Date: 2020-07-23
Links to Federal Register: HTML, PDF
(Proposed Regulation: REG-104390-18 / REG-101828-19 HTML, PDF)
Document Number: 2020-15351, RIN: 1545-BP15
Action: Final regulations.
Abstract: This document contains final regulations under the global intangible low-taxed income and subpart F income provisions of the Internal Revenue Code regarding the treatment of income that is subject to a high rate of foreign tax. The final regulations affect United States shareholders of foreign corporations. This guidance relates to changes made to the applicable law by the Tax Cuts and Jobs Act, which was enacted on December 22, 2017.
Notable phrases | Frequency |
---|---|
tested unit | 285 |
tentative (gross) tested income | 159 |
GILTI high-tax exclusion | 81 |
effective foreign tax rate | 72 |
allocated and apportioned | 69 |
taxes paid or accrued | 43 |
set of books and records | 35 |
CFC inclusion year | 35 |
reflected on the books and records | 27 |
high-tax exception of section 954(b)(4) | 16 |
(give) rise to a taxable presence | 13 |
properly reflected on the separate set of books and records | 10 |
subject to an effective foreign tax rate | 9 |
subject to a high rate | 9 |
maximum rate of tax specified in section 11 | 9 |
tax law of the foreign country | 7 |
treated as a single tested unit | 7 |
law of the foreign country | 7 |
Reg. Cites | Frequency |
---|---|
1.951A-2(c)(7)(viii)(C) | 21 |
1.951A-2(c)(7)(viii)(A)(1)(i) | 19 |
1.960-1(d)(3) | 8 |
1.960-1(d)(3)(ii) | 7 |
1.904-4(f)(2)(vi) | 6 |
1.861-8 | 5 |
1.904-6(a)(1) | 5 |
1.904-6(a)(2) | 5 |
1.861-9T(j) | 5 |
1.861-9(j) | 5 |
1.960-1(b)(4) | 4 |
1.954-1 | 4 |
1.951A-7(b) | 4 |
1.954-1(d)(3)(i) | 4 |
1.951A-2(c)(1)(iii) | 4 |
1.954-1(d)(7) | 3 |
1.964-1(c)(3)(iii) | 3 |
1.951A-2(c)(7)(viii)(A)(1) | 3 |
1.951A-2(c)(5) | 3 |
1.951A-2(c)(7)(iv)(A)(3) | 3 |
Sec. Cites | Frequency |
---|---|
954(b)(4) | 59 |
951A | 22 |
951A(c)(2)(A)(i)(III) | 14 |
904 | 10 |
904(b)(4) | 9 |
960(d) | 7 |
951 | 7 |
1504(a) | 5 |
951(a)(1) | 3 |
989(a) | 3 |
245A | 3 |
958(a) | 3 |
958(a) | 3 |
6227 | 2 |
318(a) | 2 |
1504(b)(1) | 2 |
954(c)(6) | 2 |
Statistics
Number of pages: 30, words: 34,339, sentences: 1,009
Average words per sentence: 34