Doug McHoney (PwC's International Tax Services Leader) interviews Tim Anson (ITS Partner) about the recent temporary regulations under Section 245A. They provide background on the new law, and discuss its application and potential impact on taxpayers. Doug and Tim further cover the potential 'gap periods' or 'donut holes' in effective dates and the validity of the regulations. And of course they explain some definitions - extraordinary disposition accounts; extraordinary reduction accounts; etc. - and provide the pertinent ordering rules on distributions.