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- W2912081628 abstract "Beginning January 1, 2003, look-through rules apply in calculating foreign tax credits (FTCs) attributable to dividends paid by a noncontrolled Code Sec. 902 (aka, company) - a foreign corporation having at least one U.S. shareholder owning at least 10 percent of its outstanding voting stock, but which is not a controlled foreign (CFC) by virtue of having at least 50 percent of its shares owned by U.S. shareholders with 10-percent or greater voting interests. Although the extension of look-through treatment to 10/50 company dividends was enacted as part of the Tax Reform Act of 1997, the effective date was deferred due to revenue considerations, and the 10/50 look-through rules only apply to post-2002 earnings and profits (E&P). As an interim measure, a single replaces the per-company baskets for post-2002 dividends paid by nonpassive foreign investment companies (PFIC) 10/50 companies out of pre-2003 E&P. Both the single 10/50 basket for pre-2003 E&P and look-through rules for dividends paid by 10/50 companies out of post 2002 E&P certainly are improvements over prior law. However, the overall result is less favorable in terms of achieving simplification and reducing the competitive disadvantage inherent in 10/50 company structures than would have been the case if look-through rules had been fully implemented in 1998, as originally proposed. This has recently been confirmed by Notice 2003-5, in which the IRS provides guidance on how the new rules are to apply. This article provides an overview of the context in which these rules operate, summarizes the guidance provided in Notice 2003-5 and recommends that Congress extend the look-through rule to all 10/50 E&P to achieve greater simplification." @default.
- W2912081628 created "2019-02-21" @default.
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- W2912081628 creator A5081345112 @default.
- W2912081628 date "2003-06-25" @default.
- W2912081628 modified "2023-09-23" @default.
- W2912081628 title "Look-Through Guidance: Dividends Paid by" @default.
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