”) has changed some of these limitations.

Before the enactment of the TCJA, nondeductible interest included any interest on a taxpayer’s debt not arising from a trade or business, home mortgage, investment activity, or qualified student loans (in other words, interest arising from those debts was deductible).

Code Section 163 permitted corporations—only corporations—to deduct interest paid or accrued on debts related to their trades or businesses. Historically, some corporations used to take advantage of this deduction through “earnings stripping” as a means of reducing taxable income: They would borrow from related taxpayers who were not subject to U.S. taxes. These corporations would then deduct their interest payments, but the related lenders would not pay tax on the corresponding interest income.

Code Section 163(j), enacted in 1989, curbed this activity by disallowing the interest deduction for certain interest payments, including interest paid or accrued to related parties not subject to federal income tax on the interest income, and to unrelated parties in instances where a related party guaranteed the debt.

Code Section 163(j) also disallowed a deduction if two tests were met: a safe harbor test and debt-to-income ratio test. The safe harbor test was whether the borrower had more than 1.5 times debt to equity. The ratio test was whether the borrower’s net interest expense exceeded 50 percent of its adjusted taxable income. In applying the ratio test, adjusted taxable income was computed without regard to deductions for net interest expense, net operating losses, domestic production activities under Code Section 199 (now repealed), depreciation, amortization and depletion.



The TCJA overhauled Code Section 163(j). Starting in tax year 2018, taxpayers, regardless of the type of business entity, may deduct net business interest expenses (not including interest paid on investments). However, the deduction is generally limited to 30 percent of the taxpayer’s “adjusted taxable income,” plus the amount of any business interest income and floor plan financing interest. The 30-percent limit (the “business interest limitation”) is generally calculated at the taxpayer level. For these purposes, floor plan financing interest is interest used to finance an inventory of motor vehicles held for lease or sale and secured by the acquired inventory.

Adjusted Taxable Income

Both the House and Senate agreed on limiting the business interest deduction to 30 percent of a taxpayer’s income, but they disagreed on how to calculate taxpayer income. The House wanted taxpayer income to be based on a broader EBITDA-type definition that took into account earnings without regard for depreciation, amortization or depletion. The Senate wanted a narrower EBIT-type definition that did not add back any deductions allowable for depreciation, amortization or depletion. The Senate’s definition of taxpayer income, of course, would result in a lower amount of income, and therefore a smaller deduction. The resulting law was a compromise.

Under the TCJA, the business interest limitation is determined by calculating “adjusted taxable income,” which is defined as the taxable income of the taxpayer without regard to:

  • Items of income, gain, deduction or loss not allocable to a trade or business;
  • Any business interest or business interest income;
  • Any net operating loss deduction;
  • Any “pass-through” deduction under Code Section 199A; and
  • For tax years commencing prior to January 1, 2022, any depreciation, amortization or depletion deductions.

The final bullet item was the compromise between the House and Senate. Under this definition, “adjusted taxable income” is determined in a manner similar to EBIDTA for tax years beginning prior to January 1, 2022, and it is determined in a manner similar to EBIT for tax years beginning on or after January 1, 2022. Thus, for tax years 2022 and later, a narrower definition is used, which, everything being equal, will generally result in a smaller interest deduction.

For example, prior to 2022, a taxpayer with $100,000 of net income, $100,000 of business interest expenses and $200,000 of depreciation deductions would be limited to a deduction of $90,000.[1] However starting in 2022, the taxpayer’s business interest deduction would drop to $30,000,[2] since the taxpayer’s “adjusted taxable income” would no longer include the add-back for depreciation.

General Carryforward Rules

The amount of any business interest in excess of the business interest limitations (i.e., amounts exceeding 30 percent of adjusted taxable income) is carried forward and treated as business interest paid or accrued in the following tax year. Code Section 163(j) does not limit how far into the future amounts can be carried forward. Absent regulatory guidance, it appears that such amounts can be carried forward indefinitely, though it will be interesting to see what Treasury says on that point.

Special Rules for Partnerships and S Corporations

Carryforward Framework for Partnerships and S Corporations

Special rules apply to partnerships and S corporations. For one, the business interest limitation is calculated at the entity level for both of these types of entities, and the allowable deduction for interest under the new rule is included in the owners’ non-separately stated taxable income or loss. To prevent the double counting of income at the owner level, the owners of a partnership or S corporation ignore their share of the entity’s tax items for purposes of applying the limitation to the owner. The owners then increase their share of the adjusted taxable income of the entity by their respective shares of the “excess taxable income[3]” of the entity (i.e., the owners’ share of the additional interest expense that the entity could have deducted under the new rule).

Special Partnership Carryforward and Basis Adjustment Rules

With respect to carryforwards for partnerships, but not S corporations, Code Section 163(j) provides that business interest in excess of the deduction limitation (i.e., “excess business interest”) is allocated to each partner in the same manner as non-separately stated taxable income or loss of the partnership (rather than being treated as business interest paid or accrued by the partnership in the following tax year). Like the general carryforward rule (discussed above), this rule does not impose any time restrictions on how far into the future carryforwards are permitted. The partner may deduct his or her share of the partnership’s excess business interest in future years, but only against excess taxable income allocated to the partner arising out of the partnership’s activities giving rise to the excess business interest carryforward.

There are also corresponding basis adjustments with unusual timing issues. When excess business interest is allocated to a partner, the partner’s outside basis in the partnership interest is reduced (but not below zero) by the amount allocated. This is the case, even though the carryforward does not give rise to a deduction in the year of the basis adjustment. The partner’s deduction of the interest carryforward in a future year does not, however, cause a basis adjustment. Upon a disposition of the partnership interest, the partner must increase his or her outside basis immediately before the disposition by the amount of any excess business interest that previously led to a basis reduction under the foregoing rule, but which has not yet been deducted by the partner. This adjustment brings the partner’s basis back to the level it would have been had it not been reduced in excess of the amount of business interest deductions.

As noted above, these carryforward and basis adjustment rules do not apply to S corporations. Interestingly, they apply to nonrecognition dispositions of partnership interests.

Silence on Dispositions

The carryforward rules are silent on what happens when a partner or shareholder terminates his or her interest in the entity before utilizing the full amount of her excess business interest carried forward. Presumably it remains a personal tax attribute, and he or she can continue to deduct it after the termination; though we welcome additional guidance from Treasury. Meanwhile, affected partners and shareholders considering termination should take note of this uncertainty in their plans.

Exemptions and Carve-Outs

There is an exemption to the business interest limitation for qualifying “small businesses,” that is, taxpayers whose annual gross receipts average less than $25 million. The average is calculated based on earnings in the three tax years prior to the current year, so some taxpayers may need to reassess whether they qualify annually.  If a business has average annual gross receipts of less than $25 million, it will not be subject to the new Code Section 163(j) limitation.

The business interest limitation applies only to interest paid in carrying on a qualifying trade or business. The term “trade or business” is not specifically defined for this purpose; rather, Code Section 163(j) simply contains a list of what activities do not constitute a qualifying trade or business. For example, performing services as an employee does not constitute a trade or business. Hopefully, the impending Treasury Regulations will shed more light on the term “trade or business.”

Real property and farming businesses can opt out of the new limitation if they use the Alternative Depreciation System (ADS) to depreciate certain property used in their businesses.

Also, certain business activities related to utilities are excluded from the new Code Section 163(j) limitation, including the sale of electrical energy, water, or sewage disposal services; gas or steam by a local distribution system; or transporting gas or steam by a pipeline.

The Good, The Bad and The Ugly

New Code Section 163(j) brings taxpayers the good, bad and the ugly. The good is that taxpayers still may deduct (albeit limited) interest arising from a trade or business. The bad is that taxpayers are now more limited in the deductibility of the interest incurred in their trade or business, and that limitation further reduces the deduction in tax years 2022 and later due to the change from an EBITDA-like to an EBIT-like approach in defining “adjusted taxable income.” The ugly is the potential unintended consequences of the interplay between Section 163(j) and other Code Sections. For example, for tax years beginning in 2022, if a taxpayer takes advantage of new Code Section 168(k) (before it phases out), and receives 100 percent immediate expensing (first year depreciation) resulting from qualified capital purchases, its adjusted taxable income for purposes of applying Code Section 163(j) will be lower (because the amount of the Code Section 168(k) expense is not added back to adjusted taxable income under the EBIT-like approach) and the corresponding interest deduction ceiling will be lower.  While that result seems logical, it may be unexpected.  Careful attention is required.

Highly leveraged taxpayers (other than auto dealers) may wish to reduce their debt loads or change their capital structure to decrease their debt and increase their equity so that they are not affected (or not affected to as great an extent) by the limitation. In a low interest rate environment, the 30 percent limitation may not have as great an impact, but if interest rates begin to rise, highly leveraged businesses with variable-rate debt obligations may be significantly impacted.

Similarly, taxpayers expecting to make large capital investments may wish to do so in the near future, so they can take advantage of the depreciation add-backs under the definition of “adjusted taxable income” that exists prior to 2022. For example, a taxpayer can now purchase a $100,000 of business equipment and take advantage of an increased $100,000 depreciation add-back due to the allowed immediate-expensing under Code Section 168(k), thus resulting in a $30,000 single-year increase to the business interest limitation under Code Section 163(j). However, after 2022, a taxpayer making the same capital investment would not get the benefit of the increased interest deduction limitation arising out of the depreciation deduction. 


In Hamlet, Polonius cautioned never to borrow or lend, “for loan oft loses both itself and friend.” Those are not the only potential downsides to borrowing and lending: poor tax planning and compliance can lead to problems with the IRS. Nonetheless, both borrowing and lending can create opportunities if done right. Were Polonius to receive a brief synopsis of the TCJA, he might instead caution modern audiences never to borrow or lend without first consulting their tax advisor.

[1] Deduction = Adjusted taxable income of $300,000 x 30 percent.

[2] Deduction = Adjusted taxable income of $100,000 x 30 percent.

[3] “Excess taxable income” is defined as the amount which bears the same ratio to the entity’s adjusted taxable income as:

  • (i) the excess (if any) of:
    • (I) 30 percent of the entity’s adjusted taxable income, over
    • (II) the amount (if any) by which the entity’s business interest, reduced by floor plan financing interest, exceeds the business interest income of the entity, bears to
  • (ii) 30 percent of the entity’s adjusted taxable income.

Written by:

Garvey Schubert Barer

Garvey Schubert Barer on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.