Elizabeth Chao

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Elizabeth Chao focuses her practice on US and international tax matters. Read Elizabeth Chao's full bio.

Tax Reform Insight: Eligibility Requirements for Reduced Tax Rate on FDII for Royalties

By , and on Jul 18, 2018
Posted In Tax Reform, Uncategorized

A domestic corporation’s royalty income derived in connection with business conducted outside the United States generally is eligible for the reduced 13.125 percent effective tax rate on foreign derived intangible income (FDII). To qualify, the licensee must be a foreign person, and the intangible property must be used outside the US for the ultimate benefit...

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IRS Releases Practice Unit on Statutes of Limitation

By and on Apr 13, 2018
Posted In IRS Guidance, Uncategorized

The expiration of the time for the Internal Revenue Service (IRS) to assess tax can bring closure on prior tax and financial reporting positions for taxpayers. We have previously reported and written for the International Tax Journal about tax statutes of limitation both generally and in the international tax context. As a follow-up to those...

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Statutes of Limitation and International Taxes

By and on Mar 8, 2018
Posted In IRS Audits, IRS Guidance, Tax Reform, Trial Courts, Uncategorized

In late 2017, we provided a brief overview of statutes of limitation in the international tax context. At that time, we noted a forthcoming article on the subject.  We are pleased to report that our expanded article on the subject has been published in the January-February 2018 edition of the International Tax Journal.  The full...

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Tax Court Addresses Statute of Limitations Issues in Rafizadeh v. Commissioner

By and on Feb 12, 2018
Posted In Trial Courts, Uncategorized

Andrew Roberson and Elizabeth Chao recently wrote an article for Law360 entitled, “A Recent Tax Court View Of Statute Of Limitations Provisions.” The article discusses the Tax Court’s recent opinion in Rafizadeh v. Commissioner on statute of limitations for amounts reportable under Internal Revenue Code Section 6038D. Read the full coverage on Law360 here.

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Expansion of Subpart F under the Tax Reform Act

By , and on Feb 8, 2018
Posted In Tax Reform, Uncategorized

Under Subpart F, certain types of income and investments of earnings of a foreign corporation controlled by US shareholders (controlled foreign corporation, or CFC) are deemed distributed to the US shareholders and subject to current taxation. The recent tax reform legislation (Public Law No. 115-97) increased the amount of CFC income currently taxable to US shareholders,...

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Statutes of Limitation in the International Tax Context

By and on Oct 19, 2017
Posted In IRS Audits, IRS Guidance, Trial Courts, Uncategorized

As most taxpayers know, under Internal Revenue Code (Code) Section 6501(a), the Internal Revenue Service (IRS) generally has three years after a tax return is filed to assess any additional tax. However, Code Section 6501 provides several exceptions to this rule, including but not limited to the following. False or fraudulent returns with the intent...

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Overview of Tax Litigation Forums

By and on Apr 21, 2017
Posted In Appellate Courts, Court Procedure Matters, IRS Guidance, Tax Refunds, Trial Courts, Uncategorized

Taxpayers can choose whether to litigate tax disputes with the Internal Revenue Service (IRS) in the US Tax Court (Tax Court), federal district court or the Court of Federal Claims. Claims brought in federal district court and the Court of Federal Claims are tax refund litigation: the taxpayer must first pay the tax, file a...

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IRS Campaign Focuses on Definition of “Qualified Film” Under Section 199

By and on Mar 9, 2017
Posted In IRS Audits, IRS Guidance, Uncategorized

On January 31, the Internal Revenue Service (IRS) announced 13 Large Business & International (LB&I) “campaigns.”  One campaign targets deductions claimed by multi-channel video programming distributors (MVPDs) and TV broadcasters under section 199 of the Internal Revenue Code (IRC).  According to the IRS’s campaign announcement, these taxpayers make several erroneous claims, including that (1) groups...

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