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International - Corporate Tax Planning

Cryptocurrencies and Investment Funds – Tax Uncertainty Abounds

July 31, 2018 By Alston & Bird Tax Team

The IRS has announced its intent to beef up enforcement efforts against tax noncompliance relating to transactions in cryptocurrencies. Despite this effort, various tax aspects of cryptocurrency transactions remain uncertain. Our International Tax and Blockchain & Distributed Ledger groups team up to explain how this uncertainty affects cryptocurrency funds. Cryptocurrencies are treated as property, not currency, for tax purposes (but the certainty largely ends there) Can cryptocurrencies and their derivatives qualify as commodities for tax purposes? Read the full advisory here. [...]Read more

Filed Under: International - Corporate Tax Planning, International Tax Advisory Tagged With: cryptocurrency

PATH Act Brings FIRPTA Changes

February 2, 2016 By Heather Ripley

The Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”), signed December 18, 2015, introduces significant changes to the Foreign Investment in Real Property Tax Act (FIRPTA), particularly concerning REITs. The reforms are generally intended to make foreign investment in U.S. real estate more attractive, though some revenue-raising measures are thrown in the mix. Among the PATH Act's taxpayer-friendly FIRPTA updates: The ownership threshold for foreign “portfolio investors” in publicly traded REITs increases from 5% to 10%. These investors are exempt from FIRPTA tax [...]Read more

Filed Under: International - Corporate Tax Planning, International - Inbound, International Tax Advisory, RICs, REITs and other Special Entities Tagged With: FIRPTA, PATH Act, pension funds, portfolio investors, REIT, RIC, US real property, withholding tax

Proposed Sec. 367 Regs Say Goodbye to Goodwill Exception

November 23, 2015 By Heather Ripley

Citing aggressive taxpayer positions, recently proposed regulations do away with the foreign goodwill exception to gain or income recognition for outbound transfers under Section 367. The rules also restrict the type of property eligible for the active business exception. Reasons for Change Per the preamble, taxpayers interpret Section 367 and the regulations in one of two ways when claiming favorable treatment of foreign goodwill and going concern value. One interpretation argues that goodwill and going concern value are not IP within the meaning of Section 936(h)(3)(B) and thus not subject [...]Read more

Filed Under: International - Corporate Tax Planning, International - Outbound, International - Transfer Pricing, International Tax Advisory, Mergers and Acquisitions - International Tagged With: active business exception, Corporate Tax Planning, foreign corporation, foreign goodwill exception, goodwill, intangible property, IRS, outbound, proposed regulations, Section 367, section 482, temporary regulations, transfer pricing

Second Inversion Notice

November 22, 2015 By Jasper L. (Jack) Cummings, Jr.

The Treasury issued the new Notice 2015-79 to beef up the anti-inversion section 7874. It contains three rules applicable to deals closing after the Notice and two rules that are retroactive to the 2014 Notice’s effective date. Those two rules increase the potential taxability of post-inversion restructurings. The three prospective rules are the most surprising and potentially harmful to taxpayers seeking to invert. They all relate to the use of holding company structures, which are common in cross border tax planning. Holding company structure rules: If the foreign acquiring corporation [...]Read more

Filed Under: Federal - Corporate Tax Planning, International - Corporate Tax Planning, Mergers and Acquisitions Tagged With: Notice 2015-79

Déjà Vu All Over Again – The Recurring Saga of Expiring Tax Provisions

September 21, 2015 By Carolyn Smith

If you go by what Yogi Berra says, tax policy and baseball have a lot in common.  Just as we head toward the end of the regular season of baseball and hope we make it to play-offs, Congress is doing the same.  Having returned from the August recess, they are looking ahead at what they need to do to finish strong.  As for déjà vu, the atmosphere surrounding expired tax provisions is markedly similar to what it was last year around this time.  Will the result be different this year?  Maybe.  Let’s take a look at the issues and what’s happened so far. Discussions of tax reform have [...]Read more

Filed Under: Federal - Corporate Tax Planning, Federal Tax, International - Corporate Tax Planning, International - Inbound, International - Outbound, Tax Policy Tagged With: tax reform

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