At an event for the National Association for Business Economics on July 16, Peg O’Connor (deputy associate chief counsel (Operations and International Programs) at the IRS Office of the Associate Chief Counsel, International) stated that she expects final regulations addressing foreign tax credits to be released by the end of the summer and final regulations under section 59A (Base Erosion and Anti-Abuse Tax or BEAT) to be released this fall. The foreign tax credit regulation package is expected to also include proposed guidance that addresses issues raised by various commenters. The BEAT regulations are expected to provide further guidance on non-cash payments, such as stock transactions.