In this article, Jeffrey Tebbs and Caroline Reaves review Internal Revenue Service Notice 2023-80, which describes the forthcoming proposed regulations on the interaction of the U.S. tax system with Pillar Two. "While the guidance provides clarity on key issues, the notice refrains from articulating the policy rationale or technical basis for the proposed rules. Under existing law, it isn't clear that Pillar Two taxes can (or should) be excluded from the U.S. exceptions for high-taxed income. Nor is it clear how a Pillar Two tax could be ineligible for the U.S. foreign tax credit but nevertheless result in a deemed dividend inclusion. Hopefully, the ongoing rulemaking process will resolve these tensions," the authors wrote.