Publisher's Synopsis
Excerpt from Proposal Relating to Current U. S. Taxation of Certain Operations of Controlled Foreign Corporations (H. R. 2889, American Jobs and Manufacturing Preservation Act of 1991) And Related Issues: Scheduled for a Hearing Before the House Committee on Ways and Means on October 3, 1991
Under present law, foreign income that us. Taxpayers earn through controlled foreign corporations is not generally subject to us. Tax until that income is repatriated to the United States. That is, such income enjoys us. Tax deferral. Exceptions to deferral exist, but generally only for certain types of tax haven income and movable income. Manufacturing income, and income from some other types of business Operations, on the other hand, typically enjoy the benefits Of deferral. Hr. 2889 would expand present-law exceptions to deferral by imposing current us. Taxation on income of controlled foreign corporations from imports into the United States.
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