Foreign Lawyers Forum and US Activities of Foreigners & Tax Treaties Joint Session

Chair: Laura Gould, Reed Smith LLP, London, United Kingdom
US Activities of Foreigners & Tax Treaties Chair: Summer A. LePree, Bilzin Sumberg Baena Price & Axelrod LLP, Miami, FL

Revisiting the BEAT.
Following up on the 2018 proposed regulations, Treasury released both final and proposed regulations addressing the BEAT. This panel will focus on some of the changes made by Treasury from the 2018 proposed regulations to the final regulations, including rules relating to the treatment of certain corporate nonrecognition transactions, the treatment of aggregate group members with different tax years and the treatment of built-in loss property in certain transactions. Additionally, this panel will highlight some of the provisions Treasury chose not to adopt in the final regulations. Finally, the panel will provide an overview of the newly proposed regulations that include rules relating to aggregate groups, partnerships and an election to waive deductions.
Panelists: Amie Colwell Breslow, Jones Day, Washington, DC; Joseph Calianno, BDO USA LLP, Washington, DC; Lucas Giardelli, Mayer Brown LLP, New York, NY; David Peter Merkle, IRS Office of Associate Chief Counsel (International), Washington, DC (Invited); Douglas Poms, International Tax Counsel, Department of Treasury, Washington, DC (Invited)

Opening Pandora’s Box: IP Tax Incentives in the US & Europe.
Many OECD countries have adopted patent box regimes or other rules intended to incentivize corporations to hold intellectual property within their jurisdiction, some of which have been the subject of recent reform following the BEPS Reports, and in particular Action 5. Although the 2017 Tax Act did not include a traditional patent box regime, it did add the new foreign-derived intangible income (FDII) rules, which, in connection with other rules added by the 2017 Tax Act, are generally intended to encourage domestic corporations to hold intellectual property in the United States. Using case studies, this panel of experts will explore the differences and similarities between FDII and patent box and similar rules in the UK and certain EU-member countries, as well as the interaction of the FDII rules with certain domestic rules in those countries that can impact IP structuring decisions for multinationals. The panel will also discuss potential international trade reaction to the FDII rules, including from an EU perspective.
Moderator: Barbara Rasch, KPMG LLP, Los Angeles, CA
Panelists: Sandy Radmanesh, German Tax Attaché, German Embassy, Washington, DC; James Somerville, A&L Goodbody, Dublin, Ireland; Natalie Repyens, Loyens & Loeff CVBA, Brussels, Belgium; Robert Gaut, Proskauer Rose (UK) LLP, London, UK; Romain Tiffon, Atoz Tax Advisers, Luxembourg

Foreign Lawyers Forum – Anti-Hybrid Rules: The New World.
With the EU setting a January 1, 2020 deadline for the introduction of anti-hybrid rules under ATAD2 and the implementation of anti-hybrid rules under the TCJA, this timely panel will discuss the potential application of anti-hybrid rules. The panel will provide updates on the implementation of the ATAD 2 rules in key EU member states, an update on the application of the US anti-hybrid rules following the publication of the proposed regulations just over a year ago and the UK’s existing and wide-reaching legislation. Through case studies, this expert panel will explore the differences, similarities and interaction between these various rules and highlight traps for the unwary in a sample of typical cross-border structures used by multinationals and fund structures.
Moderator: Brian Krause, Skadden Arps Slate Meagher & Flom, New York, NY
Panelists: Robert Gaut, Proskauer Rose (UK) LLP, London, UK; David Kilty, Arthur Cox, Dublin, Ireland; Kévin Emeraux, Loyens & Loeff (Luxembourg), New York, NY; Shane M. McCarrick, Attorney-Advisor, IRS Office of Associate Chief Counsel (International), Washington, DC