Introduction to the US Income Tax System

This book explains in plain language the complexity of the US tax system, often by comparison and contrast with European and other national tax systems. Use of highly technical language has been avoided in consideration to those readers for whom English is their second language. Sufficient detail is incorporated to answer most primary questions about what makes the US tax system work. Topics covered include individual and corporate income taxes, partnership taxation, special types of taxpayers (pensions, Subchapter S corporations) and the underlying 'unwritten law' of US taxation. Special emphasis is placed on international rules, particularly inbound business, sales and investment. Broad coverage is given to anti-avoidence rules which contribute to the US tax system's complexity (e.g. Subpart F, FIRPTA and transfer pricing). References to the Internal Revenue Code. Treasury Regulations, major rulings and cases are included for those practitioners who wish to pursue a thought or idea to the next level.