Michael Mollerus quoted in Wall Street Journal on IRS’ reversal of corporate tax deduction

Davis Polk partner Michael Mollerus was quoted in the Wall Street Journal on the IRS' reversal of its stance on the corporate tax deduction for foreign-derived intangible income (FDII). The reversal could require companies that had calculated the deduction previously to pay additional tax bills. Michael noted that this is a "significant step and not one that they would take lightly."

"IRS, Reversing Course, Tees Up Potential Tax Fight With Multinational Companies," Wall Street Journal (May 17, 2022) (subscription required)