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WASHINGTON, Jan 18 (Reuters) - The U.S. Treasury on Friday released final regulations for a tax deduction of up to 20 percent for U.S. businesses organized as so-called pass-through entities, under President Donald Trump's 2017 overhaul of the U.S. tax system.
The 247-page document lays out how to determine the amount of deduction available to the owners of businesses that operate as sole proprietorships, partnerships, S-corporations, trusts and estates.
About 30 million U.S. businesses, including many small "Mom and Pop" firms, are organized as pass-through entities. Rather than operating like corporations with shareholders, as many large companies do, these businesses pass profits through to their owners as personal income. (Reporting by David Morgan Editing by Leslie Adler)