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US Treasury: subpartf

US Treasury: subpartf

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Published by: Treasury on Jan 23, 2008
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The Deferral of Income Earned ThroughU.S. Controlled Foreign Corporations
A Policy Study
Office of Tax PolicyDepartment of the TreasuryDecember 2000
 
TABLE OF CONTENTSINTRODUCTIONPURPOSE, STRUCTURE, BASIC CONCEPTS, AND DESCRIPTION OF SUBPART F
Statement of Purpose............................................viiStructure of the Study..........................................viiiBasic Concepts................................................viiiBrief Description of the Subpart F Regime............................xi
CHAPTER 1WHY SUBPART F WAS ENACTED: DEVELOPMENTS IN THE LAW BEFORE 1962
General........................................................1The Underlying Need for Anti-Deferral Rules: Structural Tensions in the U.S. TaxSystem..................................................1The Need for Restrictions on Deferral: Tax Avoidance and Response........4Conclusion....................................................10
CHAPTER 2THE INTENT OF SUBPART F
Introduction...................................................12Concerns Leading to Enactment of Subpart F..........................12Conclusions on Intent of Subpart F..................................22
CHAPTER 3ECONOMIC WELFARE AND THE TAXATION OF FOREIGN INCOME
Introduction and Overview........................................23A Note on Economic Methodology.................................24Optimal Taxation of International Investment Income....................25The Economic Effects of the Foreign-to-Foreign Related Party Rules........42Conclusions Relating to Economic Welfare and the Taxation of Foreign Income.......................................................53
CHAPTER 4COMPETITIVENESS AND THE TAXATION OF FOREIGN INCOME
Introduction...................................................55Has Subpart F Affected Competitiveness?.............................56Has Subpart F Substantially Affected Comparative Tax Burdens of U.S.Multinational Corporations?.................................57Conclusion on Competitiveness and the Taxation of Foreign Income........61
CHAPTER 5AVOIDING THE RULES OF SUBPART F
General.......................................................62Illustrations of Techniques to Avoid Subpart F.........................62Is Subpart F Still Effective?.......................................67
 
CHAPTER 6CHALLENGES TO SUBPART F: ENTITY CLASSIFICATION, SERVICES ANDELECTRONIC COMMERCE
Introduction...................................................68Impact of the Check-The-Box Entity Classification Rules.................68Subpart F and Services...........................................70The Challenges to Subpart F Posed by Electronic Commerce..............75Conclusions Relating to Challenges to Subpart F.......................81
CHAPTER 7CRITERIA AND OPTIONS FOR CHANGE
Introduction...................................................82Criteria for Evaluating Changes to Subpart F..........................82Alternatives...................................................86Conclusion on Options for Change..................................95
CHAPTER 8RESTATEMENT OF CONCLUSIONS
Conclusions...................................................96Summary of Conclusions.........................................99
APPENDIX AHISTORICAL REVIEW OF U.S. LAWS RELEVANT TO CURRENT U.S. ANTI-DEFERRAL REGIMES AND ENTITY CLASSIFICATION
U.S. ANTI-DEFERRAL REGIMES...............................101Structural Features of U.S. Tax System Giving Rise to Deferral and theNeed for Anti-Deferral Rules .........................101Anti-Deferral Provisions Prior to 1962........................105Subpart F..............................................111Specific Provisions of 1962 Legislation........................126Significant Amendments to Subpart F Since 1962 Act.............135FEDERAL TAX ENTITY CLASSIFICATION.......................163Background............................................163Morrissey, the Changing Resemblance Test and the Kintner Regulations................................................165General Changes in the Entity Classification Rules since 1962.......167Specific Changes in the Entity Classification Rules for Foreign Entitiessince 1962........................................172Promulgation and Purpose of the Check-the-Box Regulations.......175
APPENDIX BSURVEY OF QUANTITATIVE ECONOMIC STUDIES THATEXAMINE THE INTERNATIONAL MOBILITY OF CAPITAL
Taxes and U.S. Direct Investment Abroad, Suggestive Evidence of CapitalMobility...............................................177Taxes and the Decision to Invest in the United States or Overseas, AdditionalEvidence of Capital Mobility................................182Macroeconomic Research on International Capital Mobility..............184Conclusion...................................................187

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