Senators @RonWyden and Rob Portman propose legislation that (among other things) suspends the exchange of #FATCA information (which the US doesn't provide anyway) with Russia. finance.senate.gov/imo/media/doc/…
An interesting example of the US tax code being used as a method of @Sanctionslaw. With respect to US taxpayers subject to taxation by Russia: 1. No FTCs allowed 2. If not a CFC, income subject to tax by Russia is deemed to be CFC/Subpart F income - ensuring tax at high US rate.
Proposed legislation also includes a laundry list of specific denials of tax benefits to specific individuals. In all cases - specific provision intended to tax treaties.
For more details and the draft legislation see finance.senate.gov/chairmans-news…
More commentary here ... thehill.com/policy/finance…
Here is a link to the summary of the proposed @RonWyden legislation to use the Internal Revenue Code to sanction Russia and US persons who do business with Russia citizenshipsolutions.ca/wp-content/upl…
Here is a link to the actual proposed @RonWyden legislation to use the Internal Revenue Code to sanction Russia and US persons who do business with Russia citizenshipsolutions.ca/wp-content/upl…
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