Last week the IRS published the following Private Letter Rulings and Chief Counsel Advice relating to international taxation.
PLR 201311001 - Consent was granted to change methods for measuring and timing and identifying employee stock options, restricted stock units, and performance-based restricted stock units pursuant to Treas. Reg. §1.482-7(d)(3)(iii)(C) for purposes of determining the amount the taxpayer must include in its cost sharing arrangement as intangible development costs.
PLR 201311004 - The generation-skipping transfer tax does not apply to taxable distributions or taxable terminations to the extent the initial transfer of property to the trust by a nonresident alien transferor was not subject to the federal estate or gift tax. Distributions from a foreign estate and terminating distributions from a foreign trust were not subject to generation-skipping transfer tax.
PLR 201311006 - Lawsuit damages payments were excluded from the gross income of nonresident aliens under Code §104(a)(2). Consequently, the payments were not subject to withholding under Code §1441.
PLR 201311008 - Late entity classification election for a foreign entity to be treated as an association. Form 8832. Treas. Reg. §301.7701-3(c).
PLR 201311013 - Late entity classification election for a foreign entity to be treated as a disregarded entity. Form 8832. Treas. Reg. §301.7701-3(c).
PLR 201311014 - Late passive foreign investment company ("PFIC") mark-to-market election. Form 8621. Treas. Reg. §1.1296-1(h).
PLR 201311018 - Consent granted to prospectively change method for measuring employee stock options and restricted shares as well as the method for identification pursuant to Treas. Reg. §1.482-7(d)(3)(iii)(C) and Notice 2005-99.
CCA 201311024 - 863(c), ocean activity income vs. transportation income from leasing a vessel.