Practical Guidance
Time-saving Solutions
Knowledgeable Insights

Proposed Treasury Regulations for the Tax Cuts and Jobs Act of 2017: An Analysis

This analysis reviews Proposed Regulations under Internal Revenue Code (I.R.C. or Code) 965, issued August 1, 2018, and highlights some key issues for practitioners and taxpayers.
Publisher: Matthew Bender
eBook :PDF
$120.00
Quantity
In Stock
ISBN: 9781522165873
Publisher: Matthew Bender
International Order Inquiry

Product details

The Proposed Regulations provide guidance relating to the “toll tax” due upon the mandatory repatriation of certain deferred foreign earnings. Generally, the Proposed Regulations combine the provisions announced in three prior IRS Notices (“the Section 965 Notices”), one Revenue Procedure, various frequently‐asked questions released by the IRS concerning the payment and reporting of a taxpayer's I.R.C. Section 965 inclusion and related tax liability, and IRS Publication 5292. In addition, the Proposed Regulations also set forth additional guidance on a variety of topics. The Proposed Regulations not only implement the rules described in the Section 965 Notices, but also provide additional rules related to:

• Determinations of foreign tax credits associated with I.R.C. Section 965 inclusions and distributions of previously taxed earnings and profits (E&P) created by I.R.C. Section 965 adjustments to E&P and stock basis;
• Affiliated groups, including those that file consolidated returns transactions, accounting method changes and entity classification elections to be disregarded for I.R.C. Section 965;
• Subpart F income otherwise earned by foreign corporations during the inclusion year; and
• Expense allocation and apportionment.

Featured Authors

Table of Contents

PART I PROPOSED IRC SECTION 965 REGULATIONS EXPLAINED

§ 1.00 INTRODUCTION
§ 1.01 IRC SECTION 965: BACKGROUND
§ 1.02 SUMMARY OF THE SECTION 965 NOTICES
§ 1.03 GENERAL OPERATIVE RULE
§ 1.04 KEY DEFINITIONS
§ 1.05 PROP. REG. SECTION 1.965‐2: ADJUSTMENTS TO E&P AND BASIS
§ 1.06 PROP. REG. SECTION 1.965‐3: SECTION 965(C) DEDUCTIONS
§ 1.07 ANTI‐AVOIDANCE RULES: DISREGARDED TRANSACTIONS, ACCOUNTING METHODS CHANGES AND ENTITY CLASSIFICATION ELECTIONS FOR SECTION 965 PURPOSES
§ 1.08 PROP. REG. SECTIONS 1.965‐5 AND ‐6: FOREIGN TAX CREDIT GUIDANCE
§ 1.09 PROP. REG. SECTION 1.965‐7: ELECTIONS AND PAYMENT OF SECTION 965 TRANSITION TAX
§ 1.10 PROP. REG. SECTION 1.965‐8: AFFILIATED GROUPS, INCLUDING THOSE THAT FILE CONSOLIDATED RETURNS
§ 1.11 PROPOSED REGULATIONS UNDER SECTION 986
§ 1.12 EFFECTIVE DATES

PART II BONUS DEPRECIATION: PROPOSED REGULATIONS EXPLAINED

§ 2.00 INTRODUCTION
§ 2.01 EXPANSION OF BONUS DEPRECIATION
§ 2.02 PROPOSED REGULATIONS
§ 2.03 PARTNERSHIP ISSUES
§ 2.04 PROPOSED APPLICABILITY DATE

PART III CHARITABLE CONTRIBUTIONS: PROPOSED REGULATIONS EXPLAINED

§ 3.00 INTRODUCTION
§ 3.01 BACKGROUND: ITEMIZED DEDUCTIONS
§ 3.02 PROPOSED REGULATIONS
§ 3.03 IMPACT OF PROPOSED REGULATIONS

PART IV QUALIFIED BUSINESS INCOME DEDUCTION: PROPOSED REGULATIONS EXPLAINED

§ 4.00 INTRODUCTION
§ 4.01 BACKGROUND ON I.R.C. SECTION 199A
§ 4.02 PREAMBLE TO THE PROPOSED REGULATIONS
§ 4.03 SPECIFIED SERVICES TRADES OR BUSINESSES – DEFINITION OF REPUTATION OR SKILL TO BE NARROWLY INTERPRETED
§ 4.04 NOTICE 2018‐64
§ 4.05 OPERATIONAL RULES (PROPOSED TREASURY REGULATION SECTION 1.199A‐1)
§ 4.06 DETERMINATION OF W‐2 WAGES AND UNADJUSTED BASIS IMMEDIATELY AFTER ACQUISITION OF QUALIFIED PROPERTY: PROPOSED TREASURY REGULATION SECTION 1.199A‐2 AND NOTICE 2018‐64
§ 4.07 QUALIFIED BUSINESS INCOME, QUALIFIED REIT DIVIDENDS, QUALIFIED PTP INCOME (PROPOSED TREASURY REGULATION SECTION 1.199A‐3)
§ 4.08 AGGREGATION RULES (PROPOSED TREASURY REGULATION SECTION 1.199A‐4)
§ 4.09 SPECIFIED SERVICE TRADES OR BUSINESSES AND THE TRADE OR BUSINESS OF PERFORMING SERVICES AS AN EMPLOYEE (PROPOSED TREASURY REGULATION SECTION 1.199A‐5)
§ 4.10 RPEs, PTPs, AND TRUSTS AND ESTATES (PROP. REG. I.R.C. SECTION 1.199A‐6)
§ 4.11 TREATMENT OF MULTIPLE TRUSTS (PROPOSED TREASURY REGULATION SECTION 1.643(F)‐1)
§ 4.12 CONCLUSION

PART V GLOBAL INTANGIBLE LOW‐TAXED INCOME: PROPOSED REGULATIONS EXPLAINED

§ 5.00 INTRODUCTION
§ 5.01 BACKGROUND ON I.R.C. SECTION 951A
§ 5.02 GILTI CALCULATION OVERVIEW
§ 5.03 PROP. REG. SECTION 1.951A‐1: GENERAL PROVISIONS
§ 5.04 PROP. REG. SECTION 1.951A‐2: TESTED INCOME AND TESTED LOSS
§ 5.05 PROP. REG. SECTION 1.951A‐3: QUALIFIED BUSINESS ASSET INVESTMENT
§ 5.06 EFFECTIVE DATE