188bet亚洲真人体育下载 sends IRS extensive set of recommendations regarding section 965 transition tax

的 美国注册188bet亚洲真人体育下载 (188bet亚洲真人体育下载)提交了一份广泛的 一组建议和评论 to the Internal Revenue Service (IRS) about proposed regulations (雷格- 104226 - 18) regarding the transition tax under Internal Revenue Code section 965 and related provisions.

第965条影响美国.S. taxpayers with direct or indirect ownership interests in certain foreign corporations.  的 proposed IRS regulations would implement changes made by the 税 Cuts and Jobs Act.

的 188bet亚洲真人体育下载’s October 31 letter made 15 specific recommendations:

• Clarify that previously taxed earnings (PTI) under section 965(b)(4)(A) are deemed included in section 951 for purposes of applying section 1248(d).
• Clarify that the portion of a section 965 inclusion liability attributable to section 956 is eligible for the appropriate reduced rate of tax as a consequence of the deduction provided for in section 965(c).
• Provide taxpayers with additional flexibility when making the basis adjustment election under Prop. 注册. § 1.965-2(f) by including the ability to make partial basis adjustments, elect adjustments on an entity-by-entity basis and modify the proposed consistency provision on related persons.
• Provide guidance as to the ordering of distributions of PTI between section 965(a) PTI and section 965(b) PTI for the purposes of applying section 959(c) and section 986(c).
• Provide relief to taxpayers that make or have made late elections under the proposed section 965 regulations and clarify the procedure for obtaining such relief.
• 提供美国(U.S.) shareholders that are members of the same consolidated group are treated as a single U.S. 就第965条的所有目的而言.
• Clarify that the PTI amount created under section 965(b)(4)(A) is not taken into account under section 864(e)(4)(D) for purposes of allocating and apportioning interest expense.
• Exercise the authority under section 965(o) to provide relief from the income inclusion to certain affected taxpayers.  具体地说, provide guidance excluding a foreign corporation that is considered a controlled foreign corporation (CFC) solely as a result of the “downward attribution” rules of section 318(a)(3) from the definition of an specified foreign corporation (SFC) for any U.S. shareholder not considered a related party (within the meaning of section 954(d)(3)) with respect to the domestic corporation to which ownership was attributed.
• Provide a carve-out for certain “triggering events” of an S corporation under 965(i) such as where the S corporation and relevant shareholders maintain direct or indirect ownership of the transferred assets (e.g.(免税转让).
• Clarify the application of ordering rules regarding subsequent distributions of section 965 inclusion amounts by a taxpayer that made a section 962 election for the section 965 inclusion year.
• Provide guidance to help prevent unintended consequences resulting from the requirement in the proposed regulations that certain specified payments are disregarded for section 965 purposes.
• Provide guidance on the interaction of the anti-abuse rules stating that certain transactions and elections are disregarded for purposes of section 965.
• 修正Prop的一个制图错误. 注册. § 1.965-7(c)(2)(i).
• Provide guidance on the interaction between a section 962 election and a section 965(i) election, including clarifying that an eligible taxpayer may make a section 962 election for a section 965 tax liability for which they intend to defer inclusion under section 965(i).
• Provide guidance on which taxpayer(s) must sign the section 965 statement and elections attached to a married filing joint individual income tax return.