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Subpart F

Treasury’s High Wire Act – Final and Proposed Regulations on CFC High-Tax Exceptions

August 18, 2020 By Edward Tanenbaum and Heather Ripley

Our International Tax Group examines the high-tax exclusion (HTE) in new final regulations under the global intangible low-taxed income (GILTI) regime and the potentially precarious side effects U.S. shareholders face in choosing whether to apply the HTE. The 2020 final regulations apply the GILTI HTE on a “tested unit” and “all or nothing” basisThe 2020 proposed regulations would conform the Subpart F HTE to the finalized GILTI HTE, creating a single unified HTE for both regimesThe decision whether to elect the GILTI HTE must balance implications under other TCJA provisions and possibly [...]Read more

Filed Under: International Tax Advisory Tagged With: CARES Act, CFC, GILTI, high-tax exclusion, HTE, QBU, Section 267, Section 951, Section 954, Subpart F, tax reform, TCJA

Proposed Treasury Regulations Clarify UBTI “Silo” Rule

May 20, 2020 By Clay Littlefield, Daniel Reach, George Abney and Mark Williamson

Nearly two years ago, in the wake of the Tax Cuts and Jobs Act, the IRS issued interim guidance on the unrelated business taxable income (UBTI) “silo” rules. Our International Tax Group examines recently released proposed Treasury Regulations that largely follow, and partially expand, that guidance. Special rules for investment activities, including “qualified partnership interests”Interactions with net operating loss rules, as modified by the TCJA and the CARES ActEffects on Subpart F, GILTI, and other rules For the full advisory, click here. [...]Read more

Filed Under: Uncategorized Tagged With: CARES Act, Controlled Entities, Deb-financed properties, GILTI, IRS, NAICS, NOLs, partnership, QPI, S Corp, Schedule K-1, Subpart F, TCJA, Treasury, UDFI

Risky Business – Allocating Losses When Your Supply Chain Is Disrupted

April 17, 2020 By Stefanie Kavanagh and Richard Slowinski

Should a subsidiary incur losses due to risks it assumed? Can a parent take on losses? Our International Tax Group investigates the nuances of regulations from U.S. and international agencies and offers actions multinational enterprises can take now to prepare for the tax implications of COVID-19-related disruptions.

Who bears and controls the risk?
Useful guidance from the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations
Actions to take now and in the future

Alston & Bird has formed a multidisciplinary task force to advise clients on the business [...]Read more

Filed Under: International Tax Advisory Tagged With: 017 OECD Transfer Pricing Guidelines, 17 OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, BEAT, Code, covid-19, customs, FDII, foreign distributor, GILTI, MNEs, multinational enterprises, NOLs, OECD, OECD TPG, Section 162, Section 163(j), section 482, Subpart F, Transfer Pricing Guidelines, VAT

From Obscurity to Spotlight: The Section 962 Election

February 18, 2020 By Scott Harty and Seth Buchwald

In case you missed it's release right before the President's Day holiday weekend, our International Tax Group addressed an election under Section 962 available to individual U.S. shareholders of certain foreign corporations to be taxed as a C corporation, which before tax reform was a rarely utilized and often forgotten tool that has recently been thrust into the spotlight due to its potential benefits.

The rise in popularity of the Section 962 election
Smith v. Commissioner, an unfavorable ruling for U.S. shareholders receiving distributions of foreign earnings subject to a Section 962 [...]Read more

Filed Under: International Tax Advisory Tagged With: 962, C Corp, CFC, GILTI, Subpart F, Tax Cuts and Jobs Act, tax reform, TCJA

Down the Rabbit Hole: Guidance Addressing Downward Attribution After Repeal of Section 958(b)(4)

October 15, 2019 By Edward Tanenbaum and Daniel Reach

The IRS released Proposed Regulations and a Revenue Procedure addressing the Tax Cuts and Jobs Act’s repeal of Section 958(b)(4). Our International Tax Group explores how this guidance affects numerous provisions of the Code.

Downward attribution beyond Subpart F, GILTI, and Section 965
Silence on the portfolio interest exemption
Safe harbors and eased reporting requirements

Read the full advisory here. [...]Read more

Filed Under: International Tax Advisory Tagged With: 958(b)(4), GILTI, IRS, portfolio interest exemption, proposed regulations, Revenue Procedure, safe harbor, section 965, Subpart F, Tax Cuts and Jobs Act, tax refrom

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