On June 14, 2019, the Treasury Department and IRS released temporary regulations that limit the Section 245A dividends received deduction and the Section 954(c)(6) look-through exception with respect to specified distributions received from controlled foreign corporations. The specified distributions are intended to capture distributions of earnings from specified transactions that would have allowed certain types of income to permanently escape U.S. taxation. The targeted transactions include certain dispositions made before the CFC became subject to Section 951A, as well as certain ownership reduction transactions as described below. These Temporary Regulations were issued without a notice and comment period and are immediately effective and apply retroactively.