Business Taxation Deskbook is a guide to a wide range of domestic and international business tax issues under the federal income tax law as it exists subject to the Internal Revenue Code after the enactment of the Tax Cuts and Jobs Act of 2017 (TCAJA). The book provides a brief introduction to state law issues in business taxation. It also addresses the life cycle of the three principal business entities (that is, C corporations, partnerships, and S corporations), and inbound and outbound cross border transactions.

Highlights of Release #2 include:

• New § 1:19 – provides a brief introduction to the taxation of cryptocurrencies.
• New § 1:21 – discusses some of the Biden administration’s business-related tax proposals.
• New § 1:22 – briefly introduces the OECD’s Pillars One and Two for avoiding abuse in the international tax system.
• New § 5:4.1[D][3] – explains a federal district court decision holding that temporary regulations implementing section 245A were invalid because they did not meet the APAs notice and comment requirements.
• New § 8:6 – addresses a potential change in the definition of control both for purposes of section 351 and the reorganization provisions.
• New § 21:4 – introduces the OECD’s Pillars One and Two, which are designed, inter alia, to prevent a parent company from avoiding tax on income earned by its foreign subsidiaries.

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PLI PLUS subscribers can access this title through their subscription.