Author Archives: Jasper L. (Jack) Cummings, Jr.

Jasper L. (Jack) Cummings, Jr.
Jack Cummings is counsel in the Federal Tax Group of Alston & Bird in Raleigh and Washington, D.C. He served as IRS associate chief counsel (corporate) and chair of the Corporate Tax Committee of the ABA Section of Taxation.  Read More →

A New Theory of Code Definitions

▪ Written by
“Manifestly incompatible?” A new IRS Chief Counsel Advice features a disturbing interpretation of Section 7701’s definitions. Our Federal Tax Group parses out what taxpayers should beware of—or what could possibly be used to their benefit. Applying the abuse of entity regulation Discriminating against taxpayers singled out Statutory construction that doesn’t otherwise provide Read the full advisory here. [...]Read more

International Tax Regulations: The Road Ahead – Key Practitioner Concerns and Government Responses

▪ Written by , and
Our International Tax Group reflects on a few concerns that have cropped up in the wake of the Tax Cuts and Jobs Act and deciphers the government’s responses. Foreign-derived intangible income (FDII) Global intangible low-taxed income (GILTI) Base erosion and anti-abuse tax (BEAT) Read the full advisory here. [...]Read more

The Treasury’s New Guidance Policy

▪ Written by
What guidance has the “force and effect of law”? Our Federal Tax Group dives into an appeal of a court case involving Notice 2016-66, the Anti-Injunction Act, and a new Treasury policy statement that could upset the department’s applecart. A new transaction of interest: micro-captive transactions Policy Statement on the Tax Regulatory Process Eviscerating the premise of an argument Read the full advisory here. [...]Read more

FDII or Not: Section 250 FDII and GILTI Deduction Regulations Proposed

▪ Written by , and
The IRS and Treasury’s proposed regulations on the Section 250 deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) tackle several questions left unanswered by the 2017 tax law. Our International Tax Group highlights key takeaways from the complex, near-algebraic, proposed rules. Section 250 alphabet soup: FDII, GILTI, QBAI, DEI, FDDEI GILTI deduction allowed for Section 962 election taxpayers A few questionable answers for FDII issues Read the full advisory here.   [...]Read more

Finally! Final Regulations Published for Section 965 Transition Tax

▪ Written by , and
At long last, we have the first set of final regulations for the Tax Cuts and Jobs Act. Our International Tax Group celebrates with a look at how the Treasury and IRS have clarified Section 965 and why taxpayers may need to act quickly. The de minimis threshold Exceptions to the anti-abuse rules Transfer agreements and the basis adjustment election Read the full advisory here. [...]Read more

Uncertain Tax Disclosures

▪ Written by

Whipsaws aren’t new, but corporations are using them in new ways. Our Federal Tax Group reviews how using whipsaws could create some interesting litigation.

  • SEC filings troubling to the IRS
  • King Enterprises v. U.S.
  • Problems for tax advisors

Read the full advisory here.

Opportunity Zones

▪ Written by
Our Federal Tax Group examines the signature difference brought about by tax reform’s opportunity zone regime. Comparison to empowerment zones and enterprise communities How the new regime is being used. How seriously will the rules be enforced? Read the full advisory here. Join us for our Weekly Client Update where our attorneys will walk through key elements of the new IRS regulation packages addressing corporate and international issues and state tax matters. Click here to learn more and register. We will be covering opportunity zones on February 5. [...]Read more

Sales of CFCs Got Harder?

▪ Written by

Our Federal Tax Group gives a glimpse into the brave new world of selling foreign assets and stock in the wake of the Tax Cuts and Jobs Act.

  • Selling a U.S. sub versus selling a CFC
  • GILTI as a new option over Subpart F
  • Analyzing the options

Read the full advisory here.

Plot Twist – Proposed Regulations Mean Section 956 Did Not Actually Survive Tax Reform Intact

▪ Written by , and
Our International Tax Group takes stock of new proposed regulations that try to keep Section 956 relevant despite the Tax Cuts and Jobs Act. Many were left scratching their heads “A result directly at odds with the manifest purpose of Section 956” Impact of the proposed regulations Read the full advisory here. [...]Read more