Tax Code Amendment: A Change in Foreign-Owned U.S. Corporations' Reporting Requirements

GGD-86-19 Published: Nov 01, 1985. Publicly Released: Dec 02, 1985.

Highlights

In response to a congressional request, GAO studied Internal Revenue Service (IRS) tax compliance activities with respect to foreign-owned U.S. corporations.

Recommendations

Matter for Congressional Consideration

Matter	Status	Comments
Congress should amend section 6038A of IRC to help IRS enforce the tax laws by identifying transactions between foreign-owned U.S. corporations and their noncorporate foreign owners.	Closed – Implemented	The proposed language suggested in the report was included in the Tax Reform Act of 1986, which was passed on October 22, 1986.

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Topics

Tax Policy and Administration

Foreign investments in USProposed legislationReporting requirementsTax administrationTax lawTaxesForeign corporationsTax complianceTax lawsTax policy