AGENDA

8:45 am - 9:00 am

Welcome and Introductions

Frederick M. Lawrence, Dean, The George Washington University Law School, Washington, DC

Gregory May, Partner, Freshfields Bruckhaus, Deringer US LLP, Washington, DC

Steven A. Musher, Associate Chief Counsel (International), Internal Revenue Service, Washington, DC

Frank Y. Ng, LMSB Commissioner, Internal Revenue Service, Washington, DC

Robert J. Peroni, James A. Elkins Centennial Chair in Law, The University of Texas School of Law, Austin, TX

Competent Authority - Current Trends and New Frontiers

Chair: 

Giovanna Sparagna, Partner, Sutherland Asbill & Brennan LLP, Washington, DC  

Panelists:

            Jacques Gombeer, Auditor General, Head, International Income Tax, Federal Public

            Service Finance, Belgium

            Diane Hay,  Deputy Director - Specialist International CT & VAT Products and 

            Process, HM Revenue & Customs, London

Seon-Tae Kang, Assistant Commissioner for International Taxation, National Tax Service, Seoul

Barry Shott, LMSB Deputy Commissioner (International), Internal Revenue Service, Washington, DC

Patricia Spice, Director, Competent Authority Services Division, International and Large Business Directorate, Canada Revenue Agency, Ottawa

Break

Foreign Audits and the Competent Authority Process

Chair:

Pamela F. Olson, Partner, Skadden, Arps, Slate, Meagher & Flom LLC,
            Washington, DC 

Panelists:

Jesse Eggert, Attorney Advisor, U.S. Department of Treasury, Washington, DC

Mae J. Lew, Special Counsel to the Associate Chief Counsel (International),
Internal Revenue Service, Washington, DC

David Swenson, Partner, PriceWaterhouseCoopers LLC, Washington, DC
 

David K. Sutherland, Managing Director, Morgan Stanley Asia Limited, Hong Kong
 

Philip R. West, Partner, Steptoe & Johnson LLP, Washington, DC

·        Foreign Audits and the Competent Authority process

·        Multinational business restructurings and intangible assets

·        Permanent establishments

·        Deductions for headquarters cost allocations

·        Whether, when, and how to access Competent Authority

·        Exhaustion of remedies to protect foreign tax credits

·        Exchange of information and other intergovernmental assistance

11:45 am - 12:45 pm

Transfer Pricing Update -- Regulatory and Administrative Developments

Chair:

Rocco V. Femia, Member, Miller & Chevalier Chartered, Washington, DC

Panelists:

John M. Breen, Member, Caplin & Drysdale, Chartered, Washington, DC

            Dorothy C. Chao, Tax Counsel, Baxter International Inc., Deerfield, IL

            David Ernick, Associate International Tax Counsel, U.S. Department of Treasury,
            Washington, DC

            Steven A. Musher, Associate Chief Counsel (International), Internal Revenue

Service,Washington, DC

·        Key elements of cost sharing and other intangibles guidance

·        Practical implications for multinationals within or outside of
cost sharing context

·        Implications of increasing scrutiny and coordination by IRS of
transfer pricing issues

·        Other transfer pricing developments

Luncheon with Address by Douglas H. Shulman, Commissioner of the Internal Revenue Service

Douglas H. Shulman became the 47th Commissioner of Internal Revenue on March 24, 2008. He presides over the nation's tax administration system, which collects approximately $2.4 trillion in tax revenue that funds most government operations and public services. He manages an agency of over 100,000 employees and a budget of approximately $11 billion.

  Commissioner Shulman came to the IRS from the Financial Industry Regulatory Authority (FINRA), the private-sector regulator of all securities firms doing business in the United States. As vice chairman, he was responsible for strategy, services and operations. Commissioner Shulman served in the same role at the National Association of Securities Dealers before its 2007 consolidation with New York Stock Exchange Member Regulation, which resulted in the formation of FINRA. Earlier in his career,
Commissioner Shulman was involved with several start-up organizations, was a vice president of a private investment firm and served as Senior Policy Advisor and then Chief of Staff of the National Commission on Restructuring the Internal Revenue Service.

Commissioner Shulman holds a B.A. from Williams College, an M.P.A.
from Harvard University's John F. Kennedy School of Government and a
J.D. magna cum laude from Georgetown University Law Center.

The Modernization of Subpart F--Accommodating Business

Structures While Preventing Avoidance Transactions

Chair:

Lowell D. Yoder, Partner, McDermott Will & Emery LLP, Chicago, IL

Panelists:

Michael A. DiFronzo, Deputy Associate Chief Counsel (International), Internal Revenue
Service, Washington, DC

Camille B. Evans, Principal, KPMG LLC, Charlotte, NC

Itai Grinberg, Attorney Advisor, US Department of Treasury, Washington, DC
 

Sally A. Stiles, International Tax Advisor, Caterpillar Inc., Peoria, IL

·        Contract manufacturing regulations

·        Guidance on substantial assistance and services income

·        Aircraft and vessel leasing income regulations

·        Section 954(c)(6) look-thru rule

·        Section 956 guidance and issues

Break

Foreign Tax Credit Update

Chair:

Philip D. Morrison, Principal, Deloitte Tax LLP, Washington, DC 

Panelists:

Ginny Chung, Attorney Advisor, U.S. Department of Treasury, Washington, DC

Barbara A. Felker, Branch Chief, Branch 3, Office of the Associate Chief Counsel
(International), Internal Revenue Service, Washington, DC

Carol Ann Johnson, Senior Tax Counsel, Fluor Corporation, Irving, TX

Suchi Lee, International Tax Partner, Global Structuring,
PriceWaterhouseCoopers LLP, New York, NY

·        Status of the technical taxpayer regulations

        --If issued, what surprises?
  --What should the reserved section of the proposed regulations say?

·        Temporary noncompulsory payment regulations’ impact on
inbound and outbound taxpayers

·        Impact of the proposed (but not temporary) noncompulsory payment
regulations on loss surrender and group-wide audit settlements

·        Practical issues in applying the new foreign tax redetermination
regulations

·        Foreign tax credit planning under the overall domestic loss regulations

Cross-Border M&A      

Chair:

Steven M. Surdell, Partner, Ernst & Young LLP, Chicago, IL

Panelists:

Nicholas J. DeNovio, Partner, Latham & Watkins, Washington, DC

Hal Hicks, III, Partner, Skadden, Arps, Slate, Meagher & Flom LLC, Washington, DC

John J. Merrick, Special Counsel to the Associate Chief Counsel (International),
Internal Revenue Service, Washington, DC

Jose E. Murillo, Taxation Specialist, U.S. Department of Treasury, Washington, DC

Leonard B. Terr, Partner, Baker & McKenzie, Washington, DC

·        Notice 2008-10 and latest “Killer B” regulations

·        Outbound transfers under the proposed section 367(a)(5)
regulations

·        GRA trigger traps and improper valuations

·        Update on section 7874

·        Attributable E&P and hovering deficits

·        Avoiding an integrated asset acquisition—Rev. Rul. 2008-25

Reception

Reception sponsors: 

*Note: The Internal Revenue Service and the U.S. Department of the Treasury are not sponsoring the reception and its participation in the reception is not intended as an endorsement of the reception or the sponsors.

Keynote Address by Edward D. Kleinbard, Chief of Staff, Joint Committee on

Taxation of the Congress of the United States

Edward D. Kleinbard is Chief of Staff of the Joint Committee on Taxation, a post he took up on September 17, 2007. The Joint Committee staff is a nonpartisan office that assists Congress in the tax legislative process, including revenue estimation, and investigations of the federal tax system. 

Before his appointment to the Joint Committee, Mr. Kleinbard was a partner of Cleary Gottlieb Steen & Hamilton LLP. A prolific writer on tax matters, Mr. Kleinbard is widely know for his expertise in the taxation of new financial products, financial institutions and international mergers and acquisitions. He recently has written a number of important papers on reform of the tax system. His article on the Business Enterprise Income Tax received a 2006 Burton Award for Legal Writing.

8:45 am – 10:00 am

When Does And Mean Or?: Current Issues in Treaty Interpretation

Chair:

Carol A. Dunahoo, Partner, Baker & McKenzie LLP, Washington, DC 

Panelists: 

Richard E. Andersen, Partner, Arnold & Porter LLP, New York, NY

Patricia A. Brown, Senior Advisor, Financial Transactions, Centre for Tax Policy and

Administration, Organization for Economic Co-operation and Development
 

Elizabeth U. Karzon, Branch Chief, Branch 1, Office of the Associate Chief Council

(International), Internal Revenue Service, Washington, DC

Richard L. Reinhold, Partner, Wilkie Farr & Gallagher LLP, New York, NY

Gretchen Sierra, Deputy International Tax Counsel, U.S. Department of Treasury,

Washington, DC

Using practical examples, this panel of U.S. and OECD officials and advisors will

consider current treaty interpretation issues such as:

·        What sources of interpretation are (or should be) relevant?

·        What issues are raised when a term is not defined by treaty?

·        Should treaty provisions be interpreted in an ambulatory manner?

·        Should the United States develop supplemental forms of treaty

      guidance?

Break

Ask the IRS

Co-Chairs:

Mary Lou Fahey, General Counsel, Tax Executives Institute, Washington, DC

Stephen E. Shay, Partner, Ropes & Gray LLP, Boston, MA

Panelists:

Steven A. Musher, Associate Chief Counsel (International), Office of the Chief Counsel, Washington, DC

Frank Y. Ng, LMSB Deputy Commissioner, Internal Revenue Service, Washington, DC

Douglas W. O’Donnell, Director, International Strategy and Policy, Internal Revenue
Service, Washington, DC

Barry B. Shott, LMSB Deputy Commissioner (International), Internal Revenue
Service, Washington, DC

Full Disclosure: How Taxpayers and Tax Administrators Are Coping with the

New Transparency

Chair:

Peter A. Barnes, International Tax Counsel, General Electric Co., Fairfield, CT

Panelists:

John Harrell, Senior Counsel, U.S. Department of Treasury, Washington, DC

Timothy M. McDonald, Vice President – Taxes, The Proctor & Gamble Company, Cincinnati, OH

Theodore D. Setzer, Special Counsel to the Associate Chief Counsel (International),
Internal Revenue Service, Washington, DC

T. Timothy Tuerff, Partner, Deloitte Tax LLP, Washington, DC

·        Sarbanes-Oxley, FIN 48 and transfer pricing documentation:
how do these new requirements change relationships between
taxpayers and tax administrators?

·        What is the role of tax advisors in this new world of greater
transparency?

·        What information is of real value and what is a waste of time?

·        What further changes lie ahead?

Break

12:30 pm – 1:30 pm

Luncheon with Address by Michael F. Mundaca, Deputy Assistant Secretary for International Tax Affairs, U.S.Department of the Treasury

Michael F. Mundaca is the Deputy Assistant Treasury Secretary for International Tax Affairs, a position to which he was appointed in July 2007. He is involved in the formulation of U.S. international tax policy, as well as tax treaty negotiations, and the production of regulatory guidance and legislative proposals.
 

Before his current appointment, Mr. Mundaca was a partner in the International Tax Services group of Ernst & Young’s National Tax Department, in Washington, D.C. He previously served as Deputy International Tax Counsel in the Treasury Department’s Office of Tax Policy, as well as Treasury’s Senior Advisor on Electronic Commerce. Before his first Treasury appointments, Mr. Mundaca was an associate at Sullivan & Cromwell.

Mr. Mundaca received a B.A. in philosophy and in physics from Columbia University in 1986, and an M.A. in philosophy from the University of Chicago in 1988. He received a J.D. from the University of California, Berkeley, School of Law (Boalt Hall) in 1992 and an LL.M. in taxation (international tax specialization) from the University of Miami in 1997.

 

Break

Inbound/Outbound Developments

Chair:

Barbara M. Angus, Principal, Angus & Nickerson LLC, Washington, DC

Panelists:

Karen B. Brown, Donald Phillip Rothschild Research Professor of Law, The George
Washington University Law School, Washington, DC

John L. Harrington, International Tax Counsel, U.S. Department of Treasury, Washington, DC

Jackie S. Levinson, Special Counsel to the Associate Chief Counsel (International),
Internal Revenue Service, Washington, DC

John M. Staples, Partner, Burt, Staples & Maner LLP, Washington, DC

Diana L. Wollman, Partner, Sullivan & Cromwell LLP, New York, NY

·        Withholding tax issues, including developments in the qualified
intermediary regime

·        U.S. trade or business issues, including developments affecting the
securities trading safe harbor

·        FIRPTA developments

·        PFIC developments

·        Developments affecting individuals, including foreign reporting
requirements and new rules for expatriates

Conclusion of Program