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Special Reports

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Phillip W. DeSalvo describes the evolution of the umbrella partnership C corporation (UP-C) structure and discusses anticipated effects of the Tax Cuts and Jobs Act in the UP-C context.
In this report, Jonathan S. Brenner and Josiah P. Child identify anomalies within the rules and definitions for foreign-derived intangible income (FDII), and they describe how those problems, when combined with inconsistencies between the FDII regime and the global intangible low-taxed income regime, distort tax consequences and incentives.
Imke Gerdes discusses the growing use of cross-border audits, examining their connection to the push for transparency and how they operate both within and outside the European Union. She addresses concerns about taxpayer secrecy, the potential benefits for both tax authorities and taxpayers, and discusses how taxpayers can prepare to face this new form of audit.

Reuven S. Avi-Yonah argues that the Court’s recent decision in Wayfair has implications for the EU’s struggle with taxing the digital economy, as well as for the broader international effort to update international tax rules for the 21st century — that is, it bolsters the argument for dispensing with the 19th-century permanent establishment concept.

Javier Ordoñez-Namihira discusses recently enacted tax reporting obligations, including Mexico’s implementation of the common reporting standard, that affect Mexican taxpayers engaging in cross-border transactions and maintaining investments abroad.

Mark R. Hoffenberg and Stephen M. Marencik explain that although incorporation of the alternative minimum tax refundable credit amount is still generally a boon to corporations, in many situations the section 383 limitation coupled with the customary operation of section 6401 may limit a corporation’s ability to generate an actual cash refund.
Jeri Seidman and Bridget Stomberg estimate the net income tax effects of revaluations of deferred tax assets and liabilities by companies filing financial statements under U.S. generally accepted accounting principles in response to the lowering of the top corporate income tax rate from 35 percent to 21 percent effective in 2018.
In this viewpoint, Don Griswold (@GriswoldDon) of Crowell & Moring LLP in Washington reviews a selection of court decisions that should be part of the vocabulary of every state and local tax lawyer, and invites discussion of these cases on social media.
In this article, S. Bruce Hiran highlights the burdens that the Foreign Account Tax Compliance Act imposes on taxpayers and financial institutions, and he suggests that if the goal is simply to raise revenue, a federal sales tax would be a better alternative with fewer negative effects.
Peter M. Daub argues that 20 years after their finalization, the conduit regulations -- critical rules governing the U.S. taxation of cross-border financings -- leave many interpretative questions open.

State Tax Notes recognizes Justice Anthony M. Kennedy as its Person of the Year. In his honor, several State Tax Notes Advisory Board members discuss how deep his imprint has been, and what his void will mean, for state tax.