The Resource The high-taxed exception and E&P limitation to Subpart F income

The high-taxed exception and E&P limitation to Subpart F income

Label
The high-taxed exception and E&P limitation to Subpart F income
Title
The high-taxed exception and E&P limitation to Subpart F income
Creator
Subject
Language
eng
Summary
Subpart F has long included exceptions to Subpart F income for income of controlled foreign corporations (CFCs) subject to a relatively high rate of foreign tax and limited Subpart F inclusions to the current earnings and profits (E&P) of the CFC. After the Tax Cuts and Jobs Act (the Act or the TCJA), most income of CFCs that is not Subpart F income will be subject to current U.S. tax as global intangible low-taxed income (GILTI). GILTI incorporates the high-taxed exception, but not the E&P limitation or qualified deficit rules. Subpart F income, but not GILTI, may be reduced by certain prior year E&P deficits in accumulated E&P of CFCs attributable to same activities. This article considers how these rules may apply following the Act
Citation source
In: International tax journal. - Riverwoods. - Vol. 44 (2018), no. 6 (November-December) ; p. 5-8, 38-39
http://library.link/vocab/creatorName
Skinner, W.R
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • Subpart F income
  • CFC
  • GILTI
  • TCJA
Label
The high-taxed exception and E&P limitation to Subpart F income
Instantiates
Publication
Label
The high-taxed exception and E&P limitation to Subpart F income
Publication

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