Challenges of TCJA to U.S. individuals with foreign business interests
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The work Challenges of TCJA to U.S. individuals with foreign business interests represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
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Challenges of TCJA to U.S. individuals with foreign business interests
Resource Information
The work Challenges of TCJA to U.S. individuals with foreign business interests represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
- Label
- Challenges of TCJA to U.S. individuals with foreign business interests
- Language
- eng
- Summary
- Individuals operating and investing in foreign businesses face a new, unfavourable tax provision and even useful planning "solutions" have flaws. The first part of this article reviews the GILTI provision, including certain state and local tax consequences and the application of the "net investment income tax" of 3.8%. It then discusses the legislative history accompanying the repeal of Section 958(b)(4) and recommends that the IRS issue a notice, to be followed by Treasury Regulations, providing for an interpretation of this repeal that is nuanced and limited and would preserve the benefit of these existing structures by not treating these foreign corporations as CFCs. This article then discusses the Tax Court decision in Estate of Miller (reviewed by the full Tax Court), which interpreted certain stock attribution rules under the now-repealed foreign personal holding company provisions and could provide courts adjudicating this issue with precedent to reach this result in the absence of such regulations. The second part of this article addresses three alternatives to ameliorate the GILTI tax cost to individual U.S. shareholders and concludes that each of these alternatives - although containing both benefits and detriments - is flawed
- Citation source
- In: Journal of taxation. - New York. - Vol. 129 (2018), no. 5 ; 42 p
- Geographic coverage
- North America
- Language note
- English
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