Today the IRS published the following Private Letter Rulings and Chief Counsel Advice relating to international taxation.

PLR 201349003 - Late IC DISC election.  Form 4876-A, Code §992(b)(1)(A).

PLR 201349010, PLR 201349011, PLR 201349012 - Late/retroactive passive foreign investment company ("PFIC") qualified electing fund ("QEF") elections.  Form 8621.  Treas. Reg. §1.1295-3(f).

CCA 201349015 - Addresses the determination of creditable foreign taxes of U.S. corporations (or controlled foreign corporations) with foreign disregarded entities or branches.  U.S. transfer pricing principles may be relevant in determining whether non-arm’s length transfer prices result in noncompulsory payments of foreign tax. 

This week the IRS published the following Private Letter Rulings and Chief Counsel Advice relating to international taxation.

PLR 201343011 - Late IC DISC election.  Form 4876-A, Code §992(b)(1)(A).

PLR 201343014 - Late Canadian registered retirement savings plan ("RRSP") deferral elections.  Form 8891.  Rev. Proc. 2002-23.

PLR 201343017 - Late Canadian registered retirement savings plan ("RRSP") deferral elections.  Form 8891.  Rev. Proc. 2002-23.

CCA 201343019 - A Cypriot holding corporation qualifies for benefits under the U.S-Cyprus Income Tax Treaty and therefore its U.S. shareholders receive a reduced rate of tax on dividends.

CCA 201343020 - Earnings of a foreign distributor based on purchases of a U.S. corporation's products by lower-tier distributors in the foreign distributor’s sponsorship chain constitute income from performance of personal services by the foreign distributor.

CCA 201343023 - Where a partnership has no domestic partners eligible to be the tax matters partner ("TMP"), a foreign partner may be selected.  Treas. Reg.301.6231(a)(7)-1(b)(2).

Today the IRS published the following Private Letter Rulings relating to international taxation.

PLR 201336009, PLR 201336010, PLR201336011 - Late Canadian registered retirement savings plan ("RRSP") deferral elections, including a locked-in retirement account (LIRA), or Locked-in RRSP.  Form 8891.  Rev. Proc. 2002-23.

PLR 201336013 - Late IC DISC election.  Form 4876-A, Code §992(b)(1)(A).

PLR 201336018 - In determining a domestic parent corporation's interest expense allocation and apportionment for foreign tax credit purposes, the adjusted basis in the shares of a related foreign corporation should not be reduced by the principal amount of a loan the interest on which is optionally payable in stock of that foreign corporation.  Code §864(e).  Temp. Treas. Reg. § 1.861-12T(f).

Last week, the 35th week of 2013, the IRS published the following Private Letter Rulings relating to international taxation.

PLR 201335002 - Late IC DISC election.  Form 4876-A, Code §992(b)(1)(A).

PLR 201335003 & PLR 201335004 - Late entity classification elections for a foreign entities to be treated as disregarded entities.  Form 8832. Treas. Reg. §301.7701-3(c).

PLR 201335008  - Taxpayer was permitted to change from the fair market value method to the tax book value method of asset valuation for interest expense allocation. Temp. Treas. Reg. §§1.861-8T(c)(2) and 1.861-9T(g)(1)(ii).

PLR 201335010 - Late Canadian registered retirement savings plan ("RRSP") deferral election.  Form 8891.  Rev. Proc. 2002-23.

Two weeks ago the IRS published the following Private Letter Rulings relating to international taxation.

PLR 201310016 -US Parent is the common parent of an affiliated group. US Parent is a wholly-owned subsidiary of Foreign Parent, which is a publicly-traded Country Z entity. US Parent owns all of the issued and outstanding stock of Subsidiary 1. Subsidiary 1 owns all of the issued and outstanding stock of Subsidiary 2.

In order for Subsidiary 2 to perform certain contracts, it needs security clearances. Because of the indirect foreign ownership of stock in Subsidiary 2, Subsidiary 2 must be effectively insulated from foreign ownership, control, or influence in order to maintain those clearances. To create a security measure designed to insulate Subsidiary 2 from any foreign control or influence that might arise from Foreign Parent’s indirect ownership of stock in Subsidiary 2, Foreign Parent, US Parent, Subsidiary 1, and Subsidiary 2 became parties to a Special Security Agreement (“SSA”). Under the SSA, the management of Subsidiary 2 must be conducted by a board of directors that is constituted in accordance with, and whose powers are defined by, certain requirements (described below) related to national security. These requirements do not impact Subsidiary 1’s economic interest in, and rights with respect to, Subsidiary 2.

The SSA does not prevent Subsidiary 2 from being a member of the affiliated group (within the meaning of section 1504(a)) of which US Parent is the common parent or prevent Subsidiary 2 from joining in the filing of a consolidated federal income tax return (within the meaning of sections 1501 and 1502 and the regulations thereunder) with such affiliated group.

PLR 201310018 - Late IC DISC election.  Form 4876-A, Code §992(b)(1)(A).

Yesterday the IRS published the following Private Letter Rulings relating to international taxation.

PLR 201305002 - Late IC DISC election.  Form 4876-A. Code §992(b)(1)(A).

PLR 201305006 - Contractual arrangement treated as a separate foreign business entity for which a check-the-box election could be made to treat the arrangement as a foreign corporation for U.S. tax purposes.  Treas. Reg. §301.7701-2, -5.  Form 8832.  

In the PLR, the Taxpayer intended to enter into a joint venture with an Affiliate by executing a “profit participation agreement (the “Agreement”) under which Affiliate will acquire a percentage interest in the capital, profits, and losses of the Taxpayer’s branches in a particular region in return for a cash investment.  No separate juridical legal entity will be created and the Taxpayer will retain legal ownership of all assets, liabilities, and contractual obligations of the region branches.  The Agreement (i) will be signed outside the U.S., (ii) will be governed by the laws of a foreign country, and (iii) will be subject to the exclusive jurisdiction of the foreign courts.

Yesterday the IRS published the following Private Letter Ruling relating to international taxation.

PLR 201304001 - Late IC DISC election. Form 4876-A. Code §992(b)(1)(A).

Several weeks ago the IRS published the following Private Letter Rulings relating to international taxation.

PLR 201242001 - Late IC DISC election.  Form 4876-A. Code §992(b)(1)(A).

PLR 201242004 - Late Canadian registered retirement savings plan ("RRSP") deferral election.  Form 8891.  Rev. Proc. 2002-23.

PLR 201242007 - A U.S. LLC contributed cash to newly formed foreign corporation.  The foreign corporation, immediately thereafter and pursuant to a preexisting binding commitment, used the contributed cash to purchase certain assets from the U.S. LLC.  The circular flow of cash was disregarded and the transfer of the assets from the U.S. LLC to the foreign corporation was treated as a Code §351 exchange.  The foreign corporation was treated as a U.S. corporation under Code §7874(b).  Thus, Code §367(a) did not apply to the Code §351 exchange.

Last week the IRS published the following Private Letter Rulings relating to international taxation.

PLR 201237002, PLR 201237004, PLR 201237011 - Late Canadian registered retirement savings plan ("RRSP") deferral election. Form 8891. Rev. Proc. 2002-23.

PLR 201237006 - Late IC DISC election. Code §992(b)(1)(A).

Last week the IRS published the following Private Letter Rulings relating to international taxation.

PLR 201224008: Late entity classification election for foreign entity to be treated as a partnership. Form 8832. Treas. Reg. §301.7701-3(c).

PLR 201224015: Late Canadian registered retirement savings plan ("RRSP") deferral elections. Form 8891. Rev. Proc. 2002-23. 

PLR 201224025: Late IC DISC election. Form 4876-A. Code §992(b)(1)(A).

The following PLRs were late entity classification elections for foreign entities to be treated as disregarded entities. Form 8832. Treas. Reg. §301.7701-3(c).

PLR 201224009
PLR 201224010
PLR 201224020
PLR 201224021
PLR 201224022

The IRS published the following Private Letter Ruling relating to international taxation for the 21st week of 2012.

PLR 201221003: Late IC DISC election. Code §992(b)(1)(A).