The Operation and Effect of the International Boycott Provisions of the Internal Revenue Code: Third Report (Classic Reprint) - Rilegato

Author, Unknown

Rilegato

ISBN 10: 0656536233 ISBN 13: 9780656536238

Casa editrice: Forgotten Books, 2019

Riassunto

Excerpt from The Operation and Effect of the International Boycott Provisions of the Internal Revenue Code: Third Report

The Tax Reform Act of 1976 added several provisions to the Internal Revenue Code denying certain tax benefits to taxpayers who participate in or cooperate with an inter national boycott. The tax benefits affected by the boycott provisions are (1) the foreign tax credit, (2) the deferral of tax on the earnings of foreign subsidiaries, and (3) the deferral of tax on the earnings of Domestic International Sales Corporations. According to the General Explanation of the Tax Reform Act of 1976 Congress believes that these three tax not be made available with respect to operations in connection with which there has been an agreement to participate in or cooperate with an international boycott.

The international boycott provisions allow a choice between two methods for computing the amount of tax benefits lost. The specifically attributable income and taxes method and the international boycott factor method. Under the specifically attributable income and taxes method, the benefits of the foreign tax credit are denied by reducing the amount of taxes eligible for the credit. Under the international boycott factor method, the benefits: of the foreign tax credit are denied by reducing the otherwise allowable credit. The benefits of disc and deferral are denied under both methods of computation by requiring a deemed distribution of earnings to the shareholders of the disc or controlled foreign corporation. The international boycott provisions are described in Chapter 2.

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Dettagli dell'edizione

• Editore: Forgotten Books
• Data di pubblicazione: 2019
• Lingua: Inglese
• ISBN 10: 0656536233
• ISBN 13: 9780656536238
• Rilegatura: Copertina rigida
• Numero di pagine: 52
• Contatto del produttore: non disponibile
• Persona responsabile: Bärenreiter-Verlag Karl Vötterle GmbH & Co. KG; bscheuch@baerenreiter.com; ; Heinrich-Schütz-Allee 35-37; Kassel; Germania; 34131; Germania