Comments on proposed passive foreign investment company regulations

On February 3, 1993, the Tax Executives Institute (TEI) submitted comments to the IRS on proposed regulations under Sections 1291-1297 of the Internal Revenue Code, relating to passive foreign investment companies. Under Section 1296(a), a foreign corporation is a passive foreign investment company...

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Veröffentlicht in:	The Tax executive 1993-03, Vol.45 (2), p.169
Hauptverfasser:	Norton, Lisa, Sartor, Richard L, Radtke, Karen A, Bernot, Joseph E
Format:	Artikel
Sprache:	eng
Schlagworte:	Corporate tax planning Deferred income taxes Dividend distributions Foreign subsidiaries Multinational corporations Passive activity Passive foreign investment companies Profits Prop. Reg. 1.1291-1(j) Prop. Reg. 1.1291-2(f) Prop. Reg. 1.1291-3(e)(iii) Prop. Reg. 1.1291-9 Stockholders Tax regulations Taxation
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Beschreibung
Zusammenfassung:	On February 3, 1993, the Tax Executives Institute (TEI) submitted comments to the IRS on proposed regulations under Sections 1291-1297 of the Internal Revenue Code, relating to passive foreign investment companies. Under Section 1296(a), a foreign corporation is a passive foreign investment company (PFIC) if 75% or more of its gross income during the taxable year consists of passive income, or at least 50% of the average fair market value of its assets during the taxable year consists of assets that produce passive income or are held for the production passive income. The TEI believes that the proposed regulations improperly restrict the availability of the deemed dividend election.
ISSN:	0040-0025