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58 Akron L. Rev. 1 (2025)

handle is hein.journals/aklr58 and id is 1 raw text is: REFORMING THE FOREIGN TAX CREDIT, SUBPART F, AND GILTI IN LIGHT OF PILLAR TwO By Andrew Duxbury, * Jonathan D. Grossberg, ** and Genevieve Tokic *** I. In tro du ction ......................................................................2 II. The Foreign Tax Credit: Historical Development and Modem Controversies.......................................................5 A. Overview of the Foreign Tax Credit.............................5 B. Tax Credits and the Tax Cuts and Jobs Act..................7 C. GloBE and the Foreign Tax Credit...............................9 III. Definition of an Income Tax............................................15 A. Definition of an Income Tax Under Pre-2022 Rules ...15 B. Definition of an Income Tax Under 2022 Regulations 17 IV. The Foreign Tax Credit Reform Debate ...........................18 A. Policy Considerations for Foreign Tax Credits....... 19 1. Revenue...............................................................20 2. Double Taxation, Fairness, and Neutrality(ies)......20 3. Compliance, Simplicity, and Administrability.......22 B. Relevant Foreign Tax Credit Reform Proposals..... 23 V. Foreign Tax Credit Reform Proposal................................25 A. The Proposal.............................................................25 B. Illustrative Examples and Discussion.........................30 VI. Conclusion......................................................................38 Andrew Duxbury is an Associate Professor in the School of Accounting at the James Madison University College of Business and the Keiter Faculty Scholar Jonathan D. Grossberg is a tax attorney and a Tax & Accounting Specialist Editor for Thomson Reuters Genevieve Tokic is a Senior Lecturer and Associate Director of the Tax LL.M. Program at Northwestern Pritzker School of Law. The authors thank the organizers of and participants in the 2024 Virginia Accounting Research Conference and the International Tax Symposium sponsored by The George W. Daverio School of Accountancy at the University of Akron, especially Doon Narotzki, as well as the editors of the Akron Law Review for their comments and edits to this Symposium Article. The authors also thank Frank Murphy, Steven Utke, Chrstina Lewellen, Kathryn Kisska-Schulze and Ryan C. Polk for their comments on a draft of the article. In addition, Professor Tokic extends her gratitude to Joseph Brown for research assistance. This work was supported by the James Madison University College of Business. 1

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