WASHINGTON—When the House of Representatives passed its long-awaited tax overhaul this month, General Electric Co. had a potentially big problem: One part of the bill could cost the conglomerate more than $1 billion in new taxes if it becomes law. The measure would restrict the ability of GE and other firms to deduct the losses of some overseas units under a new one-time tax on profits earned overseas. A GE spokeswoman said that “would have resulted in taxing more than 100% of GE’s historic foreign earnings.”...

Source: Wall Street Journal November 30, 2017 22:02 UTC