The IRS has released Publication 5292 (How to Calculate Section 965 Amounts and Elections Available to Taxpayers). Section 965, which was amended by the Tax Cuts and Job Act of 2017, requires certain foreign corporations to increase their subpart F income for their last tax year that begins before Jan. 1 by the amount of their deferred foreign income. Publication 5292 provides a workbook and instructions to assist in calculating “section 965 amounts” and also includes worksheets for taxpayers who may be able to make certain elections with respect to Section 965. (Section references are to the Internal Revenue Code of 1986, as amended (the Code).)