Subpart F vs. GILTI: Strategies for U.S. Companies, Foreign Tax Credit Rules, New GILTI High-Tax Exclusion
Planning Subpart F Inclusion to Use Excess Foreign Tax Credit Carryovers
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide corporate tax decisionmakers and advisers with a practical overview of Subpart F tax treatment of controlled foreign corporations (CFCs). The panel will detail the intersection of Subpart F with GILTI and the foreign tax credit regulations, and describe strategies in which it can be advantageous for U.S. multinational companies to report Subpart F income rather than claiming the 50% deduction for GILTI under Section 250.
Outline
- Subpart F
- Definition of a controlled foreign corporation and U.S. shareholder
- Additional income included in the calculation base
- Downward attribution rules
- Section 951A GILTI rules
- Final regulations
- July 2020 Proposed and final GILTI high-tax exception regulations
- Treatment of excess foreign tax credits GILTI vs. Subpart F income
Benefits
The panel will discuss these and other important topics:
- Definitions of CFCs and U.S. shareholders, reporting and tax obligations for U.S. taxpayers
- Constructive ownership tests in CFCs and the downward attribution rules
- How the proposed regulations and GILTI high-tax kick out effect planning
- Treatment of earnings invested in U.S. property
Faculty
Pamela A. Fuller, Esq.
Of Counsel (Tax, M&A, International)
Tully Rinckey
Ms. Fuller’s practice has a triple focus: tax planning, tax controversies, and tax compliance. She advises a wide... | Read More
Ms. Fuller’s practice has a triple focus: tax planning, tax controversies, and tax compliance. She advises a wide range of clients–including private and public companies, joint ventures, funds, high-net-worth individuals, C-Suite executives, and government entities–on transactional, investment, and supply-chain strategies to achieve optimal tax and business results. Ms. Fuller advises clients on both purely domestic transactions and transnational ones, helping both U.S.-based companies and foreign companies (and their executives) achieve the best possible results from a tax and business perspective. Ms. Fuller is Chair of the ABA’s Tax Section’s Tax Policy Committee, and also Co-Chair of the International Tax Committee of the ABA’s worldwide International Law Section. She frequently speaks at law conferences, and publishes papers on international tax topics in peer-reviewed law journals.
Close
Patrick J. McCormick, J.D., LL.M.
Partner
Culhane Meadows Haughian & Walsh
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting... | Read More
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting obligations. He published national articles and given numerous national and local presentations on assorted areas of tax and estate planning law, including international tax and offshore compliance issues. His latest article on PFICs is titled Tax Reporting Implications of Foreign Mutual Funds. He is licensed to practice in the States of New Jersey, Florida, and Georgia, and the Commonwealth of Pennsylvania.
Close