Tax Cuts and Jobs Act of 2017: C Corporations International Planning

Summary

This practice note discusses the Tax Cuts and Jobs Act of 1987 (Public Law 115-97). The act (Act) signed by President Trump on December 20, 2017, reflects a sea change in Congress’s philosophy about taxing domestic corporate income from overseas. As you review the new law, don’t be discouraged if you have trouble understanding it. Because it was drawn in such haste, some of its provisions are, at best, awkwardly phrased and others are borderline indecipherable.