The Ways and Means Committee’s Subcommittee on Select Revenue Measures has scheduled a public hearing for June 24, 2015, to examine the taxation of repatriated foreign earnings as a source of funding for the highway trust fund.
In advance of the hearing, the Joint Committee on Taxation today released a report (JCX-96-15) that describes the current tax treatment of the repatriation of foreign earnings as well as the financial accounting treatment of undistributed earnings of foreign subsidiaries under U.S. generally accepted accounting principles (GAAP).
The JCT report also:
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