The Internal Revenue Service on Wednesday announced temporary rules for non-corporate taxpayers who choose to treat qualified dividend income as investment income when calculating the deduction for investment interest.
The IRS stated that the regulations which took effect yesterday concern changes to the law made by the Jobs and Growth Tax Relief Reconciliation Act of 2003, under which a taxpayer can take all or a portion of qualified dividend income into account as investment income.
The IRS and Treasury Department are also seeking comments on how the proposed rules can be made easier to understand under a consultation lasting until November 3.
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