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The Dilemma of Moore v. United States
Moore v. United States launched a frontal, direct attack on the “constitutionality” of federal government’s taxation of “unrealized,” undistributed foreign corporate earnings imposed under TCJA Code § 965, namely, “Mandatory Repatriation Tax” (MRT). The “Mandatory Repatriation Tax” is a legislative compromise, a one-time revenue raising Code provision to partially fund the transition to “territorial” international…
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OECD Pillar Two-Global Minimum Tax & US Tax Reform
OECD Statement on Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalization of the Economy, issued on October 8, 2021, updates and finalizes a political statement by 136 OECD member countries of the Inclusive Framework (IF) to fundamentally reform international taxation. Pillar One attempts to ensure a fairer distribution of profits and taxing…
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Seeking Better Tax Treatment on Litigation Funding
In the past decade, the nascent litigation funding entrepreneurs entered with an appealing nomenclature of offering to litigation parties and attorneys “non-recourse loan:” namely, the funding loan needs not be repaid if the underlying litigation produces no monetary recovery or proceeds. On the obligation to repay, a typical non-recourse provision reads: If the claimant does…
Law Office of Frank Xu 