Page 147 - Large Business IRS Training Guides
P. 147

Allocation Rules - General (cont’d)











               • Income and expense items must be allocated



                    to excepted and non-excepted trades or


                    businesses.



               • No allocations are necessary if all of the


                    taxpayer’s trades or businesses are non-


                    excepted (or excepted).



               • Special rules apply to consolidated returns



                    and controlled foreign corporations (CFCs).












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