International Taxation in the US (LAWS70124)

This subject provides an overview of United States (US) income tax rules for cross-border investments, transactions, and other activities, with specific relevance for Australians investing into the US and for US persons investing into Australia. The subject will incorporate the latest developments in United States international tax rules, including the 2017 provisions of the Tax Cuts and Jobs Act. It will examine rules, regulations, and administrative practices with an emphasis on case decisions new statutory provisions relating to taxation of foreign persons in the US, taxation of US persons investing abroad, the foreign tax credit, controlled foreign corporations, transfer pricing, and US income tax treaties.

The subject will examine the rules contained in the US Internal Revenue Code (Title 26 of the United States Code), as well as regulations, rulings, and other documents produced by the US Treasury Department and the Internal Revenue Service.

Students may find it helpful to consult International Taxation in a Nutshell (13^th ed., Herzfeld)(West academic Publishing), but this volume will not be assigned.

Principal topics may include:

• Entity classification rules
• The definition of 'foreign' persons
• The economic substance doctrine
• Source rules
• Statutory rules for taxation of foreign persons
• Taxation of foreign operations of US persons
• Cross-border organisations, re-organisations, liquidations
• US tax treaties
• The foreign tax credit
• Transfer pricing
• Foreign currency.