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0 1Roger J. Traynor Professor of Law, University of California, School of Law (Boalt Hall). Copyright 1994, John K. McNulty.
'See U.S. Internal Revenue Code of 1986 (hereafter I.R.C.) §11. 2 See LR.C. §1, §61(a). 3 See I.R.C. §§701-761 (Subchapter K, for partnerships); §§1361-1379 (Subchapter S for electing closely-held corporations).
REVIEW (1992), 621. 6 U.S. Treasury Department, Integration of the Individual and Corporate Tax Systems: Taxing Business Income Once, January 6, 1992 (hereafter "January 1992 Treasury Report"). � U.S. Treasury Department, Bureau of National Affairs, A Recommendation For Integration Of The Individual and Corporate Tax Systems, DAILY TAX REPORT, December 14, 1992, pp. G-ll, L-7 through L-17.
8 American Law Institute, Integration of the Individual and Corporate Income Taxes, Reporter's Study of Corporate Tax Integration, by Alvin L. Warren, Jr., Reporter, March 31, 1993 (hereafter "A.L.I. Report"). See also Tax Division of the American Institute of Certified Public Accountants, Integration of the Corporate and Shareholdc:r Tax System.s, 1993.
"See Stephen C. Wrappe, The Protectionist Potential of the Imputation Form of Corporate Integration, 46 TAX NOTES (1990), 727. See also David R. Tillinghast, Corporate-Shareholder Integration as an Obstacle to the International Flow of Equity Capital: A Proposal, 56 Tax NOTES (1992), 1215.
10 For an introduction to the policy problems and law of international taxation, 5'ee M. MCINTYRE, THE INTERNATIONAL INCOME TAX RULES OF THE UNITED STATES (Salem, N.H.: Butterworths, 1992). " See I.R.C. §§901, 902.
)2See Hugh Ault, International Issues in Corporate Tax Integration, 10 LAW & POLICY IN INTERNATIONAL BUSINESS (1978), 461.
13See I.R.C. §11(d), §882. The United States does not generally seek to tax a foreign corporation (even if it is U.S. owned) on foreign source income not yet repatriated to the United States. '° See I.R.C. §902. )5 This example is adapted from Tillinghast, op. cit. supra note 9.
'6See David Tillinghast, op. cit. supra note 9, p. 1216, notes 11 and 12. )7 See LR.C. §871. 18 See e.g., Article 12 of the United States/Republic of Korea International Income Tax Treaty.
'ySeec:.g., Article 13 of the U.S./R.O.K. treaty. But see the exemption for portfolio or bank deposit interest paid by a U.S. borrower to a foreign lender. See I.R.C. §881(c) and §871(i)(2). :1n See e.g., Article 12 of the U.S./R.O.K. treaty. 21 See e.,�., LR.C. §11. � See e. g. , Article III of the U.S./R.O.K. treaty. 23 see I.R.C. § 11, §882, §884.
24'See January 1992 Treasury Report, pp. 17, 21-22, pp. 73ff. 25 Ibid. '-� See I.R.C. §61(a). The foreign tax credits of §§901-904 thus would not apply. '7 See John Turro, U. S. Treasury Department's Corporate Integration Study Addresses InboundlOutbound Issues, 4 Tax No'rES INTERNATIONAL (1992), 307.
�See January 1992 Treasury Report, p. 16. � See January 1992 Treasury Report, p. 77. 30 See January 1992 Treasury Report, p. 79. 31 Ibid. 32 Ibid. 3=' See ibid. , p. 79; John Turro, op. cit. supra note 27, pp. 308-309.
34See Recommendation No. 21, p. L-15. 3s See Recommendation No. 21(b), p. L-15. 36 See December 1992 Treasury Report, p. L-10. " See January 1992 Treasury Report, pp. 51-52, 107. See also Richard Doernberg, International Aspects of Individual and Corporate Tax Integration, TAX NOTES INTERNATIONAL (1992), 535. But see December 1992 Treasury Legislative Recommendation.
38 see January 1992 Treasury Report, pp. 45-48. 39 See John Turro, op. cit. supra note 27, p. 309. 40 see Hugh Ault, Corporate Integration, Tax Treaties and the Division of the International Tax Base: Principles and Practices, 47 TAX LAW REVIEW, 565, p. 580. " See January 1992 Treasury Report, p. 96. 42 see January 1992 Treasury Report, pp. 95-106. See also Hugh Ault, op. cit. supra note 40, p. 581. 43 See A.L.I. Report, Proposal 10, pp. 169-203; Hugh Ault, op. cit. supra note 40, p. 581.
Harvard Law School, 1969), pp. 109-138, 139-162. '� See M. MCINTYRE, op. cit. supra note 10, pp. 1-1 through 1-12, 4-5 through 4-12; P. MUSGRAVE, op. cit. supra note 47, pp. 140-162. See also I.R.C. §27, §§901-908, §960. 49 See I.R.C. §904. "Capital-export neutrality" can also be accomplished by a system that contemplates taxation in the residence country and exemption in the source country, or taxation in the source country and exemption in the residence country, but only as long as the tax rates in all the countries involved are the same. 50 See e.g., I.R.C. §911 (exclusion for qualified, electing U.S. citizens living abroad for foreign earned income and housing costs), §931 (exemption for bona fide residents of a U.S. possession), §§921-927 (foreign trade increase of a F.I.S.C.).
51See P. MUSGRAVE, op. cit. supra note 47, p. 109 and pp. 119-121. sz See B. BITTKER AND L. LOKKEN, FUNDAMENTALS OF INTERNATIONAL TAXATION (Boston, Mass.: Warren, Gorham & Lamont, 1991), pp. 66-23, 66-16; J. ISENBERGH, INTERNATIONAL TAXATION (Boston, Mass.: Little, Brown & Co., 1990), pp. 313, 395. 53 See B. B1TTKER AND L. LOKKEN, op. cit. supra note 52, p. 65-31; R. DOERNBERG, INTERNATIONAL TAXATION (2nd edn., St. Paul, Minn.: West Pub. Co, 1993); J. ISENBERGH, op. cit. supra note 52, pp. 275, 455, 477.
54Seegenerally Hugh Ault, Corporate Integration, Tax Treaties and the Division of the International Tax Base: Principles and Practices, 47 TAX LAW REVIEW (1992), 565, p. 574 and 566. ss See PEGGY B. MUSGRAVE, op. cit. supra note 47, pp. 130f�`:; Richard A. Musgrave and Peggy B. Musgrave, in Richard M. Bird and John G. Head (eds.), INTERNATIONAL MODERN FISCAL ISSUES 64 (1972). � See Tillinghast, op. cit. supra note 9, p. 1217, note 15.
5Ibid. , note 16. 58 Ibid. , note 17. Sy See Commission of the European Communities, Report of the Committee of Independent Experts on Company Taxation, 1992 (the "Ruding Committee Report"), pp. 33-34. 60 Ibid.
61See John McNulty, Integrating the Corporate Income Tax?, 31 AMERICAN JOURNAL OF COMPARATIVE LAW (1983), 661.
bySee Richard Doernberg, International Aspects of Individual and Corporate Tax Integration, TAX NOTES INTERNATIONAL, pp. 537-538, citing Treasury Report, p. 73.
"3See Doernberg, op. cit. supra note 62, pp. 541-543. 64 Ibid. , p. 541.
65See CHARLES E. McLURE, JR., MUST CORPORATE INCOME BE TAXED TWICE 20 (Washington, D.C.: Brookings Inst., 1979); A.L.I. Reporter's Study, op. cit. supra, p. 40; U.S. Treasury Department, Blueprints for Basic Tax Rcform, 1977, pp. 68-75; John K. McNulty, Integrating the Corporate Tax?, 31 AMERICAN JOURNAL OF COMPARATIVE LAW (1983), 661, pp. 667-669, note 21. see January 1992 Treasury Report, pp. 27-37. 67 in 1993, the Tax Division of the American Institute of Certified Public Accountants also recommended corporate income tax integration by a shareholder imputation credit method, in part for reasons related to financial reporting. See A.LC.P.A., Integration of the Corporate and Shareholder Tax Systems 66, 1993.
A.I.C.P.A. (American Institute of Certified Public Accountants), Tax Division, Integration of the Corporate and Shareholder Tax Systems, 1993.
A.L.I. Reporter's Study, see "Warren" below.
Andrews, William D., The Achilles' Heel of the Comprehensive Income Tax, in Walker and Bloomfield, NEW DIRECTIONS IN FEDERAL TAX POLICY FOR THE 1980s (Ballinger Publishing Co., 1983).
Ault, Hugh J., Corporate Integration, Tax Treaties and the Division of the International Tax Base: Principles and Practices, 47 TAX LAW REVIEW (1992), 565.
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Avi-Yonah, Reuven, The Treatment of Corporate Preference Items Under an Integrated Tax System: A Comparative Analysis, 44 TAX LAW REVIEW, 195.
Ballentine, J. Gregory, Equity, Efficiency and the U.S. Corporation Income Tax (1980).
Chown, John, International Aspects of the Imputation System, BRITISH TAX REVIEW (1993), 90.
Cnossen, Sijbren, What Kind of Corporation Tax, BULLETIN OF THE INTERNATIONAL BUREAU OF FISCAL DOCUMENTATION (January 1993), 3.
CorporateIntegrationOptionsMayAlterMix, LevelofForeignInvestmentinU. S. , DAILY TAX REPORT (BNA, October 13, 1992), G-4.
Doernberg, Richard L., International Aspects of Individual and Corporate Tax Integration, 4 TAX NOTES INTERNATIONAL (1992), 535.
Gammie, Malcolm, Reforming Corporate Taxation: An Evaluation of the United States Treasury Integration Proposals and other Corporate Tax Systems in an International Context (part 1), BRITISH TAX REVIEW (1992), 148.
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McNulty, John K., Reform of the Individual Income Tax by Integration of the Corporate Income Tax, 46 TAX NOTES (March 19, 1990), 1445.
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References: §11
 §1
 §61
 §11
 §882
 §902
 §871
 §881
 §871
 §11
 § 11
 §882
 §884
 §61
 §27
 §960
 §904
 §911
 §931