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Full-Text Articles in Taxation-Transnational
New Developments In The Foreign Tax Credit: The Treasury Department Attempts To Define And Income Tax, David F. Nitschke
New Developments In The Foreign Tax Credit: The Treasury Department Attempts To Define And Income Tax, David F. Nitschke
Northwestern Journal of International Law & Business
In order to alleviate the double taxation of income earned overseas by United States taxpayers, the Internal Revenue Code contains aforeign tax credit. This provision, which enables a taxpayer to credit certain foreign taxes he haspaid or accrued, has been reinterpreted recently by the Depart- ment of the Treasury. In this article, Mr. Nitschke discusses several 1978 revenue rulings andproposed regulations issued in 1979 that have altered the definition of aforeign tax that qualifies as an "income tax" and, thereby, have reduced signficantly the kind offorein taxes eligible for the credit. Upon examination ofprior rulings and case law, Mr. Nitschke …
Newly Revised Income Tax Treaty With France: A Breakthrough In U.S. Tax Treaty Law, Stephanie H. Simonard
Newly Revised Income Tax Treaty With France: A Breakthrough In U.S. Tax Treaty Law, Stephanie H. Simonard
Northwestern Journal of International Law & Business
In 1979, the United States and France revised their 1967 Income Tax Treaty Developed along the lines of the Organization of Economic Co-Op- eration and Development Model Convention, the revised Treaty adopts a unique method of calculating the U.S. foreign tax credit limitation. The re- vised Treaty changed the definition of "source" of income to permit the for- eign tax credit against what would otherwise be termed "U.S. source income. " In this article, Mrs. Simonard examines the revised Treaty and its effects on U.S. citizens residing in France