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Report to the Congress on the Sales Source Rules (Classic Reprint)

Report to the Congress on the Sales Source Rules (Classic Reprint)

33305517
1062.5 руб.
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Excerpt from Report to the Congress on the Sales Source Rules

This report examines the effects of the sales source rules on U.S. income tax revenue and trade. The sales source rules are the U.S. income tax rules for determining the source of income from the sale of inventory property. The estimates in the report are based on U.S. corporate income tax returns filed for 1986 and 1988 and recent Department of Commerce surveys of international trade.

1.1 Background

The report was prepared in response to section 1211(d)of the Tax Reform Act of 1986 (1986 Act). That provision directs the Secretary of the Treasury or his delegate to conduct a study of the longstanding sales source rules and to submit the findings in a report, together with such recommendations as he may deem advisable, to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate. The Conference Report to the 1986 Act states that the study should be done in light of the 1986 Act's lower income tax rates and Congressional trade concerns.

The sales source rules determine when income from a sale of inventory property can be considered to arise within the United States and when it can be considered to arise abroad. The rules allow a U.S. taxpayer, in certain cases, to treat a substantial portion of the income from the sale of exports as arising from sources outside the United States based on a formula that gives equal weight to the place where the exporter passes title to its product and the location of the exporter's assets. Income from export sales often attracts little or no foreign income tax. When a U.S. multinational exporter has excess foreign tax credits, having additional foreign source income that bears little or no foreign income tax often allows the exporter to increase the foreign tax credit that it otherwise could have claimed. Thus, when the sales source rules permit a U.S. multinational exporter to treat more income as derived from foreign sources than would an activity-based rule, the sales source rules could encourage exports by reducing a U.S. exporter's income tax liability.

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