The U.S. IRS has published the draft instructions for Form 8990, Limitation on Business Interest Expense Under Section 163(j), and the draft instructions for Form 965, Inclusion of Deferred Foreign Income Upon Transition to Participation Exemption System. Both forms are also in the draft stage. Form 8990 is used to compute the amount of business interest expense that can be deducted and the amount to carry forward to the next year, considering changes made by the Tax Cuts and Jobs Act (TCJA) to generally limit deductions to 30% of adjusted taxable income. Form 965 is used to compute the inclusion...