Controlled Foreign Corporations & Subpart F Income Publication

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CFC .jpg

Controlled Foreign Corporations & Subpart F Income Publication

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Controlled Foreign Corporations & Subpart F Income

Seminar Publication

 
Overview of Subpart F Provisions - Basic Mechanics

  • What is a controlled foreign corporation (CFC)?
  • Basic mechanics of subpart F
  • Overview of subpart F income definition
  • Exceptions to subpart F income definition, including the earnings and profits (E&P) limitation, de minimis exception, full inclusion rule and high-tax exception
  • Affirmative use of subpart F
  • Calculating the Section 960 credit for deemed inclusions
  • Treatment of previously taxed income (PTI) under § 959

Section 954(d) – Foreign Base Company Sales Income

  • Overview of FBCSI (Section 954(d)(1) & Section 954(d)(2) – Branch Rule)
  • Contract Manufacturing Regulations
  • Substantial Contribution
  • T.D. 9563 Guidance Regarding FBCSI
  • Examples of Branch Rule
  • Procedural Issues
  • Internal Revenue PLRs related to FBCSI

Overview of Sections 954(c) and 954(e)

  • Foreign Personal Holding Company Income (FPHCI) defined in § 954(c)
  • Look-through Exception § 954(c)(6)
  • Notice 2007-9 – Anti-Abuse Rules
  • Foreign Base Company Services Income (FBCSeI)
  • Substantial Assistance Test Notice 2007-13

Computing E&P and Section 1248

  • Calculation of E&P
  • Overview of Section 1248 and calculation of the Section 1248 amount
  • Foreign tax credit consequences of recognizing Section 1248 amount, interaction with Sections 338(g) and 338(h)(16)
  • Application of §367 to §304 Transactions
  • Final Section 1248 Regulations


Reporting Issues for Controlled Foreign Corporations and Disregarded Entities

  • Reporting Issues for Controlled Foreign Corporations (CFCs)
    • Accounting method changes affecting Earnings & Profits
    • Final GRA compliance regulations
    • Updates concerning IRS Form 5471
  • Recent developments in certain areas of the IRS code and regulations with regard to income tax compliance
    • Creditable foreign tax expenditures §1.704-1T
    • Foreign tax credit – credit vs. deduction