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Films & Tax Deductions

WASHINGTON (CN) - The Internal Revenue Service has finalized regulations for tax deductions from income earned producing films in the United States.

The regulation corrects the definition for a "qualified film produced by a taxpayer" which appeared in a 2006 final regulation. A film may be used for the deduction when at least "50 percent of the total compensation for services paid by the taxpayer is for services performed in the United States." The film can be motion picture film or video tape, or live or delayed television programming. The new regulation also corrects an example which misapplied the definition of an "expanded affiliated group." Click here for details and other new regulations and notices.

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