Guide to Global Intangible Low-Taxed Income (Section 951A)

Description

U.S. shareholders of foreign corporations have a new pass-through income category to contend with: GILTI. Except for capital-intensive companies, this has the effect of making foreign operating income immediately taxable to U.S. shareholders. This session explores the rules. What is GILTI? How does it affect U.S. shareholders? What countermeasures are available?

Highlights

• Section 951A
• U.S. shareholders of foreign corporations

Objectives

• Recognize the lease at commencement under sales-type, direct financing, and operating leases, from the perspective of a lessor.
• Calculate the subsequent measurement under sales-type, direct financing, and operating leases, from the perspective of a lessor.
• Describe the presentation of the leases in the financial statements.
• Identify the effective date for public and nonpublic entities.
• Describe the transition requirements for both lessees and lessors.
• Review excerpts from a selection of public companies' lease disclosures.

Designed For

CPAs and Lawyers.