Lanterna Rally

Author: United States; Dept; Of the Treasury

Publisher: Forgotten Books

Published: 2015-06-24

Total Pages: 158

ISBN-13: 9781330148655

Excerpt from The Final Report of the Worldwide Unitary Taxation Working Group: Chairman's Report and Supplemental Views Dear Mr. President: I am today transmitting the Final Report of the Worldwide Unitary Taxation Working Group. It consists of the Chairman's Report I transmitted to you on July 31, together with a Supplement containing separate additional views of individual Working Group members. Despite some remaining disagreements, which are spelled out in the Supplement, state, business, and federal representatives appear to be in basic agreement on the three Principles described in the Chairman's Report: Principle One: Water's edge unitary combination for both U.S. and foreign-based companies. Principle Two: Increased federal administrative assistance and cooperation with the states to promote full taxpayer disclosure and accountability. Principle Three: Competitive balance for U.S. multinationals, foreign multinationals, and purely domestic businesses. As indicated in my letter of July 31, 1984, transmitting Chairman's Report to you, state and business representatives were unable to reach agreement on the proper state tax treatment of foreign-source dividends and of U.S.-based corporations operating primarily abroad (so-called "80/20 corporations"). These issues are being left for resolution at the state level. It is important to recognize that the Final Report of the Working Group provides no more than the basic structure for resolving the perplexing issues in this area; it is not intended to set forth specific and comprehensive guidelines for legislation. The Working Group intends, however, that when individual states address the unitary issue, they will follow the recommended principles contained in developing specific legislative measures. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.