Why you should attend
In a global business, the tax laws of the United States may impact transactions regardless of where the transactions take place. A working knowledge of the U.S. international tax rules is, therefore, of paramount importance to a wide variety of tax and corporate professionals.
At this new program, we will assemble some of the world’s leading tax experts to discuss the current rules of U.S. international taxation. We will describe how these rules work and focus upon their impact on financings, mergers, acquisitions and other commercial activities. In addition, we will analyze legislative proposals that have the potential to change these rules and discuss the likely impact of such changes on global business operations.
What you will learn
- The background, purpose and history of foreign tax credits
- The mechanics and significance of tax treaties
- The possibility of U.S. international tax reform
- Reporting and withholding requirements under the Foreign Account Tax Compliance Act (FATCA)
- How to recognize Passive Foreign Investment Companies (PFICs)
Who should attend
Corporate, law firm and accounting firm professionals that consider cross-border transactions and need a working knowledge of relevant U.S. international tax rules, and government attorneys who want to stay on top of what’s happening in the international tax arena will benefit from attending this program.
Please plan to arrive with enough time to register before the conference begins. A networking breakfast will be available upon your arrival.
Morning Session: 9:00 a.m. - 12:00 p.m.
9:00 Introduction and Opening Remarks
Linda E. Carlisle
9:15 Controlled Foreign Corporations (CFCs) and Subpart F
- Overview of rules addressing controlled foreign corporations
- Maintaining deferral in basic supply chain structures
- Effective repatriation planning post 960(c) anti-hop-scotch rule
- Prospects for new guidance
Rocco V. Femia, Phyllis E. Marcus, Jeffrey G. Mitchell
10:30 Networking Break
10:45 M&A and Section 367
- Outbound Section 351 exchanges and reorganizations
- Imputed royalties on outbound transfers of intangibles
- Outbound spin-offs and liquidations
- Inbound liquidations and reorganizations
- Foreign-to-foreign reorganizations and liquidations and their effect on tax attributes such as deficits and foreign taxes
Michael L. Schultz, Gregory R. Walker, Robert B. Williams, Jr.
Afternoon Session: 1:00 p.m. - 5:00 p.m.
1:00 Foreign Tax Credits
- Purpose, history, and background of foreign tax credits
- Defining a creditable tax
- Claiming Section 901 credits/Section 902 indirect credits/Section 960 credits
- Mechanics of Section 904
- Statutory and regulatory limits on foreign tax credit claims
Ginny Y. Chung, Barbara A. Felker, Elena V. Romanova, Carol P. Tello
2:15 Foreign Investment in Real Property Tax Act (FIRPTA) Investments
- Reasons for the enactment of FIRPTA
- FIRPTA taxation overview
- Relevant definitions: U.S. real property interest, U.S. real property holding corporation, effectively connected income, disposition
- Section 1445 withholding
- Special considerations for non-recognition transactions
Guy A. Bracuti, David A. Levine
3:30 Networking Break
3:45 Transfer Pricing and Section 482
- Introduction to Section 482 and the arm’s length principle
- Comparability analyses
- Transfer pricing methods and their use
- Special considerations for services, intangibles and cost-sharing agreements
- Documentation, advance pricing agreements, and mutual agreement procedures
Mary C. Bennett, Holly K. McClellan, Michael McDonald, Steven C. Wrappe
Day Two: 9:00 a.m. - 5:00 p.m.
Morning Session: 9:00 a.m. - 1:00 p.m.
9:00 Tax Treaties
- Overview of tax treaties: what they are and how they fit into U.S. domestic tax law
- General provisions of U.S. tax treaties
- How the Treasury Department negotiates tax treaties: prioritizing countries and treaties; problem areas; likely future developments
- Resolution of disputes under tax treaties and the role of the competent authority process
- Importance of tax treaties to companies and tax planning
Arlene S. Fitzpatrick, John L. Harrington, Catherine G. Schultz, J. David Varley
10:15 Passive Foreign Investment Companies (PFICs)
- How to recognize a PFIC
- The three PFIC taxation regimes
- Making PFIC elections
- PFIC reporting rules
Ethan A. Atticks, Kimberly S. Blanchard, Barbara E. Rasch
11:30 Networking Break
11:45 Foreign Account Tax Compliance Act (FATCA) and Foreign Bank and Financial Accounts (FBAR) Provisions
- FATCA - what it does
- Reporting and withholding requirements under FATCA
- Steps to implementation - interpreting recent guidance
- FBAR and specified foreign financial assets reporting - the basics
- What “accounts” are included and what “accounts” are excluded
- Forms and deadlines
William J. Corcoran, John M. Grimes, Jeremy M. Naylor, Michael H. Plowgian
Afternoon Session: 2:15 p.m. - 5:00 p.m.
2:15 Foreign Currency Transactions
- Determining functional currency
- Branch transactions
- Treatment of foreign currency transactions
- Currency hedging and integration
Douglas E. Chestnut, Mark E. Erwin, Richard G. Larkins
3:30 Networking Break
3:45 Possible Legislative Changes to U.S. International Tax Rules
- Overview of Ways and Means Committee, Senate Finance Committee and Administration international tax reform proposals
- Impact of “territorial” taxation on business transactions
- Overall prospects for international tax reform
E. Ray Beeman, Linda E. Carlisle, Kevin M. Levingston, Kristeen R. Witt
E. Ray Beeman(invited)
~ Tax Counsel and Special Advisor for Tax Reform, Committee on Ways and Means, U.S. House of Representatives
Ginny Y. Chung
~ Attorney-Advisor; Office of Tax Policy, U.S. Department of the Treasury
Mark E. Erwin
~ Senior Technician Reviewer, Branch 5; Office of the Chief Counsel (International), Internal Revenue Service
Barbara A. Felker
~ Chief, Branch 3; Office of the Associate Chief Counsel (International), Internal Revenue Service
David A. Levine(invited)
~ Attorney, Branch 4; Office of the Associate Chief Counsel (International), Internal Revenue Service
Holly K. McClellan
~ Tranfer Pricing Leader, Tax Counsel, General Electric Capital Corporation
~ Finacial Economist, Business & International Taxation Division; Office of Tax Policy, U.S. Department of the Treasury
Jeffrey G. Mitchell
~ Chief, Branch 2; Office of the Associate Chief Counsel (International), Internal Revenue Service
Michael H. Plowgian
~ Senior Adviser, Base Erosion and Profit Shifting (BEPS), Organisation for Economic Co-operation and Development (OECD)
Barbara E. Rasch(invited)
~ Attorney, Branch 2; Office of the Associate Chief Counsel (International), Internal Revenue Service
Elena V. Romanova
~ Director, Head of Consumer and Private Bank Tax Advisory, Citigroup
J. David Varley(invited)
~ Senior Manager, Treaty Assistance and Interpretation; Large Business & International Division (LB&I), Internal Revenue Service
New York City Seminar Location
PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.
New York City Hotel Accommodations
Due to high demand and limited inventory in NYC, we recommend reserving hotel rooms as early as possible.
The New York Hilton & Towers, 1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is N495741. Reservations on line at www.hilton.com and enter the same Client File # in the Corporate ID # field to access Practising Law Institute rates.
The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to: email@example.com
PLI's live programs are approved in all states that require mandatory continuing legal education for attorneys, except Arizona. Please be sure to check with your state for details.
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Special Note: In New York, newly admitted attorneys may receive CLE credit only for attendance at "transitional" programs during their first two years of admission to the Bar. Non-traditional course formats such as on-demand web programs or recorded items, are not acceptable for CLE credit. Experienced attorneys may choose to attend and receive CLE credit for either a transitional course or for one geared to experienced attorneys. All product types, including on-demand web programs and recorded items, are approved for experienced attorneys.
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Credit will be granted only to the individual on record as the purchaser unless alternative arrangements (prearranged groupcast) are made in advance.