Senate Finance Discussion Draft Topics: Tax Administration; International Taxation; Cost-Recovery Accounting

The Senate Finance Committee discussion drafts on tax reform will cover international tax rules, tax administration, and cost-recovery accounting, according to Tax Analysts.  Details are sparse, but Tax Analysts reports that the international draft will include a “round tripping” rule regarding asset transfers to avoid taxes, a dividends received deduction, a mandatory repatriation transition rule, and differing tax rates on active and passive foreign-source income.  Chairman Max Baucus (D-Mont.) said earlier this week that the draft will be framed “in legislative language,” but will not an actual piece of legislation.

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