Code Section 304 requires the reclassification of stock sales between affiliated corporations as dividends. However, for many years, Code Section 304 has not fulfilled the original “anti-avoidance” tax policy that was behind its legislation. This article aims to provide an updated analysis...

In this article, McCoskey and Narotzki explain why the basis rules under section 358 require tweaking when, in exchange for stock, a transferor of property also receives an installment note with excess basis

Affiliated corporations can elect to file a consolidated tax return, thereby using the losses from some members to offset the income of other members. To prevent this strategy from being used by multinational entities, the Dual Consolidated Loss rules prohibit the use of a loss in the United...

In this article, McCoskey and Narotzki argue that Congress needs to shift its focus to long-term economic recovery measures, and they explain how specific tax policies could be used to achieve that goal

One central focus of the TCJA was to encourage U.S. international firms to "bring back earnings to the U.S." In an attempt to achieve this goal, the legislation enacted Section 245A, which provides a 100% DRD to U.S. corporations for certain foreign-sourced distributions. Section 304 requires...

With promises of “Make America Great Again” and tax reform for “middle-class” Americans, the current federal government administration has implied that the average American would become more prosperous under this tax system. It is no surprise that most middle-class Americans view a...

The Trump Administration, along with the House Ways and Means Committee and the Senate Finance Committee, issued a “Unified Framework” for tax reform on September 27, 2017. This framework is full of paradoxes and inconsistencies that are very hard to simply explain by saying that the...