International taxation is about jurisdiction; in which country will the company's income be taxed?
International tax issues can be placed into two groups:
(1) outbound taxation (when the U.S. government taxes foreign-source income of U.S. taxpayers)
(2) inbound taxation (when the U.S. government taxes U.S.-source income of foreign taxpayers
Income is usually taxed where it is sourced, although there are multiple exceptions.
To avoid taxes, companies try to shift income from high-tax countries to low-tax countries. To prevent companies from doing this, the U.S. Congress has enacted several provisions:
(a) base erosion anti-abuse tax (BEAT)
(b) Subpart F income (controlled foreign corporations)
(c) global intangible low-taxed income (GILTI)—
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