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International PLRs of the 34th week of 2013

2013-09-05

For the 34th week of 2013, the IRS published the following Private Letter Rulings and Chief Counsel Advice relating to international taxation.

PLR 201334007, PLR201334034 - Late/retroactive passive foreign investment company ("PFIC") qualified electing fund ("QEF") election.  Form 8621.  Treas. Reg. §1.1295-3(f).

PLR 201334009 - Code §355 spin-offs involving U.S. and foreign corporations that are directly or indirectly owned by a foreign parent company.  Code §368(a)(1)(D).

PLR 201334010 - Late Canadian registered retirement savings plan ("RRSP") deferral election.  Form 8891.  Rev. Proc. 2002-23.

PLR 201334011, PLR201334017, PLR201334020, PLR201334021, PLR201334022, PLR201334023, PLR201334024, PLR201334025 - Late entity classification election for foreign entities to be treated as partnerships. Form 8832. Treas. Reg. §301.7701-3(c).

PLR201334012, PLR201334013, PLR201334014, PLR201334015, PLR201334016, PLR201334018, PLR201334019, PLR201334026, PLR201334027, PLR201334028, PLR201334029 - Late entity classification election for a foreign entity to be treated as a disregarded entity. Form 8832. Treas. Reg. §301.7701-3(c).

PLR 201334032 - Code §355 spin-offs involving U.S. and foreign corporations.

CCA 201334037 - The I.R.S. concluded that interest was not "paid" where a foreign parent advanced funds to its U.S. subsidiary close in time to the transfer of funds (purportedly as interest payments) from the U.S. subsidiary to the parent.  Circular flow of cash.  Code §267(a)(3).

Tags: 355 Spin-Offs, 1291 PFICs, 7701-3 Check-the-Box Elections, Authority - PLRs / CCAs, Country - Canada, Form 8832, Other - Circular flow of cash