Turner said the bill was not designed to cut off any double dipping
that occurred in the past.
This is the double entitlement or double dipping
Such losses clearly fell within the mirror legislation provision; however, the taxpayer argued that the provision was invalid because it was inconsistent with the underlying purpose of section 1503(d) - to prevent double dipping
But efforts to ban the practice of double dipping
, or even require disclosure of it, went nowhere this year in the Texas Legislature.
Originally enacted as part of the Tax Reform Act of 1986, section 1503(d) was intended to prevent a single economic loss from being used to reduce the tax on two separate items of income, one of which is subject to current tax in a foreign country but not the United States and the other of which is taxed in the United States but not in the foreign jurisdiction (the so-called double dipping