Corporate Tax Shelters in a Global Economy: Why they are a by Daniels N. Shaviro

By Daniels N. Shaviro

This quantity explores the factors and prices of tax avoidance and offers an invaluable consultant to the most important conceptual concerns that has to be addressed to be able to layout a very powerful tax reform.

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Additional info for Corporate Tax Shelters in a Global Economy: Why they are a Problem and What We Can do About it (AEI Studies on Tax Reform)

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S. K. K. tax purposes) there. One further important detail is that, in both the United States and the United Kingdom, a group of commonly owned domestic corporations can file a consolidated return, resulting for some purposes in treatment of the group as if it were a single corporate MORE REVENUES, LESS DISTORTION? 9 Thus, one member’s losses can be deducted against another’s income. Fertile minds soon realized that this jointly followed rule, in combination with the disparity between the two countries’ corporate residence rules, could be exploited to the taxpayer’s advantage.

Yet, the residence of a corporation often is not obvious or self-defining (leaving aside the question of why it should matter to begin with). Suppose, for example, a company is incorporated in country A; has its main headquarters in country B; operates factories in countries C, D, and E; and sells its products through sales outlets that it maintains in all these countries plus twenty more. Where is it resident? The United States bases the determination of corporate residence on where a given company is incorporated.

V. 3d 350 (8th Cir. 2000), the Eighth Circuit similarly reversed a lower court decision in favor of the government, in a largely identical transaction. 10. I criticized the Fifth Circuit’s reversal of the Tax Court decision in Compaq in Daniel N. Shaviro and David A. Weisbach, “The Fifth Circuit Gets It Wrong in Compaq v. Commissioner,” Tax Notes 94 (2002): 511. 11. Internal Revenue Code section 1211, limiting deductible capital losses to the amount of capital gains (generally plus $3,000 for individuals).

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