A list of Jerry’s published articles on U.S. and International Taxation in national journals can be obtained upon request.

Republican GOP tax bill introduces major reforms to the taxation of US corporations engaged in business operations overseas: Introduction of the participation exemption.

Overview of need for reform of income taxation of US corporations with respect to foreign subsidiaries As promised from various talks and presentations leading up to the introduction of H.R. 1, 115TH Cong., 1st Sess., the Tax Cuts and Jobs Act, as well as the recent Republican Unified Framework for Tax Reform, released September 27, 2017, the GOP Bill introduces major reforms to the international taxation of U.S. businesses, particularly U.S. corporations owning 10% or more of the stock of a for… Read More
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Action expected shortly by US Treasury on outbound transfers as well as other important issues, including the Branch Currency Rules

Shortly after President Trump took the oath of office as President, on April 21, 2017, President Trump issued Executive Order 13789, a directive intended to reduce tax regulatory burdens on the IRS and Treasury.[1] The order instructed the Secretary of the Treasury to review all “significant tax regulations” issued on or after January 1, 2016 by the predecessor administration, and submit two reports, followed promptly by taking concrete action to alleviate the burdens of regulations that mee… Read More
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Drafting Partnership Agreement Provisions With Respect to Partnership Audits Both Under Tefra and the New Bipartisan Budget Act of 2015

Focusing On The Controversial New Partnership Representative Rule This is the second part of a series of posts pertaining to drafting and revising partnership, limited liability and limited liability partnership (“partnership”) agreements into account the new consolidated audit rules. The first part of the series appeared on this website, “Business and International Tax Developments” on Friday, June 14, 2014. Read More
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Former Credit Suisse Banker Pleads Guilty to Conspiring With U.S. Taxpayers and Other Swiss Bankers To Defraud the United States

Department of Justice Press Release of July 19, 2017. In its press release of July 19, the Department of Justice announced that a citizen and resident of Switzerland pleaded guilty to conspiring to defraud the United States in connection with her work as the head of a team of bankers for Credit Suisse AG, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Dana J. Boente for the Eastern District of Virginia. Ms. Meier… Read More
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Buy sell agreements in Canada and their impact on preserving the tax favored status of Canadian resident controlled private corporations

In a recent article written by lawyers in the Aird & Berlis LLP law firm in Toronto, which was just published in Tax Notes International, U.S. international tax practitioners and business lawyers can obtain valuable insights on drafting issues and problems with Canadian controlled private corporation (CCPC) shareholder agreements. The idea is to preserve favorable tax attributes of a Canadian private corporation by ensuring that de jure and de facto control of the CCPC is maintained by Canad… Read More
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The New Partnership Centralized Audit Rules Are Coming Soon; Are Your Clients’ Partnership and Operating Agreements Ready? Looking in Particular at the Partnership Audit Provisions

Partnership Centralized Audit Rules Enacted in 2015 Having a General Start Date For Taxable Years Beginning January 1, 2018 The Bipartisan Budget Act of 2015 (the “Budget Act”) which the President signed into law on November 2, 2015 (as modified by the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”), fundamentally changes how the Service will conduct audits of partnerships. The Budget Act repeals the partnership audit provisions of the Tax Equity and Fiscal Responsibilit… Read More
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MONSTER.COM Founder’s Estate Wins Tax Court Decision on Decedent’s Variable Prepaid Forward Contracts

Estate of Andrew J. McKelvey, Deceased, et al v. Commissioner, 148 T.C. No. 13, April 19, 2017 The decedent, Andrew J. McKelvey, was the founder and CEO of Monster Worldwide, Inc. (Monster.com), a company known for its job placement website. Mr. Mc Kelvey died on November 27, 2008. The IRS issued a statutory notice of deficiency of approximately $41,257,00 in income tax for 2008. The only issue for the Court was whether modifications made in 2008 to the decedent’s variable prepaid forward cont… Read More
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IRS and Treasury Issue Proposed Regulations on Centralized Partnership Audits

This post is the third of a Three Part Series of K&F Business and International Tax Developments Posts on the Proposed Regulations to the New Partnership Audit Regime which legislation is due to go into effect for all unincorporated entities treated as partnerships, in general, for taxable years beginning after December 31, 2017. Part One, which was posted on February 17, 2017, summarized the legislation which enacted the new partnership audit rules as part of The Bipartisan Budget Act of 20… Read More
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IRS and Treasury Issues Needed Guidance on Centralized Partnership Audits: Proposed Regulations Issued

This will be Part One of a Three Part Series of Posts on the New Proposed Regulations; This Part One Will Focus on the Background to the Proposed Rule-making, Qualifications for Electing-Out, the Designation of the Partnership Representative and Related Items. Part Two Will Focus on the Imputed Underpayment Rules and Modifications while Part Three Will Address the Push-Out Election and Other Procedural Rules. Read More
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IRS and Treasury Issues Needed Guidance on Centralized Partnership Audits: Proposed Regulations Issued

This post is part of a Three Part Series of K&F Business and International Tax Developments Posts on the New Proposed Regulations to the New Partnership Audit Regime which is due to go into effect for all unincorporated entities treated as partnerships for taxable years beginning after December 31, 2017. Part One, which was posted on February 17, 2017, summarized the legislation which enacted the new partnership audit rules as part of The Bipartisan Budget Act of 2015, Pub. L. No. 114-74, Ac… Read More
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