id	sid	tid	token	lemma	pos
taxlaw-3469	1	1	the	the	DET
taxlaw-3469	1	2	impact	impact	NOUN
taxlaw-3469	1	3	of	of	ADP
taxlaw-3469	1	4	gilti	gilti	NOUN
taxlaw-3469	1	5	and	and	CCONJ
taxlaw-3469	1	6	fdii	fdii	NOUN
taxlaw-3469	1	7	on	on	ADP
taxlaw-3469	1	8	the	the	DET
taxlaw-3469	1	9	investment	investment	NOUN
taxlaw-3469	1	10	location	location	NOUN
taxlaw-3469	1	11	choice	choice	NOUN
taxlaw-3469	1	12	of	of	ADP
taxlaw-3469	1	13	u.s	u.s	PROPN
taxlaw-3469	1	14	.	.	PROPN
taxlaw-3469	1	15	multinationals	multinational	NOUN
taxlaw-3469	1	16	kartikeya	kartikeya	VERB
taxlaw-3469	1	17	singh	singh	NOUN
taxlaw-3469	1	18	&	&	CCONJ
taxlaw-3469	1	19	aparna	aparna	PROPN
taxlaw-3469	1	20	mathur	mathur	PROPN
taxlaw-3469	2	1	abstract	abstract	ADJ
taxlaw-3469	2	2	this	this	DET
taxlaw-3469	2	3	article	article	NOUN
taxlaw-3469	2	4	analyzes	analyze	VERB
taxlaw-3469	2	5	the	the	DET
taxlaw-3469	2	6	impact	impact	NOUN
taxlaw-3469	2	7	of	of	ADP
taxlaw-3469	2	8	two	two	NUM
taxlaw-3469	2	9	new	new	ADJ
taxlaw-3469	2	10	international	international	ADJ
taxlaw-3469	2	11	tax	tax	NOUN
taxlaw-3469	2	12	provisions	provision	NOUN
taxlaw-3469	2	13	,	,	PUNCT
taxlaw-3469	2	14	gilti	gilti	NOUN
taxlaw-3469	2	15	and	and	CCONJ
taxlaw-3469	2	16	fdii	fdii	NOUN
taxlaw-3469	2	17	,	,	PUNCT
taxlaw-3469	2	18	passed	pass	VERB
taxlaw-3469	2	19	under	under	ADP
taxlaw-3469	2	20	the	the	DET
taxlaw-3469	2	21	tax	tax	NOUN
taxlaw-3469	2	22	cuts	cut	NOUN
taxlaw-3469	2	23	and	and	CCONJ
taxlaw-3469	2	24	jobs	job	NOUN
taxlaw-3469	2	25	act	act	PROPN
taxlaw-3469	2	26	,	,	PUNCT
taxlaw-3469	2	27	on	on	ADP
taxlaw-3469	2	28	u.s	u.s	PROPN
taxlaw-3469	2	29	.	.	PROPN
taxlaw-3469	2	30	multinational	multinational	ADJ
taxlaw-3469	2	31	corporations	corporation	NOUN
taxlaw-3469	2	32	’	'	PUNCT
taxlaw-3469	2	33	location	location	NOUN
taxlaw-3469	2	34	of	of	ADP
taxlaw-3469	2	35	new	new	ADJ
taxlaw-3469	2	36	capital	capital	NOUN
taxlaw-3469	2	37	.	.	PUNCT
taxlaw-3469	3	1	we	we	PRON
taxlaw-3469	3	2	analyze	analyze	VERB
taxlaw-3469	3	3	whether	whether	SCONJ
taxlaw-3469	3	4	these	these	DET
taxlaw-3469	3	5	rules	rule	NOUN
taxlaw-3469	3	6	help	help	AUX
taxlaw-3469	3	7	retain	retain	VERB
taxlaw-3469	3	8	internationally	internationally	ADV
taxlaw-3469	3	9	mobile	mobile	ADJ
taxlaw-3469	3	10	rents	rent	NOUN
taxlaw-3469	3	11	within	within	ADP
taxlaw-3469	3	12	the	the	DET
taxlaw-3469	3	13	u.s	u.s	PROPN
taxlaw-3469	3	14	.	.	PROPN
taxlaw-3469	3	15	tax	tax	NOUN
taxlaw-3469	3	16	base	base	NOUN
taxlaw-3469	3	17	and	and	CCONJ
taxlaw-3469	3	18	the	the	DET
taxlaw-3469	3	19	associated	associated	ADJ
taxlaw-3469	3	20	economic	economic	ADJ
taxlaw-3469	3	21	activity	activity	NOUN
taxlaw-3469	3	22	within	within	ADP
taxlaw-3469	3	23	the	the	DET
taxlaw-3469	3	24	united	united	PROPN
taxlaw-3469	3	25	states	states	PROPN
taxlaw-3469	3	26	.	.	PUNCT
taxlaw-3469	4	1	our	our	PRON
taxlaw-3469	4	2	analysis	analysis	NOUN
taxlaw-3469	4	3	suggests	suggest	VERB
taxlaw-3469	4	4	that	that	SCONJ
taxlaw-3469	4	5	for	for	ADP
taxlaw-3469	4	6	a	a	DET
taxlaw-3469	4	7	wide	wide	ADJ
taxlaw-3469	4	8	range	range	NOUN
taxlaw-3469	4	9	of	of	ADP
taxlaw-3469	4	10	investment	investment	NOUN
taxlaw-3469	4	11	profiles	profile	NOUN
taxlaw-3469	4	12	(	(	PUNCT
taxlaw-3469	4	13	characterized	characterize	VERB
taxlaw-3469	4	14	in	in	ADP
taxlaw-3469	4	15	terms	term	NOUN
taxlaw-3469	4	16	of	of	ADP
taxlaw-3469	4	17	scale	scale	NOUN
taxlaw-3469	4	18	and	and	CCONJ
taxlaw-3469	4	19	expected	expect	VERB
taxlaw-3469	4	20	abovenormal	abovenormal	ADJ
taxlaw-3469	4	21	returns	return	NOUN
taxlaw-3469	4	22	)	)	PUNCT
taxlaw-3469	4	23	for	for	ADP
taxlaw-3469	4	24	intangible	intangible	ADJ
taxlaw-3469	4	25	capital	capital	NOUN
taxlaw-3469	4	26	,	,	PUNCT
taxlaw-3469	4	27	a	a	DET
taxlaw-3469	4	28	u.s	u.s	PROPN
taxlaw-3469	4	29	.	.	PROPN
taxlaw-3469	4	30	mnc	mnc	PROPN
taxlaw-3469	4	31	can	can	AUX
taxlaw-3469	4	32	do	do	VERB
taxlaw-3469	4	33	better	well	ADV
taxlaw-3469	4	34	by	by	ADP
taxlaw-3469	4	35	locating	locate	VERB
taxlaw-3469	4	36	a	a	DET
taxlaw-3469	4	37	new	new	ADJ
taxlaw-3469	4	38	investment	investment	NOUN
taxlaw-3469	4	39	in	in	ADP
taxlaw-3469	4	40	the	the	DET
taxlaw-3469	4	41	united	united	PROPN
taxlaw-3469	4	42	states	states	PROPN
taxlaw-3469	4	43	.	.	PUNCT
taxlaw-3469	5	1			PROPN
taxlaw-3469	5	2	principal	principal	NOUN
taxlaw-3469	5	3	,	,	PUNCT
taxlaw-3469	5	4	pricewaterhousecoopers	pricewaterhousecooper	NOUN
taxlaw-3469	5	5	.	.	PUNCT
taxlaw-3469	6	1	email	email	NOUN
taxlaw-3469	6	2	.	.	PUNCT
taxlaw-3469	7	1	kartikeya.singh@us.pwc.com	kartikeya.singh@us.pwc.com	X
taxlaw-3469	7	2	.	.	PUNCT
taxlaw-3469	7	3			NOUN
taxlaw-3469	7	4	resident	resident	NOUN
taxlaw-3469	7	5	scholar	scholar	NOUN
taxlaw-3469	7	6	,	,	PUNCT
taxlaw-3469	7	7	economic	economic	ADJ
taxlaw-3469	7	8	policy	policy	NOUN
taxlaw-3469	7	9	studies	study	NOUN
taxlaw-3469	7	10	,	,	PUNCT
taxlaw-3469	7	11	american	american	PROPN
taxlaw-3469	7	12	enterprise	enterprise	PROPN
taxlaw-3469	7	13	institute	institute	PROPN
taxlaw-3469	7	14	.	.	PUNCT
taxlaw-3469	8	1	email	email	NOUN
taxlaw-3469	8	2	:	:	PUNCT
taxlaw-3469	8	3	amathur@aei.org	amathur@aei.org	ADJ
taxlaw-3469	8	4	.	.	PUNCT
taxlaw-3469	9	1	the	the	DET
taxlaw-3469	9	2	authors	author	NOUN
taxlaw-3469	9	3	thank	thank	VERB
taxlaw-3469	9	4	marco	marco	PROPN
taxlaw-3469	9	5	fiaccadori	fiaccadori	PROPN
taxlaw-3469	9	6	,	,	PUNCT
taxlaw-3469	9	7	joe	joe	PROPN
taxlaw-3469	9	8	murphy	murphy	PROPN
taxlaw-3469	9	9	and	and	CCONJ
taxlaw-3469	9	10	alan	alan	PROPN
taxlaw-3469	9	11	viard	viard	PROPN
taxlaw-3469	9	12	for	for	ADP
taxlaw-3469	9	13	helpful	helpful	ADJ
taxlaw-3469	9	14	comments	comment	NOUN
taxlaw-3469	9	15	and	and	CCONJ
taxlaw-3469	9	16	discussion	discussion	NOUN
taxlaw-3469	9	17	on	on	ADP
taxlaw-3469	9	18	the	the	DET
taxlaw-3469	9	19	paper	paper	NOUN
taxlaw-3469	9	20	,	,	PUNCT
taxlaw-3469	9	21	and	and	CCONJ
taxlaw-3469	9	22	cody	cody	NOUN
taxlaw-3469	9	23	kallen	kallen	PROPN
taxlaw-3469	9	24	for	for	ADP
taxlaw-3469	9	25	research	research	NOUN
taxlaw-3469	9	26	support	support	NOUN
taxlaw-3469	9	27	.	.	PUNCT
taxlaw-3469	10	1	the	the	DET
taxlaw-3469	10	2	views	view	NOUN
taxlaw-3469	10	3	expressed	express	VERB
taxlaw-3469	10	4	in	in	ADP
taxlaw-3469	10	5	this	this	DET
taxlaw-3469	10	6	article	article	NOUN
taxlaw-3469	10	7	are	be	AUX
taxlaw-3469	10	8	solely	solely	ADV
taxlaw-3469	10	9	the	the	DET
taxlaw-3469	10	10	authors	author	NOUN
taxlaw-3469	10	11	’	'	PUNCT
taxlaw-3469	10	12	and	and	CCONJ
taxlaw-3469	10	13	do	do	AUX
taxlaw-3469	10	14	not	not	PART
taxlaw-3469	10	15	reflect	reflect	VERB
taxlaw-3469	10	16	the	the	DET
taxlaw-3469	10	17	views	view	NOUN
taxlaw-3469	10	18	of	of	ADP
taxlaw-3469	10	19	any	any	DET
taxlaw-3469	10	20	other	other	ADJ
taxlaw-3469	10	21	person	person	NOUN
taxlaw-3469	10	22	or	or	CCONJ
taxlaw-3469	10	23	institution	institution	NOUN
taxlaw-3469	10	24	.	.	PUNCT
taxlaw-3469	11	1	mailto:kartikeya.singh@us.pwc.com	mailto:kartikeya.singh@us.pwc.com	X
taxlaw-3469	11	2	mailto:amathur@aei.org	mailto:amathur@aei.org	PROPN
taxlaw-3469	11	3	200	200	NUM
taxlaw-3469	11	4	[	[	X
taxlaw-3469	11	5	vol	vol	NOUN
taxlaw-3469	11	6	.	.	PUNCT
taxlaw-3469	12	1	10:2	10:2	NUM
taxlaw-3469	12	2	columbia	columbia	PROPN
taxlaw-3469	12	3	journal	journal	PROPN
taxlaw-3469	12	4	of	of	ADP
taxlaw-3469	12	5	tax	tax	NOUN
taxlaw-3469	12	6	law	law	NOUN
taxlaw-3469	12	7	table	table	NOUN
taxlaw-3469	12	8	of	of	ADP
taxlaw-3469	12	9	content	content	PROPN
taxlaw-3469	12	10	i.	i.	PROPN
taxlaw-3469	12	11	introduction	introduction	NOUN
taxlaw-3469	12	12	201	201	NUM
taxlaw-3469	12	13	ii	ii	NOUN
taxlaw-3469	12	14	.	.	PUNCT
taxlaw-3469	13	1	taxation	taxation	NOUN
taxlaw-3469	13	2	of	of	ADP
taxlaw-3469	13	3	income	income	NOUN
taxlaw-3469	13	4	from	from	ADP
taxlaw-3469	13	5	capital	capital	NOUN
taxlaw-3469	13	6	202	202	NUM
taxlaw-3469	13	7	iii	iii	NOUN
taxlaw-3469	13	8	.	.	PUNCT
taxlaw-3469	14	1	taxing	tax	VERB
taxlaw-3469	14	2	mobile	mobile	ADJ
taxlaw-3469	14	3	income	income	NOUN
taxlaw-3469	14	4	via	via	ADP
taxlaw-3469	14	5	gilti	gilti	NOUN
taxlaw-3469	14	6	and	and	CCONJ
taxlaw-3469	14	7	fdii	fdii	VERB
taxlaw-3469	14	8	206	206	NUM
taxlaw-3469	14	9	a.	a.	NOUN
taxlaw-3469	14	10	gilti	gilti	NOUN
taxlaw-3469	14	11	206	206	NUM
taxlaw-3469	14	12	b.	b.	PROPN
taxlaw-3469	14	13	fdii	fdii	PROPN
taxlaw-3469	14	14	207	207	NUM
taxlaw-3469	14	15	c.	c.	NOUN
taxlaw-3469	14	16	policy	policy	NOUN
taxlaw-3469	14	17	intent	intent	NOUN
taxlaw-3469	14	18	of	of	ADP
taxlaw-3469	14	19	gilti	gilti	NOUN
taxlaw-3469	14	20	and	and	CCONJ
taxlaw-3469	14	21	fdii	fdii	VERB
taxlaw-3469	14	22	208	208	NUM
taxlaw-3469	14	23	d.	d.	NOUN
taxlaw-3469	14	24	impact	impact	NOUN
taxlaw-3469	14	25	of	of	ADP
taxlaw-3469	14	26	beps	bep	NOUN
taxlaw-3469	14	27	209	209	NUM
taxlaw-3469	14	28	iv	iv	NOUN
taxlaw-3469	14	29	.	.	PUNCT
taxlaw-3469	14	30	firm	firm	PROPN
taxlaw-3469	14	31	’s	’s	PART
taxlaw-3469	14	32	location	location	NOUN
taxlaw-3469	14	33	choice	choice	NOUN
taxlaw-3469	14	34	for	for	ADP
taxlaw-3469	14	35	new	new	ADJ
taxlaw-3469	14	36	investments	investment	NOUN
taxlaw-3469	14	37	with	with	ADP
taxlaw-3469	14	38	gilti	gilti	NOUN
taxlaw-3469	14	39	and	and	CCONJ
taxlaw-3469	14	40	fdii	fdii	VERB
taxlaw-3469	14	41	211	211	NUM
taxlaw-3469	14	42	a.	a.	NOUN
taxlaw-3469	14	43	the	the	DET
taxlaw-3469	14	44	imputed	impute	VERB
taxlaw-3469	14	45	return	return	NOUN
taxlaw-3469	14	46	in	in	ADP
taxlaw-3469	14	47	the	the	DET
taxlaw-3469	14	48	gilti	gilti	NOUN
taxlaw-3469	14	49	and	and	CCONJ
taxlaw-3469	14	50	fdii	fdii	NOUN
taxlaw-3469	14	51	rules	rule	VERB
taxlaw-3469	14	52	212	212	NUM
taxlaw-3469	14	53	b.	b.	NOUN
taxlaw-3469	14	54	intangible	intangible	ADJ
taxlaw-3469	14	55	capital	capital	NOUN
taxlaw-3469	14	56	214	214	NUM
taxlaw-3469	14	57	c.	c.	PROPN
taxlaw-3469	14	58	tangible	tangible	ADJ
taxlaw-3469	14	59	capital	capital	NOUN
taxlaw-3469	14	60	219	219	NUM
taxlaw-3469	14	61	v.	v.	ADP
taxlaw-3469	14	62	conclusion	conclusion	NOUN
taxlaw-3469	14	63	223	223	NUM
taxlaw-3469	14	64	2019	2019	NUM
taxlaw-3469	14	65	]	]	PUNCT
taxlaw-3469	14	66	201	201	NUM
taxlaw-3469	14	67	the	the	DET
taxlaw-3469	14	68	impact	impact	NOUN
taxlaw-3469	14	69	of	of	ADP
taxlaw-3469	14	70	gilti	gilti	NOUN
taxlaw-3469	14	71	and	and	CCONJ
taxlaw-3469	14	72	fdii	fdii	NOUN
taxlaw-3469	14	73	on	on	ADP
taxlaw-3469	14	74	the	the	DET
taxlaw-3469	14	75	investment	investment	NOUN
taxlaw-3469	14	76	location	location	NOUN
taxlaw-3469	14	77	choice	choice	NOUN
taxlaw-3469	14	78	of	of	ADP
taxlaw-3469	14	79	u.s	u.s	PROPN
taxlaw-3469	14	80	.	.	PROPN
taxlaw-3469	14	81	multinationals	multinationals	PROPN
taxlaw-3469	14	82	i.	i.	PROPN
taxlaw-3469	14	83	introduction	introduction	NOUN
taxlaw-3469	14	84	in	in	ADP
taxlaw-3469	14	85	this	this	DET
taxlaw-3469	14	86	article	article	NOUN
taxlaw-3469	14	87	,	,	PUNCT
taxlaw-3469	14	88	we	we	PRON
taxlaw-3469	14	89	focus	focus	VERB
taxlaw-3469	14	90	on	on	ADP
taxlaw-3469	14	91	two	two	NUM
taxlaw-3469	14	92	new	new	ADJ
taxlaw-3469	14	93	provisions	provision	NOUN
taxlaw-3469	14	94	addressing	address	VERB
taxlaw-3469	14	95	the	the	DET
taxlaw-3469	14	96	taxation	taxation	NOUN
taxlaw-3469	14	97	of	of	ADP
taxlaw-3469	14	98	income	income	NOUN
taxlaw-3469	14	99	from	from	ADP
taxlaw-3469	14	100	mobile	mobile	ADJ
taxlaw-3469	14	101	capital	capital	NOUN
taxlaw-3469	14	102	,	,	PUNCT
taxlaw-3469	14	103	which	which	PRON
taxlaw-3469	14	104	were	be	AUX
taxlaw-3469	14	105	passed	pass	VERB
taxlaw-3469	14	106	as	as	ADP
taxlaw-3469	14	107	part	part	NOUN
taxlaw-3469	14	108	of	of	ADP
taxlaw-3469	14	109	public	public	ADJ
taxlaw-3469	14	110	law	law	NOUN
taxlaw-3469	14	111	115	115	NUM
taxlaw-3469	14	112	-	-	SYM
taxlaw-3469	14	113	97	97	NUM
taxlaw-3469	14	114	(	(	PUNCT
taxlaw-3469	14	115	popularly	popularly	ADV
taxlaw-3469	14	116	known	know	VERB
taxlaw-3469	14	117	as	as	ADP
taxlaw-3469	14	118	the	the	DET
taxlaw-3469	14	119	tax	tax	NOUN
taxlaw-3469	14	120	cuts	cut	NOUN
taxlaw-3469	14	121	and	and	CCONJ
taxlaw-3469	14	122	jobs	job	NOUN
taxlaw-3469	14	123	act	act	VERB
taxlaw-3469	14	124	or	or	CCONJ
taxlaw-3469	14	125	tcja	tcja	NOUN
taxlaw-3469	14	126	)	)	PUNCT
taxlaw-3469	14	127	in	in	ADP
taxlaw-3469	14	128	december	december	PROPN
taxlaw-3469	14	129	2017	2017	NUM
taxlaw-3469	14	130	.	.	PUNCT
taxlaw-3469	15	1	the	the	DET
taxlaw-3469	15	2	provision	provision	NOUN
taxlaw-3469	15	3	on	on	ADP
taxlaw-3469	15	4	“	"	PUNCT
taxlaw-3469	15	5	global	global	ADJ
taxlaw-3469	15	6	intangible	intangible	ADJ
taxlaw-3469	15	7	low	low	ADJ
taxlaw-3469	15	8	taxed	tax	VERB
taxlaw-3469	15	9	income	income	NOUN
taxlaw-3469	15	10	”	"	PUNCT
taxlaw-3469	15	11	(	(	PUNCT
taxlaw-3469	15	12	gilti	gilti	NOUN
taxlaw-3469	15	13	)	)	PUNCT
taxlaw-3469	15	14	,	,	PUNCT
taxlaw-3469	15	15	which	which	PRON
taxlaw-3469	15	16	is	be	AUX
taxlaw-3469	15	17	set	set	VERB
taxlaw-3469	15	18	forth	forth	ADV
taxlaw-3469	15	19	in	in	ADP
taxlaw-3469	15	20	new	new	ADJ
taxlaw-3469	15	21	section	section	NOUN
taxlaw-3469	15	22	951a	951a	NOUN
taxlaw-3469	15	23	,	,	PUNCT
taxlaw-3469	15	24	is	be	AUX
taxlaw-3469	15	25	intended	intend	VERB
taxlaw-3469	15	26	to	to	PART
taxlaw-3469	15	27	make	make	VERB
taxlaw-3469	15	28	mobile	mobile	ADJ
taxlaw-3469	15	29	capital	capital	NOUN
taxlaw-3469	15	30	,	,	PUNCT
taxlaw-3469	15	31	and	and	CCONJ
taxlaw-3469	15	32	the	the	DET
taxlaw-3469	15	33	taxable	taxable	ADJ
taxlaw-3469	15	34	income	income	NOUN
taxlaw-3469	15	35	attributable	attributable	ADJ
taxlaw-3469	15	36	to	to	ADP
taxlaw-3469	15	37	such	such	ADJ
taxlaw-3469	15	38	capital	capital	NOUN
taxlaw-3469	15	39	,	,	PUNCT
taxlaw-3469	15	40	less	less	ADV
taxlaw-3469	15	41	sensitive	sensitive	ADJ
taxlaw-3469	15	42	to	to	ADP
taxlaw-3469	15	43	tax	tax	NOUN
taxlaw-3469	15	44	rate	rate	NOUN
taxlaw-3469	15	45	differentials	differential	NOUN
taxlaw-3469	15	46	between	between	ADP
taxlaw-3469	15	47	the	the	DET
taxlaw-3469	15	48	united	united	PROPN
taxlaw-3469	15	49	states	states	PROPN
taxlaw-3469	15	50	and	and	CCONJ
taxlaw-3469	15	51	other	other	ADJ
taxlaw-3469	15	52	jurisdictions	jurisdiction	NOUN
taxlaw-3469	15	53	vying	vie	VERB
taxlaw-3469	15	54	for	for	ADP
taxlaw-3469	15	55	such	such	ADJ
taxlaw-3469	15	56	capital	capital	NOUN
taxlaw-3469	15	57	.	.	PUNCT
taxlaw-3469	16	1	1	1	NUM
taxlaw-3469	16	2	to	to	PART
taxlaw-3469	16	3	achieve	achieve	VERB
taxlaw-3469	16	4	that	that	DET
taxlaw-3469	16	5	goal	goal	NOUN
taxlaw-3469	16	6	,	,	PUNCT
taxlaw-3469	16	7	the	the	DET
taxlaw-3469	16	8	provision	provision	NOUN
taxlaw-3469	16	9	taxes	tax	VERB
taxlaw-3469	16	10	u.s	u.s	PROPN
taxlaw-3469	16	11	.	.	PROPN
taxlaw-3469	16	12	taxpayers	taxpayer	NOUN
taxlaw-3469	16	13	’	'	PUNCT
taxlaw-3469	16	14	“	"	PUNCT
taxlaw-3469	16	15	mobile	mobile	ADJ
taxlaw-3469	16	16	income	income	NOUN
taxlaw-3469	16	17	”	"	PUNCT
taxlaw-3469	16	18	reported	report	VERB
taxlaw-3469	16	19	outside	outside	ADP
taxlaw-3469	16	20	the	the	DET
taxlaw-3469	16	21	united	united	PROPN
taxlaw-3469	16	22	states	states	PROPN
taxlaw-3469	16	23	when	when	SCONJ
taxlaw-3469	16	24	the	the	DET
taxlaw-3469	16	25	foreign	foreign	ADJ
taxlaw-3469	16	26	tax	tax	NOUN
taxlaw-3469	16	27	rate	rate	NOUN
taxlaw-3469	16	28	on	on	ADP
taxlaw-3469	16	29	the	the	DET
taxlaw-3469	16	30	income	income	NOUN
taxlaw-3469	16	31	falls	fall	VERB
taxlaw-3469	16	32	below	below	ADP
taxlaw-3469	16	33	a	a	DET
taxlaw-3469	16	34	minimum	minimum	ADJ
taxlaw-3469	16	35	threshold	threshold	NOUN
taxlaw-3469	16	36	.	.	PUNCT
taxlaw-3469	17	1	while	while	SCONJ
taxlaw-3469	17	2	the	the	DET
taxlaw-3469	17	3	gilti	gilti	NOUN
taxlaw-3469	17	4	provision	provision	NOUN
taxlaw-3469	17	5	is	be	AUX
taxlaw-3469	17	6	intended	intend	VERB
taxlaw-3469	17	7	as	as	ADP
taxlaw-3469	17	8	the	the	DET
taxlaw-3469	17	9	proverbial	proverbial	ADJ
taxlaw-3469	17	10	stick	stick	NOUN
taxlaw-3469	17	11	,	,	PUNCT
taxlaw-3469	17	12	the	the	DET
taxlaw-3469	17	13	provision	provision	NOUN
taxlaw-3469	17	14	known	know	VERB
taxlaw-3469	17	15	by	by	ADP
taxlaw-3469	17	16	its	its	PRON
taxlaw-3469	17	17	(	(	PUNCT
taxlaw-3469	17	18	less	less	ADV
taxlaw-3469	17	19	catchy	catchy	ADJ
taxlaw-3469	17	20	)	)	PUNCT
taxlaw-3469	17	21	acronym	acronym	NOUN
taxlaw-3469	17	22	“	"	PUNCT
taxlaw-3469	17	23	fdii	fdii	NOUN
taxlaw-3469	17	24	”	"	PUNCT
taxlaw-3469	17	25	is	be	AUX
taxlaw-3469	17	26	the	the	DET
taxlaw-3469	17	27	accompanying	accompany	VERB
taxlaw-3469	17	28	carrot	carrot	NOUN
taxlaw-3469	17	29	.	.	PUNCT
taxlaw-3469	18	1	the	the	DET
taxlaw-3469	18	2	provision	provision	NOUN
taxlaw-3469	18	3	on	on	ADP
taxlaw-3469	18	4	fdii	fdii	NOUN
taxlaw-3469	18	5	—	—	PUNCT
taxlaw-3469	18	6	which	which	PRON
taxlaw-3469	18	7	stands	stand	VERB
taxlaw-3469	18	8	for	for	ADP
taxlaw-3469	18	9	“	"	PUNCT
taxlaw-3469	18	10	foreign	foreign	ADJ
taxlaw-3469	18	11	derived	derive	VERB
taxlaw-3469	18	12	intangible	intangible	ADJ
taxlaw-3469	18	13	income	income	NOUN
taxlaw-3469	18	14	,	,	PUNCT
taxlaw-3469	18	15	”	"	PUNCT
taxlaw-3469	18	16	set	set	VERB
taxlaw-3469	18	17	forth	forth	ADV
taxlaw-3469	18	18	in	in	ADP
taxlaw-3469	18	19	new	new	ADJ
taxlaw-3469	18	20	section	section	NOUN
taxlaw-3469	18	21	250	250	NUM
taxlaw-3469	18	22	,	,	PUNCT
taxlaw-3469	18	23	is	be	AUX
taxlaw-3469	18	24	intended	intend	VERB
taxlaw-3469	18	25	to	to	PART
taxlaw-3469	18	26	motivate	motivate	VERB
taxlaw-3469	18	27	both	both	DET
taxlaw-3469	18	28	u.s	u.s	PROPN
taxlaw-3469	18	29	.	.	PROPN
taxlaw-3469	18	30	and	and	CCONJ
taxlaw-3469	18	31	foreign	foreign	ADJ
taxlaw-3469	18	32	multinationals	multinational	NOUN
taxlaw-3469	18	33	to	to	PART
taxlaw-3469	18	34	locate	locate	VERB
taxlaw-3469	18	35	within	within	ADP
taxlaw-3469	18	36	the	the	DET
taxlaw-3469	18	37	united	united	PROPN
taxlaw-3469	18	38	states	states	PROPN
taxlaw-3469	18	39	the	the	DET
taxlaw-3469	18	40	mobile	mobile	ADJ
taxlaw-3469	18	41	income	income	NOUN
taxlaw-3469	18	42	generated	generate	VERB
taxlaw-3469	18	43	from	from	ADP
taxlaw-3469	18	44	the	the	DET
taxlaw-3469	18	45	supply	supply	NOUN
taxlaw-3469	18	46	of	of	ADP
taxlaw-3469	18	47	goods	good	NOUN
taxlaw-3469	18	48	,	,	PUNCT
taxlaw-3469	18	49	services	service	NOUN
taxlaw-3469	18	50	,	,	PUNCT
taxlaw-3469	18	51	or	or	CCONJ
taxlaw-3469	18	52	intangible	intangible	ADJ
taxlaw-3469	18	53	property	property	NOUN
taxlaw-3469	18	54	that	that	PRON
taxlaw-3469	18	55	is	be	AUX
taxlaw-3469	18	56	ultimately	ultimately	ADV
taxlaw-3469	18	57	used	use	VERB
taxlaw-3469	18	58	or	or	CCONJ
taxlaw-3469	18	59	consumed	consume	VERB
taxlaw-3469	18	60	outside	outside	ADP
taxlaw-3469	18	61	the	the	DET
taxlaw-3469	18	62	united	united	PROPN
taxlaw-3469	18	63	states.2	states.2	ADP
taxlaw-3469	18	64	the	the	DET
taxlaw-3469	18	65	reactions	reaction	NOUN
taxlaw-3469	18	66	of	of	ADP
taxlaw-3469	18	67	foreign	foreign	ADJ
taxlaw-3469	18	68	governments	government	NOUN
taxlaw-3469	18	69	and	and	CCONJ
taxlaw-3469	18	70	commentators	commentator	NOUN
taxlaw-3469	18	71	to	to	ADP
taxlaw-3469	18	72	the	the	DET
taxlaw-3469	18	73	international	international	ADJ
taxlaw-3469	18	74	tax	tax	NOUN
taxlaw-3469	18	75	provisions	provision	NOUN
taxlaw-3469	18	76	of	of	ADP
taxlaw-3469	18	77	the	the	DET
taxlaw-3469	18	78	tcja	tcja	NOUN
taxlaw-3469	18	79	suggest	suggest	VERB
taxlaw-3469	18	80	that	that	SCONJ
taxlaw-3469	18	81	these	these	DET
taxlaw-3469	18	82	provisions	provision	NOUN
taxlaw-3469	18	83	(	(	PUNCT
taxlaw-3469	18	84	together	together	ADV
taxlaw-3469	18	85	with	with	ADP
taxlaw-3469	18	86	the	the	DET
taxlaw-3469	18	87	lower	low	ADJ
taxlaw-3469	18	88	corporate	corporate	ADJ
taxlaw-3469	18	89	tax	tax	NOUN
taxlaw-3469	18	90	rate	rate	NOUN
taxlaw-3469	18	91	)	)	PUNCT
taxlaw-3469	18	92	make	make	VERB
taxlaw-3469	18	93	the	the	DET
taxlaw-3469	18	94	united	united	PROPN
taxlaw-3469	18	95	states	states	PROPN
taxlaw-3469	18	96	more	more	ADV
taxlaw-3469	18	97	competitive	competitive	ADJ
taxlaw-3469	18	98	for	for	ADP
taxlaw-3469	18	99	investment.3	investment.3	PROPN
taxlaw-3469	18	100	some	some	DET
taxlaw-3469	18	101	european	european	PROPN
taxlaw-3469	18	102	union	union	PROPN
taxlaw-3469	18	103	governments	government	NOUN
taxlaw-3469	18	104	have	have	AUX
taxlaw-3469	18	105	signaled	signal	VERB
taxlaw-3469	18	106	concern	concern	NOUN
taxlaw-3469	18	107	that	that	SCONJ
taxlaw-3469	18	108	the	the	DET
taxlaw-3469	18	109	u.s	u.s	PROPN
taxlaw-3469	18	110	.	.	PROPN
taxlaw-3469	18	111	provisions	provision	NOUN
taxlaw-3469	18	112	may	may	AUX
taxlaw-3469	18	113	undermine	undermine	VERB
taxlaw-3469	18	114	the	the	DET
taxlaw-3469	18	115	international	international	ADJ
taxlaw-3469	18	116	system	system	NOUN
taxlaw-3469	18	117	shaped	shape	VERB
taxlaw-3469	18	118	by	by	ADP
taxlaw-3469	18	119	the	the	DET
taxlaw-3469	18	120	oecd	oecd	PROPN
taxlaw-3469	18	121	’s	’s	PART
taxlaw-3469	18	122	base	base	NOUN
taxlaw-3469	18	123	erosion	erosion	NOUN
taxlaw-3469	18	124	and	and	CCONJ
taxlaw-3469	18	125	profit	profit	NOUN
taxlaw-3469	18	126	shifting	shifting	NOUN
taxlaw-3469	18	127	(	(	PUNCT
taxlaw-3469	18	128	beps	beps	NOUN
taxlaw-3469	18	129	)	)	PUNCT
taxlaw-3469	18	130	project	project	NOUN
taxlaw-3469	18	131	.	.	PUNCT
taxlaw-3469	19	1	4	4	NUM
taxlaw-3469	19	2	,	,	PUNCT
taxlaw-3469	19	3	5	5	NUM
taxlaw-3469	19	4	similarly	similarly	ADV
taxlaw-3469	19	5	,	,	PUNCT
taxlaw-3469	19	6	european	european	ADJ
taxlaw-3469	19	7	commentary	commentary	NOUN
taxlaw-3469	19	8	points	point	VERB
taxlaw-3469	19	9	out	out	ADP
taxlaw-3469	19	10	the	the	DET
taxlaw-3469	19	11	u.s	u.s	PROPN
taxlaw-3469	19	12	.	.	PROPN
taxlaw-3469	19	13	’s	’s	PART
taxlaw-3469	19	14	improved	improved	ADJ
taxlaw-3469	19	15	attractiveness	attractiveness	NOUN
taxlaw-3469	19	16	as	as	ADP
taxlaw-3469	19	17	an	an	DET
taxlaw-3469	19	18	investment	investment	NOUN
taxlaw-3469	19	19	location	location	NOUN
taxlaw-3469	19	20	relative	relative	ADJ
taxlaw-3469	19	21	to	to	ADP
taxlaw-3469	19	22	european	european	ADJ
taxlaw-3469	19	23	countries	country	NOUN
taxlaw-3469	19	24	,	,	PUNCT
taxlaw-3469	19	25	particularly	particularly	ADV
taxlaw-3469	19	26	high	high	ADJ
taxlaw-3469	19	27	-	-	PUNCT
taxlaw-3469	19	28	tax	tax	NOUN
taxlaw-3469	19	29	-	-	PUNCT
taxlaw-3469	19	30	rate	rate	NOUN
taxlaw-3469	19	31	countries	country	NOUN
taxlaw-3469	19	32	like	like	ADP
taxlaw-3469	19	33	germany	germany	PROPN
taxlaw-3469	19	34	.	.	PROPN
taxlaw-3469	20	1	6	6	NUM
taxlaw-3469	20	2	in	in	ADP
taxlaw-3469	20	3	contrast	contrast	NOUN
taxlaw-3469	20	4	,	,	PUNCT
taxlaw-3469	20	5	the	the	DET
taxlaw-3469	20	6	commentary	commentary	NOUN
taxlaw-3469	20	7	on	on	ADP
taxlaw-3469	20	8	such	such	ADJ
taxlaw-3469	20	9	provisions	provision	NOUN
taxlaw-3469	20	10	in	in	ADP
taxlaw-3469	20	11	the	the	DET
taxlaw-3469	20	12	united	united	PROPN
taxlaw-3469	20	13	states	states	PROPN
taxlaw-3469	20	14	has	have	AUX
taxlaw-3469	20	15	been	be	AUX
taxlaw-3469	20	16	mixed	mix	VERB
taxlaw-3469	20	17	.	.	PUNCT
taxlaw-3469	21	1	in	in	ADP
taxlaw-3469	21	2	particular	particular	ADJ
taxlaw-3469	21	3	,	,	PUNCT
taxlaw-3469	21	4	some	some	PRON
taxlaw-3469	21	5	have	have	AUX
taxlaw-3469	21	6	criticized	criticize	VERB
taxlaw-3469	21	7	the	the	DET
taxlaw-3469	21	8	gilti	gilti	NOUN
taxlaw-3469	21	9	provision	provision	NOUN
taxlaw-3469	21	10	as	as	ADP
taxlaw-3469	21	11	not	not	PART
taxlaw-3469	21	12	being	be	AUX
taxlaw-3469	21	13	punitive	punitive	ADJ
taxlaw-3469	21	14	enough	enough	ADV
taxlaw-3469	21	15	to	to	PART
taxlaw-3469	21	16	achieve	achieve	VERB
taxlaw-3469	21	17	the	the	DET
taxlaw-3469	21	18	desired	desire	VERB
taxlaw-3469	21	19	deterrence	deterrence	NOUN
taxlaw-3469	21	20	and	and	CCONJ
taxlaw-3469	21	21	the	the	DET
taxlaw-3469	21	22	fdii	fdii	NOUN
taxlaw-3469	21	23	provision	provision	NOUN
taxlaw-3469	21	24	as	as	ADP
taxlaw-3469	21	25	not	not	PART
taxlaw-3469	21	26	providing	provide	VERB
taxlaw-3469	21	27	a	a	DET
taxlaw-3469	21	28	strong	strong	ADJ
taxlaw-3469	21	29	enough	enough	ADJ
taxlaw-3469	21	30	incentive	incentive	NOUN
taxlaw-3469	21	31	for	for	SCONJ
taxlaw-3469	21	32	companies	company	NOUN
taxlaw-3469	21	33	to	to	PART
taxlaw-3469	21	34	retain	retain	VERB
taxlaw-3469	21	35	mobile	mobile	ADJ
taxlaw-3469	21	36	investments	investment	NOUN
taxlaw-3469	21	37	in	in	ADP
taxlaw-3469	21	38	the	the	DET
taxlaw-3469	21	39	united	united	PROPN
taxlaw-3469	21	40	states.7	states.7	PROPN
taxlaw-3469	21	41	critics	critic	NOUN
taxlaw-3469	21	42	have	have	AUX
taxlaw-3469	21	43	also	also	ADV
taxlaw-3469	21	44	claimed	claim	VERB
taxlaw-3469	21	45	that	that	SCONJ
taxlaw-3469	21	46	the	the	DET
taxlaw-3469	21	47	provisions	provision	NOUN
taxlaw-3469	21	48	create	create	VERB
taxlaw-3469	21	49	incentives	incentive	NOUN
taxlaw-3469	21	50	to	to	PART
taxlaw-3469	21	51	locate	locate	VERB
taxlaw-3469	21	52	new	new	ADJ
taxlaw-3469	21	53	investments	investment	NOUN
taxlaw-3469	21	54	in	in	ADP
taxlaw-3469	21	55	tangible	tangible	ADJ
taxlaw-3469	21	56	assets	asset	NOUN
taxlaw-3469	21	57	overseas.8	overseas.8	ADV
taxlaw-3469	21	58	in	in	ADP
taxlaw-3469	21	59	particular	particular	ADJ
taxlaw-3469	21	60	,	,	PUNCT
taxlaw-3469	21	61	and	and	CCONJ
taxlaw-3469	21	62	at	at	ADP
taxlaw-3469	21	63	least	least	ADJ
taxlaw-3469	21	64	on	on	ADP
taxlaw-3469	21	65	the	the	DET
taxlaw-3469	21	66	surface	surface	NOUN
taxlaw-3469	21	67	,	,	PUNCT
taxlaw-3469	21	68	the	the	DET
taxlaw-3469	21	69	design	design	NOUN
taxlaw-3469	21	70	of	of	ADP
taxlaw-3469	21	71	the	the	DET
taxlaw-3469	21	72	two	two	NUM
taxlaw-3469	21	73	provisions	provision	NOUN
taxlaw-3469	21	74	appears	appear	VERB
taxlaw-3469	21	75	to	to	PART
taxlaw-3469	21	76	leave	leave	VERB
taxlaw-3469	21	77	open	open	VERB
taxlaw-3469	21	78	a	a	DET
taxlaw-3469	21	79	tax	tax	NOUN
taxlaw-3469	21	80	arbitrage	arbitrage	NOUN
taxlaw-3469	21	81	opportunity	opportunity	NOUN
taxlaw-3469	21	82	for	for	SCONJ
taxlaw-3469	21	83	companies	company	NOUN
taxlaw-3469	21	84	1	1	NUM
taxlaw-3469	21	85	committee	committee	NOUN
taxlaw-3469	21	86	print	print	NOUN
taxlaw-3469	21	87	,	,	PUNCT
taxlaw-3469	21	88	reconciliation	reconciliation	NOUN
taxlaw-3469	21	89	recommendations	recommendation	NOUN
taxlaw-3469	21	90	pursuant	pursuant	VERB
taxlaw-3469	21	91	to	to	ADP
taxlaw-3469	21	92	h.	h.	PROPN
taxlaw-3469	21	93	con	con	PROPN
taxlaw-3469	21	94	.	.	PUNCT
taxlaw-3469	22	1	res	re	NOUN
taxlaw-3469	22	2	.	.	PROPN
taxlaw-3469	23	1	71	71	NUM
taxlaw-3469	23	2	,	,	PUNCT
taxlaw-3469	23	3	s.	s.	PROPN
taxlaw-3469	23	4	prt	prt	PROPN
taxlaw-3469	23	5	.	.	PUNCT
taxlaw-3469	24	1	115	115	NUM
taxlaw-3469	24	2	-	-	SYM
taxlaw-3469	24	3	20	20	NUM
taxlaw-3469	24	4	,	,	PUNCT
taxlaw-3469	24	5	(	(	PUNCT
taxlaw-3469	24	6	december	december	PROPN
taxlaw-3469	24	7	2017	2017	NUM
taxlaw-3469	24	8	)	)	PUNCT
taxlaw-3469	24	9	,	,	PUNCT
taxlaw-3469	24	10	p.	p.	NOUN
taxlaw-3469	24	11	370	370	NUM
taxlaw-3469	24	12	.	.	X
taxlaw-3469	25	1	2	2	NUM
taxlaw-3469	26	1	i	i	PRON
taxlaw-3469	26	2	d.	d.	NOUN
taxlaw-3469	26	3	at	at	ADP
taxlaw-3469	26	4	375	375	NUM
taxlaw-3469	26	5	.	.	NOUN
taxlaw-3469	26	6	3	3	NUM
taxlaw-3469	26	7	mindy	mindy	PROPN
taxlaw-3469	26	8	herzfeld	herzfeld	NOUN
taxlaw-3469	26	9	,	,	PUNCT
taxlaw-3469	26	10	competition	competition	NOUN
taxlaw-3469	26	11	or	or	CCONJ
taxlaw-3469	26	12	coordination	coordination	NOUN
taxlaw-3469	26	13	:	:	PUNCT
taxlaw-3469	26	14	responses	response	NOUN
taxlaw-3469	26	15	to	to	ADP
taxlaw-3469	26	16	the	the	DET
taxlaw-3469	26	17	tax	tax	NOUN
taxlaw-3469	26	18	cuts	cut	NOUN
taxlaw-3469	26	19	and	and	CCONJ
taxlaw-3469	26	20	jobs	job	NOUN
taxlaw-3469	26	21	act	act	PROPN
taxlaw-3469	26	22	,	,	PUNCT
taxlaw-3469	26	23	tax	tax	NOUN
taxlaw-3469	26	24	notes	note	NOUN
taxlaw-3469	26	25	,	,	PUNCT
taxlaw-3469	26	26	(	(	PUNCT
taxlaw-3469	26	27	jan	jan	PROPN
taxlaw-3469	26	28	.	.	PROPN
taxlaw-3469	26	29	16	16	NUM
taxlaw-3469	26	30	,	,	PUNCT
taxlaw-3469	26	31	2018	2018	NUM
taxlaw-3469	26	32	)	)	PUNCT
taxlaw-3469	26	33	.	.	PUNCT
taxlaw-3469	27	1	4	4	NUM
taxlaw-3469	28	1	i	i	PRON
taxlaw-3469	28	2	d.	d.	PROPN
taxlaw-3469	28	3	5	5	NUM
taxlaw-3469	28	4	stephanie	stephanie	PROPN
taxlaw-3469	28	5	soong	soong	PROPN
taxlaw-3469	28	6	johnston	johnston	PROPN
taxlaw-3469	28	7	,	,	PUNCT
taxlaw-3469	28	8	eu	eu	PROPN
taxlaw-3469	28	9	commission	commission	PROPN
taxlaw-3469	28	10	mulls	mull	VERB
taxlaw-3469	28	11	‘	'	PUNCT
taxlaw-3469	28	12	all	all	DET
taxlaw-3469	28	13	options	option	NOUN
taxlaw-3469	28	14	’	'	PUNCT
taxlaw-3469	28	15	in	in	ADP
taxlaw-3469	28	16	wake	wake	NOUN
taxlaw-3469	28	17	of	of	ADP
taxlaw-3469	28	18	final	final	ADJ
taxlaw-3469	28	19	u.s	u.s	PROPN
taxlaw-3469	28	20	.	.	PROPN
taxlaw-3469	28	21	tax	tax	NOUN
taxlaw-3469	28	22	bill	bill	NOUN
taxlaw-3469	28	23	,	,	PUNCT
taxlaw-3469	28	24	tax	tax	NOUN
taxlaw-3469	28	25	notes	note	NOUN
taxlaw-3469	28	26	,	,	PUNCT
taxlaw-3469	28	27	(	(	PUNCT
taxlaw-3469	28	28	jan	jan	PROPN
taxlaw-3469	28	29	.	.	PROPN
taxlaw-3469	28	30	1	1	NUM
taxlaw-3469	28	31	,	,	PUNCT
taxlaw-3469	28	32	2018	2018	NUM
taxlaw-3469	28	33	)	)	PUNCT
taxlaw-3469	28	34	.	.	PUNCT
taxlaw-3469	29	1	6	6	NUM
taxlaw-3469	29	2	friedrich	friedrich	PROPN
taxlaw-3469	29	3	heinemann	heinemann	PROPN
taxlaw-3469	29	4	et	et	PROPN
taxlaw-3469	29	5	al	al	PROPN
taxlaw-3469	29	6	.	.	PROPN
taxlaw-3469	29	7	,	,	PUNCT
taxlaw-3469	29	8	analysis	analysis	NOUN
taxlaw-3469	29	9	of	of	ADP
taxlaw-3469	29	10	us	we	PRON
taxlaw-3469	29	11	corporate	corporate	ADJ
taxlaw-3469	29	12	tax	tax	NOUN
taxlaw-3469	29	13	reform	reform	NOUN
taxlaw-3469	29	14	proposals	proposal	NOUN
taxlaw-3469	29	15	and	and	CCONJ
taxlaw-3469	29	16	their	their	PRON
taxlaw-3469	29	17	effects	effect	NOUN
taxlaw-3469	29	18	for	for	ADP
taxlaw-3469	29	19	europe	europe	PROPN
taxlaw-3469	29	20	and	and	CCONJ
taxlaw-3469	29	21	germany	germany	PROPN
taxlaw-3469	29	22	,	,	PUNCT
taxlaw-3469	29	23	18	18	NUM
taxlaw-3469	29	24	(	(	PUNCT
taxlaw-3469	29	25	zew	zew	PROPN
taxlaw-3469	29	26	ctr	ctr	PROPN
taxlaw-3469	29	27	.	.	PUNCT
taxlaw-3469	30	1	for	for	ADP
taxlaw-3469	30	2	eur	eur	PROPN
taxlaw-3469	30	3	.	.	PUNCT
taxlaw-3469	30	4	econ	econ	PROPN
taxlaw-3469	30	5	.	.	PUNCT
taxlaw-3469	31	1	res	res	PROPN
taxlaw-3469	31	2	.	.	PROPN
taxlaw-3469	31	3	,	,	PUNCT
taxlaw-3469	31	4	dec	dec	PROPN
taxlaw-3469	31	5	.	.	PROPN
taxlaw-3469	31	6	2017	2017	NUM
taxlaw-3469	31	7	)	)	PUNCT
taxlaw-3469	31	8	.	.	PUNCT
taxlaw-3469	32	1	7	7	NUM
taxlaw-3469	32	2	david	david	PROPN
taxlaw-3469	32	3	kamin	kamin	PROPN
taxlaw-3469	32	4	et	et	PROPN
taxlaw-3469	32	5	al	al	PROPN
taxlaw-3469	32	6	.	.	PROPN
taxlaw-3469	32	7	,	,	PUNCT
taxlaw-3469	32	8	the	the	DET
taxlaw-3469	32	9	games	game	NOUN
taxlaw-3469	32	10	they	they	PRON
taxlaw-3469	32	11	will	will	AUX
taxlaw-3469	32	12	play	play	VERB
taxlaw-3469	32	13	:	:	PUNCT
taxlaw-3469	32	14	an	an	DET
taxlaw-3469	32	15	update	update	NOUN
taxlaw-3469	32	16	on	on	ADP
taxlaw-3469	32	17	the	the	DET
taxlaw-3469	32	18	conference	conference	NOUN
taxlaw-3469	32	19	committee	committee	NOUN
taxlaw-3469	32	20	tax	tax	NOUN
taxlaw-3469	32	21	bill	bill	NOUN
taxlaw-3469	32	22	,	,	PUNCT
taxlaw-3469	32	23	103	103	NUM
taxlaw-3469	32	24	minn	minn	PROPN
taxlaw-3469	32	25	l.	l.	PROPN
taxlaw-3469	32	26	rev	rev	PROPN
taxlaw-3469	32	27	.	.	PUNCT
taxlaw-3469	32	28	(	(	PUNCT
taxlaw-3469	32	29	2018	2018	NUM
taxlaw-3469	32	30	)	)	PUNCT
taxlaw-3469	32	31	,	,	PUNCT
taxlaw-3469	32	32	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3089423	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3089423	NOUN
taxlaw-3469	32	33	[	[	X
taxlaw-3469	32	34	https://perma.cc/38wsgldl	https://perma.cc/38wsgldl	NOUN
taxlaw-3469	32	35	]	]	X
taxlaw-3469	32	36	.	.	PUNCT
taxlaw-3469	33	1	8	8	NUM
taxlaw-3469	34	1	i	i	PRON
taxlaw-3469	34	2	d.	d.	NOUN
taxlaw-3469	34	3	202	202	NUM
taxlaw-3469	35	1	[	[	X
taxlaw-3469	35	2	vol	vol	NOUN
taxlaw-3469	35	3	.	.	PUNCT
taxlaw-3469	36	1	10:2	10:2	NUM
taxlaw-3469	36	2	columbia	columbia	PROPN
taxlaw-3469	36	3	journal	journal	PROPN
taxlaw-3469	36	4	of	of	ADP
taxlaw-3469	36	5	tax	tax	NOUN
taxlaw-3469	36	6	law	law	NOUN
taxlaw-3469	36	7	to	to	PART
taxlaw-3469	36	8	pursue	pursue	VERB
taxlaw-3469	36	9	.	.	PUNCT
taxlaw-3469	37	1	given	give	VERB
taxlaw-3469	37	2	this	this	PRON
taxlaw-3469	37	3	,	,	PUNCT
taxlaw-3469	37	4	it	it	PRON
taxlaw-3469	37	5	also	also	ADV
taxlaw-3469	37	6	appears	appear	VERB
taxlaw-3469	37	7	to	to	PART
taxlaw-3469	37	8	have	have	AUX
taxlaw-3469	37	9	left	leave	VERB
taxlaw-3469	37	10	open	open	VERB
taxlaw-3469	37	11	an	an	DET
taxlaw-3469	37	12	incentive	incentive	NOUN
taxlaw-3469	37	13	for	for	SCONJ
taxlaw-3469	37	14	competing	compete	VERB
taxlaw-3469	37	15	governments	government	NOUN
taxlaw-3469	37	16	to	to	PART
taxlaw-3469	37	17	offer	offer	VERB
taxlaw-3469	37	18	even	even	ADV
taxlaw-3469	37	19	lower	low	ADJ
taxlaw-3469	37	20	corporate	corporate	ADJ
taxlaw-3469	37	21	income	income	NOUN
taxlaw-3469	37	22	tax	tax	NOUN
taxlaw-3469	37	23	rates	rate	NOUN
taxlaw-3469	37	24	to	to	PART
taxlaw-3469	37	25	attract	attract	VERB
taxlaw-3469	37	26	investment	investment	NOUN
taxlaw-3469	37	27	.	.	PUNCT
taxlaw-3469	38	1	in	in	ADP
taxlaw-3469	38	2	this	this	DET
taxlaw-3469	38	3	article	article	NOUN
taxlaw-3469	38	4	,	,	PUNCT
taxlaw-3469	38	5	we	we	PRON
taxlaw-3469	38	6	analyze	analyze	VERB
taxlaw-3469	38	7	the	the	DET
taxlaw-3469	38	8	effect	effect	NOUN
taxlaw-3469	38	9	of	of	ADP
taxlaw-3469	38	10	the	the	DET
taxlaw-3469	38	11	two	two	NUM
taxlaw-3469	38	12	provisions	provision	NOUN
taxlaw-3469	38	13	on	on	ADP
taxlaw-3469	38	14	the	the	DET
taxlaw-3469	38	15	incentives	incentive	NOUN
taxlaw-3469	38	16	for	for	ADP
taxlaw-3469	38	17	the	the	DET
taxlaw-3469	38	18	location	location	NOUN
taxlaw-3469	38	19	of	of	ADP
taxlaw-3469	38	20	new	new	ADJ
taxlaw-3469	38	21	investment	investment	NOUN
taxlaw-3469	38	22	by	by	ADP
taxlaw-3469	38	23	u.s	u.s	PROPN
taxlaw-3469	38	24	.	.	PROPN
taxlaw-3469	38	25	multinational	multinational	ADJ
taxlaw-3469	38	26	corporations	corporation	NOUN
taxlaw-3469	38	27	(	(	PUNCT
taxlaw-3469	38	28	mncs	mncs	PROPN
taxlaw-3469	38	29	)	)	PUNCT
taxlaw-3469	38	30	.	.	PUNCT
taxlaw-3469	39	1	in	in	ADP
taxlaw-3469	39	2	order	order	NOUN
taxlaw-3469	39	3	to	to	PART
taxlaw-3469	39	4	do	do	AUX
taxlaw-3469	39	5	so	so	ADV
taxlaw-3469	39	6	,	,	PUNCT
taxlaw-3469	39	7	we	we	PRON
taxlaw-3469	39	8	discuss	discuss	VERB
taxlaw-3469	39	9	the	the	DET
taxlaw-3469	39	10	policy	policy	NOUN
taxlaw-3469	39	11	goal	goal	NOUN
taxlaw-3469	39	12	of	of	ADP
taxlaw-3469	39	13	the	the	DET
taxlaw-3469	39	14	provisions	provision	NOUN
taxlaw-3469	39	15	and	and	CCONJ
taxlaw-3469	39	16	how	how	SCONJ
taxlaw-3469	39	17	the	the	DET
taxlaw-3469	39	18	design	design	NOUN
taxlaw-3469	39	19	of	of	ADP
taxlaw-3469	39	20	the	the	DET
taxlaw-3469	39	21	provisions	provision	NOUN
taxlaw-3469	39	22	intends	intend	VERB
taxlaw-3469	39	23	to	to	PART
taxlaw-3469	39	24	achieve	achieve	VERB
taxlaw-3469	39	25	their	their	PRON
taxlaw-3469	39	26	policy	policy	NOUN
taxlaw-3469	39	27	goals	goal	NOUN
taxlaw-3469	39	28	in	in	ADP
taxlaw-3469	39	29	an	an	DET
taxlaw-3469	39	30	environment	environment	NOUN
taxlaw-3469	39	31	that	that	PRON
taxlaw-3469	39	32	has	have	AUX
taxlaw-3469	39	33	been	be	AUX
taxlaw-3469	39	34	shaped	shape	VERB
taxlaw-3469	39	35	by	by	ADP
taxlaw-3469	39	36	the	the	DET
taxlaw-3469	39	37	oecd	oecd	PROPN
taxlaw-3469	39	38	’s	’s	PART
taxlaw-3469	39	39	beps	beps	PROPN
taxlaw-3469	39	40	project.9	project.9	PROPN
taxlaw-3469	39	41	our	our	PRON
taxlaw-3469	39	42	analysis	analysis	NOUN
taxlaw-3469	39	43	suggests	suggest	VERB
taxlaw-3469	39	44	that	that	SCONJ
taxlaw-3469	39	45	u.s	u.s	PROPN
taxlaw-3469	39	46	.	.	PROPN
taxlaw-3469	39	47	mncs	mncs	PROPN
taxlaw-3469	39	48	may	may	AUX
taxlaw-3469	39	49	have	have	VERB
taxlaw-3469	39	50	strong	strong	ADJ
taxlaw-3469	39	51	incentives	incentive	NOUN
taxlaw-3469	39	52	to	to	PART
taxlaw-3469	39	53	locate	locate	VERB
taxlaw-3469	39	54	new	new	ADJ
taxlaw-3469	39	55	investments	investment	NOUN
taxlaw-3469	39	56	in	in	ADP
taxlaw-3469	39	57	intangible	intangible	ADJ
taxlaw-3469	39	58	capital	capital	NOUN
taxlaw-3469	39	59	in	in	ADP
taxlaw-3469	39	60	the	the	DET
taxlaw-3469	39	61	united	united	PROPN
taxlaw-3469	39	62	states	states	PROPN
taxlaw-3469	39	63	.	.	PUNCT
taxlaw-3469	40	1	further	far	ADV
taxlaw-3469	40	2	,	,	PUNCT
taxlaw-3469	40	3	the	the	DET
taxlaw-3469	40	4	provisions	provision	NOUN
taxlaw-3469	40	5	do	do	AUX
taxlaw-3469	40	6	not	not	PART
taxlaw-3469	40	7	necessarily	necessarily	ADV
taxlaw-3469	40	8	significantly	significantly	ADV
taxlaw-3469	40	9	sway	sway	VERB
taxlaw-3469	40	10	the	the	DET
taxlaw-3469	40	11	location	location	NOUN
taxlaw-3469	40	12	choice	choice	NOUN
taxlaw-3469	40	13	for	for	ADP
taxlaw-3469	40	14	new	new	ADJ
taxlaw-3469	40	15	investments	investment	NOUN
taxlaw-3469	40	16	in	in	ADP
taxlaw-3469	40	17	tangible	tangible	ADJ
taxlaw-3469	40	18	capital	capital	NOUN
taxlaw-3469	40	19	away	away	ADV
taxlaw-3469	40	20	from	from	ADP
taxlaw-3469	40	21	the	the	DET
taxlaw-3469	40	22	united	united	PROPN
taxlaw-3469	40	23	states	states	PROPN
taxlaw-3469	40	24	.	.	PUNCT
taxlaw-3469	41	1	the	the	DET
taxlaw-3469	41	2	article	article	NOUN
taxlaw-3469	41	3	is	be	AUX
taxlaw-3469	41	4	organized	organize	VERB
taxlaw-3469	41	5	as	as	SCONJ
taxlaw-3469	41	6	follows	follow	VERB
taxlaw-3469	41	7	.	.	PUNCT
taxlaw-3469	42	1	section	section	NOUN
taxlaw-3469	42	2	ii	ii	PROPN
taxlaw-3469	42	3	lays	lay	VERB
taxlaw-3469	42	4	out	out	ADP
taxlaw-3469	42	5	a	a	DET
taxlaw-3469	42	6	basic	basic	ADJ
taxlaw-3469	42	7	framework	framework	NOUN
taxlaw-3469	42	8	to	to	PART
taxlaw-3469	42	9	understand	understand	VERB
taxlaw-3469	42	10	the	the	DET
taxlaw-3469	42	11	taxation	taxation	NOUN
taxlaw-3469	42	12	of	of	ADP
taxlaw-3469	42	13	capital	capital	NOUN
taxlaw-3469	42	14	income	income	NOUN
taxlaw-3469	42	15	and	and	CCONJ
taxlaw-3469	42	16	its	its	PRON
taxlaw-3469	42	17	different	different	ADJ
taxlaw-3469	42	18	components	component	NOUN
taxlaw-3469	42	19	.	.	PUNCT
taxlaw-3469	43	1	section	section	NOUN
taxlaw-3469	43	2	iii	iii	PROPN
taxlaw-3469	43	3	describes	describe	VERB
taxlaw-3469	43	4	gilti	gilti	NOUN
taxlaw-3469	43	5	and	and	CCONJ
taxlaw-3469	43	6	fdii	fdii	NOUN
taxlaw-3469	43	7	and	and	CCONJ
taxlaw-3469	43	8	identifies	identify	VERB
taxlaw-3469	43	9	the	the	DET
taxlaw-3469	43	10	underlying	underlie	VERB
taxlaw-3469	43	11	policy	policy	NOUN
taxlaw-3469	43	12	intent	intent	NOUN
taxlaw-3469	43	13	by	by	ADP
taxlaw-3469	43	14	reference	reference	NOUN
taxlaw-3469	43	15	to	to	ADP
taxlaw-3469	43	16	the	the	DET
taxlaw-3469	43	17	framework	framework	NOUN
taxlaw-3469	43	18	introduced	introduce	VERB
taxlaw-3469	43	19	in	in	ADP
taxlaw-3469	43	20	section	section	PROPN
taxlaw-3469	43	21	ii	ii	PROPN
taxlaw-3469	43	22	.	.	PUNCT
taxlaw-3469	44	1	the	the	DET
taxlaw-3469	44	2	implications	implication	NOUN
taxlaw-3469	44	3	of	of	ADP
taxlaw-3469	44	4	the	the	DET
taxlaw-3469	44	5	post	post	ADJ
taxlaw-3469	44	6	-	-	ADJ
taxlaw-3469	44	7	beps	beps	ADJ
taxlaw-3469	44	8	international	international	ADJ
taxlaw-3469	44	9	tax	tax	NOUN
taxlaw-3469	44	10	system	system	NOUN
taxlaw-3469	44	11	are	be	AUX
taxlaw-3469	44	12	discussed	discuss	VERB
taxlaw-3469	44	13	in	in	ADP
taxlaw-3469	44	14	this	this	DET
taxlaw-3469	44	15	section	section	NOUN
taxlaw-3469	44	16	as	as	ADV
taxlaw-3469	44	17	well	well	ADV
taxlaw-3469	44	18	.	.	PUNCT
taxlaw-3469	45	1	in	in	ADP
taxlaw-3469	45	2	particular	particular	ADJ
taxlaw-3469	45	3	,	,	PUNCT
taxlaw-3469	45	4	we	we	PRON
taxlaw-3469	45	5	highlight	highlight	VERB
taxlaw-3469	45	6	how	how	SCONJ
taxlaw-3469	45	7	non	non	ADJ
taxlaw-3469	45	8	-	-	ADJ
taxlaw-3469	45	9	tax	tax	ADJ
taxlaw-3469	45	10	“	"	PUNCT
taxlaw-3469	45	11	transaction	transaction	NOUN
taxlaw-3469	45	12	costs	cost	NOUN
taxlaw-3469	45	13	”	"	PUNCT
taxlaw-3469	45	14	associated	associate	VERB
taxlaw-3469	45	15	with	with	ADP
taxlaw-3469	45	16	the	the	DET
taxlaw-3469	45	17	location	location	NOUN
taxlaw-3469	45	18	of	of	ADP
taxlaw-3469	45	19	mobile	mobile	ADJ
taxlaw-3469	45	20	capital	capital	NOUN
taxlaw-3469	45	21	in	in	ADP
taxlaw-3469	45	22	tax	tax	NOUN
taxlaw-3469	45	23	-	-	PUNCT
taxlaw-3469	45	24	advantaged	advantage	VERB
taxlaw-3469	45	25	jurisdictions	jurisdiction	NOUN
taxlaw-3469	45	26	have	have	AUX
taxlaw-3469	45	27	increased	increase	VERB
taxlaw-3469	45	28	post	post	ADJ
taxlaw-3469	45	29	-	-	ADJ
taxlaw-3469	45	30	beps	bep	NOUN
taxlaw-3469	45	31	and	and	CCONJ
taxlaw-3469	45	32	how	how	SCONJ
taxlaw-3469	45	33	this	this	PRON
taxlaw-3469	45	34	can	can	AUX
taxlaw-3469	45	35	influence	influence	VERB
taxlaw-3469	45	36	the	the	DET
taxlaw-3469	45	37	cost	cost	NOUN
taxlaw-3469	45	38	-	-	PUNCT
taxlaw-3469	45	39	benefit	benefit	NOUN
taxlaw-3469	45	40	calculus	calculus	NOUN
taxlaw-3469	45	41	underlying	underlying	ADJ
taxlaw-3469	45	42	firms	firm	NOUN
taxlaw-3469	45	43	’	’	PART
taxlaw-3469	45	44	investment	investment	NOUN
taxlaw-3469	45	45	location	location	NOUN
taxlaw-3469	45	46	decisions	decision	NOUN
taxlaw-3469	45	47	.	.	PUNCT
taxlaw-3469	46	1	section	section	NOUN
taxlaw-3469	46	2	iv	iv	NUM
taxlaw-3469	46	3	analyzes	analyze	VERB
taxlaw-3469	46	4	the	the	DET
taxlaw-3469	46	5	gilti	gilti	NOUN
taxlaw-3469	46	6	and	and	CCONJ
taxlaw-3469	46	7	fdii	fdii	VERB
taxlaw-3469	46	8	provisions	provision	NOUN
taxlaw-3469	46	9	’	'	PUNCT
taxlaw-3469	46	10	effects	effect	NOUN
taxlaw-3469	46	11	on	on	ADP
taxlaw-3469	46	12	investment	investment	NOUN
taxlaw-3469	46	13	location	location	NOUN
taxlaw-3469	46	14	decisions	decision	NOUN
taxlaw-3469	46	15	of	of	ADP
taxlaw-3469	46	16	u.s	u.s	PROPN
taxlaw-3469	46	17	.	.	PROPN
taxlaw-3469	46	18	mncs	mncs	PROPN
taxlaw-3469	46	19	and	and	CCONJ
taxlaw-3469	46	20	examines	examine	VERB
taxlaw-3469	46	21	the	the	DET
taxlaw-3469	46	22	validity	validity	NOUN
taxlaw-3469	46	23	of	of	ADP
taxlaw-3469	46	24	the	the	DET
taxlaw-3469	46	25	different	different	ADJ
taxlaw-3469	46	26	concerns	concern	NOUN
taxlaw-3469	46	27	expressed	express	VERB
taxlaw-3469	46	28	about	about	ADP
taxlaw-3469	46	29	these	these	DET
taxlaw-3469	46	30	provisions	provision	NOUN
taxlaw-3469	46	31	.	.	PUNCT
taxlaw-3469	47	1	section	section	NOUN
taxlaw-3469	47	2	v	v	NOUN
taxlaw-3469	47	3	concludes	conclude	VERB
taxlaw-3469	47	4	.	.	PUNCT
taxlaw-3469	48	1	ii	ii	X
taxlaw-3469	48	2	.	.	PUNCT
taxlaw-3469	49	1	taxation	taxation	NOUN
taxlaw-3469	49	2	of	of	ADP
taxlaw-3469	49	3	income	income	NOUN
taxlaw-3469	49	4	from	from	ADP
taxlaw-3469	49	5	capital	capital	PROPN
taxlaw-3469	49	6	a	a	DET
taxlaw-3469	49	7	business	business	NOUN
taxlaw-3469	49	8	’s	’s	PART
taxlaw-3469	49	9	expected	expect	VERB
taxlaw-3469	49	10	return	return	NOUN
taxlaw-3469	49	11	on	on	ADP
taxlaw-3469	49	12	an	an	DET
taxlaw-3469	49	13	investment	investment	NOUN
taxlaw-3469	49	14	can	can	AUX
taxlaw-3469	49	15	be	be	AUX
taxlaw-3469	49	16	viewed	view	VERB
taxlaw-3469	49	17	as	as	ADP
taxlaw-3469	49	18	comprising	comprise	VERB
taxlaw-3469	49	19	two	two	NUM
taxlaw-3469	49	20	elements	element	NOUN
taxlaw-3469	49	21	.	.	PUNCT
taxlaw-3469	50	1	the	the	DET
taxlaw-3469	50	2	first	first	ADJ
taxlaw-3469	50	3	is	be	AUX
taxlaw-3469	50	4	the	the	DET
taxlaw-3469	50	5	rate	rate	NOUN
taxlaw-3469	50	6	of	of	ADP
taxlaw-3469	50	7	return	return	NOUN
taxlaw-3469	50	8	available	available	ADJ
taxlaw-3469	50	9	on	on	ADP
taxlaw-3469	50	10	comparable	comparable	ADJ
taxlaw-3469	50	11	investments	investment	NOUN
taxlaw-3469	50	12	in	in	ADP
taxlaw-3469	50	13	competitive	competitive	ADJ
taxlaw-3469	50	14	capital	capital	NOUN
taxlaw-3469	50	15	markets	market	NOUN
taxlaw-3469	50	16	.	.	PUNCT
taxlaw-3469	51	1	this	this	DET
taxlaw-3469	51	2	“	"	PUNCT
taxlaw-3469	51	3	normal	normal	ADJ
taxlaw-3469	51	4	”	"	PUNCT
taxlaw-3469	51	5	rate	rate	NOUN
taxlaw-3469	51	6	of	of	ADP
taxlaw-3469	51	7	return	return	NOUN
taxlaw-3469	51	8	is	be	AUX
taxlaw-3469	51	9	the	the	DET
taxlaw-3469	51	10	opportunity	opportunity	NOUN
taxlaw-3469	51	11	cost	cost	NOUN
taxlaw-3469	51	12	of	of	ADP
taxlaw-3469	51	13	the	the	DET
taxlaw-3469	51	14	investment	investment	NOUN
taxlaw-3469	51	15	.	.	PUNCT
taxlaw-3469	52	1	for	for	SCONJ
taxlaw-3469	52	2	an	an	DET
taxlaw-3469	52	3	investment	investment	NOUN
taxlaw-3469	52	4	to	to	PART
taxlaw-3469	52	5	be	be	AUX
taxlaw-3469	52	6	worth	worth	ADJ
taxlaw-3469	52	7	undertaking	undertake	VERB
taxlaw-3469	52	8	,	,	PUNCT
taxlaw-3469	52	9	its	its	PRON
taxlaw-3469	52	10	expected	expect	VERB
taxlaw-3469	52	11	cash	cash	NOUN
taxlaw-3469	52	12	flows	flow	NOUN
taxlaw-3469	52	13	,	,	PUNCT
taxlaw-3469	52	14	discounted	discount	VERB
taxlaw-3469	52	15	at	at	ADP
taxlaw-3469	52	16	the	the	DET
taxlaw-3469	52	17	normal	normal	ADJ
taxlaw-3469	52	18	rate	rate	NOUN
taxlaw-3469	52	19	of	of	ADP
taxlaw-3469	52	20	return	return	NOUN
taxlaw-3469	52	21	,	,	PUNCT
taxlaw-3469	52	22	must	must	AUX
taxlaw-3469	52	23	not	not	PART
taxlaw-3469	52	24	be	be	AUX
taxlaw-3469	52	25	negative.10	negative.10	ADV
taxlaw-3469	52	26	the	the	DET
taxlaw-3469	52	27	second	second	ADJ
taxlaw-3469	52	28	potential	potential	ADJ
taxlaw-3469	52	29	element	element	NOUN
taxlaw-3469	52	30	in	in	ADP
taxlaw-3469	52	31	a	a	DET
taxlaw-3469	52	32	firm	firm	NOUN
taxlaw-3469	52	33	’s	’s	PART
taxlaw-3469	52	34	expected	expect	VERB
taxlaw-3469	52	35	return	return	NOUN
taxlaw-3469	52	36	is	be	AUX
taxlaw-3469	52	37	the	the	DET
taxlaw-3469	52	38	return	return	NOUN
taxlaw-3469	52	39	in	in	ADP
taxlaw-3469	52	40	excess	excess	NOUN
taxlaw-3469	52	41	of	of	ADP
taxlaw-3469	52	42	its	its	PRON
taxlaw-3469	52	43	opportunity	opportunity	NOUN
taxlaw-3469	52	44	cost	cost	NOUN
taxlaw-3469	52	45	.	.	PUNCT
taxlaw-3469	53	1	such	such	ADJ
taxlaw-3469	53	2	“	"	PUNCT
taxlaw-3469	53	3	above	above	ADP
taxlaw-3469	53	4	normal	normal	ADJ
taxlaw-3469	53	5	”	"	PUNCT
taxlaw-3469	53	6	returns	return	NOUN
taxlaw-3469	53	7	are	be	AUX
taxlaw-3469	53	8	usually	usually	ADV
taxlaw-3469	53	9	taken	take	VERB
taxlaw-3469	53	10	to	to	PART
taxlaw-3469	53	11	represent	represent	VERB
taxlaw-3469	53	12	economic	economic	ADJ
taxlaw-3469	53	13	rents	rent	NOUN
taxlaw-3469	53	14	attributable	attributable	ADJ
taxlaw-3469	53	15	to	to	ADP
taxlaw-3469	53	16	one	one	NUM
taxlaw-3469	53	17	or	or	CCONJ
taxlaw-3469	53	18	more	more	ADV
taxlaw-3469	53	19	unique	unique	ADJ
taxlaw-3469	53	20	attributes	attribute	NOUN
taxlaw-3469	53	21	of	of	ADP
taxlaw-3469	53	22	the	the	DET
taxlaw-3469	53	23	firm.11	firm.11	NOUN
taxlaw-3469	53	24	the	the	DET
taxlaw-3469	53	25	structure	structure	NOUN
taxlaw-3469	53	26	of	of	ADP
taxlaw-3469	53	27	a	a	DET
taxlaw-3469	53	28	tax	tax	NOUN
taxlaw-3469	53	29	determines	determine	VERB
taxlaw-3469	53	30	whether	whether	SCONJ
taxlaw-3469	53	31	it	it	PRON
taxlaw-3469	53	32	taxes	tax	VERB
taxlaw-3469	53	33	only	only	ADV
taxlaw-3469	53	34	economic	economic	ADJ
taxlaw-3469	53	35	rents	rent	NOUN
taxlaw-3469	53	36	(	(	PUNCT
taxlaw-3469	53	37	or	or	CCONJ
taxlaw-3469	53	38	“	"	PUNCT
taxlaw-3469	53	39	above	above	ADP
taxlaw-3469	53	40	normal	normal	ADJ
taxlaw-3469	53	41	”	"	PUNCT
taxlaw-3469	53	42	returns	return	NOUN
taxlaw-3469	53	43	)	)	PUNCT
taxlaw-3469	53	44	or	or	CCONJ
taxlaw-3469	53	45	whether	whether	SCONJ
taxlaw-3469	53	46	it	it	PRON
taxlaw-3469	53	47	also	also	ADV
taxlaw-3469	53	48	taxes	tax	VERB
taxlaw-3469	53	49	the	the	DET
taxlaw-3469	53	50	normal	normal	ADJ
taxlaw-3469	53	51	rate	rate	NOUN
taxlaw-3469	53	52	of	of	ADP
taxlaw-3469	53	53	return	return	NOUN
taxlaw-3469	53	54	.	.	PUNCT
taxlaw-3469	54	1	because	because	SCONJ
taxlaw-3469	54	2	economic	economic	ADJ
taxlaw-3469	54	3	rents	rent	NOUN
taxlaw-3469	54	4	are	be	AUX
taxlaw-3469	54	5	by	by	ADP
taxlaw-3469	54	6	definition	definition	NOUN
taxlaw-3469	54	7	over	over	ADP
taxlaw-3469	54	8	and	and	CCONJ
taxlaw-3469	54	9	above	above	ADP
taxlaw-3469	54	10	the	the	DET
taxlaw-3469	54	11	return	return	NOUN
taxlaw-3469	54	12	necessary	necessary	ADJ
taxlaw-3469	54	13	to	to	PART
taxlaw-3469	54	14	justify	justify	VERB
taxlaw-3469	54	15	the	the	DET
taxlaw-3469	54	16	investment	investment	NOUN
taxlaw-3469	54	17	,	,	PUNCT
taxlaw-3469	54	18	a	a	DET
taxlaw-3469	54	19	tax	tax	NOUN
taxlaw-3469	54	20	on	on	ADP
taxlaw-3469	54	21	them	they	PRON
taxlaw-3469	54	22	does	do	AUX
taxlaw-3469	54	23	not	not	PART
taxlaw-3469	54	24	distort	distort	VERB
taxlaw-3469	54	25	the	the	DET
taxlaw-3469	54	26	decision	decision	NOUN
taxlaw-3469	54	27	to	to	PART
taxlaw-3469	54	28	invest	invest	VERB
taxlaw-3469	54	29	or	or	CCONJ
taxlaw-3469	54	30	the	the	DET
taxlaw-3469	54	31	level	level	NOUN
taxlaw-3469	54	32	of	of	ADP
taxlaw-3469	54	33	such	such	ADJ
taxlaw-3469	54	34	investment	investment	NOUN
taxlaw-3469	54	35	.	.	PUNCT
taxlaw-3469	55	1	in	in	ADP
taxlaw-3469	55	2	a	a	DET
taxlaw-3469	55	3	world	world	NOUN
taxlaw-3469	55	4	without	without	ADP
taxlaw-3469	55	5	capital	capital	NOUN
taxlaw-3469	55	6	mobility	mobility	NOUN
taxlaw-3469	55	7	,	,	PUNCT
taxlaw-3469	55	8	a	a	DET
taxlaw-3469	55	9	uniform	uniform	ADJ
taxlaw-3469	55	10	tax	tax	NOUN
taxlaw-3469	55	11	on	on	ADP
taxlaw-3469	55	12	economic	economic	ADJ
taxlaw-3469	55	13	rents	rent	NOUN
taxlaw-3469	55	14	across	across	ADP
taxlaw-3469	55	15	sectors	sector	NOUN
taxlaw-3469	55	16	and	and	CCONJ
taxlaw-3469	55	17	asset	asset	NOUN
taxlaw-3469	55	18	classes	class	NOUN
taxlaw-3469	55	19	is	be	AUX
taxlaw-3469	55	20	efficient	efficient	ADJ
taxlaw-3469	55	21	because	because	SCONJ
taxlaw-3469	55	22	it	it	PRON
taxlaw-3469	55	23	imposes	impose	VERB
taxlaw-3469	55	24	no	no	DET
taxlaw-3469	55	25	distortion	distortion	NOUN
taxlaw-3469	55	26	on	on	ADP
taxlaw-3469	55	27	the	the	DET
taxlaw-3469	55	28	overall	overall	ADJ
taxlaw-3469	55	29	level	level	NOUN
taxlaw-3469	55	30	of	of	ADP
taxlaw-3469	55	31	investment	investment	NOUN
taxlaw-3469	55	32	and	and	CCONJ
taxlaw-3469	55	33	how	how	SCONJ
taxlaw-3469	55	34	such	such	ADJ
taxlaw-3469	55	35	investment	investment	NOUN
taxlaw-3469	55	36	is	be	AUX
taxlaw-3469	55	37	allocated	allocate	VERB
taxlaw-3469	55	38	across	across	ADP
taxlaw-3469	55	39	sectors	sector	NOUN
taxlaw-3469	55	40	and	and	CCONJ
taxlaw-3469	55	41	asset	asset	NOUN
taxlaw-3469	55	42	types	type	NOUN
taxlaw-3469	55	43	.	.	PUNCT
taxlaw-3469	56	1	however	however	ADV
taxlaw-3469	56	2	,	,	PUNCT
taxlaw-3469	56	3	when	when	SCONJ
taxlaw-3469	56	4	economic	economic	ADJ
taxlaw-3469	56	5	rents	rent	NOUN
taxlaw-3469	56	6	are	be	AUX
taxlaw-3469	56	7	mobile	mobile	ADJ
taxlaw-3469	56	8	(	(	PUNCT
taxlaw-3469	56	9	i.e.	i.e.	X
taxlaw-3469	56	10	are	be	AUX
taxlaw-3469	56	11	not	not	PART
taxlaw-3469	56	12	“	"	PUNCT
taxlaw-3469	56	13	location	location	NOUN
taxlaw-3469	56	14	9	9	NUM
taxlaw-3469	56	15	we	we	PRON
taxlaw-3469	56	16	express	express	VERB
taxlaw-3469	56	17	no	no	DET
taxlaw-3469	56	18	opinion	opinion	NOUN
taxlaw-3469	56	19	on	on	ADP
taxlaw-3469	56	20	the	the	DET
taxlaw-3469	56	21	sustainability	sustainability	NOUN
taxlaw-3469	56	22	of	of	ADP
taxlaw-3469	56	23	these	these	DET
taxlaw-3469	56	24	provisions	provision	NOUN
taxlaw-3469	56	25	against	against	ADP
taxlaw-3469	56	26	possible	possible	ADJ
taxlaw-3469	56	27	challenge	challenge	NOUN
taxlaw-3469	56	28	by	by	ADP
taxlaw-3469	56	29	foreign	foreign	ADJ
taxlaw-3469	56	30	governments	government	NOUN
taxlaw-3469	56	31	or	or	CCONJ
taxlaw-3469	56	32	multilateral	multilateral	ADJ
taxlaw-3469	56	33	organizations	organization	NOUN
taxlaw-3469	56	34	under	under	ADP
taxlaw-3469	56	35	various	various	ADJ
taxlaw-3469	56	36	international	international	ADJ
taxlaw-3469	56	37	agreements	agreement	NOUN
taxlaw-3469	56	38	.	.	PUNCT
taxlaw-3469	57	1	10	10	NUM
taxlaw-3469	57	2	when	when	SCONJ
taxlaw-3469	57	3	dealing	deal	VERB
taxlaw-3469	57	4	with	with	ADP
taxlaw-3469	57	5	a	a	DET
taxlaw-3469	57	6	risky	risky	ADJ
taxlaw-3469	57	7	investment	investment	NOUN
taxlaw-3469	57	8	,	,	PUNCT
taxlaw-3469	57	9	the	the	DET
taxlaw-3469	57	10	opportunity	opportunity	NOUN
taxlaw-3469	57	11	cost	cost	NOUN
taxlaw-3469	57	12	should	should	AUX
taxlaw-3469	57	13	contain	contain	VERB
taxlaw-3469	57	14	a	a	DET
taxlaw-3469	57	15	return	return	NOUN
taxlaw-3469	57	16	for	for	ADP
taxlaw-3469	57	17	risk	risk	NOUN
taxlaw-3469	57	18	bearing	bearing	NOUN
taxlaw-3469	57	19	(	(	PUNCT
taxlaw-3469	57	20	risk	risk	NOUN
taxlaw-3469	57	21	premium	premium	NOUN
taxlaw-3469	57	22	)	)	PUNCT
taxlaw-3469	57	23	over	over	ADP
taxlaw-3469	57	24	and	and	CCONJ
taxlaw-3469	57	25	above	above	ADP
taxlaw-3469	57	26	the	the	DET
taxlaw-3469	57	27	risk	risk	NOUN
taxlaw-3469	57	28	-	-	PUNCT
taxlaw-3469	57	29	free	free	ADJ
taxlaw-3469	57	30	return	return	NOUN
taxlaw-3469	57	31	necessary	necessary	ADJ
taxlaw-3469	57	32	to	to	PART
taxlaw-3469	57	33	induce	induce	VERB
taxlaw-3469	57	34	delayed	delayed	ADJ
taxlaw-3469	57	35	consumption	consumption	NOUN
taxlaw-3469	57	36	.	.	PUNCT
taxlaw-3469	58	1	11	11	NUM
taxlaw-3469	58	2	again	again	ADV
taxlaw-3469	58	3	,	,	PUNCT
taxlaw-3469	58	4	in	in	ADP
taxlaw-3469	58	5	the	the	DET
taxlaw-3469	58	6	case	case	NOUN
taxlaw-3469	58	7	of	of	ADP
taxlaw-3469	58	8	risky	risky	ADJ
taxlaw-3469	58	9	investments	investment	NOUN
taxlaw-3469	58	10	,	,	PUNCT
taxlaw-3469	58	11	ex	ex	NOUN
taxlaw-3469	58	12	-	-	ADJ
taxlaw-3469	58	13	post	post	ADJ
taxlaw-3469	58	14	results	result	NOUN
taxlaw-3469	58	15	above	above	ADP
taxlaw-3469	58	16	the	the	DET
taxlaw-3469	58	17	(	(	PUNCT
taxlaw-3469	58	18	ex	ex	NOUN
taxlaw-3469	58	19	-	-	NOUN
taxlaw-3469	58	20	ante	ante	ADJ
taxlaw-3469	58	21	)	)	PUNCT
taxlaw-3469	58	22	normal	normal	ADJ
taxlaw-3469	58	23	rate	rate	NOUN
taxlaw-3469	58	24	of	of	ADP
taxlaw-3469	58	25	return	return	NOUN
taxlaw-3469	58	26	may	may	AUX
taxlaw-3469	58	27	simply	simply	ADV
taxlaw-3469	58	28	be	be	AUX
taxlaw-3469	58	29	the	the	DET
taxlaw-3469	58	30	realization	realization	NOUN
taxlaw-3469	58	31	of	of	ADP
taxlaw-3469	58	32	chance	chance	NOUN
taxlaw-3469	58	33	rather	rather	ADV
taxlaw-3469	58	34	than	than	ADP
taxlaw-3469	58	35	rents	rent	NOUN
taxlaw-3469	58	36	.	.	PUNCT
taxlaw-3469	59	1	2019	2019	NUM
taxlaw-3469	59	2	]	]	PUNCT
taxlaw-3469	59	3	203	203	NUM
taxlaw-3469	59	4	the	the	DET
taxlaw-3469	59	5	impact	impact	NOUN
taxlaw-3469	59	6	of	of	ADP
taxlaw-3469	59	7	gilti	gilti	NOUN
taxlaw-3469	59	8	and	and	CCONJ
taxlaw-3469	59	9	fdii	fdii	NOUN
taxlaw-3469	59	10	on	on	ADP
taxlaw-3469	59	11	the	the	DET
taxlaw-3469	59	12	investment	investment	NOUN
taxlaw-3469	59	13	location	location	NOUN
taxlaw-3469	59	14	choice	choice	NOUN
taxlaw-3469	59	15	of	of	ADP
taxlaw-3469	59	16	u.s	u.s	PROPN
taxlaw-3469	59	17	.	.	PROPN
taxlaw-3469	59	18	multinationals	multinationals	PROPN
taxlaw-3469	59	19	specific	specific	ADJ
taxlaw-3469	59	20	”	"	PUNCT
taxlaw-3469	59	21	)	)	PUNCT
taxlaw-3469	59	22	,	,	PUNCT
taxlaw-3469	59	23	the	the	DET
taxlaw-3469	59	24	location	location	NOUN
taxlaw-3469	59	25	of	of	ADP
taxlaw-3469	59	26	capital	capital	NOUN
taxlaw-3469	59	27	is	be	AUX
taxlaw-3469	59	28	sensitive	sensitive	ADJ
taxlaw-3469	59	29	to	to	ADP
taxlaw-3469	59	30	taxes	taxis	NOUN
taxlaw-3469	59	31	,	,	PUNCT
taxlaw-3469	59	32	even	even	ADV
taxlaw-3469	59	33	if	if	SCONJ
taxlaw-3469	59	34	the	the	DET
taxlaw-3469	59	35	level	level	NOUN
taxlaw-3469	59	36	of	of	ADP
taxlaw-3469	59	37	such	such	ADJ
taxlaw-3469	59	38	capital	capital	NOUN
taxlaw-3469	59	39	is	be	AUX
taxlaw-3469	59	40	not.12	not.12	NOUN
taxlaw-3469	59	41	such	such	ADJ
taxlaw-3469	59	42	mobile	mobile	ADJ
taxlaw-3469	59	43	rents	rent	NOUN
taxlaw-3469	59	44	typically	typically	ADV
taxlaw-3469	59	45	stem	stem	VERB
taxlaw-3469	59	46	from	from	ADP
taxlaw-3469	59	47	firm	firm	ADJ
taxlaw-3469	59	48	-	-	PUNCT
taxlaw-3469	59	49	specific	specific	ADJ
taxlaw-3469	59	50	attributes	attribute	NOUN
taxlaw-3469	59	51	,	,	PUNCT
taxlaw-3469	59	52	such	such	ADJ
taxlaw-3469	59	53	as	as	ADP
taxlaw-3469	59	54	unique	unique	ADJ
taxlaw-3469	59	55	intangibles	intangible	NOUN
taxlaw-3469	59	56	that	that	PRON
taxlaw-3469	59	57	can	can	AUX
taxlaw-3469	59	58	give	give	VERB
taxlaw-3469	59	59	the	the	DET
taxlaw-3469	59	60	firm	firm	NOUN
taxlaw-3469	59	61	a	a	DET
taxlaw-3469	59	62	degree	degree	NOUN
taxlaw-3469	59	63	of	of	ADP
taxlaw-3469	59	64	monopoly	monopoly	NOUN
taxlaw-3469	59	65	power	power	NOUN
taxlaw-3469	59	66	.	.	PUNCT
taxlaw-3469	60	1	in	in	ADP
taxlaw-3469	60	2	our	our	PRON
taxlaw-3469	60	3	framework	framework	NOUN
taxlaw-3469	60	4	we	we	PRON
taxlaw-3469	60	5	consider	consider	VERB
taxlaw-3469	60	6	a	a	DET
taxlaw-3469	60	7	one	one	NUM
taxlaw-3469	60	8	-	-	PUNCT
taxlaw-3469	60	9	dollar	dollar	NOUN
taxlaw-3469	60	10	investment	investment	NOUN
taxlaw-3469	60	11	that	that	PRON
taxlaw-3469	60	12	starts	start	VERB
taxlaw-3469	60	13	to	to	PART
taxlaw-3469	60	14	generate	generate	VERB
taxlaw-3469	60	15	income	income	NOUN
taxlaw-3469	60	16	one	one	NUM
taxlaw-3469	60	17	period	period	NOUN
taxlaw-3469	60	18	later.13	later.13	NOUN
taxlaw-3469	60	19	the	the	DET
taxlaw-3469	60	20	total	total	ADJ
taxlaw-3469	60	21	pre	pre	ADJ
taxlaw-3469	60	22	-	-	ADJ
taxlaw-3469	60	23	tax	tax	ADJ
taxlaw-3469	60	24	amount	amount	NOUN
taxlaw-3469	60	25	(	(	PUNCT
taxlaw-3469	60	26	i.e.	i.e.	X
taxlaw-3469	60	27	,	,	PUNCT
taxlaw-3469	60	28	gross	gross	ADJ
taxlaw-3469	60	29	-	-	PUNCT
taxlaw-3469	60	30	of	of	ADP
taxlaw-3469	60	31	-	-	PUNCT
taxlaw-3469	60	32	depreciation	depreciation	NOUN
taxlaw-3469	60	33	return	return	NOUN
taxlaw-3469	60	34	)	)	PUNCT
taxlaw-3469	60	35	grt	grt	PROPN
taxlaw-3469	60	36	expected	expect	VERB
taxlaw-3469	60	37	to	to	PART
taxlaw-3469	60	38	be	be	AUX
taxlaw-3469	60	39	generated	generate	VERB
taxlaw-3469	60	40	by	by	ADP
taxlaw-3469	60	41	the	the	DET
taxlaw-3469	60	42	investment	investment	NOUN
taxlaw-3469	60	43	in	in	ADP
taxlaw-3469	60	44	any	any	DET
taxlaw-3469	60	45	future	future	ADJ
taxlaw-3469	60	46	period	period	NOUN
taxlaw-3469	60	47	t	t	NOUN
taxlaw-3469	60	48	is	be	AUX
taxlaw-3469	60	49	given	give	VERB
taxlaw-3469	60	50	by	by	ADP
taxlaw-3469	60	51	equation	equation	NOUN
taxlaw-3469	60	52	1	1	NUM
taxlaw-3469	60	53	below	below	ADP
taxlaw-3469	60	54	,	,	PUNCT
taxlaw-3469	60	55	where	where	SCONJ
taxlaw-3469	60	56	rt	rt	PROPN
taxlaw-3469	60	57	denotes	denote	VERB
taxlaw-3469	60	58	the	the	DET
taxlaw-3469	60	59	normal	normal	ADJ
taxlaw-3469	60	60	return	return	NOUN
taxlaw-3469	60	61	,	,	PUNCT
taxlaw-3469	60	62	ert	ert	PROPN
taxlaw-3469	60	63	denotes	denote	VERB
taxlaw-3469	60	64	the	the	DET
taxlaw-3469	60	65	economic	economic	ADJ
taxlaw-3469	60	66	rent	rent	NOUN
taxlaw-3469	60	67	.	.	PUNCT
taxlaw-3469	61	1	and	and	CCONJ
taxlaw-3469	61	2	dt	dt	PROPN
taxlaw-3469	61	3	represents	represent	VERB
taxlaw-3469	61	4	economic	economic	ADJ
taxlaw-3469	61	5	depreciation	depreciation	NOUN
taxlaw-3469	61	6	.	.	PUNCT
taxlaw-3469	62	1	equation	equation	NOUN
taxlaw-3469	62	2	1	1	NUM
taxlaw-3469	62	3	𝐺𝑅𝑡	𝐺𝑅𝑡	NOUN
taxlaw-3469	62	4	=	=	PUNCT
taxlaw-3469	62	5	𝑅𝑡	𝑅𝑡	NOUN
taxlaw-3469	62	6	+	+	CCONJ
taxlaw-3469	62	7	𝐸𝑅𝑡	𝐸𝑅𝑡	NOUN
taxlaw-3469	62	8	+	+	CCONJ
taxlaw-3469	63	1	𝐷𝑡	𝐷𝑡	PROPN
taxlaw-3469	63	2	assume	assume	VERB
taxlaw-3469	63	3	that	that	SCONJ
taxlaw-3469	63	4	the	the	DET
taxlaw-3469	63	5	expected	expect	VERB
taxlaw-3469	63	6	rates	rate	NOUN
taxlaw-3469	63	7	of	of	ADP
taxlaw-3469	63	8	return	return	NOUN
taxlaw-3469	63	9	associated	associate	VERB
taxlaw-3469	63	10	with	with	ADP
taxlaw-3469	63	11	the	the	DET
taxlaw-3469	63	12	investment	investment	NOUN
taxlaw-3469	63	13	in	in	ADP
taxlaw-3469	63	14	question	question	NOUN
taxlaw-3469	63	15	are	be	AUX
taxlaw-3469	63	16	constant	constant	ADJ
taxlaw-3469	63	17	over	over	ADP
taxlaw-3469	63	18	time	time	NOUN
taxlaw-3469	63	19	with	with	ADP
taxlaw-3469	63	20	the	the	DET
taxlaw-3469	63	21	normal	normal	ADJ
taxlaw-3469	63	22	rate	rate	NOUN
taxlaw-3469	63	23	denoted	denote	VERB
taxlaw-3469	63	24	by	by	ADP
taxlaw-3469	63	25	r	r	NOUN
taxlaw-3469	63	26	and	and	CCONJ
taxlaw-3469	63	27	the	the	DET
taxlaw-3469	63	28	rate	rate	NOUN
taxlaw-3469	63	29	of	of	ADP
taxlaw-3469	63	30	economic	economic	ADJ
taxlaw-3469	63	31	rents	rent	NOUN
taxlaw-3469	63	32	denoted	denote	VERB
taxlaw-3469	63	33	by	by	ADP
taxlaw-3469	63	34	er	er	INTJ
taxlaw-3469	63	35	.	.	PUNCT
taxlaw-3469	64	1	using	use	VERB
taxlaw-3469	64	2	kt	kt	PROPN
taxlaw-3469	64	3	to	to	PART
taxlaw-3469	64	4	denote	denote	VERB
taxlaw-3469	64	5	the	the	DET
taxlaw-3469	64	6	net	net	ADJ
taxlaw-3469	64	7	capital	capital	NOUN
taxlaw-3469	64	8	stock	stock	NOUN
taxlaw-3469	64	9	from	from	ADP
taxlaw-3469	64	10	the	the	DET
taxlaw-3469	64	11	original	original	ADJ
taxlaw-3469	64	12	investment	investment	NOUN
taxlaw-3469	64	13	carried	carry	VERB
taxlaw-3469	64	14	into	into	ADP
taxlaw-3469	64	15	the	the	DET
taxlaw-3469	64	16	current	current	ADJ
taxlaw-3469	64	17	period	period	NOUN
taxlaw-3469	64	18	,	,	PUNCT
taxlaw-3469	64	19	the	the	DET
taxlaw-3469	64	20	dollar	dollar	NOUN
taxlaw-3469	64	21	amount	amount	NOUN
taxlaw-3469	64	22	of	of	ADP
taxlaw-3469	64	23	the	the	DET
taxlaw-3469	64	24	normal	normal	ADJ
taxlaw-3469	64	25	return	return	NOUN
taxlaw-3469	64	26	in	in	ADP
taxlaw-3469	64	27	any	any	DET
taxlaw-3469	64	28	given	give	VERB
taxlaw-3469	64	29	period	period	NOUN
taxlaw-3469	64	30	t	t	PROPN
taxlaw-3469	64	31	is	be	AUX
taxlaw-3469	64	32	r	r	PROPN
taxlaw-3469	64	33	times	time	NOUN
taxlaw-3469	64	34	kt	kt	PROPN
taxlaw-3469	64	35	.	.	PUNCT
taxlaw-3469	65	1	in	in	ADP
taxlaw-3469	65	2	turn	turn	NOUN
taxlaw-3469	65	3	,	,	PUNCT
taxlaw-3469	65	4	kt	kt	PROPN
taxlaw-3469	65	5	equals	equal	VERB
taxlaw-3469	65	6	one	one	NUM
taxlaw-3469	65	7	in	in	ADP
taxlaw-3469	65	8	the	the	DET
taxlaw-3469	65	9	period	period	NOUN
taxlaw-3469	65	10	immediately	immediately	ADV
taxlaw-3469	65	11	following	follow	VERB
taxlaw-3469	65	12	the	the	DET
taxlaw-3469	65	13	period	period	NOUN
taxlaw-3469	65	14	in	in	ADP
taxlaw-3469	65	15	which	which	PRON
taxlaw-3469	65	16	the	the	DET
taxlaw-3469	65	17	investment	investment	NOUN
taxlaw-3469	65	18	is	be	AUX
taxlaw-3469	65	19	made	make	VERB
taxlaw-3469	65	20	.	.	PUNCT
taxlaw-3469	66	1	for	for	ADP
taxlaw-3469	66	2	all	all	DET
taxlaw-3469	66	3	subsequent	subsequent	ADJ
taxlaw-3469	66	4	periods	period	NOUN
taxlaw-3469	66	5	,	,	PUNCT
taxlaw-3469	66	6	kt	kt	PROPN
taxlaw-3469	66	7	is	be	AUX
taxlaw-3469	66	8	given	give	VERB
taxlaw-3469	66	9	by	by	ADP
taxlaw-3469	66	10	equation	equation	NOUN
taxlaw-3469	66	11	2.14	2.14	NUM
taxlaw-3469	66	12	equation	equation	NOUN
taxlaw-3469	66	13	2	2	NUM
taxlaw-3469	67	1	𝐾𝑡	𝐾𝑡	NOUN
taxlaw-3469	67	2	=	=	SYM
taxlaw-3469	67	3	1	1	NUM
taxlaw-3469	67	4	−∑𝐷𝑖	−∑𝐷𝑖	PROPN
taxlaw-3469	67	5	𝑡−1	𝑡−1	PROPN
taxlaw-3469	67	6	𝑖=1	𝑖=1	PROPN
taxlaw-3469	67	7	similarly	similarly	ADV
taxlaw-3469	67	8	,	,	PUNCT
taxlaw-3469	67	9	the	the	DET
taxlaw-3469	67	10	dollar	dollar	NOUN
taxlaw-3469	67	11	amount	amount	NOUN
taxlaw-3469	67	12	of	of	ADP
taxlaw-3469	67	13	the	the	DET
taxlaw-3469	67	14	economic	economic	ADJ
taxlaw-3469	67	15	rents	rent	NOUN
taxlaw-3469	67	16	in	in	ADP
taxlaw-3469	67	17	period	period	NOUN
taxlaw-3469	67	18	t	t	PROPN
taxlaw-3469	67	19	is	be	AUX
taxlaw-3469	67	20	given	give	VERB
taxlaw-3469	67	21	by	by	ADP
taxlaw-3469	67	22	er	er	INTJ
taxlaw-3469	67	23	times	time	NOUN
taxlaw-3469	67	24	kt	kt	PROPN
taxlaw-3469	67	25	.	.	PUNCT
taxlaw-3469	67	26	given	give	VERB
taxlaw-3469	67	27	the	the	DET
taxlaw-3469	67	28	above	above	ADJ
taxlaw-3469	67	29	,	,	PUNCT
taxlaw-3469	67	30	the	the	DET
taxlaw-3469	67	31	total	total	ADJ
taxlaw-3469	67	32	pre	pre	ADJ
taxlaw-3469	67	33	-	-	ADJ
taxlaw-3469	67	34	tax	tax	ADJ
taxlaw-3469	67	35	gross	gross	ADJ
taxlaw-3469	67	36	return	return	NOUN
taxlaw-3469	67	37	from	from	ADP
taxlaw-3469	67	38	the	the	DET
taxlaw-3469	67	39	investment	investment	NOUN
taxlaw-3469	67	40	in	in	ADP
taxlaw-3469	67	41	any	any	DET
taxlaw-3469	67	42	period	period	NOUN
taxlaw-3469	67	43	t	t	NOUN
taxlaw-3469	67	44	is	be	AUX
taxlaw-3469	67	45	given	give	VERB
taxlaw-3469	67	46	by	by	ADP
taxlaw-3469	67	47	equation	equation	NOUN
taxlaw-3469	67	48	3	3	NUM
taxlaw-3469	67	49	.	.	PUNCT
taxlaw-3469	68	1	equation	equation	NOUN
taxlaw-3469	68	2	3	3	NUM
taxlaw-3469	68	3	𝐺𝑅𝑡	𝐺𝑅𝑡	NOUN
taxlaw-3469	68	4	=	=	NOUN
taxlaw-3469	68	5	𝑟𝐾𝑡	𝑟𝐾𝑡	NOUN
taxlaw-3469	68	6	+	+	X
taxlaw-3469	68	7	𝑒𝑟𝐾𝑡	𝑒𝑟𝐾𝑡	PROPN
taxlaw-3469	69	1	+	+	CCONJ
taxlaw-3469	69	2	𝐷𝑡	𝐷𝑡	PROPN
taxlaw-3469	69	3	we	we	PRON
taxlaw-3469	69	4	now	now	ADV
taxlaw-3469	69	5	consider	consider	VERB
taxlaw-3469	69	6	a	a	DET
taxlaw-3469	69	7	tax	tax	NOUN
taxlaw-3469	69	8	code	code	NOUN
taxlaw-3469	69	9	that	that	PRON
taxlaw-3469	69	10	allows	allow	VERB
taxlaw-3469	69	11	for	for	ADP
taxlaw-3469	69	12	immediate	immediate	ADJ
taxlaw-3469	69	13	expensing	expensing	NOUN
taxlaw-3469	69	14	of	of	ADP
taxlaw-3469	69	15	the	the	DET
taxlaw-3469	69	16	investment	investment	NOUN
taxlaw-3469	69	17	at	at	ADP
taxlaw-3469	69	18	a	a	DET
taxlaw-3469	69	19	tax	tax	NOUN
taxlaw-3469	69	20	rate	rate	NOUN
taxlaw-3469	69	21	of	of	ADP
taxlaw-3469	69	22	τ	τ	PROPN
taxlaw-3469	69	23	and	and	CCONJ
taxlaw-3469	69	24	then	then	ADV
taxlaw-3469	69	25	levies	levy	VERB
taxlaw-3469	69	26	a	a	DET
taxlaw-3469	69	27	tax	tax	NOUN
taxlaw-3469	69	28	at	at	ADP
taxlaw-3469	69	29	the	the	DET
taxlaw-3469	69	30	same	same	ADJ
taxlaw-3469	69	31	rate	rate	NOUN
taxlaw-3469	69	32	on	on	ADP
taxlaw-3469	69	33	the	the	DET
taxlaw-3469	69	34	subsequent	subsequent	ADJ
taxlaw-3469	69	35	gross	gross	ADJ
taxlaw-3469	69	36	returns	return	NOUN
taxlaw-3469	69	37	(	(	PUNCT
taxlaw-3469	69	38	gross	gross	ADJ
taxlaw-3469	69	39	-	-	PUNCT
taxlaw-3469	69	40	ofdepreciation	ofdepreciation	NOUN
taxlaw-3469	69	41	return).15	return).15	PROPN
taxlaw-3469	69	42	a	a	DET
taxlaw-3469	69	43	well	well	ADV
taxlaw-3469	69	44	-	-	PUNCT
taxlaw-3469	69	45	known	know	VERB
taxlaw-3469	69	46	property	property	NOUN
taxlaw-3469	69	47	of	of	ADP
taxlaw-3469	69	48	a	a	DET
taxlaw-3469	69	49	tax	tax	NOUN
taxlaw-3469	69	50	code	code	NOUN
taxlaw-3469	69	51	that	that	PRON
taxlaw-3469	69	52	permits	permit	VERB
taxlaw-3469	69	53	immediate	immediate	ADJ
taxlaw-3469	69	54	expensing	expensing	NOUN
taxlaw-3469	69	55	of	of	ADP
taxlaw-3469	69	56	12	12	NUM
taxlaw-3469	69	57	see	see	NOUN
taxlaw-3469	69	58	,	,	PUNCT
taxlaw-3469	69	59	e.g.	e.g.	ADV
taxlaw-3469	69	60	,	,	PUNCT
taxlaw-3469	69	61	alan	alan	PROPN
taxlaw-3469	69	62	j.	j.	PROPN
taxlaw-3469	69	63	auerbach	auerbach	PROPN
taxlaw-3469	69	64	et	et	PROPN
taxlaw-3469	69	65	al	al	PROPN
taxlaw-3469	69	66	.	.	PROPN
taxlaw-3469	69	67	,	,	PUNCT
taxlaw-3469	69	68	taxing	tax	VERB
taxlaw-3469	69	69	corporate	corporate	ADJ
taxlaw-3469	69	70	income	income	NOUN
taxlaw-3469	69	71	,	,	PUNCT
taxlaw-3469	69	72	in	in	ADP
taxlaw-3469	69	73	dimensions	dimension	NOUN
taxlaw-3469	69	74	of	of	ADP
taxlaw-3469	69	75	tax	tax	NOUN
taxlaw-3469	69	76	design	design	NOUN
taxlaw-3469	69	77	:	:	PUNCT
taxlaw-3469	69	78	the	the	DET
taxlaw-3469	69	79	mirrlees	mirrlee	NOUN
taxlaw-3469	69	80	review	review	VERB
taxlaw-3469	69	81	,	,	PUNCT
taxlaw-3469	69	82	(	(	PUNCT
taxlaw-3469	69	83	james	james	PROPN
taxlaw-3469	69	84	mirrlees	mirrlees	PROPN
taxlaw-3469	69	85	et	et	PROPN
taxlaw-3469	69	86	al	al	PROPN
taxlaw-3469	69	87	.	.	PUNCT
taxlaw-3469	70	1	eds	eds	PROPN
taxlaw-3469	70	2	.	.	PROPN
taxlaw-3469	70	3	,	,	PUNCT
taxlaw-3469	70	4	2010	2010	NUM
taxlaw-3469	70	5	)	)	PUNCT
taxlaw-3469	70	6	.	.	PUNCT
taxlaw-3469	71	1	13	13	NUM
taxlaw-3469	71	2	see	see	VERB
taxlaw-3469	71	3	generally	generally	ADV
taxlaw-3469	71	4	org	org	ADJ
taxlaw-3469	71	5	.	.	PUNCT
taxlaw-3469	72	1	for	for	ADP
taxlaw-3469	72	2	econ	econ	PROPN
taxlaw-3469	72	3	.	.	PUNCT
taxlaw-3469	73	1	co	co	NOUN
taxlaw-3469	73	2	-	-	NOUN
taxlaw-3469	73	3	operation	operation	NOUN
taxlaw-3469	73	4	and	and	CCONJ
taxlaw-3469	73	5	dev	dev	PROPN
taxlaw-3469	73	6	.	.	PUNCT
taxlaw-3469	74	1	(	(	PUNCT
taxlaw-3469	74	2	“	"	PUNCT
taxlaw-3469	74	3	oecd	oecd	PROPN
taxlaw-3469	74	4	”	"	PUNCT
taxlaw-3469	74	5	)	)	PUNCT
taxlaw-3469	74	6	,	,	PUNCT
taxlaw-3469	74	7	oecd	oecd	PROPN
taxlaw-3469	74	8	tax	tax	NOUN
taxlaw-3469	74	9	policy	policy	NOUN
taxlaw-3469	74	10	studies	study	NOUN
taxlaw-3469	74	11	no	no	INTJ
taxlaw-3469	74	12	.	.	PROPN
taxlaw-3469	74	13	16	16	NUM
taxlaw-3469	74	14	:	:	PUNCT
taxlaw-3469	74	15	fundamental	fundamental	ADJ
taxlaw-3469	74	16	reform	reform	NOUN
taxlaw-3469	74	17	of	of	ADP
taxlaw-3469	74	18	corporate	corporate	ADJ
taxlaw-3469	74	19	income	income	NOUN
taxlaw-3469	74	20	tax	tax	NOUN
taxlaw-3469	74	21	,	,	PUNCT
taxlaw-3469	74	22	oecd	oecd	PROPN
taxlaw-3469	74	23	(	(	PUNCT
taxlaw-3469	74	24	2007	2007	NUM
taxlaw-3469	74	25	)	)	PUNCT
taxlaw-3469	74	26	.	.	PUNCT
taxlaw-3469	75	1	for	for	ADP
taxlaw-3469	75	2	now	now	ADV
taxlaw-3469	75	3	,	,	PUNCT
taxlaw-3469	75	4	we	we	PRON
taxlaw-3469	75	5	do	do	AUX
taxlaw-3469	75	6	not	not	PART
taxlaw-3469	75	7	distinguish	distinguish	VERB
taxlaw-3469	75	8	between	between	ADP
taxlaw-3469	75	9	tangible	tangible	ADJ
taxlaw-3469	75	10	and	and	CCONJ
taxlaw-3469	75	11	intangible	intangible	ADJ
taxlaw-3469	75	12	capital	capital	NOUN
taxlaw-3469	75	13	.	.	PUNCT
taxlaw-3469	76	1	for	for	ADP
taxlaw-3469	76	2	simplicity	simplicity	NOUN
taxlaw-3469	76	3	,	,	PUNCT
taxlaw-3469	76	4	we	we	PRON
taxlaw-3469	76	5	assume	assume	VERB
taxlaw-3469	76	6	that	that	SCONJ
taxlaw-3469	76	7	the	the	DET
taxlaw-3469	76	8	investment	investment	NOUN
taxlaw-3469	76	9	is	be	AUX
taxlaw-3469	76	10	entirely	entirely	ADV
taxlaw-3469	76	11	equity	equity	NOUN
taxlaw-3469	76	12	financed	finance	VERB
taxlaw-3469	76	13	.	.	PUNCT
taxlaw-3469	77	1	14	14	NUM
taxlaw-3469	78	1	the	the	DET
taxlaw-3469	78	2	capital	capital	NOUN
taxlaw-3469	78	3	stock	stock	NOUN
taxlaw-3469	78	4	will	will	AUX
taxlaw-3469	78	5	converge	converge	VERB
taxlaw-3469	78	6	to	to	ADP
taxlaw-3469	78	7	zero	zero	NUM
taxlaw-3469	78	8	under	under	ADP
taxlaw-3469	78	9	alternative	alternative	ADJ
taxlaw-3469	78	10	assumptions	assumption	NOUN
taxlaw-3469	78	11	with	with	ADP
taxlaw-3469	78	12	regard	regard	NOUN
taxlaw-3469	78	13	to	to	ADP
taxlaw-3469	78	14	depreciation	depreciation	NOUN
taxlaw-3469	78	15	that	that	PRON
taxlaw-3469	78	16	are	be	AUX
taxlaw-3469	78	17	standard	standard	ADJ
taxlaw-3469	78	18	in	in	ADP
taxlaw-3469	78	19	such	such	ADJ
taxlaw-3469	78	20	analyses	analysis	NOUN
taxlaw-3469	78	21	including	include	VERB
taxlaw-3469	78	22	linear	linear	ADJ
taxlaw-3469	78	23	depreciation	depreciation	NOUN
taxlaw-3469	78	24	(	(	PUNCT
taxlaw-3469	78	25	i.e.	i.e.	X
taxlaw-3469	78	26	,	,	PUNCT
taxlaw-3469	78	27	straight	straight	ADJ
taxlaw-3469	78	28	line	line	NOUN
taxlaw-3469	78	29	schedule	schedule	NOUN
taxlaw-3469	78	30	)	)	PUNCT
taxlaw-3469	78	31	as	as	ADV
taxlaw-3469	78	32	well	well	ADV
taxlaw-3469	78	33	as	as	ADP
taxlaw-3469	78	34	a	a	DET
taxlaw-3469	78	35	constant	constant	ADJ
taxlaw-3469	78	36	rate	rate	NOUN
taxlaw-3469	78	37	of	of	ADP
taxlaw-3469	78	38	decay	decay	NOUN
taxlaw-3469	78	39	(	(	PUNCT
taxlaw-3469	78	40	i.e.	i.e.	X
taxlaw-3469	78	41	,	,	PUNCT
taxlaw-3469	78	42	geometric	geometric	ADJ
taxlaw-3469	78	43	schedule	schedule	NOUN
taxlaw-3469	78	44	)	)	PUNCT
taxlaw-3469	78	45	.	.	PUNCT
taxlaw-3469	79	1	15	15	NUM
taxlaw-3469	80	1	the	the	DET
taxlaw-3469	80	2	present	present	ADJ
taxlaw-3469	80	3	discounted	discount	VERB
taxlaw-3469	80	4	value	value	NOUN
taxlaw-3469	80	5	of	of	ADP
taxlaw-3469	80	6	the	the	DET
taxlaw-3469	80	7	after	after	ADP
taxlaw-3469	80	8	-	-	PUNCT
taxlaw-3469	80	9	tax	tax	NOUN
taxlaw-3469	80	10	stream	stream	NOUN
taxlaw-3469	80	11	of	of	ADP
taxlaw-3469	80	12	gross	gross	ADJ
taxlaw-3469	80	13	returns	return	NOUN
taxlaw-3469	80	14	(	(	PUNCT
taxlaw-3469	80	15	gross	gross	ADJ
taxlaw-3469	80	16	-	-	PUNCT
taxlaw-3469	80	17	of	of	ADP
taxlaw-3469	80	18	-	-	PUNCT
taxlaw-3469	80	19	depreciation	depreciation	NOUN
taxlaw-3469	80	20	return	return	NOUN
taxlaw-3469	80	21	)	)	PUNCT
taxlaw-3469	80	22	(	(	PUNCT
taxlaw-3469	80	23	i.e.	i.e.	X
taxlaw-3469	80	24	,	,	PUNCT
taxlaw-3469	80	25	before	before	ADP
taxlaw-3469	80	26	subtracting	subtract	VERB
taxlaw-3469	80	27	out	out	ADP
taxlaw-3469	80	28	the	the	DET
taxlaw-3469	80	29	upfront	upfront	ADJ
taxlaw-3469	80	30	cost	cost	NOUN
taxlaw-3469	80	31	of	of	ADP
taxlaw-3469	80	32	the	the	DET
taxlaw-3469	80	33	investment	investment	NOUN
taxlaw-3469	80	34	)	)	PUNCT
taxlaw-3469	80	35	is	be	AUX
taxlaw-3469	80	36	given	give	VERB
taxlaw-3469	80	37	by	by	ADP
taxlaw-3469	80	38	the	the	DET
taxlaw-3469	80	39	expression	expression	NOUN
taxlaw-3469	80	40	:	:	PUNCT
taxlaw-3469	80	41	τ+t=1(rkt+erkt+dt)1	τ+t=1(rkt+erkt+dt)1	NOUN
taxlaw-3469	80	42	-	-	PUNCT
taxlaw-3469	80	43	τ(1+r)t	τ(1+r)t	PROPN
taxlaw-3469	80	44	.	.	PROPN
taxlaw-3469	80	45	204	204	NUM
taxlaw-3469	81	1	[	[	X
taxlaw-3469	81	2	vol	vol	NOUN
taxlaw-3469	81	3	.	.	PUNCT
taxlaw-3469	82	1	10:2	10:2	NUM
taxlaw-3469	82	2	columbia	columbia	PROPN
taxlaw-3469	82	3	journal	journal	PROPN
taxlaw-3469	82	4	of	of	ADP
taxlaw-3469	82	5	tax	tax	NOUN
taxlaw-3469	82	6	law	law	NOUN
taxlaw-3469	82	7	capital	capital	NOUN
taxlaw-3469	82	8	investments	investment	NOUN
taxlaw-3469	82	9	is	be	AUX
taxlaw-3469	82	10	that	that	SCONJ
taxlaw-3469	82	11	such	such	DET
taxlaw-3469	82	12	a	a	DET
taxlaw-3469	82	13	tax	tax	NOUN
taxlaw-3469	82	14	system	system	NOUN
taxlaw-3469	82	15	exempts	exempt	VERB
taxlaw-3469	82	16	the	the	DET
taxlaw-3469	82	17	normal	normal	ADJ
taxlaw-3469	82	18	return	return	NOUN
taxlaw-3469	82	19	from	from	ADP
taxlaw-3469	82	20	tax.16	tax.16	PROPN
taxlaw-3469	82	21	the	the	DET
taxlaw-3469	82	22	tax	tax	NOUN
taxlaw-3469	82	23	benefit	benefit	NOUN
taxlaw-3469	82	24	that	that	PRON
taxlaw-3469	82	25	the	the	DET
taxlaw-3469	82	26	firm	firm	NOUN
taxlaw-3469	82	27	realizes	realize	VERB
taxlaw-3469	82	28	from	from	ADP
taxlaw-3469	82	29	expensing	expense	VERB
taxlaw-3469	82	30	fully	fully	ADV
taxlaw-3469	82	31	offsets	offset	NOUN
taxlaw-3469	82	32	—	—	PUNCT
taxlaw-3469	82	33	in	in	ADP
taxlaw-3469	82	34	present	present	ADJ
taxlaw-3469	82	35	value	value	NOUN
taxlaw-3469	82	36	terms	term	NOUN
taxlaw-3469	82	37	—	—	PUNCT
taxlaw-3469	82	38	the	the	DET
taxlaw-3469	82	39	subsequent	subsequent	ADJ
taxlaw-3469	82	40	tax	tax	NOUN
taxlaw-3469	82	41	the	the	DET
taxlaw-3469	82	42	firm	firm	NOUN
taxlaw-3469	82	43	pays	pay	VERB
taxlaw-3469	82	44	on	on	ADP
taxlaw-3469	82	45	the	the	DET
taxlaw-3469	82	46	investment	investment	NOUN
taxlaw-3469	82	47	’s	’s	PART
taxlaw-3469	82	48	normal	normal	ADJ
taxlaw-3469	82	49	rate	rate	NOUN
taxlaw-3469	82	50	of	of	ADP
taxlaw-3469	82	51	return	return	NOUN
taxlaw-3469	82	52	and	and	CCONJ
taxlaw-3469	82	53	the	the	DET
taxlaw-3469	82	54	portion	portion	NOUN
taxlaw-3469	82	55	of	of	ADP
taxlaw-3469	82	56	the	the	DET
taxlaw-3469	82	57	gross	gross	ADJ
taxlaw-3469	82	58	income	income	NOUN
taxlaw-3469	82	59	that	that	PRON
taxlaw-3469	82	60	covers	cover	VERB
taxlaw-3469	82	61	the	the	DET
taxlaw-3469	82	62	depreciation	depreciation	NOUN
taxlaw-3469	82	63	of	of	ADP
taxlaw-3469	82	64	the	the	DET
taxlaw-3469	82	65	investment	investment	NOUN
taxlaw-3469	82	66	.	.	PUNCT
taxlaw-3469	83	1	the	the	DET
taxlaw-3469	83	2	expected	expect	VERB
taxlaw-3469	83	3	stream	stream	NOUN
taxlaw-3469	83	4	of	of	ADP
taxlaw-3469	83	5	the	the	DET
taxlaw-3469	83	6	normal	normal	ADJ
taxlaw-3469	83	7	returns	return	NOUN
taxlaw-3469	83	8	generated	generate	VERB
taxlaw-3469	83	9	from	from	ADP
taxlaw-3469	83	10	an	an	DET
taxlaw-3469	83	11	investment	investment	NOUN
taxlaw-3469	83	12	along	along	ADP
taxlaw-3469	83	13	with	with	ADP
taxlaw-3469	83	14	the	the	DET
taxlaw-3469	83	15	portion	portion	NOUN
taxlaw-3469	83	16	of	of	ADP
taxlaw-3469	83	17	returns	return	NOUN
taxlaw-3469	83	18	that	that	PRON
taxlaw-3469	83	19	pay	pay	VERB
taxlaw-3469	83	20	for	for	ADP
taxlaw-3469	83	21	its	its	PRON
taxlaw-3469	83	22	depreciation	depreciation	NOUN
taxlaw-3469	83	23	when	when	SCONJ
taxlaw-3469	83	24	discounted	discount	VERB
taxlaw-3469	83	25	at	at	ADP
taxlaw-3469	83	26	the	the	DET
taxlaw-3469	83	27	investment	investment	NOUN
taxlaw-3469	83	28	’s	’s	PART
taxlaw-3469	83	29	opportunity	opportunity	NOUN
taxlaw-3469	83	30	cost	cost	NOUN
taxlaw-3469	83	31	—	—	PUNCT
taxlaw-3469	83	32	i.e.	i.e.	X
taxlaw-3469	83	33	,	,	PUNCT
taxlaw-3469	83	34	normal	normal	ADJ
taxlaw-3469	83	35	rate	rate	NOUN
taxlaw-3469	83	36	of	of	ADP
taxlaw-3469	83	37	return	return	NOUN
taxlaw-3469	83	38	—	—	PUNCT
taxlaw-3469	83	39	must	must	AUX
taxlaw-3469	83	40	,	,	PUNCT
taxlaw-3469	83	41	by	by	ADP
taxlaw-3469	83	42	definition	definition	NOUN
taxlaw-3469	83	43	,	,	PUNCT
taxlaw-3469	83	44	equal	equal	VERB
taxlaw-3469	83	45	the	the	DET
taxlaw-3469	83	46	original	original	ADJ
taxlaw-3469	83	47	investment.17	investment.17	NOUN
taxlaw-3469	83	48	thus	thus	ADV
taxlaw-3469	83	49	,	,	PUNCT
taxlaw-3469	83	50	a	a	DET
taxlaw-3469	83	51	tax	tax	NOUN
taxlaw-3469	83	52	benefit	benefit	NOUN
taxlaw-3469	83	53	on	on	ADP
taxlaw-3469	83	54	that	that	DET
taxlaw-3469	83	55	original	original	ADJ
taxlaw-3469	83	56	investment	investment	NOUN
taxlaw-3469	83	57	must	must	AUX
taxlaw-3469	83	58	equate	equate	VERB
taxlaw-3469	83	59	(	(	PUNCT
taxlaw-3469	83	60	in	in	ADP
taxlaw-3469	83	61	expected	expect	VERB
taxlaw-3469	83	62	terms	term	NOUN
taxlaw-3469	83	63	)	)	PUNCT
taxlaw-3469	83	64	to	to	ADP
taxlaw-3469	83	65	the	the	DET
taxlaw-3469	83	66	tax	tax	NOUN
taxlaw-3469	83	67	payments	payment	NOUN
taxlaw-3469	83	68	on	on	ADP
taxlaw-3469	83	69	the	the	DET
taxlaw-3469	83	70	normal	normal	ADJ
taxlaw-3469	83	71	rate	rate	NOUN
taxlaw-3469	83	72	plus	plus	CCONJ
taxlaw-3469	83	73	economic	economic	ADJ
taxlaw-3469	83	74	depreciation	depreciation	NOUN
taxlaw-3469	83	75	so	so	ADV
taxlaw-3469	83	76	long	long	ADV
taxlaw-3469	83	77	as	as	SCONJ
taxlaw-3469	83	78	the	the	DET
taxlaw-3469	83	79	tax	tax	NOUN
taxlaw-3469	83	80	rate	rate	NOUN
taxlaw-3469	83	81	remains	remain	VERB
taxlaw-3469	83	82	unchanged	unchanged	ADJ
taxlaw-3469	83	83	over	over	ADP
taxlaw-3469	83	84	time	time	NOUN
taxlaw-3469	83	85	.	.	PUNCT
taxlaw-3469	84	1	note	note	VERB
taxlaw-3469	84	2	that	that	SCONJ
taxlaw-3469	84	3	the	the	DET
taxlaw-3469	84	4	above	above	ADJ
taxlaw-3469	84	5	does	do	AUX
taxlaw-3469	84	6	not	not	PART
taxlaw-3469	84	7	imply	imply	VERB
taxlaw-3469	84	8	that	that	SCONJ
taxlaw-3469	84	9	the	the	DET
taxlaw-3469	84	10	government	government	NOUN
taxlaw-3469	84	11	stands	stand	VERB
taxlaw-3469	84	12	to	to	PART
taxlaw-3469	84	13	collect	collect	VERB
taxlaw-3469	84	14	zero	zero	NUM
taxlaw-3469	84	15	tax	tax	NOUN
taxlaw-3469	84	16	revenues	revenue	NOUN
taxlaw-3469	84	17	under	under	ADP
taxlaw-3469	84	18	expensing	expense	VERB
taxlaw-3469	84	19	when	when	SCONJ
taxlaw-3469	84	20	there	there	PRON
taxlaw-3469	84	21	are	be	VERB
taxlaw-3469	84	22	no	no	DET
taxlaw-3469	84	23	rents	rent	NOUN
taxlaw-3469	84	24	to	to	ADP
taxlaw-3469	84	25	tax	tax	NOUN
taxlaw-3469	84	26	.	.	PUNCT
taxlaw-3469	85	1	even	even	ADV
taxlaw-3469	85	2	when	when	SCONJ
taxlaw-3469	85	3	economic	economic	ADJ
taxlaw-3469	85	4	rents	rent	NOUN
taxlaw-3469	85	5	are	be	AUX
taxlaw-3469	85	6	entirely	entirely	ADV
taxlaw-3469	85	7	absent	absent	ADJ
taxlaw-3469	85	8	,	,	PUNCT
taxlaw-3469	85	9	the	the	DET
taxlaw-3469	85	10	total	total	ADJ
taxlaw-3469	85	11	undiscounted	undiscounted	ADJ
taxlaw-3469	85	12	tax	tax	NOUN
taxlaw-3469	85	13	revenues	revenue	NOUN
taxlaw-3469	85	14	received	receive	VERB
taxlaw-3469	85	15	by	by	ADP
taxlaw-3469	85	16	the	the	DET
taxlaw-3469	85	17	government	government	NOUN
taxlaw-3469	85	18	would	would	AUX
taxlaw-3469	85	19	exceed	exceed	VERB
taxlaw-3469	85	20	the	the	DET
taxlaw-3469	85	21	initial	initial	ADJ
taxlaw-3469	85	22	tax	tax	NOUN
taxlaw-3469	85	23	benefit	benefit	NOUN
taxlaw-3469	85	24	of	of	ADP
taxlaw-3469	85	25	expensing	expensing	NOUN
taxlaw-3469	85	26	;	;	PUNCT
taxlaw-3469	85	27	the	the	DET
taxlaw-3469	85	28	government	government	NOUN
taxlaw-3469	85	29	would	would	AUX
taxlaw-3469	85	30	earn	earn	VERB
taxlaw-3469	85	31	the	the	DET
taxlaw-3469	85	32	normal	normal	ADJ
taxlaw-3469	85	33	rate	rate	NOUN
taxlaw-3469	85	34	of	of	ADP
taxlaw-3469	85	35	return	return	NOUN
taxlaw-3469	85	36	on	on	ADP
taxlaw-3469	85	37	the	the	DET
taxlaw-3469	85	38	initial	initial	ADJ
taxlaw-3469	85	39	tax	tax	NOUN
taxlaw-3469	85	40	benefit	benefit	NOUN
taxlaw-3469	85	41	it	it	PRON
taxlaw-3469	85	42	offered	offer	VERB
taxlaw-3469	85	43	.	.	PUNCT
taxlaw-3469	86	1	under	under	ADP
taxlaw-3469	86	2	expensing	expense	VERB
taxlaw-3469	86	3	,	,	PUNCT
taxlaw-3469	86	4	the	the	DET
taxlaw-3469	86	5	government	government	NOUN
taxlaw-3469	86	6	effectively	effectively	ADV
taxlaw-3469	86	7	becomes	become	VERB
taxlaw-3469	86	8	a	a	DET
taxlaw-3469	86	9	silent	silent	ADJ
taxlaw-3469	86	10	partner	partner	NOUN
taxlaw-3469	86	11	in	in	ADP
taxlaw-3469	86	12	the	the	DET
taxlaw-3469	86	13	investment	investment	NOUN
taxlaw-3469	86	14	—	—	PUNCT
taxlaw-3469	86	15	it	it	PRON
taxlaw-3469	86	16	defrays	defray	VERB
taxlaw-3469	86	17	a	a	DET
taxlaw-3469	86	18	share	share	NOUN
taxlaw-3469	86	19	of	of	ADP
taxlaw-3469	86	20	the	the	DET
taxlaw-3469	86	21	firm	firm	NOUN
taxlaw-3469	86	22	’s	’s	PART
taxlaw-3469	86	23	upfront	upfront	ADJ
taxlaw-3469	86	24	cost	cost	NOUN
taxlaw-3469	86	25	and	and	CCONJ
taxlaw-3469	86	26	receives	receive	VERB
taxlaw-3469	86	27	the	the	DET
taxlaw-3469	86	28	same	same	ADJ
taxlaw-3469	86	29	share	share	NOUN
taxlaw-3469	86	30	of	of	ADP
taxlaw-3469	86	31	the	the	DET
taxlaw-3469	86	32	subsequent	subsequent	ADJ
taxlaw-3469	86	33	returns.18	returns.18	NOUN
taxlaw-3469	86	34	when	when	SCONJ
taxlaw-3469	86	35	the	the	DET
taxlaw-3469	86	36	tax	tax	NOUN
taxlaw-3469	86	37	code	code	NOUN
taxlaw-3469	86	38	does	do	AUX
taxlaw-3469	86	39	not	not	PART
taxlaw-3469	86	40	allow	allow	VERB
taxlaw-3469	86	41	for	for	ADP
taxlaw-3469	86	42	immediate	immediate	ADJ
taxlaw-3469	86	43	expensing	expensing	NOUN
taxlaw-3469	86	44	,	,	PUNCT
taxlaw-3469	86	45	and	and	CCONJ
taxlaw-3469	86	46	instead	instead	ADV
taxlaw-3469	86	47	only	only	ADV
taxlaw-3469	86	48	permits	permit	VERB
taxlaw-3469	86	49	a	a	DET
taxlaw-3469	86	50	deduction	deduction	NOUN
taxlaw-3469	86	51	equal	equal	ADJ
taxlaw-3469	86	52	to	to	ADP
taxlaw-3469	86	53	the	the	DET
taxlaw-3469	86	54	economic	economic	ADJ
taxlaw-3469	86	55	depreciation	depreciation	NOUN
taxlaw-3469	86	56	of	of	ADP
taxlaw-3469	86	57	the	the	DET
taxlaw-3469	86	58	investment	investment	NOUN
taxlaw-3469	86	59	(	(	PUNCT
taxlaw-3469	86	60	or	or	CCONJ
taxlaw-3469	86	61	a	a	DET
taxlaw-3469	86	62	proxy	proxy	NOUN
taxlaw-3469	86	63	for	for	ADP
taxlaw-3469	86	64	such	such	ADJ
taxlaw-3469	86	65	depreciation	depreciation	NOUN
taxlaw-3469	86	66	based	base	VERB
taxlaw-3469	86	67	on	on	ADP
taxlaw-3469	86	68	a	a	DET
taxlaw-3469	86	69	tax	tax	NOUN
taxlaw-3469	86	70	depreciation	depreciation	NOUN
taxlaw-3469	86	71	schedule	schedule	NOUN
taxlaw-3469	86	72	)	)	PUNCT
taxlaw-3469	86	73	,	,	PUNCT
taxlaw-3469	86	74	the	the	DET
taxlaw-3469	86	75	normal	normal	ADJ
taxlaw-3469	86	76	rate	rate	NOUN
taxlaw-3469	86	77	of	of	ADP
taxlaw-3469	86	78	return	return	NOUN
taxlaw-3469	86	79	from	from	ADP
taxlaw-3469	86	80	such	such	ADJ
taxlaw-3469	86	81	investments	investment	NOUN
taxlaw-3469	86	82	bears	bear	VERB
taxlaw-3469	86	83	a	a	DET
taxlaw-3469	86	84	tax	tax	NOUN
taxlaw-3469	86	85	burden.19	burden.19	NOUN
taxlaw-3469	86	86	,	,	PUNCT
taxlaw-3469	86	87	20	20	NUM
taxlaw-3469	86	88	,	,	PUNCT
taxlaw-3469	86	89	21	21	NUM
taxlaw-3469	86	90	there	there	PRON
taxlaw-3469	86	91	are	be	VERB
taxlaw-3469	86	92	sound	sound	ADJ
taxlaw-3469	86	93	policy	policy	NOUN
taxlaw-3469	86	94	reasons	reason	NOUN
taxlaw-3469	86	95	to	to	PART
taxlaw-3469	86	96	exempt	exempt	VERB
taxlaw-3469	86	97	the	the	DET
taxlaw-3469	86	98	normal	normal	ADJ
taxlaw-3469	86	99	return	return	NOUN
taxlaw-3469	86	100	from	from	ADP
taxlaw-3469	86	101	tax	tax	NOUN
taxlaw-3469	86	102	,	,	PUNCT
taxlaw-3469	86	103	in	in	ADP
taxlaw-3469	86	104	order	order	NOUN
taxlaw-3469	86	105	to	to	PART
taxlaw-3469	86	106	avoid	avoid	VERB
taxlaw-3469	86	107	the	the	DET
taxlaw-3469	86	108	efficiency	efficiency	NOUN
taxlaw-3469	86	109	cost	cost	NOUN
taxlaw-3469	86	110	of	of	ADP
taxlaw-3469	86	111	having	have	VERB
taxlaw-3469	86	112	a	a	DET
taxlaw-3469	86	113	distorted	distorted	ADJ
taxlaw-3469	86	114	level	level	NOUN
taxlaw-3469	86	115	of	of	ADP
taxlaw-3469	86	116	investment	investment	NOUN
taxlaw-3469	86	117	that	that	PRON
taxlaw-3469	86	118	is	be	AUX
taxlaw-3469	86	119	below	below	ADP
taxlaw-3469	86	120	the	the	DET
taxlaw-3469	86	121	optimal	optimal	ADJ
taxlaw-3469	86	122	level	level	NOUN
taxlaw-3469	86	123	.	.	PUNCT
taxlaw-3469	87	1	with	with	ADP
taxlaw-3469	87	2	the	the	DET
taxlaw-3469	87	3	new	new	ADJ
taxlaw-3469	87	4	rules	rule	NOUN
taxlaw-3469	87	5	allowing	allow	VERB
taxlaw-3469	87	6	for	for	ADP
taxlaw-3469	87	7	100	100	NUM
taxlaw-3469	87	8	percent	percent	NOUN
taxlaw-3469	87	9	expensing	expense	VERB
taxlaw-3469	87	10	for	for	ADP
taxlaw-3469	87	11	certain	certain	ADJ
taxlaw-3469	87	12	qualified	qualified	ADJ
taxlaw-3469	87	13	tangible	tangible	ADJ
taxlaw-3469	87	14	business	business	NOUN
taxlaw-3469	87	15	assets	asset	NOUN
taxlaw-3469	87	16	(	(	PUNCT
taxlaw-3469	87	17	at	at	ADP
taxlaw-3469	87	18	least	least	ADJ
taxlaw-3469	87	19	through	through	ADP
taxlaw-3469	87	20	2022	2022	NUM
taxlaw-3469	87	21	)	)	PUNCT
taxlaw-3469	87	22	under	under	ADP
taxlaw-3469	87	23	section	section	NOUN
taxlaw-3469	87	24	168(k	168(k	PROPN
taxlaw-3469	87	25	)	)	PUNCT
taxlaw-3469	87	26	,	,	PUNCT
taxlaw-3469	87	27	as	as	SCONJ
taxlaw-3469	87	28	amended	amend	VERB
taxlaw-3469	87	29	by	by	ADP
taxlaw-3469	87	30	13201	13201	NUM
taxlaw-3469	87	31	of	of	ADP
taxlaw-3469	87	32	the	the	DET
taxlaw-3469	87	33	tcja	tcja	NOUN
taxlaw-3469	87	34	,	,	PUNCT
taxlaw-3469	87	35	the	the	DET
taxlaw-3469	87	36	normal	normal	ADJ
taxlaw-3469	87	37	return	return	NOUN
taxlaw-3469	87	38	on	on	ADP
taxlaw-3469	87	39	new	new	ADJ
taxlaw-3469	87	40	investments	investment	NOUN
taxlaw-3469	87	41	in	in	ADP
taxlaw-3469	87	42	those	those	DET
taxlaw-3469	87	43	assets	asset	NOUN
taxlaw-3469	87	44	is	be	AUX
taxlaw-3469	87	45	exempt	exempt	ADJ
taxlaw-3469	87	46	from	from	ADP
taxlaw-3469	87	47	tax	tax	NOUN
taxlaw-3469	87	48	.	.	PUNCT
taxlaw-3469	88	1	other	other	ADJ
taxlaw-3469	88	2	things	thing	NOUN
taxlaw-3469	88	3	equal	equal	ADJ
taxlaw-3469	88	4	,	,	PUNCT
taxlaw-3469	88	5	this	this	PRON
taxlaw-3469	88	6	can	can	AUX
taxlaw-3469	88	7	stimulate	stimulate	VERB
taxlaw-3469	88	8	the	the	DET
taxlaw-3469	88	9	first	first	ADJ
taxlaw-3469	88	10	term	term	NOUN
taxlaw-3469	88	11	in	in	ADP
taxlaw-3469	88	12	the	the	DET
taxlaw-3469	88	13	expression	expression	NOUN
taxlaw-3469	88	14	represents	represent	VERB
taxlaw-3469	88	15	the	the	DET
taxlaw-3469	88	16	tax	tax	NOUN
taxlaw-3469	88	17	gain	gain	NOUN
taxlaw-3469	88	18	in	in	ADP
taxlaw-3469	88	19	the	the	DET
taxlaw-3469	88	20	first	first	ADJ
taxlaw-3469	88	21	period	period	NOUN
taxlaw-3469	88	22	from	from	ADP
taxlaw-3469	88	23	the	the	DET
taxlaw-3469	88	24	immediate	immediate	ADJ
taxlaw-3469	88	25	expensing	expensing	NOUN
taxlaw-3469	88	26	of	of	ADP
taxlaw-3469	88	27	the	the	DET
taxlaw-3469	88	28	investment	investment	NOUN
taxlaw-3469	88	29	,	,	PUNCT
taxlaw-3469	88	30	while	while	SCONJ
taxlaw-3469	88	31	the	the	DET
taxlaw-3469	88	32	second	second	ADJ
taxlaw-3469	88	33	term	term	NOUN
taxlaw-3469	88	34	is	be	AUX
taxlaw-3469	88	35	the	the	DET
taxlaw-3469	88	36	present	present	ADJ
taxlaw-3469	88	37	discounted	discount	VERB
taxlaw-3469	88	38	value	value	NOUN
taxlaw-3469	88	39	of	of	ADP
taxlaw-3469	88	40	the	the	DET
taxlaw-3469	88	41	stream	stream	NOUN
taxlaw-3469	88	42	of	of	ADP
taxlaw-3469	88	43	gross	gross	ADJ
taxlaw-3469	88	44	returns	return	NOUN
taxlaw-3469	88	45	after	after	ADP
taxlaw-3469	88	46	tax	tax	NOUN
taxlaw-3469	88	47	.	.	PUNCT
taxlaw-3469	89	1	16	16	NUM
taxlaw-3469	89	2	see	see	VERB
taxlaw-3469	89	3	oecd	oecd	PROPN
taxlaw-3469	89	4	.	.	PROPN
taxlaw-3469	89	5	,	,	PUNCT
taxlaw-3469	89	6	supra	supra	PROPN
taxlaw-3469	89	7	note	note	VERB
taxlaw-3469	89	8	13	13	NUM
taxlaw-3469	89	9	.	.	NOUN
taxlaw-3469	89	10	17	17	NUM
taxlaw-3469	90	1	a	a	DET
taxlaw-3469	90	2	mathematical	mathematical	ADJ
taxlaw-3469	90	3	proof	proof	NOUN
taxlaw-3469	90	4	is	be	AUX
taxlaw-3469	90	5	available	available	ADJ
taxlaw-3469	90	6	from	from	ADP
taxlaw-3469	90	7	the	the	DET
taxlaw-3469	90	8	authors	author	NOUN
taxlaw-3469	90	9	upon	upon	SCONJ
taxlaw-3469	90	10	request	request	NOUN
taxlaw-3469	90	11	.	.	PUNCT
taxlaw-3469	91	1	18	18	NUM
taxlaw-3469	91	2	with	with	ADP
taxlaw-3469	91	3	risky	risky	ADJ
taxlaw-3469	91	4	returns	return	NOUN
taxlaw-3469	91	5	,	,	PUNCT
taxlaw-3469	91	6	the	the	DET
taxlaw-3469	91	7	loss	loss	NOUN
taxlaw-3469	91	8	offset	offset	NOUN
taxlaw-3469	91	9	rules	rule	NOUN
taxlaw-3469	91	10	are	be	AUX
taxlaw-3469	91	11	important	important	ADJ
taxlaw-3469	91	12	.	.	PUNCT
taxlaw-3469	92	1	with	with	ADP
taxlaw-3469	92	2	less	less	ADJ
taxlaw-3469	92	3	than	than	ADP
taxlaw-3469	92	4	full	full	ADJ
taxlaw-3469	92	5	loss	loss	NOUN
taxlaw-3469	92	6	offset	offset	NOUN
taxlaw-3469	92	7	,	,	PUNCT
taxlaw-3469	92	8	the	the	DET
taxlaw-3469	92	9	government	government	NOUN
taxlaw-3469	92	10	falls	fall	VERB
taxlaw-3469	92	11	short	short	ADV
taxlaw-3469	92	12	of	of	ADP
taxlaw-3469	92	13	being	be	AUX
taxlaw-3469	92	14	a	a	DET
taxlaw-3469	92	15	true	true	ADJ
taxlaw-3469	92	16	silent	silent	ADJ
taxlaw-3469	92	17	partner	partner	NOUN
taxlaw-3469	92	18	because	because	SCONJ
taxlaw-3469	92	19	it	it	PRON
taxlaw-3469	92	20	does	do	AUX
taxlaw-3469	92	21	not	not	PART
taxlaw-3469	92	22	participate	participate	VERB
taxlaw-3469	92	23	symmetrically	symmetrically	ADV
taxlaw-3469	92	24	in	in	ADP
taxlaw-3469	92	25	the	the	DET
taxlaw-3469	92	26	upside	upside	ADJ
taxlaw-3469	92	27	and	and	CCONJ
taxlaw-3469	92	28	downside	downside	ADJ
taxlaw-3469	92	29	realizations	realization	NOUN
taxlaw-3469	92	30	of	of	ADP
taxlaw-3469	92	31	the	the	DET
taxlaw-3469	92	32	risk	risk	NOUN
taxlaw-3469	92	33	.	.	PUNCT
taxlaw-3469	93	1	although	although	SCONJ
taxlaw-3469	93	2	the	the	DET
taxlaw-3469	93	3	change	change	NOUN
taxlaw-3469	93	4	in	in	ADP
taxlaw-3469	93	5	loss	loss	NOUN
taxlaw-3469	93	6	offset	offset	NOUN
taxlaw-3469	93	7	rules	rule	NOUN
taxlaw-3469	93	8	are	be	AUX
taxlaw-3469	93	9	an	an	DET
taxlaw-3469	93	10	important	important	ADJ
taxlaw-3469	93	11	consideration	consideration	NOUN
taxlaw-3469	93	12	in	in	ADP
taxlaw-3469	93	13	the	the	DET
taxlaw-3469	93	14	context	context	NOUN
taxlaw-3469	93	15	of	of	ADP
taxlaw-3469	93	16	p.l	p.l	PROPN
taxlaw-3469	93	17	.	.	PROPN
taxlaw-3469	93	18	115	115	NUM
taxlaw-3469	93	19	-	-	SYM
taxlaw-3469	93	20	97	97	NUM
taxlaw-3469	93	21	,	,	PUNCT
taxlaw-3469	93	22	we	we	PRON
taxlaw-3469	93	23	ignore	ignore	VERB
taxlaw-3469	93	24	this	this	DET
taxlaw-3469	93	25	change	change	NOUN
taxlaw-3469	93	26	in	in	ADP
taxlaw-3469	93	27	the	the	DET
taxlaw-3469	93	28	interest	interest	NOUN
taxlaw-3469	93	29	of	of	ADP
taxlaw-3469	93	30	tractability	tractability	NOUN
taxlaw-3469	93	31	.	.	PUNCT
taxlaw-3469	94	1	19	19	NUM
taxlaw-3469	94	2	a	a	DET
taxlaw-3469	94	3	mathematical	mathematical	ADJ
taxlaw-3469	94	4	exposition	exposition	NOUN
taxlaw-3469	94	5	of	of	ADP
taxlaw-3469	94	6	this	this	PRON
taxlaw-3469	94	7	within	within	ADP
taxlaw-3469	94	8	the	the	DET
taxlaw-3469	94	9	framework	framework	NOUN
taxlaw-3469	94	10	adopted	adopt	VERB
taxlaw-3469	94	11	in	in	ADP
taxlaw-3469	94	12	this	this	DET
taxlaw-3469	94	13	section	section	NOUN
taxlaw-3469	94	14	is	be	AUX
taxlaw-3469	94	15	available	available	ADJ
taxlaw-3469	94	16	from	from	ADP
taxlaw-3469	94	17	the	the	DET
taxlaw-3469	94	18	authors	author	NOUN
taxlaw-3469	94	19	upon	upon	SCONJ
taxlaw-3469	94	20	request	request	NOUN
taxlaw-3469	94	21	.	.	PUNCT
taxlaw-3469	95	1	20	20	NUM
taxlaw-3469	96	1	if	if	SCONJ
taxlaw-3469	96	2	the	the	DET
taxlaw-3469	96	3	tax	tax	NOUN
taxlaw-3469	96	4	depreciation	depreciation	NOUN
taxlaw-3469	96	5	schedule	schedule	NOUN
taxlaw-3469	96	6	replicates	replicate	VERB
taxlaw-3469	96	7	true	true	ADJ
taxlaw-3469	96	8	economic	economic	ADJ
taxlaw-3469	96	9	depreciation	depreciation	NOUN
taxlaw-3469	96	10	,	,	PUNCT
taxlaw-3469	96	11	the	the	DET
taxlaw-3469	96	12	normal	normal	ADJ
taxlaw-3469	96	13	rate	rate	NOUN
taxlaw-3469	96	14	of	of	ADP
taxlaw-3469	96	15	return	return	NOUN
taxlaw-3469	96	16	bears	bear	VERB
taxlaw-3469	96	17	the	the	DET
taxlaw-3469	96	18	full	full	ADJ
taxlaw-3469	96	19	extent	extent	NOUN
taxlaw-3469	96	20	of	of	ADP
taxlaw-3469	96	21	the	the	DET
taxlaw-3469	96	22	tax	tax	NOUN
taxlaw-3469	96	23	.	.	PUNCT
taxlaw-3469	97	1	a	a	DET
taxlaw-3469	97	2	tax	tax	NOUN
taxlaw-3469	97	3	schedule	schedule	NOUN
taxlaw-3469	97	4	that	that	PRON
taxlaw-3469	97	5	allows	allow	VERB
taxlaw-3469	97	6	for	for	ADP
taxlaw-3469	97	7	slower	slow	ADJ
taxlaw-3469	97	8	depreciation	depreciation	NOUN
taxlaw-3469	97	9	than	than	ADP
taxlaw-3469	97	10	the	the	DET
taxlaw-3469	97	11	true	true	ADJ
taxlaw-3469	97	12	economic	economic	ADJ
taxlaw-3469	97	13	rate	rate	NOUN
taxlaw-3469	97	14	imposes	impose	VERB
taxlaw-3469	97	15	a	a	DET
taxlaw-3469	97	16	tax	tax	NOUN
taxlaw-3469	97	17	on	on	ADP
taxlaw-3469	97	18	the	the	DET
taxlaw-3469	97	19	normal	normal	ADJ
taxlaw-3469	97	20	return	return	NOUN
taxlaw-3469	97	21	at	at	ADP
taxlaw-3469	97	22	a	a	DET
taxlaw-3469	97	23	rate	rate	NOUN
taxlaw-3469	97	24	greater	great	ADJ
taxlaw-3469	97	25	than	than	ADP
taxlaw-3469	97	26	the	the	DET
taxlaw-3469	97	27	statutory	statutory	ADJ
taxlaw-3469	97	28	rate	rate	NOUN
taxlaw-3469	97	29	.	.	PUNCT
taxlaw-3469	98	1	21	21	NUM
taxlaw-3469	98	2	the	the	DET
taxlaw-3469	98	3	tax	tax	NOUN
taxlaw-3469	98	4	burden	burden	NOUN
taxlaw-3469	98	5	on	on	ADP
taxlaw-3469	98	6	the	the	DET
taxlaw-3469	98	7	normal	normal	ADJ
taxlaw-3469	98	8	return	return	NOUN
taxlaw-3469	98	9	means	mean	VERB
taxlaw-3469	98	10	that	that	SCONJ
taxlaw-3469	98	11	the	the	DET
taxlaw-3469	98	12	investment	investment	NOUN
taxlaw-3469	98	13	would	would	AUX
taxlaw-3469	98	14	only	only	ADV
taxlaw-3469	98	15	be	be	AUX
taxlaw-3469	98	16	undertaken	undertake	VERB
taxlaw-3469	98	17	if	if	SCONJ
taxlaw-3469	98	18	the	the	DET
taxlaw-3469	98	19	economic	economic	ADJ
taxlaw-3469	98	20	rents	rent	NOUN
taxlaw-3469	98	21	are	be	AUX
taxlaw-3469	98	22	sufficient	sufficient	ADJ
taxlaw-3469	98	23	to	to	PART
taxlaw-3469	98	24	ensure	ensure	VERB
taxlaw-3469	98	25	that	that	SCONJ
taxlaw-3469	98	26	the	the	DET
taxlaw-3469	98	27	one	one	NUM
taxlaw-3469	98	28	dollar	dollar	NOUN
taxlaw-3469	98	29	investment	investment	NOUN
taxlaw-3469	98	30	generates	generate	VERB
taxlaw-3469	98	31	at	at	ADP
taxlaw-3469	98	32	least	least	ADJ
taxlaw-3469	98	33	its	its	PRON
taxlaw-3469	98	34	opportunity	opportunity	NOUN
taxlaw-3469	98	35	cost	cost	NOUN
taxlaw-3469	98	36	on	on	ADP
taxlaw-3469	98	37	an	an	DET
taxlaw-3469	98	38	after	after	ADP
taxlaw-3469	98	39	-	-	PUNCT
taxlaw-3469	98	40	tax	tax	NOUN
taxlaw-3469	98	41	basis	basis	NOUN
taxlaw-3469	98	42	.	.	PUNCT
taxlaw-3469	99	1	if	if	SCONJ
taxlaw-3469	99	2	the	the	DET
taxlaw-3469	99	3	economic	economic	ADJ
taxlaw-3469	99	4	rents	rent	NOUN
taxlaw-3469	99	5	generated	generate	VERB
taxlaw-3469	99	6	by	by	ADP
taxlaw-3469	99	7	an	an	DET
taxlaw-3469	99	8	investment	investment	NOUN
taxlaw-3469	99	9	decline	decline	NOUN
taxlaw-3469	99	10	for	for	ADP
taxlaw-3469	99	11	each	each	DET
taxlaw-3469	99	12	additional	additional	ADJ
taxlaw-3469	99	13	dollar	dollar	NOUN
taxlaw-3469	99	14	of	of	ADP
taxlaw-3469	99	15	investment	investment	NOUN
taxlaw-3469	99	16	,	,	PUNCT
taxlaw-3469	99	17	the	the	DET
taxlaw-3469	99	18	scale	scale	NOUN
taxlaw-3469	99	19	of	of	ADP
taxlaw-3469	99	20	investment	investment	NOUN
taxlaw-3469	99	21	under	under	ADP
taxlaw-3469	99	22	full	full	ADJ
taxlaw-3469	99	23	expensing	expensing	NOUN
taxlaw-3469	99	24	will	will	AUX
taxlaw-3469	99	25	be	be	AUX
taxlaw-3469	99	26	greater	great	ADJ
taxlaw-3469	99	27	than	than	ADP
taxlaw-3469	99	28	under	under	ADP
taxlaw-3469	99	29	a	a	DET
taxlaw-3469	99	30	system	system	NOUN
taxlaw-3469	99	31	that	that	PRON
taxlaw-3469	99	32	only	only	ADV
taxlaw-3469	99	33	allows	allow	VERB
taxlaw-3469	99	34	for	for	ADP
taxlaw-3469	99	35	deductibility	deductibility	NOUN
taxlaw-3469	99	36	of	of	ADP
taxlaw-3469	99	37	the	the	DET
taxlaw-3469	99	38	depreciation	depreciation	NOUN
taxlaw-3469	99	39	.	.	PUNCT
taxlaw-3469	100	1	under	under	ADP
taxlaw-3469	100	2	the	the	DET
taxlaw-3469	100	3	framework	framework	NOUN
taxlaw-3469	100	4	adopted	adopt	VERB
taxlaw-3469	100	5	in	in	ADP
taxlaw-3469	100	6	this	this	DET
taxlaw-3469	100	7	section	section	NOUN
taxlaw-3469	100	8	,	,	PUNCT
taxlaw-3469	100	9	this	this	PRON
taxlaw-3469	100	10	would	would	AUX
taxlaw-3469	100	11	be	be	AUX
taxlaw-3469	100	12	the	the	DET
taxlaw-3469	100	13	case	case	NOUN
taxlaw-3469	100	14	when	when	SCONJ
taxlaw-3469	100	15	the	the	DET
taxlaw-3469	100	16	constant	constant	ADJ
taxlaw-3469	100	17	rate	rate	NOUN
taxlaw-3469	100	18	of	of	ADP
taxlaw-3469	100	19	economic	economic	ADJ
taxlaw-3469	100	20	rents	rent	NOUN
taxlaw-3469	100	21	(	(	PUNCT
taxlaw-3469	100	22	er	er	INTJ
taxlaw-3469	100	23	)	)	PUNCT
taxlaw-3469	100	24	assumed	assume	VERB
taxlaw-3469	100	25	for	for	ADP
taxlaw-3469	100	26	the	the	DET
taxlaw-3469	100	27	marginal	marginal	ADJ
taxlaw-3469	100	28	dollar	dollar	NOUN
taxlaw-3469	100	29	of	of	ADP
taxlaw-3469	100	30	investment	investment	NOUN
taxlaw-3469	100	31	is	be	AUX
taxlaw-3469	100	32	a	a	DET
taxlaw-3469	100	33	declining	decline	VERB
taxlaw-3469	100	34	function	function	NOUN
taxlaw-3469	100	35	of	of	ADP
taxlaw-3469	100	36	the	the	DET
taxlaw-3469	100	37	scale	scale	NOUN
taxlaw-3469	100	38	of	of	ADP
taxlaw-3469	100	39	inframarginal	inframarginal	ADJ
taxlaw-3469	100	40	investment	investment	NOUN
taxlaw-3469	100	41	.	.	PUNCT
taxlaw-3469	101	1	2019	2019	NUM
taxlaw-3469	101	2	]	]	SYM
taxlaw-3469	101	3	205	205	NUM
taxlaw-3469	101	4	the	the	DET
taxlaw-3469	101	5	impact	impact	NOUN
taxlaw-3469	101	6	of	of	ADP
taxlaw-3469	101	7	gilti	gilti	NOUN
taxlaw-3469	101	8	and	and	CCONJ
taxlaw-3469	101	9	fdii	fdii	NOUN
taxlaw-3469	101	10	on	on	ADP
taxlaw-3469	101	11	the	the	DET
taxlaw-3469	101	12	investment	investment	NOUN
taxlaw-3469	101	13	location	location	NOUN
taxlaw-3469	101	14	choice	choice	NOUN
taxlaw-3469	101	15	of	of	ADP
taxlaw-3469	101	16	u.s	u.s	PROPN
taxlaw-3469	101	17	.	.	PROPN
taxlaw-3469	101	18	multinationals	multinational	NOUN
taxlaw-3469	101	19	investment	investment	NOUN
taxlaw-3469	101	20	.	.	PUNCT
taxlaw-3469	102	1	22	22	NUM
taxlaw-3469	102	2	with	with	ADP
taxlaw-3469	102	3	immediate	immediate	ADJ
taxlaw-3469	102	4	expensing	expensing	NOUN
taxlaw-3469	102	5	already	already	ADV
taxlaw-3469	102	6	applying	apply	VERB
taxlaw-3469	102	7	to	to	ADP
taxlaw-3469	102	8	investments	investment	NOUN
taxlaw-3469	102	9	in	in	ADP
taxlaw-3469	102	10	self	self	NOUN
taxlaw-3469	102	11	-	-	PUNCT
taxlaw-3469	102	12	developed	develop	VERB
taxlaw-3469	102	13	intangibles	intangible	NOUN
taxlaw-3469	102	14	,	,	PUNCT
taxlaw-3469	102	15	such	such	ADJ
taxlaw-3469	102	16	as	as	ADP
taxlaw-3469	102	17	research	research	NOUN
taxlaw-3469	102	18	and	and	CCONJ
taxlaw-3469	102	19	development	development	NOUN
taxlaw-3469	102	20	,	,	PUNCT
taxlaw-3469	102	21	advertising	advertising	NOUN
taxlaw-3469	102	22	and	and	CCONJ
taxlaw-3469	102	23	marketing	marketing	NOUN
taxlaw-3469	102	24	,	,	PUNCT
taxlaw-3469	102	25	the	the	DET
taxlaw-3469	102	26	normal	normal	ADJ
taxlaw-3469	102	27	return	return	NOUN
taxlaw-3469	102	28	on	on	ADP
taxlaw-3469	102	29	such	such	ADJ
taxlaw-3469	102	30	investments	investment	NOUN
taxlaw-3469	102	31	should	should	AUX
taxlaw-3469	102	32	also	also	ADV
taxlaw-3469	102	33	be	be	AUX
taxlaw-3469	102	34	exempt	exempt	ADJ
taxlaw-3469	102	35	from	from	ADP
taxlaw-3469	102	36	u.s	u.s	PROPN
taxlaw-3469	102	37	.	.	PROPN
taxlaw-3469	102	38	tax.23	tax.23	PROPN
taxlaw-3469	102	39	other	other	ADJ
taxlaw-3469	102	40	things	thing	NOUN
taxlaw-3469	102	41	equal	equal	ADJ
taxlaw-3469	102	42	,	,	PUNCT
taxlaw-3469	102	43	the	the	DET
taxlaw-3469	102	44	expensing	expense	VERB
taxlaw-3469	102	45	rules	rule	NOUN
taxlaw-3469	102	46	would	would	AUX
taxlaw-3469	102	47	prevent	prevent	VERB
taxlaw-3469	102	48	u.s	u.s	PROPN
taxlaw-3469	102	49	.	.	PROPN
taxlaw-3469	102	50	tax	tax	NOUN
taxlaw-3469	102	51	from	from	ADP
taxlaw-3469	102	52	distorting	distort	VERB
taxlaw-3469	102	53	the	the	DET
taxlaw-3469	102	54	level	level	NOUN
taxlaw-3469	102	55	of	of	ADP
taxlaw-3469	102	56	investments	investment	NOUN
taxlaw-3469	102	57	in	in	ADP
taxlaw-3469	102	58	different	different	ADJ
taxlaw-3469	102	59	classes	class	NOUN
taxlaw-3469	102	60	of	of	ADP
taxlaw-3469	102	61	business	business	NOUN
taxlaw-3469	102	62	assets	asset	NOUN
taxlaw-3469	102	63	.	.	PUNCT
taxlaw-3469	103	1	on	on	ADP
taxlaw-3469	103	2	their	their	PRON
taxlaw-3469	103	3	own	own	ADJ
taxlaw-3469	103	4	,	,	PUNCT
taxlaw-3469	103	5	however	however	ADV
taxlaw-3469	103	6	,	,	PUNCT
taxlaw-3469	103	7	the	the	DET
taxlaw-3469	103	8	expensing	expense	VERB
taxlaw-3469	103	9	rules	rule	NOUN
taxlaw-3469	103	10	do	do	AUX
taxlaw-3469	103	11	not	not	PART
taxlaw-3469	103	12	address	address	VERB
taxlaw-3469	103	13	concerns	concern	NOUN
taxlaw-3469	103	14	related	relate	VERB
taxlaw-3469	103	15	to	to	ADP
taxlaw-3469	103	16	the	the	DET
taxlaw-3469	103	17	location	location	NOUN
taxlaw-3469	103	18	of	of	ADP
taxlaw-3469	103	19	such	such	ADJ
taxlaw-3469	103	20	investments	investment	NOUN
taxlaw-3469	103	21	.	.	PUNCT
taxlaw-3469	104	1	as	as	ADV
taxlaw-3469	104	2	long	long	ADV
taxlaw-3469	104	3	as	as	SCONJ
taxlaw-3469	104	4	the	the	DET
taxlaw-3469	104	5	economic	economic	ADJ
taxlaw-3469	104	6	rents	rent	NOUN
taxlaw-3469	104	7	from	from	ADP
taxlaw-3469	104	8	such	such	ADJ
taxlaw-3469	104	9	investments	investment	NOUN
taxlaw-3469	104	10	are	be	AUX
taxlaw-3469	104	11	subject	subject	ADJ
taxlaw-3469	104	12	to	to	ADP
taxlaw-3469	104	13	u.s	u.s	PROPN
taxlaw-3469	104	14	.	.	PROPN
taxlaw-3469	104	15	tax	tax	NOUN
taxlaw-3469	104	16	,	,	PUNCT
taxlaw-3469	104	17	differences	difference	NOUN
taxlaw-3469	104	18	in	in	ADP
taxlaw-3469	104	19	the	the	DET
taxlaw-3469	104	20	rates	rate	NOUN
taxlaw-3469	104	21	of	of	ADP
taxlaw-3469	104	22	such	such	ADJ
taxlaw-3469	104	23	tax	tax	NOUN
taxlaw-3469	104	24	between	between	ADP
taxlaw-3469	104	25	the	the	DET
taxlaw-3469	104	26	u.s	u.s	PROPN
taxlaw-3469	104	27	.	.	PROPN
taxlaw-3469	104	28	and	and	CCONJ
taxlaw-3469	104	29	other	other	ADJ
taxlaw-3469	104	30	jurisdictions	jurisdiction	NOUN
taxlaw-3469	104	31	can	can	AUX
taxlaw-3469	104	32	motivate	motivate	VERB
taxlaw-3469	104	33	firms	firm	NOUN
taxlaw-3469	104	34	to	to	PART
taxlaw-3469	104	35	locate	locate	VERB
taxlaw-3469	104	36	their	their	PRON
taxlaw-3469	104	37	investments	investment	NOUN
taxlaw-3469	104	38	overseas	overseas	ADV
taxlaw-3469	104	39	.	.	PUNCT
taxlaw-3469	105	1	while	while	SCONJ
taxlaw-3469	105	2	tax	tax	NOUN
taxlaw-3469	105	3	is	be	AUX
taxlaw-3469	105	4	only	only	ADV
taxlaw-3469	105	5	one	one	NUM
taxlaw-3469	105	6	consideration	consideration	NOUN
taxlaw-3469	105	7	among	among	ADP
taxlaw-3469	105	8	many	many	ADJ
taxlaw-3469	105	9	and	and	CCONJ
taxlaw-3469	105	10	some	some	DET
taxlaw-3469	105	11	forms	form	NOUN
taxlaw-3469	105	12	of	of	ADP
taxlaw-3469	105	13	capital	capital	NOUN
taxlaw-3469	105	14	are	be	AUX
taxlaw-3469	105	15	more	more	ADV
taxlaw-3469	105	16	mobile	mobile	ADJ
taxlaw-3469	105	17	than	than	ADP
taxlaw-3469	105	18	others	other	NOUN
taxlaw-3469	105	19	,	,	PUNCT
taxlaw-3469	105	20	the	the	DET
taxlaw-3469	105	21	reality	reality	NOUN
taxlaw-3469	105	22	of	of	ADP
taxlaw-3469	105	23	tax	tax	NOUN
taxlaw-3469	105	24	competition	competition	NOUN
taxlaw-3469	105	25	suggests	suggest	VERB
taxlaw-3469	105	26	that	that	SCONJ
taxlaw-3469	105	27	taxes	taxis	NOUN
taxlaw-3469	105	28	are	be	AUX
taxlaw-3469	105	29	important	important	ADJ
taxlaw-3469	105	30	with	with	ADP
taxlaw-3469	105	31	regard	regard	NOUN
taxlaw-3469	105	32	to	to	ADP
taxlaw-3469	105	33	the	the	DET
taxlaw-3469	105	34	investment	investment	NOUN
taxlaw-3469	105	35	location	location	NOUN
taxlaw-3469	105	36	.	.	PUNCT
taxlaw-3469	106	1	24	24	NUM
taxlaw-3469	106	2	above	above	ADP
taxlaw-3469	106	3	-	-	PUNCT
taxlaw-3469	106	4	normal	normal	ADJ
taxlaw-3469	106	5	profits	profit	NOUN
taxlaw-3469	106	6	from	from	ADP
taxlaw-3469	106	7	intangibles	intangible	NOUN
taxlaw-3469	106	8	represent	represent	VERB
taxlaw-3469	106	9	the	the	DET
taxlaw-3469	106	10	most	most	ADV
taxlaw-3469	106	11	mobile	mobile	ADJ
taxlaw-3469	106	12	form	form	NOUN
taxlaw-3469	106	13	of	of	ADP
taxlaw-3469	106	14	economic	economic	ADJ
taxlaw-3469	106	15	rents	rent	NOUN
taxlaw-3469	106	16	in	in	ADP
taxlaw-3469	106	17	an	an	DET
taxlaw-3469	106	18	international	international	ADJ
taxlaw-3469	106	19	tax	tax	NOUN
taxlaw-3469	106	20	context	context	NOUN
taxlaw-3469	106	21	.	.	PUNCT
taxlaw-3469	107	1	furthermore	furthermore	ADV
taxlaw-3469	107	2	,	,	PUNCT
taxlaw-3469	107	3	the	the	DET
taxlaw-3469	107	4	cross	cross	ADJ
taxlaw-3469	107	5	-	-	ADJ
taxlaw-3469	107	6	border	border	ADJ
taxlaw-3469	107	7	mobility	mobility	NOUN
taxlaw-3469	107	8	of	of	ADP
taxlaw-3469	107	9	such	such	ADJ
taxlaw-3469	107	10	rents	rent	NOUN
taxlaw-3469	107	11	can	can	AUX
taxlaw-3469	107	12	take	take	VERB
taxlaw-3469	107	13	one	one	NUM
taxlaw-3469	107	14	of	of	ADP
taxlaw-3469	107	15	two	two	NUM
taxlaw-3469	107	16	forms	form	NOUN
taxlaw-3469	107	17	.	.	PUNCT
taxlaw-3469	108	1	one	one	NUM
taxlaw-3469	108	2	form	form	NOUN
taxlaw-3469	108	3	is	be	AUX
taxlaw-3469	108	4	where	where	SCONJ
taxlaw-3469	108	5	the	the	DET
taxlaw-3469	108	6	“	"	PUNCT
taxlaw-3469	108	7	economic	economic	ADJ
taxlaw-3469	108	8	activity	activity	NOUN
taxlaw-3469	108	9	”	"	PUNCT
taxlaw-3469	108	10	underlying	underlie	VERB
taxlaw-3469	108	11	such	such	ADJ
taxlaw-3469	108	12	income	income	NOUN
taxlaw-3469	108	13	–	–	PUNCT
taxlaw-3469	108	14	to	to	PART
taxlaw-3469	108	15	adopt	adopt	VERB
taxlaw-3469	108	16	the	the	DET
taxlaw-3469	108	17	beps	bep	NOUN
taxlaw-3469	108	18	parlance	parlance	NOUN
taxlaw-3469	108	19	of	of	ADP
taxlaw-3469	108	20	the	the	DET
taxlaw-3469	108	21	oecd	oecd	PROPN
taxlaw-3469	108	22	–	–	PUNCT
taxlaw-3469	108	23	is	be	AUX
taxlaw-3469	108	24	located	locate	VERB
taxlaw-3469	108	25	in	in	ADP
taxlaw-3469	108	26	a	a	DET
taxlaw-3469	108	27	tax	tax	NOUN
taxlaw-3469	108	28	-	-	PUNCT
taxlaw-3469	108	29	advantaged	advantaged	ADJ
taxlaw-3469	108	30	jurisdiction	jurisdiction	NOUN
taxlaw-3469	108	31	along	along	ADP
taxlaw-3469	108	32	with	with	ADP
taxlaw-3469	108	33	the	the	DET
taxlaw-3469	108	34	concomitant	concomitant	ADJ
taxlaw-3469	108	35	taxable	taxable	ADJ
taxlaw-3469	108	36	income.25	income.25	NOUN
taxlaw-3469	108	37	the	the	DET
taxlaw-3469	108	38	other	other	ADJ
taxlaw-3469	108	39	type	type	NOUN
taxlaw-3469	108	40	of	of	ADP
taxlaw-3469	108	41	cross	cross	ADJ
taxlaw-3469	108	42	-	-	ADJ
taxlaw-3469	108	43	border	border	ADJ
taxlaw-3469	108	44	mobility	mobility	NOUN
taxlaw-3469	108	45	–	–	PUNCT
taxlaw-3469	108	46	again	again	ADV
taxlaw-3469	108	47	,	,	PUNCT
taxlaw-3469	108	48	adopting	adopt	VERB
taxlaw-3469	108	49	the	the	DET
taxlaw-3469	108	50	oecd	oecd	PROPN
taxlaw-3469	108	51	parlance	parlance	NOUN
taxlaw-3469	108	52	–	–	PUNCT
taxlaw-3469	108	53	is	be	AUX
taxlaw-3469	108	54	of	of	ADP
taxlaw-3469	108	55	the	the	DET
taxlaw-3469	108	56	“	"	PUNCT
taxlaw-3469	108	57	artificial	artificial	ADJ
taxlaw-3469	108	58	”	"	PUNCT
taxlaw-3469	108	59	kind	kind	NOUN
taxlaw-3469	108	60	where	where	SCONJ
taxlaw-3469	108	61	it	it	PRON
taxlaw-3469	108	62	is	be	AUX
taxlaw-3469	108	63	only	only	ADV
taxlaw-3469	108	64	the	the	DET
taxlaw-3469	108	65	taxable	taxable	ADJ
taxlaw-3469	108	66	income	income	NOUN
taxlaw-3469	108	67	that	that	PRON
taxlaw-3469	108	68	moves	move	VERB
taxlaw-3469	108	69	to	to	ADP
taxlaw-3469	108	70	a	a	DET
taxlaw-3469	108	71	low	low	ADJ
taxlaw-3469	108	72	-	-	PUNCT
taxlaw-3469	108	73	tax	tax	NOUN
taxlaw-3469	108	74	jurisdiction	jurisdiction	NOUN
taxlaw-3469	108	75	without	without	ADP
taxlaw-3469	108	76	the	the	DET
taxlaw-3469	108	77	corresponding	corresponding	ADJ
taxlaw-3469	108	78	location	location	NOUN
taxlaw-3469	108	79	of	of	ADP
taxlaw-3469	108	80	the	the	DET
taxlaw-3469	108	81	underlying	underlying	ADJ
taxlaw-3469	108	82	economic	economic	ADJ
taxlaw-3469	108	83	activity	activity	NOUN
taxlaw-3469	108	84	(	(	PUNCT
taxlaw-3469	108	85	i.e.	i.e.	X
taxlaw-3469	108	86	,	,	PUNCT
taxlaw-3469	108	87	“	"	PUNCT
taxlaw-3469	108	88	substance	substance	NOUN
taxlaw-3469	108	89	”	"	PUNCT
taxlaw-3469	108	90	)	)	PUNCT
taxlaw-3469	108	91	in	in	ADP
taxlaw-3469	108	92	that	that	DET
taxlaw-3469	108	93	jurisdiction.26	jurisdiction.26	ADV
taxlaw-3469	108	94	it	it	PRON
taxlaw-3469	108	95	is	be	AUX
taxlaw-3469	108	96	the	the	DET
taxlaw-3469	108	97	mobility	mobility	NOUN
taxlaw-3469	108	98	of	of	ADP
taxlaw-3469	108	99	the	the	DET
taxlaw-3469	108	100	“	"	PUNCT
taxlaw-3469	108	101	artificial	artificial	ADJ
taxlaw-3469	108	102	”	"	PUNCT
taxlaw-3469	108	103	kind	kind	NOUN
taxlaw-3469	108	104	that	that	PRON
taxlaw-3469	108	105	has	have	AUX
taxlaw-3469	108	106	been	be	AUX
taxlaw-3469	108	107	the	the	DET
taxlaw-3469	108	108	focus	focus	NOUN
taxlaw-3469	108	109	of	of	ADP
taxlaw-3469	108	110	the	the	DET
taxlaw-3469	108	111	beps	bep	NOUN
taxlaw-3469	108	112	project	project	NOUN
taxlaw-3469	108	113	.	.	PUNCT
taxlaw-3469	109	1	as	as	SCONJ
taxlaw-3469	109	2	such	such	ADJ
taxlaw-3469	109	3	,	,	PUNCT
taxlaw-3469	109	4	new	new	ADJ
taxlaw-3469	109	5	measures	measure	NOUN
taxlaw-3469	109	6	and	and	CCONJ
taxlaw-3469	109	7	guidance	guidance	NOUN
taxlaw-3469	109	8	specifically	specifically	ADV
taxlaw-3469	109	9	aimed	aim	VERB
taxlaw-3469	109	10	at	at	ADP
taxlaw-3469	109	11	curtailing	curtail	VERB
taxlaw-3469	109	12	such	such	ADJ
taxlaw-3469	109	13	separation	separation	NOUN
taxlaw-3469	109	14	of	of	ADP
taxlaw-3469	109	15	taxable	taxable	ADJ
taxlaw-3469	109	16	income	income	NOUN
taxlaw-3469	109	17	from	from	ADP
taxlaw-3469	109	18	the	the	DET
taxlaw-3469	109	19	underlying	underlying	ADJ
taxlaw-3469	109	20	economic	economic	ADJ
taxlaw-3469	109	21	activity	activity	NOUN
taxlaw-3469	109	22	that	that	PRON
taxlaw-3469	109	23	gives	give	VERB
taxlaw-3469	109	24	rise	rise	NOUN
taxlaw-3469	109	25	to	to	ADP
taxlaw-3469	109	26	such	such	ADJ
taxlaw-3469	109	27	income	income	NOUN
taxlaw-3469	109	28	in	in	ADP
taxlaw-3469	109	29	the	the	DET
taxlaw-3469	109	30	context	context	NOUN
taxlaw-3469	109	31	of	of	ADP
taxlaw-3469	109	32	intangible	intangible	ADJ
taxlaw-3469	109	33	capital	capital	NOUN
taxlaw-3469	109	34	constitute	constitute	VERB
taxlaw-3469	109	35	a	a	DET
taxlaw-3469	109	36	significant	significant	ADJ
taxlaw-3469	109	37	part	part	NOUN
taxlaw-3469	109	38	of	of	ADP
taxlaw-3469	109	39	the	the	DET
taxlaw-3469	109	40	project	project	NOUN
taxlaw-3469	109	41	’s	’s	PART
taxlaw-3469	109	42	output.27	output.27	PROPN
taxlaw-3469	109	43	as	as	SCONJ
taxlaw-3469	109	44	discussed	discuss	VERB
taxlaw-3469	109	45	by	by	ADP
taxlaw-3469	109	46	the	the	DET
taxlaw-3469	109	47	authors	author	NOUN
taxlaw-3469	109	48	previously	previously	ADV
taxlaw-3469	109	49	and	and	CCONJ
taxlaw-3469	109	50	further	far	ADV
taxlaw-3469	109	51	below	below	ADV
taxlaw-3469	109	52	,	,	PUNCT
taxlaw-3469	109	53	the	the	DET
taxlaw-3469	109	54	result	result	NOUN
taxlaw-3469	109	55	of	of	ADP
taxlaw-3469	109	56	this	this	PRON
taxlaw-3469	109	57	is	be	AUX
taxlaw-3469	109	58	that	that	SCONJ
taxlaw-3469	109	59	there	there	PRON
taxlaw-3469	109	60	are	be	VERB
taxlaw-3469	109	61	now	now	ADV
taxlaw-3469	109	62	higher	high	ADJ
taxlaw-3469	109	63	non	non	ADJ
taxlaw-3469	109	64	-	-	ADJ
taxlaw-3469	109	65	tax	tax	ADJ
taxlaw-3469	109	66	transaction	transaction	NOUN
taxlaw-3469	109	67	costs	cost	NOUN
taxlaw-3469	109	68	of	of	ADP
taxlaw-3469	109	69	locating	locate	VERB
taxlaw-3469	109	70	mobile	mobile	ADJ
taxlaw-3469	109	71	capital	capital	NOUN
taxlaw-3469	109	72	away	away	ADV
taxlaw-3469	109	73	from	from	ADP
taxlaw-3469	109	74	jurisdictions	jurisdiction	NOUN
taxlaw-3469	109	75	that	that	SCONJ
taxlaw-3469	109	76	,	,	PUNCT
taxlaw-3469	109	77	absent	absent	ADJ
taxlaw-3469	109	78	tax	tax	NOUN
taxlaw-3469	109	79	considerations	consideration	NOUN
taxlaw-3469	109	80	,	,	PUNCT
taxlaw-3469	109	81	would	would	AUX
taxlaw-3469	109	82	be	be	AUX
taxlaw-3469	109	83	the	the	DET
taxlaw-3469	109	84	natural	natural	ADJ
taxlaw-3469	109	85	home	home	NOUN
taxlaw-3469	109	86	for	for	ADP
taxlaw-3469	109	87	such	such	ADJ
taxlaw-3469	109	88	capital	capital	NOUN
taxlaw-3469	109	89	.	.	PUNCT
taxlaw-3469	110	1	28	28	NUM
taxlaw-3469	111	1	it	it	PRON
taxlaw-3469	111	2	is	be	AUX
taxlaw-3469	111	3	in	in	ADP
taxlaw-3469	111	4	this	this	DET
taxlaw-3469	111	5	post	post	ADJ
taxlaw-3469	111	6	-	-	ADJ
taxlaw-3469	111	7	beps	beps	ADJ
taxlaw-3469	111	8	environment	environment	NOUN
taxlaw-3469	111	9	that	that	PRON
taxlaw-3469	111	10	the	the	DET
taxlaw-3469	111	11	gilti	gilti	NOUN
taxlaw-3469	111	12	and	and	CCONJ
taxlaw-3469	111	13	fdii	fdii	NOUN
taxlaw-3469	111	14	provisions	provision	NOUN
taxlaw-3469	111	15	are	be	AUX
taxlaw-3469	111	16	intended	intend	VERB
taxlaw-3469	111	17	to	to	PART
taxlaw-3469	111	18	narrow	narrow	VERB
taxlaw-3469	111	19	,	,	PUNCT
taxlaw-3469	111	20	and	and	CCONJ
taxlaw-3469	111	21	possibly	possibly	ADV
taxlaw-3469	111	22	eliminate	eliminate	VERB
taxlaw-3469	111	23	,	,	PUNCT
taxlaw-3469	111	24	tax	tax	NOUN
taxlaw-3469	111	25	-	-	PUNCT
taxlaw-3469	111	26	rate	rate	NOUN
taxlaw-3469	111	27	arbitrage	arbitrage	NOUN
taxlaw-3469	111	28	on	on	ADP
taxlaw-3469	111	29	mobile	mobile	ADJ
taxlaw-3469	111	30	rents	rent	NOUN
taxlaw-3469	111	31	.	.	PUNCT
taxlaw-3469	112	1	22	22	NUM
taxlaw-3469	112	2	note	note	VERB
taxlaw-3469	112	3	that	that	SCONJ
taxlaw-3469	112	4	this	this	PRON
taxlaw-3469	112	5	applies	apply	VERB
taxlaw-3469	112	6	to	to	ADP
taxlaw-3469	112	7	equity	equity	NOUN
taxlaw-3469	112	8	-	-	PUNCT
taxlaw-3469	112	9	financed	finance	VERB
taxlaw-3469	112	10	investments	investment	NOUN
taxlaw-3469	112	11	in	in	ADP
taxlaw-3469	112	12	qualified	qualified	ADJ
taxlaw-3469	112	13	assets	asset	NOUN
taxlaw-3469	112	14	.	.	PUNCT
taxlaw-3469	113	1	with	with	ADP
taxlaw-3469	113	2	debt	debt	NOUN
taxlaw-3469	113	3	financing	financing	NOUN
taxlaw-3469	113	4	–	–	PUNCT
taxlaw-3469	113	5	and	and	CCONJ
taxlaw-3469	113	6	subject	subject	ADJ
taxlaw-3469	113	7	to	to	ADP
taxlaw-3469	113	8	the	the	DET
taxlaw-3469	113	9	rules	rule	NOUN
taxlaw-3469	113	10	of	of	ADP
taxlaw-3469	113	11	i.r.c	i.r.c	NOUN
taxlaw-3469	113	12	.	.	PUNCT
taxlaw-3469	114	1	§	§	PROPN
taxlaw-3469	114	2	163(j	163(j	PROPN
taxlaw-3469	114	3	)	)	PUNCT
taxlaw-3469	114	4	–	–	PUNCT
taxlaw-3469	114	5	the	the	DET
taxlaw-3469	114	6	effective	effective	ADJ
taxlaw-3469	114	7	tax	tax	NOUN
taxlaw-3469	114	8	on	on	ADP
taxlaw-3469	114	9	the	the	DET
taxlaw-3469	114	10	normal	normal	ADJ
taxlaw-3469	114	11	return	return	NOUN
taxlaw-3469	114	12	on	on	ADP
taxlaw-3469	114	13	such	such	ADJ
taxlaw-3469	114	14	assets	asset	NOUN
taxlaw-3469	114	15	may	may	AUX
taxlaw-3469	114	16	be	be	AUX
taxlaw-3469	114	17	negative	negative	ADJ
taxlaw-3469	114	18	.	.	PUNCT
taxlaw-3469	115	1	23	23	NUM
taxlaw-3469	115	2	however	however	ADV
taxlaw-3469	115	3	,	,	PUNCT
taxlaw-3469	115	4	the	the	DET
taxlaw-3469	115	5	earlier	early	ADJ
taxlaw-3469	115	6	caveat	caveat	NOUN
taxlaw-3469	115	7	regarding	regard	VERB
taxlaw-3469	115	8	imperfect	imperfect	ADJ
taxlaw-3469	115	9	loss	loss	NOUN
taxlaw-3469	115	10	rules	rule	NOUN
taxlaw-3469	115	11	,	,	PUNCT
taxlaw-3469	115	12	supra	supra	PROPN
taxlaw-3469	115	13	note	note	PROPN
taxlaw-3469	115	14	18	18	NUM
taxlaw-3469	115	15	,	,	PUNCT
taxlaw-3469	115	16	may	may	AUX
taxlaw-3469	115	17	be	be	AUX
taxlaw-3469	115	18	of	of	ADP
taxlaw-3469	115	19	particular	particular	ADJ
taxlaw-3469	115	20	relevance	relevance	NOUN
taxlaw-3469	115	21	here	here	ADV
taxlaw-3469	115	22	.	.	PUNCT
taxlaw-3469	116	1	24	24	NUM
taxlaw-3469	116	2	michael	michael	PROPN
taxlaw-3469	116	3	p.	p.	PROPN
taxlaw-3469	116	4	devereux	devereux	PROPN
taxlaw-3469	116	5	&	&	CCONJ
taxlaw-3469	116	6	rachel	rachel	PROPN
taxlaw-3469	116	7	griffith	griffith	PROPN
taxlaw-3469	116	8	,	,	PUNCT
taxlaw-3469	116	9	evaluating	evaluate	VERB
taxlaw-3469	116	10	tax	tax	NOUN
taxlaw-3469	116	11	policy	policy	NOUN
taxlaw-3469	116	12	for	for	ADP
taxlaw-3469	116	13	location	location	NOUN
taxlaw-3469	116	14	decisions	decision	NOUN
taxlaw-3469	116	15	,	,	PUNCT
taxlaw-3469	116	16	10	10	NUM
taxlaw-3469	116	17	int’l	int’l	NUM
taxlaw-3469	116	18	tax	tax	NOUN
taxlaw-3469	116	19	and	and	CCONJ
taxlaw-3469	116	20	pub	pub	NOUN
taxlaw-3469	116	21	.	.	PUNCT
taxlaw-3469	117	1	fin	fin	NOUN
taxlaw-3469	117	2	.	.	PUNCT
taxlaw-3469	117	3	,	,	PUNCT
taxlaw-3469	117	4	107	107	NUM
taxlaw-3469	117	5	-	-	SYM
taxlaw-3469	117	6	26	26	NUM
taxlaw-3469	117	7	(	(	PUNCT
taxlaw-3469	117	8	2003	2003	NUM
taxlaw-3469	117	9	)	)	PUNCT
taxlaw-3469	117	10	.	.	PUNCT
taxlaw-3469	118	1	25	25	NUM
taxlaw-3469	118	2	see	see	VERB
taxlaw-3469	118	3	oecd	oecd	PROPN
taxlaw-3469	118	4	,	,	PUNCT
taxlaw-3469	118	5	action	action	NOUN
taxlaw-3469	118	6	plan	plan	NOUN
taxlaw-3469	118	7	on	on	ADP
taxlaw-3469	118	8	base	base	NOUN
taxlaw-3469	118	9	erosion	erosion	NOUN
taxlaw-3469	118	10	and	and	CCONJ
taxlaw-3469	118	11	profit	profit	NOUN
taxlaw-3469	118	12	shifting	shift	VERB
taxlaw-3469	118	13	10	10	NUM
taxlaw-3469	118	14	(	(	PUNCT
taxlaw-3469	118	15	oecd	oecd	PROPN
taxlaw-3469	118	16	publ’g	publ’g	PROPN
taxlaw-3469	118	17	,	,	PUNCT
taxlaw-3469	118	18	2013	2013	NUM
taxlaw-3469	118	19	)	)	PUNCT
taxlaw-3469	118	20	(	(	PUNCT
taxlaw-3469	118	21	stating	state	VERB
taxlaw-3469	118	22	that	that	SCONJ
taxlaw-3469	118	23	“	"	PUNCT
taxlaw-3469	118	24	[	[	X
taxlaw-3469	118	25	n]o	n]o	NOUN
taxlaw-3469	118	26	or	or	CCONJ
taxlaw-3469	118	27	low	low	ADJ
taxlaw-3469	118	28	taxation	taxation	NOUN
taxlaw-3469	118	29	is	be	AUX
taxlaw-3469	118	30	not	not	PART
taxlaw-3469	118	31	per	per	ADP
taxlaw-3469	118	32	se	se	X
taxlaw-3469	118	33	a	a	DET
taxlaw-3469	118	34	cause	cause	NOUN
taxlaw-3469	118	35	of	of	ADP
taxlaw-3469	118	36	concern	concern	NOUN
taxlaw-3469	118	37	,	,	PUNCT
taxlaw-3469	118	38	but	but	CCONJ
taxlaw-3469	118	39	it	it	PRON
taxlaw-3469	118	40	becomes	become	VERB
taxlaw-3469	118	41	so	so	ADV
taxlaw-3469	118	42	when	when	SCONJ
taxlaw-3469	118	43	it	it	PRON
taxlaw-3469	118	44	is	be	AUX
taxlaw-3469	118	45	associated	associate	VERB
taxlaw-3469	118	46	with	with	ADP
taxlaw-3469	118	47	practices	practice	NOUN
taxlaw-3469	118	48	that	that	PRON
taxlaw-3469	118	49	artificially	artificially	ADV
taxlaw-3469	118	50	segregate	segregate	VERB
taxlaw-3469	118	51	taxable	taxable	ADJ
taxlaw-3469	118	52	income	income	NOUN
taxlaw-3469	118	53	from	from	ADP
taxlaw-3469	118	54	the	the	DET
taxlaw-3469	118	55	activities	activity	NOUN
taxlaw-3469	118	56	that	that	PRON
taxlaw-3469	118	57	generate	generate	VERB
taxlaw-3469	118	58	it	it	PRON
taxlaw-3469	118	59	.	.	PUNCT
taxlaw-3469	118	60	”	"	PUNCT
taxlaw-3469	119	1	26	26	NUM
taxlaw-3469	120	1	i	i	PRON
taxlaw-3469	120	2	d.	d.	PROPN
taxlaw-3469	120	3	see	see	VERB
taxlaw-3469	120	4	also	also	ADV
taxlaw-3469	120	5	oecd	oecd	PROPN
taxlaw-3469	120	6	,	,	PUNCT
taxlaw-3469	120	7	aligning	align	VERB
taxlaw-3469	120	8	transfer	transfer	NOUN
taxlaw-3469	120	9	pricing	pricing	NOUN
taxlaw-3469	120	10	outcomes	outcome	NOUN
taxlaw-3469	120	11	with	with	ADP
taxlaw-3469	120	12	value	value	NOUN
taxlaw-3469	120	13	creation	creation	NOUN
taxlaw-3469	120	14	,	,	PUNCT
taxlaw-3469	120	15	actions	action	NOUN
taxlaw-3469	120	16	8	8	NUM
taxlaw-3469	120	17	-	-	SYM
taxlaw-3469	120	18	10	10	NUM
taxlaw-3469	120	19	–	–	SYM
taxlaw-3469	120	20	2015	2015	NUM
taxlaw-3469	120	21	final	final	ADJ
taxlaw-3469	120	22	reports	report	NOUN
taxlaw-3469	120	23	(	(	PUNCT
taxlaw-3469	120	24	oecd	oecd	PROPN
taxlaw-3469	120	25	publ’g	publ’g	PROPN
taxlaw-3469	120	26	,	,	PUNCT
taxlaw-3469	120	27	2015	2015	NUM
taxlaw-3469	120	28	)	)	PUNCT
taxlaw-3469	120	29	.	.	PUNCT
taxlaw-3469	121	1	27	27	NUM
taxlaw-3469	121	2	oecd	oecd	PROPN
taxlaw-3469	121	3	,	,	PUNCT
taxlaw-3469	121	4	supra	supra	PROPN
taxlaw-3469	121	5	note	note	PROPN
taxlaw-3469	121	6	25	25	NUM
taxlaw-3469	121	7	,	,	PUNCT
taxlaw-3469	121	8	at	at	ADP
taxlaw-3469	121	9	20	20	NUM
taxlaw-3469	121	10	.	.	PUNCT
taxlaw-3469	122	1	in	in	ADP
taxlaw-3469	122	2	particular	particular	ADJ
taxlaw-3469	122	3	,	,	PUNCT
taxlaw-3469	122	4	among	among	ADP
taxlaw-3469	122	5	the	the	DET
taxlaw-3469	122	6	objectives	objective	NOUN
taxlaw-3469	122	7	covered	cover	VERB
taxlaw-3469	122	8	by	by	ADP
taxlaw-3469	122	9	action	action	NOUN
taxlaw-3469	122	10	8	8	NUM
taxlaw-3469	122	11	was	be	AUX
taxlaw-3469	122	12	the	the	DET
taxlaw-3469	122	13	development	development	NOUN
taxlaw-3469	122	14	of	of	ADP
taxlaw-3469	122	15	rules	rule	NOUN
taxlaw-3469	122	16	to	to	PART
taxlaw-3469	122	17	ensure	ensure	VERB
taxlaw-3469	122	18	“	"	PUNCT
taxlaw-3469	122	19	that	that	SCONJ
taxlaw-3469	122	20	profits	profit	NOUN
taxlaw-3469	122	21	associated	associate	VERB
taxlaw-3469	122	22	with	with	ADP
taxlaw-3469	122	23	the	the	DET
taxlaw-3469	122	24	transfer	transfer	NOUN
taxlaw-3469	122	25	and	and	CCONJ
taxlaw-3469	122	26	use	use	NOUN
taxlaw-3469	122	27	of	of	ADP
taxlaw-3469	122	28	intangibles	intangible	NOUN
taxlaw-3469	122	29	are	be	AUX
taxlaw-3469	122	30	appropriately	appropriately	ADV
taxlaw-3469	122	31	allocated	allocate	VERB
taxlaw-3469	122	32	in	in	ADP
taxlaw-3469	122	33	accordance	accordance	NOUN
taxlaw-3469	122	34	with	with	ADP
taxlaw-3469	122	35	(	(	PUNCT
taxlaw-3469	122	36	rather	rather	ADV
taxlaw-3469	122	37	than	than	ADP
taxlaw-3469	122	38	divorced	divorce	VERB
taxlaw-3469	122	39	from	from	ADP
taxlaw-3469	122	40	)	)	PUNCT
taxlaw-3469	122	41	value	value	NOUN
taxlaw-3469	122	42	creation	creation	NOUN
taxlaw-3469	122	43	.	.	PUNCT
taxlaw-3469	122	44	.	.	PUNCT
taxlaw-3469	122	45	.	.	PUNCT
taxlaw-3469	123	1	.	.	PUNCT
taxlaw-3469	123	2	”	"	PUNCT
taxlaw-3469	124	1	28	28	NUM
taxlaw-3469	124	2	kartikeya	kartikeya	PROPN
taxlaw-3469	124	3	singh	singh	PROPN
taxlaw-3469	124	4	&	&	CCONJ
taxlaw-3469	124	5	aparna	aparna	PROPN
taxlaw-3469	124	6	mathur	mathur	PROPN
taxlaw-3469	124	7	,	,	PUNCT
taxlaw-3469	124	8	economic	economic	ADJ
taxlaw-3469	124	9	substance	substance	NOUN
taxlaw-3469	124	10	requirements	requirement	NOUN
taxlaw-3469	124	11	and	and	CCONJ
taxlaw-3469	124	12	multinational	multinational	ADJ
taxlaw-3469	124	13	firm	firm	ADJ
taxlaw-3469	124	14	behavior	behavior	NOUN
taxlaw-3469	124	15	,	,	PUNCT
taxlaw-3469	124	16	(	(	PUNCT
taxlaw-3469	124	17	am	be	AUX
taxlaw-3469	124	18	.	.	PUNCT
taxlaw-3469	124	19	enter	enter	VERB
taxlaw-3469	124	20	.	.	PUNCT
taxlaw-3469	125	1	inst	inst	PROPN
taxlaw-3469	125	2	.	.	PUNCT
taxlaw-3469	125	3	econ	econ	PROPN
taxlaw-3469	125	4	.	.	PROPN
taxlaw-3469	125	5	,	,	PUNCT
taxlaw-3469	125	6	working	work	VERB
taxlaw-3469	125	7	paper	paper	NOUN
taxlaw-3469	125	8	no	no	NOUN
taxlaw-3469	125	9	.	.	PROPN
taxlaw-3469	126	1	2017	2017	NUM
taxlaw-3469	126	2	-	-	SYM
taxlaw-3469	126	3	02	02	NUM
taxlaw-3469	126	4	,	,	PUNCT
taxlaw-3469	126	5	2017	2017	NUM
taxlaw-3469	126	6	)	)	PUNCT
taxlaw-3469	126	7	.	.	PUNCT
taxlaw-3469	127	1	206	206	NUM
taxlaw-3469	128	1	[	[	X
taxlaw-3469	128	2	vol	vol	NOUN
taxlaw-3469	128	3	.	.	PUNCT
taxlaw-3469	129	1	10:2	10:2	NUM
taxlaw-3469	129	2	columbia	columbia	PROPN
taxlaw-3469	129	3	journal	journal	PROPN
taxlaw-3469	129	4	of	of	ADP
taxlaw-3469	129	5	tax	tax	NOUN
taxlaw-3469	129	6	law	law	NOUN
taxlaw-3469	129	7	before	before	SCONJ
taxlaw-3469	129	8	we	we	PRON
taxlaw-3469	129	9	turn	turn	VERB
taxlaw-3469	129	10	to	to	ADP
taxlaw-3469	129	11	those	those	DET
taxlaw-3469	129	12	provisions	provision	NOUN
taxlaw-3469	130	1	,	,	PUNCT
taxlaw-3469	130	2	we	we	PRON
taxlaw-3469	130	3	make	make	VERB
taxlaw-3469	130	4	two	two	NUM
taxlaw-3469	130	5	additional	additional	ADJ
taxlaw-3469	130	6	observations	observation	NOUN
taxlaw-3469	130	7	.	.	PUNCT
taxlaw-3469	131	1	an	an	DET
taxlaw-3469	131	2	important	important	ADJ
taxlaw-3469	131	3	distinction	distinction	NOUN
taxlaw-3469	131	4	between	between	ADP
taxlaw-3469	131	5	expensing	expense	VERB
taxlaw-3469	131	6	and	and	CCONJ
taxlaw-3469	131	7	depreciation	depreciation	NOUN
taxlaw-3469	131	8	is	be	AUX
taxlaw-3469	131	9	reflected	reflect	VERB
taxlaw-3469	131	10	in	in	ADP
taxlaw-3469	131	11	what	what	PRON
taxlaw-3469	131	12	constitutes	constitute	VERB
taxlaw-3469	131	13	taxable	taxable	ADJ
taxlaw-3469	131	14	income	income	NOUN
taxlaw-3469	131	15	in	in	ADP
taxlaw-3469	131	16	any	any	DET
taxlaw-3469	131	17	given	give	VERB
taxlaw-3469	131	18	period	period	NOUN
taxlaw-3469	131	19	when	when	SCONJ
taxlaw-3469	131	20	such	such	ADJ
taxlaw-3469	131	21	taxable	taxable	ADJ
taxlaw-3469	131	22	income	income	NOUN
taxlaw-3469	131	23	is	be	AUX
taxlaw-3469	131	24	attributable	attributable	ADJ
taxlaw-3469	131	25	to	to	ADP
taxlaw-3469	131	26	a	a	DET
taxlaw-3469	131	27	prior	prior	ADJ
taxlaw-3469	131	28	investment	investment	NOUN
taxlaw-3469	131	29	.	.	PUNCT
taxlaw-3469	132	1	with	with	ADP
taxlaw-3469	132	2	immediate	immediate	ADJ
taxlaw-3469	132	3	expensing	expensing	NOUN
taxlaw-3469	132	4	,	,	PUNCT
taxlaw-3469	132	5	the	the	DET
taxlaw-3469	132	6	taxable	taxable	ADJ
taxlaw-3469	132	7	income	income	NOUN
taxlaw-3469	132	8	(	(	PUNCT
taxlaw-3469	132	9	y	y	NOUN
taxlaw-3469	132	10	)	)	PUNCT
taxlaw-3469	132	11	resulting	result	VERB
taxlaw-3469	132	12	from	from	ADP
taxlaw-3469	132	13	one	one	NUM
taxlaw-3469	132	14	dollar	dollar	NOUN
taxlaw-3469	132	15	of	of	ADP
taxlaw-3469	132	16	investment	investment	NOUN
taxlaw-3469	132	17	is	be	AUX
taxlaw-3469	132	18	-1	-1	PUNCT
taxlaw-3469	132	19	in	in	ADP
taxlaw-3469	132	20	the	the	DET
taxlaw-3469	132	21	period	period	NOUN
taxlaw-3469	132	22	during	during	ADP
taxlaw-3469	132	23	which	which	PRON
taxlaw-3469	132	24	the	the	DET
taxlaw-3469	132	25	investment	investment	NOUN
taxlaw-3469	132	26	is	be	AUX
taxlaw-3469	132	27	made	make	VERB
taxlaw-3469	132	28	.	.	PUNCT
taxlaw-3469	133	1	for	for	ADP
taxlaw-3469	133	2	any	any	DET
taxlaw-3469	133	3	period	period	NOUN
taxlaw-3469	133	4	t	t	NOUN
taxlaw-3469	133	5	after	after	ADP
taxlaw-3469	133	6	the	the	DET
taxlaw-3469	133	7	original	original	ADJ
taxlaw-3469	133	8	period	period	NOUN
taxlaw-3469	133	9	of	of	ADP
taxlaw-3469	133	10	investment	investment	NOUN
taxlaw-3469	133	11	,	,	PUNCT
taxlaw-3469	133	12	the	the	DET
taxlaw-3469	133	13	taxable	taxable	ADJ
taxlaw-3469	133	14	income	income	NOUN
taxlaw-3469	133	15	is	be	AUX
taxlaw-3469	133	16	given	give	VERB
taxlaw-3469	133	17	by	by	ADP
taxlaw-3469	133	18	equation	equation	NOUN
taxlaw-3469	133	19	4	4	NUM
taxlaw-3469	133	20	and	and	CCONJ
taxlaw-3469	133	21	includes	include	VERB
taxlaw-3469	133	22	the	the	DET
taxlaw-3469	133	23	element	element	NOUN
taxlaw-3469	133	24	of	of	ADP
taxlaw-3469	133	25	the	the	DET
taxlaw-3469	133	26	gross	gross	ADJ
taxlaw-3469	133	27	return	return	NOUN
taxlaw-3469	133	28	that	that	PRON
taxlaw-3469	133	29	pays	pay	VERB
taxlaw-3469	133	30	for	for	ADP
taxlaw-3469	133	31	the	the	DET
taxlaw-3469	133	32	economic	economic	ADJ
taxlaw-3469	133	33	depreciation	depreciation	NOUN
taxlaw-3469	133	34	of	of	ADP
taxlaw-3469	133	35	the	the	DET
taxlaw-3469	133	36	investment	investment	NOUN
taxlaw-3469	133	37	.	.	PUNCT
taxlaw-3469	134	1	equation	equation	NOUN
taxlaw-3469	134	2	4	4	NUM
taxlaw-3469	134	3	𝑌𝑡	𝑌𝑡	PROPN
taxlaw-3469	134	4	=	=	PUNCT
taxlaw-3469	134	5	𝑟𝐾𝑡	𝑟𝐾𝑡	NOUN
taxlaw-3469	134	6	+	+	CCONJ
taxlaw-3469	134	7	𝑒𝑟𝐾𝑡	𝑒𝑟𝐾𝑡	PROPN
taxlaw-3469	134	8	+	+	CCONJ
taxlaw-3469	134	9	𝐷𝑡	𝐷𝑡	PROPN
taxlaw-3469	134	10	in	in	ADP
taxlaw-3469	134	11	contrast	contrast	NOUN
taxlaw-3469	134	12	,	,	PUNCT
taxlaw-3469	134	13	under	under	ADP
taxlaw-3469	134	14	depreciation	depreciation	NOUN
taxlaw-3469	134	15	,	,	PUNCT
taxlaw-3469	134	16	the	the	DET
taxlaw-3469	134	17	taxable	taxable	ADJ
taxlaw-3469	134	18	income	income	NOUN
taxlaw-3469	134	19	in	in	ADP
taxlaw-3469	134	20	period	period	NOUN
taxlaw-3469	134	21	t	t	NOUN
taxlaw-3469	134	22	attributable	attributable	ADJ
taxlaw-3469	134	23	to	to	ADP
taxlaw-3469	134	24	a	a	DET
taxlaw-3469	134	25	one	one	NUM
taxlaw-3469	134	26	-	-	PUNCT
taxlaw-3469	134	27	dollar	dollar	NOUN
taxlaw-3469	134	28	investment	investment	NOUN
taxlaw-3469	134	29	made	make	VERB
taxlaw-3469	134	30	in	in	ADP
taxlaw-3469	134	31	the	the	DET
taxlaw-3469	134	32	past	past	NOUN
taxlaw-3469	134	33	is	be	AUX
taxlaw-3469	134	34	given	give	VERB
taxlaw-3469	134	35	by	by	ADP
taxlaw-3469	134	36	equation	equation	NOUN
taxlaw-3469	134	37	5	5	NUM
taxlaw-3469	134	38	.	.	PUNCT
taxlaw-3469	135	1	equation	equation	NOUN
taxlaw-3469	135	2	5	5	NUM
taxlaw-3469	135	3	𝑌𝑡	𝑌𝑡	PROPN
taxlaw-3469	135	4	=	=	PUNCT
taxlaw-3469	135	5	𝑟𝐾𝑡	𝑟𝐾𝑡	NOUN
taxlaw-3469	135	6	+	+	CCONJ
taxlaw-3469	135	7	𝑒𝑟𝐾𝑡	𝑒𝑟𝐾𝑡	NOUN
taxlaw-3469	135	8	as	as	SCONJ
taxlaw-3469	135	9	described	describe	VERB
taxlaw-3469	135	10	earlier	early	ADV
taxlaw-3469	135	11	,	,	PUNCT
taxlaw-3469	135	12	if	if	SCONJ
taxlaw-3469	135	13	the	the	DET
taxlaw-3469	135	14	ongoing	ongoing	ADJ
taxlaw-3469	135	15	depreciation	depreciation	NOUN
taxlaw-3469	135	16	(	(	PUNCT
taxlaw-3469	135	17	or	or	CCONJ
taxlaw-3469	135	18	normal	normal	ADJ
taxlaw-3469	135	19	return	return	NOUN
taxlaw-3469	135	20	)	)	PUNCT
taxlaw-3469	135	21	of	of	ADP
taxlaw-3469	135	22	an	an	DET
taxlaw-3469	135	23	investment	investment	NOUN
taxlaw-3469	135	24	were	be	AUX
taxlaw-3469	135	25	not	not	PART
taxlaw-3469	135	26	taxed	tax	VERB
taxlaw-3469	135	27	under	under	ADP
taxlaw-3469	135	28	an	an	DET
taxlaw-3469	135	29	expensing	expense	VERB
taxlaw-3469	135	30	regime	regime	NOUN
taxlaw-3469	135	31	,	,	PUNCT
taxlaw-3469	135	32	or	or	CCONJ
taxlaw-3469	135	33	if	if	SCONJ
taxlaw-3469	135	34	such	such	ADJ
taxlaw-3469	135	35	depreciation	depreciation	NOUN
taxlaw-3469	135	36	(	(	PUNCT
taxlaw-3469	135	37	or	or	CCONJ
taxlaw-3469	135	38	normal	normal	ADJ
taxlaw-3469	135	39	return	return	NOUN
taxlaw-3469	135	40	)	)	PUNCT
taxlaw-3469	135	41	were	be	AUX
taxlaw-3469	135	42	taxed	tax	VERB
taxlaw-3469	135	43	at	at	ADP
taxlaw-3469	135	44	a	a	DET
taxlaw-3469	135	45	rate	rate	NOUN
taxlaw-3469	135	46	lower	low	ADJ
taxlaw-3469	135	47	than	than	ADP
taxlaw-3469	135	48	the	the	DET
taxlaw-3469	135	49	rate	rate	NOUN
taxlaw-3469	135	50	at	at	ADP
taxlaw-3469	135	51	which	which	PRON
taxlaw-3469	135	52	the	the	DET
taxlaw-3469	135	53	original	original	ADJ
taxlaw-3469	135	54	investment	investment	NOUN
taxlaw-3469	135	55	was	be	AUX
taxlaw-3469	135	56	expensed	expense	VERB
taxlaw-3469	135	57	,	,	PUNCT
taxlaw-3469	135	58	the	the	DET
taxlaw-3469	135	59	effective	effective	ADJ
taxlaw-3469	135	60	tax	tax	NOUN
taxlaw-3469	135	61	on	on	ADP
taxlaw-3469	135	62	the	the	DET
taxlaw-3469	135	63	normal	normal	ADJ
taxlaw-3469	135	64	rate	rate	NOUN
taxlaw-3469	135	65	of	of	ADP
taxlaw-3469	135	66	return	return	NOUN
taxlaw-3469	135	67	would	would	AUX
taxlaw-3469	135	68	be	be	AUX
taxlaw-3469	135	69	negative	negative	ADJ
taxlaw-3469	135	70	in	in	ADP
taxlaw-3469	135	71	present	present	ADJ
taxlaw-3469	135	72	value	value	NOUN
taxlaw-3469	135	73	terms	term	NOUN
taxlaw-3469	135	74	.	.	PUNCT
taxlaw-3469	136	1	the	the	DET
taxlaw-3469	136	2	opposite	opposite	NOUN
taxlaw-3469	136	3	is	be	AUX
taxlaw-3469	136	4	true	true	ADJ
taxlaw-3469	136	5	–	–	PUNCT
taxlaw-3469	136	6	i.e.	i.e.	X
taxlaw-3469	136	7	,	,	PUNCT
taxlaw-3469	136	8	the	the	DET
taxlaw-3469	136	9	normal	normal	ADJ
taxlaw-3469	136	10	return	return	NOUN
taxlaw-3469	136	11	bears	bear	VERB
taxlaw-3469	136	12	a	a	DET
taxlaw-3469	136	13	positive	positive	ADJ
taxlaw-3469	136	14	tax	tax	NOUN
taxlaw-3469	136	15	even	even	ADV
taxlaw-3469	136	16	with	with	ADP
taxlaw-3469	136	17	expensing	expense	VERB
taxlaw-3469	136	18	–	–	PUNCT
taxlaw-3469	136	19	when	when	SCONJ
taxlaw-3469	136	20	the	the	DET
taxlaw-3469	136	21	subsequent	subsequent	ADJ
taxlaw-3469	136	22	taxation	taxation	NOUN
taxlaw-3469	136	23	of	of	ADP
taxlaw-3469	136	24	the	the	DET
taxlaw-3469	136	25	normal	normal	ADJ
taxlaw-3469	136	26	return	return	NOUN
taxlaw-3469	136	27	(	(	PUNCT
taxlaw-3469	136	28	or	or	CCONJ
taxlaw-3469	136	29	depreciation	depreciation	NOUN
taxlaw-3469	136	30	)	)	PUNCT
taxlaw-3469	136	31	takes	take	VERB
taxlaw-3469	136	32	place	place	NOUN
taxlaw-3469	136	33	at	at	ADP
taxlaw-3469	136	34	a	a	DET
taxlaw-3469	136	35	rate	rate	NOUN
taxlaw-3469	136	36	higher	high	ADJ
taxlaw-3469	136	37	than	than	ADP
taxlaw-3469	136	38	the	the	DET
taxlaw-3469	136	39	original	original	ADJ
taxlaw-3469	136	40	expensing	expensing	NOUN
taxlaw-3469	136	41	.	.	PUNCT
taxlaw-3469	137	1	so	so	ADV
taxlaw-3469	137	2	far	far	ADV
taxlaw-3469	137	3	,	,	PUNCT
taxlaw-3469	137	4	we	we	PRON
taxlaw-3469	137	5	have	have	AUX
taxlaw-3469	137	6	not	not	PART
taxlaw-3469	137	7	differentiated	differentiate	VERB
taxlaw-3469	137	8	between	between	ADP
taxlaw-3469	137	9	investments	investment	NOUN
taxlaw-3469	137	10	in	in	ADP
taxlaw-3469	137	11	intangible	intangible	ADJ
taxlaw-3469	137	12	capital	capital	NOUN
taxlaw-3469	137	13	and	and	CCONJ
taxlaw-3469	137	14	investments	investment	NOUN
taxlaw-3469	137	15	in	in	ADP
taxlaw-3469	137	16	tangible	tangible	ADJ
taxlaw-3469	137	17	capital	capital	NOUN
taxlaw-3469	137	18	.	.	PUNCT
taxlaw-3469	138	1	however	however	ADV
taxlaw-3469	138	2	,	,	PUNCT
taxlaw-3469	138	3	a	a	DET
taxlaw-3469	138	4	common	common	ADJ
taxlaw-3469	138	5	assumption	assumption	NOUN
taxlaw-3469	138	6	is	be	AUX
taxlaw-3469	138	7	that	that	SCONJ
taxlaw-3469	138	8	economic	economic	ADJ
taxlaw-3469	138	9	rents	rent	NOUN
taxlaw-3469	138	10	are	be	AUX
taxlaw-3469	138	11	usually	usually	ADV
taxlaw-3469	138	12	generated	generate	VERB
taxlaw-3469	138	13	by	by	ADP
taxlaw-3469	138	14	intangible	intangible	ADJ
taxlaw-3469	138	15	assets	asset	NOUN
taxlaw-3469	138	16	.	.	PUNCT
taxlaw-3469	139	1	further	far	ADV
taxlaw-3469	139	2	,	,	PUNCT
taxlaw-3469	139	3	the	the	DET
taxlaw-3469	139	4	economic	economic	ADJ
taxlaw-3469	139	5	rents	rent	NOUN
taxlaw-3469	139	6	attributable	attributable	ADJ
taxlaw-3469	139	7	to	to	ADP
taxlaw-3469	139	8	intangible	intangible	ADJ
taxlaw-3469	139	9	capital	capital	NOUN
taxlaw-3469	139	10	are	be	AUX
taxlaw-3469	139	11	far	far	ADV
taxlaw-3469	139	12	more	more	ADJ
taxlaw-3469	139	13	mobile	mobile	ADJ
taxlaw-3469	139	14	(	(	PUNCT
taxlaw-3469	139	15	at	at	ADP
taxlaw-3469	139	16	least	least	ADJ
taxlaw-3469	139	17	from	from	ADP
taxlaw-3469	139	18	an	an	DET
taxlaw-3469	139	19	income	income	NOUN
taxlaw-3469	139	20	tax	tax	NOUN
taxlaw-3469	139	21	reporting	reporting	NOUN
taxlaw-3469	139	22	standpoint	standpoint	NOUN
taxlaw-3469	139	23	)	)	PUNCT
taxlaw-3469	139	24	than	than	ADP
taxlaw-3469	139	25	any	any	DET
taxlaw-3469	139	26	rents	rent	NOUN
taxlaw-3469	139	27	on	on	ADP
taxlaw-3469	139	28	tangible	tangible	ADJ
taxlaw-3469	139	29	capital	capital	NOUN
taxlaw-3469	139	30	.	.	PUNCT
taxlaw-3469	140	1	finally	finally	ADV
taxlaw-3469	140	2	,	,	PUNCT
taxlaw-3469	140	3	we	we	PRON
taxlaw-3469	140	4	note	note	VERB
taxlaw-3469	140	5	that	that	SCONJ
taxlaw-3469	140	6	the	the	DET
taxlaw-3469	140	7	rules	rule	NOUN
taxlaw-3469	140	8	of	of	ADP
taxlaw-3469	140	9	most	most	ADJ
taxlaw-3469	140	10	oecd	oecd	PROPN
taxlaw-3469	140	11	countries	country	NOUN
taxlaw-3469	140	12	allow	allow	VERB
taxlaw-3469	140	13	expensing	expense	VERB
taxlaw-3469	140	14	for	for	ADP
taxlaw-3469	140	15	investments	investment	NOUN
taxlaw-3469	140	16	in	in	ADP
taxlaw-3469	140	17	research	research	NOUN
taxlaw-3469	140	18	and	and	CCONJ
taxlaw-3469	140	19	development	development	NOUN
taxlaw-3469	140	20	and	and	CCONJ
taxlaw-3469	140	21	marketing	marketing	NOUN
taxlaw-3469	140	22	aimed	aim	VERB
taxlaw-3469	140	23	at	at	ADP
taxlaw-3469	140	24	generating	generate	VERB
taxlaw-3469	140	25	self	self	NOUN
taxlaw-3469	140	26	-	-	PUNCT
taxlaw-3469	140	27	developed	develop	VERB
taxlaw-3469	140	28	intangibles.29	intangibles.29	NOUN
taxlaw-3469	140	29	in	in	ADP
taxlaw-3469	140	30	contrast	contrast	NOUN
taxlaw-3469	140	31	(	(	PUNCT
taxlaw-3469	140	32	and	and	CCONJ
taxlaw-3469	140	33	prior	prior	ADV
taxlaw-3469	140	34	to	to	ADP
taxlaw-3469	140	35	the	the	DET
taxlaw-3469	140	36	enactment	enactment	NOUN
taxlaw-3469	140	37	of	of	ADP
taxlaw-3469	140	38	the	the	DET
taxlaw-3469	140	39	tcja	tcja	NOUN
taxlaw-3469	140	40	)	)	PUNCT
taxlaw-3469	140	41	,	,	PUNCT
taxlaw-3469	140	42	most	most	ADJ
taxlaw-3469	140	43	oecd	oecd	PROPN
taxlaw-3469	140	44	countries	country	NOUN
taxlaw-3469	140	45	only	only	ADV
taxlaw-3469	140	46	allowed	allow	VERB
taxlaw-3469	140	47	for	for	ADP
taxlaw-3469	140	48	a	a	DET
taxlaw-3469	140	49	tax	tax	NOUN
taxlaw-3469	140	50	deduction	deduction	NOUN
taxlaw-3469	140	51	for	for	ADP
taxlaw-3469	140	52	the	the	DET
taxlaw-3469	140	53	depreciation	depreciation	NOUN
taxlaw-3469	140	54	of	of	ADP
taxlaw-3469	140	55	most	most	ADJ
taxlaw-3469	140	56	forms	form	NOUN
taxlaw-3469	140	57	of	of	ADP
taxlaw-3469	140	58	tangible	tangible	ADJ
taxlaw-3469	140	59	capital.30	capital.30	NOUN
taxlaw-3469	140	60	we	we	PRON
taxlaw-3469	140	61	now	now	ADV
taxlaw-3469	140	62	turn	turn	VERB
taxlaw-3469	140	63	to	to	ADP
taxlaw-3469	140	64	the	the	DET
taxlaw-3469	140	65	gilti	gilti	NOUN
taxlaw-3469	140	66	and	and	CCONJ
taxlaw-3469	140	67	fdii	fdii	VERB
taxlaw-3469	140	68	provisions	provision	NOUN
taxlaw-3469	140	69	and	and	CCONJ
taxlaw-3469	140	70	describe	describe	VERB
taxlaw-3469	140	71	their	their	PRON
taxlaw-3469	140	72	policy	policy	NOUN
taxlaw-3469	140	73	objectives	objective	NOUN
taxlaw-3469	140	74	in	in	ADP
taxlaw-3469	140	75	the	the	DET
taxlaw-3469	140	76	context	context	NOUN
taxlaw-3469	140	77	of	of	ADP
taxlaw-3469	140	78	the	the	DET
taxlaw-3469	140	79	framework	framework	NOUN
taxlaw-3469	140	80	presented	present	VERB
taxlaw-3469	140	81	here	here	ADV
taxlaw-3469	140	82	.	.	PUNCT
taxlaw-3469	141	1	iii	iii	X
taxlaw-3469	141	2	.	.	PUNCT
taxlaw-3469	142	1	taxing	tax	VERB
taxlaw-3469	142	2	mobile	mobile	ADJ
taxlaw-3469	142	3	income	income	NOUN
taxlaw-3469	142	4	via	via	ADP
taxlaw-3469	142	5	gilti	gilti	NOUN
taxlaw-3469	142	6	and	and	CCONJ
taxlaw-3469	142	7	fdii	fdii	VERB
taxlaw-3469	142	8	a.	a.	NOUN
taxlaw-3469	142	9	gilti	gilti	NOUN
taxlaw-3469	142	10	section	section	NOUN
taxlaw-3469	142	11	951a	951a	PROPN
taxlaw-3469	142	12	of	of	ADP
taxlaw-3469	142	13	the	the	DET
taxlaw-3469	142	14	code	code	NOUN
taxlaw-3469	142	15	lays	lay	VERB
taxlaw-3469	142	16	out	out	ADP
taxlaw-3469	142	17	the	the	DET
taxlaw-3469	142	18	rules	rule	NOUN
taxlaw-3469	142	19	for	for	ADP
taxlaw-3469	142	20	gilti	gilti	NOUN
taxlaw-3469	142	21	and	and	CCONJ
taxlaw-3469	142	22	requires	require	VERB
taxlaw-3469	142	23	that	that	SCONJ
taxlaw-3469	142	24	a	a	DET
taxlaw-3469	142	25	u.s	u.s	PROPN
taxlaw-3469	142	26	.	.	PROPN
taxlaw-3469	142	27	corporation	corporation	NOUN
taxlaw-3469	142	28	include	include	VERB
taxlaw-3469	142	29	in	in	ADP
taxlaw-3469	142	30	its	its	PRON
taxlaw-3469	142	31	taxable	taxable	ADJ
taxlaw-3469	142	32	income	income	NOUN
taxlaw-3469	142	33	currently	currently	ADV
taxlaw-3469	142	34	the	the	DET
taxlaw-3469	142	35	“	"	PUNCT
taxlaw-3469	142	36	global	global	ADJ
taxlaw-3469	142	37	intangible	intangible	ADJ
taxlaw-3469	142	38	low	low	ADJ
taxlaw-3469	142	39	-	-	PUNCT
taxlaw-3469	142	40	taxed	tax	VERB
taxlaw-3469	142	41	income	income	NOUN
taxlaw-3469	142	42	”	"	PUNCT
taxlaw-3469	142	43	of	of	ADP
taxlaw-3469	142	44	29	29	NUM
taxlaw-3469	142	45	kyle	kyle	NOUN
taxlaw-3469	142	46	pomerleau	pomerleau	NOUN
taxlaw-3469	142	47	,	,	PUNCT
taxlaw-3469	142	48	capital	capital	NOUN
taxlaw-3469	142	49	cost	cost	NOUN
taxlaw-3469	142	50	recovery	recovery	NOUN
taxlaw-3469	142	51	across	across	ADP
taxlaw-3469	142	52	the	the	DET
taxlaw-3469	142	53	oecd	oecd	PROPN
taxlaw-3469	142	54	,	,	PUNCT
taxlaw-3469	142	55	402	402	NUM
taxlaw-3469	142	56	tax	tax	NOUN
taxlaw-3469	142	57	foundation	foundation	NOUN
taxlaw-3469	142	58	fiscal	fiscal	ADJ
taxlaw-3469	142	59	fact	fact	NOUN
taxlaw-3469	142	60	(	(	PUNCT
taxlaw-3469	142	61	2013	2013	NUM
taxlaw-3469	142	62	)	)	PUNCT
taxlaw-3469	142	63	.	.	PUNCT
taxlaw-3469	143	1	30	30	NUM
taxlaw-3469	144	1	i	i	PRON
taxlaw-3469	144	2	d.	d.	PROPN
taxlaw-3469	144	3	2019	2019	NUM
taxlaw-3469	144	4	]	]	PUNCT
taxlaw-3469	144	5	207	207	NUM
taxlaw-3469	144	6	the	the	DET
taxlaw-3469	144	7	impact	impact	NOUN
taxlaw-3469	144	8	of	of	ADP
taxlaw-3469	144	9	gilti	gilti	NOUN
taxlaw-3469	144	10	and	and	CCONJ
taxlaw-3469	144	11	fdii	fdii	NOUN
taxlaw-3469	144	12	on	on	ADP
taxlaw-3469	144	13	the	the	DET
taxlaw-3469	144	14	investment	investment	NOUN
taxlaw-3469	144	15	location	location	NOUN
taxlaw-3469	144	16	choice	choice	NOUN
taxlaw-3469	144	17	of	of	ADP
taxlaw-3469	144	18	u.s	u.s	PROPN
taxlaw-3469	144	19	.	.	PROPN
taxlaw-3469	144	20	multinationals	multinational	NOUN
taxlaw-3469	144	21	all	all	DET
taxlaw-3469	144	22	its	its	PRON
taxlaw-3469	144	23	controlled	control	VERB
taxlaw-3469	144	24	foreign	foreign	ADJ
taxlaw-3469	144	25	corporations	corporation	NOUN
taxlaw-3469	144	26	(	(	PUNCT
taxlaw-3469	144	27	cfcs).31	cfcs).31	VERB
taxlaw-3469	144	28	however	however	ADV
taxlaw-3469	144	29	,	,	PUNCT
taxlaw-3469	144	30	section	section	NOUN
taxlaw-3469	144	31	250	250	NUM
taxlaw-3469	144	32	provides	provide	VERB
taxlaw-3469	144	33	a	a	DET
taxlaw-3469	144	34	deduction	deduction	NOUN
taxlaw-3469	144	35	equal	equal	ADJ
taxlaw-3469	144	36	to	to	ADP
taxlaw-3469	144	37	50	50	NUM
taxlaw-3469	144	38	percent	percent	NOUN
taxlaw-3469	144	39	of	of	ADP
taxlaw-3469	144	40	this	this	DET
taxlaw-3469	144	41	income.32	income.32	NOUN
taxlaw-3469	144	42	with	with	ADP
taxlaw-3469	144	43	a	a	DET
taxlaw-3469	144	44	21	21	NUM
taxlaw-3469	144	45	percent	percent	NOUN
taxlaw-3469	144	46	tax	tax	NOUN
taxlaw-3469	144	47	rate	rate	NOUN
taxlaw-3469	144	48	,	,	PUNCT
taxlaw-3469	144	49	and	and	CCONJ
taxlaw-3469	144	50	absent	absent	VERB
taxlaw-3469	144	51	any	any	DET
taxlaw-3469	144	52	foreign	foreign	ADJ
taxlaw-3469	144	53	taxes	taxis	NOUN
taxlaw-3469	144	54	(	(	PUNCT
taxlaw-3469	144	55	as	as	ADV
taxlaw-3469	144	56	well	well	ADV
taxlaw-3469	144	57	as	as	ADP
taxlaw-3469	144	58	other	other	ADJ
taxlaw-3469	144	59	limitations	limitation	NOUN
taxlaw-3469	144	60	)	)	PUNCT
taxlaw-3469	144	61	,	,	PUNCT
taxlaw-3469	144	62	a	a	DET
taxlaw-3469	144	63	u.s	u.s	PROPN
taxlaw-3469	144	64	.	.	PROPN
taxlaw-3469	144	65	corporation	corporation	NOUN
taxlaw-3469	144	66	will	will	AUX
taxlaw-3469	144	67	be	be	AUX
taxlaw-3469	144	68	subject	subject	ADJ
taxlaw-3469	144	69	to	to	ADP
taxlaw-3469	144	70	a	a	DET
taxlaw-3469	144	71	10.5	10.5	NUM
taxlaw-3469	144	72	percent	percent	NOUN
taxlaw-3469	144	73	tax	tax	NOUN
taxlaw-3469	144	74	rate	rate	NOUN
taxlaw-3469	144	75	on	on	ADP
taxlaw-3469	144	76	the	the	DET
taxlaw-3469	144	77	total	total	ADJ
taxlaw-3469	144	78	gilti	gilti	NOUN
taxlaw-3469	144	79	of	of	ADP
taxlaw-3469	144	80	its	its	PRON
taxlaw-3469	144	81	cfcs	cfc	NOUN
taxlaw-3469	144	82	.	.	PUNCT
taxlaw-3469	145	1	gilti	gilti	NOUN
taxlaw-3469	145	2	is	be	AUX
taxlaw-3469	145	3	calculated	calculate	VERB
taxlaw-3469	145	4	in	in	ADP
taxlaw-3469	145	5	the	the	DET
taxlaw-3469	145	6	aggregate	aggregate	NOUN
taxlaw-3469	145	7	for	for	ADP
taxlaw-3469	145	8	a	a	DET
taxlaw-3469	145	9	given	give	VERB
taxlaw-3469	145	10	u.s	u.s	PROPN
taxlaw-3469	145	11	.	.	PROPN
taxlaw-3469	145	12	corporation	corporation	NOUN
taxlaw-3469	145	13	across	across	ADP
taxlaw-3469	145	14	all	all	PRON
taxlaw-3469	145	15	of	of	ADP
taxlaw-3469	145	16	its	its	PRON
taxlaw-3469	145	17	cfcs	cfc	NOUN
taxlaw-3469	145	18	(	(	PUNCT
taxlaw-3469	145	19	in	in	ADP
taxlaw-3469	145	20	proportion	proportion	NOUN
taxlaw-3469	145	21	to	to	ADP
taxlaw-3469	145	22	the	the	DET
taxlaw-3469	145	23	us	us	PROPN
taxlaw-3469	145	24	shareholder	shareholder	NOUN
taxlaw-3469	145	25	’s	’s	PART
taxlaw-3469	145	26	equity	equity	NOUN
taxlaw-3469	145	27	interest	interest	NOUN
taxlaw-3469	145	28	in	in	ADP
taxlaw-3469	145	29	each	each	DET
taxlaw-3469	145	30	such	such	ADJ
taxlaw-3469	145	31	cfc	cfc	NOUN
taxlaw-3469	145	32	)	)	PUNCT
taxlaw-3469	145	33	and	and	CCONJ
taxlaw-3469	145	34	excludes	exclude	VERB
taxlaw-3469	145	35	income	income	NOUN
taxlaw-3469	145	36	already	already	ADV
taxlaw-3469	145	37	subject	subject	ADJ
taxlaw-3469	145	38	to	to	ADP
taxlaw-3469	145	39	u.s	u.s	PROPN
taxlaw-3469	145	40	.	.	PROPN
taxlaw-3469	145	41	tax	tax	NOUN
taxlaw-3469	145	42	(	(	PUNCT
taxlaw-3469	145	43	such	such	ADJ
taxlaw-3469	145	44	as	as	ADP
taxlaw-3469	145	45	eci	eci	PROPN
taxlaw-3469	145	46	and	and	CCONJ
taxlaw-3469	145	47	subpart	subpart	NOUN
taxlaw-3469	145	48	f	f	PROPN
taxlaw-3469	145	49	income	income	NOUN
taxlaw-3469	145	50	)	)	PUNCT
taxlaw-3469	145	51	(	(	PUNCT
taxlaw-3469	145	52	as	as	ADV
taxlaw-3469	145	53	well	well	ADV
taxlaw-3469	145	54	as	as	ADP
taxlaw-3469	145	55	certain	certain	ADJ
taxlaw-3469	145	56	other	other	ADJ
taxlaw-3469	145	57	exempt	exempt	ADJ
taxlaw-3469	145	58	categories	category	NOUN
taxlaw-3469	145	59	of	of	ADP
taxlaw-3469	145	60	income	income	NOUN
taxlaw-3469	145	61	)	)	PUNCT
taxlaw-3469	145	62	.	.	PUNCT
taxlaw-3469	146	1	roughly	roughly	ADV
taxlaw-3469	146	2	speaking	speak	VERB
taxlaw-3469	146	3	,	,	PUNCT
taxlaw-3469	146	4	a	a	DET
taxlaw-3469	146	5	cfc	cfc	NOUN
taxlaw-3469	146	6	’s	’s	PART
taxlaw-3469	146	7	income	income	NOUN
taxlaw-3469	146	8	subject	subject	NOUN
taxlaw-3469	146	9	to	to	ADP
taxlaw-3469	146	10	u.s	u.s	PROPN
taxlaw-3469	146	11	.	.	PROPN
taxlaw-3469	146	12	tax	tax	NOUN
taxlaw-3469	146	13	under	under	ADP
taxlaw-3469	146	14	the	the	DET
taxlaw-3469	146	15	gilti	gilti	NOUN
taxlaw-3469	146	16	provision	provision	NOUN
taxlaw-3469	146	17	is	be	AUX
taxlaw-3469	146	18	an	an	DET
taxlaw-3469	146	19	estimate	estimate	NOUN
taxlaw-3469	146	20	of	of	ADP
taxlaw-3469	146	21	its	its	PRON
taxlaw-3469	146	22	overall	overall	ADJ
taxlaw-3469	146	23	income	income	NOUN
taxlaw-3469	146	24	from	from	ADP
taxlaw-3469	146	25	business	business	NOUN
taxlaw-3469	146	26	operations	operation	NOUN
taxlaw-3469	146	27	less	less	ADV
taxlaw-3469	146	28	a	a	DET
taxlaw-3469	146	29	“	"	PUNCT
taxlaw-3469	146	30	deemed	deem	VERB
taxlaw-3469	146	31	tangible	tangible	ADJ
taxlaw-3469	146	32	income	income	NOUN
taxlaw-3469	146	33	return	return	NOUN
taxlaw-3469	146	34	.	.	PUNCT
taxlaw-3469	147	1	”33	”33	VERB
taxlaw-3469	147	2	the	the	DET
taxlaw-3469	147	3	deemed	deem	VERB
taxlaw-3469	147	4	tangible	tangible	ADJ
taxlaw-3469	147	5	return	return	NOUN
taxlaw-3469	147	6	equals	equal	VERB
taxlaw-3469	147	7	10	10	NUM
taxlaw-3469	147	8	percent	percent	NOUN
taxlaw-3469	147	9	of	of	ADP
taxlaw-3469	147	10	the	the	DET
taxlaw-3469	147	11	cfc	cfc	NOUN
taxlaw-3469	147	12	’s	’s	PART
taxlaw-3469	147	13	tax	tax	NOUN
taxlaw-3469	147	14	basis	basis	NOUN
taxlaw-3469	147	15	in	in	ADP
taxlaw-3469	147	16	depreciable	depreciable	ADJ
taxlaw-3469	147	17	tangible	tangible	ADJ
taxlaw-3469	147	18	business	business	NOUN
taxlaw-3469	147	19	assets	asset	NOUN
taxlaw-3469	147	20	;	;	PUNCT
taxlaw-3469	147	21	that	that	DET
taxlaw-3469	147	22	tax	tax	NOUN
taxlaw-3469	147	23	basis	basis	NOUN
taxlaw-3469	147	24	,	,	PUNCT
taxlaw-3469	147	25	which	which	PRON
taxlaw-3469	147	26	is	be	AUX
taxlaw-3469	147	27	determined	determine	VERB
taxlaw-3469	147	28	under	under	ADP
taxlaw-3469	147	29	the	the	DET
taxlaw-3469	147	30	section	section	NOUN
taxlaw-3469	147	31	168(g	168(g	NUM
taxlaw-3469	147	32	)	)	PUNCT
taxlaw-3469	147	33	alternative	alternative	ADJ
taxlaw-3469	147	34	depreciation	depreciation	NOUN
taxlaw-3469	147	35	schedule	schedule	NOUN
taxlaw-3469	147	36	,	,	PUNCT
taxlaw-3469	147	37	is	be	AUX
taxlaw-3469	147	38	termed	term	VERB
taxlaw-3469	147	39	“	"	PUNCT
taxlaw-3469	147	40	qualified	qualified	ADJ
taxlaw-3469	147	41	business	business	NOUN
taxlaw-3469	147	42	asset	asset	NOUN
taxlaw-3469	147	43	investment	investment	NOUN
taxlaw-3469	147	44	”	"	PUNCT
taxlaw-3469	147	45	(	(	PUNCT
taxlaw-3469	147	46	qbai).34	qbai).34	PROPN
taxlaw-3469	147	47	finally	finally	ADV
taxlaw-3469	147	48	,	,	PUNCT
taxlaw-3469	147	49	the	the	DET
taxlaw-3469	147	50	u.s	u.s	PROPN
taxlaw-3469	147	51	.	.	PROPN
taxlaw-3469	147	52	shareholder	shareholder	NOUN
taxlaw-3469	147	53	is	be	AUX
taxlaw-3469	147	54	allowed	allow	VERB
taxlaw-3469	147	55	foreign	foreign	ADJ
taxlaw-3469	147	56	tax	tax	NOUN
taxlaw-3469	147	57	credits	credit	NOUN
taxlaw-3469	147	58	for	for	ADP
taxlaw-3469	147	59	the	the	DET
taxlaw-3469	147	60	shareholder	shareholder	NOUN
taxlaw-3469	147	61	’s	’s	PART
taxlaw-3469	147	62	proportionate	proportionate	ADJ
taxlaw-3469	147	63	share	share	NOUN
taxlaw-3469	147	64	of	of	ADP
taxlaw-3469	147	65	80	80	NUM
taxlaw-3469	147	66	percent	percent	NOUN
taxlaw-3469	147	67	of	of	ADP
taxlaw-3469	147	68	the	the	DET
taxlaw-3469	147	69	cfc	cfc	NOUN
taxlaw-3469	147	70	’s	’s	PART
taxlaw-3469	147	71	foreign	foreign	ADJ
taxlaw-3469	147	72	income	income	NOUN
taxlaw-3469	147	73	taxes	taxis	NOUN
taxlaw-3469	147	74	that	that	PRON
taxlaw-3469	147	75	are	be	AUX
taxlaw-3469	147	76	allocable	allocable	ADJ
taxlaw-3469	147	77	to	to	ADP
taxlaw-3469	147	78	the	the	DET
taxlaw-3469	147	79	gilti	gilti	NOUN
taxlaw-3469	147	80	portion	portion	NOUN
taxlaw-3469	147	81	of	of	ADP
taxlaw-3469	147	82	the	the	DET
taxlaw-3469	147	83	cfc	cfc	PROPN
taxlaw-3469	147	84	’s	’s	PART
taxlaw-3469	147	85	income.35	income.35	NOUN
taxlaw-3469	147	86	the	the	DET
taxlaw-3469	147	87	gilti	gilti	NOUN
taxlaw-3469	147	88	rule	rule	NOUN
taxlaw-3469	147	89	thereby	thereby	ADV
taxlaw-3469	147	90	ensures	ensure	VERB
taxlaw-3469	147	91	a	a	DET
taxlaw-3469	147	92	minimum	minimum	ADJ
taxlaw-3469	147	93	rate	rate	NOUN
taxlaw-3469	147	94	of	of	ADP
taxlaw-3469	147	95	tax	tax	NOUN
taxlaw-3469	147	96	on	on	ADP
taxlaw-3469	147	97	a	a	DET
taxlaw-3469	147	98	u.s	u.s	PROPN
taxlaw-3469	147	99	.	.	PROPN
taxlaw-3469	147	100	shareholder	shareholder	PROPN
taxlaw-3469	147	101	’s	’s	PART
taxlaw-3469	147	102	cfc	cfc	NOUN
taxlaw-3469	147	103	.	.	PUNCT
taxlaw-3469	148	1	in	in	ADP
taxlaw-3469	148	2	the	the	DET
taxlaw-3469	148	3	absence	absence	NOUN
taxlaw-3469	148	4	of	of	ADP
taxlaw-3469	148	5	any	any	DET
taxlaw-3469	148	6	foreign	foreign	ADJ
taxlaw-3469	148	7	taxes	taxis	NOUN
taxlaw-3469	148	8	,	,	PUNCT
taxlaw-3469	148	9	the	the	DET
taxlaw-3469	148	10	cfc	cfc	NOUN
taxlaw-3469	148	11	will	will	AUX
taxlaw-3469	148	12	be	be	AUX
taxlaw-3469	148	13	subject	subject	ADJ
taxlaw-3469	148	14	to	to	ADP
taxlaw-3469	148	15	a	a	DET
taxlaw-3469	148	16	u.s	u.s	PROPN
taxlaw-3469	148	17	.	.	PROPN
taxlaw-3469	148	18	tax	tax	NOUN
taxlaw-3469	148	19	at	at	ADP
taxlaw-3469	148	20	the	the	DET
taxlaw-3469	148	21	rate	rate	NOUN
taxlaw-3469	148	22	of	of	ADP
taxlaw-3469	148	23	10.5	10.5	NUM
taxlaw-3469	148	24	percent	percent	NOUN
taxlaw-3469	148	25	on	on	ADP
taxlaw-3469	148	26	its	its	PRON
taxlaw-3469	148	27	deemed	deemed	ADJ
taxlaw-3469	148	28	intangible	intangible	ADJ
taxlaw-3469	148	29	income	income	NOUN
taxlaw-3469	148	30	with	with	ADP
taxlaw-3469	148	31	all	all	DET
taxlaw-3469	148	32	its	its	PRON
taxlaw-3469	148	33	routine	routine	ADJ
taxlaw-3469	148	34	return	return	NOUN
taxlaw-3469	148	35	attributable	attributable	ADJ
taxlaw-3469	148	36	to	to	ADP
taxlaw-3469	148	37	tangible	tangible	ADJ
taxlaw-3469	148	38	property	property	NOUN
taxlaw-3469	148	39	(	(	PUNCT
taxlaw-3469	148	40	as	as	SCONJ
taxlaw-3469	148	41	proxied	proxie	VERB
taxlaw-3469	148	42	by	by	ADP
taxlaw-3469	148	43	10	10	NUM
taxlaw-3469	148	44	percent	percent	NOUN
taxlaw-3469	148	45	of	of	ADP
taxlaw-3469	148	46	its	its	PRON
taxlaw-3469	148	47	qbai	qbai	NOUN
taxlaw-3469	148	48	)	)	PUNCT
taxlaw-3469	148	49	being	be	AUX
taxlaw-3469	148	50	shielded	shield	VERB
taxlaw-3469	148	51	from	from	ADP
taxlaw-3469	148	52	any	any	DET
taxlaw-3469	148	53	u.s	u.s	PROPN
taxlaw-3469	148	54	.	.	PROPN
taxlaw-3469	148	55	tax	tax	NOUN
taxlaw-3469	148	56	.	.	PUNCT
taxlaw-3469	149	1	with	with	ADP
taxlaw-3469	149	2	a	a	DET
taxlaw-3469	149	3	positive	positive	ADJ
taxlaw-3469	149	4	foreign	foreign	ADJ
taxlaw-3469	149	5	tax	tax	NOUN
taxlaw-3469	149	6	rate	rate	NOUN
taxlaw-3469	149	7	,	,	PUNCT
taxlaw-3469	149	8	the	the	DET
taxlaw-3469	149	9	effective	effective	ADJ
taxlaw-3469	149	10	rate	rate	NOUN
taxlaw-3469	149	11	of	of	ADP
taxlaw-3469	149	12	u.s	u.s	PROPN
taxlaw-3469	149	13	.	.	PROPN
taxlaw-3469	149	14	tax	tax	NOUN
taxlaw-3469	149	15	relating	relate	VERB
taxlaw-3469	149	16	to	to	ADP
taxlaw-3469	149	17	the	the	DET
taxlaw-3469	149	18	gilti	gilti	NOUN
taxlaw-3469	149	19	provision	provision	NOUN
taxlaw-3469	149	20	is	be	AUX
taxlaw-3469	149	21	generally	generally	ADV
taxlaw-3469	149	22	lower	low	ADJ
taxlaw-3469	149	23	than	than	ADP
taxlaw-3469	149	24	10.5	10.5	NUM
taxlaw-3469	149	25	percent	percent	NOUN
taxlaw-3469	149	26	due	due	ADP
taxlaw-3469	149	27	to	to	ADP
taxlaw-3469	149	28	foreign	foreign	ADJ
taxlaw-3469	149	29	tax	tax	NOUN
taxlaw-3469	149	30	credits	credit	NOUN
taxlaw-3469	149	31	.	.	PUNCT
taxlaw-3469	150	1	b.	b.	PROPN
taxlaw-3469	150	2	fdii	fdii	PROPN
taxlaw-3469	150	3	while	while	SCONJ
taxlaw-3469	150	4	the	the	DET
taxlaw-3469	150	5	gilti	gilti	NOUN
taxlaw-3469	150	6	provision	provision	NOUN
taxlaw-3469	150	7	seeks	seek	VERB
taxlaw-3469	150	8	to	to	PART
taxlaw-3469	150	9	deter	deter	VERB
taxlaw-3469	150	10	tax	tax	NOUN
taxlaw-3469	150	11	planning	planning	NOUN
taxlaw-3469	150	12	that	that	PRON
taxlaw-3469	150	13	offshores	offshore	VERB
taxlaw-3469	150	14	investments	investment	NOUN
taxlaw-3469	150	15	aimed	aim	VERB
taxlaw-3469	150	16	at	at	ADP
taxlaw-3469	150	17	generating	generate	VERB
taxlaw-3469	150	18	income	income	NOUN
taxlaw-3469	150	19	from	from	ADP
taxlaw-3469	150	20	foreign	foreign	ADJ
taxlaw-3469	150	21	consumption	consumption	NOUN
taxlaw-3469	150	22	or	or	CCONJ
taxlaw-3469	150	23	use	use	NOUN
taxlaw-3469	150	24	of	of	ADP
taxlaw-3469	150	25	property	property	NOUN
taxlaw-3469	150	26	,	,	PUNCT
taxlaw-3469	150	27	services	service	NOUN
taxlaw-3469	150	28	or	or	CCONJ
taxlaw-3469	150	29	ip	ip	NOUN
taxlaw-3469	150	30	,	,	PUNCT
taxlaw-3469	150	31	the	the	DET
taxlaw-3469	150	32	complementary	complementary	ADJ
taxlaw-3469	150	33	fdii	fdii	NOUN
taxlaw-3469	150	34	rules	rule	NOUN
taxlaw-3469	150	35	seek	seek	VERB
taxlaw-3469	150	36	to	to	PART
taxlaw-3469	150	37	provide	provide	VERB
taxlaw-3469	150	38	an	an	DET
taxlaw-3469	150	39	incentive	incentive	NOUN
taxlaw-3469	150	40	for	for	SCONJ
taxlaw-3469	150	41	u.s	u.s	PROPN
taxlaw-3469	150	42	.	.	PROPN
taxlaw-3469	150	43	corporations	corporation	NOUN
taxlaw-3469	150	44	to	to	PART
taxlaw-3469	150	45	locate	locate	VERB
taxlaw-3469	150	46	such	such	ADJ
taxlaw-3469	150	47	investments	investment	NOUN
taxlaw-3469	150	48	and	and	CCONJ
taxlaw-3469	150	49	income	income	NOUN
taxlaw-3469	150	50	in	in	ADP
taxlaw-3469	150	51	the	the	DET
taxlaw-3469	150	52	united	united	PROPN
taxlaw-3469	150	53	states	states	PROPN
taxlaw-3469	150	54	.	.	PUNCT
taxlaw-3469	151	1	under	under	ADP
taxlaw-3469	151	2	section	section	NOUN
taxlaw-3469	151	3	250	250	NUM
taxlaw-3469	151	4	,	,	PUNCT
taxlaw-3469	151	5	a	a	DET
taxlaw-3469	151	6	u.s	u.s	PROPN
taxlaw-3469	151	7	.	.	PROPN
taxlaw-3469	151	8	corporation	corporation	NOUN
taxlaw-3469	151	9	is	be	AUX
taxlaw-3469	151	10	“	"	PUNCT
taxlaw-3469	151	11	allowed	allow	VERB
taxlaw-3469	151	12	as	as	ADP
taxlaw-3469	151	13	a	a	DET
taxlaw-3469	151	14	deduction	deduction	NOUN
taxlaw-3469	151	15	”	"	PUNCT
taxlaw-3469	151	16	37.5	37.5	NUM
taxlaw-3469	151	17	percent	percent	NOUN
taxlaw-3469	151	18	of	of	ADP
taxlaw-3469	151	19	that	that	DET
taxlaw-3469	151	20	portion	portion	NOUN
taxlaw-3469	151	21	of	of	ADP
taxlaw-3469	151	22	its	its	PRON
taxlaw-3469	151	23	taxable	taxable	ADJ
taxlaw-3469	151	24	income	income	NOUN
taxlaw-3469	151	25	that	that	PRON
taxlaw-3469	151	26	is	be	AUX
taxlaw-3469	151	27	categorized	categorize	VERB
taxlaw-3469	151	28	as	as	ADP
taxlaw-3469	151	29	foreign	foreign	ADJ
taxlaw-3469	151	30	derived	derive	VERB
taxlaw-3469	151	31	intangible	intangible	ADJ
taxlaw-3469	151	32	income	income	NOUN
taxlaw-3469	151	33	.	.	PUNCT
taxlaw-3469	152	1	36	36	NUM
taxlaw-3469	152	2	that	that	PRON
taxlaw-3469	152	3	results	result	VERB
taxlaw-3469	152	4	in	in	ADP
taxlaw-3469	152	5	an	an	DET
taxlaw-3469	152	6	effective	effective	ADJ
taxlaw-3469	152	7	tax	tax	NOUN
taxlaw-3469	152	8	rate	rate	NOUN
taxlaw-3469	152	9	of	of	ADP
taxlaw-3469	152	10	13.125	13.125	NUM
taxlaw-3469	152	11	percent	percent	NOUN
taxlaw-3469	152	12	on	on	ADP
taxlaw-3469	152	13	fdii	fdii	NOUN
taxlaw-3469	152	14	,	,	PUNCT
taxlaw-3469	152	15	as	as	SCONJ
taxlaw-3469	152	16	62.5	62.5	NUM
taxlaw-3469	152	17	percent	percent	NOUN
taxlaw-3469	152	18	of	of	ADP
taxlaw-3469	152	19	such	such	ADJ
taxlaw-3469	152	20	income	income	NOUN
taxlaw-3469	152	21	is	be	AUX
taxlaw-3469	152	22	subject	subject	ADJ
taxlaw-3469	152	23	to	to	ADP
taxlaw-3469	152	24	the	the	DET
taxlaw-3469	152	25	21	21	NUM
taxlaw-3469	152	26	percent	percent	NOUN
taxlaw-3469	152	27	u.s	u.s	PROPN
taxlaw-3469	152	28	.	.	PROPN
taxlaw-3469	152	29	tax	tax	NOUN
taxlaw-3469	152	30	rate.37	rate.37	NOUN
taxlaw-3469	152	31	the	the	DET
taxlaw-3469	152	32	computation	computation	NOUN
taxlaw-3469	152	33	of	of	ADP
taxlaw-3469	152	34	a	a	DET
taxlaw-3469	152	35	u.s	u.s	PROPN
taxlaw-3469	152	36	.	.	PROPN
taxlaw-3469	152	37	corporation	corporation	PROPN
taxlaw-3469	152	38	’s	’s	PART
taxlaw-3469	152	39	fdii	fdii	NOUN
taxlaw-3469	152	40	requires	require	VERB
taxlaw-3469	152	41	steps	step	NOUN
taxlaw-3469	152	42	conceptually	conceptually	ADV
taxlaw-3469	152	43	similar	similar	ADJ
taxlaw-3469	152	44	to	to	ADP
taxlaw-3469	152	45	the	the	DET
taxlaw-3469	152	46	calculation	calculation	NOUN
taxlaw-3469	152	47	of	of	ADP
taxlaw-3469	152	48	gilti	gilti	NOUN
taxlaw-3469	152	49	.	.	PUNCT
taxlaw-3469	153	1	starting	start	VERB
taxlaw-3469	153	2	with	with	ADP
taxlaw-3469	153	3	the	the	DET
taxlaw-3469	153	4	u.s	u.s	PROPN
taxlaw-3469	153	5	.	.	PROPN
taxlaw-3469	153	6	corporation	corporation	PROPN
taxlaw-3469	153	7	’s	’s	PART
taxlaw-3469	153	8	gross	gross	ADJ
taxlaw-3469	153	9	income	income	NOUN
taxlaw-3469	153	10	,	,	PUNCT
taxlaw-3469	153	11	its	its	PRON
taxlaw-3469	153	12	total	total	ADJ
taxlaw-3469	153	13	“	"	PUNCT
taxlaw-3469	153	14	deduction	deduction	NOUN
taxlaw-3469	153	15	eligible	eligible	ADJ
taxlaw-3469	153	16	income	income	NOUN
taxlaw-3469	153	17	”	"	PUNCT
taxlaw-3469	153	18	is	be	AUX
taxlaw-3469	153	19	derived	derive	VERB
taxlaw-3469	153	20	by	by	ADP
taxlaw-3469	153	21	excluding	exclude	VERB
taxlaw-3469	153	22	any	any	DET
taxlaw-3469	153	23	income	income	NOUN
taxlaw-3469	153	24	that	that	PRON
taxlaw-3469	153	25	is	be	AUX
taxlaw-3469	153	26	already	already	ADV
taxlaw-3469	153	27	subject	subject	ADJ
taxlaw-3469	153	28	to	to	ADP
taxlaw-3469	153	29	u.s	u.s	PROPN
taxlaw-3469	153	30	.	.	PROPN
taxlaw-3469	153	31	tax	tax	NOUN
taxlaw-3469	153	32	(	(	PUNCT
taxlaw-3469	153	33	such	such	ADJ
taxlaw-3469	153	34	as	as	ADP
taxlaw-3469	153	35	subpart	subpart	NOUN
taxlaw-3469	153	36	f	f	PROPN
taxlaw-3469	153	37	income	income	NOUN
taxlaw-3469	153	38	and	and	CCONJ
taxlaw-3469	153	39	gilti	gilti	NOUN
taxlaw-3469	153	40	)	)	PUNCT
taxlaw-3469	153	41	and	and	CCONJ
taxlaw-3469	153	42	certain	certain	ADJ
taxlaw-3469	153	43	other	other	ADJ
taxlaw-3469	153	44	forms	form	NOUN
taxlaw-3469	153	45	of	of	ADP
taxlaw-3469	153	46	income	income	NOUN
taxlaw-3469	153	47	(	(	PUNCT
taxlaw-3469	153	48	e.g.	e.g.	ADV
taxlaw-3469	153	49	,	,	PUNCT
taxlaw-3469	153	50	dividends	dividend	NOUN
taxlaw-3469	153	51	received	receive	VERB
taxlaw-3469	153	52	from	from	ADP
taxlaw-3469	153	53	31	31	NUM
taxlaw-3469	153	54	i.r.c	i.r.c	NOUN
taxlaw-3469	153	55	.	.	PUNCT
taxlaw-3469	154	1	§	§	NOUN
taxlaw-3469	154	2	951a	951a	PROPN
taxlaw-3469	154	3	.	.	PUNCT
taxlaw-3469	155	1	32	32	NUM
taxlaw-3469	155	2	for	for	ADP
taxlaw-3469	155	3	years	year	NOUN
taxlaw-3469	155	4	2026	2026	NUM
taxlaw-3469	155	5	and	and	CCONJ
taxlaw-3469	155	6	later	later	ADV
taxlaw-3469	155	7	,	,	PUNCT
taxlaw-3469	155	8	this	this	DET
taxlaw-3469	155	9	deduction	deduction	NOUN
taxlaw-3469	155	10	is	be	AUX
taxlaw-3469	155	11	limited	limit	VERB
taxlaw-3469	155	12	to	to	ADP
taxlaw-3469	155	13	21.875	21.875	NUM
taxlaw-3469	155	14	percent	percent	NOUN
taxlaw-3469	155	15	.	.	PUNCT
taxlaw-3469	156	1	i.r.c	i.r.c	PROPN
taxlaw-3469	156	2	§	§	PROPN
taxlaw-3469	156	3	250(a)(3	250(a)(3	NUM
taxlaw-3469	156	4	)	)	PUNCT
taxlaw-3469	156	5	.	.	PUNCT
taxlaw-3469	157	1	33	33	NUM
taxlaw-3469	157	2	i.r.c	i.r.c	NOUN
taxlaw-3469	157	3	.	.	PUNCT
taxlaw-3469	158	1	§	§	PROPN
taxlaw-3469	158	2	951a(b)(1	951a(b)(1	NUM
taxlaw-3469	158	3	)	)	PUNCT
taxlaw-3469	158	4	.	.	PUNCT
taxlaw-3469	159	1	34	34	NUM
taxlaw-3469	159	2	i.r.c	i.r.c	NOUN
taxlaw-3469	159	3	.	.	PUNCT
taxlaw-3469	160	1	§	§	NOUN
taxlaw-3469	160	2	951a(b)(2	951a(b)(2	NUM
taxlaw-3469	160	3	)	)	PUNCT
taxlaw-3469	160	4	,	,	PUNCT
taxlaw-3469	160	5	i.r.c	i.r.c	NOUN
taxlaw-3469	160	6	.	.	PUNCT
taxlaw-3469	161	1	§	§	PROPN
taxlaw-3469	161	2	168(g	168(g	PROPN
taxlaw-3469	161	3	)	)	PUNCT
taxlaw-3469	161	4	.	.	PUNCT
taxlaw-3469	162	1	35	35	NUM
taxlaw-3469	162	2	note	note	VERB
taxlaw-3469	162	3	that	that	SCONJ
taxlaw-3469	162	4	the	the	DET
taxlaw-3469	162	5	gilti	gilti	NOUN
taxlaw-3469	162	6	computation	computation	NOUN
taxlaw-3469	162	7	starts	start	VERB
taxlaw-3469	162	8	with	with	ADP
taxlaw-3469	162	9	an	an	DET
taxlaw-3469	162	10	after	after	ADP
taxlaw-3469	162	11	-	-	PUNCT
taxlaw-3469	162	12	tax	tax	NOUN
taxlaw-3469	162	13	figure	figure	NOUN
taxlaw-3469	162	14	and	and	CCONJ
taxlaw-3469	162	15	thus	thus	ADV
taxlaw-3469	162	16	make	make	VERB
taxlaw-3469	162	17	the	the	DET
taxlaw-3469	162	18	tax	tax	NOUN
taxlaw-3469	162	19	rules	rule	NOUN
taxlaw-3469	162	20	of	of	ADP
taxlaw-3469	162	21	the	the	DET
taxlaw-3469	162	22	cfc	cfc	PROPN
taxlaw-3469	162	23	’s	’s	PART
taxlaw-3469	162	24	country	country	NOUN
taxlaw-3469	162	25	,	,	PUNCT
taxlaw-3469	162	26	including	include	VERB
taxlaw-3469	162	27	its	its	PRON
taxlaw-3469	162	28	capital	capital	NOUN
taxlaw-3469	162	29	allowance	allowance	NOUN
taxlaw-3469	162	30	rules	rule	NOUN
taxlaw-3469	162	31	,	,	PUNCT
taxlaw-3469	162	32	relevant	relevant	ADJ
taxlaw-3469	162	33	to	to	ADP
taxlaw-3469	162	34	the	the	DET
taxlaw-3469	162	35	gilti	gilti	NOUN
taxlaw-3469	162	36	amount	amount	NOUN
taxlaw-3469	162	37	.	.	PUNCT
taxlaw-3469	163	1	the	the	DET
taxlaw-3469	163	2	final	final	ADJ
taxlaw-3469	163	3	amount	amount	NOUN
taxlaw-3469	163	4	subject	subject	ADJ
taxlaw-3469	163	5	to	to	ADP
taxlaw-3469	163	6	u.s	u.s	PROPN
taxlaw-3469	163	7	.	.	PROPN
taxlaw-3469	163	8	tax	tax	NOUN
taxlaw-3469	163	9	under	under	ADP
taxlaw-3469	163	10	the	the	DET
taxlaw-3469	163	11	gilti	gilti	NOUN
taxlaw-3469	163	12	provision	provision	NOUN
taxlaw-3469	163	13	is	be	AUX
taxlaw-3469	163	14	a	a	DET
taxlaw-3469	163	15	pre	pre	NOUN
taxlaw-3469	163	16	-	-	NOUN
taxlaw-3469	163	17	tax	tax	ADJ
taxlaw-3469	163	18	(	(	PUNCT
taxlaw-3469	163	19	i.e.	i.e.	X
taxlaw-3469	163	20	,	,	PUNCT
taxlaw-3469	163	21	taxable	taxable	ADJ
taxlaw-3469	163	22	income	income	NOUN
taxlaw-3469	163	23	equivalent	equivalent	NOUN
taxlaw-3469	163	24	)	)	PUNCT
taxlaw-3469	163	25	figure	figure	NOUN
taxlaw-3469	163	26	by	by	ADP
taxlaw-3469	163	27	way	way	NOUN
taxlaw-3469	163	28	of	of	ADP
taxlaw-3469	163	29	the	the	DET
taxlaw-3469	163	30	i.r.c	i.r.c	NOUN
taxlaw-3469	163	31	.	.	PUNCT
taxlaw-3469	164	1	§	§	PROPN
taxlaw-3469	164	2	78	78	NUM
taxlaw-3469	164	3	“	"	PUNCT
taxlaw-3469	164	4	gross	gross	ADJ
taxlaw-3469	164	5	ups	up	NOUN
taxlaw-3469	164	6	”	"	PUNCT
taxlaw-3469	164	7	.	.	PUNCT
taxlaw-3469	165	1	36	36	NUM
taxlaw-3469	165	2	for	for	ADP
taxlaw-3469	165	3	years	year	NOUN
taxlaw-3469	165	4	2026	2026	NUM
taxlaw-3469	165	5	and	and	CCONJ
taxlaw-3469	165	6	later	later	ADV
taxlaw-3469	165	7	,	,	PUNCT
taxlaw-3469	165	8	this	this	DET
taxlaw-3469	165	9	deduction	deduction	NOUN
taxlaw-3469	165	10	is	be	AUX
taxlaw-3469	165	11	limited	limit	VERB
taxlaw-3469	165	12	to	to	ADP
taxlaw-3469	165	13	21.875	21.875	NUM
taxlaw-3469	165	14	percent	percent	NOUN
taxlaw-3469	165	15	.	.	PUNCT
taxlaw-3469	166	1	i.r.c	i.r.c	PROPN
taxlaw-3469	166	2	§	§	PROPN
taxlaw-3469	166	3	250(a)(3	250(a)(3	NUM
taxlaw-3469	166	4	)	)	PUNCT
taxlaw-3469	166	5	.	.	PUNCT
taxlaw-3469	167	1	37	37	NUM
taxlaw-3469	167	2	absent	absent	ADJ
taxlaw-3469	167	3	potential	potential	ADJ
taxlaw-3469	167	4	limitations	limitation	NOUN
taxlaw-3469	167	5	on	on	ADP
taxlaw-3469	167	6	foreign	foreign	ADJ
taxlaw-3469	167	7	tax	tax	NOUN
taxlaw-3469	167	8	credits	credit	NOUN
taxlaw-3469	167	9	under	under	ADP
taxlaw-3469	167	10	i.r.c	i.r.c	NOUN
taxlaw-3469	167	11	§	§	PROPN
taxlaw-3469	167	12	904	904	NUM
taxlaw-3469	167	13	that	that	PRON
taxlaw-3469	167	14	result	result	VERB
taxlaw-3469	167	15	from	from	ADP
taxlaw-3469	167	16	expense	expense	NOUN
taxlaw-3469	167	17	allocation	allocation	NOUN
taxlaw-3469	167	18	rules	rule	NOUN
taxlaw-3469	167	19	of	of	ADP
taxlaw-3469	167	20	i.r.c	i.r.c	NOUN
taxlaw-3469	167	21	§	§	PROPN
taxlaw-3469	167	22	861	861	NUM
taxlaw-3469	167	23	.	.	NOUN
taxlaw-3469	167	24	208	208	NUM
taxlaw-3469	168	1	[	[	X
taxlaw-3469	168	2	vol	vol	NOUN
taxlaw-3469	168	3	.	.	PUNCT
taxlaw-3469	169	1	10:2	10:2	NUM
taxlaw-3469	169	2	columbia	columbia	PROPN
taxlaw-3469	169	3	journal	journal	PROPN
taxlaw-3469	169	4	of	of	ADP
taxlaw-3469	169	5	tax	tax	NOUN
taxlaw-3469	169	6	law	law	NOUN
taxlaw-3469	169	7	cfcs	cfc	VERB
taxlaw-3469	169	8	,	,	PUNCT
taxlaw-3469	169	9	domestic	domestic	ADJ
taxlaw-3469	169	10	oil	oil	NOUN
taxlaw-3469	169	11	and	and	CCONJ
taxlaw-3469	169	12	gas	gas	NOUN
taxlaw-3469	169	13	income	income	NOUN
taxlaw-3469	169	14	,	,	PUNCT
taxlaw-3469	169	15	foreign	foreign	ADJ
taxlaw-3469	169	16	branch	branch	NOUN
taxlaw-3469	169	17	income	income	NOUN
taxlaw-3469	169	18	and	and	CCONJ
taxlaw-3469	169	19	financial	financial	ADJ
taxlaw-3469	169	20	services	service	NOUN
taxlaw-3469	169	21	income	income	NOUN
taxlaw-3469	169	22	)	)	PUNCT
taxlaw-3469	169	23	and	and	CCONJ
taxlaw-3469	169	24	then	then	ADV
taxlaw-3469	169	25	subtracting	subtract	VERB
taxlaw-3469	169	26	deductions	deduction	NOUN
taxlaw-3469	169	27	(	(	PUNCT
taxlaw-3469	169	28	including	include	VERB
taxlaw-3469	169	29	taxes	taxis	NOUN
taxlaw-3469	169	30	)	)	PUNCT
taxlaw-3469	169	31	properly	properly	ADV
taxlaw-3469	169	32	allocable	allocable	ADJ
taxlaw-3469	169	33	to	to	ADP
taxlaw-3469	169	34	such	such	ADJ
taxlaw-3469	169	35	gross	gross	ADJ
taxlaw-3469	169	36	income.38	income.38	NOUN
taxlaw-3469	169	37	from	from	ADP
taxlaw-3469	169	38	the	the	DET
taxlaw-3469	169	39	deduction	deduction	NOUN
taxlaw-3469	169	40	-	-	PUNCT
taxlaw-3469	169	41	eligible	eligible	ADJ
taxlaw-3469	169	42	income	income	NOUN
taxlaw-3469	169	43	,	,	PUNCT
taxlaw-3469	169	44	a	a	DET
taxlaw-3469	169	45	“	"	PUNCT
taxlaw-3469	169	46	deemed	deem	VERB
taxlaw-3469	169	47	tangible	tangible	ADJ
taxlaw-3469	169	48	income	income	NOUN
taxlaw-3469	169	49	return	return	NOUN
taxlaw-3469	169	50	”	"	PUNCT
taxlaw-3469	169	51	equal	equal	ADJ
taxlaw-3469	169	52	to	to	ADP
taxlaw-3469	169	53	10	10	NUM
taxlaw-3469	169	54	percent	percent	NOUN
taxlaw-3469	169	55	times	time	NOUN
taxlaw-3469	169	56	the	the	DET
taxlaw-3469	169	57	corporation	corporation	NOUN
taxlaw-3469	169	58	’s	’s	PART
taxlaw-3469	169	59	qbai	qbai	NOUN
taxlaw-3469	169	60	,	,	PUNCT
taxlaw-3469	169	61	is	be	AUX
taxlaw-3469	169	62	subtracted	subtract	VERB
taxlaw-3469	169	63	to	to	PART
taxlaw-3469	169	64	determine	determine	VERB
taxlaw-3469	169	65	the	the	DET
taxlaw-3469	169	66	“	"	PUNCT
taxlaw-3469	169	67	deemed	deem	VERB
taxlaw-3469	169	68	intangible	intangible	ADJ
taxlaw-3469	169	69	income	income	NOUN
taxlaw-3469	169	70	.	.	PUNCT
taxlaw-3469	170	1	”39	”39	PROPN
taxlaw-3469	170	2	finally	finally	ADV
taxlaw-3469	170	3	,	,	PUNCT
taxlaw-3469	170	4	the	the	DET
taxlaw-3469	170	5	fdii	fdii	NOUN
taxlaw-3469	170	6	is	be	AUX
taxlaw-3469	170	7	that	that	DET
taxlaw-3469	170	8	portion	portion	NOUN
taxlaw-3469	170	9	of	of	ADP
taxlaw-3469	170	10	the	the	DET
taxlaw-3469	170	11	deemed	deemed	ADJ
taxlaw-3469	170	12	intangible	intangible	ADJ
taxlaw-3469	170	13	income	income	NOUN
taxlaw-3469	170	14	that	that	PRON
taxlaw-3469	170	15	is	be	AUX
taxlaw-3469	170	16	attributable	attributable	ADJ
taxlaw-3469	170	17	to	to	ADP
taxlaw-3469	170	18	sales	sale	NOUN
taxlaw-3469	170	19	of	of	ADP
taxlaw-3469	170	20	products	product	NOUN
taxlaw-3469	170	21	,	,	PUNCT
taxlaw-3469	170	22	provision	provision	NOUN
taxlaw-3469	170	23	of	of	ADP
taxlaw-3469	170	24	services	service	NOUN
taxlaw-3469	170	25	,	,	PUNCT
taxlaw-3469	170	26	licenses	license	NOUN
taxlaw-3469	170	27	of	of	ADP
taxlaw-3469	170	28	ip	ip	NOUN
taxlaw-3469	170	29	,	,	PUNCT
taxlaw-3469	170	30	etc	etc	X
taxlaw-3469	170	31	.	.	X
taxlaw-3469	170	32	for	for	ADP
taxlaw-3469	170	33	foreign	foreign	ADJ
taxlaw-3469	170	34	consumption	consumption	NOUN
taxlaw-3469	170	35	or	or	CCONJ
taxlaw-3469	170	36	use.40	use.40	NOUN
taxlaw-3469	170	37	c.	c.	NOUN
taxlaw-3469	170	38	policy	policy	NOUN
taxlaw-3469	170	39	intent	intent	NOUN
taxlaw-3469	170	40	of	of	ADP
taxlaw-3469	170	41	gilti	gilti	NOUN
taxlaw-3469	170	42	and	and	CCONJ
taxlaw-3469	170	43	fdii	fdii	VERB
taxlaw-3469	170	44	recall	recall	VERB
taxlaw-3469	170	45	from	from	ADP
taxlaw-3469	170	46	section	section	NOUN
taxlaw-3469	170	47	ii	ii	PROPN
taxlaw-3469	170	48	the	the	DET
taxlaw-3469	170	49	policy	policy	NOUN
taxlaw-3469	170	50	challenge	challenge	NOUN
taxlaw-3469	170	51	of	of	ADP
taxlaw-3469	170	52	taxing	tax	VERB
taxlaw-3469	170	53	economic	economic	ADJ
taxlaw-3469	170	54	rents	rent	NOUN
taxlaw-3469	170	55	in	in	ADP
taxlaw-3469	170	56	an	an	DET
taxlaw-3469	170	57	open	open	ADJ
taxlaw-3469	170	58	economy	economy	NOUN
taxlaw-3469	170	59	.	.	PUNCT
taxlaw-3469	171	1	while	while	SCONJ
taxlaw-3469	171	2	exempting	exempt	VERB
taxlaw-3469	171	3	the	the	DET
taxlaw-3469	171	4	normal	normal	ADJ
taxlaw-3469	171	5	return	return	NOUN
taxlaw-3469	171	6	from	from	ADP
taxlaw-3469	171	7	capital	capital	NOUN
taxlaw-3469	171	8	taxation	taxation	NOUN
taxlaw-3469	171	9	serves	serve	VERB
taxlaw-3469	171	10	the	the	DET
taxlaw-3469	171	11	goal	goal	NOUN
taxlaw-3469	171	12	of	of	ADP
taxlaw-3469	171	13	an	an	DET
taxlaw-3469	171	14	undistorted	undistorted	ADJ
taxlaw-3469	171	15	level	level	NOUN
taxlaw-3469	171	16	of	of	ADP
taxlaw-3469	171	17	investment	investment	NOUN
taxlaw-3469	171	18	,	,	PUNCT
taxlaw-3469	171	19	a	a	DET
taxlaw-3469	171	20	government	government	NOUN
taxlaw-3469	171	21	is	be	AUX
taxlaw-3469	171	22	susceptible	susceptible	ADJ
taxlaw-3469	171	23	to	to	ADP
taxlaw-3469	171	24	losing	lose	VERB
taxlaw-3469	171	25	investment	investment	NOUN
taxlaw-3469	171	26	when	when	SCONJ
taxlaw-3469	171	27	it	it	PRON
taxlaw-3469	171	28	seeks	seek	VERB
taxlaw-3469	171	29	to	to	PART
taxlaw-3469	171	30	tax	tax	VERB
taxlaw-3469	171	31	the	the	DET
taxlaw-3469	171	32	economic	economic	ADJ
taxlaw-3469	171	33	rents	rent	NOUN
taxlaw-3469	171	34	and	and	CCONJ
taxlaw-3469	171	35	a	a	DET
taxlaw-3469	171	36	competing	compete	VERB
taxlaw-3469	171	37	government	government	NOUN
taxlaw-3469	171	38	offers	offer	VERB
taxlaw-3469	171	39	a	a	DET
taxlaw-3469	171	40	lower	low	ADJ
taxlaw-3469	171	41	tax	tax	NOUN
taxlaw-3469	171	42	rate	rate	NOUN
taxlaw-3469	171	43	.	.	PUNCT
taxlaw-3469	172	1	the	the	DET
taxlaw-3469	172	2	challenge	challenge	NOUN
taxlaw-3469	172	3	is	be	AUX
taxlaw-3469	172	4	greater	great	ADJ
taxlaw-3469	172	5	when	when	SCONJ
taxlaw-3469	172	6	the	the	DET
taxlaw-3469	172	7	economic	economic	ADJ
taxlaw-3469	172	8	rents	rent	NOUN
taxlaw-3469	172	9	in	in	ADP
taxlaw-3469	172	10	question	question	NOUN
taxlaw-3469	172	11	come	come	VERB
taxlaw-3469	172	12	from	from	ADP
taxlaw-3469	172	13	(	(	PUNCT
taxlaw-3469	172	14	or	or	CCONJ
taxlaw-3469	172	15	can	can	AUX
taxlaw-3469	172	16	be	be	AUX
taxlaw-3469	172	17	attributed	attribute	VERB
taxlaw-3469	172	18	to	to	ADP
taxlaw-3469	172	19	)	)	PUNCT
taxlaw-3469	172	20	mobile	mobile	ADJ
taxlaw-3469	172	21	forms	form	NOUN
taxlaw-3469	172	22	of	of	ADP
taxlaw-3469	172	23	capital	capital	NOUN
taxlaw-3469	172	24	such	such	ADJ
taxlaw-3469	172	25	as	as	ADP
taxlaw-3469	172	26	intangible	intangible	ADJ
taxlaw-3469	172	27	assets	asset	NOUN
taxlaw-3469	172	28	.	.	PUNCT
taxlaw-3469	173	1	a	a	DET
taxlaw-3469	173	2	policymaker	policymaker	NOUN
taxlaw-3469	173	3	tasked	task	VERB
taxlaw-3469	173	4	with	with	ADP
taxlaw-3469	173	5	designing	design	VERB
taxlaw-3469	173	6	international	international	ADJ
taxlaw-3469	173	7	tax	tax	NOUN
taxlaw-3469	173	8	rules	rule	NOUN
taxlaw-3469	173	9	to	to	PART
taxlaw-3469	173	10	address	address	VERB
taxlaw-3469	173	11	the	the	DET
taxlaw-3469	173	12	challenge	challenge	NOUN
taxlaw-3469	173	13	posed	pose	VERB
taxlaw-3469	173	14	by	by	ADP
taxlaw-3469	173	15	mobile	mobile	ADJ
taxlaw-3469	173	16	economic	economic	ADJ
taxlaw-3469	173	17	rents	rent	NOUN
taxlaw-3469	173	18	would	would	AUX
taxlaw-3469	173	19	ideally	ideally	ADV
taxlaw-3469	173	20	want	want	VERB
taxlaw-3469	173	21	to	to	PART
taxlaw-3469	173	22	first	first	ADV
taxlaw-3469	173	23	identify	identify	VERB
taxlaw-3469	173	24	such	such	ADJ
taxlaw-3469	173	25	economic	economic	ADJ
taxlaw-3469	173	26	rents	rent	NOUN
taxlaw-3469	173	27	within	within	ADP
taxlaw-3469	173	28	a	a	DET
taxlaw-3469	173	29	taxpayer	taxpayer	NOUN
taxlaw-3469	173	30	’s	’s	PART
taxlaw-3469	173	31	overall	overall	ADJ
taxlaw-3469	173	32	taxable	taxable	ADJ
taxlaw-3469	173	33	income	income	NOUN
taxlaw-3469	173	34	.	.	PUNCT
taxlaw-3469	174	1	using	use	VERB
taxlaw-3469	174	2	our	our	PRON
taxlaw-3469	174	3	expressions	expression	NOUN
taxlaw-3469	174	4	for	for	ADP
taxlaw-3469	174	5	taxable	taxable	ADJ
taxlaw-3469	174	6	income	income	NOUN
taxlaw-3469	174	7	from	from	ADP
taxlaw-3469	174	8	equation	equation	NOUN
taxlaw-3469	174	9	4	4	NUM
taxlaw-3469	174	10	and	and	CCONJ
taxlaw-3469	174	11	equation	equation	NOUN
taxlaw-3469	174	12	5	5	NUM
taxlaw-3469	174	13	,	,	PUNCT
taxlaw-3469	174	14	the	the	DET
taxlaw-3469	174	15	portion	portion	NOUN
taxlaw-3469	174	16	of	of	ADP
taxlaw-3469	174	17	a	a	DET
taxlaw-3469	174	18	company	company	NOUN
taxlaw-3469	174	19	’s	’s	PART
taxlaw-3469	174	20	taxable	taxable	ADJ
taxlaw-3469	174	21	income	income	NOUN
taxlaw-3469	174	22	targeted	target	VERB
taxlaw-3469	174	23	by	by	ADP
taxlaw-3469	174	24	such	such	ADJ
taxlaw-3469	174	25	rules	rule	NOUN
taxlaw-3469	174	26	should	should	AUX
taxlaw-3469	174	27	be	be	AUX
taxlaw-3469	174	28	er	er	INTJ
taxlaw-3469	174	29	times	time	NOUN
taxlaw-3469	174	30	that	that	SCONJ
taxlaw-3469	174	31	portion	portion	NOUN
taxlaw-3469	174	32	of	of	ADP
taxlaw-3469	174	33	kt	kt	PROPN
taxlaw-3469	174	34	that	that	PRON
taxlaw-3469	174	35	is	be	AUX
taxlaw-3469	174	36	made	make	VERB
taxlaw-3469	174	37	up	up	ADP
taxlaw-3469	174	38	of	of	ADP
taxlaw-3469	174	39	intangible	intangible	ADJ
taxlaw-3469	174	40	capital	capital	NOUN
taxlaw-3469	174	41	(	(	PUNCT
taxlaw-3469	174	42	under	under	ADP
taxlaw-3469	174	43	the	the	DET
taxlaw-3469	174	44	assumption	assumption	NOUN
taxlaw-3469	174	45	that	that	SCONJ
taxlaw-3469	174	46	intangible	intangible	ADJ
taxlaw-3469	174	47	capital	capital	NOUN
taxlaw-3469	174	48	is	be	AUX
taxlaw-3469	174	49	mobile	mobile	ADJ
taxlaw-3469	174	50	and	and	CCONJ
taxlaw-3469	174	51	tangible	tangible	ADJ
taxlaw-3469	174	52	capital	capital	NOUN
taxlaw-3469	174	53	is	be	AUX
taxlaw-3469	174	54	not	not	PART
taxlaw-3469	174	55	)	)	PUNCT
taxlaw-3469	174	56	.	.	PUNCT
taxlaw-3469	175	1	however	however	ADV
taxlaw-3469	175	2	,	,	PUNCT
taxlaw-3469	175	3	parsing	parse	VERB
taxlaw-3469	175	4	a	a	DET
taxlaw-3469	175	5	firm	firm	NOUN
taxlaw-3469	175	6	’s	’s	PART
taxlaw-3469	175	7	observed	observe	VERB
taxlaw-3469	175	8	taxable	taxable	ADJ
taxlaw-3469	175	9	income	income	NOUN
taxlaw-3469	175	10	between	between	ADP
taxlaw-3469	175	11	normal	normal	ADJ
taxlaw-3469	175	12	returns	return	NOUN
taxlaw-3469	175	13	and	and	CCONJ
taxlaw-3469	175	14	economic	economic	ADJ
taxlaw-3469	175	15	rents	rent	NOUN
taxlaw-3469	175	16	(	(	PUNCT
taxlaw-3469	175	17	and	and	CCONJ
taxlaw-3469	175	18	between	between	ADP
taxlaw-3469	175	19	tangible	tangible	ADJ
taxlaw-3469	175	20	capital	capital	NOUN
taxlaw-3469	175	21	and	and	CCONJ
taxlaw-3469	175	22	intangible	intangible	ADJ
taxlaw-3469	175	23	capital	capital	NOUN
taxlaw-3469	175	24	)	)	PUNCT
taxlaw-3469	175	25	in	in	ADP
taxlaw-3469	175	26	an	an	DET
taxlaw-3469	175	27	objective	objective	ADJ
taxlaw-3469	175	28	manner	manner	NOUN
taxlaw-3469	175	29	is	be	AUX
taxlaw-3469	175	30	a	a	DET
taxlaw-3469	175	31	significant	significant	ADJ
taxlaw-3469	175	32	measurement	measurement	NOUN
taxlaw-3469	175	33	problem	problem	NOUN
taxlaw-3469	175	34	in	in	ADP
taxlaw-3469	175	35	practical	practical	ADJ
taxlaw-3469	175	36	policy	policy	NOUN
taxlaw-3469	175	37	design	design	NOUN
taxlaw-3469	175	38	.	.	PUNCT
taxlaw-3469	176	1	the	the	DET
taxlaw-3469	176	2	problem	problem	NOUN
taxlaw-3469	176	3	is	be	AUX
taxlaw-3469	176	4	tougher	tough	ADJ
taxlaw-3469	176	5	still	still	ADV
taxlaw-3469	176	6	when	when	SCONJ
taxlaw-3469	176	7	the	the	DET
taxlaw-3469	176	8	reported	report	VERB
taxlaw-3469	176	9	taxable	taxable	ADJ
taxlaw-3469	176	10	income	income	NOUN
taxlaw-3469	176	11	across	across	ADP
taxlaw-3469	176	12	different	different	ADJ
taxlaw-3469	176	13	jurisdictions	jurisdiction	NOUN
taxlaw-3469	176	14	has	have	AUX
taxlaw-3469	176	15	been	be	AUX
taxlaw-3469	176	16	computed	compute	VERB
taxlaw-3469	176	17	under	under	ADP
taxlaw-3469	176	18	different	different	ADJ
taxlaw-3469	176	19	capital	capital	NOUN
taxlaw-3469	176	20	allowances	allowance	NOUN
taxlaw-3469	176	21	(	(	PUNCT
taxlaw-3469	176	22	e.g.	e.g.	ADV
taxlaw-3469	176	23	,	,	PUNCT
taxlaw-3469	176	24	expensing	expense	VERB
taxlaw-3469	176	25	or	or	CCONJ
taxlaw-3469	176	26	depreciation	depreciation	NOUN
taxlaw-3469	176	27	deduction	deduction	NOUN
taxlaw-3469	176	28	for	for	ADP
taxlaw-3469	176	29	a	a	DET
taxlaw-3469	176	30	capital	capital	NOUN
taxlaw-3469	176	31	expenditure	expenditure	NOUN
taxlaw-3469	176	32	)	)	PUNCT
taxlaw-3469	176	33	and	and	CCONJ
taxlaw-3469	176	34	other	other	ADJ
taxlaw-3469	176	35	tax	tax	NOUN
taxlaw-3469	176	36	rules	rule	NOUN
taxlaw-3469	176	37	.	.	PUNCT
taxlaw-3469	177	1	if	if	SCONJ
taxlaw-3469	177	2	we	we	PRON
taxlaw-3469	177	3	view	view	VERB
taxlaw-3469	177	4	the	the	DET
taxlaw-3469	177	5	gilti	gilti	NOUN
taxlaw-3469	177	6	and	and	CCONJ
taxlaw-3469	177	7	fdii	fdii	VERB
taxlaw-3469	177	8	provisions	provision	NOUN
taxlaw-3469	177	9	as	as	ADP
taxlaw-3469	177	10	an	an	DET
taxlaw-3469	177	11	attempt	attempt	NOUN
taxlaw-3469	177	12	to	to	PART
taxlaw-3469	177	13	identify	identify	VERB
taxlaw-3469	177	14	mobile	mobile	ADJ
taxlaw-3469	177	15	rents	rent	NOUN
taxlaw-3469	177	16	,	,	PUNCT
taxlaw-3469	177	17	it	it	PRON
taxlaw-3469	177	18	is	be	AUX
taxlaw-3469	177	19	clear	clear	ADJ
taxlaw-3469	177	20	that	that	SCONJ
taxlaw-3469	177	21	their	their	PRON
taxlaw-3469	177	22	drafters	drafter	NOUN
taxlaw-3469	177	23	made	make	VERB
taxlaw-3469	177	24	certain	certain	ADJ
taxlaw-3469	177	25	assumptions	assumption	NOUN
taxlaw-3469	177	26	and	and	CCONJ
taxlaw-3469	177	27	compromises	compromise	NOUN
taxlaw-3469	177	28	.	.	PUNCT
taxlaw-3469	178	1	they	they	PRON
taxlaw-3469	178	2	assumed	assume	VERB
taxlaw-3469	178	3	that	that	SCONJ
taxlaw-3469	178	4	10	10	NUM
taxlaw-3469	178	5	percent	percent	NOUN
taxlaw-3469	178	6	is	be	AUX
taxlaw-3469	178	7	a	a	DET
taxlaw-3469	178	8	reasonable	reasonable	ADJ
taxlaw-3469	178	9	proxy	proxy	NOUN
taxlaw-3469	178	10	for	for	ADP
taxlaw-3469	178	11	the	the	DET
taxlaw-3469	178	12	normal	normal	ADJ
taxlaw-3469	178	13	rate	rate	NOUN
taxlaw-3469	178	14	of	of	ADP
taxlaw-3469	178	15	return	return	NOUN
taxlaw-3469	178	16	in	in	ADP
taxlaw-3469	178	17	nominal	nominal	ADJ
taxlaw-3469	178	18	terms	term	NOUN
taxlaw-3469	178	19	and	and	CCONJ
taxlaw-3469	178	20	that	that	SCONJ
taxlaw-3469	178	21	tangible	tangible	ADJ
taxlaw-3469	178	22	capital	capital	NOUN
taxlaw-3469	178	23	generally	generally	ADV
taxlaw-3469	178	24	earns	earn	VERB
taxlaw-3469	178	25	no	no	DET
taxlaw-3469	178	26	more	more	ADJ
taxlaw-3469	178	27	than	than	ADP
taxlaw-3469	178	28	a	a	DET
taxlaw-3469	178	29	normal	normal	ADJ
taxlaw-3469	178	30	rate	rate	NOUN
taxlaw-3469	178	31	of	of	ADP
taxlaw-3469	178	32	return	return	NOUN
taxlaw-3469	178	33	.	.	PUNCT
taxlaw-3469	179	1	assuming	assume	VERB
taxlaw-3469	179	2	minimal	minimal	ADJ
taxlaw-3469	179	3	rents	rent	NOUN
taxlaw-3469	179	4	to	to	ADP
taxlaw-3469	179	5	tangible	tangible	ADJ
taxlaw-3469	179	6	capital	capital	NOUN
taxlaw-3469	179	7	,	,	PUNCT
taxlaw-3469	179	8	subtracting	subtract	VERB
taxlaw-3469	179	9	a	a	DET
taxlaw-3469	179	10	10	10	NUM
taxlaw-3469	179	11	percent	percent	NOUN
taxlaw-3469	179	12	return	return	NOUN
taxlaw-3469	179	13	on	on	ADP
taxlaw-3469	179	14	tangible	tangible	ADJ
taxlaw-3469	179	15	capital	capital	NOUN
taxlaw-3469	179	16	from	from	ADP
taxlaw-3469	179	17	taxable	taxable	ADJ
taxlaw-3469	179	18	income	income	NOUN
taxlaw-3469	179	19	would	would	AUX
taxlaw-3469	179	20	,	,	PUNCT
taxlaw-3469	179	21	under	under	ADP
taxlaw-3469	179	22	a	a	DET
taxlaw-3469	179	23	specific	specific	ADJ
taxlaw-3469	179	24	combination	combination	NOUN
taxlaw-3469	179	25	of	of	ADP
taxlaw-3469	179	26	capital	capital	NOUN
taxlaw-3469	179	27	allowance	allowance	NOUN
taxlaw-3469	179	28	rules	rule	NOUN
taxlaw-3469	179	29	for	for	ADP
taxlaw-3469	179	30	the	the	DET
taxlaw-3469	179	31	two	two	NUM
taxlaw-3469	179	32	classes	class	NOUN
taxlaw-3469	179	33	of	of	ADP
taxlaw-3469	179	34	investment	investment	NOUN
taxlaw-3469	179	35	,	,	PUNCT
taxlaw-3469	179	36	isolate	isolate	VERB
taxlaw-3469	179	37	the	the	DET
taxlaw-3469	179	38	returns	return	NOUN
taxlaw-3469	179	39	to	to	ADP
taxlaw-3469	179	40	intangible	intangible	ADJ
taxlaw-3469	179	41	capital.41	capital.41	ADV
taxlaw-3469	179	42	this	this	PRON
taxlaw-3469	179	43	would	would	AUX
taxlaw-3469	179	44	still	still	ADV
taxlaw-3469	179	45	leave	leave	VERB
taxlaw-3469	179	46	the	the	DET
taxlaw-3469	179	47	normal	normal	ADJ
taxlaw-3469	179	48	return	return	NOUN
taxlaw-3469	179	49	on	on	ADP
taxlaw-3469	179	50	intangibles	intangible	NOUN
taxlaw-3469	179	51	(	(	PUNCT
taxlaw-3469	179	52	as	as	ADV
taxlaw-3469	179	53	well	well	ADV
taxlaw-3469	179	54	as	as	ADP
taxlaw-3469	179	55	the	the	DET
taxlaw-3469	179	56	portion	portion	NOUN
taxlaw-3469	179	57	of	of	ADP
taxlaw-3469	179	58	the	the	DET
taxlaw-3469	179	59	return	return	NOUN
taxlaw-3469	179	60	covering	cover	VERB
taxlaw-3469	179	61	economic	economic	ADJ
taxlaw-3469	179	62	depreciation	depreciation	NOUN
taxlaw-3469	179	63	)	)	PUNCT
taxlaw-3469	179	64	in	in	ADP
taxlaw-3469	179	65	the	the	DET
taxlaw-3469	179	66	mix	mix	NOUN
taxlaw-3469	179	67	but	but	CCONJ
taxlaw-3469	179	68	that	that	PRON
taxlaw-3469	179	69	is	be	AUX
taxlaw-3469	179	70	not	not	PART
taxlaw-3469	179	71	a	a	DET
taxlaw-3469	179	72	problem	problem	NOUN
taxlaw-3469	179	73	under	under	ADP
taxlaw-3469	179	74	full	full	ADJ
taxlaw-3469	179	75	expensing	expensing	NOUN
taxlaw-3469	179	76	of	of	ADP
taxlaw-3469	179	77	intangible	intangible	ADJ
taxlaw-3469	179	78	investments	investment	NOUN
taxlaw-3469	179	79	.	.	PUNCT
taxlaw-3469	180	1	however	however	ADV
taxlaw-3469	180	2	,	,	PUNCT
taxlaw-3469	180	3	as	as	SCONJ
taxlaw-3469	180	4	we	we	PRON
taxlaw-3469	180	5	discuss	discuss	VERB
taxlaw-3469	180	6	below	below	ADV
taxlaw-3469	180	7	,	,	PUNCT
taxlaw-3469	180	8	in	in	ADP
taxlaw-3469	180	9	other	other	ADJ
taxlaw-3469	180	10	situations	situation	NOUN
taxlaw-3469	180	11	the	the	DET
taxlaw-3469	180	12	design	design	NOUN
taxlaw-3469	180	13	of	of	ADP
taxlaw-3469	180	14	the	the	DET
taxlaw-3469	180	15	provisions	provision	NOUN
taxlaw-3469	180	16	will	will	AUX
taxlaw-3469	180	17	not	not	PART
taxlaw-3469	180	18	be	be	AUX
taxlaw-3469	180	19	able	able	ADJ
taxlaw-3469	180	20	to	to	PART
taxlaw-3469	180	21	selectively	selectively	ADV
taxlaw-3469	180	22	target	target	VERB
taxlaw-3469	180	23	economic	economic	ADJ
taxlaw-3469	180	24	rents.42	rents.42	NOUN
taxlaw-3469	180	25	in	in	ADP
taxlaw-3469	180	26	this	this	DET
taxlaw-3469	180	27	setup	setup	NOUN
taxlaw-3469	180	28	,	,	PUNCT
taxlaw-3469	180	29	the	the	DET
taxlaw-3469	180	30	gilti	gilti	NOUN
taxlaw-3469	180	31	provision	provision	NOUN
taxlaw-3469	180	32	is	be	AUX
taxlaw-3469	180	33	the	the	DET
taxlaw-3469	180	34	backstop	backstop	NOUN
taxlaw-3469	180	35	that	that	PRON
taxlaw-3469	180	36	ensures	ensure	VERB
taxlaw-3469	180	37	that	that	SCONJ
taxlaw-3469	180	38	a	a	DET
taxlaw-3469	180	39	certain	certain	ADJ
taxlaw-3469	180	40	portion	portion	NOUN
taxlaw-3469	180	41	of	of	ADP
taxlaw-3469	180	42	the	the	DET
taxlaw-3469	180	43	returns	return	NOUN
taxlaw-3469	180	44	to	to	ADP
taxlaw-3469	180	45	mobile	mobile	ADJ
taxlaw-3469	180	46	capital	capital	NOUN
taxlaw-3469	180	47	of	of	ADP
taxlaw-3469	180	48	u.s.mncs	u.s.mnc	NOUN
taxlaw-3469	180	49	remain	remain	VERB
taxlaw-3469	180	50	in	in	ADP
taxlaw-3469	180	51	the	the	DET
taxlaw-3469	180	52	u.s	u.s	PROPN
taxlaw-3469	180	53	.	.	PROPN
taxlaw-3469	180	54	tax	tax	NOUN
taxlaw-3469	180	55	base	base	NOUN
taxlaw-3469	180	56	even	even	ADV
taxlaw-3469	180	57	when	when	SCONJ
taxlaw-3469	180	58	such	such	ADJ
taxlaw-3469	180	59	returns	return	NOUN
taxlaw-3469	180	60	are	be	AUX
taxlaw-3469	180	61	reported	report	VERB
taxlaw-3469	180	62	in	in	ADP
taxlaw-3469	180	63	low	low	ADJ
taxlaw-3469	180	64	-	-	PUNCT
taxlaw-3469	180	65	tax	tax	NOUN
taxlaw-3469	180	66	foreign	foreign	ADJ
taxlaw-3469	180	67	jurisdictions	jurisdiction	NOUN
taxlaw-3469	180	68	(	(	PUNCT
taxlaw-3469	180	69	via	via	ADP
taxlaw-3469	180	70	subsidiaries	subsidiary	NOUN
taxlaw-3469	180	71	located	locate	VERB
taxlaw-3469	180	72	in	in	ADP
taxlaw-3469	180	73	those	those	DET
taxlaw-3469	180	74	jurisdictions	jurisdiction	NOUN
taxlaw-3469	180	75	)	)	PUNCT
taxlaw-3469	180	76	.	.	PUNCT
taxlaw-3469	181	1	further	far	ADV
taxlaw-3469	181	2	,	,	PUNCT
taxlaw-3469	181	3	38	38	NUM
taxlaw-3469	181	4	i.r.c	i.r.c	NOUN
taxlaw-3469	181	5	§	§	PROPN
taxlaw-3469	181	6	250(b	250(b	PROPN
taxlaw-3469	181	7	)	)	PUNCT
taxlaw-3469	181	8	.	.	PUNCT
taxlaw-3469	182	1	39	39	NUM
taxlaw-3469	182	2	i.r.c	i.r.c	NOUN
taxlaw-3469	182	3	§	§	PROPN
taxlaw-3469	182	4	250(b)(2)(b	250(b)(2)(b	PROPN
taxlaw-3469	182	5	)	)	PUNCT
taxlaw-3469	182	6	.	.	PUNCT
taxlaw-3469	183	1	40	40	NUM
taxlaw-3469	183	2	i.r.c	i.r.c	NOUN
taxlaw-3469	183	3	§	§	NOUN
taxlaw-3469	183	4	250(b)(4	250(b)(4	NUM
taxlaw-3469	183	5	)	)	PUNCT
taxlaw-3469	183	6	41	41	NUM
taxlaw-3469	183	7	specifically	specifically	ADV
taxlaw-3469	183	8	,	,	PUNCT
taxlaw-3469	183	9	this	this	PRON
taxlaw-3469	183	10	would	would	AUX
taxlaw-3469	183	11	be	be	AUX
taxlaw-3469	183	12	the	the	DET
taxlaw-3469	183	13	case	case	NOUN
taxlaw-3469	183	14	where	where	SCONJ
taxlaw-3469	183	15	full	full	ADJ
taxlaw-3469	183	16	and	and	CCONJ
taxlaw-3469	183	17	immediate	immediate	ADJ
taxlaw-3469	183	18	expensing	expensing	NOUN
taxlaw-3469	183	19	applies	applie	NOUN
taxlaw-3469	183	20	for	for	ADP
taxlaw-3469	183	21	investments	investment	NOUN
taxlaw-3469	183	22	in	in	ADP
taxlaw-3469	183	23	intangible	intangible	ADJ
taxlaw-3469	183	24	property	property	NOUN
taxlaw-3469	183	25	but	but	CCONJ
taxlaw-3469	183	26	only	only	ADJ
taxlaw-3469	183	27	depreciation	depreciation	NOUN
taxlaw-3469	183	28	is	be	AUX
taxlaw-3469	183	29	allowed	allow	VERB
taxlaw-3469	183	30	for	for	ADP
taxlaw-3469	183	31	investments	investment	NOUN
taxlaw-3469	183	32	in	in	ADP
taxlaw-3469	183	33	tangible	tangible	ADJ
taxlaw-3469	183	34	capital	capital	NOUN
taxlaw-3469	183	35	.	.	PUNCT
taxlaw-3469	184	1	42	42	NUM
taxlaw-3469	184	2	see	see	ADJ
taxlaw-3469	184	3	sections	section	NOUN
taxlaw-3469	184	4	iv.c	iv.c	VERB
taxlaw-3469	184	5	and	and	CCONJ
taxlaw-3469	184	6	iv.d	iv.d	VERB
taxlaw-3469	184	7	.	.	PROPN
taxlaw-3469	184	8	2019	2019	NUM
taxlaw-3469	184	9	]	]	PUNCT
taxlaw-3469	184	10	209	209	NUM
taxlaw-3469	184	11	the	the	DET
taxlaw-3469	184	12	impact	impact	NOUN
taxlaw-3469	184	13	of	of	ADP
taxlaw-3469	184	14	gilti	gilti	NOUN
taxlaw-3469	184	15	and	and	CCONJ
taxlaw-3469	184	16	fdii	fdii	NOUN
taxlaw-3469	184	17	on	on	ADP
taxlaw-3469	184	18	the	the	DET
taxlaw-3469	184	19	investment	investment	NOUN
taxlaw-3469	184	20	location	location	NOUN
taxlaw-3469	184	21	choice	choice	NOUN
taxlaw-3469	184	22	of	of	ADP
taxlaw-3469	184	23	u.s	u.s	PROPN
taxlaw-3469	184	24	.	.	PROPN
taxlaw-3469	184	25	multinationals	multinational	NOUN
taxlaw-3469	184	26	by	by	ADP
taxlaw-3469	184	27	serving	serve	VERB
taxlaw-3469	184	28	as	as	ADP
taxlaw-3469	184	29	such	such	DET
taxlaw-3469	184	30	a	a	DET
taxlaw-3469	184	31	backstop	backstop	NOUN
taxlaw-3469	184	32	,	,	PUNCT
taxlaw-3469	184	33	the	the	DET
taxlaw-3469	184	34	gilti	gilti	NOUN
taxlaw-3469	184	35	rules	rule	NOUN
taxlaw-3469	184	36	can	can	AUX
taxlaw-3469	184	37	help	help	VERB
taxlaw-3469	184	38	lower	lower	VERB
taxlaw-3469	184	39	the	the	DET
taxlaw-3469	184	40	incentive	incentive	NOUN
taxlaw-3469	184	41	and	and	CCONJ
taxlaw-3469	184	42	ability	ability	NOUN
taxlaw-3469	184	43	of	of	ADP
taxlaw-3469	184	44	foreign	foreign	ADJ
taxlaw-3469	184	45	jurisdictions	jurisdiction	NOUN
taxlaw-3469	184	46	to	to	PART
taxlaw-3469	184	47	engage	engage	VERB
taxlaw-3469	184	48	in	in	ADP
taxlaw-3469	184	49	tax	tax	NOUN
taxlaw-3469	184	50	competition	competition	NOUN
taxlaw-3469	184	51	to	to	PART
taxlaw-3469	184	52	attract	attract	VERB
taxlaw-3469	184	53	investment	investment	NOUN
taxlaw-3469	184	54	from	from	ADP
taxlaw-3469	184	55	u.s	u.s	PROPN
taxlaw-3469	184	56	.	.	PROPN
taxlaw-3469	184	57	mncs.43	mncs.43	PROPN
taxlaw-3469	184	58	and	and	CCONJ
taxlaw-3469	184	59	yet	yet	ADV
taxlaw-3469	184	60	,	,	PUNCT
taxlaw-3469	184	61	while	while	SCONJ
taxlaw-3469	184	62	the	the	DET
taxlaw-3469	184	63	rules	rule	NOUN
taxlaw-3469	184	64	on	on	ADP
taxlaw-3469	184	65	gilti	gilti	NOUN
taxlaw-3469	184	66	and	and	CCONJ
taxlaw-3469	184	67	fdii	fdii	NOUN
taxlaw-3469	184	68	reduce	reduce	VERB
taxlaw-3469	184	69	the	the	DET
taxlaw-3469	184	70	benefit	benefit	NOUN
taxlaw-3469	184	71	that	that	PRON
taxlaw-3469	184	72	u.s	u.s	PROPN
taxlaw-3469	184	73	.	.	PROPN
taxlaw-3469	184	74	mncs	mncs	PROPN
taxlaw-3469	184	75	can	can	AUX
taxlaw-3469	184	76	expect	expect	VERB
taxlaw-3469	184	77	from	from	ADP
taxlaw-3469	184	78	locating	locate	VERB
taxlaw-3469	184	79	mobile	mobile	ADJ
taxlaw-3469	184	80	capital	capital	NOUN
taxlaw-3469	184	81	(	(	PUNCT
taxlaw-3469	184	82	and	and	CCONJ
taxlaw-3469	184	83	the	the	DET
taxlaw-3469	184	84	rents	rent	NOUN
taxlaw-3469	184	85	attributable	attributable	ADJ
taxlaw-3469	184	86	to	to	ADP
taxlaw-3469	184	87	such	such	ADJ
taxlaw-3469	184	88	capital	capital	NOUN
taxlaw-3469	184	89	)	)	PUNCT
taxlaw-3469	184	90	in	in	ADP
taxlaw-3469	184	91	low	low	ADJ
taxlaw-3469	184	92	-	-	PUNCT
taxlaw-3469	184	93	tax	tax	NOUN
taxlaw-3469	184	94	jurisdictions	jurisdiction	NOUN
taxlaw-3469	184	95	,	,	PUNCT
taxlaw-3469	184	96	they	they	PRON
taxlaw-3469	184	97	do	do	AUX
taxlaw-3469	184	98	not	not	PART
taxlaw-3469	184	99	entirely	entirely	ADV
taxlaw-3469	184	100	eliminate	eliminate	VERB
taxlaw-3469	184	101	such	such	ADJ
taxlaw-3469	184	102	benefit	benefit	NOUN
taxlaw-3469	184	103	.	.	PUNCT
taxlaw-3469	185	1	at	at	ADP
taxlaw-3469	185	2	least	least	ADJ
taxlaw-3469	185	3	on	on	ADP
taxlaw-3469	185	4	the	the	DET
taxlaw-3469	185	5	surface	surface	NOUN
taxlaw-3469	185	6	,	,	PUNCT
taxlaw-3469	185	7	the	the	DET
taxlaw-3469	185	8	rules	rule	NOUN
taxlaw-3469	185	9	appear	appear	VERB
taxlaw-3469	185	10	to	to	PART
taxlaw-3469	185	11	leave	leave	VERB
taxlaw-3469	185	12	open	open	VERB
taxlaw-3469	185	13	a	a	DET
taxlaw-3469	185	14	tax	tax	NOUN
taxlaw-3469	185	15	-	-	PUNCT
taxlaw-3469	185	16	rate	rate	NOUN
taxlaw-3469	185	17	arbitrage	arbitrage	NOUN
taxlaw-3469	185	18	window	window	NOUN
taxlaw-3469	185	19	for	for	ADP
taxlaw-3469	185	20	mobile	mobile	ADJ
taxlaw-3469	185	21	rents	rent	NOUN
taxlaw-3469	185	22	(	(	PUNCT
taxlaw-3469	185	23	albeit	albeit	SCONJ
taxlaw-3469	185	24	,	,	PUNCT
taxlaw-3469	185	25	a	a	DET
taxlaw-3469	185	26	window	window	NOUN
taxlaw-3469	185	27	that	that	PRON
taxlaw-3469	185	28	is	be	AUX
taxlaw-3469	185	29	smaller	small	ADJ
taxlaw-3469	185	30	than	than	ADP
taxlaw-3469	185	31	before	before	ADV
taxlaw-3469	185	32	)	)	PUNCT
taxlaw-3469	185	33	.	.	PUNCT
taxlaw-3469	186	1	for	for	ADP
taxlaw-3469	186	2	u.s	u.s	PROPN
taxlaw-3469	186	3	.	.	PROPN
taxlaw-3469	186	4	mncs	mncs	PROPN
taxlaw-3469	186	5	,	,	PUNCT
taxlaw-3469	186	6	simplified	simplify	VERB
taxlaw-3469	186	7	like	like	ADP
taxlaw-3469	186	8	-	-	PUNCT
taxlaw-3469	186	9	for	for	ADP
taxlaw-3469	186	10	-	-	PUNCT
taxlaw-3469	186	11	like	like	ADJ
taxlaw-3469	186	12	comparison	comparison	NOUN
taxlaw-3469	186	13	of	of	ADP
taxlaw-3469	186	14	the	the	DET
taxlaw-3469	186	15	marginal	marginal	ADJ
taxlaw-3469	186	16	u.s	u.s	PROPN
taxlaw-3469	186	17	.	.	PROPN
taxlaw-3469	186	18	tax	tax	NOUN
taxlaw-3469	186	19	burden	burden	NOUN
taxlaw-3469	186	20	on	on	ADP
taxlaw-3469	186	21	mobile	mobile	ADJ
taxlaw-3469	186	22	rents	rent	NOUN
taxlaw-3469	186	23	generated	generate	VERB
taxlaw-3469	186	24	from	from	ADP
taxlaw-3469	186	25	an	an	DET
taxlaw-3469	186	26	investment	investment	NOUN
taxlaw-3469	186	27	(	(	PUNCT
taxlaw-3469	186	28	targeted	target	VERB
taxlaw-3469	186	29	at	at	ADP
taxlaw-3469	186	30	supplying	supply	VERB
taxlaw-3469	186	31	non	non	ADJ
taxlaw-3469	186	32	-	-	ADJ
taxlaw-3469	186	33	u.s	u.s	ADJ
taxlaw-3469	186	34	.	.	PROPN
taxlaw-3469	186	35	markets	market	NOUN
taxlaw-3469	186	36	)	)	PUNCT
taxlaw-3469	186	37	suggests	suggest	VERB
taxlaw-3469	186	38	that	that	SCONJ
taxlaw-3469	186	39	this	this	DET
taxlaw-3469	186	40	marginal	marginal	ADJ
taxlaw-3469	186	41	tax	tax	NOUN
taxlaw-3469	186	42	can	can	AUX
taxlaw-3469	186	43	be	be	AUX
taxlaw-3469	186	44	no	no	ADV
taxlaw-3469	186	45	lower	low	ADJ
taxlaw-3469	186	46	than	than	ADP
taxlaw-3469	186	47	13.125	13.125	NUM
taxlaw-3469	186	48	percent	percent	NOUN
taxlaw-3469	186	49	when	when	SCONJ
taxlaw-3469	186	50	located	locate	VERB
taxlaw-3469	186	51	in	in	ADP
taxlaw-3469	186	52	the	the	DET
taxlaw-3469	186	53	united	united	PROPN
taxlaw-3469	186	54	states	states	PROPN
taxlaw-3469	186	55	but	but	CCONJ
taxlaw-3469	186	56	can	can	AUX
taxlaw-3469	186	57	be	be	AUX
taxlaw-3469	186	58	as	as	ADV
taxlaw-3469	186	59	low	low	ADJ
taxlaw-3469	186	60	as	as	ADP
taxlaw-3469	186	61	10.5	10.5	NUM
taxlaw-3469	186	62	percent	percent	NOUN
taxlaw-3469	186	63	when	when	SCONJ
taxlaw-3469	186	64	located	locate	VERB
taxlaw-3469	186	65	in	in	ADP
taxlaw-3469	186	66	a	a	DET
taxlaw-3469	186	67	low	low	ADJ
taxlaw-3469	186	68	-	-	PUNCT
taxlaw-3469	186	69	tax	tax	NOUN
taxlaw-3469	186	70	foreign	foreign	ADJ
taxlaw-3469	186	71	jurisdiction	jurisdiction	NOUN
taxlaw-3469	186	72	(	(	PUNCT
taxlaw-3469	186	73	other	other	ADJ
taxlaw-3469	186	74	things	thing	NOUN
taxlaw-3469	186	75	equal	equal	ADJ
taxlaw-3469	186	76	and	and	CCONJ
taxlaw-3469	186	77	ignoring	ignore	VERB
taxlaw-3469	186	78	other	other	ADJ
taxlaw-3469	186	79	tax	tax	NOUN
taxlaw-3469	186	80	attributes	attribute	NOUN
taxlaw-3469	186	81	specific	specific	ADJ
taxlaw-3469	186	82	to	to	ADP
taxlaw-3469	186	83	each	each	DET
taxlaw-3469	186	84	jurisdiction	jurisdiction	NOUN
taxlaw-3469	186	85	)	)	PUNCT
taxlaw-3469	186	86	.	.	PUNCT
taxlaw-3469	187	1	given	give	VERB
taxlaw-3469	187	2	the	the	DET
taxlaw-3469	187	3	dividend	dividend	NOUN
taxlaw-3469	187	4	received	receive	VERB
taxlaw-3469	187	5	deduction	deduction	NOUN
taxlaw-3469	187	6	(	(	PUNCT
taxlaw-3469	187	7	drd	drd	NOUN
taxlaw-3469	187	8	)	)	PUNCT
taxlaw-3469	187	9	under	under	ADP
taxlaw-3469	187	10	the	the	DET
taxlaw-3469	187	11	tcja,44	tcja,44	NOUN
taxlaw-3469	187	12	this	this	PRON
taxlaw-3469	187	13	means	mean	VERB
taxlaw-3469	187	14	that	that	SCONJ
taxlaw-3469	187	15	an	an	DET
taxlaw-3469	187	16	incentive	incentive	NOUN
taxlaw-3469	187	17	to	to	ADP
taxlaw-3469	187	18	offshore	offshore	ADJ
taxlaw-3469	187	19	rent	rent	NOUN
taxlaw-3469	187	20	-	-	PUNCT
taxlaw-3469	187	21	generating	generate	VERB
taxlaw-3469	187	22	mobile	mobile	ADJ
taxlaw-3469	187	23	capital	capital	NOUN
taxlaw-3469	187	24	may	may	AUX
taxlaw-3469	187	25	still	still	ADV
taxlaw-3469	187	26	exist	exist	VERB
taxlaw-3469	187	27	among	among	ADP
taxlaw-3469	187	28	u.s	u.s	PROPN
taxlaw-3469	187	29	.	.	PROPN
taxlaw-3469	187	30	mncs	mncs	PROPN
taxlaw-3469	187	31	.	.	PUNCT
taxlaw-3469	188	1	jurisdictions	jurisdiction	NOUN
taxlaw-3469	188	2	may	may	AUX
taxlaw-3469	188	3	then	then	ADV
taxlaw-3469	188	4	continue	continue	VERB
taxlaw-3469	188	5	to	to	PART
taxlaw-3469	188	6	try	try	VERB
taxlaw-3469	188	7	and	and	CCONJ
taxlaw-3469	188	8	attract	attract	VERB
taxlaw-3469	188	9	investments	investment	NOUN
taxlaw-3469	188	10	of	of	ADP
taxlaw-3469	188	11	u.s	u.s	PROPN
taxlaw-3469	188	12	.	.	PROPN
taxlaw-3469	188	13	mncs	mncs	PROPN
taxlaw-3469	188	14	through	through	ADP
taxlaw-3469	188	15	tax	tax	NOUN
taxlaw-3469	188	16	competition	competition	NOUN
taxlaw-3469	188	17	(	(	PUNCT
taxlaw-3469	188	18	e.g.	e.g.	ADV
taxlaw-3469	188	19	ip	ip	PRON
taxlaw-3469	188	20	box	box	NOUN
taxlaw-3469	188	21	regimes	regime	NOUN
taxlaw-3469	188	22	,	,	PUNCT
taxlaw-3469	188	23	lower	low	ADJ
taxlaw-3469	188	24	tax	tax	NOUN
taxlaw-3469	188	25	rates	rate	NOUN
taxlaw-3469	188	26	,	,	PUNCT
taxlaw-3469	188	27	etc	etc	X
taxlaw-3469	188	28	.	.	X
taxlaw-3469	188	29	)	)	PUNCT
taxlaw-3469	188	30	.	.	PUNCT
taxlaw-3469	189	1	if	if	SCONJ
taxlaw-3469	189	2	this	this	PRON
taxlaw-3469	189	3	is	be	AUX
taxlaw-3469	189	4	indeed	indeed	ADV
taxlaw-3469	189	5	the	the	DET
taxlaw-3469	189	6	case	case	NOUN
taxlaw-3469	189	7	,	,	PUNCT
taxlaw-3469	189	8	an	an	DET
taxlaw-3469	189	9	opportunity	opportunity	NOUN
taxlaw-3469	189	10	would	would	AUX
taxlaw-3469	189	11	appear	appear	VERB
taxlaw-3469	189	12	to	to	PART
taxlaw-3469	189	13	have	have	AUX
taxlaw-3469	189	14	been	be	AUX
taxlaw-3469	189	15	lost	lose	VERB
taxlaw-3469	189	16	from	from	ADP
taxlaw-3469	189	17	the	the	DET
taxlaw-3469	189	18	perspective	perspective	NOUN
taxlaw-3469	189	19	of	of	ADP
taxlaw-3469	189	20	the	the	DET
taxlaw-3469	189	21	u.s	u.s	PROPN
taxlaw-3469	189	22	.	.	PROPN
taxlaw-3469	189	23	treasury	treasury	PROPN
taxlaw-3469	189	24	.	.	PUNCT
taxlaw-3469	190	1	d.	d.	PROPN
taxlaw-3469	190	2	impact	impact	PROPN
taxlaw-3469	190	3	of	of	ADP
taxlaw-3469	190	4	beps	bep	NOUN
taxlaw-3469	190	5	in	in	ADP
taxlaw-3469	190	6	this	this	DET
taxlaw-3469	190	7	section	section	NOUN
taxlaw-3469	190	8	,	,	PUNCT
taxlaw-3469	190	9	we	we	PRON
taxlaw-3469	190	10	show	show	VERB
taxlaw-3469	190	11	that	that	SCONJ
taxlaw-3469	190	12	while	while	SCONJ
taxlaw-3469	190	13	such	such	DET
taxlaw-3469	190	14	a	a	DET
taxlaw-3469	190	15	tax	tax	NOUN
taxlaw-3469	190	16	arbitrage	arbitrage	NOUN
taxlaw-3469	190	17	may	may	AUX
taxlaw-3469	190	18	exist	exist	VERB
taxlaw-3469	190	19	,	,	PUNCT
taxlaw-3469	190	20	non	non	ADJ
taxlaw-3469	190	21	-	-	ADJ
taxlaw-3469	190	22	tax	tax	ADJ
taxlaw-3469	190	23	transaction	transaction	NOUN
taxlaw-3469	190	24	costs	cost	NOUN
taxlaw-3469	190	25	related	relate	VERB
taxlaw-3469	190	26	to	to	ADP
taxlaw-3469	190	27	beps	bep	NOUN
taxlaw-3469	190	28	may	may	AUX
taxlaw-3469	190	29	narrow	narrow	VERB
taxlaw-3469	190	30	,	,	PUNCT
taxlaw-3469	190	31	and	and	CCONJ
taxlaw-3469	190	32	even	even	ADV
taxlaw-3469	190	33	eliminate	eliminate	VERB
taxlaw-3469	190	34	,	,	PUNCT
taxlaw-3469	190	35	this	this	DET
taxlaw-3469	190	36	gap	gap	NOUN
taxlaw-3469	190	37	.	.	PUNCT
taxlaw-3469	191	1	locating	locate	VERB
taxlaw-3469	191	2	mobile	mobile	ADJ
taxlaw-3469	191	3	rents	rent	NOUN
taxlaw-3469	191	4	in	in	ADP
taxlaw-3469	191	5	a	a	DET
taxlaw-3469	191	6	taxadvantaged	taxadvantage	VERB
taxlaw-3469	191	7	jurisdiction	jurisdiction	NOUN
taxlaw-3469	191	8	takes	take	VERB
taxlaw-3469	191	9	more	more	ADJ
taxlaw-3469	191	10	than	than	ADP
taxlaw-3469	191	11	just	just	ADV
taxlaw-3469	191	12	a	a	DET
taxlaw-3469	191	13	reallocation	reallocation	NOUN
taxlaw-3469	191	14	of	of	ADP
taxlaw-3469	191	15	“	"	PUNCT
taxlaw-3469	191	16	paper	paper	NOUN
taxlaw-3469	191	17	profits	profit	NOUN
taxlaw-3469	191	18	”	"	PUNCT
taxlaw-3469	191	19	for	for	ADP
taxlaw-3469	191	20	income	income	NOUN
taxlaw-3469	191	21	tax	tax	NOUN
taxlaw-3469	191	22	purposes	purpose	NOUN
taxlaw-3469	191	23	and	and	CCONJ
taxlaw-3469	191	24	often	often	ADV
taxlaw-3469	191	25	requires	require	VERB
taxlaw-3469	191	26	some	some	DET
taxlaw-3469	191	27	measure	measure	NOUN
taxlaw-3469	191	28	of	of	ADP
taxlaw-3469	191	29	change	change	NOUN
taxlaw-3469	191	30	in	in	ADP
taxlaw-3469	191	31	a	a	DET
taxlaw-3469	191	32	business	business	NOUN
taxlaw-3469	191	33	’s	’s	PART
taxlaw-3469	191	34	operations	operation	NOUN
taxlaw-3469	191	35	(	(	PUNCT
taxlaw-3469	191	36	such	such	ADJ
taxlaw-3469	191	37	as	as	ADP
taxlaw-3469	191	38	location	location	NOUN
taxlaw-3469	191	39	of	of	ADP
taxlaw-3469	191	40	employees	employee	NOUN
taxlaw-3469	191	41	,	,	PUNCT
taxlaw-3469	191	42	ways	way	NOUN
taxlaw-3469	191	43	of	of	ADP
taxlaw-3469	191	44	dealing	deal	VERB
taxlaw-3469	191	45	with	with	ADP
taxlaw-3469	191	46	outside	outside	ADJ
taxlaw-3469	191	47	parties	party	NOUN
taxlaw-3469	191	48	,	,	PUNCT
taxlaw-3469	191	49	etc	etc	X
taxlaw-3469	191	50	.	.	X
taxlaw-3469	191	51	)	)	PUNCT
taxlaw-3469	191	52	.	.	PUNCT
taxlaw-3469	192	1	for	for	ADP
taxlaw-3469	192	2	profits	profit	NOUN
taxlaw-3469	192	3	reported	report	VERB
taxlaw-3469	192	4	in	in	ADP
taxlaw-3469	192	5	a	a	DET
taxlaw-3469	192	6	jurisdiction	jurisdiction	NOUN
taxlaw-3469	192	7	to	to	PART
taxlaw-3469	192	8	be	be	AUX
taxlaw-3469	192	9	respected	respect	VERB
taxlaw-3469	192	10	for	for	ADP
taxlaw-3469	192	11	income	income	NOUN
taxlaw-3469	192	12	tax	tax	NOUN
taxlaw-3469	192	13	purposes	purpose	NOUN
taxlaw-3469	192	14	,	,	PUNCT
taxlaw-3469	192	15	the	the	DET
taxlaw-3469	192	16	international	international	ADJ
taxlaw-3469	192	17	tax	tax	NOUN
taxlaw-3469	192	18	rules	rule	NOUN
taxlaw-3469	192	19	require	require	VERB
taxlaw-3469	192	20	that	that	SCONJ
taxlaw-3469	192	21	such	such	ADJ
taxlaw-3469	192	22	reported	report	VERB
taxlaw-3469	192	23	profits	profit	NOUN
taxlaw-3469	192	24	be	be	AUX
taxlaw-3469	192	25	supported	support	VERB
taxlaw-3469	192	26	by	by	ADP
taxlaw-3469	192	27	sufficient	sufficient	ADJ
taxlaw-3469	192	28	“	"	PUNCT
taxlaw-3469	192	29	economic	economic	ADJ
taxlaw-3469	192	30	substance	substance	NOUN
taxlaw-3469	192	31	.	.	PUNCT
taxlaw-3469	193	1	”45	”45	PROPN
taxlaw-3469	193	2	absent	absent	ADJ
taxlaw-3469	193	3	the	the	DET
taxlaw-3469	193	4	requisite	requisite	ADJ
taxlaw-3469	193	5	economic	economic	ADJ
taxlaw-3469	193	6	substance	substance	NOUN
taxlaw-3469	193	7	,	,	PUNCT
taxlaw-3469	193	8	the	the	DET
taxlaw-3469	193	9	company	company	NOUN
taxlaw-3469	193	10	’s	’s	PART
taxlaw-3469	193	11	cross	cross	ADJ
taxlaw-3469	193	12	-	-	ADJ
taxlaw-3469	193	13	border	border	ADJ
taxlaw-3469	193	14	allocation	allocation	NOUN
taxlaw-3469	193	15	of	of	ADP
taxlaw-3469	193	16	taxable	taxable	ADJ
taxlaw-3469	193	17	income	income	NOUN
taxlaw-3469	193	18	is	be	AUX
taxlaw-3469	193	19	unlikely	unlikely	ADJ
taxlaw-3469	193	20	to	to	PART
taxlaw-3469	193	21	be	be	AUX
taxlaw-3469	193	22	respected	respect	VERB
taxlaw-3469	193	23	and	and	CCONJ
taxlaw-3469	193	24	the	the	DET
taxlaw-3469	193	25	effective	effective	ADJ
taxlaw-3469	193	26	tax	tax	NOUN
taxlaw-3469	193	27	on	on	ADP
taxlaw-3469	193	28	such	such	ADJ
taxlaw-3469	193	29	profits	profit	NOUN
taxlaw-3469	193	30	will	will	AUX
taxlaw-3469	193	31	not	not	PART
taxlaw-3469	193	32	be	be	AUX
taxlaw-3469	193	33	lowered.46	lowered.46	NOUN
taxlaw-3469	193	34	in	in	ADP
taxlaw-3469	193	35	turn	turn	NOUN
taxlaw-3469	193	36	,	,	PUNCT
taxlaw-3469	193	37	economic	economic	ADJ
taxlaw-3469	193	38	substance	substance	NOUN
taxlaw-3469	193	39	–	–	PUNCT
taxlaw-3469	193	40	in	in	ADP
taxlaw-3469	193	41	the	the	DET
taxlaw-3469	193	42	context	context	NOUN
taxlaw-3469	193	43	of	of	ADP
taxlaw-3469	193	44	mobile	mobile	ADJ
taxlaw-3469	193	45	rent	rent	NOUN
taxlaw-3469	193	46	-	-	PUNCT
taxlaw-3469	193	47	generating	generate	VERB
taxlaw-3469	193	48	capital	capital	NOUN
taxlaw-3469	193	49	such	such	ADJ
taxlaw-3469	193	50	as	as	ADP
taxlaw-3469	193	51	intangible	intangible	ADJ
taxlaw-3469	193	52	property	property	NOUN
taxlaw-3469	193	53	(	(	PUNCT
taxlaw-3469	193	54	ip	ip	NOUN
taxlaw-3469	193	55	)	)	PUNCT
taxlaw-3469	193	56	–	–	PUNCT
taxlaw-3469	193	57	effectively	effectively	ADV
taxlaw-3469	193	58	amounts	amount	VERB
taxlaw-3469	193	59	to	to	ADP
taxlaw-3469	193	60	observable	observable	ADJ
taxlaw-3469	193	61	economic	economic	ADJ
taxlaw-3469	193	62	activity	activity	NOUN
taxlaw-3469	193	63	in	in	ADP
taxlaw-3469	193	64	the	the	DET
taxlaw-3469	193	65	form	form	NOUN
taxlaw-3469	193	66	of	of	ADP
taxlaw-3469	193	67	employees	employee	NOUN
taxlaw-3469	193	68	that	that	PRON
taxlaw-3469	193	69	are	be	AUX
taxlaw-3469	193	70	responsible	responsible	ADJ
taxlaw-3469	193	71	for	for	ADP
taxlaw-3469	193	72	performing	perform	VERB
taxlaw-3469	193	73	important	important	ADJ
taxlaw-3469	193	74	functions	function	NOUN
taxlaw-3469	193	75	that	that	PRON
taxlaw-3469	193	76	have	have	VERB
taxlaw-3469	193	77	a	a	DET
taxlaw-3469	193	78	bearing	bearing	NOUN
taxlaw-3469	193	79	on	on	ADP
taxlaw-3469	193	80	the	the	DET
taxlaw-3469	193	81	profit	profit	NOUN
taxlaw-3469	193	82	-	-	PUNCT
taxlaw-3469	193	83	making	make	VERB
taxlaw-3469	193	84	potential	potential	NOUN
taxlaw-3469	193	85	of	of	ADP
taxlaw-3469	193	86	the	the	DET
taxlaw-3469	193	87	relevant	relevant	ADJ
taxlaw-3469	193	88	ip	ip	NOUN
taxlaw-3469	193	89	.	.	PUNCT
taxlaw-3469	193	90	to	to	ADP
taxlaw-3469	193	91	the	the	DET
taxlaw-3469	193	92	extent	extent	NOUN
taxlaw-3469	193	93	that	that	SCONJ
taxlaw-3469	193	94	the	the	DET
taxlaw-3469	193	95	united	united	PROPN
taxlaw-3469	193	96	states	states	PROPN
taxlaw-3469	193	97	is	be	AUX
taxlaw-3469	193	98	the	the	DET
taxlaw-3469	193	99	“	"	PUNCT
taxlaw-3469	193	100	natural	natural	ADJ
taxlaw-3469	193	101	home	home	NOUN
taxlaw-3469	193	102	”	"	PUNCT
taxlaw-3469	193	103	of	of	ADP
taxlaw-3469	193	104	such	such	ADJ
taxlaw-3469	193	105	economic	economic	ADJ
taxlaw-3469	193	106	substance	substance	NOUN
taxlaw-3469	193	107	for	for	ADP
taxlaw-3469	193	108	a	a	DET
taxlaw-3469	193	109	u.s	u.s	PROPN
taxlaw-3469	193	110	.	.	PROPN
taxlaw-3469	193	111	mnc	mnc	PROPN
taxlaw-3469	193	112	in	in	ADP
taxlaw-3469	193	113	a	a	DET
taxlaw-3469	193	114	world	world	NOUN
taxlaw-3469	193	115	without	without	ADP
taxlaw-3469	193	116	tax	tax	NOUN
taxlaw-3469	193	117	considerations	consideration	NOUN
taxlaw-3469	193	118	–	–	PUNCT
taxlaw-3469	193	119	for	for	ADP
taxlaw-3469	193	120	instance	instance	NOUN
taxlaw-3469	193	121	,	,	PUNCT
taxlaw-3469	193	122	on	on	ADP
taxlaw-3469	193	123	account	account	NOUN
taxlaw-3469	193	124	of	of	ADP
taxlaw-3469	193	125	linkages	linkage	NOUN
taxlaw-3469	193	126	and	and	CCONJ
taxlaw-3469	193	127	network	network	NOUN
taxlaw-3469	193	128	economies	economy	NOUN
taxlaw-3469	193	129	with	with	ADP
taxlaw-3469	193	130	43	43	NUM
taxlaw-3469	193	131	the	the	DET
taxlaw-3469	193	132	incentives	incentive	NOUN
taxlaw-3469	193	133	of	of	ADP
taxlaw-3469	193	134	jurisdictions	jurisdiction	NOUN
taxlaw-3469	193	135	offering	offer	VERB
taxlaw-3469	193	136	lower	low	ADJ
taxlaw-3469	193	137	tax	tax	NOUN
taxlaw-3469	193	138	rates	rate	NOUN
taxlaw-3469	193	139	to	to	PART
taxlaw-3469	193	140	attract	attract	VERB
taxlaw-3469	193	141	rents	rent	NOUN
taxlaw-3469	193	142	from	from	ADP
taxlaw-3469	193	143	mobile	mobile	ADJ
taxlaw-3469	193	144	forms	form	NOUN
taxlaw-3469	193	145	of	of	ADP
taxlaw-3469	193	146	capital	capital	NOUN
taxlaw-3469	193	147	have	have	AUX
taxlaw-3469	193	148	only	only	ADV
taxlaw-3469	193	149	been	be	AUX
taxlaw-3469	193	150	heightened	heighten	VERB
taxlaw-3469	193	151	with	with	ADP
taxlaw-3469	193	152	the	the	DET
taxlaw-3469	193	153	oecd	oecd	PROPN
taxlaw-3469	193	154	’s	’s	PART
taxlaw-3469	193	155	beps	bep	NOUN
taxlaw-3469	193	156	project	project	NOUN
taxlaw-3469	193	157	and	and	CCONJ
taxlaw-3469	193	158	the	the	DET
taxlaw-3469	193	159	greater	great	ADJ
taxlaw-3469	193	160	substance	substance	NOUN
taxlaw-3469	193	161	requirements	requirement	NOUN
taxlaw-3469	193	162	for	for	ADP
taxlaw-3469	193	163	cross	cross	ADJ
taxlaw-3469	193	164	-	-	ADJ
taxlaw-3469	193	165	border	border	ADJ
taxlaw-3469	193	166	related	relate	VERB
taxlaw-3469	193	167	-	-	PUNCT
taxlaw-3469	193	168	party	party	NOUN
taxlaw-3469	193	169	allocations	allocation	NOUN
taxlaw-3469	193	170	of	of	ADP
taxlaw-3469	193	171	intangible	intangible	ADJ
taxlaw-3469	193	172	-	-	PUNCT
taxlaw-3469	193	173	related	relate	VERB
taxlaw-3469	193	174	income	income	NOUN
taxlaw-3469	193	175	to	to	PART
taxlaw-3469	193	176	be	be	AUX
taxlaw-3469	193	177	respected	respect	VERB
taxlaw-3469	193	178	.	.	PUNCT
taxlaw-3469	194	1	with	with	ADP
taxlaw-3469	194	2	a	a	DET
taxlaw-3469	194	3	higher	high	ADJ
taxlaw-3469	194	4	substance	substance	NOUN
taxlaw-3469	194	5	threshold	threshold	NOUN
taxlaw-3469	194	6	,	,	PUNCT
taxlaw-3469	194	7	a	a	DET
taxlaw-3469	194	8	government	government	NOUN
taxlaw-3469	194	9	offering	offer	VERB
taxlaw-3469	194	10	lower	low	ADJ
taxlaw-3469	194	11	tax	tax	NOUN
taxlaw-3469	194	12	rates	rate	NOUN
taxlaw-3469	194	13	on	on	ADP
taxlaw-3469	194	14	intangible	intangible	ADJ
taxlaw-3469	194	15	income	income	NOUN
taxlaw-3469	194	16	not	not	PART
taxlaw-3469	194	17	only	only	ADV
taxlaw-3469	194	18	stands	stand	VERB
taxlaw-3469	194	19	to	to	PART
taxlaw-3469	194	20	attract	attract	VERB
taxlaw-3469	194	21	more	more	ADJ
taxlaw-3469	194	22	taxable	taxable	ADJ
taxlaw-3469	194	23	income	income	NOUN
taxlaw-3469	194	24	but	but	CCONJ
taxlaw-3469	194	25	also	also	ADV
taxlaw-3469	194	26	more	more	ADV
taxlaw-3469	194	27	real	real	ADJ
taxlaw-3469	194	28	economic	economic	ADJ
taxlaw-3469	194	29	activity	activity	NOUN
taxlaw-3469	194	30	,	,	PUNCT
taxlaw-3469	194	31	such	such	ADJ
taxlaw-3469	194	32	as	as	ADP
taxlaw-3469	194	33	jobs	job	NOUN
taxlaw-3469	194	34	.	.	PUNCT
taxlaw-3469	195	1	see	see	VERB
taxlaw-3469	195	2	kartikeya	kartikeya	PROPN
taxlaw-3469	195	3	singh	singh	PROPN
taxlaw-3469	195	4	&	&	CCONJ
taxlaw-3469	195	5	aparna	aparna	PROPN
taxlaw-3469	195	6	mathur	mathur	PROPN
taxlaw-3469	195	7	beps	beps	PROPN
taxlaw-3469	195	8	and	and	CCONJ
taxlaw-3469	195	9	the	the	DET
taxlaw-3469	195	10	law	law	NOUN
taxlaw-3469	195	11	of	of	ADP
taxlaw-3469	195	12	unintended	unintended	ADJ
taxlaw-3469	195	13	consequences	consequence	NOUN
taxlaw-3469	195	14	,	,	PUNCT
taxlaw-3469	195	15	tax	tax	NOUN
taxlaw-3469	195	16	notes	note	NOUN
taxlaw-3469	195	17	(	(	PUNCT
taxlaw-3469	195	18	ta	ta	NOUN
taxlaw-3469	195	19	)	)	PUNCT
taxlaw-3469	195	20	(	(	PUNCT
taxlaw-3469	195	21	sept	sept	PROPN
taxlaw-3469	195	22	.	.	PROPN
taxlaw-3469	195	23	16	16	NUM
taxlaw-3469	195	24	,	,	PUNCT
taxlaw-3469	195	25	2013	2013	NUM
taxlaw-3469	195	26	)	)	PUNCT
taxlaw-3469	195	27	.	.	PUNCT
taxlaw-3469	196	1	44	44	NUM
taxlaw-3469	196	2	i.r.c	i.r.c	VERB
taxlaw-3469	196	3	§	§	PROPN
taxlaw-3469	196	4	245a	245a	PROPN
taxlaw-3469	196	5	.	.	PUNCT
taxlaw-3469	196	6	45	45	NUM
taxlaw-3469	196	7	oecd	oecd	PROPN
taxlaw-3469	196	8	,	,	PUNCT
taxlaw-3469	196	9	supra	supra	PROPN
taxlaw-3469	196	10	note	note	PROPN
taxlaw-3469	196	11	26	26	NUM
taxlaw-3469	196	12	,	,	PUNCT
taxlaw-3469	196	13	at	at	ADP
taxlaw-3469	196	14	3	3	NUM
taxlaw-3469	196	15	.	.	NUM
taxlaw-3469	196	16	46	46	NUM
taxlaw-3469	197	1	i	i	PRON
taxlaw-3469	197	2	d.	d.	PROPN
taxlaw-3469	197	3	at	at	ADP
taxlaw-3469	197	4	13	13	NUM
taxlaw-3469	197	5	,	,	PUNCT
taxlaw-3469	197	6	38	38	NUM
taxlaw-3469	197	7	.	.	NOUN
taxlaw-3469	197	8	210	210	NUM
taxlaw-3469	198	1	[	[	X
taxlaw-3469	198	2	vol	vol	NOUN
taxlaw-3469	198	3	.	.	PUNCT
taxlaw-3469	199	1	10:2	10:2	NUM
taxlaw-3469	199	2	columbia	columbia	PROPN
taxlaw-3469	199	3	journal	journal	PROPN
taxlaw-3469	199	4	of	of	ADP
taxlaw-3469	199	5	tax	tax	NOUN
taxlaw-3469	199	6	law	law	NOUN
taxlaw-3469	199	7	other	other	ADJ
taxlaw-3469	199	8	aspects	aspect	NOUN
taxlaw-3469	199	9	of	of	ADP
taxlaw-3469	199	10	the	the	DET
taxlaw-3469	199	11	company	company	NOUN
taxlaw-3469	199	12	’s	’s	PART
taxlaw-3469	199	13	business	business	NOUN
taxlaw-3469	199	14	–	–	PUNCT
taxlaw-3469	199	15	locating	locate	VERB
taxlaw-3469	199	16	the	the	DET
taxlaw-3469	199	17	requisite	requisite	ADJ
taxlaw-3469	199	18	economic	economic	ADJ
taxlaw-3469	199	19	substance	substance	NOUN
taxlaw-3469	199	20	in	in	ADP
taxlaw-3469	199	21	a	a	DET
taxlaw-3469	199	22	low	low	ADJ
taxlaw-3469	199	23	-	-	PUNCT
taxlaw-3469	199	24	tax	tax	NOUN
taxlaw-3469	199	25	jurisdiction	jurisdiction	NOUN
taxlaw-3469	199	26	will	will	AUX
taxlaw-3469	199	27	come	come	VERB
taxlaw-3469	199	28	at	at	ADP
taxlaw-3469	199	29	an	an	DET
taxlaw-3469	199	30	incremental	incremental	ADJ
taxlaw-3469	199	31	cost	cost	NOUN
taxlaw-3469	199	32	.	.	PUNCT
taxlaw-3469	200	1	such	such	ADJ
taxlaw-3469	200	2	incremental	incremental	ADJ
taxlaw-3469	200	3	non	non	ADJ
taxlaw-3469	200	4	-	-	ADJ
taxlaw-3469	200	5	tax	tax	ADJ
taxlaw-3469	200	6	costs	cost	NOUN
taxlaw-3469	200	7	for	for	ADP
taxlaw-3469	200	8	the	the	DET
taxlaw-3469	200	9	firm	firm	NOUN
taxlaw-3469	200	10	would	would	AUX
taxlaw-3469	200	11	be	be	AUX
taxlaw-3469	200	12	present	present	ADJ
taxlaw-3469	200	13	to	to	ADP
taxlaw-3469	200	14	the	the	DET
taxlaw-3469	200	15	extent	extent	NOUN
taxlaw-3469	200	16	it	it	PRON
taxlaw-3469	200	17	has	have	VERB
taxlaw-3469	200	18	to	to	PART
taxlaw-3469	200	19	organize	organize	VERB
taxlaw-3469	200	20	its	its	PRON
taxlaw-3469	200	21	business	business	NOUN
taxlaw-3469	200	22	affairs	affair	NOUN
taxlaw-3469	200	23	(	(	PUNCT
taxlaw-3469	200	24	e.g.	e.g.	ADV
taxlaw-3469	200	25	,	,	PUNCT
taxlaw-3469	200	26	such	such	ADJ
taxlaw-3469	200	27	as	as	ADP
taxlaw-3469	200	28	the	the	DET
taxlaw-3469	200	29	location	location	NOUN
taxlaw-3469	200	30	of	of	ADP
taxlaw-3469	200	31	its	its	PRON
taxlaw-3469	200	32	employees	employee	NOUN
taxlaw-3469	200	33	and	and	CCONJ
taxlaw-3469	200	34	their	their	PRON
taxlaw-3469	200	35	roles	role	NOUN
taxlaw-3469	200	36	and	and	CCONJ
taxlaw-3469	200	37	responsibilities	responsibility	NOUN
taxlaw-3469	200	38	)	)	PUNCT
taxlaw-3469	200	39	differently	differently	ADV
taxlaw-3469	200	40	from	from	ADP
taxlaw-3469	200	41	how	how	SCONJ
taxlaw-3469	200	42	it	it	PRON
taxlaw-3469	200	43	would	would	AUX
taxlaw-3469	200	44	do	do	AUX
taxlaw-3469	200	45	so	so	ADV
taxlaw-3469	200	46	in	in	ADP
taxlaw-3469	200	47	a	a	DET
taxlaw-3469	200	48	no	no	DET
taxlaw-3469	200	49	-	-	PUNCT
taxlaw-3469	200	50	tax	tax	NOUN
taxlaw-3469	200	51	world	world	NOUN
taxlaw-3469	200	52	.	.	PUNCT
taxlaw-3469	201	1	any	any	DET
taxlaw-3469	201	2	such	such	ADJ
taxlaw-3469	201	3	non	non	ADJ
taxlaw-3469	201	4	-	-	ADJ
taxlaw-3469	201	5	tax	tax	ADJ
taxlaw-3469	201	6	costs	cost	NOUN
taxlaw-3469	201	7	then	then	ADV
taxlaw-3469	201	8	represent	represent	VERB
taxlaw-3469	201	9	a	a	DET
taxlaw-3469	201	10	leakage	leakage	NOUN
taxlaw-3469	201	11	from	from	ADP
taxlaw-3469	201	12	the	the	DET
taxlaw-3469	201	13	tax	tax	NOUN
taxlaw-3469	201	14	benefit	benefit	NOUN
taxlaw-3469	201	15	the	the	DET
taxlaw-3469	201	16	firm	firm	NOUN
taxlaw-3469	201	17	may	may	AUX
taxlaw-3469	201	18	generate	generate	VERB
taxlaw-3469	201	19	from	from	ADP
taxlaw-3469	201	20	its	its	PRON
taxlaw-3469	201	21	investment	investment	NOUN
taxlaw-3469	201	22	location	location	NOUN
taxlaw-3469	201	23	choice	choice	NOUN
taxlaw-3469	201	24	.	.	PUNCT
taxlaw-3469	202	1	the	the	DET
taxlaw-3469	202	2	non	non	ADJ
taxlaw-3469	202	3	-	-	ADJ
taxlaw-3469	202	4	tax	tax	ADJ
taxlaw-3469	202	5	transaction	transaction	NOUN
taxlaw-3469	202	6	costs	cost	NOUN
taxlaw-3469	202	7	related	relate	VERB
taxlaw-3469	202	8	to	to	ADP
taxlaw-3469	202	9	international	international	ADJ
taxlaw-3469	202	10	tax	tax	NOUN
taxlaw-3469	202	11	planning	planning	NOUN
taxlaw-3469	202	12	may	may	AUX
taxlaw-3469	202	13	be	be	AUX
taxlaw-3469	202	14	higher	high	ADJ
taxlaw-3469	202	15	still	still	ADV
taxlaw-3469	202	16	on	on	ADP
taxlaw-3469	202	17	account	account	NOUN
taxlaw-3469	202	18	of	of	ADP
taxlaw-3469	202	19	additional	additional	ADJ
taxlaw-3469	202	20	compliance	compliance	NOUN
taxlaw-3469	202	21	and	and	CCONJ
taxlaw-3469	202	22	administrative	administrative	ADJ
taxlaw-3469	202	23	burdens	burden	NOUN
taxlaw-3469	202	24	that	that	SCONJ
taxlaw-3469	202	25	a	a	DET
taxlaw-3469	202	26	u.s	u.s	PROPN
taxlaw-3469	202	27	.	.	PROPN
taxlaw-3469	202	28	mnc	mnc	PROPN
taxlaw-3469	202	29	might	might	AUX
taxlaw-3469	202	30	face	face	VERB
taxlaw-3469	202	31	when	when	SCONJ
taxlaw-3469	202	32	locating	locate	VERB
taxlaw-3469	202	33	rent	rent	NOUN
taxlaw-3469	202	34	-	-	PUNCT
taxlaw-3469	202	35	generating	generate	VERB
taxlaw-3469	202	36	capital	capital	NOUN
taxlaw-3469	202	37	outside	outside	ADP
taxlaw-3469	202	38	of	of	ADP
taxlaw-3469	202	39	the	the	DET
taxlaw-3469	202	40	united	united	PROPN
taxlaw-3469	202	41	states	states	PROPN
taxlaw-3469	202	42	for	for	ADP
taxlaw-3469	202	43	tax	tax	NOUN
taxlaw-3469	202	44	considerations	consideration	NOUN
taxlaw-3469	202	45	.	.	PUNCT
taxlaw-3469	203	1	the	the	DET
taxlaw-3469	203	2	additional	additional	ADJ
taxlaw-3469	203	3	compliance	compliance	NOUN
taxlaw-3469	203	4	and	and	CCONJ
taxlaw-3469	203	5	administrative	administrative	ADJ
taxlaw-3469	203	6	burdens	burden	NOUN
taxlaw-3469	203	7	can	can	AUX
taxlaw-3469	203	8	come	come	VERB
taxlaw-3469	203	9	from	from	ADP
taxlaw-3469	203	10	having	have	VERB
taxlaw-3469	203	11	to	to	PART
taxlaw-3469	203	12	defend	defend	VERB
taxlaw-3469	203	13	its	its	PRON
taxlaw-3469	203	14	location	location	NOUN
taxlaw-3469	203	15	choice	choice	NOUN
taxlaw-3469	203	16	of	of	ADP
taxlaw-3469	203	17	ip	ip	NOUN
taxlaw-3469	203	18	–	–	PUNCT
taxlaw-3469	203	19	a	a	DET
taxlaw-3469	203	20	choice	choice	NOUN
taxlaw-3469	203	21	that	that	PRON
taxlaw-3469	203	22	may	may	AUX
taxlaw-3469	203	23	have	have	VERB
taxlaw-3469	203	24	the	the	DET
taxlaw-3469	203	25	appearance	appearance	NOUN
taxlaw-3469	203	26	of	of	ADP
taxlaw-3469	203	27	having	having	AUX
taxlaw-3469	203	28	been	be	AUX
taxlaw-3469	203	29	made	make	VERB
taxlaw-3469	203	30	specifically	specifically	ADV
taxlaw-3469	203	31	for	for	ADP
taxlaw-3469	203	32	tax	tax	NOUN
taxlaw-3469	203	33	purposes	purpose	NOUN
taxlaw-3469	203	34	–	–	PUNCT
taxlaw-3469	203	35	to	to	ADP
taxlaw-3469	203	36	revenue	revenue	NOUN
taxlaw-3469	203	37	authorities	authority	NOUN
taxlaw-3469	203	38	of	of	ADP
taxlaw-3469	203	39	different	different	ADJ
taxlaw-3469	203	40	jurisdictions	jurisdiction	NOUN
taxlaw-3469	203	41	that	that	PRON
taxlaw-3469	203	42	may	may	AUX
taxlaw-3469	203	43	have	have	VERB
taxlaw-3469	203	44	an	an	DET
taxlaw-3469	203	45	interest	interest	NOUN
taxlaw-3469	203	46	in	in	ADP
taxlaw-3469	203	47	challenging	challenge	VERB
taxlaw-3469	203	48	the	the	DET
taxlaw-3469	203	49	company	company	NOUN
taxlaw-3469	203	50	’s	’s	PART
taxlaw-3469	203	51	position	position	NOUN
taxlaw-3469	203	52	in	in	ADP
taxlaw-3469	203	53	order	order	NOUN
taxlaw-3469	203	54	to	to	PART
taxlaw-3469	203	55	appropriate	appropriate	VERB
taxlaw-3469	203	56	a	a	DET
taxlaw-3469	203	57	greater	great	ADJ
taxlaw-3469	203	58	share	share	NOUN
taxlaw-3469	203	59	of	of	ADP
taxlaw-3469	203	60	tax	tax	NOUN
taxlaw-3469	203	61	revenues	revenue	NOUN
taxlaw-3469	203	62	.	.	PUNCT
taxlaw-3469	204	1	it	it	PRON
taxlaw-3469	204	2	is	be	AUX
taxlaw-3469	204	3	fair	fair	ADJ
taxlaw-3469	204	4	to	to	PART
taxlaw-3469	204	5	say	say	VERB
taxlaw-3469	204	6	that	that	SCONJ
taxlaw-3469	204	7	the	the	DET
taxlaw-3469	204	8	transaction	transaction	NOUN
taxlaw-3469	204	9	costs	cost	NOUN
taxlaw-3469	204	10	related	relate	VERB
taxlaw-3469	204	11	to	to	ADP
taxlaw-3469	204	12	international	international	ADJ
taxlaw-3469	204	13	tax	tax	NOUN
taxlaw-3469	204	14	planning	planning	NOUN
taxlaw-3469	204	15	that	that	PRON
taxlaw-3469	204	16	a	a	DET
taxlaw-3469	204	17	firm	firm	ADJ
taxlaw-3469	204	18	faces	face	NOUN
taxlaw-3469	204	19	are	be	AUX
taxlaw-3469	204	20	higher	high	ADJ
taxlaw-3469	204	21	in	in	ADP
taxlaw-3469	204	22	the	the	DET
taxlaw-3469	204	23	post	post	ADJ
taxlaw-3469	204	24	-	-	ADJ
taxlaw-3469	204	25	beps	beps	ADJ
taxlaw-3469	204	26	world	world	NOUN
taxlaw-3469	204	27	than	than	ADP
taxlaw-3469	204	28	before	before	ADV
taxlaw-3469	204	29	.	.	PUNCT
taxlaw-3469	205	1	from	from	ADP
taxlaw-3469	205	2	the	the	DET
taxlaw-3469	205	3	outset	outset	NOUN
taxlaw-3469	205	4	of	of	ADP
taxlaw-3469	205	5	the	the	DET
taxlaw-3469	205	6	beps	bep	NOUN
taxlaw-3469	205	7	project	project	NOUN
taxlaw-3469	205	8	,	,	PUNCT
taxlaw-3469	205	9	the	the	DET
taxlaw-3469	205	10	oecd	oecd	PROPN
taxlaw-3469	205	11	had	have	AUX
taxlaw-3469	205	12	identified	identify	VERB
taxlaw-3469	205	13	intangibles	intangible	NOUN
taxlaw-3469	205	14	–	–	PUNCT
taxlaw-3469	205	15	as	as	ADP
taxlaw-3469	205	16	the	the	DET
taxlaw-3469	205	17	quintessential	quintessential	ADJ
taxlaw-3469	205	18	form	form	NOUN
taxlaw-3469	205	19	of	of	ADP
taxlaw-3469	205	20	mobile	mobile	ADJ
taxlaw-3469	205	21	capital	capital	NOUN
taxlaw-3469	205	22	that	that	PRON
taxlaw-3469	205	23	can	can	AUX
taxlaw-3469	205	24	be	be	AUX
taxlaw-3469	205	25	moved	move	VERB
taxlaw-3469	205	26	across	across	ADP
taxlaw-3469	205	27	jurisdictions	jurisdiction	NOUN
taxlaw-3469	205	28	relatively	relatively	ADV
taxlaw-3469	205	29	easily	easily	ADV
taxlaw-3469	205	30	–	–	PUNCT
taxlaw-3469	205	31	as	as	ADP
taxlaw-3469	205	32	a	a	DET
taxlaw-3469	205	33	key	key	ADJ
taxlaw-3469	205	34	area	area	NOUN
taxlaw-3469	205	35	where	where	SCONJ
taxlaw-3469	205	36	new	new	ADJ
taxlaw-3469	205	37	rules	rule	NOUN
taxlaw-3469	205	38	and	and	CCONJ
taxlaw-3469	205	39	a	a	DET
taxlaw-3469	205	40	tightening	tightening	NOUN
taxlaw-3469	205	41	of	of	ADP
taxlaw-3469	205	42	existing	exist	VERB
taxlaw-3469	205	43	rules	rule	NOUN
taxlaw-3469	205	44	was	be	AUX
taxlaw-3469	205	45	needed	need	VERB
taxlaw-3469	205	46	to	to	PART
taxlaw-3469	205	47	curb	curb	VERB
taxlaw-3469	205	48	the	the	DET
taxlaw-3469	205	49	ability	ability	NOUN
taxlaw-3469	205	50	of	of	ADP
taxlaw-3469	205	51	multinationals	multinational	NOUN
taxlaw-3469	205	52	to	to	PART
taxlaw-3469	205	53	“	"	PUNCT
taxlaw-3469	205	54	artificially	artificially	ADV
taxlaw-3469	205	55	”	"	PUNCT
taxlaw-3469	205	56	shift	shift	NOUN
taxlaw-3469	205	57	profits	profit	NOUN
taxlaw-3469	205	58	from	from	ADP
taxlaw-3469	205	59	high	high	ADJ
taxlaw-3469	205	60	-	-	PUNCT
taxlaw-3469	205	61	tax	tax	NOUN
taxlaw-3469	205	62	to	to	ADP
taxlaw-3469	205	63	low	low	ADJ
taxlaw-3469	205	64	-	-	PUNCT
taxlaw-3469	205	65	tax	tax	NOUN
taxlaw-3469	205	66	jurisdictions.47	jurisdictions.47	NOUN
taxlaw-3469	205	67	correspondingly	correspondingly	ADV
taxlaw-3469	205	68	,	,	PUNCT
taxlaw-3469	205	69	the	the	DET
taxlaw-3469	205	70	oecd	oecd	PROPN
taxlaw-3469	205	71	devoted	devote	VERB
taxlaw-3469	205	72	a	a	DET
taxlaw-3469	205	73	significant	significant	ADJ
taxlaw-3469	205	74	part	part	NOUN
taxlaw-3469	205	75	of	of	ADP
taxlaw-3469	205	76	its	its	PRON
taxlaw-3469	205	77	new	new	ADJ
taxlaw-3469	205	78	guidelines	guideline	NOUN
taxlaw-3469	205	79	,	,	PUNCT
taxlaw-3469	205	80	presented	present	VERB
taxlaw-3469	205	81	in	in	ADP
taxlaw-3469	205	82	the	the	DET
taxlaw-3469	205	83	report	report	NOUN
taxlaw-3469	205	84	on	on	ADP
taxlaw-3469	205	85	beps	bep	NOUN
taxlaw-3469	205	86	actions	action	NOUN
taxlaw-3469	205	87	8	8	NUM
taxlaw-3469	205	88	through	through	ADP
taxlaw-3469	205	89	10	10	NUM
taxlaw-3469	205	90	,	,	PUNCT
taxlaw-3469	205	91	to	to	ADP
taxlaw-3469	205	92	intangibles	intangible	NOUN
taxlaw-3469	205	93	and	and	CCONJ
taxlaw-3469	205	94	the	the	DET
taxlaw-3469	205	95	crossborder	crossborder	NOUN
taxlaw-3469	205	96	allocation	allocation	NOUN
taxlaw-3469	205	97	of	of	ADP
taxlaw-3469	205	98	taxable	taxable	ADJ
taxlaw-3469	205	99	income	income	NOUN
taxlaw-3469	205	100	attributable	attributable	ADJ
taxlaw-3469	205	101	to	to	ADP
taxlaw-3469	205	102	such	such	ADJ
taxlaw-3469	205	103	intangibles	intangible	NOUN
taxlaw-3469	205	104	.	.	PUNCT
taxlaw-3469	206	1	48	48	NUM
taxlaw-3469	206	2	the	the	DET
taxlaw-3469	206	3	new	new	ADJ
taxlaw-3469	206	4	guidelines	guideline	NOUN
taxlaw-3469	206	5	reinforced	reinforce	VERB
taxlaw-3469	206	6	the	the	DET
taxlaw-3469	206	7	concept	concept	NOUN
taxlaw-3469	206	8	of	of	ADP
taxlaw-3469	206	9	“	"	PUNCT
taxlaw-3469	206	10	economic	economic	ADJ
taxlaw-3469	206	11	substance	substance	NOUN
taxlaw-3469	206	12	”	"	PUNCT
taxlaw-3469	206	13	as	as	ADP
taxlaw-3469	206	14	a	a	DET
taxlaw-3469	206	15	way	way	NOUN
taxlaw-3469	206	16	to	to	PART
taxlaw-3469	206	17	ensure	ensure	VERB
taxlaw-3469	206	18	that	that	SCONJ
taxlaw-3469	206	19	whenever	whenever	SCONJ
taxlaw-3469	206	20	a	a	DET
taxlaw-3469	206	21	taxpayer	taxpayer	NOUN
taxlaw-3469	206	22	asserts	assert	VERB
taxlaw-3469	206	23	a	a	DET
taxlaw-3469	206	24	jurisdiction	jurisdiction	NOUN
taxlaw-3469	206	25	as	as	ADP
taxlaw-3469	206	26	its	its	PRON
taxlaw-3469	206	27	location	location	NOUN
taxlaw-3469	206	28	for	for	ADP
taxlaw-3469	206	29	important	important	ADJ
taxlaw-3469	206	30	intangibles	intangible	NOUN
taxlaw-3469	206	31	(	(	PUNCT
taxlaw-3469	206	32	and	and	CCONJ
taxlaw-3469	206	33	taxable	taxable	ADJ
taxlaw-3469	206	34	income	income	NOUN
taxlaw-3469	206	35	attributable	attributable	ADJ
taxlaw-3469	206	36	to	to	ADP
taxlaw-3469	206	37	them	they	PRON
taxlaw-3469	206	38	)	)	PUNCT
taxlaw-3469	206	39	,	,	PUNCT
taxlaw-3469	206	40	it	it	PRON
taxlaw-3469	206	41	has	have	VERB
taxlaw-3469	206	42	to	to	PART
taxlaw-3469	206	43	show	show	VERB
taxlaw-3469	206	44	that	that	SCONJ
taxlaw-3469	206	45	it	it	PRON
taxlaw-3469	206	46	meets	meet	VERB
taxlaw-3469	206	47	a	a	DET
taxlaw-3469	206	48	necessary	necessary	ADJ
taxlaw-3469	206	49	and	and	CCONJ
taxlaw-3469	206	50	elevated	elevated	ADJ
taxlaw-3469	206	51	precondition	precondition	NOUN
taxlaw-3469	206	52	:	:	PUNCT
taxlaw-3469	206	53	the	the	DET
taxlaw-3469	206	54	location	location	NOUN
taxlaw-3469	206	55	of	of	ADP
taxlaw-3469	206	56	employees	employee	NOUN
taxlaw-3469	206	57	necessary	necessary	ADJ
taxlaw-3469	206	58	for	for	ADP
taxlaw-3469	206	59	the	the	DET
taxlaw-3469	206	60	development	development	NOUN
taxlaw-3469	206	61	,	,	PUNCT
taxlaw-3469	206	62	management	management	NOUN
taxlaw-3469	206	63	,	,	PUNCT
taxlaw-3469	206	64	and	and	CCONJ
taxlaw-3469	206	65	exploitation	exploitation	NOUN
taxlaw-3469	206	66	of	of	ADP
taxlaw-3469	206	67	the	the	DET
taxlaw-3469	206	68	intangibles	intangible	NOUN
taxlaw-3469	206	69	within	within	ADP
taxlaw-3469	206	70	that	that	DET
taxlaw-3469	206	71	same	same	ADJ
taxlaw-3469	206	72	jurisdiction.49	jurisdiction.49	NOUN
taxlaw-3469	206	73	this	this	PRON
taxlaw-3469	206	74	is	be	AUX
taxlaw-3469	206	75	intended	intend	VERB
taxlaw-3469	206	76	to	to	PART
taxlaw-3469	206	77	minimize	minimize	VERB
taxlaw-3469	206	78	(	(	PUNCT
taxlaw-3469	206	79	if	if	SCONJ
taxlaw-3469	206	80	not	not	PART
taxlaw-3469	206	81	entirely	entirely	ADV
taxlaw-3469	206	82	eliminate	eliminate	VERB
taxlaw-3469	206	83	)	)	PUNCT
taxlaw-3469	206	84	“	"	PUNCT
taxlaw-3469	206	85	artificial	artificial	ADJ
taxlaw-3469	206	86	profit	profit	NOUN
taxlaw-3469	206	87	shifting	shifting	NOUN
taxlaw-3469	206	88	”	"	PUNCT
taxlaw-3469	206	89	where	where	SCONJ
taxlaw-3469	206	90	the	the	DET
taxlaw-3469	206	91	location	location	NOUN
taxlaw-3469	206	92	of	of	ADP
taxlaw-3469	206	93	income	income	NOUN
taxlaw-3469	206	94	attributed	attribute	VERB
taxlaw-3469	206	95	to	to	ADP
taxlaw-3469	206	96	a	a	DET
taxlaw-3469	206	97	company	company	NOUN
taxlaw-3469	206	98	’s	’s	PART
taxlaw-3469	206	99	intangibles	intangible	NOUN
taxlaw-3469	206	100	is	be	AUX
taxlaw-3469	206	101	disassociated	disassociate	VERB
taxlaw-3469	206	102	from	from	ADP
taxlaw-3469	206	103	the	the	DET
taxlaw-3469	206	104	location	location	NOUN
taxlaw-3469	206	105	of	of	ADP
taxlaw-3469	206	106	important	important	ADJ
taxlaw-3469	206	107	people	people	NOUN
taxlaw-3469	206	108	functions.50	functions.50	PROPN
taxlaw-3469	206	109	in	in	ADP
taxlaw-3469	206	110	effect	effect	NOUN
taxlaw-3469	206	111	,	,	PUNCT
taxlaw-3469	206	112	the	the	DET
taxlaw-3469	206	113	revised	revise	VERB
taxlaw-3469	206	114	guidelines	guideline	NOUN
taxlaw-3469	206	115	and	and	CCONJ
taxlaw-3469	206	116	standards	standard	NOUN
taxlaw-3469	206	117	impose	impose	VERB
taxlaw-3469	206	118	a	a	DET
taxlaw-3469	206	119	significant	significant	ADJ
taxlaw-3469	206	120	transaction	transaction	NOUN
taxlaw-3469	206	121	cost	cost	NOUN
taxlaw-3469	206	122	on	on	ADP
taxlaw-3469	206	123	firms	firm	NOUN
taxlaw-3469	206	124	’	'	PUNCT
taxlaw-3469	206	125	international	international	ADJ
taxlaw-3469	206	126	tax	tax	NOUN
taxlaw-3469	206	127	planning	planning	NOUN
taxlaw-3469	206	128	built	build	VERB
taxlaw-3469	206	129	around	around	ADP
taxlaw-3469	206	130	the	the	DET
taxlaw-3469	206	131	location	location	NOUN
taxlaw-3469	206	132	of	of	ADP
taxlaw-3469	206	133	intangible	intangible	ADJ
taxlaw-3469	206	134	capital	capital	NOUN
taxlaw-3469	206	135	.	.	PUNCT
taxlaw-3469	207	1	so	so	ADV
taxlaw-3469	207	2	,	,	PUNCT
taxlaw-3469	207	3	how	how	SCONJ
taxlaw-3469	207	4	do	do	AUX
taxlaw-3469	207	5	the	the	DET
taxlaw-3469	207	6	new	new	ADJ
taxlaw-3469	207	7	rules	rule	NOUN
taxlaw-3469	207	8	on	on	ADP
taxlaw-3469	207	9	fdii	fdii	NOUN
taxlaw-3469	207	10	and	and	CCONJ
taxlaw-3469	207	11	gilti	gilti	NOUN
taxlaw-3469	207	12	impact	impact	NOUN
taxlaw-3469	207	13	the	the	DET
taxlaw-3469	207	14	decision	decision	NOUN
taxlaw-3469	207	15	margins	margin	NOUN
taxlaw-3469	207	16	of	of	ADP
taxlaw-3469	207	17	u.s	u.s	PROPN
taxlaw-3469	207	18	.	.	PROPN
taxlaw-3469	207	19	mncs	mncs	PROPN
taxlaw-3469	207	20	with	with	ADP
taxlaw-3469	207	21	regard	regard	NOUN
taxlaw-3469	207	22	to	to	ADP
taxlaw-3469	207	23	new	new	ADJ
taxlaw-3469	207	24	investments	investment	NOUN
taxlaw-3469	207	25	in	in	ADP
taxlaw-3469	207	26	an	an	DET
taxlaw-3469	207	27	international	international	ADJ
taxlaw-3469	207	28	tax	tax	NOUN
taxlaw-3469	207	29	environment	environment	NOUN
taxlaw-3469	207	30	shaped	shape	VERB
taxlaw-3469	207	31	by	by	ADP
taxlaw-3469	207	32	beps	bep	NOUN
taxlaw-3469	207	33	?	?	PUNCT
taxlaw-3469	208	1	commentary	commentary	NOUN
taxlaw-3469	208	2	within	within	ADP
taxlaw-3469	208	3	the	the	DET
taxlaw-3469	208	4	us	us	PROPN
taxlaw-3469	208	5	has	have	AUX
taxlaw-3469	208	6	been	be	AUX
taxlaw-3469	208	7	mixed	mix	VERB
taxlaw-3469	208	8	.	.	PUNCT
taxlaw-3469	209	1	some	some	DET
taxlaw-3469	209	2	commentators	commentator	NOUN
taxlaw-3469	209	3	have	have	AUX
taxlaw-3469	209	4	argued	argue	VERB
taxlaw-3469	209	5	that	that	SCONJ
taxlaw-3469	209	6	the	the	DET
taxlaw-3469	209	7	provisions	provision	NOUN
taxlaw-3469	209	8	do	do	AUX
taxlaw-3469	209	9	not	not	PART
taxlaw-3469	209	10	do	do	VERB
taxlaw-3469	209	11	enough	enough	ADJ
taxlaw-3469	209	12	to	to	PART
taxlaw-3469	209	13	change	change	VERB
taxlaw-3469	209	14	the	the	DET
taxlaw-3469	209	15	“	"	PUNCT
taxlaw-3469	209	16	offshoring	offshoring	NOUN
taxlaw-3469	209	17	problem	problem	NOUN
taxlaw-3469	209	18	”	"	PUNCT
taxlaw-3469	209	19	and	and	CCONJ
taxlaw-3469	209	20	recommend	recommend	VERB
taxlaw-3469	209	21	“	"	PUNCT
taxlaw-3469	209	22	equalizing	equalize	VERB
taxlaw-3469	209	23	the	the	DET
taxlaw-3469	209	24	minimum	minimum	ADJ
taxlaw-3469	209	25	tax	tax	NOUN
taxlaw-3469	209	26	rate	rate	NOUN
taxlaw-3469	209	27	on	on	ADP
taxlaw-3469	209	28	gilti	gilti	NOUN
taxlaw-3469	209	29	”	"	PUNCT
taxlaw-3469	209	30	and	and	CCONJ
taxlaw-3469	209	31	“	"	PUNCT
taxlaw-3469	209	32	the	the	DET
taxlaw-3469	209	33	reduced	reduced	ADJ
taxlaw-3469	209	34	rate	rate	NOUN
taxlaw-3469	209	35	on	on	ADP
taxlaw-3469	209	36	exports	export	NOUN
taxlaw-3469	209	37	”	"	PUNCT
taxlaw-3469	209	38	to	to	PART
taxlaw-3469	209	39	close	close	VERB
taxlaw-3469	209	40	the	the	DET
taxlaw-3469	209	41	tax	tax	NOUN
taxlaw-3469	209	42	arbitrage	arbitrage	NOUN
taxlaw-3469	209	43	window	window	NOUN
taxlaw-3469	209	44	mentioned	mention	VERB
taxlaw-3469	209	45	above	above	ADV
taxlaw-3469	209	46	,	,	PUNCT
taxlaw-3469	209	47	in	in	ADP
taxlaw-3469	209	48	particular	particular	ADJ
taxlaw-3469	209	49	citing	cite	VERB
taxlaw-3469	209	50	a	a	DET
taxlaw-3469	209	51	“	"	PUNCT
taxlaw-3469	209	52	tax	tax	NOUN
taxlaw-3469	209	53	haven	haven	NOUN
taxlaw-3469	209	54	problem”.51	problem”.51	NOUN
taxlaw-3469	209	55	others	other	NOUN
taxlaw-3469	209	56	have	have	AUX
taxlaw-3469	209	57	noted	note	VERB
taxlaw-3469	209	58	that	that	SCONJ
taxlaw-3469	209	59	the	the	DET
taxlaw-3469	209	60	new	new	ADJ
taxlaw-3469	209	61	rules	rule	NOUN
taxlaw-3469	209	62	do	do	AUX
taxlaw-3469	209	63	indeed	indeed	ADV
taxlaw-3469	209	64	reduce	reduce	VERB
taxlaw-3469	209	65	(	(	PUNCT
taxlaw-3469	209	66	although	although	SCONJ
taxlaw-3469	209	67	,	,	PUNCT
taxlaw-3469	209	68	without	without	ADP
taxlaw-3469	209	69	completely	completely	ADV
taxlaw-3469	209	70	eliminating	eliminating	NOUN
taxlaw-3469	209	71	)	)	PUNCT
taxlaw-3469	209	72	the	the	DET
taxlaw-3469	209	73	incentive	incentive	NOUN
taxlaw-3469	209	74	to	to	ADP
taxlaw-3469	209	75	offshore	offshore	ADJ
taxlaw-3469	209	76	investments	investment	NOUN
taxlaw-3469	209	77	and	and	CCONJ
taxlaw-3469	209	78	also	also	ADV
taxlaw-3469	209	79	point	point	VERB
taxlaw-3469	209	80	to	to	ADP
taxlaw-3469	209	81	the	the	DET
taxlaw-3469	209	82	potential	potential	ADJ
taxlaw-3469	209	83	effect	effect	NOUN
taxlaw-3469	209	84	of	of	ADP
taxlaw-3469	209	85	gilti	gilti	NOUN
taxlaw-3469	209	86	being	be	AUX
taxlaw-3469	209	87	far	far	ADV
taxlaw-3469	209	88	more	more	ADV
taxlaw-3469	209	89	punitive	punitive	ADJ
taxlaw-3469	209	90	than	than	ADP
taxlaw-3469	209	91	47	47	NUM
taxlaw-3469	209	92	oecd	oecd	PROPN
taxlaw-3469	209	93	,	,	PUNCT
taxlaw-3469	209	94	supra	supra	PROPN
taxlaw-3469	209	95	note	note	PROPN
taxlaw-3469	209	96	25	25	NUM
taxlaw-3469	209	97	,	,	PUNCT
taxlaw-3469	209	98	at	at	ADP
taxlaw-3469	209	99	13	13	NUM
taxlaw-3469	209	100	.	.	PUNCT
taxlaw-3469	210	1	48	48	NUM
taxlaw-3469	210	2	see	see	VERB
taxlaw-3469	210	3	oecd	oecd	PROPN
taxlaw-3469	210	4	,	,	PUNCT
taxlaw-3469	210	5	supra	supra	PROPN
taxlaw-3469	210	6	note	note	PROPN
taxlaw-3469	210	7	26	26	NUM
taxlaw-3469	210	8	,	,	PUNCT
taxlaw-3469	210	9	at	at	ADP
taxlaw-3469	210	10	63	63	NUM
taxlaw-3469	210	11	-	-	SYM
taxlaw-3469	210	12	92	92	NUM
taxlaw-3469	210	13	.	.	PUNCT
taxlaw-3469	210	14	49	49	NUM
taxlaw-3469	211	1	i	i	PRON
taxlaw-3469	211	2	d.	d.	PROPN
taxlaw-3469	211	3	at	at	ADP
taxlaw-3469	211	4	38	38	NUM
taxlaw-3469	211	5	-	-	SYM
taxlaw-3469	211	6	9	9	NUM
taxlaw-3469	211	7	.	.	NOUN
taxlaw-3469	211	8	50	50	NUM
taxlaw-3469	211	9	oecd	oecd	PROPN
taxlaw-3469	211	10	,	,	PUNCT
taxlaw-3469	211	11	supra	supra	PROPN
taxlaw-3469	211	12	note	note	PROPN
taxlaw-3469	211	13	25	25	NUM
taxlaw-3469	211	14	,	,	PUNCT
taxlaw-3469	211	15	at	at	ADP
taxlaw-3469	211	16	18	18	NUM
taxlaw-3469	211	17	.	.	PUNCT
taxlaw-3469	211	18	51	51	NUM
taxlaw-3469	211	19	kamin	kamin	PROPN
taxlaw-3469	211	20	et	et	PROPN
taxlaw-3469	211	21	al	al	PROPN
taxlaw-3469	211	22	.	.	PROPN
taxlaw-3469	211	23	,	,	PUNCT
taxlaw-3469	211	24	supra	supra	PROPN
taxlaw-3469	211	25	note	note	PROPN
taxlaw-3469	211	26	7	7	NUM
taxlaw-3469	211	27	,	,	PUNCT
taxlaw-3469	211	28	at	at	ADP
taxlaw-3469	211	29	56	56	NUM
taxlaw-3469	211	30	.	.	NOUN
taxlaw-3469	211	31	2019	2019	NUM
taxlaw-3469	211	32	]	]	PUNCT
taxlaw-3469	211	33	211	211	NUM
taxlaw-3469	211	34	the	the	DET
taxlaw-3469	211	35	impact	impact	NOUN
taxlaw-3469	211	36	of	of	ADP
taxlaw-3469	211	37	gilti	gilti	NOUN
taxlaw-3469	211	38	and	and	CCONJ
taxlaw-3469	211	39	fdii	fdii	NOUN
taxlaw-3469	211	40	on	on	ADP
taxlaw-3469	211	41	the	the	DET
taxlaw-3469	211	42	investment	investment	NOUN
taxlaw-3469	211	43	location	location	NOUN
taxlaw-3469	211	44	choice	choice	NOUN
taxlaw-3469	211	45	of	of	ADP
taxlaw-3469	211	46	u.s	u.s	PROPN
taxlaw-3469	211	47	.	.	PROPN
taxlaw-3469	211	48	multinationals	multinational	NOUN
taxlaw-3469	211	49	immediately	immediately	ADV
taxlaw-3469	211	50	apparent	apparent	ADJ
taxlaw-3469	211	51	.	.	PUNCT
taxlaw-3469	212	1	52	52	NUM
taxlaw-3469	212	2	,	,	PUNCT
taxlaw-3469	212	3	53	53	NUM
taxlaw-3469	212	4	we	we	PRON
taxlaw-3469	212	5	turn	turn	VERB
taxlaw-3469	212	6	to	to	ADP
taxlaw-3469	212	7	an	an	DET
taxlaw-3469	212	8	analysis	analysis	NOUN
taxlaw-3469	212	9	of	of	ADP
taxlaw-3469	212	10	the	the	DET
taxlaw-3469	212	11	effects	effect	NOUN
taxlaw-3469	212	12	of	of	ADP
taxlaw-3469	212	13	the	the	DET
taxlaw-3469	212	14	gilti	gilti	NOUN
taxlaw-3469	212	15	and	and	CCONJ
taxlaw-3469	212	16	fdii	fdii	VERB
taxlaw-3469	212	17	provisions	provision	NOUN
taxlaw-3469	212	18	on	on	ADP
taxlaw-3469	212	19	u.s	u.s	PROPN
taxlaw-3469	212	20	.	.	PROPN
taxlaw-3469	212	21	mncs	mncs	PROPN
taxlaw-3469	212	22	’	'	PUNCT
taxlaw-3469	212	23	incentives	incentive	VERB
taxlaw-3469	212	24	with	with	ADP
taxlaw-3469	212	25	regard	regard	NOUN
taxlaw-3469	212	26	to	to	ADP
taxlaw-3469	212	27	the	the	DET
taxlaw-3469	212	28	location	location	NOUN
taxlaw-3469	212	29	of	of	ADP
taxlaw-3469	212	30	new	new	ADJ
taxlaw-3469	212	31	investments	investment	NOUN
taxlaw-3469	212	32	.	.	PUNCT
taxlaw-3469	213	1	we	we	PRON
taxlaw-3469	213	2	explicitly	explicitly	ADV
taxlaw-3469	213	3	incorporate	incorporate	VERB
taxlaw-3469	213	4	into	into	ADP
taxlaw-3469	213	5	this	this	DET
taxlaw-3469	213	6	analysis	analysis	NOUN
taxlaw-3469	213	7	non	non	ADJ
taxlaw-3469	213	8	-	-	ADJ
taxlaw-3469	213	9	tax	tax	ADJ
taxlaw-3469	213	10	transaction	transaction	NOUN
taxlaw-3469	213	11	costs	cost	VERB
taxlaw-3469	213	12	that	that	SCONJ
taxlaw-3469	213	13	a	a	DET
taxlaw-3469	213	14	firm	firm	NOUN
taxlaw-3469	213	15	may	may	AUX
taxlaw-3469	213	16	have	have	VERB
taxlaw-3469	213	17	to	to	PART
taxlaw-3469	213	18	face	face	VERB
taxlaw-3469	213	19	when	when	SCONJ
taxlaw-3469	213	20	considering	consider	VERB
taxlaw-3469	213	21	its	its	PRON
taxlaw-3469	213	22	location	location	NOUN
taxlaw-3469	213	23	choice	choice	NOUN
taxlaw-3469	213	24	.	.	PUNCT
taxlaw-3469	214	1	iv	iv	X
taxlaw-3469	214	2	.	.	PUNCT
taxlaw-3469	214	3	firm	firm	PROPN
taxlaw-3469	214	4	’s	’s	PART
taxlaw-3469	214	5	location	location	NOUN
taxlaw-3469	214	6	choice	choice	NOUN
taxlaw-3469	214	7	for	for	ADP
taxlaw-3469	214	8	new	new	ADJ
taxlaw-3469	214	9	investments	investment	NOUN
taxlaw-3469	214	10	with	with	ADP
taxlaw-3469	214	11	gilti	gilti	NOUN
taxlaw-3469	214	12	and	and	CCONJ
taxlaw-3469	214	13	fdii54	fdii54	VERB
taxlaw-3469	214	14	to	to	PART
taxlaw-3469	214	15	consider	consider	VERB
taxlaw-3469	214	16	the	the	DET
taxlaw-3469	214	17	impact	impact	NOUN
taxlaw-3469	214	18	of	of	ADP
taxlaw-3469	214	19	the	the	DET
taxlaw-3469	214	20	provisions	provision	NOUN
taxlaw-3469	215	1	,	,	PUNCT
taxlaw-3469	215	2	we	we	PRON
taxlaw-3469	215	3	compare	compare	VERB
taxlaw-3469	215	4	the	the	DET
taxlaw-3469	215	5	after	after	ADP
taxlaw-3469	215	6	-	-	PUNCT
taxlaw-3469	215	7	tax	tax	NOUN
taxlaw-3469	215	8	net	net	ADJ
taxlaw-3469	215	9	present	present	ADJ
taxlaw-3469	215	10	value	value	NOUN
taxlaw-3469	215	11	(	(	PUNCT
taxlaw-3469	215	12	npv	npv	NOUN
taxlaw-3469	215	13	)	)	PUNCT
taxlaw-3469	215	14	and	and	CCONJ
taxlaw-3469	215	15	the	the	DET
taxlaw-3469	215	16	internal	internal	ADJ
taxlaw-3469	215	17	rate	rate	NOUN
taxlaw-3469	215	18	of	of	ADP
taxlaw-3469	215	19	return	return	NOUN
taxlaw-3469	215	20	(	(	PUNCT
taxlaw-3469	215	21	irr	irr	PROPN
taxlaw-3469	215	22	)	)	PUNCT
taxlaw-3469	215	23	of	of	ADP
taxlaw-3469	215	24	a	a	DET
taxlaw-3469	215	25	new	new	ADJ
taxlaw-3469	215	26	investment	investment	NOUN
taxlaw-3469	215	27	when	when	SCONJ
taxlaw-3469	215	28	it	it	PRON
taxlaw-3469	215	29	is	be	AUX
taxlaw-3469	215	30	located	locate	VERB
taxlaw-3469	215	31	within	within	ADP
taxlaw-3469	215	32	the	the	DET
taxlaw-3469	215	33	united	united	PROPN
taxlaw-3469	215	34	states	states	PROPN
taxlaw-3469	215	35	to	to	ADP
taxlaw-3469	215	36	when	when	SCONJ
taxlaw-3469	215	37	it	it	PRON
taxlaw-3469	215	38	is	be	AUX
taxlaw-3469	215	39	located	locate	VERB
taxlaw-3469	215	40	in	in	ADP
taxlaw-3469	215	41	a	a	DET
taxlaw-3469	215	42	low	low	ADJ
taxlaw-3469	215	43	-	-	PUNCT
taxlaw-3469	215	44	tax	tax	NOUN
taxlaw-3469	215	45	foreign	foreign	ADJ
taxlaw-3469	215	46	jurisdiction	jurisdiction	NOUN
taxlaw-3469	215	47	.	.	PUNCT
taxlaw-3469	216	1	for	for	ADP
taxlaw-3469	216	2	simplicity	simplicity	NOUN
taxlaw-3469	216	3	,	,	PUNCT
taxlaw-3469	216	4	we	we	PRON
taxlaw-3469	216	5	assume	assume	VERB
taxlaw-3469	216	6	that	that	SCONJ
taxlaw-3469	216	7	the	the	DET
taxlaw-3469	216	8	investment	investment	NOUN
taxlaw-3469	216	9	generates	generate	VERB
taxlaw-3469	216	10	income	income	NOUN
taxlaw-3469	216	11	entirely	entirely	ADV
taxlaw-3469	216	12	from	from	ADP
taxlaw-3469	216	13	foreign	foreign	ADJ
taxlaw-3469	216	14	consumption	consumption	NOUN
taxlaw-3469	216	15	or	or	CCONJ
taxlaw-3469	216	16	use	use	NOUN
taxlaw-3469	216	17	.	.	PUNCT
taxlaw-3469	217	1	we	we	PRON
taxlaw-3469	217	2	consider	consider	VERB
taxlaw-3469	217	3	a	a	DET
taxlaw-3469	217	4	new	new	ADJ
taxlaw-3469	217	5	$	$	SYM
taxlaw-3469	217	6	10	10	NUM
taxlaw-3469	217	7	million	million	NUM
taxlaw-3469	217	8	investment	investment	NOUN
taxlaw-3469	217	9	in	in	ADP
taxlaw-3469	217	10	year	year	NOUN
taxlaw-3469	217	11	0	0	NUM
taxlaw-3469	217	12	.	.	PUNCT
taxlaw-3469	218	1	assuming	assume	VERB
taxlaw-3469	218	2	an	an	DET
taxlaw-3469	218	3	economic	economic	ADJ
taxlaw-3469	218	4	life	life	NOUN
taxlaw-3469	218	5	of	of	ADP
taxlaw-3469	218	6	five	five	NUM
taxlaw-3469	218	7	years	year	NOUN
taxlaw-3469	218	8	and	and	CCONJ
taxlaw-3469	218	9	constant	constant	ADJ
taxlaw-3469	218	10	straight	straight	ADJ
taxlaw-3469	218	11	-	-	PUNCT
taxlaw-3469	218	12	line	line	NOUN
taxlaw-3469	218	13	depreciation	depreciation	NOUN
taxlaw-3469	218	14	,	,	PUNCT
taxlaw-3469	218	15	the	the	DET
taxlaw-3469	218	16	investment	investment	NOUN
taxlaw-3469	218	17	starts	start	VERB
taxlaw-3469	218	18	depreciating	depreciate	VERB
taxlaw-3469	218	19	in	in	ADP
taxlaw-3469	218	20	year	year	NOUN
taxlaw-3469	218	21	1	1	NUM
taxlaw-3469	218	22	and	and	CCONJ
taxlaw-3469	218	23	is	be	AUX
taxlaw-3469	218	24	fully	fully	ADV
taxlaw-3469	218	25	depreciated	depreciate	VERB
taxlaw-3469	218	26	by	by	ADP
taxlaw-3469	218	27	the	the	DET
taxlaw-3469	218	28	end	end	NOUN
taxlaw-3469	218	29	of	of	ADP
taxlaw-3469	218	30	year	year	NOUN
taxlaw-3469	218	31	5.55	5.55	NUM
taxlaw-3469	218	32	further	far	ADV
taxlaw-3469	218	33	,	,	PUNCT
taxlaw-3469	218	34	the	the	DET
taxlaw-3469	218	35	undepreciated	undepreciated	ADJ
taxlaw-3469	218	36	portion	portion	NOUN
taxlaw-3469	218	37	of	of	ADP
taxlaw-3469	218	38	the	the	DET
taxlaw-3469	218	39	investment	investment	NOUN
taxlaw-3469	218	40	starts	start	VERB
taxlaw-3469	218	41	to	to	PART
taxlaw-3469	218	42	generate	generate	VERB
taxlaw-3469	218	43	returns	return	NOUN
taxlaw-3469	218	44	in	in	ADP
taxlaw-3469	218	45	year	year	NOUN
taxlaw-3469	218	46	1	1	NUM
taxlaw-3469	218	47	with	with	ADP
taxlaw-3469	218	48	each	each	DET
taxlaw-3469	218	49	year	year	NOUN
taxlaw-3469	218	50	’s	’s	PART
taxlaw-3469	218	51	return	return	NOUN
taxlaw-3469	218	52	being	be	AUX
taxlaw-3469	218	53	made	make	VERB
taxlaw-3469	218	54	up	up	ADP
taxlaw-3469	218	55	of	of	ADP
taxlaw-3469	218	56	two	two	NUM
taxlaw-3469	218	57	components	component	NOUN
taxlaw-3469	218	58	:	:	PUNCT
taxlaw-3469	218	59	the	the	DET
taxlaw-3469	218	60	normal	normal	ADJ
taxlaw-3469	218	61	return	return	NOUN
taxlaw-3469	218	62	equal	equal	ADJ
taxlaw-3469	218	63	to	to	ADP
taxlaw-3469	218	64	10	10	NUM
taxlaw-3469	218	65	percent	percent	NOUN
taxlaw-3469	218	66	and	and	CCONJ
taxlaw-3469	218	67	economic	economic	ADJ
taxlaw-3469	218	68	rents	rent	NOUN
taxlaw-3469	218	69	at	at	ADP
taxlaw-3469	218	70	a	a	DET
taxlaw-3469	218	71	rate	rate	NOUN
taxlaw-3469	218	72	of	of	ADP
taxlaw-3469	218	73	20	20	NUM
taxlaw-3469	218	74	percent	percent	NOUN
taxlaw-3469	218	75	.	.	PUNCT
taxlaw-3469	219	1	the	the	DET
taxlaw-3469	219	2	total	total	ADJ
taxlaw-3469	219	3	before	before	ADP
taxlaw-3469	219	4	-	-	PUNCT
taxlaw-3469	219	5	tax	tax	NOUN
taxlaw-3469	219	6	return	return	NOUN
taxlaw-3469	219	7	is	be	AUX
taxlaw-3469	219	8	then	then	ADV
taxlaw-3469	219	9	30	30	NUM
taxlaw-3469	219	10	percent	percent	NOUN
taxlaw-3469	219	11	.	.	PUNCT
taxlaw-3469	220	1	the	the	DET
taxlaw-3469	220	2	assumption	assumption	NOUN
taxlaw-3469	220	3	of	of	ADP
taxlaw-3469	220	4	a	a	DET
taxlaw-3469	220	5	high	high	ADJ
taxlaw-3469	220	6	rate	rate	NOUN
taxlaw-3469	220	7	of	of	ADP
taxlaw-3469	220	8	economic	economic	ADJ
taxlaw-3469	220	9	rents	rent	NOUN
taxlaw-3469	220	10	is	be	AUX
taxlaw-3469	220	11	appropriate	appropriate	ADJ
taxlaw-3469	220	12	for	for	ADP
taxlaw-3469	220	13	the	the	DET
taxlaw-3469	220	14	types	type	NOUN
taxlaw-3469	220	15	of	of	ADP
taxlaw-3469	220	16	investment	investment	NOUN
taxlaw-3469	220	17	targeted	target	VERB
taxlaw-3469	220	18	by	by	ADP
taxlaw-3469	220	19	the	the	DET
taxlaw-3469	220	20	gilti	gilti	NOUN
taxlaw-3469	220	21	and	and	CCONJ
taxlaw-3469	220	22	fdii	fdii	VERB
taxlaw-3469	220	23	rules	rule	NOUN
taxlaw-3469	220	24	.	.	PUNCT
taxlaw-3469	221	1	the	the	DET
taxlaw-3469	221	2	pre	pre	ADJ
taxlaw-3469	221	3	-	-	ADJ
taxlaw-3469	221	4	tax	tax	ADJ
taxlaw-3469	221	5	outlays	outlay	NOUN
taxlaw-3469	221	6	,	,	PUNCT
taxlaw-3469	221	7	net	net	ADJ
taxlaw-3469	221	8	capital	capital	NOUN
taxlaw-3469	221	9	stock	stock	NOUN
taxlaw-3469	221	10	and	and	CCONJ
taxlaw-3469	221	11	returns	return	NOUN
taxlaw-3469	221	12	from	from	ADP
taxlaw-3469	221	13	the	the	DET
taxlaw-3469	221	14	investment	investment	NOUN
taxlaw-3469	221	15	over	over	ADP
taxlaw-3469	221	16	its	its	PRON
taxlaw-3469	221	17	life	life	NOUN
taxlaw-3469	221	18	cycle	cycle	NOUN
taxlaw-3469	221	19	are	be	AUX
taxlaw-3469	221	20	shown	show	VERB
taxlaw-3469	221	21	in	in	ADP
taxlaw-3469	221	22	table	table	NOUN
taxlaw-3469	221	23	1	1	NUM
taxlaw-3469	221	24	.	.	PUNCT
taxlaw-3469	221	25	table	table	NOUN
taxlaw-3469	221	26	1	1	NUM
taxlaw-3469	221	27	:	:	PUNCT
taxlaw-3469	221	28	before	before	ADP
taxlaw-3469	221	29	-	-	PUNCT
taxlaw-3469	221	30	tax	tax	NOUN
taxlaw-3469	221	31	outlays	outlay	NOUN
taxlaw-3469	221	32	,	,	PUNCT
taxlaw-3469	221	33	net	net	ADJ
taxlaw-3469	221	34	capital	capital	NOUN
taxlaw-3469	221	35	stock	stock	NOUN
taxlaw-3469	221	36	and	and	CCONJ
taxlaw-3469	221	37	returns	return	NOUN
taxlaw-3469	221	38	(	(	PUNCT
taxlaw-3469	221	39	all	all	DET
taxlaw-3469	221	40	figures	figure	NOUN
taxlaw-3469	221	41	in	in	ADP
taxlaw-3469	221	42	million	million	NUM
taxlaw-3469	221	43	usd	usd	NOUN
taxlaw-3469	221	44	)	)	PUNCT
taxlaw-3469	221	45	for	for	ADP
taxlaw-3469	221	46	now	now	ADV
taxlaw-3469	221	47	,	,	PUNCT
taxlaw-3469	221	48	we	we	PRON
taxlaw-3469	221	49	do	do	AUX
taxlaw-3469	221	50	not	not	PART
taxlaw-3469	221	51	distinguish	distinguish	VERB
taxlaw-3469	221	52	between	between	ADP
taxlaw-3469	221	53	investments	investment	NOUN
taxlaw-3469	221	54	in	in	ADP
taxlaw-3469	221	55	tangible	tangible	ADJ
taxlaw-3469	221	56	and	and	CCONJ
taxlaw-3469	221	57	intangible	intangible	ADJ
taxlaw-3469	221	58	capital	capital	NOUN
taxlaw-3469	221	59	,	,	PUNCT
taxlaw-3469	221	60	with	with	SCONJ
taxlaw-3469	221	61	each	each	DET
taxlaw-3469	221	62	type	type	NOUN
taxlaw-3469	221	63	analyzed	analyze	VERB
taxlaw-3469	221	64	separately	separately	ADV
taxlaw-3469	221	65	below	below	ADV
taxlaw-3469	221	66	.	.	PUNCT
taxlaw-3469	222	1	using	use	VERB
taxlaw-3469	222	2	equation	equation	NOUN
taxlaw-3469	222	3	4	4	NUM
taxlaw-3469	222	4	and	and	CCONJ
taxlaw-3469	222	5	equation	equation	NOUN
taxlaw-3469	222	6	5	5	NUM
taxlaw-3469	222	7	,	,	PUNCT
taxlaw-3469	222	8	table	table	NOUN
taxlaw-3469	222	9	2	2	NUM
taxlaw-3469	222	10	shows	show	VERB
taxlaw-3469	222	11	the	the	DET
taxlaw-3469	222	12	tax	tax	NOUN
taxlaw-3469	222	13	treatment	treatment	NOUN
taxlaw-3469	222	14	of	of	ADP
taxlaw-3469	222	15	the	the	DET
taxlaw-3469	222	16	investment	investment	NOUN
taxlaw-3469	222	17	in	in	ADP
taxlaw-3469	222	18	each	each	DET
taxlaw-3469	222	19	year	year	NOUN
taxlaw-3469	222	20	under	under	ADP
taxlaw-3469	222	21	expensing	expensing	NOUN
taxlaw-3469	222	22	and	and	CCONJ
taxlaw-3469	222	23	depreciation	depreciation	NOUN
taxlaw-3469	222	24	.	.	PUNCT
taxlaw-3469	223	1	52	52	NUM
taxlaw-3469	223	2	martin	martin	PROPN
taxlaw-3469	223	3	a.	a.	PROPN
taxlaw-3469	223	4	sullivan	sullivan	PROPN
taxlaw-3469	223	5	,	,	PUNCT
taxlaw-3469	223	6	economic	economic	ADJ
taxlaw-3469	223	7	analysis	analysis	NOUN
taxlaw-3469	223	8	:	:	PUNCT
taxlaw-3469	223	9	where	where	SCONJ
taxlaw-3469	223	10	will	will	AUX
taxlaw-3469	223	11	the	the	DET
taxlaw-3469	223	12	factories	factory	NOUN
taxlaw-3469	223	13	go	go	VERB
taxlaw-3469	223	14	?	?	PUNCT
taxlaw-3469	224	1	a	a	DET
taxlaw-3469	224	2	preliminary	preliminary	ADJ
taxlaw-3469	224	3	assessment	assessment	NOUN
taxlaw-3469	224	4	,	,	PUNCT
taxlaw-3469	224	5	158	158	NUM
taxlaw-3469	224	6	tax	tax	NOUN
taxlaw-3469	224	7	notes	note	NOUN
taxlaw-3469	224	8	570	570	NUM
taxlaw-3469	224	9	(	(	PUNCT
taxlaw-3469	224	10	jan	jan	PROPN
taxlaw-3469	224	11	29	29	NUM
taxlaw-3469	224	12	,	,	PUNCT
taxlaw-3469	224	13	2018	2018	NUM
taxlaw-3469	224	14	)	)	PUNCT
taxlaw-3469	224	15	.	.	PUNCT
taxlaw-3469	225	1	53	53	NUM
taxlaw-3469	225	2	martin	martin	PROPN
taxlaw-3469	225	3	a.	a.	PROPN
taxlaw-3469	225	4	sullivan	sullivan	PROPN
taxlaw-3469	225	5	,	,	PUNCT
taxlaw-3469	225	6	economic	economic	ADJ
taxlaw-3469	225	7	analysis	analysis	NOUN
taxlaw-3469	225	8	:	:	PUNCT
taxlaw-3469	225	9	more	more	ADJ
taxlaw-3469	225	10	gilti	gilti	NOUN
taxlaw-3469	225	11	than	than	SCONJ
taxlaw-3469	225	12	you	you	PRON
taxlaw-3469	225	13	thought	think	VERB
taxlaw-3469	225	14	,	,	PUNCT
taxlaw-3469	225	15	89	89	NUM
taxlaw-3469	225	16	tax	tax	NOUN
taxlaw-3469	225	17	notes	note	NOUN
taxlaw-3469	225	18	int’l	int’l	X
taxlaw-3469	225	19	587	587	NUM
taxlaw-3469	225	20	(	(	PUNCT
taxlaw-3469	225	21	feb	feb	X
taxlaw-3469	225	22	.	.	PROPN
taxlaw-3469	225	23	12	12	NUM
taxlaw-3469	225	24	,	,	PUNCT
taxlaw-3469	225	25	2018	2018	NUM
taxlaw-3469	225	26	)	)	PUNCT
taxlaw-3469	225	27	.	.	PUNCT
taxlaw-3469	226	1	54	54	NUM
taxlaw-3469	226	2	the	the	DET
taxlaw-3469	226	3	analysis	analysis	NOUN
taxlaw-3469	226	4	in	in	ADP
taxlaw-3469	226	5	this	this	DET
taxlaw-3469	226	6	section	section	NOUN
taxlaw-3469	226	7	ignores	ignore	VERB
taxlaw-3469	226	8	u.s	u.s	PROPN
taxlaw-3469	226	9	.	.	PROPN
taxlaw-3469	226	10	state	state	NOUN
taxlaw-3469	226	11	taxes	taxis	NOUN
taxlaw-3469	226	12	as	as	ADV
taxlaw-3469	226	13	well	well	ADV
taxlaw-3469	226	14	as	as	ADP
taxlaw-3469	226	15	foreign	foreign	ADJ
taxlaw-3469	226	16	tax	tax	NOUN
taxlaw-3469	226	17	credit	credit	NOUN
taxlaw-3469	226	18	limitations	limitation	NOUN
taxlaw-3469	226	19	when	when	SCONJ
taxlaw-3469	226	20	computing	compute	VERB
taxlaw-3469	226	21	the	the	DET
taxlaw-3469	226	22	u.s	u.s	PROPN
taxlaw-3469	226	23	.	.	PROPN
taxlaw-3469	226	24	tax	tax	NOUN
taxlaw-3469	226	25	on	on	ADP
taxlaw-3469	226	26	gilti	gilti	NOUN
taxlaw-3469	226	27	.	.	PUNCT
taxlaw-3469	227	1	55	55	NUM
taxlaw-3469	227	2	for	for	ADP
taxlaw-3469	227	3	simplicity	simplicity	NOUN
taxlaw-3469	227	4	,	,	PUNCT
taxlaw-3469	227	5	all	all	DET
taxlaw-3469	227	6	cost	cost	NOUN
taxlaw-3469	227	7	outlays	outlay	NOUN
taxlaw-3469	227	8	and	and	CCONJ
taxlaw-3469	227	9	income	income	NOUN
taxlaw-3469	227	10	are	be	AUX
taxlaw-3469	227	11	assumed	assume	VERB
taxlaw-3469	227	12	to	to	PART
taxlaw-3469	227	13	occur	occur	VERB
taxlaw-3469	227	14	at	at	ADP
taxlaw-3469	227	15	the	the	DET
taxlaw-3469	227	16	beginning	beginning	NOUN
taxlaw-3469	227	17	of	of	ADP
taxlaw-3469	227	18	the	the	DET
taxlaw-3469	227	19	year	year	NOUN
taxlaw-3469	227	20	.	.	PUNCT
taxlaw-3469	228	1	additionally	additionally	ADV
taxlaw-3469	228	2	,	,	PUNCT
taxlaw-3469	228	3	the	the	DET
taxlaw-3469	228	4	tax	tax	NOUN
taxlaw-3469	228	5	depreciation	depreciation	NOUN
taxlaw-3469	228	6	schedule	schedule	NOUN
taxlaw-3469	228	7	,	,	PUNCT
taxlaw-3469	228	8	when	when	SCONJ
taxlaw-3469	228	9	relevant	relevant	ADJ
taxlaw-3469	228	10	,	,	PUNCT
taxlaw-3469	228	11	is	be	AUX
taxlaw-3469	228	12	assumed	assume	VERB
taxlaw-3469	228	13	to	to	PART
taxlaw-3469	228	14	conform	conform	VERB
taxlaw-3469	228	15	to	to	ADP
taxlaw-3469	228	16	true	true	ADJ
taxlaw-3469	228	17	economic	economic	ADJ
taxlaw-3469	228	18	depreciation	depreciation	NOUN
taxlaw-3469	228	19	.	.	PUNCT
taxlaw-3469	229	1	212	212	NUM
taxlaw-3469	230	1	[	[	X
taxlaw-3469	230	2	vol	vol	NOUN
taxlaw-3469	230	3	.	.	PUNCT
taxlaw-3469	231	1	10:2	10:2	NUM
taxlaw-3469	231	2	columbia	columbia	PROPN
taxlaw-3469	231	3	journal	journal	PROPN
taxlaw-3469	231	4	of	of	ADP
taxlaw-3469	231	5	tax	tax	NOUN
taxlaw-3469	231	6	law	law	NOUN
taxlaw-3469	231	7	table	table	NOUN
taxlaw-3469	231	8	2	2	NUM
taxlaw-3469	231	9	:	:	PUNCT
taxlaw-3469	231	10	taxable	taxable	ADJ
taxlaw-3469	231	11	income	income	NOUN
taxlaw-3469	231	12	under	under	ADP
taxlaw-3469	231	13	alternative	alternative	ADJ
taxlaw-3469	231	14	capital	capital	NOUN
taxlaw-3469	231	15	allowance	allowance	NOUN
taxlaw-3469	231	16	regimes	regime	NOUN
taxlaw-3469	231	17	(	(	PUNCT
taxlaw-3469	231	18	all	all	DET
taxlaw-3469	231	19	figures	figure	NOUN
taxlaw-3469	231	20	in	in	ADP
taxlaw-3469	231	21	million	million	NUM
taxlaw-3469	231	22	usd	usd	NOUN
taxlaw-3469	231	23	)	)	PUNCT
taxlaw-3469	231	24	under	under	ADP
taxlaw-3469	231	25	the	the	DET
taxlaw-3469	231	26	assumptions	assumption	NOUN
taxlaw-3469	231	27	made	make	VERB
taxlaw-3469	231	28	for	for	ADP
taxlaw-3469	231	29	this	this	DET
taxlaw-3469	231	30	hypothetical	hypothetical	ADJ
taxlaw-3469	231	31	investment	investment	NOUN
taxlaw-3469	231	32	,	,	PUNCT
taxlaw-3469	231	33	taxable	taxable	ADJ
taxlaw-3469	231	34	income	income	NOUN
taxlaw-3469	231	35	under	under	ADP
taxlaw-3469	231	36	immediate	immediate	ADJ
taxlaw-3469	231	37	expensing	expensing	NOUN
taxlaw-3469	231	38	is	be	AUX
taxlaw-3469	231	39	identical	identical	ADJ
taxlaw-3469	231	40	to	to	ADP
taxlaw-3469	231	41	the	the	DET
taxlaw-3469	231	42	before	before	ADP
taxlaw-3469	231	43	-	-	PUNCT
taxlaw-3469	231	44	tax	tax	NOUN
taxlaw-3469	231	45	cash	cash	NOUN
taxlaw-3469	231	46	flows	flow	NOUN
taxlaw-3469	231	47	.	.	PUNCT
taxlaw-3469	232	1	in	in	ADP
taxlaw-3469	232	2	contrast	contrast	NOUN
taxlaw-3469	232	3	,	,	PUNCT
taxlaw-3469	232	4	with	with	ADP
taxlaw-3469	232	5	deductibility	deductibility	NOUN
taxlaw-3469	232	6	of	of	ADP
taxlaw-3469	232	7	depreciation	depreciation	NOUN
taxlaw-3469	232	8	,	,	PUNCT
taxlaw-3469	232	9	taxable	taxable	ADJ
taxlaw-3469	232	10	income	income	NOUN
taxlaw-3469	232	11	is	be	AUX
taxlaw-3469	232	12	the	the	DET
taxlaw-3469	232	13	sum	sum	NOUN
taxlaw-3469	232	14	of	of	ADP
taxlaw-3469	232	15	the	the	DET
taxlaw-3469	232	16	normal	normal	ADJ
taxlaw-3469	232	17	return	return	NOUN
taxlaw-3469	232	18	and	and	CCONJ
taxlaw-3469	232	19	the	the	DET
taxlaw-3469	232	20	economic	economic	ADJ
taxlaw-3469	232	21	rents	rent	NOUN
taxlaw-3469	232	22	.	.	PUNCT
taxlaw-3469	233	1	consistent	consistent	ADJ
taxlaw-3469	233	2	with	with	ADP
taxlaw-3469	233	3	the	the	DET
taxlaw-3469	233	4	discussion	discussion	NOUN
taxlaw-3469	233	5	in	in	ADP
taxlaw-3469	233	6	section	section	PROPN
taxlaw-3469	233	7	ii	ii	PROPN
taxlaw-3469	233	8	,	,	PUNCT
taxlaw-3469	233	9	the	the	DET
taxlaw-3469	233	10	expensing	expense	VERB
taxlaw-3469	233	11	regime	regime	NOUN
taxlaw-3469	233	12	only	only	ADV
taxlaw-3469	233	13	imposes	impose	VERB
taxlaw-3469	233	14	a	a	DET
taxlaw-3469	233	15	tax	tax	NOUN
taxlaw-3469	233	16	on	on	ADP
taxlaw-3469	233	17	the	the	DET
taxlaw-3469	233	18	economic	economic	ADJ
taxlaw-3469	233	19	rents	rent	NOUN
taxlaw-3469	233	20	in	in	ADP
taxlaw-3469	233	21	present	present	ADJ
taxlaw-3469	233	22	value	value	NOUN
taxlaw-3469	233	23	terms	term	NOUN
taxlaw-3469	233	24	(	(	PUNCT
taxlaw-3469	233	25	$	$	SYM
taxlaw-3469	233	26	4.8	4.8	NUM
taxlaw-3469	233	27	million	million	NUM
taxlaw-3469	233	28	)	)	PUNCT
taxlaw-3469	233	29	whereas	whereas	SCONJ
taxlaw-3469	233	30	the	the	DET
taxlaw-3469	233	31	depreciation	depreciation	NOUN
taxlaw-3469	233	32	regime	regime	NOUN
taxlaw-3469	233	33	taxes	tax	VERB
taxlaw-3469	233	34	both	both	CCONJ
taxlaw-3469	233	35	the	the	DET
taxlaw-3469	233	36	normal	normal	ADJ
taxlaw-3469	233	37	return	return	NOUN
taxlaw-3469	233	38	and	and	CCONJ
taxlaw-3469	233	39	the	the	DET
taxlaw-3469	233	40	economic	economic	ADJ
taxlaw-3469	233	41	rents	rent	NOUN
taxlaw-3469	233	42	(	(	PUNCT
taxlaw-3469	233	43	$	$	SYM
taxlaw-3469	233	44	7.3	7.3	NUM
taxlaw-3469	233	45	million	million	NUM
taxlaw-3469	233	46	)	)	PUNCT
taxlaw-3469	233	47	.	.	PUNCT
taxlaw-3469	234	1	a.	a.	NOUN
taxlaw-3469	235	1	the	the	DET
taxlaw-3469	235	2	imputed	impute	VERB
taxlaw-3469	235	3	return	return	NOUN
taxlaw-3469	235	4	in	in	ADP
taxlaw-3469	235	5	the	the	DET
taxlaw-3469	235	6	gilti	gilti	NOUN
taxlaw-3469	235	7	and	and	CCONJ
taxlaw-3469	235	8	fdii	fdii	VERB
taxlaw-3469	235	9	rules	rule	NOUN
taxlaw-3469	235	10	before	before	SCONJ
taxlaw-3469	235	11	we	we	PRON
taxlaw-3469	235	12	proceed	proceed	VERB
taxlaw-3469	235	13	with	with	ADP
taxlaw-3469	235	14	our	our	PRON
taxlaw-3469	235	15	analysis	analysis	NOUN
taxlaw-3469	235	16	of	of	ADP
taxlaw-3469	235	17	investment	investment	NOUN
taxlaw-3469	235	18	location	location	NOUN
taxlaw-3469	235	19	,	,	PUNCT
taxlaw-3469	235	20	we	we	PRON
taxlaw-3469	235	21	make	make	VERB
taxlaw-3469	235	22	a	a	DET
taxlaw-3469	235	23	slight	slight	ADJ
taxlaw-3469	235	24	digression	digression	NOUN
taxlaw-3469	235	25	regarding	regard	VERB
taxlaw-3469	235	26	the	the	DET
taxlaw-3469	235	27	normal	normal	ADJ
taxlaw-3469	235	28	rate	rate	NOUN
taxlaw-3469	235	29	of	of	ADP
taxlaw-3469	235	30	return	return	NOUN
taxlaw-3469	235	31	.	.	PUNCT
taxlaw-3469	236	1	the	the	DET
taxlaw-3469	236	2	imputed	impute	VERB
taxlaw-3469	236	3	return	return	NOUN
taxlaw-3469	236	4	on	on	ADP
taxlaw-3469	236	5	depreciable	depreciable	ADJ
taxlaw-3469	236	6	tangible	tangible	ADJ
taxlaw-3469	236	7	assets	asset	NOUN
taxlaw-3469	236	8	(	(	PUNCT
taxlaw-3469	236	9	i.e.	i.e.	X
taxlaw-3469	236	10	,	,	PUNCT
taxlaw-3469	236	11	qbai	qbai	NOUN
taxlaw-3469	236	12	)	)	PUNCT
taxlaw-3469	236	13	set	set	VERB
taxlaw-3469	236	14	forth	forth	ADV
taxlaw-3469	236	15	in	in	ADP
taxlaw-3469	236	16	the	the	DET
taxlaw-3469	236	17	tcja	tcja	NOUN
taxlaw-3469	236	18	in	in	ADP
taxlaw-3469	236	19	the	the	DET
taxlaw-3469	236	20	application	application	NOUN
taxlaw-3469	236	21	of	of	ADP
taxlaw-3469	236	22	the	the	DET
taxlaw-3469	236	23	gilti	gilti	NOUN
taxlaw-3469	236	24	and	and	CCONJ
taxlaw-3469	236	25	fdii	fdii	VERB
taxlaw-3469	236	26	provisions	provision	NOUN
taxlaw-3469	236	27	is	be	AUX
taxlaw-3469	236	28	an	an	DET
taxlaw-3469	236	29	important	important	ADJ
taxlaw-3469	236	30	design	design	NOUN
taxlaw-3469	236	31	feature	feature	NOUN
taxlaw-3469	236	32	of	of	ADP
taxlaw-3469	236	33	gilti	gilti	NOUN
taxlaw-3469	236	34	and	and	CCONJ
taxlaw-3469	236	35	fdii	fdii	VERB
taxlaw-3469	236	36	rules	rule	NOUN
taxlaw-3469	236	37	and	and	CCONJ
taxlaw-3469	236	38	one	one	NUM
taxlaw-3469	236	39	that	that	PRON
taxlaw-3469	236	40	has	have	AUX
taxlaw-3469	236	41	not	not	PART
taxlaw-3469	236	42	escaped	escape	VERB
taxlaw-3469	236	43	comment	comment	NOUN
taxlaw-3469	236	44	.	.	PUNCT
taxlaw-3469	237	1	views	view	NOUN
taxlaw-3469	237	2	on	on	ADP
taxlaw-3469	237	3	this	this	DET
taxlaw-3469	237	4	range	range	NOUN
taxlaw-3469	237	5	from	from	ADP
taxlaw-3469	237	6	the	the	DET
taxlaw-3469	237	7	10	10	NUM
taxlaw-3469	237	8	percent	percent	NOUN
taxlaw-3469	237	9	figure	figure	NOUN
taxlaw-3469	237	10	having	having	AUX
taxlaw-3469	237	11	been	be	AUX
taxlaw-3469	237	12	“	"	PUNCT
taxlaw-3469	237	13	pulled	pull	VERB
taxlaw-3469	237	14	out	out	ADP
taxlaw-3469	237	15	of	of	ADP
taxlaw-3469	237	16	thin	thin	ADJ
taxlaw-3469	237	17	air	air	NOUN
taxlaw-3469	237	18	”	"	PUNCT
taxlaw-3469	237	19	and	and	CCONJ
taxlaw-3469	237	20	therefore	therefore	ADV
taxlaw-3469	237	21	lacking	lack	VERB
taxlaw-3469	237	22	any	any	DET
taxlaw-3469	237	23	basis	basis	NOUN
taxlaw-3469	237	24	to	to	ADP
taxlaw-3469	237	25	it	it	PRON
taxlaw-3469	237	26	being	be	AUX
taxlaw-3469	237	27	too	too	ADV
taxlaw-3469	237	28	high	high	ADJ
taxlaw-3469	237	29	“	"	PUNCT
taxlaw-3469	237	30	compared	compare	VERB
taxlaw-3469	237	31	to	to	ADP
taxlaw-3469	237	32	similar	similar	ADJ
taxlaw-3469	237	33	provisions	provision	NOUN
taxlaw-3469	237	34	in	in	ADP
taxlaw-3469	237	35	the	the	DET
taxlaw-3469	237	36	code	code	NOUN
taxlaw-3469	237	37	,	,	PUNCT
taxlaw-3469	237	38	which	which	PRON
taxlaw-3469	237	39	set	set	VERB
taxlaw-3469	237	40	returns	return	NOUN
taxlaw-3469	237	41	a	a	DET
taxlaw-3469	237	42	few	few	ADJ
taxlaw-3469	237	43	percentage	percentage	NOUN
taxlaw-3469	237	44	points	point	NOUN
taxlaw-3469	237	45	above	above	ADP
taxlaw-3469	237	46	the	the	DET
taxlaw-3469	237	47	risk	risk	NOUN
taxlaw-3469	237	48	free	free	ADJ
taxlaw-3469	237	49	return	return	NOUN
taxlaw-3469	237	50	.	.	PUNCT
taxlaw-3469	238	1	”56	”56	INTJ
taxlaw-3469	238	2	we	we	PRON
taxlaw-3469	238	3	have	have	VERB
taxlaw-3469	238	4	a	a	DET
taxlaw-3469	238	5	different	different	ADJ
taxlaw-3469	238	6	view	view	NOUN
taxlaw-3469	238	7	on	on	ADP
taxlaw-3469	238	8	this	this	DET
taxlaw-3469	238	9	issue	issue	NOUN
taxlaw-3469	238	10	.	.	PUNCT
taxlaw-3469	239	1	we	we	PRON
taxlaw-3469	239	2	conjecture	conjecture	VERB
taxlaw-3469	239	3	that	that	SCONJ
taxlaw-3469	239	4	the	the	DET
taxlaw-3469	239	5	imputed	imputed	ADJ
taxlaw-3469	239	6	return	return	NOUN
taxlaw-3469	239	7	on	on	ADP
taxlaw-3469	239	8	tangible	tangible	ADJ
taxlaw-3469	239	9	assets	asset	NOUN
taxlaw-3469	239	10	chosen	choose	VERB
taxlaw-3469	239	11	in	in	ADP
taxlaw-3469	239	12	the	the	DET
taxlaw-3469	239	13	design	design	NOUN
taxlaw-3469	239	14	of	of	ADP
taxlaw-3469	239	15	the	the	DET
taxlaw-3469	239	16	gilti	gilti	NOUN
taxlaw-3469	239	17	and	and	CCONJ
taxlaw-3469	239	18	fdii	fdii	VERB
taxlaw-3469	239	19	provisions	provision	NOUN
taxlaw-3469	239	20	is	be	AUX
taxlaw-3469	239	21	a	a	DET
taxlaw-3469	239	22	proxy	proxy	NOUN
taxlaw-3469	239	23	for	for	ADP
taxlaw-3469	239	24	the	the	DET
taxlaw-3469	239	25	normal	normal	ADJ
taxlaw-3469	239	26	rate	rate	NOUN
taxlaw-3469	239	27	of	of	ADP
taxlaw-3469	239	28	return	return	NOUN
taxlaw-3469	239	29	attributable	attributable	ADJ
taxlaw-3469	239	30	to	to	ADP
taxlaw-3469	239	31	tangible	tangible	ADJ
taxlaw-3469	239	32	(	(	PUNCT
taxlaw-3469	239	33	and	and	CCONJ
taxlaw-3469	239	34	hence	hence	ADV
taxlaw-3469	239	35	,	,	PUNCT
taxlaw-3469	239	36	relatively	relatively	ADV
taxlaw-3469	239	37	immobile	immobile	ADJ
taxlaw-3469	239	38	)	)	PUNCT
taxlaw-3469	239	39	capital	capital	NOUN
taxlaw-3469	239	40	so	so	SCONJ
taxlaw-3469	239	41	as	as	SCONJ
taxlaw-3469	239	42	to	to	PART
taxlaw-3469	239	43	isolate	isolate	VERB
taxlaw-3469	239	44	economic	economic	ADJ
taxlaw-3469	239	45	rents	rent	NOUN
taxlaw-3469	239	46	that	that	PRON
taxlaw-3469	239	47	accrue	accrue	VERB
taxlaw-3469	239	48	to	to	ADP
taxlaw-3469	239	49	more	more	ADJ
taxlaw-3469	239	50	mobile	mobile	ADJ
taxlaw-3469	239	51	capital	capital	NOUN
taxlaw-3469	239	52	.	.	PUNCT
taxlaw-3469	240	1	for	for	ADP
taxlaw-3469	240	2	equity	equity	NOUN
taxlaw-3469	240	3	-	-	PUNCT
taxlaw-3469	240	4	financed	finance	VERB
taxlaw-3469	240	5	investments	investment	NOUN
taxlaw-3469	240	6	,	,	PUNCT
taxlaw-3469	240	7	the	the	DET
taxlaw-3469	240	8	normal	normal	ADJ
taxlaw-3469	240	9	return	return	NOUN
taxlaw-3469	240	10	is	be	AUX
taxlaw-3469	240	11	the	the	DET
taxlaw-3469	240	12	required	require	VERB
taxlaw-3469	240	13	market	market	NOUN
taxlaw-3469	240	14	rate	rate	NOUN
taxlaw-3469	240	15	of	of	ADP
taxlaw-3469	240	16	return	return	NOUN
taxlaw-3469	240	17	on	on	ADP
taxlaw-3469	240	18	equity	equity	NOUN
taxlaw-3469	240	19	in	in	ADP
taxlaw-3469	240	20	the	the	DET
taxlaw-3469	240	21	applicable	applicable	ADJ
taxlaw-3469	240	22	risk	risk	NOUN
taxlaw-3469	240	23	class.57	class.57	PROPN
taxlaw-3469	240	24	,	,	PUNCT
taxlaw-3469	240	25	58	58	NUM
taxlaw-3469	240	26	without	without	ADP
taxlaw-3469	240	27	knowing	know	VERB
taxlaw-3469	240	28	the	the	DET
taxlaw-3469	240	29	specifics	specific	NOUN
taxlaw-3469	240	30	of	of	ADP
taxlaw-3469	240	31	the	the	DET
taxlaw-3469	240	32	taxpayer	taxpayer	NOUN
taxlaw-3469	240	33	and	and	CCONJ
taxlaw-3469	240	34	the	the	DET
taxlaw-3469	240	35	investment	investment	NOUN
taxlaw-3469	240	36	in	in	ADP
taxlaw-3469	240	37	question	question	NOUN
taxlaw-3469	240	38	,	,	PUNCT
taxlaw-3469	240	39	a	a	DET
taxlaw-3469	240	40	reasonable	reasonable	ADJ
taxlaw-3469	240	41	guess	guess	NOUN
taxlaw-3469	240	42	for	for	ADP
taxlaw-3469	240	43	this	this	DET
taxlaw-3469	240	44	normal	normal	ADJ
taxlaw-3469	240	45	rate	rate	NOUN
taxlaw-3469	240	46	of	of	ADP
taxlaw-3469	240	47	return	return	NOUN
taxlaw-3469	240	48	is	be	AUX
taxlaw-3469	240	49	the	the	DET
taxlaw-3469	240	50	expected	expect	VERB
taxlaw-3469	240	51	return	return	NOUN
taxlaw-3469	240	52	on	on	ADP
taxlaw-3469	240	53	equity	equity	NOUN
taxlaw-3469	240	54	in	in	ADP
taxlaw-3469	240	55	the	the	DET
taxlaw-3469	240	56	overall	overall	ADJ
taxlaw-3469	240	57	economy	economy	NOUN
taxlaw-3469	240	58	.	.	PUNCT
taxlaw-3469	241	1	if	if	SCONJ
taxlaw-3469	241	2	one	one	NUM
taxlaw-3469	241	3	were	be	AUX
taxlaw-3469	241	4	to	to	PART
taxlaw-3469	241	5	use	use	VERB
taxlaw-3469	241	6	the	the	DET
taxlaw-3469	241	7	past	past	NOUN
taxlaw-3469	241	8	to	to	PART
taxlaw-3469	241	9	derive	derive	VERB
taxlaw-3469	241	10	an	an	DET
taxlaw-3469	241	11	expectation	expectation	NOUN
taxlaw-3469	241	12	of	of	ADP
taxlaw-3469	241	13	the	the	DET
taxlaw-3469	241	14	future	future	NOUN
taxlaw-3469	241	15	,	,	PUNCT
taxlaw-3469	241	16	56	56	NUM
taxlaw-3469	241	17	sullivan	sullivan	NOUN
taxlaw-3469	241	18	,	,	PUNCT
taxlaw-3469	241	19	supra	supra	PROPN
taxlaw-3469	241	20	note	note	NOUN
taxlaw-3469	241	21	52	52	NUM
taxlaw-3469	241	22	.	.	PUNCT
taxlaw-3469	242	1	see	see	VERB
taxlaw-3469	242	2	also	also	ADV
taxlaw-3469	242	3	kamin	kamin	PROPN
taxlaw-3469	242	4	et	et	PROPN
taxlaw-3469	242	5	al	al	PROPN
taxlaw-3469	242	6	.	.	PROPN
taxlaw-3469	242	7	,	,	PUNCT
taxlaw-3469	242	8	supra	supra	PROPN
taxlaw-3469	242	9	note	note	VERB
taxlaw-3469	242	10	7	7	NUM
taxlaw-3469	242	11	at	at	ADP
taxlaw-3469	242	12	46	46	NUM
taxlaw-3469	242	13	.	.	PUNCT
taxlaw-3469	242	14	57	57	NUM
taxlaw-3469	242	15	see	see	VERB
taxlaw-3469	242	16	rachel	rachel	PROPN
taxlaw-3469	242	17	griffith	griffith	PROPN
taxlaw-3469	242	18	et	et	PROPN
taxlaw-3469	242	19	al	al	PROPN
taxlaw-3469	242	20	.	.	PROPN
taxlaw-3469	242	21	,	,	PUNCT
taxlaw-3469	242	22	international	international	ADJ
taxlaw-3469	242	23	capital	capital	NOUN
taxlaw-3469	242	24	taxation	taxation	NOUN
taxlaw-3469	242	25	,	,	PUNCT
taxlaw-3469	242	26	in	in	ADP
taxlaw-3469	242	27	dimensions	dimension	NOUN
taxlaw-3469	242	28	of	of	ADP
taxlaw-3469	242	29	tax	tax	NOUN
taxlaw-3469	242	30	design	design	NOUN
taxlaw-3469	242	31	:	:	PUNCT
taxlaw-3469	242	32	the	the	DET
taxlaw-3469	242	33	mirrlees	mirrlee	NOUN
taxlaw-3469	242	34	review	review	VERB
taxlaw-3469	242	35	914	914	NUM
taxlaw-3469	242	36	,	,	PUNCT
taxlaw-3469	242	37	926	926	NUM
taxlaw-3469	242	38	(	(	PUNCT
taxlaw-3469	242	39	james	james	PROPN
taxlaw-3469	242	40	mirrlees	mirrlees	PROPN
taxlaw-3469	242	41	et	et	PROPN
taxlaw-3469	242	42	al	al	PROPN
taxlaw-3469	242	43	.	.	PROPN
taxlaw-3469	242	44	,	,	PUNCT
taxlaw-3469	242	45	eds	eds	PROPN
taxlaw-3469	242	46	.	.	PROPN
taxlaw-3469	242	47	,	,	PUNCT
taxlaw-3469	242	48	2010	2010	NUM
taxlaw-3469	242	49	)	)	PUNCT
taxlaw-3469	242	50	.	.	PUNCT
taxlaw-3469	243	1	58	58	NUM
taxlaw-3469	243	2	for	for	ADP
taxlaw-3469	243	3	debt	debt	NOUN
taxlaw-3469	243	4	-	-	PUNCT
taxlaw-3469	243	5	financed	finance	VERB
taxlaw-3469	243	6	investments	investment	NOUN
taxlaw-3469	244	1	,	,	PUNCT
taxlaw-3469	244	2	the	the	DET
taxlaw-3469	244	3	normal	normal	ADJ
taxlaw-3469	244	4	return	return	NOUN
taxlaw-3469	244	5	is	be	AUX
taxlaw-3469	244	6	the	the	DET
taxlaw-3469	244	7	market	market	NOUN
taxlaw-3469	244	8	rate	rate	NOUN
taxlaw-3469	244	9	of	of	ADP
taxlaw-3469	244	10	interest	interest	NOUN
taxlaw-3469	244	11	on	on	ADP
taxlaw-3469	244	12	debt	debt	NOUN
taxlaw-3469	244	13	(	(	PUNCT
taxlaw-3469	244	14	which	which	PRON
taxlaw-3469	244	15	is	be	AUX
taxlaw-3469	244	16	subtracted	subtract	VERB
taxlaw-3469	244	17	out	out	ADP
taxlaw-3469	244	18	of	of	ADP
taxlaw-3469	244	19	the	the	DET
taxlaw-3469	244	20	“	"	PUNCT
taxlaw-3469	244	21	net	net	NOUN
taxlaw-3469	244	22	deemed	deem	VERB
taxlaw-3469	244	23	tangible	tangible	ADJ
taxlaw-3469	244	24	income	income	NOUN
taxlaw-3469	244	25	return	return	NOUN
taxlaw-3469	244	26	”	"	PUNCT
taxlaw-3469	244	27	under	under	ADP
taxlaw-3469	244	28	the	the	DET
taxlaw-3469	244	29	gilti	gilti	NOUN
taxlaw-3469	244	30	and	and	CCONJ
taxlaw-3469	244	31	fdii	fdii	VERB
taxlaw-3469	244	32	rules	rule	NOUN
taxlaw-3469	244	33	since	since	SCONJ
taxlaw-3469	244	34	,	,	PUNCT
taxlaw-3469	244	35	with	with	ADP
taxlaw-3469	244	36	the	the	DET
taxlaw-3469	244	37	deductibility	deductibility	NOUN
taxlaw-3469	244	38	of	of	ADP
taxlaw-3469	244	39	interest	interest	NOUN
taxlaw-3469	244	40	expense	expense	NOUN
taxlaw-3469	244	41	,	,	PUNCT
taxlaw-3469	244	42	this	this	DET
taxlaw-3469	244	43	portion	portion	NOUN
taxlaw-3469	244	44	is	be	AUX
taxlaw-3469	244	45	already	already	ADV
taxlaw-3469	244	46	exempt	exempt	ADJ
taxlaw-3469	244	47	from	from	ADP
taxlaw-3469	244	48	tax	tax	NOUN
taxlaw-3469	244	49	)	)	PUNCT
taxlaw-3469	244	50	.	.	PUNCT
taxlaw-3469	245	1	i.r.c	i.r.c	PROPN
taxlaw-3469	245	2	§	§	PROPN
taxlaw-3469	245	3	951a(b)(2)(b	951a(b)(2)(b	PROPN
taxlaw-3469	245	4	)	)	PUNCT
taxlaw-3469	245	5	.	.	PUNCT
taxlaw-3469	246	1	2019	2019	NUM
taxlaw-3469	246	2	]	]	SYM
taxlaw-3469	246	3	213	213	NUM
taxlaw-3469	246	4	the	the	DET
taxlaw-3469	246	5	impact	impact	NOUN
taxlaw-3469	246	6	of	of	ADP
taxlaw-3469	246	7	gilti	gilti	NOUN
taxlaw-3469	246	8	and	and	CCONJ
taxlaw-3469	246	9	fdii	fdii	NOUN
taxlaw-3469	246	10	on	on	ADP
taxlaw-3469	246	11	the	the	DET
taxlaw-3469	246	12	investment	investment	NOUN
taxlaw-3469	246	13	location	location	NOUN
taxlaw-3469	246	14	choice	choice	NOUN
taxlaw-3469	246	15	of	of	ADP
taxlaw-3469	246	16	u.s	u.s	PROPN
taxlaw-3469	246	17	.	.	PROPN
taxlaw-3469	246	18	multinationals	multinational	NOUN
taxlaw-3469	246	19	10	10	NUM
taxlaw-3469	246	20	percent	percent	NOUN
taxlaw-3469	246	21	is	be	AUX
taxlaw-3469	246	22	a	a	DET
taxlaw-3469	246	23	close	close	ADJ
taxlaw-3469	246	24	estimate	estimate	NOUN
taxlaw-3469	246	25	of	of	ADP
taxlaw-3469	246	26	the	the	DET
taxlaw-3469	246	27	average	average	ADJ
taxlaw-3469	246	28	return	return	NOUN
taxlaw-3469	246	29	on	on	ADP
taxlaw-3469	246	30	the	the	DET
taxlaw-3469	246	31	s&p	s&p	PROPN
taxlaw-3469	246	32	500.59	500.59	NUM
taxlaw-3469	246	33	this	this	PRON
taxlaw-3469	246	34	may	may	AUX
taxlaw-3469	246	35	be	be	AUX
taxlaw-3469	246	36	the	the	DET
taxlaw-3469	246	37	thinking	thinking	NOUN
taxlaw-3469	246	38	underlying	underlie	VERB
taxlaw-3469	246	39	the	the	DET
taxlaw-3469	246	40	gilti	gilti	NOUN
taxlaw-3469	246	41	and	and	CCONJ
taxlaw-3469	246	42	fdii	fdii	VERB
taxlaw-3469	246	43	rules	rule	NOUN
taxlaw-3469	246	44	.	.	PUNCT
taxlaw-3469	247	1	in	in	ADP
taxlaw-3469	247	2	fact	fact	NOUN
taxlaw-3469	247	3	,	,	PUNCT
taxlaw-3469	247	4	the	the	DET
taxlaw-3469	247	5	house	house	NOUN
taxlaw-3469	247	6	ways	way	NOUN
taxlaw-3469	247	7	and	and	CCONJ
taxlaw-3469	247	8	means	mean	VERB
taxlaw-3469	247	9	committee	committee	PROPN
taxlaw-3469	247	10	’s	’s	PART
taxlaw-3469	247	11	counterpart	counterpart	NOUN
taxlaw-3469	247	12	to	to	ADP
taxlaw-3469	247	13	the	the	DET
taxlaw-3469	247	14	gilti	gilti	NOUN
taxlaw-3469	247	15	rules	rule	NOUN
taxlaw-3469	247	16	used	use	VERB
taxlaw-3469	247	17	a	a	DET
taxlaw-3469	247	18	rate	rate	NOUN
taxlaw-3469	247	19	of	of	ADP
taxlaw-3469	247	20	seven	seven	NUM
taxlaw-3469	247	21	percent	percent	NOUN
taxlaw-3469	247	22	plus	plus	CCONJ
taxlaw-3469	247	23	a	a	DET
taxlaw-3469	247	24	short	short	ADJ
taxlaw-3469	247	25	-	-	PUNCT
taxlaw-3469	247	26	term	term	NOUN
taxlaw-3469	247	27	federal	federal	ADJ
taxlaw-3469	247	28	interest	interest	NOUN
taxlaw-3469	248	1	rate.60	rate.60	PROPN
taxlaw-3469	249	1	the	the	DET
taxlaw-3469	249	2	seven	seven	NUM
taxlaw-3469	249	3	percent	percent	NOUN
taxlaw-3469	249	4	figure	figure	NOUN
taxlaw-3469	249	5	is	be	AUX
taxlaw-3469	249	6	a	a	DET
taxlaw-3469	249	7	close	close	ADJ
taxlaw-3469	249	8	approximation	approximation	NOUN
taxlaw-3469	249	9	of	of	ADP
taxlaw-3469	249	10	the	the	DET
taxlaw-3469	249	11	excess	excess	NOUN
taxlaw-3469	249	12	of	of	ADP
taxlaw-3469	249	13	the	the	DET
taxlaw-3469	249	14	average	average	ADJ
taxlaw-3469	249	15	historical	historical	ADJ
taxlaw-3469	249	16	equity	equity	NOUN
taxlaw-3469	249	17	returns	return	NOUN
taxlaw-3469	249	18	over	over	ADP
taxlaw-3469	249	19	the	the	DET
taxlaw-3469	249	20	risk	risk	NOUN
taxlaw-3469	249	21	-	-	PUNCT
taxlaw-3469	249	22	free	free	ADJ
taxlaw-3469	249	23	rate.61	rate.61	NOUN
taxlaw-3469	249	24	the	the	DET
taxlaw-3469	249	25	house	house	NOUN
taxlaw-3469	249	26	and	and	CCONJ
taxlaw-3469	249	27	ways	way	NOUN
taxlaw-3469	249	28	and	and	CCONJ
taxlaw-3469	249	29	means	mean	VERB
taxlaw-3469	249	30	committee	committee	NOUN
taxlaw-3469	249	31	proposal	proposal	NOUN
taxlaw-3469	249	32	thus	thus	ADV
taxlaw-3469	249	33	also	also	ADV
taxlaw-3469	249	34	appears	appear	VERB
taxlaw-3469	249	35	to	to	PART
taxlaw-3469	249	36	have	have	AUX
taxlaw-3469	249	37	used	use	VERB
taxlaw-3469	249	38	a	a	DET
taxlaw-3469	249	39	similar	similar	ADJ
taxlaw-3469	249	40	imputed	impute	VERB
taxlaw-3469	249	41	return	return	NOUN
taxlaw-3469	249	42	in	in	ADP
taxlaw-3469	249	43	its	its	PRON
taxlaw-3469	249	44	equivalent	equivalent	NOUN
taxlaw-3469	249	45	to	to	ADP
taxlaw-3469	249	46	the	the	DET
taxlaw-3469	249	47	gilti	gilti	NOUN
taxlaw-3469	249	48	provision	provision	NOUN
taxlaw-3469	249	49	as	as	ADP
taxlaw-3469	249	50	the	the	DET
taxlaw-3469	249	51	historical	historical	ADJ
taxlaw-3469	249	52	annual	annual	ADJ
taxlaw-3469	249	53	return	return	NOUN
taxlaw-3469	249	54	on	on	ADP
taxlaw-3469	249	55	equity	equity	NOUN
taxlaw-3469	249	56	for	for	ADP
taxlaw-3469	249	57	the	the	DET
taxlaw-3469	249	58	s&p	s&p	PROPN
taxlaw-3469	249	59	500	500	NUM
taxlaw-3469	249	60	(	(	PUNCT
taxlaw-3469	249	61	albeit	albeit	SCONJ
taxlaw-3469	249	62	through	through	ADP
taxlaw-3469	249	63	a	a	DET
taxlaw-3469	249	64	slightly	slightly	ADV
taxlaw-3469	249	65	different	different	ADJ
taxlaw-3469	249	66	route	route	NOUN
taxlaw-3469	249	67	)	)	PUNCT
taxlaw-3469	249	68	.	.	PUNCT
taxlaw-3469	250	1	the	the	DET
taxlaw-3469	250	2	10	10	NUM
taxlaw-3469	250	3	percent	percent	NOUN
taxlaw-3469	250	4	imputed	impute	VERB
taxlaw-3469	250	5	return	return	NOUN
taxlaw-3469	250	6	in	in	ADP
taxlaw-3469	250	7	the	the	DET
taxlaw-3469	250	8	gilti	gilti	NOUN
taxlaw-3469	250	9	and	and	CCONJ
taxlaw-3469	250	10	fdii	fdii	VERB
taxlaw-3469	250	11	provisions	provision	NOUN
taxlaw-3469	250	12	thus	thus	ADV
taxlaw-3469	250	13	may	may	AUX
taxlaw-3469	250	14	not	not	PART
taxlaw-3469	250	15	have	have	AUX
taxlaw-3469	250	16	been	be	AUX
taxlaw-3469	250	17	pulled	pull	VERB
taxlaw-3469	250	18	out	out	ADP
taxlaw-3469	250	19	of	of	ADP
taxlaw-3469	250	20	thin	thin	ADJ
taxlaw-3469	250	21	air	air	NOUN
taxlaw-3469	250	22	.	.	PUNCT
taxlaw-3469	251	1	that	that	SCONJ
taxlaw-3469	251	2	by	by	ADP
taxlaw-3469	251	3	itself	itself	PRON
taxlaw-3469	251	4	fails	fail	VERB
taxlaw-3469	251	5	to	to	PART
taxlaw-3469	251	6	say	say	VERB
taxlaw-3469	251	7	whether	whether	SCONJ
taxlaw-3469	251	8	it	it	PRON
taxlaw-3469	251	9	is	be	AUX
taxlaw-3469	251	10	in	in	ADP
taxlaw-3469	251	11	fact	fact	NOUN
taxlaw-3469	251	12	an	an	DET
taxlaw-3469	251	13	appropriate	appropriate	ADJ
taxlaw-3469	251	14	figure	figure	NOUN
taxlaw-3469	251	15	to	to	PART
taxlaw-3469	251	16	use	use	VERB
taxlaw-3469	251	17	as	as	ADP
taxlaw-3469	251	18	the	the	DET
taxlaw-3469	251	19	imputed	imputed	ADJ
taxlaw-3469	251	20	return	return	NOUN
taxlaw-3469	251	21	in	in	ADP
taxlaw-3469	251	22	the	the	DET
taxlaw-3469	251	23	provisions	provision	NOUN
taxlaw-3469	251	24	.	.	PUNCT
taxlaw-3469	252	1	to	to	PART
taxlaw-3469	252	2	assess	assess	VERB
taxlaw-3469	252	3	whether	whether	SCONJ
taxlaw-3469	252	4	the	the	DET
taxlaw-3469	252	5	10	10	NUM
taxlaw-3469	252	6	percent	percent	NOUN
taxlaw-3469	252	7	imputed	impute	VERB
taxlaw-3469	252	8	return	return	NOUN
taxlaw-3469	252	9	figure	figure	NOUN
taxlaw-3469	252	10	is	be	AUX
taxlaw-3469	252	11	appropriate	appropriate	ADJ
taxlaw-3469	252	12	in	in	ADP
taxlaw-3469	252	13	the	the	DET
taxlaw-3469	252	14	context	context	NOUN
taxlaw-3469	252	15	of	of	ADP
taxlaw-3469	252	16	its	its	PRON
taxlaw-3469	252	17	intended	intended	ADJ
taxlaw-3469	252	18	purpose	purpose	NOUN
taxlaw-3469	252	19	–	–	PUNCT
taxlaw-3469	252	20	identifying	identify	VERB
taxlaw-3469	252	21	the	the	DET
taxlaw-3469	252	22	normal	normal	ADJ
taxlaw-3469	252	23	rate	rate	NOUN
taxlaw-3469	252	24	of	of	ADP
taxlaw-3469	252	25	return	return	NOUN
taxlaw-3469	252	26	so	so	SCONJ
taxlaw-3469	252	27	as	as	SCONJ
taxlaw-3469	252	28	to	to	PART
taxlaw-3469	252	29	exempt	exempt	VERB
taxlaw-3469	252	30	this	this	PRON
taxlaw-3469	252	31	(	(	PUNCT
taxlaw-3469	252	32	as	as	SCONJ
taxlaw-3469	252	33	hypothesized	hypothesize	VERB
taxlaw-3469	252	34	by	by	ADP
taxlaw-3469	252	35	us	we	PRON
taxlaw-3469	252	36	)	)	PUNCT
taxlaw-3469	252	37	under	under	ADP
taxlaw-3469	252	38	the	the	DET
taxlaw-3469	252	39	gilti	gilti	NOUN
taxlaw-3469	252	40	provision	provision	NOUN
taxlaw-3469	252	41	–	–	PUNCT
taxlaw-3469	252	42	requires	require	VERB
taxlaw-3469	252	43	answering	answer	VERB
taxlaw-3469	252	44	the	the	DET
taxlaw-3469	252	45	following	follow	VERB
taxlaw-3469	252	46	question	question	NOUN
taxlaw-3469	252	47	:	:	PUNCT
taxlaw-3469	252	48	what	what	PRON
taxlaw-3469	252	49	discount	discount	NOUN
taxlaw-3469	252	50	rate	rate	NOUN
taxlaw-3469	252	51	would	would	AUX
taxlaw-3469	252	52	an	an	DET
taxlaw-3469	252	53	(	(	PUNCT
taxlaw-3469	252	54	equity	equity	NOUN
taxlaw-3469	252	55	)	)	PUNCT
taxlaw-3469	252	56	investor	investor	NOUN
taxlaw-3469	252	57	use	use	NOUN
taxlaw-3469	252	58	to	to	PART
taxlaw-3469	252	59	present	present	ADJ
taxlaw-3469	252	60	value	value	VERB
taxlaw-3469	252	61	the	the	DET
taxlaw-3469	252	62	deductions	deduction	NOUN
taxlaw-3469	252	63	from	from	ADP
taxlaw-3469	252	64	projected	project	VERB
taxlaw-3469	252	65	future	future	ADJ
taxlaw-3469	252	66	taxable	taxable	ADJ
taxlaw-3469	252	67	income	income	NOUN
taxlaw-3469	252	68	that	that	PRON
taxlaw-3469	252	69	are	be	AUX
taxlaw-3469	252	70	available	available	ADJ
taxlaw-3469	252	71	via	via	ADP
taxlaw-3469	252	72	the	the	DET
taxlaw-3469	252	73	deemed	deem	VERB
taxlaw-3469	252	74	tangible	tangible	ADJ
taxlaw-3469	252	75	return	return	NOUN
taxlaw-3469	252	76	income	income	NOUN
taxlaw-3469	252	77	”	"	PUNCT
taxlaw-3469	252	78	(	(	PUNCT
taxlaw-3469	252	79	i.e.	i.e.	X
taxlaw-3469	252	80	,	,	PUNCT
taxlaw-3469	252	81	the	the	DET
taxlaw-3469	252	82	imputed	impute	VERB
taxlaw-3469	252	83	return	return	NOUN
taxlaw-3469	252	84	on	on	ADP
taxlaw-3469	252	85	qbai	qbai	NOUN
taxlaw-3469	252	86	)	)	PUNCT
taxlaw-3469	252	87	under	under	ADP
taxlaw-3469	252	88	the	the	DET
taxlaw-3469	252	89	provision?62	provision?62	PROPN
taxlaw-3469	252	90	in	in	ADP
taxlaw-3469	252	91	particular	particular	ADJ
taxlaw-3469	252	92	,	,	PUNCT
taxlaw-3469	252	93	should	should	AUX
taxlaw-3469	252	94	the	the	DET
taxlaw-3469	252	95	hypothetical	hypothetical	ADJ
taxlaw-3469	252	96	investor	investor	NOUN
taxlaw-3469	252	97	use	use	VERB
taxlaw-3469	252	98	a	a	DET
taxlaw-3469	252	99	relatively	relatively	ADV
taxlaw-3469	252	100	safe	safe	ADJ
taxlaw-3469	252	101	rate	rate	NOUN
taxlaw-3469	252	102	of	of	ADP
taxlaw-3469	252	103	return	return	NOUN
taxlaw-3469	252	104	or	or	CCONJ
taxlaw-3469	252	105	one	one	NUM
taxlaw-3469	252	106	that	that	PRON
taxlaw-3469	252	107	incorporates	incorporate	VERB
taxlaw-3469	252	108	an	an	DET
taxlaw-3469	252	109	equity	equity	NOUN
taxlaw-3469	252	110	risk	risk	NOUN
taxlaw-3469	252	111	premium	premium	NOUN
taxlaw-3469	252	112	?	?	PUNCT
taxlaw-3469	253	1	the	the	DET
taxlaw-3469	253	2	discount	discount	NOUN
taxlaw-3469	253	3	rate	rate	NOUN
taxlaw-3469	253	4	that	that	PRON
taxlaw-3469	253	5	the	the	DET
taxlaw-3469	253	6	investor	investor	NOUN
taxlaw-3469	253	7	uses	use	VERB
taxlaw-3469	253	8	is	be	AUX
taxlaw-3469	253	9	what	what	PRON
taxlaw-3469	253	10	should	should	AUX
taxlaw-3469	253	11	be	be	AUX
taxlaw-3469	253	12	used	use	VERB
taxlaw-3469	253	13	as	as	ADP
taxlaw-3469	253	14	the	the	DET
taxlaw-3469	253	15	imputed	imputed	ADJ
taxlaw-3469	253	16	return	return	NOUN
taxlaw-3469	253	17	so	so	SCONJ
taxlaw-3469	253	18	as	as	SCONJ
taxlaw-3469	253	19	to	to	PART
taxlaw-3469	253	20	ensure	ensure	VERB
taxlaw-3469	253	21	the	the	DET
taxlaw-3469	253	22	desired	desire	VERB
taxlaw-3469	253	23	tax	tax	NOUN
taxlaw-3469	253	24	neutrality	neutrality	NOUN
taxlaw-3469	253	25	(	(	PUNCT
taxlaw-3469	253	26	i.e.	i.e.	X
taxlaw-3469	253	27	,	,	PUNCT
taxlaw-3469	253	28	specifically	specifically	ADV
taxlaw-3469	253	29	identifying	identify	VERB
taxlaw-3469	253	30	the	the	DET
taxlaw-3469	253	31	economic	economic	ADJ
taxlaw-3469	253	32	rents	rent	NOUN
taxlaw-3469	253	33	so	so	SCONJ
taxlaw-3469	253	34	as	as	SCONJ
taxlaw-3469	253	35	to	to	PART
taxlaw-3469	253	36	leave	leave	VERB
taxlaw-3469	253	37	the	the	DET
taxlaw-3469	253	38	normal	normal	ADJ
taxlaw-3469	253	39	returns	return	NOUN
taxlaw-3469	253	40	untaxed	untaxe	VERB
taxlaw-3469	253	41	on	on	ADP
taxlaw-3469	253	42	a	a	DET
taxlaw-3469	253	43	present	present	ADJ
taxlaw-3469	253	44	value	value	NOUN
taxlaw-3469	253	45	basis).63	basis).63	VERB
taxlaw-3469	253	46	a	a	DET
taxlaw-3469	253	47	relatively	relatively	ADV
taxlaw-3469	253	48	safe	safe	ADJ
taxlaw-3469	253	49	rate	rate	NOUN
taxlaw-3469	253	50	would	would	AUX
taxlaw-3469	253	51	be	be	AUX
taxlaw-3469	253	52	appropriate	appropriate	ADJ
taxlaw-3469	253	53	for	for	ADP
taxlaw-3469	253	54	the	the	DET
taxlaw-3469	253	55	imputed	impute	VERB
taxlaw-3469	253	56	return	return	NOUN
taxlaw-3469	253	57	if	if	SCONJ
taxlaw-3469	253	58	the	the	DET
taxlaw-3469	253	59	“	"	PUNCT
taxlaw-3469	253	60	deemed	deem	VERB
taxlaw-3469	253	61	tangible	tangible	ADJ
taxlaw-3469	253	62	return	return	NOUN
taxlaw-3469	253	63	income	income	NOUN
taxlaw-3469	253	64	”	"	PUNCT
taxlaw-3469	253	65	for	for	ADP
taxlaw-3469	253	66	a	a	DET
taxlaw-3469	253	67	given	give	VERB
taxlaw-3469	253	68	year	year	NOUN
taxlaw-3469	253	69	could	could	AUX
taxlaw-3469	253	70	be	be	AUX
taxlaw-3469	253	71	carried	carry	VERB
taxlaw-3469	253	72	forward	forward	ADV
taxlaw-3469	253	73	or	or	CCONJ
taxlaw-3469	253	74	back	back	ADV
taxlaw-3469	253	75	to	to	PART
taxlaw-3469	253	76	offset	offset	VERB
taxlaw-3469	253	77	the	the	DET
taxlaw-3469	253	78	“	"	PUNCT
taxlaw-3469	253	79	tested	test	VERB
taxlaw-3469	253	80	income	income	NOUN
taxlaw-3469	253	81	”	"	PUNCT
taxlaw-3469	253	82	amounts	amount	NOUN
taxlaw-3469	253	83	in	in	ADP
taxlaw-3469	253	84	other	other	ADJ
taxlaw-3469	253	85	years	year	NOUN
taxlaw-3469	253	86	so	so	SCONJ
taxlaw-3469	253	87	as	as	SCONJ
taxlaw-3469	253	88	to	to	PART
taxlaw-3469	253	89	lower	lower	VERB
taxlaw-3469	253	90	the	the	DET
taxlaw-3469	253	91	gilti	gilti	NOUN
taxlaw-3469	253	92	amounts	amount	VERB
taxlaw-3469	253	93	in	in	ADP
taxlaw-3469	253	94	those	those	DET
taxlaw-3469	253	95	years	year	NOUN
taxlaw-3469	253	96	.	.	PUNCT
taxlaw-3469	254	1	if	if	SCONJ
taxlaw-3469	254	2	this	this	PRON
taxlaw-3469	254	3	were	be	AUX
taxlaw-3469	254	4	the	the	DET
taxlaw-3469	254	5	case	case	NOUN
taxlaw-3469	254	6	,	,	PUNCT
taxlaw-3469	254	7	a	a	DET
taxlaw-3469	254	8	u.s	u.s	PROPN
taxlaw-3469	254	9	.	.	PROPN
taxlaw-3469	254	10	mnc	mnc	PROPN
taxlaw-3469	254	11	would	would	AUX
taxlaw-3469	254	12	almost	almost	ADV
taxlaw-3469	254	13	be	be	AUX
taxlaw-3469	254	14	guaranteed	guarantee	VERB
taxlaw-3469	254	15	the	the	DET
taxlaw-3469	254	16	tax	tax	NOUN
taxlaw-3469	254	17	benefit	benefit	NOUN
taxlaw-3469	254	18	of	of	ADP
taxlaw-3469	254	19	the	the	DET
taxlaw-3469	254	20	imputed	impute	VERB
taxlaw-3469	254	21	return	return	NOUN
taxlaw-3469	254	22	.	.	PUNCT
taxlaw-3469	255	1	the	the	DET
taxlaw-3469	255	2	only	only	ADJ
taxlaw-3469	255	3	situation	situation	NOUN
taxlaw-3469	255	4	under	under	ADP
taxlaw-3469	255	5	which	which	PRON
taxlaw-3469	255	6	(	(	PUNCT
taxlaw-3469	255	7	an	an	DET
taxlaw-3469	255	8	equity	equity	NOUN
taxlaw-3469	255	9	investor	investor	NOUN
taxlaw-3469	255	10	)	)	PUNCT
taxlaw-3469	255	11	in	in	ADP
taxlaw-3469	255	12	the	the	DET
taxlaw-3469	255	13	u.s	u.s	PROPN
taxlaw-3469	255	14	.	.	PROPN
taxlaw-3469	255	15	mnc	mnc	PROPN
taxlaw-3469	255	16	would	would	AUX
taxlaw-3469	255	17	stand	stand	VERB
taxlaw-3469	255	18	to	to	PART
taxlaw-3469	255	19	lose	lose	VERB
taxlaw-3469	255	20	the	the	DET
taxlaw-3469	255	21	benefit	benefit	NOUN
taxlaw-3469	255	22	of	of	ADP
taxlaw-3469	255	23	the	the	DET
taxlaw-3469	255	24	imputed	impute	VERB
taxlaw-3469	255	25	return	return	NOUN
taxlaw-3469	255	26	on	on	ADP
taxlaw-3469	255	27	qbai	qbai	NOUN
taxlaw-3469	255	28	would	would	AUX
taxlaw-3469	255	29	be	be	AUX
taxlaw-3469	255	30	where	where	SCONJ
taxlaw-3469	255	31	the	the	DET
taxlaw-3469	255	32	relevant	relevant	ADJ
taxlaw-3469	255	33	cfcs	cfcs	NOUN
taxlaw-3469	255	34	of	of	ADP
taxlaw-3469	255	35	the	the	DET
taxlaw-3469	255	36	company	company	NOUN
taxlaw-3469	255	37	never	never	ADV
taxlaw-3469	255	38	generate	generate	VERB
taxlaw-3469	255	39	enough	enough	ADJ
taxlaw-3469	255	40	tested	test	VERB
taxlaw-3469	255	41	income	income	NOUN
taxlaw-3469	255	42	for	for	SCONJ
taxlaw-3469	255	43	the	the	DET
taxlaw-3469	255	44	investor	investor	NOUN
taxlaw-3469	255	45	to	to	PART
taxlaw-3469	255	46	benefit	benefit	VERB
taxlaw-3469	255	47	from	from	ADP
taxlaw-3469	255	48	the	the	DET
taxlaw-3469	255	49	imputed	impute	VERB
taxlaw-3469	255	50	return	return	NOUN
taxlaw-3469	255	51	on	on	ADP
taxlaw-3469	255	52	qbai	qbai	NOUN
taxlaw-3469	255	53	.	.	PUNCT
taxlaw-3469	256	1	the	the	DET
taxlaw-3469	256	2	risk	risk	NOUN
taxlaw-3469	256	3	associated	associate	VERB
taxlaw-3469	256	4	with	with	ADP
taxlaw-3469	256	5	such	such	DET
taxlaw-3469	256	6	a	a	DET
taxlaw-3469	256	7	situation	situation	NOUN
taxlaw-3469	256	8	is	be	AUX
taxlaw-3469	256	9	akin	akin	ADJ
taxlaw-3469	256	10	to	to	ADP
taxlaw-3469	256	11	that	that	PRON
taxlaw-3469	256	12	of	of	ADP
taxlaw-3469	256	13	bankruptcy	bankruptcy	NOUN
taxlaw-3469	256	14	(	(	PUNCT
taxlaw-3469	256	15	of	of	ADP
taxlaw-3469	256	16	the	the	DET
taxlaw-3469	256	17	relevant	relevant	ADJ
taxlaw-3469	256	18	cfcs	cfc	NOUN
taxlaw-3469	256	19	)	)	PUNCT
taxlaw-3469	256	20	.	.	PUNCT
taxlaw-3469	257	1	thus	thus	ADV
taxlaw-3469	257	2	,	,	PUNCT
taxlaw-3469	257	3	if	if	SCONJ
taxlaw-3469	257	4	the	the	DET
taxlaw-3469	257	5	gilti	gilti	NOUN
taxlaw-3469	257	6	provision	provision	NOUN
taxlaw-3469	257	7	in	in	ADP
taxlaw-3469	257	8	the	the	DET
taxlaw-3469	257	9	tcja	tcja	NOUN
taxlaw-3469	257	10	allowed	allow	VERB
taxlaw-3469	257	11	a	a	DET
taxlaw-3469	257	12	taxpayer	taxpayer	NOUN
taxlaw-3469	257	13	to	to	PART
taxlaw-3469	257	14	carry	carry	VERB
taxlaw-3469	257	15	the	the	DET
taxlaw-3469	257	16	“	"	PUNCT
taxlaw-3469	257	17	deemed	deem	VERB
taxlaw-3469	257	18	tangible	tangible	ADJ
taxlaw-3469	257	19	income	income	NOUN
taxlaw-3469	257	20	return	return	NOUN
taxlaw-3469	257	21	”	"	PUNCT
taxlaw-3469	257	22	forward	forward	ADV
taxlaw-3469	257	23	to	to	PART
taxlaw-3469	257	24	offset	offset	VERB
taxlaw-3469	257	25	future	future	ADJ
taxlaw-3469	257	26	gilti	gilti	NOUN
taxlaw-3469	257	27	liabilities	liability	NOUN
taxlaw-3469	257	28	,	,	PUNCT
taxlaw-3469	257	29	an	an	DET
taxlaw-3469	257	30	investor	investor	NOUN
taxlaw-3469	257	31	would	would	AUX
taxlaw-3469	257	32	discount	discount	VERB
taxlaw-3469	257	33	these	these	DET
taxlaw-3469	257	34	future	future	ADJ
taxlaw-3469	257	35	deductions	deduction	NOUN
taxlaw-3469	257	36	at	at	ADP
taxlaw-3469	257	37	a	a	DET
taxlaw-3469	257	38	rate	rate	NOUN
taxlaw-3469	257	39	equal	equal	ADJ
taxlaw-3469	257	40	to	to	ADP
taxlaw-3469	257	41	the	the	DET
taxlaw-3469	257	42	risk	risk	NOUN
taxlaw-3469	257	43	-	-	PUNCT
taxlaw-3469	257	44	free	free	ADJ
taxlaw-3469	257	45	rate	rate	NOUN
taxlaw-3469	257	46	plus	plus	CCONJ
taxlaw-3469	257	47	a	a	DET
taxlaw-3469	257	48	default	default	NOUN
taxlaw-3469	257	49	risk	risk	NOUN
taxlaw-3469	257	50	premium	premium	NOUN
taxlaw-3469	257	51	.	.	PUNCT
taxlaw-3469	258	1	taking	take	VERB
taxlaw-3469	258	2	administrative	administrative	ADJ
taxlaw-3469	258	3	considerations	consideration	NOUN
taxlaw-3469	258	4	into	into	ADP
taxlaw-3469	258	5	account	account	NOUN
taxlaw-3469	258	6	,	,	PUNCT
taxlaw-3469	258	7	a	a	DET
taxlaw-3469	258	8	rate	rate	NOUN
taxlaw-3469	258	9	equal	equal	ADJ
taxlaw-3469	258	10	to	to	ADP
taxlaw-3469	258	11	an	an	DET
taxlaw-3469	258	12	average	average	ADJ
taxlaw-3469	258	13	corporate	corporate	ADJ
taxlaw-3469	258	14	borrowing	borrowing	NOUN
taxlaw-3469	258	15	rate	rate	NOUN
taxlaw-3469	258	16	would	would	AUX
taxlaw-3469	258	17	be	be	AUX
taxlaw-3469	258	18	reasonable	reasonable	ADJ
taxlaw-3469	258	19	proxy	proxy	NOUN
taxlaw-3469	258	20	for	for	ADP
taxlaw-3469	258	21	the	the	DET
taxlaw-3469	258	22	imputed	impute	VERB
taxlaw-3469	258	23	59	59	NUM
taxlaw-3469	258	24	see	see	NOUN
taxlaw-3469	258	25	michael	michael	PROPN
taxlaw-3469	258	26	santoli	santoli	PROPN
taxlaw-3469	258	27	,	,	PUNCT
taxlaw-3469	258	28	the	the	DET
taxlaw-3469	258	29	s&p	s&p	PROPN
taxlaw-3469	258	30	500	500	NUM
taxlaw-3469	258	31	has	have	AUX
taxlaw-3469	258	32	already	already	ADV
taxlaw-3469	258	33	met	meet	VERB
taxlaw-3469	258	34	its	its	PRON
taxlaw-3469	258	35	average	average	ADJ
taxlaw-3469	258	36	return	return	NOUN
taxlaw-3469	258	37	for	for	ADP
taxlaw-3469	258	38	a	a	DET
taxlaw-3469	258	39	full	full	ADJ
taxlaw-3469	258	40	year	year	NOUN
taxlaw-3469	258	41	,	,	PUNCT
taxlaw-3469	258	42	but	but	CCONJ
taxlaw-3469	258	43	do	do	AUX
taxlaw-3469	258	44	n't	not	PART
taxlaw-3469	258	45	expect	expect	VERB
taxlaw-3469	258	46	it	it	PRON
taxlaw-3469	258	47	to	to	PART
taxlaw-3469	258	48	stay	stay	VERB
taxlaw-3469	258	49	here	here	ADV
taxlaw-3469	258	50	,	,	PUNCT
taxlaw-3469	258	51	cnbc	cnbc	PROPN
taxlaw-3469	258	52	,	,	PUNCT
taxlaw-3469	258	53	(	(	PUNCT
taxlaw-3469	258	54	june	june	PROPN
taxlaw-3469	258	55	18	18	NUM
taxlaw-3469	258	56	,	,	PUNCT
taxlaw-3469	258	57	2018	2018	NUM
taxlaw-3469	258	58	)	)	PUNCT
taxlaw-3469	258	59	,	,	PUNCT
taxlaw-3469	258	60	https://www.cnbc.com/2017/06/18/the-sp-500-has-already-met-itsaverage-return-for-a-full-year.html	https://www.cnbc.com/2017/06/18/the-sp-500-has-already-met-itsaverage-return-for-a-full-year.html	X
taxlaw-3469	258	61	[	[	X
taxlaw-3469	258	62	https://perma.cc/8u6w-kr5y	https://perma.cc/8u6w-kr5y	PROPN
taxlaw-3469	258	63	]	]	PUNCT
taxlaw-3469	258	64	.	.	PUNCT
taxlaw-3469	259	1	60	60	NUM
taxlaw-3469	259	2	section	section	NOUN
taxlaw-3469	259	3	4310	4310	NUM
taxlaw-3469	259	4	,	,	PUNCT
taxlaw-3469	259	5	tax	tax	NOUN
taxlaw-3469	259	6	cuts	cut	NOUN
taxlaw-3469	259	7	and	and	CCONJ
taxlaw-3469	259	8	jobs	job	NOUN
taxlaw-3469	259	9	act	act	PROPN
taxlaw-3469	259	10	,	,	PUNCT
taxlaw-3469	259	11	pub	pub	NOUN
taxlaw-3469	259	12	.	.	PUNCT
taxlaw-3469	260	1	l.	l.	PROPN
taxlaw-3469	260	2	no	no	INTJ
taxlaw-3469	260	3	.	.	PROPN
taxlaw-3469	261	1	115	115	NUM
taxlaw-3469	261	2	-	-	SYM
taxlaw-3469	261	3	97	97	NUM
taxlaw-3469	261	4	,	,	PUNCT
taxlaw-3469	261	5	131	131	NUM
taxlaw-3469	261	6	stat	stat	NOUN
taxlaw-3469	261	7	.	.	PUNCT
taxlaw-3469	262	1	2054	2054	NUM
taxlaw-3469	262	2	(	(	PUNCT
taxlaw-3469	262	3	2017	2017	NUM
taxlaw-3469	262	4	)	)	PUNCT
taxlaw-3469	262	5	.	.	PUNCT
taxlaw-3469	263	1	61	61	NUM
taxlaw-3469	263	2	roger	roger	PROPN
taxlaw-3469	263	3	j.	j.	PROPN
taxlaw-3469	263	4	grabowsi	grabowsi	PROPN
taxlaw-3469	263	5	et	et	PROPN
taxlaw-3469	263	6	al	al	PROPN
taxlaw-3469	263	7	.	.	PROPN
taxlaw-3469	263	8	,	,	PUNCT
taxlaw-3469	263	9	2017	2017	NUM
taxlaw-3469	263	10	valuation	valuation	NOUN
taxlaw-3469	263	11	handbook	handbook	PROPN
taxlaw-3469	263	12	u.s	u.s	PROPN
taxlaw-3469	263	13	.	.	PROPN
taxlaw-3469	263	14	guide	guide	NOUN
taxlaw-3469	263	15	to	to	ADP
taxlaw-3469	263	16	cost	cost	NOUN
taxlaw-3469	263	17	of	of	ADP
taxlaw-3469	263	18	capital	capital	NOUN
taxlaw-3469	263	19	(	(	PUNCT
taxlaw-3469	263	20	2017	2017	NUM
taxlaw-3469	263	21	)	)	PUNCT
taxlaw-3469	263	22	.	.	PUNCT
taxlaw-3469	264	1	62	62	NUM
taxlaw-3469	264	2	for	for	ADP
taxlaw-3469	264	3	the	the	DET
taxlaw-3469	264	4	purposes	purpose	NOUN
taxlaw-3469	264	5	of	of	ADP
taxlaw-3469	264	6	this	this	DET
taxlaw-3469	264	7	discussion	discussion	NOUN
taxlaw-3469	264	8	,	,	PUNCT
taxlaw-3469	264	9	we	we	PRON
taxlaw-3469	264	10	focus	focus	VERB
taxlaw-3469	264	11	on	on	ADP
taxlaw-3469	264	12	the	the	DET
taxlaw-3469	264	13	gilti	gilti	NOUN
taxlaw-3469	264	14	provisions	provision	NOUN
taxlaw-3469	264	15	,	,	PUNCT
taxlaw-3469	264	16	but	but	CCONJ
taxlaw-3469	264	17	the	the	DET
taxlaw-3469	264	18	analogous	analogous	ADJ
taxlaw-3469	264	19	reasoning	reasoning	NOUN
taxlaw-3469	264	20	applies	apply	VERB
taxlaw-3469	264	21	to	to	AUX
taxlaw-3469	264	22	fdii	fdii	NOUN
taxlaw-3469	264	23	provisions	provision	NOUN
taxlaw-3469	264	24	.	.	PUNCT
taxlaw-3469	265	1	63	63	NUM
taxlaw-3469	265	2	the	the	DET
taxlaw-3469	265	3	reasoning	reasoning	NOUN
taxlaw-3469	265	4	mirrors	mirror	NOUN
taxlaw-3469	265	5	that	that	PRON
taxlaw-3469	265	6	used	use	VERB
taxlaw-3469	265	7	for	for	ADP
taxlaw-3469	265	8	purposes	purpose	NOUN
taxlaw-3469	265	9	of	of	ADP
taxlaw-3469	265	10	determining	determine	VERB
taxlaw-3469	265	11	the	the	DET
taxlaw-3469	265	12	appropriate	appropriate	ADJ
taxlaw-3469	265	13	imputed	impute	VERB
taxlaw-3469	265	14	return	return	NOUN
taxlaw-3469	265	15	used	use	VERB
taxlaw-3469	265	16	in	in	ADP
taxlaw-3469	265	17	the	the	DET
taxlaw-3469	265	18	allowance	allowance	NOUN
taxlaw-3469	265	19	for	for	ADP
taxlaw-3469	265	20	corporate	corporate	ADJ
taxlaw-3469	265	21	equity	equity	NOUN
taxlaw-3469	265	22	(	(	PUNCT
taxlaw-3469	265	23	ace	ace	NOUN
taxlaw-3469	265	24	)	)	PUNCT
taxlaw-3469	265	25	rules	rule	NOUN
taxlaw-3469	265	26	adopted	adopt	VERB
taxlaw-3469	265	27	in	in	ADP
taxlaw-3469	265	28	certain	certain	ADJ
taxlaw-3469	265	29	countries	country	NOUN
taxlaw-3469	265	30	.	.	PUNCT
taxlaw-3469	266	1	the	the	DET
taxlaw-3469	266	2	exemption	exemption	NOUN
taxlaw-3469	266	3	of	of	ADP
taxlaw-3469	266	4	the	the	DET
taxlaw-3469	266	5	normal	normal	ADJ
taxlaw-3469	266	6	return	return	NOUN
taxlaw-3469	266	7	from	from	ADP
taxlaw-3469	266	8	tax	tax	NOUN
taxlaw-3469	266	9	is	be	AUX
taxlaw-3469	266	10	an	an	DET
taxlaw-3469	266	11	objective	objective	NOUN
taxlaw-3469	266	12	for	for	ADP
taxlaw-3469	266	13	ace	ace	NOUN
taxlaw-3469	266	14	rules	rule	NOUN
taxlaw-3469	266	15	(	(	PUNCT
taxlaw-3469	266	16	in	in	ADP
taxlaw-3469	266	17	addition	addition	NOUN
taxlaw-3469	266	18	to	to	ADP
taxlaw-3469	266	19	reducing	reduce	VERB
taxlaw-3469	266	20	distortions	distortion	NOUN
taxlaw-3469	266	21	in	in	ADP
taxlaw-3469	266	22	debt	debt	NOUN
taxlaw-3469	266	23	versus	versus	ADP
taxlaw-3469	266	24	equity	equity	NOUN
taxlaw-3469	266	25	financing	financing	NOUN
taxlaw-3469	266	26	decisions	decision	NOUN
taxlaw-3469	266	27	)	)	PUNCT
taxlaw-3469	266	28	.	.	PUNCT
taxlaw-3469	267	1	see	see	VERB
taxlaw-3469	267	2	griffith	griffith	PROPN
taxlaw-3469	267	3	et	et	PROPN
taxlaw-3469	267	4	al	al	PROPN
taxlaw-3469	267	5	.	.	PROPN
taxlaw-3469	267	6	,	,	PUNCT
taxlaw-3469	267	7	supra	supra	PROPN
taxlaw-3469	267	8	note	note	PROPN
taxlaw-3469	267	9	57	57	NUM
taxlaw-3469	267	10	,	,	PUNCT
taxlaw-3469	267	11	at	at	ADP
taxlaw-3469	267	12	977	977	NUM
taxlaw-3469	267	13	-	-	SYM
taxlaw-3469	267	14	78	78	NUM
taxlaw-3469	267	15	.	.	PUNCT
taxlaw-3469	268	1	https://www.cnbc.com/2017/06/18/the-sp-500-has-already-met-its-average-return-for-a-full-year.html	https://www.cnbc.com/2017/06/18/the-sp-500-has-already-met-its-average-return-for-a-full-year.html	PROPN
taxlaw-3469	268	2	https://www.cnbc.com/2017/06/18/the-sp-500-has-already-met-its-average-return-for-a-full-year.html	https://www.cnbc.com/2017/06/18/the-sp-500-has-already-met-its-average-return-for-a-full-year.html	X
taxlaw-3469	269	1	214	214	NUM
taxlaw-3469	269	2	[	[	X
taxlaw-3469	269	3	vol	vol	NOUN
taxlaw-3469	269	4	.	.	PUNCT
taxlaw-3469	270	1	10:2	10:2	NUM
taxlaw-3469	270	2	columbia	columbia	PROPN
taxlaw-3469	270	3	journal	journal	PROPN
taxlaw-3469	270	4	of	of	ADP
taxlaw-3469	270	5	tax	tax	NOUN
taxlaw-3469	270	6	law	law	NOUN
taxlaw-3469	270	7	return	return	NOUN
taxlaw-3469	270	8	in	in	ADP
taxlaw-3469	270	9	the	the	DET
taxlaw-3469	270	10	provision	provision	NOUN
taxlaw-3469	270	11	.	.	PUNCT
taxlaw-3469	271	1	this	this	PRON
taxlaw-3469	271	2	would	would	AUX
taxlaw-3469	271	3	not	not	PART
taxlaw-3469	271	4	be	be	AUX
taxlaw-3469	271	5	too	too	ADV
taxlaw-3469	271	6	different	different	ADJ
taxlaw-3469	271	7	from	from	ADP
taxlaw-3469	271	8	what	what	PRON
taxlaw-3469	271	9	some	some	DET
taxlaw-3469	271	10	commentators	commentator	NOUN
taxlaw-3469	271	11	have	have	AUX
taxlaw-3469	271	12	opined	opine	VERB
taxlaw-3469	271	13	that	that	SCONJ
taxlaw-3469	271	14	the	the	DET
taxlaw-3469	271	15	10	10	NUM
taxlaw-3469	271	16	percent	percent	NOUN
taxlaw-3469	271	17	imputed	impute	VERB
taxlaw-3469	271	18	return	return	NOUN
taxlaw-3469	271	19	is	be	AUX
taxlaw-3469	271	20	too	too	ADV
taxlaw-3469	271	21	high.64	high.64	PROPN
taxlaw-3469	271	22	however	however	ADV
taxlaw-3469	271	23	,	,	PUNCT
taxlaw-3469	271	24	the	the	DET
taxlaw-3469	271	25	above	above	ADJ
taxlaw-3469	271	26	applies	apply	VERB
taxlaw-3469	271	27	only	only	ADV
taxlaw-3469	271	28	if	if	SCONJ
taxlaw-3469	271	29	the	the	DET
taxlaw-3469	271	30	gilti	gilti	NOUN
taxlaw-3469	271	31	rules	rule	NOUN
taxlaw-3469	271	32	were	be	AUX
taxlaw-3469	271	33	to	to	PART
taxlaw-3469	271	34	allow	allow	VERB
taxlaw-3469	271	35	carryforward	carryforward	NOUN
taxlaw-3469	271	36	of	of	ADP
taxlaw-3469	271	37	“	"	PUNCT
taxlaw-3469	271	38	excess	excess	ADJ
taxlaw-3469	271	39	”	"	PUNCT
taxlaw-3469	271	40	deemed	deem	VERB
taxlaw-3469	271	41	tangible	tangible	ADJ
taxlaw-3469	271	42	return	return	NOUN
taxlaw-3469	271	43	income	income	NOUN
taxlaw-3469	271	44	amounts	amount	NOUN
taxlaw-3469	271	45	to	to	AUX
taxlaw-3469	271	46	shield	shield	VERB
taxlaw-3469	271	47	tested	test	VERB
taxlaw-3469	271	48	income	income	NOUN
taxlaw-3469	271	49	,	,	PUNCT
taxlaw-3469	271	50	and	and	CCONJ
taxlaw-3469	271	51	thereby	thereby	ADV
taxlaw-3469	271	52	reduce	reduce	VERB
taxlaw-3469	271	53	gilti	gilti	NOUN
taxlaw-3469	271	54	,	,	PUNCT
taxlaw-3469	271	55	in	in	ADP
taxlaw-3469	271	56	other	other	ADJ
taxlaw-3469	271	57	years	year	NOUN
taxlaw-3469	271	58	.	.	PUNCT
taxlaw-3469	272	1	this	this	PRON
taxlaw-3469	272	2	is	be	AUX
taxlaw-3469	272	3	not	not	PART
taxlaw-3469	272	4	the	the	DET
taxlaw-3469	272	5	case	case	NOUN
taxlaw-3469	272	6	in	in	ADP
taxlaw-3469	272	7	the	the	DET
taxlaw-3469	272	8	actual	actual	ADJ
taxlaw-3469	272	9	design	design	NOUN
taxlaw-3469	272	10	of	of	ADP
taxlaw-3469	272	11	the	the	DET
taxlaw-3469	272	12	gilti	gilti	NOUN
taxlaw-3469	272	13	provision	provision	NOUN
taxlaw-3469	272	14	.	.	PUNCT
taxlaw-3469	273	1	the	the	DET
taxlaw-3469	273	2	gilti	gilti	NOUN
taxlaw-3469	273	3	amount	amount	NOUN
taxlaw-3469	273	4	is	be	AUX
taxlaw-3469	273	5	lower	low	ADJ
taxlaw-3469	273	6	in	in	ADP
taxlaw-3469	273	7	any	any	DET
taxlaw-3469	273	8	given	give	VERB
taxlaw-3469	273	9	year	year	NOUN
taxlaw-3469	273	10	by	by	ADP
taxlaw-3469	273	11	the	the	DET
taxlaw-3469	273	12	10	10	NUM
taxlaw-3469	273	13	percent	percent	NOUN
taxlaw-3469	273	14	imputed	impute	VERB
taxlaw-3469	273	15	return	return	NOUN
taxlaw-3469	273	16	on	on	ADP
taxlaw-3469	273	17	qbai	qbai	NOUN
taxlaw-3469	273	18	when	when	SCONJ
taxlaw-3469	273	19	the	the	DET
taxlaw-3469	273	20	"	"	PUNCT
taxlaw-3469	273	21	tested	test	VERB
taxlaw-3469	273	22	income	income	NOUN
taxlaw-3469	273	23	"	"	PUNCT
taxlaw-3469	273	24	for	for	ADP
taxlaw-3469	273	25	the	the	DET
taxlaw-3469	273	26	u.s	u.s	PROPN
taxlaw-3469	273	27	.	.	PROPN
taxlaw-3469	273	28	mnc	mnc	PROPN
taxlaw-3469	273	29	’s	’s	PART
taxlaw-3469	273	30	cfcs	cfcs	PROPN
taxlaw-3469	273	31	exceeds	exceed	VERB
taxlaw-3469	273	32	this	this	DET
taxlaw-3469	273	33	imputed	impute	VERB
taxlaw-3469	273	34	amount	amount	NOUN
taxlaw-3469	273	35	.	.	PUNCT
taxlaw-3469	274	1	however	however	ADV
taxlaw-3469	274	2	,	,	PUNCT
taxlaw-3469	274	3	in	in	ADP
taxlaw-3469	274	4	the	the	DET
taxlaw-3469	274	5	situation	situation	NOUN
taxlaw-3469	274	6	where	where	SCONJ
taxlaw-3469	274	7	the	the	DET
taxlaw-3469	274	8	10	10	NUM
taxlaw-3469	274	9	percent	percent	NOUN
taxlaw-3469	274	10	imputed	impute	VERB
taxlaw-3469	274	11	return	return	NOUN
taxlaw-3469	274	12	exceeds	exceed	VERB
taxlaw-3469	274	13	the	the	DET
taxlaw-3469	274	14	tested	test	VERB
taxlaw-3469	274	15	income	income	NOUN
taxlaw-3469	274	16	amount	amount	NOUN
taxlaw-3469	274	17	,	,	PUNCT
taxlaw-3469	274	18	the	the	DET
taxlaw-3469	274	19	gilti	gilti	NOUN
taxlaw-3469	274	20	amount	amount	NOUN
taxlaw-3469	274	21	subject	subject	ADJ
taxlaw-3469	274	22	to	to	ADP
taxlaw-3469	274	23	us	we	PRON
taxlaw-3469	274	24	tax	tax	NOUN
taxlaw-3469	274	25	for	for	ADP
taxlaw-3469	274	26	that	that	DET
taxlaw-3469	274	27	year	year	NOUN
taxlaw-3469	274	28	,	,	PUNCT
taxlaw-3469	274	29	other	other	ADJ
taxlaw-3469	274	30	things	thing	NOUN
taxlaw-3469	274	31	equal	equal	ADJ
taxlaw-3469	274	32	,	,	PUNCT
taxlaw-3469	274	33	is	be	AUX
taxlaw-3469	274	34	zero	zero	NUM
taxlaw-3469	274	35	.	.	PUNCT
taxlaw-3469	275	1	but	but	CCONJ
taxlaw-3469	275	2	the	the	DET
taxlaw-3469	275	3	excess	excess	NOUN
taxlaw-3469	275	4	of	of	ADP
taxlaw-3469	275	5	the	the	DET
taxlaw-3469	275	6	imputed	impute	VERB
taxlaw-3469	275	7	return	return	NOUN
taxlaw-3469	275	8	over	over	ADP
taxlaw-3469	275	9	the	the	DET
taxlaw-3469	275	10	tested	test	VERB
taxlaw-3469	275	11	income	income	NOUN
taxlaw-3469	275	12	does	do	AUX
taxlaw-3469	275	13	not	not	PART
taxlaw-3469	275	14	carry	carry	VERB
taxlaw-3469	275	15	forward	forward	ADV
taxlaw-3469	275	16	to	to	PART
taxlaw-3469	275	17	shield	shield	VERB
taxlaw-3469	275	18	tested	test	VERB
taxlaw-3469	275	19	income	income	NOUN
taxlaw-3469	275	20	amounts	amount	NOUN
taxlaw-3469	275	21	in	in	ADP
taxlaw-3469	275	22	future	future	ADJ
taxlaw-3469	275	23	years	year	NOUN
taxlaw-3469	275	24	nor	nor	CCONJ
taxlaw-3469	275	25	can	can	AUX
taxlaw-3469	275	26	it	it	PRON
taxlaw-3469	275	27	be	be	AUX
taxlaw-3469	275	28	carried	carry	VERB
taxlaw-3469	275	29	back	back	ADV
taxlaw-3469	275	30	.	.	PUNCT
taxlaw-3469	276	1	instead	instead	ADV
taxlaw-3469	276	2	the	the	DET
taxlaw-3469	276	3	value	value	NOUN
taxlaw-3469	276	4	of	of	ADP
taxlaw-3469	276	5	this	this	DET
taxlaw-3469	276	6	deduction	deduction	NOUN
taxlaw-3469	276	7	is	be	AUX
taxlaw-3469	276	8	limited	limit	VERB
taxlaw-3469	276	9	to	to	ADP
taxlaw-3469	276	10	the	the	DET
taxlaw-3469	276	11	specific	specific	ADJ
taxlaw-3469	276	12	year	year	NOUN
taxlaw-3469	276	13	in	in	ADP
taxlaw-3469	276	14	question	question	NOUN
taxlaw-3469	276	15	and	and	CCONJ
taxlaw-3469	276	16	is	be	AUX
taxlaw-3469	276	17	tied	tie	VERB
taxlaw-3469	276	18	to	to	ADP
taxlaw-3469	276	19	the	the	DET
taxlaw-3469	276	20	realization	realization	NOUN
taxlaw-3469	276	21	of	of	ADP
taxlaw-3469	276	22	the	the	DET
taxlaw-3469	276	23	uncertain	uncertain	ADJ
taxlaw-3469	276	24	return	return	NOUN
taxlaw-3469	276	25	in	in	ADP
taxlaw-3469	276	26	that	that	PRON
taxlaw-3469	276	27	year.65	year.65	PROPN
taxlaw-3469	276	28	this	this	PRON
taxlaw-3469	276	29	implies	imply	VERB
taxlaw-3469	276	30	that	that	SCONJ
taxlaw-3469	276	31	the	the	DET
taxlaw-3469	276	32	discount	discount	NOUN
taxlaw-3469	276	33	rate	rate	NOUN
taxlaw-3469	276	34	an	an	DET
taxlaw-3469	276	35	investor	investor	NOUN
taxlaw-3469	276	36	would	would	AUX
taxlaw-3469	276	37	use	use	VERB
taxlaw-3469	276	38	to	to	PART
taxlaw-3469	276	39	calculate	calculate	VERB
taxlaw-3469	276	40	the	the	DET
taxlaw-3469	276	41	present	present	ADJ
taxlaw-3469	276	42	value	value	NOUN
taxlaw-3469	276	43	of	of	ADP
taxlaw-3469	276	44	the	the	DET
taxlaw-3469	276	45	imputed	impute	VERB
taxlaw-3469	276	46	income	income	NOUN
taxlaw-3469	276	47	on	on	ADP
taxlaw-3469	276	48	the	the	DET
taxlaw-3469	276	49	qbai	qbai	NOUN
taxlaw-3469	277	1	can	can	AUX
taxlaw-3469	277	2	not	not	PART
taxlaw-3469	277	3	be	be	AUX
taxlaw-3469	277	4	a	a	DET
taxlaw-3469	277	5	safe	safe	ADJ
taxlaw-3469	277	6	rate	rate	NOUN
taxlaw-3469	277	7	of	of	ADP
taxlaw-3469	277	8	return	return	NOUN
taxlaw-3469	277	9	since	since	SCONJ
taxlaw-3469	277	10	this	this	DET
taxlaw-3469	277	11	deduction	deduction	NOUN
taxlaw-3469	277	12	is	be	AUX
taxlaw-3469	277	13	not	not	PART
taxlaw-3469	277	14	guaranteed	guarantee	VERB
taxlaw-3469	277	15	.	.	PUNCT
taxlaw-3469	278	1	in	in	ADP
taxlaw-3469	278	2	turn	turn	NOUN
taxlaw-3469	278	3	,	,	PUNCT
taxlaw-3469	278	4	this	this	PRON
taxlaw-3469	278	5	means	mean	VERB
taxlaw-3469	278	6	that	that	SCONJ
taxlaw-3469	278	7	the	the	DET
taxlaw-3469	278	8	appropriate	appropriate	ADJ
taxlaw-3469	278	9	discount	discount	NOUN
taxlaw-3469	278	10	rate	rate	NOUN
taxlaw-3469	278	11	the	the	DET
taxlaw-3469	278	12	equity	equity	NOUN
taxlaw-3469	278	13	investor	investor	NOUN
taxlaw-3469	278	14	should	should	AUX
taxlaw-3469	278	15	apply	apply	VERB
taxlaw-3469	278	16	to	to	PART
taxlaw-3469	278	17	calculate	calculate	VERB
taxlaw-3469	278	18	the	the	DET
taxlaw-3469	278	19	present	present	ADJ
taxlaw-3469	278	20	value	value	NOUN
taxlaw-3469	278	21	of	of	ADP
taxlaw-3469	278	22	this	this	DET
taxlaw-3469	278	23	deduction	deduction	NOUN
taxlaw-3469	278	24	can	can	AUX
taxlaw-3469	278	25	not	not	PART
taxlaw-3469	278	26	be	be	AUX
taxlaw-3469	278	27	too	too	ADV
taxlaw-3469	278	28	far	far	ADV
taxlaw-3469	278	29	removed	remove	VERB
taxlaw-3469	278	30	from	from	ADP
taxlaw-3469	278	31	the	the	DET
taxlaw-3469	278	32	discount	discount	NOUN
taxlaw-3469	278	33	rate	rate	NOUN
taxlaw-3469	278	34	that	that	PRON
taxlaw-3469	278	35	would	would	AUX
taxlaw-3469	278	36	apply	apply	VERB
taxlaw-3469	278	37	to	to	PART
taxlaw-3469	278	38	calculate	calculate	VERB
taxlaw-3469	278	39	present	present	ADJ
taxlaw-3469	278	40	value	value	NOUN
taxlaw-3469	278	41	of	of	ADP
taxlaw-3469	278	42	the	the	DET
taxlaw-3469	278	43	uncertain	uncertain	ADJ
taxlaw-3469	278	44	return	return	NOUN
taxlaw-3469	278	45	.	.	PUNCT
taxlaw-3469	279	1	the	the	DET
taxlaw-3469	279	2	expected	expect	VERB
taxlaw-3469	279	3	rate	rate	NOUN
taxlaw-3469	279	4	of	of	ADP
taxlaw-3469	279	5	return	return	NOUN
taxlaw-3469	279	6	on	on	ADP
taxlaw-3469	279	7	equity	equity	NOUN
taxlaw-3469	279	8	is	be	AUX
taxlaw-3469	279	9	therefore	therefore	ADV
taxlaw-3469	279	10	not	not	PART
taxlaw-3469	279	11	far	far	ADV
taxlaw-3469	279	12	off	off	ADV
taxlaw-3469	279	13	from	from	ADP
taxlaw-3469	279	14	an	an	DET
taxlaw-3469	279	15	appropriate	appropriate	ADJ
taxlaw-3469	279	16	candidate	candidate	NOUN
taxlaw-3469	279	17	for	for	ADP
taxlaw-3469	279	18	this	this	DET
taxlaw-3469	279	19	discount	discount	NOUN
taxlaw-3469	279	20	rate	rate	NOUN
taxlaw-3469	279	21	.	.	PUNCT
taxlaw-3469	280	1	correspondingly	correspondingly	ADV
taxlaw-3469	280	2	,	,	PUNCT
taxlaw-3469	280	3	the	the	DET
taxlaw-3469	280	4	same	same	ADJ
taxlaw-3469	280	5	rate	rate	NOUN
taxlaw-3469	280	6	of	of	ADP
taxlaw-3469	280	7	return	return	NOUN
taxlaw-3469	280	8	as	as	ADP
taxlaw-3469	280	9	the	the	DET
taxlaw-3469	280	10	imputed	imputed	ADJ
taxlaw-3469	280	11	return	return	NOUN
taxlaw-3469	280	12	in	in	ADP
taxlaw-3469	280	13	the	the	DET
taxlaw-3469	280	14	provision	provision	NOUN
taxlaw-3469	280	15	may	may	AUX
taxlaw-3469	280	16	not	not	PART
taxlaw-3469	280	17	be	be	AUX
taxlaw-3469	280	18	too	too	ADV
taxlaw-3469	280	19	far	far	ADV
taxlaw-3469	280	20	off	off	ADP
taxlaw-3469	280	21	the	the	DET
taxlaw-3469	280	22	mark	mark	NOUN
taxlaw-3469	280	23	.	.	PUNCT
taxlaw-3469	281	1	certainly	certainly	ADV
taxlaw-3469	281	2	,	,	PUNCT
taxlaw-3469	281	3	a	a	DET
taxlaw-3469	281	4	safe	safe	ADJ
taxlaw-3469	281	5	rate	rate	NOUN
taxlaw-3469	281	6	of	of	ADP
taxlaw-3469	281	7	return	return	NOUN
taxlaw-3469	281	8	would	would	AUX
taxlaw-3469	281	9	not	not	PART
taxlaw-3469	281	10	be	be	AUX
taxlaw-3469	281	11	an	an	DET
taxlaw-3469	281	12	appropriate	appropriate	ADJ
taxlaw-3469	281	13	choice	choice	NOUN
taxlaw-3469	281	14	for	for	ADP
taxlaw-3469	281	15	this	this	DET
taxlaw-3469	281	16	imputed	impute	VERB
taxlaw-3469	281	17	return	return	NOUN
taxlaw-3469	281	18	.	.	PUNCT
taxlaw-3469	282	1	with	with	ADP
taxlaw-3469	282	2	this	this	DET
taxlaw-3469	282	3	slight	slight	ADJ
taxlaw-3469	282	4	digression	digression	NOUN
taxlaw-3469	282	5	on	on	ADP
taxlaw-3469	282	6	the	the	DET
taxlaw-3469	282	7	normal	normal	ADJ
taxlaw-3469	282	8	rate	rate	NOUN
taxlaw-3469	282	9	of	of	ADP
taxlaw-3469	282	10	return	return	NOUN
taxlaw-3469	282	11	out	out	ADP
taxlaw-3469	282	12	of	of	ADP
taxlaw-3469	282	13	the	the	DET
taxlaw-3469	282	14	way	way	NOUN
taxlaw-3469	282	15	we	we	PRON
taxlaw-3469	282	16	now	now	ADV
taxlaw-3469	282	17	turn	turn	VERB
taxlaw-3469	282	18	to	to	ADP
taxlaw-3469	282	19	the	the	DET
taxlaw-3469	282	20	analysis	analysis	NOUN
taxlaw-3469	282	21	of	of	ADP
taxlaw-3469	282	22	the	the	DET
taxlaw-3469	282	23	location	location	NOUN
taxlaw-3469	282	24	choice	choice	NOUN
taxlaw-3469	282	25	of	of	ADP
taxlaw-3469	282	26	our	our	PRON
taxlaw-3469	282	27	candidate	candidate	NOUN
taxlaw-3469	282	28	investment	investment	NOUN
taxlaw-3469	282	29	described	describe	VERB
taxlaw-3469	282	30	earlier	early	ADV
taxlaw-3469	282	31	in	in	ADP
taxlaw-3469	282	32	the	the	DET
taxlaw-3469	282	33	section	section	NOUN
taxlaw-3469	282	34	.	.	PUNCT
taxlaw-3469	283	1	b.	b.	PROPN
taxlaw-3469	283	2	intangible	intangible	ADJ
taxlaw-3469	283	3	capital66	capital66	NOUN
taxlaw-3469	283	4	for	for	ADP
taxlaw-3469	283	5	intangible	intangible	ADJ
taxlaw-3469	283	6	capital	capital	NOUN
taxlaw-3469	283	7	,	,	PUNCT
taxlaw-3469	283	8	the	the	DET
taxlaw-3469	283	9	tax	tax	NOUN
taxlaw-3469	283	10	treatment	treatment	NOUN
taxlaw-3469	283	11	given	give	VERB
taxlaw-3469	283	12	by	by	ADP
taxlaw-3469	283	13	column	column	NOUN
taxlaw-3469	283	14	(	(	PUNCT
taxlaw-3469	283	15	h	h	NOUN
taxlaw-3469	283	16	)	)	PUNCT
taxlaw-3469	283	17	in	in	ADP
taxlaw-3469	283	18	table	table	NOUN
taxlaw-3469	283	19	2	2	NUM
taxlaw-3469	283	20	is	be	AUX
taxlaw-3469	283	21	assumed	assume	VERB
taxlaw-3469	283	22	to	to	PART
taxlaw-3469	283	23	apply	apply	VERB
taxlaw-3469	283	24	,	,	PUNCT
taxlaw-3469	283	25	regardless	regardless	ADV
taxlaw-3469	283	26	of	of	ADP
taxlaw-3469	283	27	the	the	DET
taxlaw-3469	283	28	location	location	NOUN
taxlaw-3469	283	29	of	of	ADP
taxlaw-3469	283	30	the	the	DET
taxlaw-3469	283	31	investment	investment	NOUN
taxlaw-3469	283	32	.	.	PUNCT
taxlaw-3469	284	1	as	as	SCONJ
taxlaw-3469	284	2	discussed	discuss	VERB
taxlaw-3469	284	3	above	above	ADV
taxlaw-3469	284	4	,	,	PUNCT
taxlaw-3469	284	5	the	the	DET
taxlaw-3469	284	6	tax	tax	NOUN
taxlaw-3469	284	7	codes	code	NOUN
taxlaw-3469	284	8	of	of	ADP
taxlaw-3469	284	9	most	most	ADJ
taxlaw-3469	284	10	jurisdictions	jurisdiction	NOUN
taxlaw-3469	284	11	,	,	PUNCT
taxlaw-3469	284	12	including	include	VERB
taxlaw-3469	284	13	the	the	DET
taxlaw-3469	284	14	united	united	PROPN
taxlaw-3469	284	15	states	states	PROPN
taxlaw-3469	284	16	,	,	PUNCT
taxlaw-3469	284	17	currently	currently	ADV
taxlaw-3469	284	18	allow	allow	VERB
taxlaw-3469	284	19	immediate	immediate	ADJ
taxlaw-3469	284	20	expensing	expensing	NOUN
taxlaw-3469	284	21	of	of	ADP
taxlaw-3469	284	22	most	most	ADJ
taxlaw-3469	284	23	investments	investment	NOUN
taxlaw-3469	284	24	in	in	ADP
taxlaw-3469	284	25	self	self	NOUN
taxlaw-3469	284	26	-	-	PUNCT
taxlaw-3469	284	27	developed	develop	VERB
taxlaw-3469	284	28	intangibles.67	intangibles.67	NOUN
taxlaw-3469	284	29	because	because	SCONJ
taxlaw-3469	284	30	the	the	DET
taxlaw-3469	284	31	expensed	expense	VERB
taxlaw-3469	284	32	investment	investment	NOUN
taxlaw-3469	284	33	has	have	VERB
taxlaw-3469	284	34	zero	zero	NUM
taxlaw-3469	284	35	tax	tax	NOUN
taxlaw-3469	284	36	basis	basis	NOUN
taxlaw-3469	284	37	,	,	PUNCT
taxlaw-3469	284	38	the	the	DET
taxlaw-3469	284	39	qbai	qbai	NOUN
taxlaw-3469	284	40	for	for	ADP
taxlaw-3469	284	41	purposes	purpose	NOUN
taxlaw-3469	284	42	of	of	ADP
taxlaw-3469	284	43	gilti	gilti	NOUN
taxlaw-3469	284	44	and	and	CCONJ
taxlaw-3469	284	45	fdii	fdii	NOUN
taxlaw-3469	284	46	is	be	AUX
taxlaw-3469	284	47	zero	zero	NUM
taxlaw-3469	284	48	in	in	ADP
taxlaw-3469	284	49	each	each	DET
taxlaw-3469	284	50	year	year	NOUN
taxlaw-3469	284	51	.	.	PUNCT
taxlaw-3469	285	1	if	if	SCONJ
taxlaw-3469	285	2	the	the	DET
taxlaw-3469	285	3	u.s	u.s	PROPN
taxlaw-3469	285	4	.	.	PROPN
taxlaw-3469	285	5	mnc	mnc	PROPN
taxlaw-3469	285	6	locates	locate	VERB
taxlaw-3469	285	7	this	this	DET
taxlaw-3469	285	8	investment	investment	NOUN
taxlaw-3469	285	9	in	in	ADP
taxlaw-3469	285	10	the	the	DET
taxlaw-3469	285	11	united	united	PROPN
taxlaw-3469	285	12	states	states	PROPN
taxlaw-3469	285	13	,	,	PUNCT
taxlaw-3469	285	14	it	it	PRON
taxlaw-3469	285	15	would	would	AUX
taxlaw-3469	285	16	benefit	benefit	VERB
taxlaw-3469	285	17	from	from	ADP
taxlaw-3469	285	18	the	the	DET
taxlaw-3469	285	19	fdii	fdii	NOUN
taxlaw-3469	285	20	rules	rule	NOUN
taxlaw-3469	285	21	.	.	PUNCT
taxlaw-3469	286	1	its	its	PRON
taxlaw-3469	286	2	total	total	ADJ
taxlaw-3469	286	3	tax	tax	NOUN
taxlaw-3469	286	4	liability	liability	NOUN
taxlaw-3469	286	5	in	in	ADP
taxlaw-3469	286	6	years	year	NOUN
taxlaw-3469	286	7	0	0	NUM
taxlaw-3469	286	8	through	through	ADP
taxlaw-3469	286	9	5	5	NUM
taxlaw-3469	286	10	is	be	AUX
taxlaw-3469	286	11	shown	show	VERB
taxlaw-3469	286	12	in	in	ADP
taxlaw-3469	286	13	table	table	NOUN
taxlaw-3469	286	14	3	3	NUM
taxlaw-3469	286	15	.	.	PROPN
taxlaw-3469	286	16	64	64	NUM
taxlaw-3469	286	17	kamin	kamin	PROPN
taxlaw-3469	286	18	et	et	PROPN
taxlaw-3469	286	19	al	al	PROPN
taxlaw-3469	286	20	.	.	PROPN
taxlaw-3469	286	21	,	,	PUNCT
taxlaw-3469	286	22	supra	supra	PROPN
taxlaw-3469	286	23	note	note	PROPN
taxlaw-3469	286	24	7	7	NUM
taxlaw-3469	286	25	,	,	PUNCT
taxlaw-3469	286	26	at	at	ADP
taxlaw-3469	286	27	46	46	NUM
taxlaw-3469	286	28	.	.	PUNCT
taxlaw-3469	287	1	65	65	NUM
taxlaw-3469	287	2	see	see	VERB
taxlaw-3469	287	3	prop	prop	NOUN
taxlaw-3469	287	4	.	.	PUNCT
taxlaw-3469	288	1	treas	treas	PROPN
taxlaw-3469	288	2	.	.	PUNCT
taxlaw-3469	289	1	reg	reg	PROPN
taxlaw-3469	289	2	.	.	PUNCT
taxlaw-3469	290	1	§	§	PROPN
taxlaw-3469	290	2	1.951a-(1)(c)(3)(i)1	1.951a-(1)(c)(3)(i)1	NUM
taxlaw-3469	290	3	,	,	PUNCT
taxlaw-3469	290	4	83	83	NUM
taxlaw-3469	290	5	fed	feed	VERB
taxlaw-3469	290	6	.	.	PUNCT
taxlaw-3469	291	1	reg	reg	PROPN
taxlaw-3469	291	2	.	.	PROPN
taxlaw-3469	291	3	51,072	51,072	NUM
taxlaw-3469	291	4	,	,	PUNCT
taxlaw-3469	291	5	51,093	51,093	NUM
taxlaw-3469	291	6	(	(	PUNCT
taxlaw-3469	291	7	oct	oct	PROPN
taxlaw-3469	291	8	.	.	PROPN
taxlaw-3469	291	9	10	10	NUM
taxlaw-3469	291	10	,	,	PUNCT
taxlaw-3469	291	11	2018	2018	NUM
taxlaw-3469	291	12	)	)	PUNCT
taxlaw-3469	291	13	(	(	PUNCT
taxlaw-3469	291	14	defining	define	VERB
taxlaw-3469	291	15	“	"	PUNCT
taxlaw-3469	291	16	net	net	ADJ
taxlaw-3469	291	17	deemed	deem	VERB
taxlaw-3469	291	18	tangible	tangible	ADJ
taxlaw-3469	291	19	income	income	NOUN
taxlaw-3469	291	20	return	return	NOUN
taxlaw-3469	291	21	”	"	PUNCT
taxlaw-3469	291	22	with	with	ADP
taxlaw-3469	291	23	respect	respect	NOUN
taxlaw-3469	291	24	to	to	ADP
taxlaw-3469	291	25	a	a	DET
taxlaw-3469	291	26	“	"	PUNCT
taxlaw-3469	291	27	united	united	PROPN
taxlaw-3469	291	28	states	states	PROPN
taxlaw-3469	291	29	shareholder	shareholder	NOUN
taxlaw-3469	291	30	and	and	CCONJ
taxlaw-3469	291	31	a	a	DET
taxlaw-3469	291	32	u.s	u.s	PROPN
taxlaw-3469	291	33	.	.	PROPN
taxlaw-3469	291	34	shareholder	shareholder	NOUN
taxlaw-3469	291	35	inclusion	inclusion	NOUN
taxlaw-3469	291	36	amount	amount	NOUN
taxlaw-3469	291	37	means	mean	VERB
taxlaw-3469	291	38	with	with	ADP
taxlaw-3469	291	39	respect	respect	NOUN
taxlaw-3469	291	40	to	to	ADP
taxlaw-3469	291	41	a	a	DET
taxlaw-3469	291	42	united	united	PROPN
taxlaw-3469	291	43	states	states	PROPN
taxlaw-3469	291	44	shareholder	shareholder	NOUN
taxlaw-3469	291	45	and	and	CCONJ
taxlaw-3469	291	46	a	a	DET
taxlaw-3469	291	47	u.s	u.s	PROPN
taxlaw-3469	291	48	.	.	PROPN
taxlaw-3469	291	49	shareholder	shareholder	PROPN
taxlaw-3469	291	50	inclusion	inclusion	PROPN
taxlaw-3469	291	51	year	year	NOUN
taxlaw-3469	291	52	,	,	PUNCT
taxlaw-3469	291	53	the	the	DET
taxlaw-3469	291	54	excess	excess	ADJ
taxlaw-3469	291	55	(	(	PUNCT
taxlaw-3469	291	56	if	if	SCONJ
taxlaw-3469	291	57	any	any	PRON
taxlaw-3469	291	58	)	)	PUNCT
taxlaw-3469	291	59	of—(a	of—(a	NOUN
taxlaw-3469	291	60	)	)	PUNCT
taxlaw-3469	291	61	(	(	PUNCT
taxlaw-3469	291	62	t)he	t)he	PROPN
taxlaw-3469	291	63	shareholder	shareholder	NOUN
taxlaw-3469	291	64	’s	’s	PART
taxlaw-3469	291	65	deemed	deem	VERB
taxlaw-3469	291	66	tangible	tangible	ADJ
taxlaw-3469	291	67	income	income	NOUN
taxlaw-3469	291	68	return	return	NOUN
taxlaw-3469	291	69	...	...	PUNCT
taxlaw-3469	291	70	for	for	ADP
taxlaw-3469	291	71	the	the	DET
taxlaw-3469	291	72	year	year	NOUN
taxlaw-3469	291	73	,	,	PUNCT
taxlaw-3469	291	74	over	over	ADV
taxlaw-3469	291	75	,	,	PUNCT
taxlaw-3469	291	76	(	(	PUNCT
taxlaw-3469	291	77	b	b	X
taxlaw-3469	291	78	)	)	PUNCT
taxlaw-3469	291	79	(	(	PUNCT
taxlaw-3469	291	80	t)he	t)he	ADJ
taxlaw-3469	291	81	shareholder	shareholder	NOUN
taxlaw-3469	291	82	’s	’s	PART
taxlaw-3469	291	83	specified	specify	VERB
taxlaw-3469	291	84	interest	interest	NOUN
taxlaw-3469	291	85	expense	expense	NOUN
taxlaw-3469	291	86	…	…	PUNCT
taxlaw-3469	291	87	for	for	ADP
taxlaw-3469	291	88	the	the	DET
taxlaw-3469	291	89	year	year	NOUN
taxlaw-3469	291	90	.	.	PUNCT
taxlaw-3469	291	91	”	"	PUNCT
taxlaw-3469	291	92	)	)	PUNCT
taxlaw-3469	292	1	(	(	PUNCT
taxlaw-3469	292	2	emphasis	emphasis	NOUN
taxlaw-3469	292	3	added	add	VERB
taxlaw-3469	292	4	)	)	PUNCT
taxlaw-3469	292	5	.	.	PUNCT
taxlaw-3469	293	1	see	see	VERB
taxlaw-3469	293	2	also	also	ADV
taxlaw-3469	293	3	prop	prop	VERB
taxlaw-3469	293	4	.	.	PUNCT
taxlaw-3469	294	1	treas	treas	PROPN
taxlaw-3469	294	2	.	.	PUNCT
taxlaw-3469	295	1	reg	reg	PROPN
taxlaw-3469	295	2	.	.	PUNCT
taxlaw-3469	296	1	§	§	PROPN
taxlaw-3469	296	2	1.951a-(1)(c)(3)(ii	1.951a-(1)(c)(3)(ii	NUM
taxlaw-3469	296	3	)	)	PUNCT
taxlaw-3469	296	4	,	,	PUNCT
taxlaw-3469	296	5	83	83	NUM
taxlaw-3469	296	6	fed	feed	VERB
taxlaw-3469	296	7	.	.	PUNCT
taxlaw-3469	297	1	reg	reg	PROPN
taxlaw-3469	297	2	.	.	PROPN
taxlaw-3469	297	3	51,072	51,072	NUM
taxlaw-3469	297	4	,	,	PUNCT
taxlaw-3469	297	5	51,093	51,093	NUM
taxlaw-3469	297	6	(	(	PUNCT
taxlaw-3469	297	7	oct	oct	PROPN
taxlaw-3469	297	8	.	.	PROPN
taxlaw-3469	297	9	10	10	NUM
taxlaw-3469	297	10	,	,	PUNCT
taxlaw-3469	297	11	2018	2018	NUM
taxlaw-3469	297	12	)	)	PUNCT
taxlaw-3469	297	13	(	(	PUNCT
taxlaw-3469	297	14	defining	define	VERB
taxlaw-3469	297	15	“	"	PUNCT
taxlaw-3469	297	16	deemed	deem	VERB
taxlaw-3469	297	17	tangible	tangible	ADJ
taxlaw-3469	297	18	income	income	NOUN
taxlaw-3469	297	19	return	return	NOUN
taxlaw-3469	297	20	”	"	PUNCT
taxlaw-3469	297	21	with	with	ADP
taxlaw-3469	297	22	respect	respect	NOUN
taxlaw-3469	297	23	to	to	ADP
taxlaw-3469	297	24	a	a	DET
taxlaw-3469	297	25	united	united	PROPN
taxlaw-3469	297	26	states	states	PROPN
taxlaw-3469	297	27	shareholder	shareholder	NOUN
taxlaw-3469	297	28	as	as	ADP
taxlaw-3469	297	29	“	"	PUNCT
taxlaw-3469	297	30	10	10	NUM
taxlaw-3469	297	31	percent	percent	NOUN
taxlaw-3469	297	32	of	of	ADP
taxlaw-3469	297	33	the	the	DET
taxlaw-3469	297	34	aggregate	aggregate	NOUN
taxlaw-3469	297	35	of	of	ADP
taxlaw-3469	297	36	the	the	DET
taxlaw-3469	297	37	shareholder	shareholder	NOUN
taxlaw-3469	297	38	’s	’s	PART
taxlaw-3469	297	39	pro	pro	ADJ
taxlaw-3469	297	40	rata	rata	ADJ
taxlaw-3469	297	41	share	share	NOUN
taxlaw-3469	297	42	of	of	ADP
taxlaw-3469	297	43	the	the	DET
taxlaw-3469	297	44	qualified	qualified	ADJ
taxlaw-3469	297	45	business	business	NOUN
taxlaw-3469	297	46	asset	asset	NOUN
taxlaw-3469	297	47	investment	investment	NOUN
taxlaw-3469	297	48	...	...	PUNCT
taxlaw-3469	297	49	of	of	ADP
taxlaw-3469	297	50	each	each	DET
taxlaw-3469	297	51	tested	test	VERB
taxlaw-3469	297	52	income	income	NOUN
taxlaw-3469	297	53	cfc	cfc	NOUN
taxlaw-3469	297	54	for	for	ADP
taxlaw-3469	297	55	the	the	DET
taxlaw-3469	297	56	year	year	NOUN
taxlaw-3469	297	57	.	.	PUNCT
taxlaw-3469	297	58	”	"	PUNCT
taxlaw-3469	297	59	)	)	PUNCT
taxlaw-3469	297	60	(	(	PUNCT
taxlaw-3469	297	61	emphasis	emphasis	NOUN
taxlaw-3469	297	62	added	add	VERB
taxlaw-3469	297	63	)	)	PUNCT
taxlaw-3469	297	64	.	.	PUNCT
taxlaw-3469	298	1	66	66	NUM
taxlaw-3469	298	2	for	for	ADP
taxlaw-3469	298	3	a	a	DET
taxlaw-3469	298	4	comparison	comparison	NOUN
taxlaw-3469	298	5	of	of	ADP
taxlaw-3469	298	6	the	the	DET
taxlaw-3469	298	7	united	united	PROPN
taxlaw-3469	298	8	states	states	PROPN
taxlaw-3469	298	9	with	with	ADP
taxlaw-3469	298	10	other	other	ADJ
taxlaw-3469	298	11	jurisdictions	jurisdiction	NOUN
taxlaw-3469	298	12	with	with	ADP
taxlaw-3469	298	13	regard	regard	NOUN
taxlaw-3469	298	14	to	to	ADP
taxlaw-3469	298	15	tax	tax	NOUN
taxlaw-3469	298	16	incentives	incentive	NOUN
taxlaw-3469	298	17	for	for	ADP
taxlaw-3469	298	18	researchbased	researchbase	VERB
taxlaw-3469	298	19	intangible	intangible	ADJ
taxlaw-3469	298	20	investments	investment	NOUN
taxlaw-3469	298	21	,	,	PUNCT
taxlaw-3469	298	22	see	see	VERB
taxlaw-3469	298	23	andrew	andrew	PROPN
taxlaw-3469	298	24	lyon	lyon	PROPN
taxlaw-3469	298	25	&	&	CCONJ
taxlaw-3469	298	26	william	william	PROPN
taxlaw-3469	298	27	a.	a.	PROPN
taxlaw-3469	298	28	mcbride	mcbride	PROPN
taxlaw-3469	298	29	,	,	PUNCT
taxlaw-3469	298	30	assessing	assess	VERB
taxlaw-3469	298	31	us	we	PRON
taxlaw-3469	298	32	global	global	ADJ
taxlaw-3469	298	33	tax	tax	NOUN
taxlaw-3469	298	34	competitiveness	competitiveness	NOUN
taxlaw-3469	298	35	after	after	ADP
taxlaw-3469	298	36	tax	tax	NOUN
taxlaw-3469	298	37	reform	reform	NOUN
taxlaw-3469	298	38	(	(	PUNCT
taxlaw-3469	298	39	paper	paper	NOUN
taxlaw-3469	298	40	presented	present	VERB
taxlaw-3469	298	41	to	to	ADP
taxlaw-3469	298	42	nat	nat	PROPN
taxlaw-3469	298	43	.	.	PUNCT
taxlaw-3469	299	1	tax	tax	NOUN
taxlaw-3469	299	2	ass’n	ass’n	NUM
taxlaw-3469	299	3	2018	2018	NUM
taxlaw-3469	299	4	spring	spring	NOUN
taxlaw-3469	299	5	symposium	symposium	NOUN
taxlaw-3469	299	6	,	,	PUNCT
taxlaw-3469	299	7	washington	washington	PROPN
taxlaw-3469	299	8	,	,	PUNCT
taxlaw-3469	299	9	dc	dc	PROPN
taxlaw-3469	299	10	,	,	PUNCT
taxlaw-3469	299	11	may	may	AUX
taxlaw-3469	299	12	17	17	NUM
taxlaw-3469	299	13	,	,	PUNCT
taxlaw-3469	299	14	2018	2018	NUM
taxlaw-3469	299	15	)	)	PUNCT
taxlaw-3469	299	16	.	.	PUNCT
taxlaw-3469	300	1	67	67	NUM
taxlaw-3469	300	2	for	for	ADP
taxlaw-3469	300	3	the	the	DET
taxlaw-3469	300	4	u.s	u.s	PROPN
taxlaw-3469	300	5	.	.	PROPN
taxlaw-3469	300	6	,	,	PUNCT
taxlaw-3469	300	7	this	this	PRON
taxlaw-3469	300	8	will	will	AUX
taxlaw-3469	300	9	change	change	VERB
taxlaw-3469	300	10	for	for	ADP
taxlaw-3469	300	11	certain	certain	ADJ
taxlaw-3469	300	12	types	type	NOUN
taxlaw-3469	300	13	of	of	ADP
taxlaw-3469	300	14	research	research	NOUN
taxlaw-3469	300	15	and	and	CCONJ
taxlaw-3469	300	16	engineering	engineering	NOUN
taxlaw-3469	300	17	expenses	expense	NOUN
taxlaw-3469	300	18	after	after	ADP
taxlaw-3469	300	19	2022	2022	NUM
taxlaw-3469	300	20	when	when	SCONJ
taxlaw-3469	300	21	such	such	ADJ
taxlaw-3469	300	22	expenses	expense	NOUN
taxlaw-3469	300	23	will	will	AUX
taxlaw-3469	300	24	have	have	VERB
taxlaw-3469	300	25	to	to	PART
taxlaw-3469	300	26	be	be	AUX
taxlaw-3469	300	27	amortized	amortize	VERB
taxlaw-3469	300	28	for	for	ADP
taxlaw-3469	300	29	tax	tax	NOUN
taxlaw-3469	300	30	purposes	purpose	NOUN
taxlaw-3469	300	31	over	over	ADP
taxlaw-3469	300	32	five	five	NUM
taxlaw-3469	300	33	years	year	NOUN
taxlaw-3469	300	34	.	.	PUNCT
taxlaw-3469	301	1	i.r.c	i.r.c	NOUN
taxlaw-3469	301	2	.	.	PUNCT
taxlaw-3469	302	1	§	§	PROPN
taxlaw-3469	302	2	174	174	NUM
taxlaw-3469	302	3	modified	modify	VERB
taxlaw-3469	302	4	with	with	ADP
taxlaw-3469	302	5	effect	effect	NOUN
taxlaw-3469	302	6	for	for	ADP
taxlaw-3469	302	7	tax	tax	NOUN
taxlaw-3469	302	8	years	year	NOUN
taxlaw-3469	302	9	beginning	begin	VERB
taxlaw-3469	302	10	after	after	ADP
taxlaw-3469	302	11	december	december	PROPN
taxlaw-3469	302	12	31	31	NUM
taxlaw-3469	302	13	,	,	PUNCT
taxlaw-3469	302	14	2021	2021	NUM
taxlaw-3469	302	15	pursuant	pursuant	NOUN
taxlaw-3469	302	16	to	to	ADP
taxlaw-3469	302	17	i.r.c	i.r.c	NOUN
taxlaw-3469	302	18	.	.	PUNCT
taxlaw-3469	303	1	§	§	PROPN
taxlaw-3469	303	2	174(e	174(e	PROPN
taxlaw-3469	303	3	)	)	PUNCT
taxlaw-3469	303	4	introduced	introduce	VERB
taxlaw-3469	303	5	in	in	ADP
taxlaw-3469	303	6	p.l	p.l	PROPN
taxlaw-3469	303	7	.	.	PROPN
taxlaw-3469	303	8	115	115	NUM
taxlaw-3469	303	9	-	-	SYM
taxlaw-3469	303	10	97	97	NUM
taxlaw-3469	303	11	.	.	NOUN
taxlaw-3469	303	12	2019	2019	NUM
taxlaw-3469	303	13	]	]	PUNCT
taxlaw-3469	303	14	215	215	NUM
taxlaw-3469	303	15	the	the	DET
taxlaw-3469	303	16	impact	impact	NOUN
taxlaw-3469	303	17	of	of	ADP
taxlaw-3469	303	18	gilti	gilti	NOUN
taxlaw-3469	303	19	and	and	CCONJ
taxlaw-3469	303	20	fdii	fdii	NOUN
taxlaw-3469	303	21	on	on	ADP
taxlaw-3469	303	22	the	the	DET
taxlaw-3469	303	23	investment	investment	NOUN
taxlaw-3469	303	24	location	location	NOUN
taxlaw-3469	303	25	choice	choice	NOUN
taxlaw-3469	303	26	of	of	ADP
taxlaw-3469	303	27	u.s	u.s	PROPN
taxlaw-3469	303	28	.	.	PROPN
taxlaw-3469	303	29	multinationals	multinational	NOUN
taxlaw-3469	303	30	table	table	VERB
taxlaw-3469	303	31	3	3	NUM
taxlaw-3469	303	32	:	:	PUNCT
taxlaw-3469	303	33	total	total	ADJ
taxlaw-3469	303	34	tax	tax	NOUN
taxlaw-3469	303	35	liability	liability	NOUN
taxlaw-3469	303	36	when	when	SCONJ
taxlaw-3469	303	37	locating	locate	VERB
taxlaw-3469	303	38	intangible	intangible	ADJ
taxlaw-3469	303	39	investment	investment	NOUN
taxlaw-3469	303	40	in	in	ADP
taxlaw-3469	303	41	the	the	DET
taxlaw-3469	303	42	united	united	PROPN
taxlaw-3469	303	43	states68	states68	PROPN
taxlaw-3469	303	44	(	(	PUNCT
taxlaw-3469	303	45	all	all	DET
taxlaw-3469	303	46	figures	figure	NOUN
taxlaw-3469	303	47	in	in	ADP
taxlaw-3469	303	48	million	million	NUM
taxlaw-3469	303	49	usd	usd	NOUN
taxlaw-3469	303	50	)	)	PUNCT
taxlaw-3469	303	51	in	in	ADP
taxlaw-3469	303	52	the	the	DET
taxlaw-3469	303	53	table	table	NOUN
taxlaw-3469	303	54	,	,	PUNCT
taxlaw-3469	303	55	column	column	NOUN
taxlaw-3469	303	56	(	(	PUNCT
taxlaw-3469	303	57	j	j	NOUN
taxlaw-3469	303	58	)	)	PUNCT
taxlaw-3469	303	59	represents	represent	VERB
taxlaw-3469	303	60	the	the	DET
taxlaw-3469	303	61	regular	regular	ADJ
taxlaw-3469	303	62	tax	tax	NOUN
taxlaw-3469	303	63	liability	liability	NOUN
taxlaw-3469	303	64	of	of	ADP
taxlaw-3469	303	65	the	the	DET
taxlaw-3469	303	66	firm	firm	NOUN
taxlaw-3469	303	67	in	in	ADP
taxlaw-3469	303	68	the	the	DET
taxlaw-3469	303	69	absence	absence	NOUN
taxlaw-3469	303	70	of	of	ADP
taxlaw-3469	303	71	fdii	fdii	NOUN
taxlaw-3469	303	72	rules	rule	NOUN
taxlaw-3469	303	73	and	and	CCONJ
taxlaw-3469	303	74	is	be	AUX
taxlaw-3469	303	75	simply	simply	ADV
taxlaw-3469	303	76	the	the	DET
taxlaw-3469	303	77	taxable	taxable	ADJ
taxlaw-3469	303	78	income	income	NOUN
taxlaw-3469	303	79	shown	show	VERB
taxlaw-3469	303	80	in	in	ADP
taxlaw-3469	303	81	column	column	NOUN
taxlaw-3469	303	82	(	(	PUNCT
taxlaw-3469	303	83	h	h	NOUN
taxlaw-3469	303	84	)	)	PUNCT
taxlaw-3469	303	85	of	of	ADP
taxlaw-3469	303	86	table	table	NOUN
taxlaw-3469	303	87	2	2	NUM
taxlaw-3469	303	88	multiplied	multiply	VERB
taxlaw-3469	303	89	by	by	ADP
taxlaw-3469	303	90	the	the	DET
taxlaw-3469	303	91	u.s	u.s	PROPN
taxlaw-3469	303	92	.	.	PROPN
taxlaw-3469	303	93	tax	tax	NOUN
taxlaw-3469	303	94	rate	rate	NOUN
taxlaw-3469	303	95	of	of	ADP
taxlaw-3469	303	96	21	21	NUM
taxlaw-3469	303	97	percent	percent	NOUN
taxlaw-3469	303	98	.	.	PUNCT
taxlaw-3469	304	1	column	column	NOUN
taxlaw-3469	304	2	(	(	PUNCT
taxlaw-3469	304	3	k	k	NOUN
taxlaw-3469	304	4	)	)	PUNCT
taxlaw-3469	304	5	shows	show	VERB
taxlaw-3469	304	6	the	the	DET
taxlaw-3469	304	7	amount	amount	NOUN
taxlaw-3469	304	8	of	of	ADP
taxlaw-3469	304	9	income	income	NOUN
taxlaw-3469	304	10	that	that	PRON
taxlaw-3469	304	11	is	be	AUX
taxlaw-3469	304	12	characterized	characterize	VERB
taxlaw-3469	304	13	as	as	ADP
taxlaw-3469	304	14	fdii.69	fdii.69	ADJ
taxlaw-3469	304	15	because	because	SCONJ
taxlaw-3469	304	16	the	the	DET
taxlaw-3469	304	17	investment	investment	NOUN
taxlaw-3469	304	18	only	only	ADV
taxlaw-3469	304	19	generates	generate	VERB
taxlaw-3469	304	20	income	income	NOUN
taxlaw-3469	304	21	derived	derive	VERB
taxlaw-3469	304	22	from	from	ADP
taxlaw-3469	304	23	foreign	foreign	ADJ
taxlaw-3469	304	24	use	use	NOUN
taxlaw-3469	304	25	and	and	CCONJ
taxlaw-3469	304	26	has	have	VERB
taxlaw-3469	304	27	zero	zero	NUM
taxlaw-3469	304	28	tax	tax	NOUN
taxlaw-3469	304	29	basis	basis	NOUN
taxlaw-3469	304	30	,	,	PUNCT
taxlaw-3469	304	31	the	the	DET
taxlaw-3469	304	32	fdii	fdii	NOUN
taxlaw-3469	304	33	corresponds	correspond	VERB
taxlaw-3469	304	34	to	to	ADP
taxlaw-3469	304	35	the	the	DET
taxlaw-3469	304	36	taxable	taxable	ADJ
taxlaw-3469	304	37	income	income	NOUN
taxlaw-3469	304	38	in	in	ADP
taxlaw-3469	304	39	each	each	DET
taxlaw-3469	304	40	year	year	NOUN
taxlaw-3469	304	41	.	.	PUNCT
taxlaw-3469	305	1	column	column	NOUN
taxlaw-3469	305	2	(	(	PUNCT
taxlaw-3469	305	3	l	l	NOUN
taxlaw-3469	305	4	)	)	PUNCT
taxlaw-3469	305	5	denotes	denote	VERB
taxlaw-3469	305	6	the	the	DET
taxlaw-3469	305	7	tax	tax	NOUN
taxlaw-3469	305	8	benefit	benefit	NOUN
taxlaw-3469	305	9	of	of	ADP
taxlaw-3469	305	10	the	the	DET
taxlaw-3469	305	11	fdii	fdii	NOUN
taxlaw-3469	305	12	deduction	deduction	NOUN
taxlaw-3469	305	13	,	,	PUNCT
taxlaw-3469	305	14	which	which	PRON
taxlaw-3469	305	15	equals	equal	VERB
taxlaw-3469	305	16	37.5	37.5	NUM
taxlaw-3469	305	17	percent	percent	NOUN
taxlaw-3469	305	18	of	of	ADP
taxlaw-3469	305	19	each	each	DET
taxlaw-3469	305	20	year	year	NOUN
taxlaw-3469	305	21	’s	’s	PART
taxlaw-3469	305	22	fdii	fdii	NOUN
taxlaw-3469	305	23	multiplied	multiply	VERB
taxlaw-3469	305	24	by	by	ADP
taxlaw-3469	305	25	the	the	DET
taxlaw-3469	305	26	21	21	NUM
taxlaw-3469	305	27	percent	percent	NOUN
taxlaw-3469	305	28	u.s	u.s	PROPN
taxlaw-3469	305	29	.	.	PROPN
taxlaw-3469	305	30	tax	tax	NOUN
taxlaw-3469	305	31	rate	rate	NOUN
taxlaw-3469	305	32	.	.	PUNCT
taxlaw-3469	306	1	finally	finally	ADV
taxlaw-3469	306	2	,	,	PUNCT
taxlaw-3469	306	3	column	column	NOUN
taxlaw-3469	306	4	(	(	PUNCT
taxlaw-3469	306	5	m	m	NOUN
taxlaw-3469	306	6	)	)	PUNCT
taxlaw-3469	306	7	shows	show	VERB
taxlaw-3469	306	8	the	the	DET
taxlaw-3469	306	9	firm	firm	NOUN
taxlaw-3469	306	10	’s	’s	PART
taxlaw-3469	306	11	total	total	ADJ
taxlaw-3469	306	12	tax	tax	NOUN
taxlaw-3469	306	13	liability	liability	NOUN
taxlaw-3469	306	14	(	(	PUNCT
taxlaw-3469	306	15	inclusive	inclusive	ADJ
taxlaw-3469	306	16	of	of	ADP
taxlaw-3469	306	17	the	the	DET
taxlaw-3469	306	18	tax	tax	NOUN
taxlaw-3469	306	19	benefit	benefit	NOUN
taxlaw-3469	306	20	conferred	confer	VERB
taxlaw-3469	306	21	by	by	ADP
taxlaw-3469	306	22	fdii	fdii	NOUN
taxlaw-3469	306	23	)	)	PUNCT
taxlaw-3469	306	24	as	as	ADP
taxlaw-3469	306	25	the	the	DET
taxlaw-3469	306	26	sum	sum	NOUN
taxlaw-3469	306	27	of	of	ADP
taxlaw-3469	306	28	columns	column	NOUN
taxlaw-3469	306	29	(	(	PUNCT
taxlaw-3469	306	30	j	j	NOUN
taxlaw-3469	306	31	)	)	PUNCT
taxlaw-3469	306	32	and	and	CCONJ
taxlaw-3469	306	33	(	(	PUNCT
taxlaw-3469	306	34	l	l	NOUN
taxlaw-3469	306	35	)	)	PUNCT
taxlaw-3469	306	36	.	.	PUNCT
taxlaw-3469	307	1	in	in	ADP
taxlaw-3469	307	2	this	this	DET
taxlaw-3469	307	3	example	example	NOUN
taxlaw-3469	307	4	,	,	PUNCT
taxlaw-3469	307	5	over	over	ADP
taxlaw-3469	307	6	the	the	DET
taxlaw-3469	307	7	specific	specific	ADJ
taxlaw-3469	307	8	new	new	ADJ
taxlaw-3469	307	9	investment	investment	NOUN
taxlaw-3469	307	10	’s	’s	PART
taxlaw-3469	307	11	entire	entire	ADJ
taxlaw-3469	307	12	life	life	NOUN
taxlaw-3469	307	13	cycle	cycle	NOUN
taxlaw-3469	307	14	,	,	PUNCT
taxlaw-3469	307	15	the	the	DET
taxlaw-3469	307	16	tax	tax	NOUN
taxlaw-3469	307	17	liability	liability	NOUN
taxlaw-3469	307	18	equals	equal	VERB
taxlaw-3469	307	19	$	$	SYM
taxlaw-3469	307	20	0.6	0.6	NUM
taxlaw-3469	307	21	million	million	NUM
taxlaw-3469	307	22	in	in	ADP
taxlaw-3469	307	23	present	present	ADJ
taxlaw-3469	307	24	value	value	NOUN
taxlaw-3469	307	25	terms	term	NOUN
taxlaw-3469	307	26	.	.	PUNCT
taxlaw-3469	308	1	absent	absent	ADJ
taxlaw-3469	308	2	the	the	DET
taxlaw-3469	308	3	fdii	fdii	NOUN
taxlaw-3469	308	4	rules	rule	NOUN
taxlaw-3469	308	5	,	,	PUNCT
taxlaw-3469	308	6	and	and	CCONJ
taxlaw-3469	308	7	given	give	VERB
taxlaw-3469	308	8	expensing	expensing	NOUN
taxlaw-3469	308	9	of	of	ADP
taxlaw-3469	308	10	the	the	DET
taxlaw-3469	308	11	investment	investment	NOUN
taxlaw-3469	308	12	,	,	PUNCT
taxlaw-3469	308	13	the	the	DET
taxlaw-3469	308	14	u.s	u.s	PROPN
taxlaw-3469	308	15	.	.	PROPN
taxlaw-3469	308	16	government	government	NOUN
taxlaw-3469	308	17	would	would	AUX
taxlaw-3469	308	18	be	be	AUX
taxlaw-3469	308	19	a	a	DET
taxlaw-3469	308	20	silent	silent	ADJ
taxlaw-3469	308	21	partner	partner	NOUN
taxlaw-3469	308	22	in	in	ADP
taxlaw-3469	308	23	the	the	DET
taxlaw-3469	308	24	entire	entire	ADJ
taxlaw-3469	308	25	investment	investment	NOUN
taxlaw-3469	308	26	.	.	PUNCT
taxlaw-3469	309	1	this	this	PRON
taxlaw-3469	309	2	means	mean	VERB
taxlaw-3469	309	3	that	that	SCONJ
taxlaw-3469	309	4	the	the	DET
taxlaw-3469	309	5	normal	normal	ADJ
taxlaw-3469	309	6	rate	rate	NOUN
taxlaw-3469	309	7	of	of	ADP
taxlaw-3469	309	8	return	return	NOUN
taxlaw-3469	309	9	from	from	ADP
taxlaw-3469	309	10	the	the	DET
taxlaw-3469	309	11	investment	investment	NOUN
taxlaw-3469	309	12	would	would	AUX
taxlaw-3469	309	13	go	go	VERB
taxlaw-3469	309	14	untaxed	untaxed	ADJ
taxlaw-3469	309	15	(	(	PUNCT
taxlaw-3469	309	16	in	in	ADP
taxlaw-3469	309	17	present	present	ADJ
taxlaw-3469	309	18	value	value	NOUN
taxlaw-3469	309	19	terms	term	NOUN
taxlaw-3469	309	20	)	)	PUNCT
taxlaw-3469	309	21	but	but	CCONJ
taxlaw-3469	309	22	all	all	DET
taxlaw-3469	309	23	the	the	DET
taxlaw-3469	309	24	economic	economic	ADJ
taxlaw-3469	309	25	rents	rent	NOUN
taxlaw-3469	309	26	would	would	AUX
taxlaw-3469	309	27	be	be	AUX
taxlaw-3469	309	28	taxed	tax	VERB
taxlaw-3469	309	29	at	at	ADP
taxlaw-3469	309	30	the	the	DET
taxlaw-3469	309	31	21	21	NUM
taxlaw-3469	309	32	percent	percent	NOUN
taxlaw-3469	309	33	rate	rate	NOUN
taxlaw-3469	309	34	.	.	PUNCT
taxlaw-3469	310	1	with	with	ADP
taxlaw-3469	310	2	the	the	DET
taxlaw-3469	310	3	fdii	fdii	NOUN
taxlaw-3469	310	4	rules	rule	NOUN
taxlaw-3469	310	5	,	,	PUNCT
taxlaw-3469	310	6	the	the	DET
taxlaw-3469	310	7	u.s	u.s	PROPN
taxlaw-3469	310	8	.	.	PROPN
taxlaw-3469	310	9	government	government	NOUN
taxlaw-3469	310	10	is	be	AUX
taxlaw-3469	310	11	a	a	DET
taxlaw-3469	310	12	silent	silent	ADJ
taxlaw-3469	310	13	partner	partner	NOUN
taxlaw-3469	310	14	in	in	ADP
taxlaw-3469	310	15	only	only	ADV
taxlaw-3469	310	16	62.5	62.5	NUM
taxlaw-3469	310	17	percent	percent	NOUN
taxlaw-3469	310	18	of	of	ADP
taxlaw-3469	310	19	the	the	DET
taxlaw-3469	310	20	investment	investment	NOUN
taxlaw-3469	310	21	.	.	PUNCT
taxlaw-3469	311	1	the	the	DET
taxlaw-3469	311	2	normal	normal	ADJ
taxlaw-3469	311	3	rate	rate	NOUN
taxlaw-3469	311	4	of	of	ADP
taxlaw-3469	311	5	return	return	NOUN
taxlaw-3469	311	6	still	still	ADV
taxlaw-3469	311	7	remains	remain	VERB
taxlaw-3469	311	8	untaxed	untaxed	ADJ
taxlaw-3469	311	9	and	and	CCONJ
taxlaw-3469	311	10	,	,	PUNCT
taxlaw-3469	311	11	in	in	ADP
taxlaw-3469	311	12	addition	addition	NOUN
taxlaw-3469	311	13	,	,	PUNCT
taxlaw-3469	311	14	now	now	ADV
taxlaw-3469	311	15	37.5	37.5	NUM
taxlaw-3469	311	16	percent	percent	NOUN
taxlaw-3469	311	17	of	of	ADP
taxlaw-3469	311	18	the	the	DET
taxlaw-3469	311	19	firm	firm	NOUN
taxlaw-3469	311	20	’s	’s	PART
taxlaw-3469	311	21	economic	economic	ADJ
taxlaw-3469	311	22	rents	rent	NOUN
taxlaw-3469	311	23	are	be	AUX
taxlaw-3469	311	24	also	also	ADV
taxlaw-3469	311	25	exempted	exempt	VERB
taxlaw-3469	311	26	from	from	ADP
taxlaw-3469	311	27	u.s	u.s	PROPN
taxlaw-3469	311	28	.	.	PROPN
taxlaw-3469	311	29	tax	tax	NOUN
taxlaw-3469	311	30	.	.	PUNCT
taxlaw-3469	312	1	this	this	PRON
taxlaw-3469	312	2	is	be	AUX
taxlaw-3469	312	3	the	the	DET
taxlaw-3469	312	4	impact	impact	NOUN
taxlaw-3469	312	5	of	of	ADP
taxlaw-3469	312	6	the	the	DET
taxlaw-3469	312	7	fdii	fdii	NOUN
taxlaw-3469	312	8	carrot	carrot	NOUN
taxlaw-3469	312	9	.	.	PUNCT
taxlaw-3469	313	1	now	now	ADV
taxlaw-3469	313	2	,	,	PUNCT
taxlaw-3469	313	3	suppose	suppose	VERB
taxlaw-3469	313	4	that	that	SCONJ
taxlaw-3469	313	5	the	the	DET
taxlaw-3469	313	6	mnc	mnc	PROPN
taxlaw-3469	313	7	has	have	VERB
taxlaw-3469	313	8	the	the	DET
taxlaw-3469	313	9	choice	choice	NOUN
taxlaw-3469	313	10	of	of	ADP
taxlaw-3469	313	11	locating	locate	VERB
taxlaw-3469	313	12	this	this	DET
taxlaw-3469	313	13	investment	investment	NOUN
taxlaw-3469	313	14	in	in	ADP
taxlaw-3469	313	15	a	a	DET
taxlaw-3469	313	16	zero	zero	NUM
taxlaw-3469	313	17	-	-	PUNCT
taxlaw-3469	313	18	tax	tax	NOUN
taxlaw-3469	313	19	foreign	foreign	ADJ
taxlaw-3469	313	20	jurisdiction	jurisdiction	NOUN
taxlaw-3469	313	21	.	.	PUNCT
taxlaw-3469	314	1	doing	do	VERB
taxlaw-3469	314	2	so	so	ADV
taxlaw-3469	314	3	will	will	AUX
taxlaw-3469	314	4	subject	subject	VERB
taxlaw-3469	314	5	the	the	DET
taxlaw-3469	314	6	firm	firm	NOUN
taxlaw-3469	314	7	to	to	ADP
taxlaw-3469	314	8	the	the	DET
taxlaw-3469	314	9	gilti	gilti	NOUN
taxlaw-3469	314	10	rules	rule	NOUN
taxlaw-3469	314	11	.	.	PUNCT
taxlaw-3469	315	1	the	the	DET
taxlaw-3469	315	2	firm	firm	NOUN
taxlaw-3469	315	3	’s	’s	PART
taxlaw-3469	315	4	total	total	ADJ
taxlaw-3469	315	5	tax	tax	NOUN
taxlaw-3469	315	6	liability	liability	NOUN
taxlaw-3469	315	7	in	in	ADP
taxlaw-3469	315	8	years	year	NOUN
taxlaw-3469	315	9	0	0	NUM
taxlaw-3469	315	10	through	through	ADP
taxlaw-3469	315	11	5	5	NUM
taxlaw-3469	315	12	is	be	AUX
taxlaw-3469	315	13	shown	show	VERB
taxlaw-3469	315	14	in	in	ADP
taxlaw-3469	315	15	table	table	NOUN
taxlaw-3469	315	16	4	4	NUM
taxlaw-3469	315	17	.	.	PUNCT
taxlaw-3469	315	18	table	table	NOUN
taxlaw-3469	315	19	4	4	NUM
taxlaw-3469	315	20	:	:	PUNCT
taxlaw-3469	315	21	total	total	ADJ
taxlaw-3469	315	22	tax	tax	NOUN
taxlaw-3469	315	23	liability	liability	NOUN
taxlaw-3469	315	24	when	when	SCONJ
taxlaw-3469	315	25	locating	locate	VERB
taxlaw-3469	315	26	intangible	intangible	ADJ
taxlaw-3469	315	27	investment	investment	NOUN
taxlaw-3469	315	28	overseas	overseas	ADV
taxlaw-3469	315	29	68	68	NUM
taxlaw-3469	315	30	negative	negative	ADJ
taxlaw-3469	315	31	fdii	fdii	NOUN
taxlaw-3469	315	32	tax	tax	NOUN
taxlaw-3469	315	33	benefit	benefit	NOUN
taxlaw-3469	315	34	figures	figure	NOUN
taxlaw-3469	315	35	imply	imply	VERB
taxlaw-3469	315	36	a	a	DET
taxlaw-3469	315	37	reduction	reduction	NOUN
taxlaw-3469	315	38	in	in	ADP
taxlaw-3469	315	39	u.s	u.s	PROPN
taxlaw-3469	315	40	.	.	PROPN
taxlaw-3469	315	41	tax	tax	NOUN
taxlaw-3469	315	42	liability	liability	NOUN
taxlaw-3469	315	43	.	.	PUNCT
taxlaw-3469	316	1	69	69	NUM
taxlaw-3469	317	1	the	the	DET
taxlaw-3469	317	2	investment	investment	NOUN
taxlaw-3469	317	3	outlay	outlay	NOUN
taxlaw-3469	317	4	in	in	ADP
taxlaw-3469	317	5	year	year	NOUN
taxlaw-3469	317	6	0	0	NUM
taxlaw-3469	317	7	,	,	PUNCT
taxlaw-3469	317	8	and	and	CCONJ
taxlaw-3469	317	9	the	the	DET
taxlaw-3469	317	10	immediate	immediate	ADJ
taxlaw-3469	317	11	expensing	expensing	NOUN
taxlaw-3469	317	12	of	of	ADP
taxlaw-3469	317	13	such	such	ADJ
taxlaw-3469	317	14	investment	investment	NOUN
taxlaw-3469	317	15	for	for	ADP
taxlaw-3469	317	16	tax	tax	NOUN
taxlaw-3469	317	17	purposes	purpose	NOUN
taxlaw-3469	317	18	,	,	PUNCT
taxlaw-3469	317	19	means	mean	VERB
taxlaw-3469	317	20	that	that	SCONJ
taxlaw-3469	317	21	the	the	DET
taxlaw-3469	317	22	deduction	deduction	NOUN
taxlaw-3469	317	23	reduces	reduce	VERB
taxlaw-3469	317	24	the	the	DET
taxlaw-3469	317	25	fdii	fdii	NOUN
taxlaw-3469	317	26	generated	generate	VERB
taxlaw-3469	317	27	from	from	ADP
taxlaw-3469	317	28	investments	investment	NOUN
taxlaw-3469	317	29	of	of	ADP
taxlaw-3469	317	30	older	old	ADJ
taxlaw-3469	317	31	vintages	vintage	NOUN
taxlaw-3469	317	32	.	.	PUNCT
taxlaw-3469	318	1	said	say	VERB
taxlaw-3469	318	2	differently	differently	ADV
taxlaw-3469	318	3	,	,	PUNCT
taxlaw-3469	318	4	as	as	ADV
taxlaw-3469	318	5	long	long	ADV
taxlaw-3469	318	6	as	as	SCONJ
taxlaw-3469	318	7	the	the	DET
taxlaw-3469	318	8	firm	firm	NOUN
taxlaw-3469	318	9	has	have	VERB
taxlaw-3469	318	10	income	income	NOUN
taxlaw-3469	318	11	from	from	ADP
taxlaw-3469	318	12	investments	investment	NOUN
taxlaw-3469	318	13	made	make	VERB
taxlaw-3469	318	14	in	in	ADP
taxlaw-3469	318	15	years	year	NOUN
taxlaw-3469	318	16	prior	prior	ADV
taxlaw-3469	318	17	to	to	ADP
taxlaw-3469	318	18	year	year	NOUN
taxlaw-3469	318	19	zero	zero	NUM
taxlaw-3469	318	20	(	(	PUNCT
taxlaw-3469	318	21	which	which	PRON
taxlaw-3469	318	22	is	be	AUX
taxlaw-3469	318	23	labeled	label	VERB
taxlaw-3469	318	24	as	as	ADP
taxlaw-3469	318	25	such	such	ADJ
taxlaw-3469	318	26	specifically	specifically	ADV
taxlaw-3469	318	27	in	in	ADP
taxlaw-3469	318	28	relation	relation	NOUN
taxlaw-3469	318	29	to	to	ADP
taxlaw-3469	318	30	the	the	DET
taxlaw-3469	318	31	current	current	ADJ
taxlaw-3469	318	32	investment	investment	NOUN
taxlaw-3469	318	33	)	)	PUNCT
taxlaw-3469	318	34	,	,	PUNCT
taxlaw-3469	318	35	and	and	CCONJ
taxlaw-3469	318	36	the	the	DET
taxlaw-3469	318	37	fdii	fdii	NOUN
taxlaw-3469	318	38	associated	associate	VERB
taxlaw-3469	318	39	with	with	ADP
taxlaw-3469	318	40	such	such	ADJ
taxlaw-3469	318	41	older	old	ADJ
taxlaw-3469	318	42	investments	investment	NOUN
taxlaw-3469	318	43	would	would	AUX
taxlaw-3469	318	44	have	have	AUX
taxlaw-3469	318	45	been	be	AUX
taxlaw-3469	318	46	greater	great	ADJ
taxlaw-3469	318	47	than	than	ADP
taxlaw-3469	318	48	$	$	SYM
taxlaw-3469	318	49	10	10	NUM
taxlaw-3469	318	50	million	million	NUM
taxlaw-3469	318	51	(	(	PUNCT
taxlaw-3469	318	52	but	but	CCONJ
taxlaw-3469	318	53	for	for	ADP
taxlaw-3469	318	54	the	the	DET
taxlaw-3469	318	55	current	current	ADJ
taxlaw-3469	318	56	investment	investment	NOUN
taxlaw-3469	318	57	)	)	PUNCT
taxlaw-3469	318	58	,	,	PUNCT
taxlaw-3469	318	59	the	the	DET
taxlaw-3469	318	60	marginal	marginal	ADJ
taxlaw-3469	318	61	impact	impact	NOUN
taxlaw-3469	318	62	of	of	ADP
taxlaw-3469	318	63	the	the	DET
taxlaw-3469	318	64	current	current	ADJ
taxlaw-3469	318	65	investment	investment	NOUN
taxlaw-3469	318	66	on	on	ADP
taxlaw-3469	318	67	the	the	DET
taxlaw-3469	318	68	firm	firm	NOUN
taxlaw-3469	318	69	’s	’s	PART
taxlaw-3469	318	70	fdii	fdii	NOUN
taxlaw-3469	318	71	in	in	ADP
taxlaw-3469	318	72	year	year	NOUN
taxlaw-3469	318	73	0	0	NUM
taxlaw-3469	318	74	is	be	AUX
taxlaw-3469	318	75	-$10	-$10	ADJ
taxlaw-3469	318	76	million	million	NUM
taxlaw-3469	318	77	.	.	PUNCT
taxlaw-3469	318	78	216	216	NUM
taxlaw-3469	319	1	[	[	X
taxlaw-3469	319	2	vol	vol	NOUN
taxlaw-3469	319	3	.	.	PUNCT
taxlaw-3469	320	1	10:2	10:2	NUM
taxlaw-3469	320	2	columbia	columbia	PROPN
taxlaw-3469	320	3	journal	journal	PROPN
taxlaw-3469	320	4	of	of	ADP
taxlaw-3469	320	5	tax	tax	NOUN
taxlaw-3469	320	6	law	law	NOUN
taxlaw-3469	320	7	(	(	PUNCT
taxlaw-3469	320	8	all	all	DET
taxlaw-3469	320	9	figures	figure	NOUN
taxlaw-3469	320	10	in	in	ADP
taxlaw-3469	320	11	million	million	NUM
taxlaw-3469	320	12	usd	usd	NOUN
taxlaw-3469	320	13	)	)	PUNCT
taxlaw-3469	320	14	column	column	NOUN
taxlaw-3469	320	15	(	(	PUNCT
taxlaw-3469	320	16	n	n	CCONJ
taxlaw-3469	320	17	)	)	PUNCT
taxlaw-3469	320	18	lists	list	VERB
taxlaw-3469	320	19	the	the	DET
taxlaw-3469	320	20	zero	zero	NUM
taxlaw-3469	320	21	foreign	foreign	ADJ
taxlaw-3469	320	22	tax	tax	NOUN
taxlaw-3469	320	23	liability	liability	NOUN
taxlaw-3469	320	24	.	.	PUNCT
taxlaw-3469	321	1	column	column	NOUN
taxlaw-3469	321	2	(	(	PUNCT
taxlaw-3469	321	3	o	o	NOUN
taxlaw-3469	321	4	)	)	PUNCT
taxlaw-3469	321	5	shows	show	VERB
taxlaw-3469	321	6	the	the	DET
taxlaw-3469	321	7	amount	amount	NOUN
taxlaw-3469	321	8	of	of	ADP
taxlaw-3469	321	9	the	the	DET
taxlaw-3469	321	10	taxable	taxable	ADJ
taxlaw-3469	321	11	income	income	NOUN
taxlaw-3469	321	12	classified	classify	VERB
taxlaw-3469	321	13	as	as	ADP
taxlaw-3469	321	14	gilti	gilti	NOUN
taxlaw-3469	321	15	,	,	PUNCT
taxlaw-3469	321	16	which	which	PRON
taxlaw-3469	321	17	equals	equal	VERB
taxlaw-3469	321	18	all	all	DET
taxlaw-3469	321	19	the	the	DET
taxlaw-3469	321	20	foreign	foreign	ADJ
taxlaw-3469	321	21	pre	pre	ADJ
taxlaw-3469	321	22	-	-	ADJ
taxlaw-3469	321	23	tax	tax	ADJ
taxlaw-3469	321	24	income	income	NOUN
taxlaw-3469	321	25	because	because	SCONJ
taxlaw-3469	321	26	the	the	DET
taxlaw-3469	321	27	investment	investment	NOUN
taxlaw-3469	321	28	has	have	VERB
taxlaw-3469	321	29	zero	zero	NUM
taxlaw-3469	321	30	tax	tax	NOUN
taxlaw-3469	321	31	basis	basis	NOUN
taxlaw-3469	321	32	and	and	CCONJ
taxlaw-3469	321	33	does	do	AUX
taxlaw-3469	321	34	not	not	PART
taxlaw-3469	321	35	give	give	VERB
taxlaw-3469	321	36	rise	rise	NOUN
taxlaw-3469	321	37	to	to	ADP
taxlaw-3469	321	38	qbai	qbai	NOUN
taxlaw-3469	321	39	.	.	PUNCT
taxlaw-3469	322	1	the	the	DET
taxlaw-3469	322	2	negative	negative	ADJ
taxlaw-3469	322	3	taxable	taxable	ADJ
taxlaw-3469	322	4	income	income	NOUN
taxlaw-3469	322	5	under	under	ADP
taxlaw-3469	322	6	gilti	gilti	NOUN
taxlaw-3469	322	7	in	in	ADP
taxlaw-3469	322	8	year	year	NOUN
taxlaw-3469	322	9	0	0	NUM
taxlaw-3469	322	10	assumes	assume	VERB
taxlaw-3469	322	11	that	that	SCONJ
taxlaw-3469	322	12	this	this	PRON
taxlaw-3469	322	13	offsets	offset	VERB
taxlaw-3469	322	14	gilti	gilti	NOUN
taxlaw-3469	322	15	income	income	NOUN
taxlaw-3469	322	16	elsewhere	elsewhere	ADV
taxlaw-3469	322	17	at	at	ADP
taxlaw-3469	322	18	the	the	DET
taxlaw-3469	322	19	level	level	NOUN
taxlaw-3469	322	20	of	of	ADP
taxlaw-3469	322	21	the	the	DET
taxlaw-3469	322	22	relevant	relevant	ADJ
taxlaw-3469	322	23	u.s	u.s	PROPN
taxlaw-3469	322	24	.	.	PROPN
taxlaw-3469	322	25	corporate	corporate	ADJ
taxlaw-3469	322	26	shareholder	shareholder	NOUN
taxlaw-3469	322	27	thereby	thereby	ADV
taxlaw-3469	322	28	allowing	allow	VERB
taxlaw-3469	322	29	us	we	PRON
taxlaw-3469	322	30	to	to	PART
taxlaw-3469	322	31	analyze	analyze	VERB
taxlaw-3469	322	32	the	the	DET
taxlaw-3469	322	33	marginal	marginal	ADJ
taxlaw-3469	322	34	impact	impact	NOUN
taxlaw-3469	322	35	of	of	ADP
taxlaw-3469	322	36	this	this	DET
taxlaw-3469	322	37	investment	investment	NOUN
taxlaw-3469	322	38	location	location	NOUN
taxlaw-3469	322	39	decision.70	decision.70	PROPN
taxlaw-3469	322	40	,	,	PUNCT
taxlaw-3469	322	41	71	71	NUM
taxlaw-3469	322	42	column	column	NOUN
taxlaw-3469	322	43	(	(	PUNCT
taxlaw-3469	322	44	p	p	NOUN
taxlaw-3469	322	45	)	)	PUNCT
taxlaw-3469	322	46	shows	show	VERB
taxlaw-3469	322	47	that	that	SCONJ
taxlaw-3469	322	48	the	the	DET
taxlaw-3469	322	49	u.s	u.s	PROPN
taxlaw-3469	322	50	.	.	PROPN
taxlaw-3469	322	51	tax	tax	NOUN
taxlaw-3469	322	52	is	be	AUX
taxlaw-3469	322	53	10.5	10.5	NUM
taxlaw-3469	322	54	percent	percent	NOUN
taxlaw-3469	322	55	of	of	ADP
taxlaw-3469	322	56	the	the	DET
taxlaw-3469	322	57	gross	gross	ADJ
taxlaw-3469	322	58	returns	return	NOUN
taxlaw-3469	322	59	.	.	PUNCT
taxlaw-3469	323	1	the	the	DET
taxlaw-3469	323	2	gilti	gilti	NOUN
taxlaw-3469	323	3	rules	rule	NOUN
taxlaw-3469	323	4	combined	combine	VERB
taxlaw-3469	323	5	with	with	ADP
taxlaw-3469	323	6	the	the	DET
taxlaw-3469	323	7	section	section	NOUN
taxlaw-3469	323	8	250	250	NUM
taxlaw-3469	323	9	deduction	deduction	NOUN
taxlaw-3469	323	10	that	that	PRON
taxlaw-3469	323	11	applies	apply	VERB
taxlaw-3469	323	12	to	to	ADP
taxlaw-3469	323	13	a	a	DET
taxlaw-3469	323	14	u.s	u.s	PROPN
taxlaw-3469	323	15	.	.	PROPN
taxlaw-3469	323	16	shareholder	shareholder	PROPN
taxlaw-3469	323	17	’s	’s	PART
taxlaw-3469	323	18	gilti	gilti	NOUN
taxlaw-3469	323	19	income	income	NOUN
taxlaw-3469	323	20	,	,	PUNCT
taxlaw-3469	323	21	positions	position	VERB
taxlaw-3469	323	22	the	the	DET
taxlaw-3469	323	23	u.s	u.s	PROPN
taxlaw-3469	323	24	.	.	PROPN
taxlaw-3469	323	25	government	government	NOUN
taxlaw-3469	323	26	as	as	ADP
taxlaw-3469	323	27	a	a	DET
taxlaw-3469	323	28	silent	silent	ADJ
taxlaw-3469	323	29	partner	partner	NOUN
taxlaw-3469	323	30	in	in	ADP
taxlaw-3469	323	31	50	50	NUM
taxlaw-3469	323	32	percent	percent	NOUN
taxlaw-3469	323	33	of	of	ADP
taxlaw-3469	323	34	the	the	DET
taxlaw-3469	323	35	firm	firm	NOUN
taxlaw-3469	323	36	’s	’s	PART
taxlaw-3469	323	37	investment	investment	NOUN
taxlaw-3469	323	38	–	–	PUNCT
taxlaw-3469	323	39	the	the	DET
taxlaw-3469	323	40	government	government	NOUN
taxlaw-3469	323	41	effectively	effectively	ADV
taxlaw-3469	323	42	allows	allow	VERB
taxlaw-3469	323	43	immediate	immediate	ADJ
taxlaw-3469	323	44	expensing	expensing	NOUN
taxlaw-3469	323	45	of	of	ADP
taxlaw-3469	323	46	50	50	NUM
taxlaw-3469	323	47	percent	percent	NOUN
taxlaw-3469	323	48	of	of	ADP
taxlaw-3469	323	49	the	the	DET
taxlaw-3469	323	50	overseas	overseas	ADJ
taxlaw-3469	323	51	investment	investment	NOUN
taxlaw-3469	323	52	and	and	CCONJ
taxlaw-3469	323	53	then	then	ADV
taxlaw-3469	323	54	taxes	tax	VERB
taxlaw-3469	323	55	50	50	NUM
taxlaw-3469	323	56	percent	percent	NOUN
taxlaw-3469	323	57	of	of	ADP
taxlaw-3469	323	58	the	the	DET
taxlaw-3469	323	59	gross	gross	ADJ
taxlaw-3469	323	60	returns.72	returns.72	NOUN
taxlaw-3469	323	61	the	the	DET
taxlaw-3469	323	62	firm	firm	NOUN
taxlaw-3469	323	63	’s	’s	PART
taxlaw-3469	323	64	tax	tax	NOUN
taxlaw-3469	323	65	liability	liability	NOUN
taxlaw-3469	323	66	–	–	PUNCT
taxlaw-3469	323	67	all	all	PRON
taxlaw-3469	323	68	of	of	ADP
taxlaw-3469	323	69	which	which	PRON
taxlaw-3469	323	70	is	be	AUX
taxlaw-3469	323	71	on	on	ADP
taxlaw-3469	323	72	account	account	NOUN
taxlaw-3469	323	73	of	of	ADP
taxlaw-3469	323	74	gilti	gilti	NOUN
taxlaw-3469	323	75	–	–	PUNCT
taxlaw-3469	323	76	is	be	AUX
taxlaw-3469	323	77	exactly	exactly	ADV
taxlaw-3469	323	78	half	half	NOUN
taxlaw-3469	323	79	of	of	ADP
taxlaw-3469	323	80	what	what	PRON
taxlaw-3469	323	81	it	it	PRON
taxlaw-3469	323	82	would	would	AUX
taxlaw-3469	323	83	be	be	AUX
taxlaw-3469	323	84	if	if	SCONJ
taxlaw-3469	323	85	it	it	PRON
taxlaw-3469	323	86	located	locate	VERB
taxlaw-3469	323	87	this	this	DET
taxlaw-3469	323	88	investment	investment	NOUN
taxlaw-3469	323	89	in	in	ADP
taxlaw-3469	323	90	the	the	DET
taxlaw-3469	323	91	united	united	PROPN
taxlaw-3469	323	92	states	states	PROPN
taxlaw-3469	323	93	and	and	CCONJ
taxlaw-3469	323	94	did	do	AUX
taxlaw-3469	323	95	not	not	PART
taxlaw-3469	323	96	have	have	VERB
taxlaw-3469	323	97	the	the	DET
taxlaw-3469	323	98	benefit	benefit	NOUN
taxlaw-3469	323	99	of	of	ADP
taxlaw-3469	323	100	fdii	fdii	NOUN
taxlaw-3469	323	101	.	.	PUNCT
taxlaw-3469	324	1	the	the	DET
taxlaw-3469	324	2	tax	tax	NOUN
taxlaw-3469	324	3	liability	liability	NOUN
taxlaw-3469	324	4	is	be	AUX
taxlaw-3469	324	5	80	80	NUM
taxlaw-3469	324	6	percent	percent	NOUN
taxlaw-3469	324	7	of	of	ADP
taxlaw-3469	324	8	what	what	PRON
taxlaw-3469	324	9	the	the	DET
taxlaw-3469	324	10	firm	firm	NOUN
taxlaw-3469	324	11	would	would	AUX
taxlaw-3469	324	12	pay	pay	VERB
taxlaw-3469	324	13	if	if	SCONJ
taxlaw-3469	324	14	it	it	PRON
taxlaw-3469	324	15	located	locate	VERB
taxlaw-3469	324	16	the	the	DET
taxlaw-3469	324	17	investment	investment	NOUN
taxlaw-3469	324	18	in	in	ADP
taxlaw-3469	324	19	the	the	DET
taxlaw-3469	324	20	united	united	PROPN
taxlaw-3469	324	21	states	states	PROPN
taxlaw-3469	324	22	and	and	CCONJ
taxlaw-3469	324	23	availed	avail	VERB
taxlaw-3469	324	24	itself	itself	PRON
taxlaw-3469	324	25	of	of	ADP
taxlaw-3469	324	26	the	the	DET
taxlaw-3469	324	27	fdii	fdii	NOUN
taxlaw-3469	324	28	benefit	benefit	VERB
taxlaw-3469	324	29	on	on	ADP
taxlaw-3469	324	30	account	account	NOUN
taxlaw-3469	324	31	of	of	ADP
taxlaw-3469	324	32	the	the	DET
taxlaw-3469	324	33	relative	relative	ADJ
taxlaw-3469	324	34	percentage	percentage	NOUN
taxlaw-3469	324	35	of	of	ADP
taxlaw-3469	324	36	income	income	NOUN
taxlaw-3469	324	37	subject	subject	ADJ
taxlaw-3469	324	38	to	to	ADP
taxlaw-3469	324	39	u.s	u.s	PROPN
taxlaw-3469	324	40	.	.	PROPN
taxlaw-3469	324	41	tax	tax	NOUN
taxlaw-3469	324	42	under	under	ADP
taxlaw-3469	324	43	the	the	DET
taxlaw-3469	324	44	two	two	NUM
taxlaw-3469	324	45	cases	case	NOUN
taxlaw-3469	324	46	(	(	PUNCT
taxlaw-3469	324	47	i.e.	i.e.	X
taxlaw-3469	324	48	,	,	PUNCT
taxlaw-3469	324	49	50	50	NUM
taxlaw-3469	324	50	%	%	NOUN
taxlaw-3469	324	51	versus	versus	ADP
taxlaw-3469	324	52	62.5	62.5	NUM
taxlaw-3469	324	53	%	%	NOUN
taxlaw-3469	324	54	)	)	PUNCT
taxlaw-3469	324	55	.	.	PUNCT
taxlaw-3469	325	1	ignoring	ignore	VERB
taxlaw-3469	325	2	any	any	DET
taxlaw-3469	325	3	non	non	ADJ
taxlaw-3469	325	4	-	-	ADJ
taxlaw-3469	325	5	tax	tax	ADJ
taxlaw-3469	325	6	costs	cost	NOUN
taxlaw-3469	325	7	for	for	ADP
taxlaw-3469	325	8	now	now	ADV
taxlaw-3469	325	9	,	,	PUNCT
taxlaw-3469	325	10	the	the	DET
taxlaw-3469	325	11	firm	firm	NOUN
taxlaw-3469	325	12	’s	’s	PART
taxlaw-3469	325	13	after	after	ADP
taxlaw-3469	325	14	-	-	PUNCT
taxlaw-3469	325	15	tax	tax	NOUN
taxlaw-3469	325	16	cash	cash	NOUN
taxlaw-3469	325	17	flows	flow	NOUN
taxlaw-3469	325	18	from	from	ADP
taxlaw-3469	325	19	the	the	DET
taxlaw-3469	325	20	investment	investment	NOUN
taxlaw-3469	325	21	as	as	ADV
taxlaw-3469	325	22	well	well	ADV
taxlaw-3469	325	23	as	as	ADP
taxlaw-3469	325	24	the	the	DET
taxlaw-3469	325	25	irr	irr	NOUN
taxlaw-3469	325	26	and	and	CCONJ
taxlaw-3469	325	27	npv	npv	NOUN
taxlaw-3469	325	28	of	of	ADP
taxlaw-3469	325	29	the	the	DET
taxlaw-3469	325	30	investment	investment	NOUN
taxlaw-3469	325	31	corresponding	correspond	VERB
taxlaw-3469	325	32	to	to	ADP
taxlaw-3469	325	33	each	each	DET
taxlaw-3469	325	34	location	location	NOUN
taxlaw-3469	325	35	choice	choice	NOUN
taxlaw-3469	325	36	are	be	AUX
taxlaw-3469	325	37	shown	show	VERB
taxlaw-3469	325	38	in	in	ADP
taxlaw-3469	325	39	table	table	NOUN
taxlaw-3469	325	40	5	5	NUM
taxlaw-3469	325	41	.	.	PUNCT
taxlaw-3469	325	42	table	table	NOUN
taxlaw-3469	325	43	5	5	NUM
taxlaw-3469	325	44	:	:	PUNCT
taxlaw-3469	325	45	after	after	ADP
taxlaw-3469	325	46	-	-	PUNCT
taxlaw-3469	325	47	tax	tax	NOUN
taxlaw-3469	325	48	cash	cash	NOUN
taxlaw-3469	325	49	flows	flow	NOUN
taxlaw-3469	325	50	,	,	PUNCT
taxlaw-3469	325	51	npv	npv	NOUN
taxlaw-3469	325	52	and	and	CCONJ
taxlaw-3469	325	53	irr	irr	NOUN
taxlaw-3469	325	54	from	from	ADP
taxlaw-3469	325	55	intangible	intangible	ADJ
taxlaw-3469	325	56	investment	investment	NOUN
taxlaw-3469	325	57	(	(	PUNCT
taxlaw-3469	325	58	united	united	PROPN
taxlaw-3469	325	59	states	states	PROPN
taxlaw-3469	325	60	versus	versus	ADP
taxlaw-3469	325	61	overseas	overseas	ADV
taxlaw-3469	325	62	)	)	PUNCT
taxlaw-3469	325	63	70	70	NUM
taxlaw-3469	325	64	in	in	ADP
taxlaw-3469	325	65	the	the	DET
taxlaw-3469	325	66	situation	situation	NOUN
taxlaw-3469	325	67	where	where	SCONJ
taxlaw-3469	325	68	this	this	DET
taxlaw-3469	325	69	assumption	assumption	NOUN
taxlaw-3469	325	70	is	be	AUX
taxlaw-3469	325	71	not	not	PART
taxlaw-3469	325	72	met	meet	VERB
taxlaw-3469	325	73	–	–	PUNCT
taxlaw-3469	325	74	not	not	PART
taxlaw-3469	325	75	an	an	DET
taxlaw-3469	325	76	entirely	entirely	ADV
taxlaw-3469	325	77	unrealistic	unrealistic	ADJ
taxlaw-3469	325	78	possibility	possibility	NOUN
taxlaw-3469	325	79	–	–	PUNCT
taxlaw-3469	325	80	the	the	DET
taxlaw-3469	325	81	u.s	u.s	PROPN
taxlaw-3469	325	82	.	.	PROPN
taxlaw-3469	325	83	tax	tax	NOUN
taxlaw-3469	325	84	treatment	treatment	NOUN
taxlaw-3469	325	85	of	of	ADP
taxlaw-3469	325	86	the	the	DET
taxlaw-3469	325	87	investment	investment	NOUN
taxlaw-3469	325	88	would	would	AUX
taxlaw-3469	325	89	be	be	AUX
taxlaw-3469	325	90	worse	bad	ADJ
taxlaw-3469	325	91	than	than	ADP
taxlaw-3469	325	92	that	that	PRON
taxlaw-3469	325	93	of	of	ADP
taxlaw-3469	325	94	a	a	DET
taxlaw-3469	325	95	silent	silent	ADJ
taxlaw-3469	325	96	partner	partner	NOUN
taxlaw-3469	325	97	.	.	PUNCT
taxlaw-3469	326	1	the	the	DET
taxlaw-3469	326	2	resulting	result	VERB
taxlaw-3469	326	3	u.s	u.s	PROPN
taxlaw-3469	326	4	.	.	PROPN
taxlaw-3469	326	5	tax	tax	NOUN
taxlaw-3469	326	6	liability	liability	NOUN
taxlaw-3469	326	7	under	under	ADP
taxlaw-3469	326	8	the	the	DET
taxlaw-3469	326	9	gilti	gilti	NOUN
taxlaw-3469	326	10	provision	provision	NOUN
taxlaw-3469	326	11	would	would	AUX
taxlaw-3469	326	12	correspondingly	correspondingly	ADV
taxlaw-3469	326	13	be	be	AUX
taxlaw-3469	326	14	significantly	significantly	ADV
taxlaw-3469	326	15	higher	high	ADJ
taxlaw-3469	326	16	and	and	CCONJ
taxlaw-3469	326	17	would	would	AUX
taxlaw-3469	326	18	lead	lead	VERB
taxlaw-3469	326	19	to	to	ADP
taxlaw-3469	326	20	an	an	DET
taxlaw-3469	326	21	outcome	outcome	NOUN
taxlaw-3469	326	22	worse	bad	ADJ
taxlaw-3469	326	23	than	than	ADP
taxlaw-3469	326	24	when	when	SCONJ
taxlaw-3469	326	25	it	it	PRON
taxlaw-3469	326	26	chooses	choose	VERB
taxlaw-3469	326	27	the	the	DET
taxlaw-3469	326	28	united	united	PROPN
taxlaw-3469	326	29	states	states	PROPN
taxlaw-3469	326	30	as	as	ADP
taxlaw-3469	326	31	the	the	DET
taxlaw-3469	326	32	investment	investment	NOUN
taxlaw-3469	326	33	location	location	NOUN
taxlaw-3469	326	34	.	.	PUNCT
taxlaw-3469	327	1	71	71	NUM
taxlaw-3469	327	2	note	note	NOUN
taxlaw-3469	327	3	that	that	SCONJ
taxlaw-3469	327	4	the	the	DET
taxlaw-3469	327	5	rules	rule	NOUN
taxlaw-3469	327	6	on	on	ADP
taxlaw-3469	327	7	gilti	gilti	NOUN
taxlaw-3469	327	8	as	as	ADV
taxlaw-3469	327	9	well	well	ADV
taxlaw-3469	327	10	as	as	ADP
taxlaw-3469	327	11	those	those	PRON
taxlaw-3469	327	12	on	on	ADP
taxlaw-3469	327	13	fdii	fdii	NOUN
taxlaw-3469	327	14	correctly	correctly	ADV
taxlaw-3469	327	15	isolate	isolate	VERB
taxlaw-3469	327	16	the	the	DET
taxlaw-3469	327	17	economic	economic	ADJ
taxlaw-3469	327	18	rents	rent	NOUN
taxlaw-3469	327	19	in	in	ADP
taxlaw-3469	327	20	this	this	DET
taxlaw-3469	327	21	example	example	NOUN
taxlaw-3469	327	22	(	(	PUNCT
taxlaw-3469	327	23	$	$	SYM
taxlaw-3469	327	24	4.8	4.8	NUM
taxlaw-3469	327	25	million	million	NUM
taxlaw-3469	327	26	in	in	ADP
taxlaw-3469	327	27	present	present	ADJ
taxlaw-3469	327	28	value	value	NOUN
taxlaw-3469	327	29	terms	term	NOUN
taxlaw-3469	327	30	)	)	PUNCT
taxlaw-3469	327	31	.	.	PUNCT
taxlaw-3469	328	1	the	the	DET
taxlaw-3469	328	2	capital	capital	NOUN
taxlaw-3469	328	3	allowance	allowance	NOUN
taxlaw-3469	328	4	rules	rule	NOUN
taxlaw-3469	328	5	(	(	PUNCT
taxlaw-3469	328	6	i.e.	i.e.	X
taxlaw-3469	328	7	,	,	PUNCT
taxlaw-3469	328	8	immediate	immediate	ADJ
taxlaw-3469	328	9	expensing	expensing	NOUN
taxlaw-3469	328	10	)	)	PUNCT
taxlaw-3469	328	11	in	in	ADP
taxlaw-3469	328	12	both	both	DET
taxlaw-3469	328	13	jurisdictions	jurisdiction	NOUN
taxlaw-3469	328	14	,	,	PUNCT
taxlaw-3469	328	15	and	and	CCONJ
taxlaw-3469	328	16	the	the	DET
taxlaw-3469	328	17	way	way	NOUN
taxlaw-3469	328	18	qbai	qbai	NOUN
taxlaw-3469	328	19	is	be	AUX
taxlaw-3469	328	20	computed	compute	VERB
taxlaw-3469	328	21	for	for	ADP
taxlaw-3469	328	22	the	the	DET
taxlaw-3469	328	23	investment	investment	NOUN
taxlaw-3469	328	24	in	in	ADP
taxlaw-3469	328	25	question	question	NOUN
taxlaw-3469	328	26	allow	allow	VERB
taxlaw-3469	328	27	the	the	DET
taxlaw-3469	328	28	provisions	provision	NOUN
taxlaw-3469	328	29	to	to	PART
taxlaw-3469	328	30	achieve	achieve	VERB
taxlaw-3469	328	31	this	this	DET
taxlaw-3469	328	32	policy	policy	NOUN
taxlaw-3469	328	33	objective	objective	NOUN
taxlaw-3469	328	34	.	.	PUNCT
taxlaw-3469	329	1	72	72	NUM
taxlaw-3469	329	2	i.r.c	i.r.c	NOUN
taxlaw-3469	329	3	.	.	PUNCT
taxlaw-3469	330	1	§	§	PROPN
taxlaw-3469	330	2	250(a)(1)(b	250(a)(1)(b	PROPN
taxlaw-3469	330	3	)	)	PUNCT
taxlaw-3469	330	4	.	.	PUNCT
taxlaw-3469	331	1	2019	2019	NUM
taxlaw-3469	331	2	]	]	SYM
taxlaw-3469	331	3	217	217	NUM
taxlaw-3469	331	4	the	the	DET
taxlaw-3469	331	5	impact	impact	NOUN
taxlaw-3469	331	6	of	of	ADP
taxlaw-3469	331	7	gilti	gilti	NOUN
taxlaw-3469	331	8	and	and	CCONJ
taxlaw-3469	331	9	fdii	fdii	NOUN
taxlaw-3469	331	10	on	on	ADP
taxlaw-3469	331	11	the	the	DET
taxlaw-3469	331	12	investment	investment	NOUN
taxlaw-3469	331	13	location	location	NOUN
taxlaw-3469	331	14	choice	choice	NOUN
taxlaw-3469	331	15	of	of	ADP
taxlaw-3469	331	16	u.s	u.s	PROPN
taxlaw-3469	331	17	.	.	PROPN
taxlaw-3469	331	18	multinationals	multinational	NOUN
taxlaw-3469	331	19	(	(	PUNCT
taxlaw-3469	331	20	all	all	DET
taxlaw-3469	331	21	figures	figure	NOUN
taxlaw-3469	331	22	except	except	SCONJ
taxlaw-3469	331	23	percentages	percentage	NOUN
taxlaw-3469	331	24	in	in	ADP
taxlaw-3469	331	25	million	million	NUM
taxlaw-3469	331	26	usd	usd	NOUN
taxlaw-3469	331	27	)	)	PUNCT
taxlaw-3469	331	28	the	the	DET
taxlaw-3469	331	29	values	value	NOUN
taxlaw-3469	331	30	for	for	ADP
taxlaw-3469	331	31	years	year	NOUN
taxlaw-3469	331	32	0	0	NUM
taxlaw-3469	331	33	through	through	ADP
taxlaw-3469	331	34	5	5	NUM
taxlaw-3469	331	35	in	in	ADP
taxlaw-3469	331	36	column	column	NOUN
taxlaw-3469	331	37	(	(	PUNCT
taxlaw-3469	331	38	r	r	NOUN
taxlaw-3469	331	39	)	)	PUNCT
taxlaw-3469	331	40	in	in	ADP
taxlaw-3469	331	41	the	the	DET
taxlaw-3469	331	42	table	table	NOUN
taxlaw-3469	331	43	represent	represent	VERB
taxlaw-3469	331	44	the	the	DET
taxlaw-3469	331	45	difference	difference	NOUN
taxlaw-3469	331	46	between	between	ADP
taxlaw-3469	331	47	before	before	ADP
taxlaw-3469	331	48	-	-	PUNCT
taxlaw-3469	331	49	tax	tax	NOUN
taxlaw-3469	331	50	cash	cash	NOUN
taxlaw-3469	331	51	flows	flow	NOUN
taxlaw-3469	331	52	from	from	ADP
taxlaw-3469	331	53	column	column	NOUN
taxlaw-3469	331	54	(	(	PUNCT
taxlaw-3469	331	55	g	g	NOUN
taxlaw-3469	331	56	)	)	PUNCT
taxlaw-3469	331	57	in	in	ADP
taxlaw-3469	331	58	table	table	NOUN
taxlaw-3469	331	59	1	1	NUM
taxlaw-3469	331	60	and	and	CCONJ
taxlaw-3469	331	61	the	the	DET
taxlaw-3469	331	62	total	total	ADJ
taxlaw-3469	331	63	tax	tax	NOUN
taxlaw-3469	331	64	liability	liability	NOUN
taxlaw-3469	331	65	in	in	ADP
taxlaw-3469	331	66	column	column	NOUN
taxlaw-3469	331	67	(	(	PUNCT
taxlaw-3469	331	68	m	m	NOUN
taxlaw-3469	331	69	)	)	PUNCT
taxlaw-3469	331	70	from	from	ADP
taxlaw-3469	331	71	table	table	NOUN
taxlaw-3469	331	72	3	3	NUM
taxlaw-3469	331	73	.	.	PUNCT
taxlaw-3469	331	74	similarly	similarly	ADV
taxlaw-3469	331	75	,	,	PUNCT
taxlaw-3469	331	76	column	column	NOUN
taxlaw-3469	331	77	(	(	PUNCT
taxlaw-3469	331	78	s	s	X
taxlaw-3469	331	79	)	)	PUNCT
taxlaw-3469	331	80	is	be	AUX
taxlaw-3469	331	81	the	the	DET
taxlaw-3469	331	82	difference	difference	NOUN
taxlaw-3469	331	83	between	between	ADP
taxlaw-3469	331	84	column	column	NOUN
taxlaw-3469	331	85	(	(	PUNCT
taxlaw-3469	331	86	g	g	NOUN
taxlaw-3469	331	87	)	)	PUNCT
taxlaw-3469	331	88	in	in	ADP
taxlaw-3469	331	89	table	table	NOUN
taxlaw-3469	331	90	1	1	NUM
taxlaw-3469	331	91	and	and	CCONJ
taxlaw-3469	331	92	column	column	NOUN
taxlaw-3469	331	93	(	(	PUNCT
taxlaw-3469	331	94	q	q	NOUN
taxlaw-3469	331	95	)	)	PUNCT
taxlaw-3469	331	96	in	in	ADP
taxlaw-3469	331	97	table	table	NOUN
taxlaw-3469	331	98	4	4	NUM
taxlaw-3469	331	99	.	.	PUNCT
taxlaw-3469	332	1	the	the	DET
taxlaw-3469	332	2	table	table	NOUN
taxlaw-3469	332	3	shows	show	VERB
taxlaw-3469	332	4	that	that	SCONJ
taxlaw-3469	332	5	the	the	DET
taxlaw-3469	332	6	firm	firm	NOUN
taxlaw-3469	332	7	’s	’s	PART
taxlaw-3469	332	8	after	after	ADP
taxlaw-3469	332	9	-	-	PUNCT
taxlaw-3469	332	10	tax	tax	NOUN
taxlaw-3469	332	11	irr	irr	NOUN
taxlaw-3469	332	12	remains	remain	VERB
taxlaw-3469	332	13	the	the	DET
taxlaw-3469	332	14	same	same	ADJ
taxlaw-3469	332	15	regardless	regardless	ADV
taxlaw-3469	332	16	of	of	ADP
taxlaw-3469	332	17	its	its	PRON
taxlaw-3469	332	18	investment	investment	NOUN
taxlaw-3469	332	19	location	location	NOUN
taxlaw-3469	332	20	decision	decision	NOUN
taxlaw-3469	332	21	.	.	PUNCT
taxlaw-3469	333	1	in	in	ADP
taxlaw-3469	333	2	each	each	DET
taxlaw-3469	333	3	case	case	NOUN
taxlaw-3469	333	4	the	the	DET
taxlaw-3469	333	5	u.s	u.s	PROPN
taxlaw-3469	333	6	.	.	PROPN
taxlaw-3469	333	7	government	government	NOUN
taxlaw-3469	333	8	acts	act	VERB
taxlaw-3469	333	9	as	as	ADP
taxlaw-3469	333	10	a	a	DET
taxlaw-3469	333	11	silent	silent	ADJ
taxlaw-3469	333	12	partner	partner	NOUN
taxlaw-3469	333	13	in	in	ADP
taxlaw-3469	333	14	the	the	DET
taxlaw-3469	333	15	investment	investment	NOUN
taxlaw-3469	333	16	and	and	CCONJ
taxlaw-3469	333	17	leaves	leave	VERB
taxlaw-3469	333	18	the	the	DET
taxlaw-3469	333	19	normal	normal	ADJ
taxlaw-3469	333	20	return	return	NOUN
taxlaw-3469	333	21	untaxed	untaxe	VERB
taxlaw-3469	333	22	.	.	PUNCT
taxlaw-3469	334	1	the	the	DET
taxlaw-3469	334	2	percentage	percentage	NOUN
taxlaw-3469	334	3	of	of	ADP
taxlaw-3469	334	4	investment	investment	NOUN
taxlaw-3469	334	5	in	in	ADP
taxlaw-3469	334	6	which	which	PRON
taxlaw-3469	334	7	the	the	DET
taxlaw-3469	334	8	u.s	u.s	PROPN
taxlaw-3469	334	9	.	.	PROPN
taxlaw-3469	334	10	government	government	NOUN
taxlaw-3469	334	11	“	"	PUNCT
taxlaw-3469	334	12	silently	silently	ADV
taxlaw-3469	334	13	”	"	PUNCT
taxlaw-3469	334	14	participates	participate	VERB
taxlaw-3469	334	15	is	be	AUX
taxlaw-3469	334	16	greater	great	ADJ
taxlaw-3469	334	17	and	and	CCONJ
taxlaw-3469	334	18	as	as	ADP
taxlaw-3469	334	19	such	such	ADJ
taxlaw-3469	334	20	,	,	PUNCT
taxlaw-3469	334	21	the	the	DET
taxlaw-3469	334	22	upfront	upfront	ADJ
taxlaw-3469	334	23	cost	cost	NOUN
taxlaw-3469	334	24	to	to	PART
taxlaw-3469	334	25	firm	firm	VERB
taxlaw-3469	334	26	is	be	AUX
taxlaw-3469	334	27	correspondingly	correspondingly	ADV
taxlaw-3469	334	28	lower	low	ADJ
taxlaw-3469	334	29	when	when	SCONJ
taxlaw-3469	334	30	the	the	DET
taxlaw-3469	334	31	investment	investment	NOUN
taxlaw-3469	334	32	is	be	AUX
taxlaw-3469	334	33	located	locate	VERB
taxlaw-3469	334	34	in	in	ADP
taxlaw-3469	334	35	the	the	DET
taxlaw-3469	334	36	united	united	PROPN
taxlaw-3469	334	37	states	states	PROPN
taxlaw-3469	334	38	(	(	PUNCT
taxlaw-3469	334	39	$	$	SYM
taxlaw-3469	334	40	8.69	8.69	NUM
taxlaw-3469	334	41	million	million	NUM
taxlaw-3469	334	42	versus	versus	ADP
taxlaw-3469	334	43	$	$	SYM
taxlaw-3469	334	44	8.95	8.95	NUM
taxlaw-3469	334	45	million	million	NUM
taxlaw-3469	334	46	)	)	PUNCT
taxlaw-3469	334	47	.	.	PUNCT
taxlaw-3469	335	1	the	the	DET
taxlaw-3469	335	2	subsequent	subsequent	ADJ
taxlaw-3469	335	3	gross	gross	ADJ
taxlaw-3469	335	4	returns	return	NOUN
taxlaw-3469	335	5	are	be	AUX
taxlaw-3469	335	6	taxed	tax	VERB
taxlaw-3469	335	7	more	more	ADV
taxlaw-3469	335	8	heavily	heavily	ADV
taxlaw-3469	335	9	when	when	SCONJ
taxlaw-3469	335	10	the	the	DET
taxlaw-3469	335	11	investment	investment	NOUN
taxlaw-3469	335	12	is	be	AUX
taxlaw-3469	335	13	located	locate	VERB
taxlaw-3469	335	14	in	in	ADP
taxlaw-3469	335	15	the	the	DET
taxlaw-3469	335	16	united	united	PROPN
taxlaw-3469	335	17	states	states	PROPN
taxlaw-3469	335	18	as	as	ADV
taxlaw-3469	335	19	well	well	ADV
taxlaw-3469	335	20	with	with	ADP
taxlaw-3469	335	21	the	the	DET
taxlaw-3469	335	22	result	result	NOUN
taxlaw-3469	335	23	that	that	SCONJ
taxlaw-3469	335	24	the	the	DET
taxlaw-3469	335	25	investment	investment	NOUN
taxlaw-3469	335	26	’s	’s	PART
taxlaw-3469	335	27	npv	npv	NOUN
taxlaw-3469	335	28	is	be	AUX
taxlaw-3469	335	29	higher	high	ADJ
taxlaw-3469	335	30	when	when	SCONJ
taxlaw-3469	335	31	it	it	PRON
taxlaw-3469	335	32	’s	’s	AUX
taxlaw-3469	335	33	located	locate	VERB
taxlaw-3469	335	34	overseas	overseas	ADV
taxlaw-3469	335	35	.	.	PUNCT
taxlaw-3469	336	1	the	the	DET
taxlaw-3469	336	2	npv	npv	NOUN
taxlaw-3469	336	3	analysis	analysis	NOUN
taxlaw-3469	336	4	appears	appear	VERB
taxlaw-3469	336	5	to	to	PART
taxlaw-3469	336	6	confirm	confirm	VERB
taxlaw-3469	336	7	the	the	DET
taxlaw-3469	336	8	view	view	NOUN
taxlaw-3469	336	9	that	that	SCONJ
taxlaw-3469	336	10	the	the	DET
taxlaw-3469	336	11	rules	rule	NOUN
taxlaw-3469	336	12	on	on	ADP
taxlaw-3469	336	13	fdii	fdii	NOUN
taxlaw-3469	336	14	and	and	CCONJ
taxlaw-3469	336	15	gilti	gilti	NOUN
taxlaw-3469	336	16	do	do	AUX
taxlaw-3469	336	17	not	not	PART
taxlaw-3469	336	18	adequately	adequately	ADV
taxlaw-3469	336	19	close	close	VERB
taxlaw-3469	336	20	the	the	DET
taxlaw-3469	336	21	tax	tax	NOUN
taxlaw-3469	336	22	-	-	PUNCT
taxlaw-3469	336	23	arbitrage	arbitrage	NOUN
taxlaw-3469	336	24	window	window	NOUN
taxlaw-3469	336	25	for	for	ADP
taxlaw-3469	336	26	mobile	mobile	ADJ
taxlaw-3469	336	27	capital.73	capital.73	NOUN
taxlaw-3469	336	28	however	however	ADV
taxlaw-3469	336	29	,	,	PUNCT
taxlaw-3469	336	30	as	as	SCONJ
taxlaw-3469	336	31	discussed	discuss	VERB
taxlaw-3469	336	32	above	above	ADV
taxlaw-3469	336	33	,	,	PUNCT
taxlaw-3469	336	34	this	this	PRON
taxlaw-3469	336	35	may	may	AUX
taxlaw-3469	336	36	not	not	PART
taxlaw-3469	336	37	represent	represent	VERB
taxlaw-3469	336	38	a	a	DET
taxlaw-3469	336	39	complete	complete	ADJ
taxlaw-3469	336	40	picture	picture	NOUN
taxlaw-3469	336	41	of	of	ADP
taxlaw-3469	336	42	the	the	DET
taxlaw-3469	336	43	firm	firm	NOUN
taxlaw-3469	336	44	’s	’s	PART
taxlaw-3469	336	45	decision	decision	NOUN
taxlaw-3469	336	46	criteria	criterion	NOUN
taxlaw-3469	336	47	were	be	AUX
taxlaw-3469	336	48	it	it	PRON
taxlaw-3469	336	49	to	to	PART
taxlaw-3469	336	50	incur	incur	VERB
taxlaw-3469	336	51	incremental	incremental	ADJ
taxlaw-3469	336	52	non	non	ADJ
taxlaw-3469	336	53	-	-	ADJ
taxlaw-3469	336	54	tax	tax	ADJ
taxlaw-3469	336	55	costs	cost	NOUN
taxlaw-3469	336	56	when	when	SCONJ
taxlaw-3469	336	57	choosing	choose	VERB
taxlaw-3469	336	58	to	to	PART
taxlaw-3469	336	59	locate	locate	VERB
taxlaw-3469	336	60	its	its	PRON
taxlaw-3469	336	61	mobile	mobile	ADJ
taxlaw-3469	336	62	capital	capital	NOUN
taxlaw-3469	336	63	(	(	PUNCT
taxlaw-3469	336	64	e.g.	e.g.	ADV
taxlaw-3469	336	65	,	,	PUNCT
taxlaw-3469	336	66	ip	ip	NOUN
taxlaw-3469	336	67	)	)	PUNCT
taxlaw-3469	336	68	in	in	ADP
taxlaw-3469	336	69	the	the	DET
taxlaw-3469	336	70	foreign	foreign	ADJ
taxlaw-3469	336	71	jurisdiction	jurisdiction	NOUN
taxlaw-3469	336	72	(	(	PUNCT
taxlaw-3469	336	73	especially	especially	ADV
taxlaw-3469	336	74	when	when	SCONJ
taxlaw-3469	336	75	tax	tax	NOUN
taxlaw-3469	336	76	arbitrage	arbitrage	NOUN
taxlaw-3469	336	77	is	be	AUX
taxlaw-3469	336	78	the	the	DET
taxlaw-3469	336	79	primary	primary	ADJ
taxlaw-3469	336	80	motivation	motivation	NOUN
taxlaw-3469	336	81	for	for	ADP
taxlaw-3469	336	82	such	such	DET
taxlaw-3469	336	83	a	a	DET
taxlaw-3469	336	84	decision	decision	NOUN
taxlaw-3469	336	85	)	)	PUNCT
taxlaw-3469	336	86	.	.	PUNCT
taxlaw-3469	337	1	such	such	ADJ
taxlaw-3469	337	2	transaction	transaction	NOUN
taxlaw-3469	337	3	costs	cost	NOUN
taxlaw-3469	337	4	may	may	AUX
taxlaw-3469	337	5	come	come	VERB
taxlaw-3469	337	6	from	from	ADP
taxlaw-3469	337	7	having	have	VERB
taxlaw-3469	337	8	to	to	PART
taxlaw-3469	337	9	locate	locate	VERB
taxlaw-3469	337	10	the	the	DET
taxlaw-3469	337	11	requisite	requisite	ADJ
taxlaw-3469	337	12	economic	economic	ADJ
taxlaw-3469	337	13	substance	substance	NOUN
taxlaw-3469	337	14	–	–	PUNCT
taxlaw-3469	337	15	with	with	ADP
taxlaw-3469	337	16	such	such	ADJ
taxlaw-3469	337	17	requisite	requisite	ADJ
taxlaw-3469	337	18	level	level	NOUN
taxlaw-3469	337	19	being	be	AUX
taxlaw-3469	337	20	higher	high	ADJ
taxlaw-3469	337	21	in	in	ADP
taxlaw-3469	337	22	the	the	DET
taxlaw-3469	337	23	post	post	ADJ
taxlaw-3469	337	24	-	-	ADJ
taxlaw-3469	337	25	beps	beps	ADJ
taxlaw-3469	337	26	world	world	NOUN
taxlaw-3469	337	27	–	–	PUNCT
taxlaw-3469	337	28	away	away	ADV
taxlaw-3469	337	29	from	from	ADP
taxlaw-3469	337	30	what	what	PRON
taxlaw-3469	337	31	would	would	AUX
taxlaw-3469	337	32	be	be	AUX
taxlaw-3469	337	33	its	its	PRON
taxlaw-3469	337	34	optimal	optimal	ADJ
taxlaw-3469	337	35	location	location	NOUN
taxlaw-3469	337	36	in	in	ADP
taxlaw-3469	337	37	a	a	DET
taxlaw-3469	337	38	world	world	NOUN
taxlaw-3469	337	39	without	without	ADP
taxlaw-3469	337	40	tax	tax	NOUN
taxlaw-3469	337	41	considerations.74	considerations.74	NOUN
taxlaw-3469	337	42	additional	additional	ADJ
taxlaw-3469	337	43	compliance	compliance	NOUN
taxlaw-3469	337	44	and	and	CCONJ
taxlaw-3469	337	45	administering	administer	VERB
taxlaw-3469	337	46	efforts	effort	NOUN
taxlaw-3469	337	47	(	(	PUNCT
taxlaw-3469	337	48	in	in	ADP
taxlaw-3469	337	49	a	a	DET
taxlaw-3469	337	50	world	world	NOUN
taxlaw-3469	337	51	with	with	ADP
taxlaw-3469	337	52	greater	great	ADJ
taxlaw-3469	337	53	transparency	transparency	NOUN
taxlaw-3469	337	54	and	and	CCONJ
taxlaw-3469	337	55	access	access	NOUN
taxlaw-3469	337	56	to	to	ADP
taxlaw-3469	337	57	information	information	NOUN
taxlaw-3469	337	58	by	by	ADP
taxlaw-3469	337	59	taxing	tax	VERB
taxlaw-3469	337	60	authorities	authority	NOUN
taxlaw-3469	337	61	)	)	PUNCT
taxlaw-3469	337	62	will	will	AUX
taxlaw-3469	337	63	likely	likely	ADV
taxlaw-3469	337	64	further	far	ADV
taxlaw-3469	337	65	contribute	contribute	VERB
taxlaw-3469	337	66	to	to	ADP
taxlaw-3469	337	67	such	such	ADJ
taxlaw-3469	337	68	transaction	transaction	NOUN
taxlaw-3469	337	69	costs	cost	NOUN
taxlaw-3469	337	70	.	.	PUNCT
taxlaw-3469	338	1	for	for	ADP
taxlaw-3469	338	2	the	the	DET
taxlaw-3469	338	3	candidate	candidate	NOUN
taxlaw-3469	338	4	investment	investment	NOUN
taxlaw-3469	338	5	in	in	ADP
taxlaw-3469	338	6	our	our	PRON
taxlaw-3469	338	7	example	example	NOUN
taxlaw-3469	338	8	,	,	PUNCT
taxlaw-3469	338	9	a	a	DET
taxlaw-3469	338	10	present	present	ADJ
taxlaw-3469	338	11	value	value	NOUN
taxlaw-3469	338	12	of	of	ADP
taxlaw-3469	338	13	such	such	ADJ
taxlaw-3469	338	14	transaction	transaction	NOUN
taxlaw-3469	338	15	costs	cost	VERB
taxlaw-3469	338	16	greater	great	ADJ
taxlaw-3469	338	17	than	than	ADP
taxlaw-3469	338	18	$	$	SYM
taxlaw-3469	338	19	127	127	NUM
taxlaw-3469	338	20	thousand	thousand	NUM
taxlaw-3469	338	21	–	–	PUNCT
taxlaw-3469	338	22	the	the	DET
taxlaw-3469	338	23	difference	difference	NOUN
taxlaw-3469	338	24	between	between	ADP
taxlaw-3469	338	25	the	the	DET
taxlaw-3469	338	26	npvs	npvs	NOUN
taxlaw-3469	338	27	under	under	ADP
taxlaw-3469	338	28	the	the	DET
taxlaw-3469	338	29	two	two	NUM
taxlaw-3469	338	30	alternative	alternative	ADJ
taxlaw-3469	338	31	locations	location	NOUN
taxlaw-3469	338	32	–	–	PUNCT
taxlaw-3469	338	33	over	over	ADP
taxlaw-3469	338	34	the	the	DET
taxlaw-3469	338	35	life	life	NOUN
taxlaw-3469	338	36	cycle	cycle	NOUN
taxlaw-3469	338	37	of	of	ADP
taxlaw-3469	338	38	the	the	DET
taxlaw-3469	338	39	investment	investment	NOUN
taxlaw-3469	338	40	is	be	AUX
taxlaw-3469	338	41	enough	enough	ADJ
taxlaw-3469	338	42	to	to	PART
taxlaw-3469	338	43	tilt	tilt	VERB
taxlaw-3469	338	44	73	73	NUM
taxlaw-3469	338	45	if	if	SCONJ
taxlaw-3469	338	46	the	the	DET
taxlaw-3469	338	47	investment	investment	NOUN
taxlaw-3469	338	48	were	be	AUX
taxlaw-3469	338	49	subject	subject	ADJ
taxlaw-3469	338	50	to	to	ADP
taxlaw-3469	338	51	constant	constant	ADJ
taxlaw-3469	338	52	returns	return	NOUN
taxlaw-3469	338	53	to	to	PART
taxlaw-3469	338	54	scale	scale	VERB
taxlaw-3469	338	55	,	,	PUNCT
taxlaw-3469	338	56	the	the	DET
taxlaw-3469	338	57	firm	firm	NOUN
taxlaw-3469	338	58	could	could	AUX
taxlaw-3469	338	59	replicate	replicate	VERB
taxlaw-3469	338	60	the	the	DET
taxlaw-3469	338	61	investment	investment	NOUN
taxlaw-3469	338	62	’s	’s	PART
taxlaw-3469	338	63	overseas	overseas	ADJ
taxlaw-3469	338	64	npv	npv	NOUN
taxlaw-3469	338	65	in	in	ADP
taxlaw-3469	338	66	the	the	DET
taxlaw-3469	338	67	united	united	PROPN
taxlaw-3469	338	68	states	states	PROPN
taxlaw-3469	338	69	.	.	PUNCT
taxlaw-3469	339	1	it	it	PRON
taxlaw-3469	339	2	could	could	AUX
taxlaw-3469	339	3	do	do	VERB
taxlaw-3469	339	4	this	this	PRON
taxlaw-3469	339	5	by	by	ADP
taxlaw-3469	339	6	investing	invest	VERB
taxlaw-3469	339	7	an	an	DET
taxlaw-3469	339	8	amount	amount	NOUN
taxlaw-3469	339	9	that	that	PRON
taxlaw-3469	339	10	is	be	AUX
taxlaw-3469	339	11	higher	high	ADJ
taxlaw-3469	339	12	in	in	ADP
taxlaw-3469	339	13	before	before	ADP
taxlaw-3469	339	14	-	-	PUNCT
taxlaw-3469	339	15	tax	tax	NOUN
taxlaw-3469	339	16	terms	term	NOUN
taxlaw-3469	339	17	but	but	CCONJ
taxlaw-3469	339	18	that	that	PRON
taxlaw-3469	339	19	costs	cost	VERB
taxlaw-3469	339	20	the	the	DET
taxlaw-3469	339	21	firm	firm	NOUN
taxlaw-3469	339	22	the	the	DET
taxlaw-3469	339	23	same	same	ADJ
taxlaw-3469	339	24	on	on	ADP
taxlaw-3469	339	25	an	an	DET
taxlaw-3469	339	26	after	after	ADP
taxlaw-3469	339	27	-	-	PUNCT
taxlaw-3469	339	28	tax	tax	NOUN
taxlaw-3469	339	29	basis	basis	NOUN
taxlaw-3469	339	30	as	as	ADP
taxlaw-3469	339	31	when	when	SCONJ
taxlaw-3469	339	32	it	it	PRON
taxlaw-3469	339	33	locates	locate	VERB
taxlaw-3469	339	34	the	the	DET
taxlaw-3469	339	35	investment	investment	NOUN
taxlaw-3469	339	36	overseas	overseas	ADV
taxlaw-3469	339	37	(	(	PUNCT
taxlaw-3469	339	38	i.e.	i.e.	X
taxlaw-3469	339	39	,	,	PUNCT
taxlaw-3469	339	40	$	$	SYM
taxlaw-3469	339	41	8.95	8.95	NUM
taxlaw-3469	339	42	million	million	NUM
taxlaw-3469	339	43	)	)	PUNCT
taxlaw-3469	339	44	.	.	PUNCT
taxlaw-3469	340	1	74	74	NUM
taxlaw-3469	340	2	see	see	VERB
taxlaw-3469	340	3	discussion	discussion	NOUN
taxlaw-3469	340	4	in	in	ADP
taxlaw-3469	340	5	section	section	NOUN
taxlaw-3469	340	6	iii.d	iii.d	PROPN
taxlaw-3469	340	7	.	.	PROPN
taxlaw-3469	340	8	218	218	NUM
taxlaw-3469	341	1	[	[	X
taxlaw-3469	341	2	vol	vol	NOUN
taxlaw-3469	341	3	.	.	PUNCT
taxlaw-3469	342	1	10:2	10:2	NUM
taxlaw-3469	342	2	columbia	columbia	PROPN
taxlaw-3469	342	3	journal	journal	PROPN
taxlaw-3469	342	4	of	of	ADP
taxlaw-3469	342	5	tax	tax	NOUN
taxlaw-3469	342	6	law	law	NOUN
taxlaw-3469	342	7	the	the	DET
taxlaw-3469	342	8	balance	balance	NOUN
taxlaw-3469	342	9	back	back	ADV
taxlaw-3469	342	10	in	in	ADP
taxlaw-3469	342	11	favor	favor	NOUN
taxlaw-3469	342	12	of	of	ADP
taxlaw-3469	342	13	the	the	DET
taxlaw-3469	342	14	united	united	PROPN
taxlaw-3469	342	15	states	states	PROPN
taxlaw-3469	342	16	as	as	ADP
taxlaw-3469	342	17	the	the	DET
taxlaw-3469	342	18	favored	favor	VERB
taxlaw-3469	342	19	investment	investment	NOUN
taxlaw-3469	342	20	location	location	NOUN
taxlaw-3469	342	21	.	.	PUNCT
taxlaw-3469	343	1	this	this	DET
taxlaw-3469	343	2	cutoff	cutoff	NOUN
taxlaw-3469	343	3	value	value	NOUN
taxlaw-3469	343	4	for	for	ADP
taxlaw-3469	343	5	transaction	transaction	NOUN
taxlaw-3469	343	6	costs	cost	NOUN
taxlaw-3469	343	7	amounts	amount	VERB
taxlaw-3469	343	8	to	to	ADP
taxlaw-3469	343	9	1.3	1.3	NUM
taxlaw-3469	343	10	percent	percent	NOUN
taxlaw-3469	343	11	of	of	ADP
taxlaw-3469	343	12	the	the	DET
taxlaw-3469	343	13	initial	initial	ADJ
taxlaw-3469	343	14	investment	investment	NOUN
taxlaw-3469	343	15	outlay	outlay	NOUN
taxlaw-3469	343	16	and	and	CCONJ
taxlaw-3469	343	17	1.7	1.7	NUM
taxlaw-3469	343	18	percent	percent	NOUN
taxlaw-3469	343	19	of	of	ADP
taxlaw-3469	343	20	the	the	DET
taxlaw-3469	343	21	npv	npv	NOUN
taxlaw-3469	343	22	of	of	ADP
taxlaw-3469	343	23	the	the	DET
taxlaw-3469	343	24	pre	pre	ADJ
taxlaw-3469	343	25	-	-	ADJ
taxlaw-3469	343	26	tax	tax	ADJ
taxlaw-3469	343	27	gross	gross	ADJ
taxlaw-3469	343	28	returns	return	NOUN
taxlaw-3469	343	29	(	(	PUNCT
taxlaw-3469	343	30	i.e.	i.e.	X
taxlaw-3469	343	31	,	,	PUNCT
taxlaw-3469	343	32	$	$	SYM
taxlaw-3469	343	33	2.4	2.4	NUM
taxlaw-3469	343	34	million	million	NUM
taxlaw-3469	343	35	in	in	ADP
taxlaw-3469	343	36	the	the	DET
taxlaw-3469	343	37	normal	normal	ADJ
taxlaw-3469	343	38	return	return	NOUN
taxlaw-3469	343	39	plus	plus	CCONJ
taxlaw-3469	343	40	$	$	SYM
taxlaw-3469	343	41	4.8	4.8	NUM
taxlaw-3469	343	42	million	million	NUM
taxlaw-3469	343	43	in	in	ADP
taxlaw-3469	343	44	economic	economic	ADJ
taxlaw-3469	343	45	rents	rent	NOUN
taxlaw-3469	343	46	)	)	PUNCT
taxlaw-3469	343	47	.	.	PUNCT
taxlaw-3469	344	1	having	have	VERB
taxlaw-3469	344	2	to	to	PART
taxlaw-3469	344	3	spend	spend	VERB
taxlaw-3469	344	4	$	$	SYM
taxlaw-3469	344	5	127	127	NUM
taxlaw-3469	344	6	thousand	thousand	NUM
taxlaw-3469	344	7	as	as	ADP
taxlaw-3469	344	8	a	a	DET
taxlaw-3469	344	9	transaction	transaction	NOUN
taxlaw-3469	344	10	cost	cost	NOUN
taxlaw-3469	344	11	when	when	SCONJ
taxlaw-3469	344	12	planning	plan	VERB
taxlaw-3469	344	13	and	and	CCONJ
taxlaw-3469	344	14	locating	locate	VERB
taxlaw-3469	344	15	an	an	DET
taxlaw-3469	344	16	investment	investment	NOUN
taxlaw-3469	344	17	of	of	ADP
taxlaw-3469	344	18	$	$	SYM
taxlaw-3469	344	19	10	10	NUM
taxlaw-3469	344	20	million	million	NUM
taxlaw-3469	344	21	in	in	ADP
taxlaw-3469	344	22	a	a	DET
taxlaw-3469	344	23	tax	tax	NOUN
taxlaw-3469	344	24	-	-	PUNCT
taxlaw-3469	344	25	advantaged	advantaged	ADJ
taxlaw-3469	344	26	jurisdiction	jurisdiction	NOUN
taxlaw-3469	344	27	(	(	PUNCT
taxlaw-3469	344	28	which	which	PRON
taxlaw-3469	344	29	otherwise	otherwise	ADV
taxlaw-3469	344	30	would	would	AUX
taxlaw-3469	344	31	not	not	PART
taxlaw-3469	344	32	be	be	AUX
taxlaw-3469	344	33	the	the	DET
taxlaw-3469	344	34	natural	natural	ADJ
taxlaw-3469	344	35	home	home	NOUN
taxlaw-3469	344	36	of	of	ADP
taxlaw-3469	344	37	that	that	DET
taxlaw-3469	344	38	investment	investment	NOUN
taxlaw-3469	344	39	)	)	PUNCT
taxlaw-3469	344	40	is	be	AUX
taxlaw-3469	344	41	not	not	PART
taxlaw-3469	344	42	far	far	ADV
taxlaw-3469	344	43	-	-	PUNCT
taxlaw-3469	344	44	fetched	fetch	VERB
taxlaw-3469	344	45	.	.	PUNCT
taxlaw-3469	345	1	since	since	SCONJ
taxlaw-3469	345	2	normal	normal	ADJ
taxlaw-3469	345	3	returns	return	NOUN
taxlaw-3469	345	4	are	be	AUX
taxlaw-3469	345	5	left	leave	VERB
taxlaw-3469	345	6	untaxed	untaxed	ADJ
taxlaw-3469	345	7	regardless	regardless	ADV
taxlaw-3469	345	8	of	of	ADP
taxlaw-3469	345	9	the	the	DET
taxlaw-3469	345	10	location	location	NOUN
taxlaw-3469	345	11	,	,	PUNCT
taxlaw-3469	345	12	the	the	DET
taxlaw-3469	345	13	divergence	divergence	NOUN
taxlaw-3469	345	14	in	in	ADP
taxlaw-3469	345	15	the	the	DET
taxlaw-3469	345	16	after	after	ADP
taxlaw-3469	345	17	-	-	PUNCT
taxlaw-3469	345	18	tax	tax	NOUN
taxlaw-3469	345	19	npv	npv	NOUN
taxlaw-3469	345	20	comes	come	VERB
taxlaw-3469	345	21	purely	purely	ADV
taxlaw-3469	345	22	from	from	ADP
taxlaw-3469	345	23	the	the	DET
taxlaw-3469	345	24	tax	tax	NOUN
taxlaw-3469	345	25	burden	burden	NOUN
taxlaw-3469	345	26	borne	bear	VERB
taxlaw-3469	345	27	by	by	ADP
taxlaw-3469	345	28	the	the	DET
taxlaw-3469	345	29	economic	economic	ADJ
taxlaw-3469	345	30	rents	rent	NOUN
taxlaw-3469	345	31	.	.	PUNCT
taxlaw-3469	346	1	consequently	consequently	ADV
taxlaw-3469	346	2	,	,	PUNCT
taxlaw-3469	346	3	this	this	DET
taxlaw-3469	346	4	divergence	divergence	NOUN
taxlaw-3469	346	5	is	be	AUX
taxlaw-3469	346	6	greater	great	ADJ
taxlaw-3469	346	7	(	(	PUNCT
taxlaw-3469	346	8	smaller	small	ADJ
taxlaw-3469	346	9	)	)	PUNCT
taxlaw-3469	346	10	the	the	PRON
taxlaw-3469	346	11	higher	high	ADJ
taxlaw-3469	346	12	(	(	PUNCT
taxlaw-3469	346	13	lower	low	ADJ
taxlaw-3469	346	14	)	)	PUNCT
taxlaw-3469	346	15	the	the	DET
taxlaw-3469	346	16	expected	expect	VERB
taxlaw-3469	346	17	economic	economic	ADJ
taxlaw-3469	346	18	rents	rent	NOUN
taxlaw-3469	346	19	from	from	ADP
taxlaw-3469	346	20	the	the	DET
taxlaw-3469	346	21	investment	investment	NOUN
taxlaw-3469	346	22	.	.	PUNCT
taxlaw-3469	347	1	figure	figure	NOUN
taxlaw-3469	347	2	1	1	NUM
taxlaw-3469	347	3	shows	show	VERB
taxlaw-3469	347	4	the	the	DET
taxlaw-3469	347	5	“	"	PUNCT
taxlaw-3469	347	6	indifference	indifference	NOUN
taxlaw-3469	347	7	”	"	PUNCT
taxlaw-3469	347	8	threshold	threshold	NOUN
taxlaw-3469	347	9	for	for	ADP
taxlaw-3469	347	10	transaction	transaction	NOUN
taxlaw-3469	347	11	costs	cost	NOUN
taxlaw-3469	347	12	–	–	PUNCT
taxlaw-3469	347	13	expressed	express	VERB
taxlaw-3469	347	14	as	as	ADP
taxlaw-3469	347	15	a	a	DET
taxlaw-3469	347	16	percentage	percentage	NOUN
taxlaw-3469	347	17	of	of	ADP
taxlaw-3469	347	18	the	the	DET
taxlaw-3469	347	19	pre	pre	ADJ
taxlaw-3469	347	20	-	-	ADJ
taxlaw-3469	347	21	tax	tax	ADJ
taxlaw-3469	347	22	present	present	ADJ
taxlaw-3469	347	23	value	value	NOUN
taxlaw-3469	347	24	of	of	ADP
taxlaw-3469	347	25	gross	gross	ADJ
taxlaw-3469	347	26	returns	return	NOUN
taxlaw-3469	347	27	–	–	PUNCT
taxlaw-3469	347	28	and	and	CCONJ
taxlaw-3469	347	29	how	how	SCONJ
taxlaw-3469	347	30	this	this	DET
taxlaw-3469	347	31	threshold	threshold	NOUN
taxlaw-3469	347	32	varies	vary	VERB
taxlaw-3469	347	33	with	with	ADP
taxlaw-3469	347	34	the	the	DET
taxlaw-3469	347	35	rate	rate	NOUN
taxlaw-3469	347	36	of	of	ADP
taxlaw-3469	347	37	economic	economic	ADJ
taxlaw-3469	347	38	rents	rent	NOUN
taxlaw-3469	347	39	given	give	VERB
taxlaw-3469	347	40	other	other	ADJ
taxlaw-3469	347	41	assumptions	assumption	NOUN
taxlaw-3469	347	42	on	on	ADP
taxlaw-3469	347	43	the	the	DET
taxlaw-3469	347	44	investment	investment	NOUN
taxlaw-3469	347	45	profile	profile	NOUN
taxlaw-3469	347	46	.	.	PUNCT
taxlaw-3469	348	1	given	give	VERB
taxlaw-3469	348	2	other	other	ADJ
taxlaw-3469	348	3	parameters	parameter	NOUN
taxlaw-3469	348	4	of	of	ADP
taxlaw-3469	348	5	our	our	PRON
taxlaw-3469	348	6	example	example	NOUN
taxlaw-3469	348	7	,	,	PUNCT
taxlaw-3469	348	8	and	and	CCONJ
taxlaw-3469	348	9	allowing	allow	VERB
taxlaw-3469	348	10	the	the	DET
taxlaw-3469	348	11	rate	rate	NOUN
taxlaw-3469	348	12	of	of	ADP
taxlaw-3469	348	13	economic	economic	ADJ
taxlaw-3469	348	14	rents	rent	NOUN
taxlaw-3469	348	15	to	to	PART
taxlaw-3469	348	16	vary	vary	VERB
taxlaw-3469	348	17	between	between	ADP
taxlaw-3469	348	18	0	0	NUM
taxlaw-3469	348	19	percent	percent	NOUN
taxlaw-3469	348	20	and	and	CCONJ
taxlaw-3469	348	21	50	50	NUM
taxlaw-3469	348	22	percent	percent	NOUN
taxlaw-3469	348	23	,	,	PUNCT
taxlaw-3469	348	24	the	the	DET
taxlaw-3469	348	25	curve	curve	NOUN
taxlaw-3469	348	26	in	in	ADP
taxlaw-3469	348	27	figure	figure	NOUN
taxlaw-3469	348	28	1	1	NUM
taxlaw-3469	348	29	represent	represent	VERB
taxlaw-3469	348	30	the	the	DET
taxlaw-3469	348	31	level	level	NOUN
taxlaw-3469	348	32	of	of	ADP
taxlaw-3469	348	33	transaction	transaction	NOUN
taxlaw-3469	348	34	costs	cost	NOUN
taxlaw-3469	348	35	that	that	PRON
taxlaw-3469	348	36	make	make	VERB
taxlaw-3469	348	37	the	the	DET
taxlaw-3469	348	38	u.s	u.s	PROPN
taxlaw-3469	348	39	.	.	PROPN
taxlaw-3469	348	40	mnc	mnc	PROPN
taxlaw-3469	348	41	indifferent	indifferent	NOUN
taxlaw-3469	348	42	between	between	ADP
taxlaw-3469	348	43	the	the	DET
taxlaw-3469	348	44	united	united	PROPN
taxlaw-3469	348	45	states	states	PROPN
taxlaw-3469	348	46	and	and	CCONJ
taxlaw-3469	348	47	the	the	DET
taxlaw-3469	348	48	zero	zero	NUM
taxlaw-3469	348	49	-	-	PUNCT
taxlaw-3469	348	50	tax	tax	NOUN
taxlaw-3469	348	51	foreign	foreign	ADJ
taxlaw-3469	348	52	jurisdiction	jurisdiction	NOUN
taxlaw-3469	348	53	as	as	ADP
taxlaw-3469	348	54	its	its	PRON
taxlaw-3469	348	55	investment	investment	NOUN
taxlaw-3469	348	56	location	location	NOUN
taxlaw-3469	348	57	.	.	PUNCT
taxlaw-3469	349	1	figure	figure	NOUN
taxlaw-3469	349	2	1	1	NUM
taxlaw-3469	349	3	:	:	PUNCT
taxlaw-3469	349	4	indifference	indifference	NOUN
taxlaw-3469	349	5	curve	curve	NOUN
taxlaw-3469	349	6	for	for	ADP
taxlaw-3469	349	7	investment	investment	NOUN
taxlaw-3469	349	8	location	location	NOUN
taxlaw-3469	349	9	–	–	PUNCT
taxlaw-3469	349	10	non	non	ADJ
taxlaw-3469	349	11	-	-	ADJ
taxlaw-3469	349	12	tax	tax	ADJ
taxlaw-3469	349	13	transactions	transaction	NOUN
taxlaw-3469	349	14	costs	cost	NOUN
taxlaw-3469	349	15	versus	versus	ADP
taxlaw-3469	349	16	rate	rate	NOUN
taxlaw-3469	349	17	of	of	ADP
taxlaw-3469	349	18	economic	economic	ADJ
taxlaw-3469	349	19	rents	rent	NOUN
taxlaw-3469	349	20	for	for	ADP
taxlaw-3469	349	21	any	any	DET
taxlaw-3469	349	22	combination	combination	NOUN
taxlaw-3469	349	23	of	of	ADP
taxlaw-3469	349	24	transaction	transaction	NOUN
taxlaw-3469	349	25	costs	cost	NOUN
taxlaw-3469	349	26	and	and	CCONJ
taxlaw-3469	349	27	economic	economic	ADJ
taxlaw-3469	349	28	rents	rent	NOUN
taxlaw-3469	349	29	lying	lie	VERB
taxlaw-3469	349	30	above	above	ADP
taxlaw-3469	349	31	the	the	DET
taxlaw-3469	349	32	“	"	PUNCT
taxlaw-3469	349	33	indifference	indifference	NOUN
taxlaw-3469	349	34	curve	curve	NOUN
taxlaw-3469	349	35	”	"	PUNCT
taxlaw-3469	349	36	in	in	ADP
taxlaw-3469	349	37	figure	figure	NOUN
taxlaw-3469	349	38	1	1	NUM
taxlaw-3469	349	39	,	,	PUNCT
taxlaw-3469	349	40	the	the	DET
taxlaw-3469	349	41	united	united	PROPN
taxlaw-3469	349	42	states	states	PROPN
taxlaw-3469	349	43	is	be	AUX
taxlaw-3469	349	44	the	the	DET
taxlaw-3469	349	45	preferred	preferred	ADJ
taxlaw-3469	349	46	location	location	NOUN
taxlaw-3469	349	47	of	of	ADP
taxlaw-3469	349	48	the	the	DET
taxlaw-3469	349	49	investment	investment	NOUN
taxlaw-3469	349	50	while	while	SCONJ
taxlaw-3469	349	51	the	the	DET
taxlaw-3469	349	52	zerotax	zerotax	NOUN
taxlaw-3469	349	53	foreign	foreign	ADJ
taxlaw-3469	349	54	jurisdiction	jurisdiction	NOUN
taxlaw-3469	349	55	is	be	AUX
taxlaw-3469	349	56	the	the	DET
taxlaw-3469	349	57	preferred	preferred	ADJ
taxlaw-3469	349	58	location	location	NOUN
taxlaw-3469	349	59	for	for	ADP
taxlaw-3469	349	60	transaction	transaction	NOUN
taxlaw-3469	349	61	cost	cost	NOUN
taxlaw-3469	349	62	-	-	PUNCT
taxlaw-3469	349	63	economic	economic	ADJ
taxlaw-3469	349	64	rent	rent	NOUN
taxlaw-3469	349	65	combinations	combination	NOUN
taxlaw-3469	349	66	that	that	PRON
taxlaw-3469	349	67	lie	lie	VERB
taxlaw-3469	349	68	below	below	ADP
taxlaw-3469	349	69	the	the	DET
taxlaw-3469	349	70	curve	curve	NOUN
taxlaw-3469	349	71	.	.	PUNCT
taxlaw-3469	350	1	the	the	DET
taxlaw-3469	350	2	indifference	indifference	NOUN
taxlaw-3469	350	3	curve	curve	VERB
taxlaw-3469	350	4	itself	itself	PRON
taxlaw-3469	350	5	shifts	shift	NOUN
taxlaw-3469	350	6	downwards	downwards	ADV
taxlaw-3469	350	7	–	–	PUNCT
taxlaw-3469	350	8	increasing	increase	VERB
taxlaw-3469	350	9	the	the	DET
taxlaw-3469	350	10	space	space	NOUN
taxlaw-3469	350	11	over	over	ADP
taxlaw-3469	350	12	which	which	PRON
taxlaw-3469	350	13	the	the	DET
taxlaw-3469	350	14	united	united	PROPN
taxlaw-3469	350	15	states	states	PROPN
taxlaw-3469	350	16	is	be	AUX
taxlaw-3469	350	17	the	the	DET
taxlaw-3469	350	18	preferred	preferred	ADJ
taxlaw-3469	350	19	investment	investment	NOUN
taxlaw-3469	350	20	location	location	NOUN
taxlaw-3469	350	21	–	–	PUNCT
taxlaw-3469	350	22	as	as	SCONJ
taxlaw-3469	350	23	the	the	DET
taxlaw-3469	350	24	foreign	foreign	ADJ
taxlaw-3469	350	25	tax	tax	NOUN
taxlaw-3469	350	26	rate	rate	NOUN
taxlaw-3469	350	27	rises	rise	VERB
taxlaw-3469	350	28	above	above	ADP
taxlaw-3469	350	29	zero	zero	NUM
taxlaw-3469	350	30	.	.	PUNCT
taxlaw-3469	351	1	for	for	ADP
taxlaw-3469	351	2	a	a	DET
taxlaw-3469	351	3	foreign	foreign	ADJ
taxlaw-3469	351	4	tax	tax	NOUN
taxlaw-3469	351	5	rate	rate	NOUN
taxlaw-3469	351	6	equal	equal	ADJ
taxlaw-3469	351	7	to	to	ADP
taxlaw-3469	351	8	13.125	13.125	NUM
taxlaw-3469	351	9	percent	percent	NOUN
taxlaw-3469	351	10	,	,	PUNCT
taxlaw-3469	351	11	the	the	DET
taxlaw-3469	351	12	indifference	indifference	NOUN
taxlaw-3469	351	13	curve	curve	NOUN
taxlaw-3469	351	14	for	for	ADP
taxlaw-3469	351	15	the	the	DET
taxlaw-3469	351	16	2019	2019	NUM
taxlaw-3469	351	17	]	]	SYM
taxlaw-3469	351	18	219	219	NUM
taxlaw-3469	351	19	the	the	DET
taxlaw-3469	351	20	impact	impact	NOUN
taxlaw-3469	351	21	of	of	ADP
taxlaw-3469	351	22	gilti	gilti	NOUN
taxlaw-3469	351	23	and	and	CCONJ
taxlaw-3469	351	24	fdii	fdii	NOUN
taxlaw-3469	351	25	on	on	ADP
taxlaw-3469	351	26	the	the	DET
taxlaw-3469	351	27	investment	investment	NOUN
taxlaw-3469	351	28	location	location	NOUN
taxlaw-3469	351	29	choice	choice	NOUN
taxlaw-3469	351	30	of	of	ADP
taxlaw-3469	351	31	u.s	u.s	PROPN
taxlaw-3469	351	32	.	.	PROPN
taxlaw-3469	351	33	multinationals	multinational	NOUN
taxlaw-3469	351	34	candidate	candidate	NOUN
taxlaw-3469	351	35	investment	investment	NOUN
taxlaw-3469	351	36	in	in	ADP
taxlaw-3469	351	37	our	our	PRON
taxlaw-3469	351	38	example	example	NOUN
taxlaw-3469	351	39	will	will	AUX
taxlaw-3469	351	40	coincide	coincide	VERB
taxlaw-3469	351	41	with	with	ADP
taxlaw-3469	351	42	the	the	DET
taxlaw-3469	351	43	horizontal	horizontal	PROPN
taxlaw-3469	351	44	axis.75	axis.75	PROPN
taxlaw-3469	351	45	thus	thus	ADV
taxlaw-3469	351	46	,	,	PUNCT
taxlaw-3469	351	47	for	for	ADP
taxlaw-3469	351	48	a	a	DET
taxlaw-3469	351	49	range	range	NOUN
taxlaw-3469	351	50	of	of	ADP
taxlaw-3469	351	51	investment	investment	NOUN
taxlaw-3469	351	52	profiles	profile	NOUN
taxlaw-3469	351	53	,	,	PUNCT
taxlaw-3469	351	54	the	the	DET
taxlaw-3469	351	55	rules	rule	NOUN
taxlaw-3469	351	56	on	on	ADP
taxlaw-3469	351	57	gilti	gilti	NOUN
taxlaw-3469	351	58	and	and	CCONJ
taxlaw-3469	351	59	fdii	fdii	NOUN
taxlaw-3469	351	60	might	might	AUX
taxlaw-3469	351	61	leave	leave	VERB
taxlaw-3469	351	62	little	little	ADJ
taxlaw-3469	351	63	or	or	CCONJ
taxlaw-3469	351	64	no	no	PRON
taxlaw-3469	351	65	tax	tax	NOUN
taxlaw-3469	351	66	-	-	PUNCT
taxlaw-3469	351	67	rate	rate	NOUN
taxlaw-3469	351	68	arbitrage	arbitrage	NOUN
taxlaw-3469	351	69	opportunity	opportunity	NOUN
taxlaw-3469	351	70	when	when	SCONJ
taxlaw-3469	351	71	non	non	ADJ
taxlaw-3469	351	72	-	-	ADJ
taxlaw-3469	351	73	tax	tax	ADJ
taxlaw-3469	351	74	transactions	transaction	NOUN
taxlaw-3469	351	75	costs	cost	NOUN
taxlaw-3469	351	76	over	over	ADP
taxlaw-3469	351	77	the	the	DET
taxlaw-3469	351	78	investment	investment	NOUN
taxlaw-3469	351	79	’s	’s	PART
taxlaw-3469	351	80	life	life	NOUN
taxlaw-3469	351	81	cycle	cycle	NOUN
taxlaw-3469	351	82	are	be	AUX
taxlaw-3469	351	83	fully	fully	ADV
taxlaw-3469	351	84	incorporated	incorporate	VERB
taxlaw-3469	351	85	in	in	ADP
taxlaw-3469	351	86	the	the	DET
taxlaw-3469	351	87	firm	firm	NOUN
taxlaw-3469	351	88	’s	’s	PART
taxlaw-3469	351	89	cost	cost	NOUN
taxlaw-3469	351	90	-	-	PUNCT
taxlaw-3469	351	91	benefit	benefit	NOUN
taxlaw-3469	351	92	calculus	calculus	NOUN
taxlaw-3469	351	93	.	.	PUNCT
taxlaw-3469	352	1	in	in	ADP
taxlaw-3469	352	2	particular	particular	ADJ
taxlaw-3469	352	3	,	,	PUNCT
taxlaw-3469	352	4	new	new	ADJ
taxlaw-3469	352	5	investments	investment	NOUN
taxlaw-3469	352	6	with	with	ADP
taxlaw-3469	352	7	extremely	extremely	ADV
taxlaw-3469	352	8	(	(	PUNCT
taxlaw-3469	352	9	and	and	CCONJ
taxlaw-3469	352	10	possibly	possibly	ADV
taxlaw-3469	352	11	,	,	PUNCT
taxlaw-3469	352	12	implausibly	implausibly	ADV
taxlaw-3469	352	13	)	)	PUNCT
taxlaw-3469	352	14	high	high	ADJ
taxlaw-3469	352	15	rates	rate	NOUN
taxlaw-3469	352	16	of	of	ADP
taxlaw-3469	352	17	expected	expect	VERB
taxlaw-3469	352	18	economic	economic	ADJ
taxlaw-3469	352	19	rents	rent	NOUN
taxlaw-3469	352	20	would	would	AUX
taxlaw-3469	352	21	be	be	AUX
taxlaw-3469	352	22	the	the	DET
taxlaw-3469	352	23	suitable	suitable	ADJ
taxlaw-3469	352	24	candidates	candidate	NOUN
taxlaw-3469	352	25	for	for	ADP
taxlaw-3469	352	26	offshoring	offshore	VERB
taxlaw-3469	352	27	to	to	ADP
taxlaw-3469	352	28	low	low	ADJ
taxlaw-3469	352	29	-	-	PUNCT
taxlaw-3469	352	30	tax	tax	NOUN
taxlaw-3469	352	31	jurisdictions	jurisdiction	NOUN
taxlaw-3469	352	32	.	.	PUNCT
taxlaw-3469	353	1	other	other	ADJ
taxlaw-3469	353	2	things	thing	NOUN
taxlaw-3469	353	3	equal	equal	ADJ
taxlaw-3469	353	4	,	,	PUNCT
taxlaw-3469	353	5	large	large	ADJ
taxlaw-3469	353	6	scale	scale	NOUN
taxlaw-3469	353	7	investments	investment	NOUN
taxlaw-3469	353	8	might	might	AUX
taxlaw-3469	353	9	also	also	ADV
taxlaw-3469	353	10	be	be	AUX
taxlaw-3469	353	11	suitable	suitable	ADJ
taxlaw-3469	353	12	candidates	candidate	NOUN
taxlaw-3469	353	13	for	for	ADP
taxlaw-3469	353	14	offshoring	offshore	VERB
taxlaw-3469	353	15	.	.	PUNCT
taxlaw-3469	354	1	non	non	ADJ
taxlaw-3469	354	2	-	-	ADJ
taxlaw-3469	354	3	tax	tax	ADJ
taxlaw-3469	354	4	transaction	transaction	NOUN
taxlaw-3469	354	5	costs	cost	NOUN
taxlaw-3469	354	6	may	may	AUX
taxlaw-3469	354	7	exhibit	exhibit	VERB
taxlaw-3469	354	8	some	some	DET
taxlaw-3469	354	9	economies	economy	NOUN
taxlaw-3469	354	10	of	of	ADP
taxlaw-3469	354	11	scale	scale	NOUN
taxlaw-3469	354	12	and	and	CCONJ
taxlaw-3469	354	13	,	,	PUNCT
taxlaw-3469	354	14	in	in	ADP
taxlaw-3469	354	15	absolute	absolute	ADJ
taxlaw-3469	354	16	terms	term	NOUN
taxlaw-3469	354	17	,	,	PUNCT
taxlaw-3469	354	18	may	may	AUX
taxlaw-3469	354	19	be	be	AUX
taxlaw-3469	354	20	lower	low	ADJ
taxlaw-3469	354	21	than	than	ADP
taxlaw-3469	354	22	the	the	DET
taxlaw-3469	354	23	“	"	PUNCT
taxlaw-3469	354	24	indifference	indifference	NOUN
taxlaw-3469	354	25	threshold	threshold	NOUN
taxlaw-3469	354	26	”	"	PUNCT
taxlaw-3469	354	27	for	for	ADP
taxlaw-3469	354	28	extremely	extremely	ADV
taxlaw-3469	354	29	large	large	ADJ
taxlaw-3469	354	30	investments	investment	NOUN
taxlaw-3469	354	31	with	with	ADP
taxlaw-3469	354	32	high	high	ADJ
taxlaw-3469	354	33	expected	expect	VERB
taxlaw-3469	354	34	rents	rent	NOUN
taxlaw-3469	354	35	.	.	PUNCT
taxlaw-3469	355	1	c.	c.	PROPN
taxlaw-3469	355	2	tangible	tangible	ADJ
taxlaw-3469	355	3	capital	capital	NOUN
taxlaw-3469	355	4	turning	turn	VERB
taxlaw-3469	355	5	now	now	ADV
taxlaw-3469	355	6	to	to	ADP
taxlaw-3469	355	7	the	the	DET
taxlaw-3469	355	8	location	location	NOUN
taxlaw-3469	355	9	choice	choice	NOUN
taxlaw-3469	355	10	for	for	ADP
taxlaw-3469	355	11	new	new	ADJ
taxlaw-3469	355	12	investments	investment	NOUN
taxlaw-3469	355	13	in	in	ADP
taxlaw-3469	355	14	tangible	tangible	ADJ
taxlaw-3469	355	15	capital	capital	NOUN
taxlaw-3469	355	16	,	,	PUNCT
taxlaw-3469	355	17	the	the	DET
taxlaw-3469	355	18	combination	combination	NOUN
taxlaw-3469	355	19	of	of	ADP
taxlaw-3469	355	20	the	the	DET
taxlaw-3469	355	21	gilti	gilti	NOUN
taxlaw-3469	355	22	and	and	CCONJ
taxlaw-3469	355	23	fdii	fdii	VERB
taxlaw-3469	355	24	rules	rule	NOUN
taxlaw-3469	355	25	may	may	AUX
taxlaw-3469	355	26	provide	provide	VERB
taxlaw-3469	355	27	a	a	DET
taxlaw-3469	355	28	motivation	motivation	NOUN
taxlaw-3469	355	29	for	for	SCONJ
taxlaw-3469	355	30	firms	firm	NOUN
taxlaw-3469	355	31	to	to	PART
taxlaw-3469	355	32	locate	locate	VERB
taxlaw-3469	355	33	tangible	tangible	ADJ
taxlaw-3469	355	34	property	property	NOUN
taxlaw-3469	355	35	overseas	overseas	ADV
taxlaw-3469	355	36	.	.	PUNCT
taxlaw-3469	356	1	76	76	NUM
taxlaw-3469	356	2	first	first	ADJ
taxlaw-3469	357	1	,	,	PUNCT
taxlaw-3469	357	2	10	10	NUM
taxlaw-3469	357	3	percent	percent	NOUN
taxlaw-3469	357	4	of	of	ADP
taxlaw-3469	357	5	qbai	qbai	NOUN
taxlaw-3469	357	6	(	(	PUNCT
taxlaw-3469	357	7	the	the	DET
taxlaw-3469	357	8	tax	tax	NOUN
taxlaw-3469	357	9	basis	basis	NOUN
taxlaw-3469	357	10	in	in	ADP
taxlaw-3469	357	11	such	such	ADJ
taxlaw-3469	357	12	tangible	tangible	ADJ
taxlaw-3469	357	13	property	property	NOUN
taxlaw-3469	357	14	)	)	PUNCT
taxlaw-3469	357	15	is	be	AUX
taxlaw-3469	357	16	removed	remove	VERB
taxlaw-3469	357	17	from	from	ADP
taxlaw-3469	357	18	fdii	fdii	NOUN
taxlaw-3469	357	19	,	,	PUNCT
taxlaw-3469	357	20	thereby	thereby	ADV
taxlaw-3469	357	21	lowering	lower	VERB
taxlaw-3469	357	22	the	the	DET
taxlaw-3469	357	23	tax	tax	NOUN
taxlaw-3469	357	24	benefit	benefit	NOUN
taxlaw-3469	357	25	afforded	afford	VERB
taxlaw-3469	357	26	by	by	ADP
taxlaw-3469	357	27	the	the	DET
taxlaw-3469	357	28	fdii	fdii	NOUN
taxlaw-3469	357	29	deduction	deduction	NOUN
taxlaw-3469	357	30	.	.	PUNCT
taxlaw-3469	358	1	second	second	ADJ
taxlaw-3469	358	2	,	,	PUNCT
taxlaw-3469	358	3	and	and	CCONJ
taxlaw-3469	358	4	in	in	ADP
taxlaw-3469	358	5	the	the	DET
taxlaw-3469	358	6	same	same	ADJ
taxlaw-3469	358	7	vein	vein	NOUN
taxlaw-3469	358	8	,	,	PUNCT
taxlaw-3469	358	9	10	10	NUM
taxlaw-3469	358	10	percent	percent	NOUN
taxlaw-3469	358	11	of	of	ADP
taxlaw-3469	358	12	qbai	qbai	NOUN
taxlaw-3469	358	13	held	hold	VERB
taxlaw-3469	358	14	overseas	overseas	ADV
taxlaw-3469	358	15	reduces	reduce	VERB
taxlaw-3469	358	16	gilti	gilti	NOUN
taxlaw-3469	358	17	and	and	CCONJ
taxlaw-3469	358	18	thereby	thereby	ADV
taxlaw-3469	358	19	reduces	reduce	VERB
taxlaw-3469	358	20	the	the	DET
taxlaw-3469	358	21	tax	tax	NOUN
taxlaw-3469	358	22	’s	’s	PART
taxlaw-3469	358	23	deterrent	deterrent	NOUN
taxlaw-3469	358	24	impact	impact	NOUN
taxlaw-3469	358	25	.	.	PUNCT
taxlaw-3469	359	1	to	to	PART
taxlaw-3469	359	2	analyze	analyze	VERB
taxlaw-3469	359	3	a	a	DET
taxlaw-3469	359	4	u.s	u.s	PROPN
taxlaw-3469	359	5	.	.	PROPN
taxlaw-3469	359	6	mnc	mnc	PROPN
taxlaw-3469	359	7	’s	’s	PART
taxlaw-3469	359	8	location	location	NOUN
taxlaw-3469	359	9	choice	choice	NOUN
taxlaw-3469	359	10	with	with	ADP
taxlaw-3469	359	11	regard	regard	NOUN
taxlaw-3469	359	12	to	to	ADP
taxlaw-3469	359	13	new	new	ADJ
taxlaw-3469	359	14	investments	investment	NOUN
taxlaw-3469	359	15	in	in	ADP
taxlaw-3469	359	16	tangible	tangible	ADJ
taxlaw-3469	359	17	capital	capital	NOUN
taxlaw-3469	359	18	we	we	PRON
taxlaw-3469	359	19	start	start	VERB
taxlaw-3469	359	20	with	with	ADP
taxlaw-3469	359	21	the	the	DET
taxlaw-3469	359	22	same	same	ADJ
taxlaw-3469	359	23	investment	investment	NOUN
taxlaw-3469	359	24	profile	profile	NOUN
taxlaw-3469	359	25	as	as	SCONJ
taxlaw-3469	359	26	shown	show	VERB
taxlaw-3469	359	27	in	in	ADP
taxlaw-3469	359	28	table	table	NOUN
taxlaw-3469	359	29	1	1	NUM
taxlaw-3469	359	30	but	but	CCONJ
taxlaw-3469	359	31	which	which	PRON
taxlaw-3469	359	32	is	be	AUX
taxlaw-3469	359	33	now	now	ADV
taxlaw-3469	359	34	assumed	assume	VERB
taxlaw-3469	359	35	to	to	PART
taxlaw-3469	359	36	apply	apply	VERB
taxlaw-3469	359	37	to	to	ADP
taxlaw-3469	359	38	a	a	DET
taxlaw-3469	359	39	tangible	tangible	ADJ
taxlaw-3469	359	40	investment	investment	NOUN
taxlaw-3469	359	41	.	.	PUNCT
taxlaw-3469	360	1	the	the	DET
taxlaw-3469	360	2	assumption	assumption	NOUN
taxlaw-3469	360	3	of	of	ADP
taxlaw-3469	360	4	such	such	ADJ
taxlaw-3469	360	5	high	high	ADJ
taxlaw-3469	360	6	economic	economic	ADJ
taxlaw-3469	360	7	rents	rent	NOUN
taxlaw-3469	360	8	may	may	AUX
taxlaw-3469	360	9	seem	seem	VERB
taxlaw-3469	360	10	implausible	implausible	ADJ
taxlaw-3469	360	11	in	in	ADP
taxlaw-3469	360	12	the	the	DET
taxlaw-3469	360	13	context	context	NOUN
taxlaw-3469	360	14	of	of	ADP
taxlaw-3469	360	15	tangible	tangible	ADJ
taxlaw-3469	360	16	capital	capital	NOUN
taxlaw-3469	360	17	.	.	PUNCT
taxlaw-3469	361	1	however	however	ADV
taxlaw-3469	361	2	,	,	PUNCT
taxlaw-3469	361	3	since	since	SCONJ
taxlaw-3469	361	4	the	the	DET
taxlaw-3469	361	5	perceived	perceive	VERB
taxlaw-3469	361	6	benefit	benefit	NOUN
taxlaw-3469	361	7	from	from	ADP
taxlaw-3469	361	8	offshoring	offshore	VERB
taxlaw-3469	361	9	tangible	tangible	ADJ
taxlaw-3469	361	10	capital	capital	NOUN
taxlaw-3469	361	11	comes	come	VERB
taxlaw-3469	361	12	from	from	ADP
taxlaw-3469	361	13	such	such	ADJ
taxlaw-3469	361	14	rents	rent	NOUN
taxlaw-3469	361	15	being	be	AUX
taxlaw-3469	361	16	shielded	shield	VERB
taxlaw-3469	361	17	from	from	ADP
taxlaw-3469	361	18	u.s	u.s	PROPN
taxlaw-3469	361	19	.	.	PROPN
taxlaw-3469	361	20	tax	tax	NOUN
taxlaw-3469	361	21	by	by	ADP
taxlaw-3469	361	22	the	the	DET
taxlaw-3469	361	23	10	10	NUM
taxlaw-3469	361	24	percent	percent	NOUN
taxlaw-3469	361	25	return	return	NOUN
taxlaw-3469	361	26	on	on	ADP
taxlaw-3469	361	27	qbai	qbai	NOUN
taxlaw-3469	361	28	(	(	PUNCT
taxlaw-3469	361	29	as	as	ADV
taxlaw-3469	361	30	well	well	ADV
taxlaw-3469	361	31	as	as	ADP
taxlaw-3469	361	32	by	by	ADP
taxlaw-3469	361	33	enhancing	enhance	VERB
taxlaw-3469	361	34	the	the	DET
taxlaw-3469	361	35	fdii	fdii	NOUN
taxlaw-3469	361	36	benefit	benefit	NOUN
taxlaw-3469	361	37	)	)	PUNCT
taxlaw-3469	361	38	,	,	PUNCT
taxlaw-3469	361	39	the	the	DET
taxlaw-3469	361	40	assumption	assumption	NOUN
taxlaw-3469	361	41	of	of	ADP
taxlaw-3469	361	42	high	high	ADJ
taxlaw-3469	361	43	rents	rent	NOUN
taxlaw-3469	361	44	to	to	ADP
taxlaw-3469	361	45	tangible	tangible	ADJ
taxlaw-3469	361	46	capital	capital	NOUN
taxlaw-3469	361	47	allows	allow	VERB
taxlaw-3469	361	48	us	we	PRON
taxlaw-3469	361	49	to	to	PART
taxlaw-3469	361	50	evaluate	evaluate	VERB
taxlaw-3469	361	51	the	the	DET
taxlaw-3469	361	52	accuracy	accuracy	NOUN
taxlaw-3469	361	53	of	of	ADP
taxlaw-3469	361	54	that	that	DET
taxlaw-3469	361	55	claim	claim	NOUN
taxlaw-3469	361	56	in	in	ADP
taxlaw-3469	361	57	the	the	DET
taxlaw-3469	361	58	situation	situation	NOUN
taxlaw-3469	361	59	where	where	SCONJ
taxlaw-3469	361	60	it	it	PRON
taxlaw-3469	361	61	would	would	AUX
taxlaw-3469	361	62	be	be	AUX
taxlaw-3469	361	63	most	most	ADV
taxlaw-3469	361	64	likely	likely	ADJ
taxlaw-3469	361	65	to	to	PART
taxlaw-3469	361	66	hold.77	hold.77	VERB
taxlaw-3469	361	67	overseas	overseas	ADJ
taxlaw-3469	361	68	jurisdictions	jurisdiction	NOUN
taxlaw-3469	361	69	that	that	PRON
taxlaw-3469	361	70	are	be	AUX
taxlaw-3469	361	71	likely	likely	ADJ
taxlaw-3469	361	72	candidate	candidate	NOUN
taxlaw-3469	361	73	locations	location	NOUN
taxlaw-3469	361	74	for	for	ADP
taxlaw-3469	361	75	tangible	tangible	ADJ
taxlaw-3469	361	76	capital	capital	NOUN
taxlaw-3469	361	77	,	,	PUNCT
taxlaw-3469	361	78	such	such	ADJ
taxlaw-3469	361	79	as	as	ADP
taxlaw-3469	361	80	factories	factory	NOUN
taxlaw-3469	361	81	,	,	PUNCT
taxlaw-3469	361	82	are	be	AUX
taxlaw-3469	361	83	unlikely	unlikely	ADJ
taxlaw-3469	361	84	to	to	PART
taxlaw-3469	361	85	offer	offer	VERB
taxlaw-3469	361	86	close	close	ADV
taxlaw-3469	361	87	to	to	ADP
taxlaw-3469	361	88	zero	zero	NUM
taxlaw-3469	361	89	tax	tax	NOUN
taxlaw-3469	361	90	rates	rate	NOUN
taxlaw-3469	361	91	.	.	PUNCT
taxlaw-3469	362	1	unlike	unlike	ADP
taxlaw-3469	362	2	the	the	DET
taxlaw-3469	362	3	analysis	analysis	NOUN
taxlaw-3469	362	4	above	above	ADV
taxlaw-3469	362	5	for	for	ADP
taxlaw-3469	362	6	intangible	intangible	ADJ
taxlaw-3469	362	7	investments	investment	NOUN
taxlaw-3469	362	8	,	,	PUNCT
taxlaw-3469	362	9	the	the	DET
taxlaw-3469	362	10	foreign	foreign	ADJ
taxlaw-3469	362	11	tax	tax	NOUN
taxlaw-3469	362	12	rate	rate	NOUN
taxlaw-3469	362	13	assumed	assume	VERB
taxlaw-3469	362	14	in	in	ADP
taxlaw-3469	362	15	this	this	DET
taxlaw-3469	362	16	section	section	NOUN
taxlaw-3469	362	17	is	be	AUX
taxlaw-3469	362	18	8.5	8.5	NUM
taxlaw-3469	362	19	percent	percent	NOUN
taxlaw-3469	362	20	.	.	PUNCT
taxlaw-3469	363	1	our	our	PRON
taxlaw-3469	363	2	thinking	thinking	NOUN
taxlaw-3469	363	3	behind	behind	ADP
taxlaw-3469	363	4	this	this	DET
taxlaw-3469	363	5	assumption	assumption	NOUN
taxlaw-3469	363	6	is	be	AUX
taxlaw-3469	363	7	that	that	SCONJ
taxlaw-3469	363	8	the	the	DET
taxlaw-3469	363	9	firm	firm	NOUN
taxlaw-3469	363	10	will	will	AUX
taxlaw-3469	363	11	be	be	AUX
taxlaw-3469	363	12	constrained	constrain	VERB
taxlaw-3469	363	13	to	to	PART
taxlaw-3469	363	14	retain	retain	VERB
taxlaw-3469	363	15	–	–	PUNCT
taxlaw-3469	363	16	for	for	ADP
taxlaw-3469	363	17	income	income	NOUN
taxlaw-3469	363	18	tax	tax	NOUN
taxlaw-3469	363	19	purposes	purpose	NOUN
taxlaw-3469	363	20	–	–	PUNCT
taxlaw-3469	363	21	at	at	ADP
taxlaw-3469	363	22	a	a	DET
taxlaw-3469	363	23	minimum	minimum	NOUN
taxlaw-3469	363	24	,	,	PUNCT
taxlaw-3469	363	25	the	the	DET
taxlaw-3469	363	26	normal	normal	ADJ
taxlaw-3469	363	27	rate	rate	NOUN
taxlaw-3469	363	28	of	of	ADP
taxlaw-3469	363	29	return	return	NOUN
taxlaw-3469	363	30	in	in	ADP
taxlaw-3469	363	31	the	the	DET
taxlaw-3469	363	32	jurisdiction	jurisdiction	NOUN
taxlaw-3469	363	33	that	that	PRON
taxlaw-3469	363	34	houses	house	VERB
taxlaw-3469	363	35	the	the	DET
taxlaw-3469	363	36	physical	physical	ADJ
taxlaw-3469	363	37	capital	capital	NOUN
taxlaw-3469	363	38	.	.	PUNCT
taxlaw-3469	364	1	we	we	PRON
taxlaw-3469	364	2	take	take	VERB
taxlaw-3469	364	3	the	the	DET
taxlaw-3469	364	4	oecd	oecd	PROPN
taxlaw-3469	364	5	average	average	ADJ
taxlaw-3469	364	6	corporate	corporate	ADJ
taxlaw-3469	364	7	tax	tax	NOUN
taxlaw-3469	364	8	rate	rate	NOUN
taxlaw-3469	364	9	of	of	ADP
taxlaw-3469	364	10	approximately	approximately	ADV
taxlaw-3469	364	11	25	25	NUM
taxlaw-3469	364	12	percent	percent	NOUN
taxlaw-3469	364	13	applying	apply	VERB
taxlaw-3469	364	14	to	to	ADP
taxlaw-3469	364	15	this	this	DET
taxlaw-3469	364	16	part	part	NOUN
taxlaw-3469	364	17	of	of	ADP
taxlaw-3469	364	18	the	the	DET
taxlaw-3469	364	19	income	income	NOUN
taxlaw-3469	364	20	that	that	PRON
taxlaw-3469	364	21	will	will	AUX
taxlaw-3469	364	22	be	be	AUX
taxlaw-3469	364	23	reported	report	VERB
taxlaw-3469	364	24	in	in	ADP
taxlaw-3469	364	25	the	the	DET
taxlaw-3469	364	26	candidate	candidate	NOUN
taxlaw-3469	364	27	location	location	NOUN
taxlaw-3469	364	28	of	of	ADP
taxlaw-3469	364	29	the	the	DET
taxlaw-3469	364	30	tangible	tangible	ADJ
taxlaw-3469	364	31	capital.78	capital.78	NOUN
taxlaw-3469	364	32	we	we	PRON
taxlaw-3469	364	33	assume	assume	VERB
taxlaw-3469	364	34	an	an	DET
taxlaw-3469	364	35	effective	effective	ADJ
taxlaw-3469	364	36	tax	tax	NOUN
taxlaw-3469	364	37	rate	rate	NOUN
taxlaw-3469	364	38	of	of	ADP
taxlaw-3469	364	39	zero	zero	NUM
taxlaw-3469	364	40	on	on	ADP
taxlaw-3469	364	41	the	the	DET
taxlaw-3469	364	42	economic	economic	ADJ
taxlaw-3469	364	43	rents	rent	NOUN
taxlaw-3469	364	44	as	as	ADP
taxlaw-3469	364	45	the	the	DET
taxlaw-3469	364	46	best	good	ADJ
taxlaw-3469	364	47	outcome	outcome	NOUN
taxlaw-3469	364	48	the	the	DET
taxlaw-3469	364	49	firm	firm	NOUN
taxlaw-3469	364	50	can	can	AUX
taxlaw-3469	364	51	effectively	effectively	ADV
taxlaw-3469	364	52	achieve	achieve	VERB
taxlaw-3469	364	53	by	by	ADP
taxlaw-3469	364	54	separating	separate	VERB
taxlaw-3469	364	55	its	its	PRON
taxlaw-3469	364	56	location	location	NOUN
taxlaw-3469	364	57	from	from	ADP
taxlaw-3469	364	58	that	that	PRON
taxlaw-3469	364	59	of	of	ADP
taxlaw-3469	364	60	the	the	DET
taxlaw-3469	364	61	physical	physical	ADJ
taxlaw-3469	364	62	capital	capital	NOUN
taxlaw-3469	364	63	assuming	assume	VERB
taxlaw-3469	364	64	it	it	PRON
taxlaw-3469	364	65	satisfies	satisfy	VERB
taxlaw-3469	364	66	the	the	DET
taxlaw-3469	364	67	types	type	NOUN
taxlaw-3469	364	68	of	of	ADP
taxlaw-3469	364	69	post	post	ADJ
taxlaw-3469	364	70	-	-	ADJ
taxlaw-3469	364	71	beps	beps	ADJ
taxlaw-3469	364	72	considerations	consideration	NOUN
taxlaw-3469	364	73	and	and	CCONJ
taxlaw-3469	364	74	constraints	constraint	NOUN
taxlaw-3469	364	75	described	describe	VERB
taxlaw-3469	364	76	in	in	ADP
taxlaw-3469	364	77	the	the	DET
taxlaw-3469	364	78	previous	previous	ADJ
taxlaw-3469	364	79	section.79	section.79	VERB
taxlaw-3469	364	80	the	the	DET
taxlaw-3469	364	81	assumed	assumed	ADJ
taxlaw-3469	364	82	75	75	NUM
taxlaw-3469	364	83	to	to	PART
taxlaw-3469	364	84	reiterate	reiterate	VERB
taxlaw-3469	364	85	,	,	PUNCT
taxlaw-3469	364	86	this	this	PRON
taxlaw-3469	364	87	ignores	ignore	VERB
taxlaw-3469	364	88	section	section	NOUN
taxlaw-3469	364	89	904	904	NUM
taxlaw-3469	364	90	limitations	limitation	NOUN
taxlaw-3469	364	91	.	.	PUNCT
taxlaw-3469	365	1	76	76	NUM
taxlaw-3469	365	2	kamin	kamin	PROPN
taxlaw-3469	365	3	et	et	PROPN
taxlaw-3469	365	4	al	al	PROPN
taxlaw-3469	365	5	.	.	PROPN
taxlaw-3469	365	6	,	,	PUNCT
taxlaw-3469	365	7	supra	supra	PROPN
taxlaw-3469	365	8	note	note	VERB
taxlaw-3469	365	9	7	7	NUM
taxlaw-3469	365	10	.	.	SYM
taxlaw-3469	365	11	77	77	NUM
taxlaw-3469	365	12	readers	reader	NOUN
taxlaw-3469	365	13	may	may	AUX
taxlaw-3469	365	14	interpret	interpret	VERB
taxlaw-3469	365	15	the	the	DET
taxlaw-3469	365	16	assumption	assumption	NOUN
taxlaw-3469	365	17	as	as	ADP
taxlaw-3469	365	18	capturing	capture	VERB
taxlaw-3469	365	19	the	the	DET
taxlaw-3469	365	20	rate	rate	NOUN
taxlaw-3469	365	21	of	of	ADP
taxlaw-3469	365	22	economic	economic	ADJ
taxlaw-3469	365	23	rents	rent	NOUN
taxlaw-3469	365	24	in	in	ADP
taxlaw-3469	365	25	the	the	DET
taxlaw-3469	365	26	overall	overall	ADJ
taxlaw-3469	365	27	system	system	NOUN
taxlaw-3469	365	28	and	and	CCONJ
taxlaw-3469	365	29	not	not	PART
taxlaw-3469	365	30	necessarily	necessarily	ADV
taxlaw-3469	365	31	tied	tie	VERB
taxlaw-3469	365	32	,	,	PUNCT
taxlaw-3469	365	33	or	or	CCONJ
taxlaw-3469	365	34	attributable	attributable	ADJ
taxlaw-3469	365	35	to	to	ADP
taxlaw-3469	365	36	,	,	PUNCT
taxlaw-3469	365	37	the	the	DET
taxlaw-3469	365	38	tangible	tangible	ADJ
taxlaw-3469	365	39	system	system	NOUN
taxlaw-3469	365	40	.	.	PUNCT
taxlaw-3469	366	1	the	the	DET
taxlaw-3469	366	2	overall	overall	ADJ
taxlaw-3469	366	3	quantum	quantum	NOUN
taxlaw-3469	366	4	of	of	ADP
taxlaw-3469	366	5	rents	rent	NOUN
taxlaw-3469	366	6	under	under	ADP
taxlaw-3469	366	7	such	such	DET
taxlaw-3469	366	8	an	an	DET
taxlaw-3469	366	9	interpretation	interpretation	NOUN
taxlaw-3469	366	10	bears	bear	VERB
taxlaw-3469	366	11	a	a	DET
taxlaw-3469	366	12	relationship	relationship	NOUN
taxlaw-3469	366	13	to	to	ADP
taxlaw-3469	366	14	the	the	DET
taxlaw-3469	366	15	scale	scale	NOUN
taxlaw-3469	366	16	of	of	ADP
taxlaw-3469	366	17	the	the	DET
taxlaw-3469	366	18	tangible	tangible	ADJ
taxlaw-3469	366	19	investment	investment	NOUN
taxlaw-3469	366	20	via	via	ADP
taxlaw-3469	366	21	the	the	DET
taxlaw-3469	366	22	overall	overall	ADJ
taxlaw-3469	366	23	scale	scale	NOUN
taxlaw-3469	366	24	of	of	ADP
taxlaw-3469	366	25	operations	operation	NOUN
taxlaw-3469	366	26	.	.	PUNCT
taxlaw-3469	367	1	78	78	NUM
taxlaw-3469	367	2	corporate	corporate	ADJ
taxlaw-3469	367	3	tax	tax	NOUN
taxlaw-3469	367	4	rates	rate	NOUN
taxlaw-3469	367	5	around	around	ADP
taxlaw-3469	367	6	the	the	DET
taxlaw-3469	367	7	world	world	NOUN
taxlaw-3469	367	8	2018	2018	NUM
taxlaw-3469	367	9	,	,	PUNCT
taxlaw-3469	367	10	daniel	daniel	PROPN
taxlaw-3469	367	11	bunn	bunn	PROPN
taxlaw-3469	367	12	,	,	PUNCT
taxlaw-3469	367	13	fiscal	fiscal	ADJ
taxlaw-3469	367	14	fact	fact	NOUN
taxlaw-3469	367	15	623	623	NUM
taxlaw-3469	367	16	,	,	PUNCT
taxlaw-3469	367	17	tax	tax	NOUN
taxlaw-3469	367	18	found	find	VERB
taxlaw-3469	367	19	.	.	PUNCT
taxlaw-3469	368	1	,	,	PUNCT
taxlaw-3469	368	2	https://taxfoundation.org/corporate-tax-rates-around-world-2018/	https://taxfoundation.org/corporate-tax-rates-around-world-2018/	PROPN
taxlaw-3469	368	3	[	[	X
taxlaw-3469	368	4	https://perma.cc/z7bx-4l5e	https://perma.cc/z7bx-4l5e	X
taxlaw-3469	368	5	]	]	X
taxlaw-3469	368	6	.	.	PUNCT
taxlaw-3469	369	1	79	79	NUM
taxlaw-3469	369	2	see	see	VERB
taxlaw-3469	369	3	discussions	discussion	NOUN
taxlaw-3469	369	4	in	in	ADP
taxlaw-3469	369	5	section	section	NOUN
taxlaw-3469	369	6	iii.d	iii.d	PROPN
taxlaw-3469	369	7	.	.	PUNCT
taxlaw-3469	370	1	https://taxfoundation.org/corporate-tax-rates-around-world-2018/	https://taxfoundation.org/corporate-tax-rates-around-world-2018/	PROPN
taxlaw-3469	370	2	220	220	NUM
taxlaw-3469	370	3	[	[	X
taxlaw-3469	370	4	vol	vol	NOUN
taxlaw-3469	370	5	.	.	PUNCT
taxlaw-3469	371	1	10:2	10:2	NUM
taxlaw-3469	371	2	columbia	columbia	PROPN
taxlaw-3469	371	3	journal	journal	PROPN
taxlaw-3469	371	4	of	of	ADP
taxlaw-3469	371	5	tax	tax	NOUN
taxlaw-3469	371	6	law	law	NOUN
taxlaw-3469	371	7	foreign	foreign	ADJ
taxlaw-3469	371	8	tax	tax	NOUN
taxlaw-3469	371	9	rate	rate	NOUN
taxlaw-3469	371	10	of	of	ADP
taxlaw-3469	371	11	8.5	8.5	NUM
taxlaw-3469	371	12	percent	percent	NOUN
taxlaw-3469	371	13	on	on	ADP
taxlaw-3469	371	14	the	the	DET
taxlaw-3469	371	15	total	total	ADJ
taxlaw-3469	371	16	income	income	NOUN
taxlaw-3469	371	17	generated	generate	VERB
taxlaw-3469	371	18	from	from	ADP
taxlaw-3469	371	19	the	the	DET
taxlaw-3469	371	20	investment	investment	NOUN
taxlaw-3469	371	21	when	when	SCONJ
taxlaw-3469	371	22	located	locate	VERB
taxlaw-3469	371	23	overseas	overseas	ADV
taxlaw-3469	371	24	represents	represent	VERB
taxlaw-3469	371	25	a	a	DET
taxlaw-3469	371	26	rounded	rounded	ADJ
taxlaw-3469	371	27	approximation	approximation	NOUN
taxlaw-3469	371	28	of	of	ADP
taxlaw-3469	371	29	the	the	DET
taxlaw-3469	371	30	weighted	weight	VERB
taxlaw-3469	371	31	average	average	ADJ
taxlaw-3469	371	32	tax	tax	NOUN
taxlaw-3469	371	33	rate	rate	NOUN
taxlaw-3469	371	34	on	on	ADP
taxlaw-3469	371	35	the	the	DET
taxlaw-3469	371	36	normal	normal	ADJ
taxlaw-3469	371	37	return	return	NOUN
taxlaw-3469	371	38	and	and	CCONJ
taxlaw-3469	371	39	the	the	DET
taxlaw-3469	371	40	economic	economic	ADJ
taxlaw-3469	371	41	rents	rent	NOUN
taxlaw-3469	371	42	.	.	PUNCT
taxlaw-3469	372	1	an	an	DET
taxlaw-3469	372	2	important	important	ADJ
taxlaw-3469	372	3	consideration	consideration	NOUN
taxlaw-3469	372	4	with	with	ADP
taxlaw-3469	372	5	regard	regard	NOUN
taxlaw-3469	372	6	to	to	ADP
taxlaw-3469	372	7	investments	investment	NOUN
taxlaw-3469	372	8	in	in	ADP
taxlaw-3469	372	9	tangible	tangible	ADJ
taxlaw-3469	372	10	capital	capital	NOUN
taxlaw-3469	372	11	is	be	AUX
taxlaw-3469	372	12	the	the	DET
taxlaw-3469	372	13	expensing	expense	VERB
taxlaw-3469	372	14	rules	rule	NOUN
taxlaw-3469	372	15	of	of	ADP
taxlaw-3469	372	16	section	section	NOUN
taxlaw-3469	372	17	168(k	168(k	PROPN
taxlaw-3469	372	18	)	)	PUNCT
taxlaw-3469	372	19	,	,	PUNCT
taxlaw-3469	372	20	as	as	SCONJ
taxlaw-3469	372	21	amended	amend	VERB
taxlaw-3469	372	22	by	by	ADP
taxlaw-3469	372	23	section	section	NOUN
taxlaw-3469	372	24	13201	13201	NUM
taxlaw-3469	372	25	of	of	ADP
taxlaw-3469	372	26	the	the	DET
taxlaw-3469	372	27	tjca	tjca	NOUN
taxlaw-3469	372	28	.	.	PUNCT
taxlaw-3469	373	1	for	for	ADP
taxlaw-3469	373	2	investments	investment	NOUN
taxlaw-3469	373	3	in	in	ADP
taxlaw-3469	373	4	certain	certain	ADJ
taxlaw-3469	373	5	forms	form	NOUN
taxlaw-3469	373	6	of	of	ADP
taxlaw-3469	373	7	tangible	tangible	ADJ
taxlaw-3469	373	8	capital	capital	NOUN
taxlaw-3469	373	9	made	make	VERB
taxlaw-3469	373	10	within	within	ADP
taxlaw-3469	373	11	the	the	DET
taxlaw-3469	373	12	united	united	PROPN
taxlaw-3469	373	13	states	states	PROPN
taxlaw-3469	373	14	between	between	ADP
taxlaw-3469	373	15	2018	2018	NUM
taxlaw-3469	373	16	and	and	CCONJ
taxlaw-3469	373	17	2022	2022	NUM
taxlaw-3469	373	18	,	,	PUNCT
taxlaw-3469	373	19	expensing	expensing	NOUN
taxlaw-3469	373	20	means	mean	NOUN
taxlaw-3469	373	21	that	that	SCONJ
taxlaw-3469	373	22	the	the	DET
taxlaw-3469	373	23	tax	tax	NOUN
taxlaw-3469	373	24	treatment	treatment	NOUN
taxlaw-3469	373	25	of	of	ADP
taxlaw-3469	373	26	the	the	DET
taxlaw-3469	373	27	investment	investment	NOUN
taxlaw-3469	373	28	is	be	AUX
taxlaw-3469	373	29	given	give	VERB
taxlaw-3469	373	30	by	by	ADP
taxlaw-3469	373	31	column	column	NOUN
taxlaw-3469	373	32	(	(	PUNCT
taxlaw-3469	373	33	h	h	NOUN
taxlaw-3469	373	34	)	)	PUNCT
taxlaw-3469	373	35	in	in	ADP
taxlaw-3469	373	36	table	table	NOUN
taxlaw-3469	373	37	2.80	2.80	NUM
taxlaw-3469	373	38	in	in	ADP
taxlaw-3469	373	39	contrast	contrast	NOUN
taxlaw-3469	373	40	,	,	PUNCT
taxlaw-3469	373	41	the	the	DET
taxlaw-3469	373	42	tax	tax	NOUN
taxlaw-3469	373	43	rules	rule	NOUN
taxlaw-3469	373	44	of	of	ADP
taxlaw-3469	373	45	most	most	ADJ
taxlaw-3469	373	46	jurisdictions	jurisdiction	NOUN
taxlaw-3469	373	47	allow	allow	VERB
taxlaw-3469	373	48	only	only	ADV
taxlaw-3469	373	49	a	a	DET
taxlaw-3469	373	50	depreciation	depreciation	NOUN
taxlaw-3469	373	51	deduction	deduction	NOUN
taxlaw-3469	373	52	for	for	ADP
taxlaw-3469	373	53	investments	investment	NOUN
taxlaw-3469	373	54	in	in	ADP
taxlaw-3469	373	55	tangible	tangible	ADJ
taxlaw-3469	373	56	capital.81	capital.81	PROPN
taxlaw-3469	373	57	the	the	DET
taxlaw-3469	373	58	tax	tax	NOUN
taxlaw-3469	373	59	treatment	treatment	NOUN
taxlaw-3469	373	60	of	of	ADP
taxlaw-3469	373	61	the	the	DET
taxlaw-3469	373	62	investment	investment	NOUN
taxlaw-3469	373	63	when	when	SCONJ
taxlaw-3469	373	64	located	locate	VERB
taxlaw-3469	373	65	in	in	ADP
taxlaw-3469	373	66	a	a	DET
taxlaw-3469	373	67	foreign	foreign	ADJ
taxlaw-3469	373	68	jurisdiction	jurisdiction	NOUN
taxlaw-3469	373	69	is	be	AUX
taxlaw-3469	373	70	given	give	VERB
taxlaw-3469	373	71	by	by	ADP
taxlaw-3469	373	72	column	column	NOUN
taxlaw-3469	373	73	(	(	PUNCT
taxlaw-3469	373	74	i	i	NOUN
taxlaw-3469	373	75	)	)	PUNCT
taxlaw-3469	373	76	of	of	ADP
taxlaw-3469	373	77	table	table	NOUN
taxlaw-3469	373	78	2	2	NUM
taxlaw-3469	373	79	.	.	PUNCT
taxlaw-3469	373	80	note	note	VERB
taxlaw-3469	373	81	further	far	ADV
taxlaw-3469	373	82	,	,	PUNCT
taxlaw-3469	373	83	that	that	SCONJ
taxlaw-3469	373	84	the	the	DET
taxlaw-3469	373	85	qbai	qbai	NOUN
taxlaw-3469	373	86	in	in	ADP
taxlaw-3469	373	87	each	each	DET
taxlaw-3469	373	88	period	period	NOUN
taxlaw-3469	373	89	,	,	PUNCT
taxlaw-3469	373	90	as	as	SCONJ
taxlaw-3469	373	91	determined	determine	VERB
taxlaw-3469	373	92	under	under	ADP
taxlaw-3469	373	93	the	the	DET
taxlaw-3469	373	94	section	section	NOUN
taxlaw-3469	373	95	168(g	168(g	NUM
taxlaw-3469	373	96	)	)	PUNCT
taxlaw-3469	373	97	alternative	alternative	ADJ
taxlaw-3469	373	98	depreciation	depreciation	NOUN
taxlaw-3469	373	99	schedule	schedule	NOUN
taxlaw-3469	373	100	,	,	PUNCT
taxlaw-3469	373	101	is	be	AUX
taxlaw-3469	373	102	assumed	assume	VERB
taxlaw-3469	373	103	to	to	PART
taxlaw-3469	373	104	correspond	correspond	VERB
taxlaw-3469	373	105	to	to	ADP
taxlaw-3469	373	106	the	the	DET
taxlaw-3469	373	107	actual	actual	ADJ
taxlaw-3469	373	108	economic	economic	ADJ
taxlaw-3469	373	109	net	net	ADJ
taxlaw-3469	373	110	capital	capital	NOUN
taxlaw-3469	373	111	stock	stock	NOUN
taxlaw-3469	373	112	shown	show	VERB
taxlaw-3469	373	113	in	in	ADP
taxlaw-3469	373	114	column	column	NOUN
taxlaw-3469	373	115	(	(	PUNCT
taxlaw-3469	373	116	a	a	NOUN
taxlaw-3469	373	117	)	)	PUNCT
taxlaw-3469	373	118	of	of	ADP
taxlaw-3469	373	119	table	table	NOUN
taxlaw-3469	373	120	1	1	NUM
taxlaw-3469	373	121	.	.	PUNCT
taxlaw-3469	374	1	following	follow	VERB
taxlaw-3469	374	2	the	the	DET
taxlaw-3469	374	3	same	same	ADJ
taxlaw-3469	374	4	order	order	NOUN
taxlaw-3469	374	5	of	of	ADP
taxlaw-3469	374	6	analysis	analysis	NOUN
taxlaw-3469	374	7	as	as	ADP
taxlaw-3469	374	8	before	before	ADV
taxlaw-3469	374	9	,	,	PUNCT
taxlaw-3469	374	10	if	if	SCONJ
taxlaw-3469	374	11	the	the	DET
taxlaw-3469	374	12	firm	firm	NOUN
taxlaw-3469	374	13	locates	locate	VERB
taxlaw-3469	374	14	this	this	DET
taxlaw-3469	374	15	investment	investment	NOUN
taxlaw-3469	374	16	in	in	ADP
taxlaw-3469	374	17	the	the	DET
taxlaw-3469	374	18	united	united	PROPN
taxlaw-3469	374	19	states	states	PROPN
taxlaw-3469	374	20	and	and	CCONJ
taxlaw-3469	374	21	benefits	benefit	NOUN
taxlaw-3469	374	22	from	from	ADP
taxlaw-3469	374	23	the	the	DET
taxlaw-3469	374	24	fdii	fdii	NOUN
taxlaw-3469	374	25	rules	rule	NOUN
taxlaw-3469	374	26	,	,	PUNCT
taxlaw-3469	374	27	its	its	PRON
taxlaw-3469	374	28	total	total	ADJ
taxlaw-3469	374	29	tax	tax	NOUN
taxlaw-3469	374	30	liability	liability	NOUN
taxlaw-3469	374	31	in	in	ADP
taxlaw-3469	374	32	years	year	NOUN
taxlaw-3469	374	33	0	0	NUM
taxlaw-3469	374	34	through	through	ADP
taxlaw-3469	374	35	5	5	NUM
taxlaw-3469	374	36	is	be	AUX
taxlaw-3469	374	37	shown	show	VERB
taxlaw-3469	374	38	in	in	ADP
taxlaw-3469	374	39	table	table	NOUN
taxlaw-3469	374	40	6	6	NUM
taxlaw-3469	374	41	below	below	ADV
taxlaw-3469	374	42	.	.	PUNCT
taxlaw-3469	375	1	table	table	NOUN
taxlaw-3469	375	2	6	6	NUM
taxlaw-3469	375	3	:	:	PUNCT
taxlaw-3469	375	4	total	total	ADJ
taxlaw-3469	375	5	tax	tax	NOUN
taxlaw-3469	375	6	liability	liability	NOUN
taxlaw-3469	375	7	when	when	SCONJ
taxlaw-3469	375	8	locating	locate	VERB
taxlaw-3469	375	9	tangible	tangible	ADJ
taxlaw-3469	375	10	investment	investment	NOUN
taxlaw-3469	375	11	in	in	ADP
taxlaw-3469	375	12	the	the	DET
taxlaw-3469	375	13	united	united	PROPN
taxlaw-3469	375	14	states	states	PROPN
taxlaw-3469	375	15	(	(	PUNCT
taxlaw-3469	375	16	all	all	DET
taxlaw-3469	375	17	figures	figure	NOUN
taxlaw-3469	375	18	in	in	ADP
taxlaw-3469	375	19	million	million	NUM
taxlaw-3469	375	20	usd	usd	NOUN
taxlaw-3469	375	21	)	)	PUNCT
taxlaw-3469	375	22	the	the	DET
taxlaw-3469	375	23	figures	figure	NOUN
taxlaw-3469	375	24	in	in	ADP
taxlaw-3469	375	25	table	table	NOUN
taxlaw-3469	375	26	6	6	NUM
taxlaw-3469	375	27	are	be	AUX
taxlaw-3469	375	28	derived	derive	VERB
taxlaw-3469	375	29	in	in	ADP
taxlaw-3469	375	30	the	the	DET
taxlaw-3469	375	31	same	same	ADJ
taxlaw-3469	375	32	manner	manner	NOUN
taxlaw-3469	375	33	as	as	ADP
taxlaw-3469	375	34	those	those	PRON
taxlaw-3469	375	35	in	in	ADP
taxlaw-3469	375	36	table	table	NOUN
taxlaw-3469	375	37	3	3	NUM
taxlaw-3469	375	38	.	.	PUNCT
taxlaw-3469	376	1	the	the	DET
taxlaw-3469	376	2	difference	difference	NOUN
taxlaw-3469	376	3	between	between	ADP
taxlaw-3469	376	4	the	the	DET
taxlaw-3469	376	5	tables	table	NOUN
taxlaw-3469	376	6	starts	start	VERB
taxlaw-3469	376	7	with	with	ADP
taxlaw-3469	376	8	the	the	DET
taxlaw-3469	376	9	amount	amount	NOUN
taxlaw-3469	376	10	of	of	ADP
taxlaw-3469	376	11	taxable	taxable	ADJ
taxlaw-3469	376	12	income	income	NOUN
taxlaw-3469	376	13	that	that	PRON
taxlaw-3469	376	14	constitutes	constitute	VERB
taxlaw-3469	376	15	fdii	fdii	NOUN
taxlaw-3469	376	16	with	with	ADP
taxlaw-3469	376	17	the	the	DET
taxlaw-3469	376	18	ensuing	ensue	VERB
taxlaw-3469	376	19	difference	difference	NOUN
taxlaw-3469	376	20	flowing	flow	VERB
taxlaw-3469	376	21	through	through	ADP
taxlaw-3469	376	22	to	to	ADP
taxlaw-3469	376	23	the	the	DET
taxlaw-3469	376	24	fdii	fdii	NOUN
taxlaw-3469	376	25	benefit	benefit	NOUN
taxlaw-3469	376	26	and	and	CCONJ
taxlaw-3469	376	27	total	total	ADJ
taxlaw-3469	376	28	tax	tax	NOUN
taxlaw-3469	376	29	liability	liability	NOUN
taxlaw-3469	376	30	(	(	PUNCT
taxlaw-3469	376	31	inclusive	inclusive	ADJ
taxlaw-3469	376	32	of	of	ADP
taxlaw-3469	376	33	the	the	DET
taxlaw-3469	376	34	fdii	fdii	NOUN
taxlaw-3469	376	35	benefit	benefit	NOUN
taxlaw-3469	376	36	)	)	PUNCT
taxlaw-3469	376	37	.	.	PUNCT
taxlaw-3469	377	1	in	in	ADP
taxlaw-3469	377	2	table	table	NOUN
taxlaw-3469	377	3	6	6	NUM
taxlaw-3469	377	4	,	,	PUNCT
taxlaw-3469	377	5	the	the	DET
taxlaw-3469	377	6	fdii	fdii	NOUN
taxlaw-3469	377	7	is	be	AUX
taxlaw-3469	377	8	lower	low	ADJ
taxlaw-3469	377	9	in	in	ADP
taxlaw-3469	377	10	periods	period	NOUN
taxlaw-3469	377	11	1	1	NUM
taxlaw-3469	377	12	through	through	ADP
taxlaw-3469	377	13	5	5	NUM
taxlaw-3469	377	14	by	by	ADP
taxlaw-3469	377	15	10	10	NUM
taxlaw-3469	377	16	percent	percent	NOUN
taxlaw-3469	377	17	of	of	ADP
taxlaw-3469	377	18	the	the	DET
taxlaw-3469	377	19	qbai	qbai	NOUN
taxlaw-3469	377	20	(	(	PUNCT
taxlaw-3469	377	21	which	which	PRON
taxlaw-3469	377	22	is	be	AUX
taxlaw-3469	377	23	now	now	ADV
taxlaw-3469	377	24	positive	positive	ADJ
taxlaw-3469	377	25	in	in	ADP
taxlaw-3469	377	26	each	each	PRON
taxlaw-3469	377	27	of	of	ADP
taxlaw-3469	377	28	these	these	DET
taxlaw-3469	377	29	periods	period	NOUN
taxlaw-3469	377	30	under	under	ADP
taxlaw-3469	377	31	the	the	DET
taxlaw-3469	377	32	ads	ad	NOUN
taxlaw-3469	377	33	)	)	PUNCT
taxlaw-3469	377	34	.	.	PUNCT
taxlaw-3469	378	1	unlike	unlike	ADP
taxlaw-3469	378	2	the	the	DET
taxlaw-3469	378	3	example	example	NOUN
taxlaw-3469	378	4	of	of	ADP
taxlaw-3469	378	5	the	the	DET
taxlaw-3469	378	6	intangible	intangible	ADJ
taxlaw-3469	378	7	investment	investment	NOUN
taxlaw-3469	378	8	,	,	PUNCT
taxlaw-3469	378	9	the	the	DET
taxlaw-3469	378	10	combination	combination	NOUN
taxlaw-3469	378	11	of	of	ADP
taxlaw-3469	378	12	expensing	expensing	NOUN
taxlaw-3469	378	13	and	and	CCONJ
taxlaw-3469	378	14	the	the	DET
taxlaw-3469	378	15	form	form	NOUN
taxlaw-3469	378	16	of	of	ADP
taxlaw-3469	378	17	the	the	DET
taxlaw-3469	378	18	investment	investment	NOUN
taxlaw-3469	378	19	generates	generate	VERB
taxlaw-3469	378	20	qbai	qbai	NOUN
taxlaw-3469	378	21	means	mean	VERB
taxlaw-3469	378	22	that	that	SCONJ
taxlaw-3469	378	23	the	the	DET
taxlaw-3469	378	24	fdii	fdii	NOUN
taxlaw-3469	378	25	rule	rule	NOUN
taxlaw-3469	378	26	does	do	AUX
taxlaw-3469	378	27	not	not	PART
taxlaw-3469	378	28	accurately	accurately	ADV
taxlaw-3469	378	29	identify	identify	VERB
taxlaw-3469	378	30	and	and	CCONJ
taxlaw-3469	378	31	isolate	isolate	VERB
taxlaw-3469	378	32	economic	economic	ADJ
taxlaw-3469	378	33	rents	rent	NOUN
taxlaw-3469	378	34	.	.	PUNCT
taxlaw-3469	379	1	the	the	DET
taxlaw-3469	379	2	portion	portion	NOUN
taxlaw-3469	379	3	of	of	ADP
taxlaw-3469	379	4	the	the	DET
taxlaw-3469	379	5	income	income	NOUN
taxlaw-3469	379	6	that	that	PRON
taxlaw-3469	379	7	is	be	AUX
taxlaw-3469	379	8	identified	identify	VERB
taxlaw-3469	379	9	as	as	ADP
taxlaw-3469	379	10	fdii	fdii	NOUN
taxlaw-3469	379	11	(	(	PUNCT
taxlaw-3469	379	12	$	$	SYM
taxlaw-3469	379	13	2.4	2.4	NUM
taxlaw-3469	379	14	million	million	NUM
taxlaw-3469	379	15	in	in	ADP
taxlaw-3469	379	16	present	present	ADJ
taxlaw-3469	379	17	value	value	NOUN
taxlaw-3469	379	18	terms	term	NOUN
taxlaw-3469	379	19	)	)	PUNCT
taxlaw-3469	379	20	in	in	ADP
taxlaw-3469	379	21	the	the	DET
taxlaw-3469	379	22	80	80	NUM
taxlaw-3469	379	23	our	our	PRON
taxlaw-3469	379	24	focus	focus	NOUN
taxlaw-3469	379	25	on	on	ADP
taxlaw-3469	379	26	an	an	DET
taxlaw-3469	379	27	investment	investment	NOUN
taxlaw-3469	379	28	that	that	PRON
taxlaw-3469	379	29	qualifies	qualify	VERB
taxlaw-3469	379	30	entirely	entirely	ADV
taxlaw-3469	379	31	for	for	ADP
taxlaw-3469	379	32	the	the	DET
taxlaw-3469	379	33	new	new	ADJ
taxlaw-3469	379	34	expensing	expense	VERB
taxlaw-3469	379	35	rules	rule	NOUN
taxlaw-3469	379	36	under	under	ADP
taxlaw-3469	379	37	the	the	DET
taxlaw-3469	379	38	tcja	tcja	NOUN
taxlaw-3469	379	39	is	be	AUX
taxlaw-3469	379	40	admittedly	admittedly	ADV
taxlaw-3469	379	41	a	a	DET
taxlaw-3469	379	42	restrictive	restrictive	ADJ
taxlaw-3469	379	43	one	one	NUM
taxlaw-3469	379	44	.	.	PUNCT
taxlaw-3469	380	1	more	more	ADV
taxlaw-3469	380	2	realistic	realistic	ADJ
taxlaw-3469	380	3	situations	situation	NOUN
taxlaw-3469	380	4	will	will	AUX
taxlaw-3469	380	5	have	have	VERB
taxlaw-3469	380	6	only	only	ADV
taxlaw-3469	380	7	a	a	DET
taxlaw-3469	380	8	portion	portion	NOUN
taxlaw-3469	380	9	of	of	ADP
taxlaw-3469	380	10	an	an	DET
taxlaw-3469	380	11	investment	investment	NOUN
taxlaw-3469	380	12	in	in	ADP
taxlaw-3469	380	13	a	a	DET
taxlaw-3469	380	14	tangible	tangible	ADJ
taxlaw-3469	380	15	asset	asset	NOUN
taxlaw-3469	380	16	–	–	PUNCT
taxlaw-3469	380	17	e.g.	e.g.	ADV
taxlaw-3469	380	18	,	,	PUNCT
taxlaw-3469	380	19	a	a	DET
taxlaw-3469	380	20	manufacturing	manufacturing	NOUN
taxlaw-3469	380	21	plant	plant	NOUN
taxlaw-3469	380	22	–	–	PUNCT
taxlaw-3469	380	23	as	as	ADP
taxlaw-3469	380	24	qualifying	qualify	VERB
taxlaw-3469	380	25	for	for	ADP
taxlaw-3469	380	26	expensing	expense	VERB
taxlaw-3469	380	27	.	.	PUNCT
taxlaw-3469	381	1	81	81	NUM
taxlaw-3469	381	2	pomerleau	pomerleau	NOUN
taxlaw-3469	381	3	,	,	PUNCT
taxlaw-3469	381	4	supra	supra	PROPN
taxlaw-3469	381	5	note	note	PROPN
taxlaw-3469	381	6	29	29	NUM
taxlaw-3469	381	7	,	,	PUNCT
taxlaw-3469	381	8	at	at	ADP
taxlaw-3469	381	9	2	2	NUM
taxlaw-3469	381	10	.	.	NOUN
taxlaw-3469	381	11	2019	2019	NUM
taxlaw-3469	381	12	]	]	PUNCT
taxlaw-3469	381	13	221	221	NUM
taxlaw-3469	381	14	the	the	DET
taxlaw-3469	381	15	impact	impact	NOUN
taxlaw-3469	381	16	of	of	ADP
taxlaw-3469	381	17	gilti	gilti	NOUN
taxlaw-3469	381	18	and	and	CCONJ
taxlaw-3469	381	19	fdii	fdii	NOUN
taxlaw-3469	381	20	on	on	ADP
taxlaw-3469	381	21	the	the	DET
taxlaw-3469	381	22	investment	investment	NOUN
taxlaw-3469	381	23	location	location	NOUN
taxlaw-3469	381	24	choice	choice	NOUN
taxlaw-3469	381	25	of	of	ADP
taxlaw-3469	381	26	u.s	u.s	PROPN
taxlaw-3469	381	27	.	.	PROPN
taxlaw-3469	381	28	multinationals	multinationals	PROPN
taxlaw-3469	381	29	example	example	NOUN
taxlaw-3469	381	30	falls	fall	VERB
taxlaw-3469	381	31	short	short	ADV
taxlaw-3469	381	32	of	of	ADP
taxlaw-3469	381	33	the	the	DET
taxlaw-3469	381	34	full	full	ADJ
taxlaw-3469	381	35	extent	extent	NOUN
taxlaw-3469	381	36	of	of	ADP
taxlaw-3469	381	37	the	the	DET
taxlaw-3469	381	38	economic	economic	ADJ
taxlaw-3469	381	39	rents	rent	NOUN
taxlaw-3469	381	40	(	(	PUNCT
taxlaw-3469	381	41	$	$	SYM
taxlaw-3469	381	42	4.8	4.8	NUM
taxlaw-3469	381	43	million	million	NUM
taxlaw-3469	381	44	)	)	PUNCT
taxlaw-3469	381	45	because	because	SCONJ
taxlaw-3469	381	46	of	of	ADP
taxlaw-3469	381	47	the	the	DET
taxlaw-3469	381	48	subtraction	subtraction	NOUN
taxlaw-3469	381	49	of	of	ADP
taxlaw-3469	381	50	the	the	DET
taxlaw-3469	381	51	normal	normal	ADJ
taxlaw-3469	381	52	return	return	NOUN
taxlaw-3469	381	53	(	(	PUNCT
taxlaw-3469	381	54	$	$	SYM
taxlaw-3469	381	55	2.4	2.4	NUM
taxlaw-3469	381	56	million	million	NUM
taxlaw-3469	381	57	)	)	PUNCT
taxlaw-3469	381	58	ascribed	ascribe	VERB
taxlaw-3469	381	59	to	to	ADP
taxlaw-3469	381	60	tangible	tangible	ADJ
taxlaw-3469	381	61	capital	capital	NOUN
taxlaw-3469	381	62	from	from	ADP
taxlaw-3469	381	63	this	this	DET
taxlaw-3469	381	64	pool	pool	NOUN
taxlaw-3469	381	65	of	of	ADP
taxlaw-3469	381	66	income	income	NOUN
taxlaw-3469	381	67	.	.	PUNCT
taxlaw-3469	382	1	the	the	DET
taxlaw-3469	382	2	37.5	37.5	NUM
taxlaw-3469	382	3	percent	percent	NOUN
taxlaw-3469	382	4	fdii	fdii	NOUN
taxlaw-3469	382	5	deduction	deduction	NOUN
taxlaw-3469	382	6	is	be	AUX
taxlaw-3469	382	7	only	only	ADV
taxlaw-3469	382	8	a	a	DET
taxlaw-3469	382	9	mixed	mixed	ADJ
taxlaw-3469	382	10	blessing	blessing	NOUN
taxlaw-3469	382	11	in	in	ADP
taxlaw-3469	382	12	this	this	DET
taxlaw-3469	382	13	case	case	NOUN
taxlaw-3469	382	14	where	where	SCONJ
taxlaw-3469	382	15	expensing	expense	VERB
taxlaw-3469	382	16	applies	apply	VERB
taxlaw-3469	382	17	to	to	ADP
taxlaw-3469	382	18	investments	investment	NOUN
taxlaw-3469	382	19	in	in	ADP
taxlaw-3469	382	20	tangible	tangible	ADJ
taxlaw-3469	382	21	capital	capital	NOUN
taxlaw-3469	382	22	.	.	PUNCT
taxlaw-3469	383	1	while	while	SCONJ
taxlaw-3469	383	2	the	the	DET
taxlaw-3469	383	3	provision	provision	NOUN
taxlaw-3469	383	4	exempts	exempt	VERB
taxlaw-3469	383	5	37.5	37.5	NUM
taxlaw-3469	383	6	percent	percent	NOUN
taxlaw-3469	383	7	of	of	ADP
taxlaw-3469	383	8	the	the	DET
taxlaw-3469	383	9	economic	economic	ADJ
taxlaw-3469	383	10	rents	rent	NOUN
taxlaw-3469	383	11	from	from	ADP
taxlaw-3469	383	12	u.s	u.s	PROPN
taxlaw-3469	383	13	.	.	PROPN
taxlaw-3469	383	14	tax	tax	NOUN
taxlaw-3469	383	15	,	,	PUNCT
taxlaw-3469	383	16	it	it	PRON
taxlaw-3469	383	17	puts	put	VERB
taxlaw-3469	383	18	37.5	37.5	NUM
taxlaw-3469	383	19	percent	percent	NOUN
taxlaw-3469	383	20	of	of	ADP
taxlaw-3469	383	21	the	the	DET
taxlaw-3469	383	22	normal	normal	ADJ
taxlaw-3469	383	23	return	return	NOUN
taxlaw-3469	383	24	back	back	ADV
taxlaw-3469	383	25	under	under	ADP
taxlaw-3469	383	26	the	the	DET
taxlaw-3469	383	27	burden	burden	NOUN
taxlaw-3469	383	28	of	of	ADP
taxlaw-3469	383	29	the	the	DET
taxlaw-3469	383	30	tax	tax	NOUN
taxlaw-3469	383	31	which	which	PRON
taxlaw-3469	383	32	otherwise	otherwise	ADV
taxlaw-3469	383	33	would	would	AUX
taxlaw-3469	383	34	be	be	AUX
taxlaw-3469	383	35	exempt	exempt	ADJ
taxlaw-3469	383	36	on	on	ADP
taxlaw-3469	383	37	account	account	NOUN
taxlaw-3469	383	38	of	of	ADP
taxlaw-3469	383	39	the	the	DET
taxlaw-3469	383	40	expensing	expense	VERB
taxlaw-3469	383	41	provision	provision	NOUN
taxlaw-3469	383	42	.	.	PUNCT
taxlaw-3469	384	1	in	in	ADP
taxlaw-3469	384	2	our	our	PRON
taxlaw-3469	384	3	example	example	NOUN
taxlaw-3469	384	4	,	,	PUNCT
taxlaw-3469	384	5	the	the	DET
taxlaw-3469	384	6	net	net	ADJ
taxlaw-3469	384	7	effect	effect	NOUN
taxlaw-3469	384	8	of	of	ADP
taxlaw-3469	384	9	the	the	DET
taxlaw-3469	384	10	fdii	fdii	NOUN
taxlaw-3469	384	11	deduction	deduction	NOUN
taxlaw-3469	384	12	is	be	AUX
taxlaw-3469	384	13	still	still	ADV
taxlaw-3469	384	14	beneficial	beneficial	ADJ
taxlaw-3469	384	15	given	give	VERB
taxlaw-3469	384	16	the	the	DET
taxlaw-3469	384	17	relative	relative	ADJ
taxlaw-3469	384	18	magnitude	magnitude	NOUN
taxlaw-3469	384	19	of	of	ADP
taxlaw-3469	384	20	the	the	DET
taxlaw-3469	384	21	assumed	assume	VERB
taxlaw-3469	384	22	rents	rent	NOUN
taxlaw-3469	384	23	.	.	PUNCT
taxlaw-3469	385	1	however	however	ADV
taxlaw-3469	385	2	,	,	PUNCT
taxlaw-3469	385	3	as	as	SCONJ
taxlaw-3469	385	4	these	these	DET
taxlaw-3469	385	5	rents	rent	NOUN
taxlaw-3469	385	6	decline	decline	VERB
taxlaw-3469	385	7	to	to	ADP
taxlaw-3469	385	8	zero	zero	NUM
taxlaw-3469	385	9	,	,	PUNCT
taxlaw-3469	385	10	the	the	DET
taxlaw-3469	385	11	firm	firm	NOUN
taxlaw-3469	385	12	would	would	AUX
taxlaw-3469	385	13	actually	actually	ADV
taxlaw-3469	385	14	be	be	AUX
taxlaw-3469	385	15	better	well	ADJ
taxlaw-3469	385	16	off	off	ADP
taxlaw-3469	385	17	not	not	PART
taxlaw-3469	385	18	availing	avail	VERB
taxlaw-3469	385	19	of	of	ADP
taxlaw-3469	385	20	the	the	DET
taxlaw-3469	385	21	fdii	fdii	NOUN
taxlaw-3469	385	22	provision	provision	NOUN
taxlaw-3469	385	23	so	so	SCONJ
taxlaw-3469	385	24	as	as	SCONJ
taxlaw-3469	385	25	to	to	PART
taxlaw-3469	385	26	not	not	PART
taxlaw-3469	385	27	dilute	dilute	VERB
taxlaw-3469	385	28	the	the	DET
taxlaw-3469	385	29	benefit	benefit	NOUN
taxlaw-3469	385	30	of	of	ADP
taxlaw-3469	385	31	expensing.82	expensing.82	NOUN
taxlaw-3469	385	32	we	we	PRON
taxlaw-3469	385	33	surmise	surmise	VERB
taxlaw-3469	385	34	that	that	SCONJ
taxlaw-3469	385	35	this	this	PRON
taxlaw-3469	385	36	may	may	AUX
taxlaw-3469	385	37	be	be	AUX
taxlaw-3469	385	38	an	an	DET
taxlaw-3469	385	39	unintended	unintended	ADJ
taxlaw-3469	385	40	design	design	NOUN
taxlaw-3469	385	41	flaw	flaw	NOUN
taxlaw-3469	385	42	in	in	ADP
taxlaw-3469	385	43	the	the	DET
taxlaw-3469	385	44	provision	provision	NOUN
taxlaw-3469	385	45	and	and	CCONJ
taxlaw-3469	385	46	stems	stem	VERB
taxlaw-3469	385	47	from	from	ADP
taxlaw-3469	385	48	a	a	DET
taxlaw-3469	385	49	failure	failure	NOUN
taxlaw-3469	385	50	to	to	PART
taxlaw-3469	385	51	correctly	correctly	ADV
taxlaw-3469	385	52	identify	identify	VERB
taxlaw-3469	385	53	(	(	PUNCT
taxlaw-3469	385	54	in	in	ADP
taxlaw-3469	385	55	concept	concept	NOUN
taxlaw-3469	385	56	)	)	PUNCT
taxlaw-3469	385	57	the	the	DET
taxlaw-3469	385	58	economic	economic	ADJ
taxlaw-3469	385	59	rents	rent	NOUN
taxlaw-3469	385	60	as	as	ADP
taxlaw-3469	385	61	the	the	DET
taxlaw-3469	385	62	rightful	rightful	ADJ
taxlaw-3469	385	63	target	target	NOUN
taxlaw-3469	385	64	for	for	ADP
taxlaw-3469	385	65	the	the	DET
taxlaw-3469	385	66	deduction	deduction	NOUN
taxlaw-3469	385	67	.	.	PUNCT
taxlaw-3469	386	1	when	when	SCONJ
taxlaw-3469	386	2	the	the	DET
taxlaw-3469	386	3	firm	firm	NOUN
taxlaw-3469	386	4	instead	instead	ADV
taxlaw-3469	386	5	locates	locate	VERB
taxlaw-3469	386	6	the	the	DET
taxlaw-3469	386	7	tangible	tangible	ADJ
taxlaw-3469	386	8	investment	investment	NOUN
taxlaw-3469	386	9	in	in	ADP
taxlaw-3469	386	10	the	the	DET
taxlaw-3469	386	11	foreign	foreign	ADJ
taxlaw-3469	386	12	jurisdiction	jurisdiction	NOUN
taxlaw-3469	386	13	,	,	PUNCT
taxlaw-3469	386	14	and	and	CCONJ
taxlaw-3469	386	15	under	under	ADP
taxlaw-3469	386	16	the	the	DET
taxlaw-3469	386	17	assumption	assumption	NOUN
taxlaw-3469	386	18	that	that	SCONJ
taxlaw-3469	386	19	the	the	DET
taxlaw-3469	386	20	local	local	ADJ
taxlaw-3469	386	21	tax	tax	NOUN
taxlaw-3469	386	22	rules	rule	NOUN
taxlaw-3469	386	23	of	of	ADP
taxlaw-3469	386	24	the	the	DET
taxlaw-3469	386	25	foreign	foreign	ADJ
taxlaw-3469	386	26	jurisdiction	jurisdiction	NOUN
taxlaw-3469	386	27	do	do	AUX
taxlaw-3469	386	28	not	not	PART
taxlaw-3469	386	29	allow	allow	VERB
taxlaw-3469	386	30	for	for	ADP
taxlaw-3469	386	31	immediate	immediate	ADJ
taxlaw-3469	386	32	expensing	expensing	NOUN
taxlaw-3469	386	33	,	,	PUNCT
taxlaw-3469	386	34	taxable	taxable	ADJ
taxlaw-3469	386	35	income	income	NOUN
taxlaw-3469	386	36	is	be	AUX
taxlaw-3469	386	37	zero	zero	NUM
taxlaw-3469	386	38	in	in	ADP
taxlaw-3469	386	39	the	the	DET
taxlaw-3469	386	40	year	year	NOUN
taxlaw-3469	386	41	the	the	DET
taxlaw-3469	386	42	investment	investment	NOUN
taxlaw-3469	386	43	is	be	AUX
taxlaw-3469	386	44	made	make	VERB
taxlaw-3469	386	45	.	.	PUNCT
taxlaw-3469	387	1	neither	neither	DET
taxlaw-3469	387	2	government	government	NOUN
taxlaw-3469	387	3	does	do	VERB
taxlaw-3469	387	4	anything	anything	PRON
taxlaw-3469	387	5	to	to	PART
taxlaw-3469	387	6	defray	defray	VERB
taxlaw-3469	387	7	the	the	DET
taxlaw-3469	387	8	cost	cost	NOUN
taxlaw-3469	387	9	of	of	ADP
taxlaw-3469	387	10	the	the	DET
taxlaw-3469	387	11	investment	investment	NOUN
taxlaw-3469	387	12	in	in	ADP
taxlaw-3469	387	13	year	year	NOUN
taxlaw-3469	387	14	0	0	NUM
taxlaw-3469	387	15	.	.	PUNCT
taxlaw-3469	388	1	given	give	VERB
taxlaw-3469	388	2	our	our	PRON
taxlaw-3469	388	3	assumed	assume	VERB
taxlaw-3469	388	4	best	good	ADJ
taxlaw-3469	388	5	case	case	NOUN
taxlaw-3469	388	6	scenario	scenario	NOUN
taxlaw-3469	388	7	for	for	ADP
taxlaw-3469	388	8	the	the	DET
taxlaw-3469	388	9	firm	firm	NOUN
taxlaw-3469	388	10	,	,	PUNCT
taxlaw-3469	388	11	the	the	DET
taxlaw-3469	388	12	foreign	foreign	ADJ
taxlaw-3469	388	13	tax	tax	NOUN
taxlaw-3469	388	14	is	be	AUX
taxlaw-3469	388	15	limited	limit	VERB
taxlaw-3469	388	16	to	to	ADP
taxlaw-3469	388	17	a	a	DET
taxlaw-3469	388	18	weighted	weight	VERB
taxlaw-3469	388	19	average	average	ADJ
taxlaw-3469	388	20	rate	rate	NOUN
taxlaw-3469	388	21	of	of	ADP
taxlaw-3469	388	22	8.5	8.5	NUM
taxlaw-3469	388	23	percent	percent	NOUN
taxlaw-3469	388	24	in	in	ADP
taxlaw-3469	388	25	every	every	DET
taxlaw-3469	388	26	subsequent	subsequent	ADJ
taxlaw-3469	388	27	year	year	NOUN
taxlaw-3469	388	28	and	and	CCONJ
taxlaw-3469	388	29	the	the	DET
taxlaw-3469	388	30	foreign	foreign	ADJ
taxlaw-3469	388	31	tax	tax	NOUN
taxlaw-3469	388	32	liability	liability	NOUN
taxlaw-3469	388	33	is	be	AUX
taxlaw-3469	388	34	shown	show	VERB
taxlaw-3469	388	35	in	in	ADP
taxlaw-3469	388	36	column	column	NOUN
taxlaw-3469	388	37	(	(	PUNCT
taxlaw-3469	388	38	y	y	NOUN
taxlaw-3469	388	39	)	)	PUNCT
taxlaw-3469	388	40	in	in	ADP
taxlaw-3469	388	41	table	table	NOUN
taxlaw-3469	388	42	7.83	7.83	NUM
taxlaw-3469	388	43	the	the	DET
taxlaw-3469	388	44	u.s	u.s	PROPN
taxlaw-3469	388	45	.	.	PROPN
taxlaw-3469	388	46	government	government	NOUN
taxlaw-3469	388	47	imposes	impose	VERB
taxlaw-3469	388	48	a	a	DET
taxlaw-3469	388	49	tax	tax	NOUN
taxlaw-3469	388	50	on	on	ADP
taxlaw-3469	388	51	50	50	NUM
taxlaw-3469	388	52	percent	percent	NOUN
taxlaw-3469	388	53	of	of	ADP
taxlaw-3469	388	54	the	the	DET
taxlaw-3469	388	55	taxable	taxable	ADJ
taxlaw-3469	388	56	income	income	NOUN
taxlaw-3469	388	57	in	in	ADP
taxlaw-3469	388	58	years	year	NOUN
taxlaw-3469	388	59	from	from	ADP
taxlaw-3469	388	60	1	1	NUM
taxlaw-3469	388	61	through	through	ADP
taxlaw-3469	388	62	5	5	NUM
taxlaw-3469	388	63	.	.	PUNCT
taxlaw-3469	389	1	however	however	ADV
taxlaw-3469	389	2	,	,	PUNCT
taxlaw-3469	389	3	because	because	SCONJ
taxlaw-3469	389	4	the	the	DET
taxlaw-3469	389	5	taxable	taxable	ADJ
taxlaw-3469	389	6	income	income	NOUN
taxlaw-3469	389	7	in	in	ADP
taxlaw-3469	389	8	each	each	DET
taxlaw-3469	389	9	year	year	NOUN
taxlaw-3469	389	10	excludes	exclude	VERB
taxlaw-3469	389	11	depreciation	depreciation	NOUN
taxlaw-3469	389	12	(	(	PUNCT
taxlaw-3469	389	13	on	on	ADP
taxlaw-3469	389	14	account	account	NOUN
taxlaw-3469	389	15	of	of	ADP
taxlaw-3469	389	16	the	the	DET
taxlaw-3469	389	17	local	local	ADJ
taxlaw-3469	389	18	capital	capital	NOUN
taxlaw-3469	389	19	allowance	allowance	NOUN
taxlaw-3469	389	20	rules	rule	NOUN
taxlaw-3469	389	21	)	)	PUNCT
taxlaw-3469	389	22	as	as	ADV
taxlaw-3469	389	23	well	well	ADV
taxlaw-3469	389	24	as	as	ADP
taxlaw-3469	389	25	the	the	DET
taxlaw-3469	389	26	normal	normal	ADJ
taxlaw-3469	389	27	return	return	NOUN
taxlaw-3469	389	28	(	(	PUNCT
taxlaw-3469	389	29	via	via	ADP
taxlaw-3469	389	30	the	the	DET
taxlaw-3469	389	31	10	10	NUM
taxlaw-3469	389	32	percent	percent	NOUN
taxlaw-3469	389	33	of	of	ADP
taxlaw-3469	389	34	qbai	qbai	NOUN
taxlaw-3469	389	35	exclusion	exclusion	NOUN
taxlaw-3469	389	36	)	)	PUNCT
taxlaw-3469	389	37	,	,	PUNCT
taxlaw-3469	389	38	tax	tax	NOUN
taxlaw-3469	389	39	is	be	AUX
taxlaw-3469	389	40	imposed	impose	VERB
taxlaw-3469	389	41	only	only	ADV
taxlaw-3469	389	42	on	on	ADP
taxlaw-3469	389	43	a	a	DET
taxlaw-3469	389	44	portion	portion	NOUN
taxlaw-3469	389	45	of	of	ADP
taxlaw-3469	389	46	the	the	DET
taxlaw-3469	389	47	economic	economic	ADJ
taxlaw-3469	389	48	rents.84	rents.84	PROPN
taxlaw-3469	389	49	therefore	therefore	ADV
taxlaw-3469	389	50	,	,	PUNCT
taxlaw-3469	389	51	even	even	ADV
taxlaw-3469	389	52	in	in	ADP
taxlaw-3469	389	53	the	the	DET
taxlaw-3469	389	54	case	case	NOUN
taxlaw-3469	389	55	of	of	ADP
taxlaw-3469	389	56	tangible	tangible	ADJ
taxlaw-3469	389	57	investments	investment	NOUN
taxlaw-3469	389	58	,	,	PUNCT
taxlaw-3469	389	59	the	the	DET
taxlaw-3469	389	60	gilti	gilti	NOUN
taxlaw-3469	389	61	rules	rule	NOUN
taxlaw-3469	389	62	result	result	VERB
taxlaw-3469	389	63	in	in	ADP
taxlaw-3469	389	64	the	the	DET
taxlaw-3469	389	65	u.s	u.s	PROPN
taxlaw-3469	389	66	.	.	PROPN
taxlaw-3469	389	67	taxing	tax	VERB
taxlaw-3469	389	68	no	no	DET
taxlaw-3469	389	69	more	more	ADJ
taxlaw-3469	389	70	than	than	ADP
taxlaw-3469	389	71	the	the	DET
taxlaw-3469	389	72	economic	economic	ADJ
taxlaw-3469	389	73	rents	rent	NOUN
taxlaw-3469	389	74	,	,	PUNCT
taxlaw-3469	389	75	although	although	SCONJ
taxlaw-3469	389	76	that	that	DET
taxlaw-3469	389	77	result	result	NOUN
taxlaw-3469	389	78	is	be	AUX
taxlaw-3469	389	79	achieved	achieve	VERB
taxlaw-3469	389	80	via	via	ADP
taxlaw-3469	389	81	a	a	DET
taxlaw-3469	389	82	different	different	ADJ
taxlaw-3469	389	83	route	route	NOUN
taxlaw-3469	389	84	than	than	ADP
taxlaw-3469	389	85	in	in	ADP
taxlaw-3469	389	86	the	the	DET
taxlaw-3469	389	87	case	case	NOUN
taxlaw-3469	389	88	of	of	ADP
taxlaw-3469	389	89	intangible	intangible	ADJ
taxlaw-3469	389	90	investments	investment	NOUN
taxlaw-3469	389	91	.	.	PUNCT
taxlaw-3469	390	1	in	in	ADP
taxlaw-3469	390	2	this	this	DET
taxlaw-3469	390	3	case	case	NOUN
taxlaw-3469	390	4	,	,	PUNCT
taxlaw-3469	390	5	the	the	DET
taxlaw-3469	390	6	u.s	u.s	PROPN
taxlaw-3469	390	7	.	.	PROPN
taxlaw-3469	390	8	also	also	ADV
taxlaw-3469	390	9	provides	provide	VERB
taxlaw-3469	390	10	a	a	DET
taxlaw-3469	390	11	credit	credit	NOUN
taxlaw-3469	390	12	for	for	ADP
taxlaw-3469	390	13	80	80	NUM
taxlaw-3469	390	14	percent	percent	NOUN
taxlaw-3469	390	15	of	of	ADP
taxlaw-3469	390	16	the	the	DET
taxlaw-3469	390	17	firm	firm	NOUN
taxlaw-3469	390	18	’s	’s	PART
taxlaw-3469	390	19	foreign	foreign	ADJ
taxlaw-3469	390	20	tax	tax	NOUN
taxlaw-3469	390	21	liability.85	liability.85	NOUN
taxlaw-3469	390	22	the	the	DET
taxlaw-3469	390	23	end	end	NOUN
taxlaw-3469	390	24	result	result	NOUN
taxlaw-3469	390	25	is	be	AUX
taxlaw-3469	390	26	that	that	SCONJ
taxlaw-3469	390	27	the	the	DET
taxlaw-3469	390	28	firm	firm	NOUN
taxlaw-3469	390	29	’s	’s	PART
taxlaw-3469	390	30	u.s	u.s	PROPN
taxlaw-3469	390	31	.	.	PROPN
taxlaw-3469	390	32	tax	tax	NOUN
taxlaw-3469	390	33	liability	liability	NOUN
taxlaw-3469	390	34	under	under	ADP
taxlaw-3469	390	35	gilti	gilti	NOUN
taxlaw-3469	390	36	is	be	AUX
taxlaw-3469	390	37	lower	low	ADJ
taxlaw-3469	390	38	both	both	PRON
taxlaw-3469	390	39	in	in	ADP
taxlaw-3469	390	40	present	present	ADJ
taxlaw-3469	390	41	value	value	NOUN
taxlaw-3469	390	42	and	and	CCONJ
taxlaw-3469	390	43	undiscounted	undiscounted	ADJ
taxlaw-3469	390	44	terms	term	NOUN
taxlaw-3469	390	45	than	than	SCONJ
taxlaw-3469	390	46	in	in	ADP
taxlaw-3469	390	47	the	the	DET
taxlaw-3469	390	48	intangible	intangible	ADJ
taxlaw-3469	390	49	investment	investment	NOUN
taxlaw-3469	390	50	case	case	NOUN
taxlaw-3469	390	51	analyzed	analyze	VERB
taxlaw-3469	390	52	previously	previously	ADV
taxlaw-3469	390	53	.	.	PUNCT
taxlaw-3469	391	1	82	82	NUM
taxlaw-3469	391	2	note	note	VERB
taxlaw-3469	391	3	that	that	SCONJ
taxlaw-3469	391	4	with	with	ADP
taxlaw-3469	391	5	lower	low	ADJ
taxlaw-3469	391	6	rents	rent	NOUN
taxlaw-3469	391	7	,	,	PUNCT
taxlaw-3469	391	8	the	the	DET
taxlaw-3469	391	9	firm	firm	NOUN
taxlaw-3469	391	10	’s	’s	PART
taxlaw-3469	391	11	incentive	incentive	NOUN
taxlaw-3469	391	12	to	to	ADP
taxlaw-3469	391	13	offshore	offshore	VERB
taxlaw-3469	391	14	the	the	DET
taxlaw-3469	391	15	investment	investment	NOUN
taxlaw-3469	391	16	in	in	ADP
taxlaw-3469	391	17	pursuit	pursuit	NOUN
taxlaw-3469	391	18	of	of	ADP
taxlaw-3469	391	19	a	a	DET
taxlaw-3469	391	20	lower	low	ADJ
taxlaw-3469	391	21	tax	tax	NOUN
taxlaw-3469	391	22	rate	rate	NOUN
taxlaw-3469	391	23	also	also	ADV
taxlaw-3469	391	24	diminishes	diminish	VERB
taxlaw-3469	391	25	.	.	PUNCT
taxlaw-3469	392	1	83	83	NUM
taxlaw-3469	392	2	comparing	compare	VERB
taxlaw-3469	392	3	the	the	DET
taxlaw-3469	392	4	foreign	foreign	ADJ
taxlaw-3469	392	5	tax	tax	NOUN
taxlaw-3469	392	6	liability	liability	NOUN
taxlaw-3469	392	7	in	in	ADP
taxlaw-3469	392	8	column	column	NOUN
taxlaw-3469	392	9	(	(	PUNCT
taxlaw-3469	392	10	y	y	NOUN
taxlaw-3469	392	11	)	)	PUNCT
taxlaw-3469	392	12	from	from	ADP
taxlaw-3469	392	13	table	table	NOUN
taxlaw-3469	392	14	7	7	NUM
taxlaw-3469	392	15	with	with	ADP
taxlaw-3469	392	16	the	the	DET
taxlaw-3469	392	17	regular	regular	ADJ
taxlaw-3469	392	18	u.s	u.s	PROPN
taxlaw-3469	392	19	.	.	PROPN
taxlaw-3469	392	20	liability	liability	NOUN
taxlaw-3469	392	21	in	in	ADP
taxlaw-3469	392	22	column	column	NOUN
taxlaw-3469	392	23	(	(	PUNCT
taxlaw-3469	392	24	j	j	NOUN
taxlaw-3469	392	25	)	)	PUNCT
taxlaw-3469	392	26	from	from	ADP
taxlaw-3469	392	27	table	table	NOUN
taxlaw-3469	392	28	3	3	NUM
taxlaw-3469	392	29	shows	show	VERB
taxlaw-3469	392	30	the	the	DET
taxlaw-3469	392	31	benefit	benefit	NOUN
taxlaw-3469	392	32	of	of	ADP
taxlaw-3469	392	33	expensing	expense	VERB
taxlaw-3469	392	34	.	.	PUNCT
taxlaw-3469	393	1	the	the	DET
taxlaw-3469	393	2	assumed	assume	VERB
taxlaw-3469	393	3	foreign	foreign	ADJ
taxlaw-3469	393	4	tax	tax	NOUN
taxlaw-3469	393	5	rate	rate	NOUN
taxlaw-3469	393	6	is	be	AUX
taxlaw-3469	393	7	only	only	ADV
taxlaw-3469	393	8	40	40	NUM
taxlaw-3469	393	9	percent	percent	NOUN
taxlaw-3469	393	10	of	of	ADP
taxlaw-3469	393	11	the	the	DET
taxlaw-3469	393	12	u.s	u.s	PROPN
taxlaw-3469	393	13	.	.	PROPN
taxlaw-3469	393	14	tax	tax	NOUN
taxlaw-3469	393	15	rate	rate	NOUN
taxlaw-3469	393	16	yet	yet	ADV
taxlaw-3469	393	17	yields	yield	VERB
taxlaw-3469	393	18	a	a	DET
taxlaw-3469	393	19	tax	tax	NOUN
taxlaw-3469	393	20	liability	liability	NOUN
taxlaw-3469	393	21	that	that	PRON
taxlaw-3469	393	22	is	be	AUX
taxlaw-3469	393	23	just	just	ADV
taxlaw-3469	393	24	over	over	ADP
taxlaw-3469	393	25	60	60	NUM
taxlaw-3469	393	26	percent	percent	NOUN
taxlaw-3469	393	27	of	of	ADP
taxlaw-3469	393	28	the	the	DET
taxlaw-3469	393	29	regular	regular	ADJ
taxlaw-3469	393	30	u.s	u.s	PROPN
taxlaw-3469	393	31	.	.	PROPN
taxlaw-3469	393	32	tax	tax	NOUN
taxlaw-3469	393	33	liability	liability	NOUN
taxlaw-3469	393	34	(	(	PUNCT
taxlaw-3469	393	35	before	before	SCONJ
taxlaw-3469	393	36	the	the	DET
taxlaw-3469	393	37	fdii	fdii	NOUN
taxlaw-3469	393	38	benefit	benefit	VERB
taxlaw-3469	393	39	)	)	PUNCT
taxlaw-3469	393	40	in	in	ADP
taxlaw-3469	393	41	present	present	ADJ
taxlaw-3469	393	42	value	value	NOUN
taxlaw-3469	393	43	terms	term	NOUN
taxlaw-3469	393	44	.	.	PUNCT
taxlaw-3469	394	1	84	84	NUM
taxlaw-3469	394	2	the	the	DET
taxlaw-3469	394	3	computation	computation	NOUN
taxlaw-3469	394	4	of	of	ADP
taxlaw-3469	394	5	the	the	DET
taxlaw-3469	394	6	gilti	gilti	NOUN
taxlaw-3469	394	7	amount	amount	NOUN
taxlaw-3469	394	8	subject	subject	ADJ
taxlaw-3469	394	9	to	to	ADP
taxlaw-3469	394	10	u.s	u.s	PROPN
taxlaw-3469	394	11	.	.	PROPN
taxlaw-3469	394	12	tax	tax	NOUN
taxlaw-3469	394	13	starts	start	VERB
taxlaw-3469	394	14	with	with	ADP
taxlaw-3469	394	15	an	an	DET
taxlaw-3469	394	16	after	after	ADP
taxlaw-3469	394	17	-	-	PUNCT
taxlaw-3469	394	18	tax	tax	NOUN
taxlaw-3469	394	19	amount	amount	NOUN
taxlaw-3469	394	20	(	(	PUNCT
taxlaw-3469	394	21	i.e.	i.e.	X
taxlaw-3469	394	22	,	,	PUNCT
taxlaw-3469	394	23	the	the	DET
taxlaw-3469	394	24	“	"	PUNCT
taxlaw-3469	394	25	net	net	ADJ
taxlaw-3469	394	26	cfc	cfc	PROPN
taxlaw-3469	394	27	tested	test	VERB
taxlaw-3469	394	28	income	income	NOUN
taxlaw-3469	394	29	”	"	PUNCT
taxlaw-3469	394	30	)	)	PUNCT
taxlaw-3469	394	31	from	from	ADP
taxlaw-3469	394	32	which	which	PRON
taxlaw-3469	394	33	the	the	DET
taxlaw-3469	394	34	imputed	imputed	ADJ
taxlaw-3469	394	35	return	return	NOUN
taxlaw-3469	394	36	on	on	ADP
taxlaw-3469	394	37	qbai	qbai	NOUN
taxlaw-3469	394	38	is	be	AUX
taxlaw-3469	394	39	deducted	deduct	VERB
taxlaw-3469	394	40	.	.	PUNCT
taxlaw-3469	395	1	the	the	DET
taxlaw-3469	395	2	final	final	ADJ
taxlaw-3469	395	3	gilti	gilti	NOUN
taxlaw-3469	395	4	amount	amount	NOUN
taxlaw-3469	395	5	subject	subject	ADJ
taxlaw-3469	395	6	to	to	ADP
taxlaw-3469	395	7	u.s	u.s	PROPN
taxlaw-3469	395	8	.	.	PROPN
taxlaw-3469	395	9	tax	tax	NOUN
taxlaw-3469	395	10	is	be	AUX
taxlaw-3469	395	11	a	a	DET
taxlaw-3469	395	12	before	before	ADP
taxlaw-3469	395	13	-	-	PUNCT
taxlaw-3469	395	14	tax	tax	NOUN
taxlaw-3469	395	15	figure	figure	NOUN
taxlaw-3469	395	16	via	via	ADP
taxlaw-3469	395	17	the	the	DET
taxlaw-3469	395	18	section	section	NOUN
taxlaw-3469	395	19	78	78	NUM
taxlaw-3469	395	20	gross	gross	ADJ
taxlaw-3469	395	21	-	-	PUNCT
taxlaw-3469	395	22	up	up	NOUN
taxlaw-3469	395	23	.	.	PUNCT
taxlaw-3469	396	1	the	the	DET
taxlaw-3469	396	2	mechanics	mechanic	NOUN
taxlaw-3469	396	3	of	of	ADP
taxlaw-3469	396	4	this	this	DET
taxlaw-3469	396	5	computation	computation	NOUN
taxlaw-3469	396	6	–	–	PUNCT
taxlaw-3469	396	7	especially	especially	ADV
taxlaw-3469	396	8	the	the	DET
taxlaw-3469	396	9	sequencing	sequencing	NOUN
taxlaw-3469	396	10	with	with	ADP
taxlaw-3469	396	11	regard	regard	NOUN
taxlaw-3469	396	12	to	to	ADP
taxlaw-3469	396	13	the	the	DET
taxlaw-3469	396	14	subtraction	subtraction	NOUN
taxlaw-3469	396	15	of	of	ADP
taxlaw-3469	396	16	the	the	DET
taxlaw-3469	396	17	imputed	impute	VERB
taxlaw-3469	396	18	return	return	NOUN
taxlaw-3469	396	19	on	on	ADP
taxlaw-3469	396	20	qbai	qbai	NOUN
taxlaw-3469	396	21	–	–	PUNCT
taxlaw-3469	396	22	mean	mean	VERB
taxlaw-3469	396	23	that	that	SCONJ
taxlaw-3469	396	24	the	the	DET
taxlaw-3469	396	25	non	non	ADJ
taxlaw-3469	396	26	-	-	ADJ
taxlaw-3469	396	27	zero	zero	ADJ
taxlaw-3469	396	28	foreign	foreign	ADJ
taxlaw-3469	396	29	tax	tax	NOUN
taxlaw-3469	396	30	rates	rate	NOUN
taxlaw-3469	396	31	of	of	ADP
taxlaw-3469	396	32	the	the	DET
taxlaw-3469	396	33	provision	provision	NOUN
taxlaw-3469	396	34	falls	fall	VERB
taxlaw-3469	396	35	just	just	ADV
taxlaw-3469	396	36	short	short	ADV
taxlaw-3469	396	37	of	of	ADP
taxlaw-3469	396	38	isolating	isolate	VERB
taxlaw-3469	396	39	the	the	DET
taxlaw-3469	396	40	full	full	ADJ
taxlaw-3469	396	41	extent	extent	NOUN
taxlaw-3469	396	42	of	of	ADP
taxlaw-3469	396	43	the	the	DET
taxlaw-3469	396	44	economic	economic	ADJ
taxlaw-3469	396	45	rents	rent	NOUN
taxlaw-3469	396	46	.	.	PUNCT
taxlaw-3469	397	1	85	85	NUM
taxlaw-3469	397	2	we	we	PRON
taxlaw-3469	397	3	assume	assume	VERB
taxlaw-3469	397	4	that	that	SCONJ
taxlaw-3469	397	5	no	no	DET
taxlaw-3469	397	6	limitations	limitation	NOUN
taxlaw-3469	397	7	(	(	PUNCT
taxlaw-3469	397	8	e.g.	e.g.	ADV
taxlaw-3469	397	9	,	,	PUNCT
taxlaw-3469	397	10	from	from	ADP
taxlaw-3469	397	11	expense	expense	NOUN
taxlaw-3469	397	12	allocation	allocation	NOUN
taxlaw-3469	397	13	)	)	PUNCT
taxlaw-3469	397	14	apply	apply	VERB
taxlaw-3469	397	15	to	to	ADP
taxlaw-3469	397	16	the	the	DET
taxlaw-3469	397	17	foreign	foreign	ADJ
taxlaw-3469	397	18	tax	tax	NOUN
taxlaw-3469	397	19	credits	credit	NOUN
taxlaw-3469	397	20	.	.	PUNCT
taxlaw-3469	398	1	the	the	DET
taxlaw-3469	398	2	allocation	allocation	NOUN
taxlaw-3469	398	3	of	of	ADP
taxlaw-3469	398	4	expenses	expense	NOUN
taxlaw-3469	398	5	under	under	ADP
taxlaw-3469	398	6	the	the	DET
taxlaw-3469	398	7	rules	rule	NOUN
taxlaw-3469	398	8	of	of	ADP
taxlaw-3469	398	9	i.r.c	i.r.c	NOUN
taxlaw-3469	398	10	.	.	PUNCT
taxlaw-3469	399	1	§	§	NOUN
taxlaw-3469	399	2	861	861	NUM
taxlaw-3469	399	3	can	can	AUX
taxlaw-3469	399	4	limit	limit	VERB
taxlaw-3469	399	5	the	the	DET
taxlaw-3469	399	6	foreign	foreign	ADJ
taxlaw-3469	399	7	tax	tax	NOUN
taxlaw-3469	399	8	credit	credit	NOUN
taxlaw-3469	399	9	and	and	CCONJ
taxlaw-3469	399	10	thereby	thereby	ADV
taxlaw-3469	399	11	subject	subject	VERB
taxlaw-3469	399	12	some	some	DET
taxlaw-3469	399	13	foreign	foreign	ADJ
taxlaw-3469	399	14	income	income	NOUN
taxlaw-3469	399	15	to	to	ADP
taxlaw-3469	399	16	u.s	u.s	PROPN
taxlaw-3469	399	17	.	.	PROPN
taxlaw-3469	399	18	tax	tax	NOUN
taxlaw-3469	399	19	even	even	ADV
taxlaw-3469	399	20	when	when	SCONJ
taxlaw-3469	399	21	the	the	DET
taxlaw-3469	399	22	cfcs	cfcs	ADJ
taxlaw-3469	399	23	foreign	foreign	ADJ
taxlaw-3469	399	24	tax	tax	NOUN
taxlaw-3469	399	25	rate	rate	NOUN
taxlaw-3469	399	26	exceeds	exceed	VERB
taxlaw-3469	399	27	13.125	13.125	NUM
taxlaw-3469	399	28	percent	percent	NOUN
taxlaw-3469	399	29	.	.	PUNCT
taxlaw-3469	400	1	see	see	VERB
taxlaw-3469	400	2	sullivan	sullivan	PROPN
taxlaw-3469	400	3	,	,	PUNCT
taxlaw-3469	400	4	supra	supra	PROPN
taxlaw-3469	400	5	note	note	NOUN
taxlaw-3469	400	6	53	53	NUM
taxlaw-3469	400	7	.	.	PUNCT
taxlaw-3469	401	1	in	in	ADP
taxlaw-3469	401	2	the	the	DET
taxlaw-3469	401	3	context	context	NOUN
taxlaw-3469	401	4	of	of	ADP
taxlaw-3469	401	5	this	this	DET
taxlaw-3469	401	6	analysis	analysis	NOUN
taxlaw-3469	401	7	,	,	PUNCT
taxlaw-3469	401	8	such	such	ADJ
taxlaw-3469	401	9	limitations	limitation	NOUN
taxlaw-3469	401	10	would	would	AUX
taxlaw-3469	401	11	increase	increase	VERB
taxlaw-3469	401	12	the	the	DET
taxlaw-3469	401	13	u.s	u.s	PROPN
taxlaw-3469	401	14	.	.	PROPN
taxlaw-3469	401	15	tax	tax	NOUN
taxlaw-3469	401	16	on	on	ADP
taxlaw-3469	401	17	gilti	gilti	NOUN
taxlaw-3469	401	18	and	and	CCONJ
taxlaw-3469	401	19	make	make	VERB
taxlaw-3469	401	20	the	the	DET
taxlaw-3469	401	21	foreign	foreign	ADJ
taxlaw-3469	401	22	jurisdiction	jurisdiction	NOUN
taxlaw-3469	401	23	less	less	ADV
taxlaw-3469	401	24	favorable	favorable	ADJ
taxlaw-3469	401	25	,	,	PUNCT
taxlaw-3469	401	26	other	other	ADJ
taxlaw-3469	401	27	things	thing	NOUN
taxlaw-3469	401	28	equal	equal	ADJ
taxlaw-3469	401	29	.	.	PUNCT
taxlaw-3469	402	1	222	222	NUM
taxlaw-3469	403	1	[	[	X
taxlaw-3469	403	2	vol	vol	NOUN
taxlaw-3469	403	3	.	.	PUNCT
taxlaw-3469	404	1	10:2	10:2	NUM
taxlaw-3469	404	2	columbia	columbia	PROPN
taxlaw-3469	404	3	journal	journal	PROPN
taxlaw-3469	404	4	of	of	ADP
taxlaw-3469	404	5	tax	tax	NOUN
taxlaw-3469	404	6	law	law	NOUN
taxlaw-3469	404	7	table	table	NOUN
taxlaw-3469	404	8	7	7	NUM
taxlaw-3469	404	9	:	:	PUNCT
taxlaw-3469	404	10	total	total	ADJ
taxlaw-3469	404	11	tax	tax	NOUN
taxlaw-3469	404	12	liability	liability	NOUN
taxlaw-3469	404	13	when	when	SCONJ
taxlaw-3469	404	14	locating	locate	VERB
taxlaw-3469	404	15	tangible	tangible	ADJ
taxlaw-3469	404	16	investment	investment	NOUN
taxlaw-3469	404	17	overseas86	overseas86	NOUN
taxlaw-3469	404	18	(	(	PUNCT
taxlaw-3469	404	19	all	all	DET
taxlaw-3469	404	20	figures	figure	NOUN
taxlaw-3469	404	21	in	in	ADP
taxlaw-3469	404	22	million	million	NUM
taxlaw-3469	404	23	usd	usd	NOUN
taxlaw-3469	404	24	)	)	PUNCT
taxlaw-3469	404	25	analogous	analogous	ADJ
taxlaw-3469	404	26	to	to	ADP
taxlaw-3469	404	27	the	the	DET
taxlaw-3469	404	28	analysis	analysis	NOUN
taxlaw-3469	404	29	for	for	ADP
taxlaw-3469	404	30	the	the	DET
taxlaw-3469	404	31	intangible	intangible	ADJ
taxlaw-3469	404	32	investment	investment	NOUN
taxlaw-3469	404	33	,	,	PUNCT
taxlaw-3469	404	34	the	the	DET
taxlaw-3469	404	35	firm	firm	NOUN
taxlaw-3469	404	36	’s	’s	PART
taxlaw-3469	404	37	after	after	ADP
taxlaw-3469	404	38	-	-	PUNCT
taxlaw-3469	404	39	tax	tax	NOUN
taxlaw-3469	404	40	cash	cash	NOUN
taxlaw-3469	404	41	flows	flow	NOUN
taxlaw-3469	404	42	from	from	ADP
taxlaw-3469	404	43	the	the	DET
taxlaw-3469	404	44	tangible	tangible	ADJ
taxlaw-3469	404	45	investment	investment	NOUN
taxlaw-3469	404	46	and	and	CCONJ
taxlaw-3469	404	47	the	the	DET
taxlaw-3469	404	48	irr	irr	NOUN
taxlaw-3469	404	49	and	and	CCONJ
taxlaw-3469	404	50	npv	npv	NOUN
taxlaw-3469	404	51	of	of	ADP
taxlaw-3469	404	52	the	the	DET
taxlaw-3469	404	53	investment	investment	NOUN
taxlaw-3469	404	54	are	be	AUX
taxlaw-3469	404	55	shown	show	VERB
taxlaw-3469	404	56	in	in	ADP
taxlaw-3469	404	57	table	table	NOUN
taxlaw-3469	404	58	8	8	NUM
taxlaw-3469	404	59	.	.	PUNCT
taxlaw-3469	404	60	table	table	NOUN
taxlaw-3469	404	61	8	8	NUM
taxlaw-3469	404	62	:	:	PUNCT
taxlaw-3469	404	63	after	after	ADP
taxlaw-3469	404	64	-	-	PUNCT
taxlaw-3469	404	65	tax	tax	NOUN
taxlaw-3469	404	66	cash	cash	NOUN
taxlaw-3469	404	67	flows	flow	NOUN
taxlaw-3469	404	68	,	,	PUNCT
taxlaw-3469	404	69	npv	npv	NOUN
taxlaw-3469	404	70	and	and	CCONJ
taxlaw-3469	404	71	irr	irr	NOUN
taxlaw-3469	404	72	from	from	ADP
taxlaw-3469	404	73	tangible	tangible	ADJ
taxlaw-3469	404	74	investment	investment	NOUN
taxlaw-3469	404	75	(	(	PUNCT
taxlaw-3469	404	76	united	united	PROPN
taxlaw-3469	404	77	states	states	PROPN
taxlaw-3469	404	78	versus	versus	ADP
taxlaw-3469	404	79	overseas	overseas	ADV
taxlaw-3469	404	80	)	)	PUNCT
taxlaw-3469	404	81	(	(	PUNCT
taxlaw-3469	404	82	all	all	DET
taxlaw-3469	404	83	figures	figure	NOUN
taxlaw-3469	404	84	except	except	SCONJ
taxlaw-3469	404	85	percentages	percentage	NOUN
taxlaw-3469	404	86	in	in	ADP
taxlaw-3469	404	87	million	million	NUM
taxlaw-3469	404	88	usd	usd	NOUN
taxlaw-3469	404	89	)	)	PUNCT
taxlaw-3469	404	90	the	the	DET
taxlaw-3469	404	91	expensing	expensing	NOUN
taxlaw-3469	404	92	and	and	CCONJ
taxlaw-3469	404	93	the	the	DET
taxlaw-3469	404	94	fdii	fdii	NOUN
taxlaw-3469	404	95	rules	rule	VERB
taxlaw-3469	404	96	–	–	PUNCT
taxlaw-3469	404	97	each	each	PRON
taxlaw-3469	404	98	of	of	ADP
taxlaw-3469	404	99	them	they	PRON
taxlaw-3469	404	100	working	work	VERB
taxlaw-3469	404	101	only	only	ADV
taxlaw-3469	404	102	imperfectly	imperfectly	ADV
taxlaw-3469	404	103	with	with	ADP
taxlaw-3469	404	104	the	the	DET
taxlaw-3469	404	105	investment	investment	NOUN
taxlaw-3469	404	106	characteristics	characteristic	NOUN
taxlaw-3469	404	107	assumed	assume	VERB
taxlaw-3469	404	108	in	in	ADP
taxlaw-3469	404	109	our	our	PRON
taxlaw-3469	404	110	example	example	NOUN
taxlaw-3469	404	111	–	–	PUNCT
taxlaw-3469	404	112	combine	combine	VERB
taxlaw-3469	404	113	to	to	PART
taxlaw-3469	404	114	provide	provide	VERB
taxlaw-3469	404	115	a	a	DET
taxlaw-3469	404	116	better	well	ADJ
taxlaw-3469	404	117	expected	expect	VERB
taxlaw-3469	404	118	after	after	ADP
taxlaw-3469	404	119	-	-	PUNCT
taxlaw-3469	404	120	tax	tax	NOUN
taxlaw-3469	404	121	irr	irr	NOUN
taxlaw-3469	404	122	for	for	ADP
taxlaw-3469	404	123	the	the	DET
taxlaw-3469	404	124	firm	firm	NOUN
taxlaw-3469	404	125	when	when	SCONJ
taxlaw-3469	404	126	it	it	PRON
taxlaw-3469	404	127	locates	locate	VERB
taxlaw-3469	404	128	the	the	DET
taxlaw-3469	404	129	tangible	tangible	ADJ
taxlaw-3469	404	130	investment	investment	NOUN
taxlaw-3469	404	131	in	in	ADP
taxlaw-3469	404	132	the	the	DET
taxlaw-3469	404	133	united	united	PROPN
taxlaw-3469	404	134	states	states	PROPN
taxlaw-3469	404	135	versus	versus	ADP
taxlaw-3469	404	136	overseas	overseas	ADV
taxlaw-3469	404	137	in	in	ADP
taxlaw-3469	404	138	the	the	DET
taxlaw-3469	404	139	hypothesized	hypothesized	ADJ
taxlaw-3469	404	140	candidate	candidate	NOUN
taxlaw-3469	404	141	foreign	foreign	ADJ
taxlaw-3469	404	142	jurisdiction	jurisdiction	NOUN
taxlaw-3469	404	143	.	.	PUNCT
taxlaw-3469	405	1	the	the	DET
taxlaw-3469	405	2	firm	firm	NOUN
taxlaw-3469	405	3	does	do	VERB
taxlaw-3469	405	4	marginally	marginally	ADV
taxlaw-3469	405	5	better	well	ADV
taxlaw-3469	405	6	from	from	ADP
taxlaw-3469	405	7	locating	locate	VERB
taxlaw-3469	405	8	the	the	DET
taxlaw-3469	405	9	investment	investment	NOUN
taxlaw-3469	405	10	overseas	overseas	ADV
taxlaw-3469	405	11	in	in	ADP
taxlaw-3469	405	12	terms	term	NOUN
taxlaw-3469	405	13	of	of	ADP
taxlaw-3469	405	14	the	the	DET
taxlaw-3469	405	15	after	after	ADP
taxlaw-3469	405	16	-	-	PUNCT
taxlaw-3469	405	17	tax	tax	NOUN
taxlaw-3469	405	18	npv	npv	NOUN
taxlaw-3469	405	19	of	of	ADP
taxlaw-3469	405	20	the	the	DET
taxlaw-3469	405	21	investment	investment	NOUN
taxlaw-3469	405	22	–	–	PUNCT
taxlaw-3469	405	23	even	even	ADV
taxlaw-3469	405	24	though	though	SCONJ
taxlaw-3469	405	25	the	the	DET
taxlaw-3469	405	26	upfront	upfront	ADJ
taxlaw-3469	405	27	after	after	ADP
taxlaw-3469	405	28	-	-	PUNCT
taxlaw-3469	405	29	tax	tax	NOUN
taxlaw-3469	405	30	outlay	outlay	NOUN
taxlaw-3469	405	31	is	be	AUX
taxlaw-3469	405	32	higher	high	ADJ
taxlaw-3469	405	33	,	,	PUNCT
taxlaw-3469	405	34	the	the	DET
taxlaw-3469	405	35	subsequent	subsequent	ADJ
taxlaw-3469	405	36	returns	return	NOUN
taxlaw-3469	405	37	face	face	VERB
taxlaw-3469	405	38	a	a	DET
taxlaw-3469	405	39	lower	low	ADJ
taxlaw-3469	405	40	tax	tax	NOUN
taxlaw-3469	405	41	burden	burden	NOUN
taxlaw-3469	405	42	.	.	PUNCT
taxlaw-3469	406	1	however	however	ADV
taxlaw-3469	406	2	,	,	PUNCT
taxlaw-3469	406	3	this	this	DET
taxlaw-3469	406	4	benefit	benefit	NOUN
taxlaw-3469	406	5	in	in	ADP
taxlaw-3469	406	6	terms	term	NOUN
taxlaw-3469	406	7	of	of	ADP
taxlaw-3469	406	8	npv	npv	NOUN
taxlaw-3469	406	9	is	be	AUX
taxlaw-3469	406	10	small	small	ADJ
taxlaw-3469	406	11	–	–	PUNCT
taxlaw-3469	406	12	approximately	approximately	ADV
taxlaw-3469	406	13	$	$	SYM
taxlaw-3469	406	14	38	38	NUM
taxlaw-3469	406	15	thousand	thousand	NUM
taxlaw-3469	406	16	on	on	ADP
taxlaw-3469	406	17	a	a	DET
taxlaw-3469	406	18	$	$	SYM
taxlaw-3469	406	19	10	10	NUM
taxlaw-3469	406	20	million	million	NUM
taxlaw-3469	406	21	investment	investment	NOUN
taxlaw-3469	406	22	and	and	CCONJ
taxlaw-3469	406	23	barely	barely	ADV
taxlaw-3469	406	24	86	86	NUM
taxlaw-3469	406	25	the	the	DET
taxlaw-3469	406	26	amount	amount	NOUN
taxlaw-3469	406	27	shown	show	VERB
taxlaw-3469	406	28	in	in	ADP
taxlaw-3469	406	29	column	column	NOUN
taxlaw-3469	406	30	(	(	PUNCT
taxlaw-3469	406	31	z	z	NOUN
taxlaw-3469	406	32	)	)	PUNCT
taxlaw-3469	406	33	is	be	AUX
taxlaw-3469	406	34	after	after	ADP
taxlaw-3469	406	35	the	the	DET
taxlaw-3469	406	36	section	section	NOUN
taxlaw-3469	406	37	78	78	NUM
taxlaw-3469	406	38	gross	gross	ADJ
taxlaw-3469	406	39	-	-	PUNCT
taxlaw-3469	406	40	up	up	NOUN
taxlaw-3469	406	41	(	(	PUNCT
taxlaw-3469	406	42	i.e.	i.e.	X
taxlaw-3469	406	43	,	,	PUNCT
taxlaw-3469	406	44	the	the	DET
taxlaw-3469	406	45	amount	amount	NOUN
taxlaw-3469	406	46	subject	subject	ADJ
taxlaw-3469	406	47	to	to	ADP
taxlaw-3469	406	48	us	we	PRON
taxlaw-3469	406	49	tax	tax	NOUN
taxlaw-3469	406	50	under	under	ADP
taxlaw-3469	406	51	the	the	DET
taxlaw-3469	406	52	gilti	gilti	NOUN
taxlaw-3469	406	53	provision	provision	NOUN
taxlaw-3469	406	54	)	)	PUNCT
taxlaw-3469	406	55	.	.	PUNCT
taxlaw-3469	407	1	2019	2019	NUM
taxlaw-3469	407	2	]	]	PUNCT
taxlaw-3469	407	3	223	223	NUM
taxlaw-3469	407	4	the	the	DET
taxlaw-3469	407	5	impact	impact	NOUN
taxlaw-3469	407	6	of	of	ADP
taxlaw-3469	407	7	gilti	gilti	NOUN
taxlaw-3469	407	8	and	and	CCONJ
taxlaw-3469	407	9	fdii	fdii	NOUN
taxlaw-3469	407	10	on	on	ADP
taxlaw-3469	407	11	the	the	DET
taxlaw-3469	407	12	investment	investment	NOUN
taxlaw-3469	407	13	location	location	NOUN
taxlaw-3469	407	14	choice	choice	NOUN
taxlaw-3469	407	15	of	of	ADP
taxlaw-3469	407	16	u.s	u.s	PROPN
taxlaw-3469	407	17	.	.	PROPN
taxlaw-3469	407	18	multinationals	multinational	NOUN
taxlaw-3469	407	19	half	half	DET
taxlaw-3469	407	20	a	a	DET
taxlaw-3469	407	21	percent	percent	NOUN
taxlaw-3469	407	22	of	of	ADP
taxlaw-3469	407	23	the	the	DET
taxlaw-3469	407	24	pre	pre	ADJ
taxlaw-3469	407	25	-	-	ADJ
taxlaw-3469	407	26	tax	tax	ADJ
taxlaw-3469	407	27	npv	npv	NOUN
taxlaw-3469	407	28	of	of	ADP
taxlaw-3469	407	29	gross	gross	ADJ
taxlaw-3469	407	30	returns	return	NOUN
taxlaw-3469	407	31	.	.	PUNCT
taxlaw-3469	408	1	furthermore	furthermore	ADV
taxlaw-3469	408	2	,	,	PUNCT
taxlaw-3469	408	3	the	the	DET
taxlaw-3469	408	4	benefit	benefit	NOUN
taxlaw-3469	408	5	declines	decline	VERB
taxlaw-3469	408	6	rapidly	rapidly	ADV
taxlaw-3469	408	7	as	as	SCONJ
taxlaw-3469	408	8	the	the	DET
taxlaw-3469	408	9	expected	expect	VERB
taxlaw-3469	408	10	rate	rate	NOUN
taxlaw-3469	408	11	of	of	ADP
taxlaw-3469	408	12	economic	economic	ADJ
taxlaw-3469	408	13	rents	rent	NOUN
taxlaw-3469	408	14	in	in	ADP
taxlaw-3469	408	15	the	the	DET
taxlaw-3469	408	16	system	system	NOUN
taxlaw-3469	408	17	decline	decline	VERB
taxlaw-3469	408	18	with	with	ADP
taxlaw-3469	408	19	the	the	DET
taxlaw-3469	408	20	balance	balance	NOUN
taxlaw-3469	408	21	shifting	shift	VERB
taxlaw-3469	408	22	in	in	ADP
taxlaw-3469	408	23	favor	favor	NOUN
taxlaw-3469	408	24	of	of	ADP
taxlaw-3469	408	25	the	the	DET
taxlaw-3469	408	26	united	united	PROPN
taxlaw-3469	408	27	states	states	PROPN
taxlaw-3469	408	28	for	for	ADP
taxlaw-3469	408	29	low	low	ADJ
taxlaw-3469	408	30	rates	rate	NOUN
taxlaw-3469	408	31	of	of	ADP
taxlaw-3469	408	32	rents	rent	NOUN
taxlaw-3469	408	33	.	.	PUNCT
taxlaw-3469	409	1	all	all	PRON
taxlaw-3469	409	2	of	of	ADP
taxlaw-3469	409	3	this	this	PRON
taxlaw-3469	409	4	suggests	suggest	VERB
taxlaw-3469	409	5	that	that	SCONJ
taxlaw-3469	409	6	the	the	DET
taxlaw-3469	409	7	location	location	NOUN
taxlaw-3469	409	8	of	of	ADP
taxlaw-3469	409	9	tangible	tangible	ADJ
taxlaw-3469	409	10	capital	capital	NOUN
taxlaw-3469	409	11	is	be	AUX
taxlaw-3469	409	12	likely	likely	ADJ
taxlaw-3469	409	13	to	to	PART
taxlaw-3469	409	14	be	be	AUX
taxlaw-3469	409	15	dictated	dictate	VERB
taxlaw-3469	409	16	much	much	ADV
taxlaw-3469	409	17	more	more	ADJ
taxlaw-3469	409	18	by	by	ADP
taxlaw-3469	409	19	non	non	ADJ
taxlaw-3469	409	20	-	-	ADJ
taxlaw-3469	409	21	tax	tax	ADJ
taxlaw-3469	409	22	factors	factor	NOUN
taxlaw-3469	409	23	(	(	PUNCT
taxlaw-3469	409	24	such	such	ADJ
taxlaw-3469	409	25	as	as	ADP
taxlaw-3469	409	26	cost	cost	NOUN
taxlaw-3469	409	27	/	/	SYM
taxlaw-3469	409	28	supply	supply	NOUN
taxlaw-3469	409	29	of	of	ADP
taxlaw-3469	409	30	labor	labor	NOUN
taxlaw-3469	409	31	,	,	PUNCT
taxlaw-3469	409	32	supply	supply	NOUN
taxlaw-3469	409	33	-	-	PUNCT
taxlaw-3469	409	34	chain	chain	NOUN
taxlaw-3469	409	35	considerations	consideration	NOUN
taxlaw-3469	409	36	,	,	PUNCT
taxlaw-3469	409	37	etc	etc	X
taxlaw-3469	409	38	.	.	X
taxlaw-3469	409	39	)	)	PUNCT
taxlaw-3469	409	40	and	and	CCONJ
taxlaw-3469	409	41	the	the	DET
taxlaw-3469	409	42	new	new	ADJ
taxlaw-3469	409	43	provisions	provision	NOUN
taxlaw-3469	409	44	,	,	PUNCT
taxlaw-3469	409	45	by	by	ADP
taxlaw-3469	409	46	themselves	themselves	PRON
taxlaw-3469	409	47	,	,	PUNCT
taxlaw-3469	409	48	are	be	AUX
taxlaw-3469	409	49	unlikely	unlikely	ADJ
taxlaw-3469	409	50	to	to	PART
taxlaw-3469	409	51	significantly	significantly	ADV
taxlaw-3469	409	52	disadvantage	disadvantage	VERB
taxlaw-3469	409	53	the	the	DET
taxlaw-3469	409	54	united	united	PROPN
taxlaw-3469	409	55	states	states	PROPN
taxlaw-3469	409	56	as	as	ADP
taxlaw-3469	409	57	a	a	DET
taxlaw-3469	409	58	location	location	NOUN
taxlaw-3469	409	59	for	for	ADP
taxlaw-3469	409	60	such	such	ADJ
taxlaw-3469	409	61	investment	investment	NOUN
taxlaw-3469	409	62	.	.	PUNCT
taxlaw-3469	410	1	iv	iv	X
taxlaw-3469	410	2	.	.	PUNCT
taxlaw-3469	411	1	conclusion	conclusion	NOUN
taxlaw-3469	411	2	the	the	DET
taxlaw-3469	411	3	new	new	ADJ
taxlaw-3469	411	4	gilti	gilti	NOUN
taxlaw-3469	411	5	and	and	CCONJ
taxlaw-3469	411	6	fdii	fdii	NOUN
taxlaw-3469	411	7	rules	rule	NOUN
taxlaw-3469	411	8	have	have	AUX
taxlaw-3469	411	9	attracted	attract	VERB
taxlaw-3469	411	10	widespread	widespread	ADJ
taxlaw-3469	411	11	attention	attention	NOUN
taxlaw-3469	411	12	.	.	PUNCT
taxlaw-3469	412	1	in	in	ADP
taxlaw-3469	412	2	this	this	DET
taxlaw-3469	412	3	paper	paper	NOUN
taxlaw-3469	412	4	,	,	PUNCT
taxlaw-3469	412	5	we	we	PRON
taxlaw-3469	412	6	analyze	analyze	VERB
taxlaw-3469	412	7	whether	whether	SCONJ
taxlaw-3469	412	8	these	these	DET
taxlaw-3469	412	9	rules	rule	NOUN
taxlaw-3469	412	10	help	help	AUX
taxlaw-3469	412	11	retain	retain	VERB
taxlaw-3469	412	12	internationally	internationally	ADV
taxlaw-3469	412	13	mobile	mobile	ADJ
taxlaw-3469	412	14	rents	rent	NOUN
taxlaw-3469	412	15	within	within	ADP
taxlaw-3469	412	16	the	the	DET
taxlaw-3469	412	17	u.s	u.s	PROPN
taxlaw-3469	412	18	.	.	PROPN
taxlaw-3469	412	19	tax	tax	NOUN
taxlaw-3469	412	20	base	base	NOUN
taxlaw-3469	412	21	and	and	CCONJ
taxlaw-3469	412	22	the	the	DET
taxlaw-3469	412	23	associated	associated	ADJ
taxlaw-3469	412	24	economic	economic	ADJ
taxlaw-3469	412	25	activity	activity	NOUN
taxlaw-3469	412	26	within	within	ADP
taxlaw-3469	412	27	the	the	DET
taxlaw-3469	412	28	united	united	PROPN
taxlaw-3469	412	29	states	states	PROPN
taxlaw-3469	412	30	.	.	PUNCT
taxlaw-3469	413	1	we	we	PRON
taxlaw-3469	413	2	compare	compare	VERB
taxlaw-3469	413	3	investments	investment	NOUN
taxlaw-3469	413	4	with	with	ADP
taxlaw-3469	413	5	the	the	DET
taxlaw-3469	413	6	same	same	ADJ
taxlaw-3469	413	7	before	before	ADP
taxlaw-3469	413	8	-	-	PUNCT
taxlaw-3469	413	9	tax	tax	NOUN
taxlaw-3469	413	10	profiles	profile	NOUN
taxlaw-3469	413	11	in	in	ADP
taxlaw-3469	413	12	terms	term	NOUN
taxlaw-3469	413	13	of	of	ADP
taxlaw-3469	413	14	their	their	PRON
taxlaw-3469	413	15	after	after	ADP
taxlaw-3469	413	16	-	-	PUNCT
taxlaw-3469	413	17	tax	tax	NOUN
taxlaw-3469	413	18	irr	irr	NOUN
taxlaw-3469	413	19	and	and	CCONJ
taxlaw-3469	413	20	npv	npv	NOUN
taxlaw-3469	413	21	when	when	SCONJ
taxlaw-3469	413	22	made	make	VERB
taxlaw-3469	413	23	in	in	ADP
taxlaw-3469	413	24	the	the	DET
taxlaw-3469	413	25	united	united	PROPN
taxlaw-3469	413	26	states	states	PROPN
taxlaw-3469	413	27	versus	versus	ADP
taxlaw-3469	413	28	when	when	SCONJ
taxlaw-3469	413	29	made	make	VERB
taxlaw-3469	413	30	abroad	abroad	ADV
taxlaw-3469	413	31	.	.	PUNCT
taxlaw-3469	414	1	our	our	PRON
taxlaw-3469	414	2	analysis	analysis	NOUN
taxlaw-3469	414	3	suggests	suggest	VERB
taxlaw-3469	414	4	that	that	SCONJ
taxlaw-3469	414	5	for	for	ADP
taxlaw-3469	414	6	a	a	DET
taxlaw-3469	414	7	wide	wide	ADJ
taxlaw-3469	414	8	range	range	NOUN
taxlaw-3469	414	9	of	of	ADP
taxlaw-3469	414	10	investment	investment	NOUN
taxlaw-3469	414	11	profiles	profile	NOUN
taxlaw-3469	414	12	(	(	PUNCT
taxlaw-3469	414	13	characterized	characterize	VERB
taxlaw-3469	414	14	in	in	ADP
taxlaw-3469	414	15	terms	term	NOUN
taxlaw-3469	414	16	of	of	ADP
taxlaw-3469	414	17	size	size	NOUN
taxlaw-3469	414	18	and	and	CCONJ
taxlaw-3469	414	19	expected	expect	VERB
taxlaw-3469	414	20	above	above	ADP
taxlaw-3469	414	21	-	-	PUNCT
taxlaw-3469	414	22	normal	normal	ADJ
taxlaw-3469	414	23	returns	return	NOUN
taxlaw-3469	414	24	)	)	PUNCT
taxlaw-3469	414	25	for	for	ADP
taxlaw-3469	414	26	intangible	intangible	ADJ
taxlaw-3469	414	27	capital	capital	NOUN
taxlaw-3469	414	28	,	,	PUNCT
taxlaw-3469	414	29	a	a	DET
taxlaw-3469	414	30	u.s	u.s	PROPN
taxlaw-3469	414	31	.	.	PROPN
taxlaw-3469	414	32	mnc	mnc	PROPN
taxlaw-3469	414	33	can	can	AUX
taxlaw-3469	414	34	do	do	VERB
taxlaw-3469	414	35	better	well	ADV
taxlaw-3469	414	36	by	by	ADP
taxlaw-3469	414	37	locating	locate	VERB
taxlaw-3469	414	38	the	the	DET
taxlaw-3469	414	39	investment	investment	NOUN
taxlaw-3469	414	40	in	in	ADP
taxlaw-3469	414	41	the	the	DET
taxlaw-3469	414	42	united	united	PROPN
taxlaw-3469	414	43	states	states	PROPN
taxlaw-3469	414	44	.	.	PUNCT
taxlaw-3469	415	1	when	when	SCONJ
taxlaw-3469	415	2	non	non	ADJ
taxlaw-3469	415	3	-	-	ADJ
taxlaw-3469	415	4	tax	tax	ADJ
taxlaw-3469	415	5	transaction	transaction	NOUN
taxlaw-3469	415	6	costs	cost	NOUN
taxlaw-3469	415	7	are	be	AUX
taxlaw-3469	415	8	incorporated	incorporate	VERB
taxlaw-3469	415	9	in	in	ADP
taxlaw-3469	415	10	the	the	DET
taxlaw-3469	415	11	firm	firm	NOUN
taxlaw-3469	415	12	’s	’s	PART
taxlaw-3469	415	13	cost	cost	NOUN
taxlaw-3469	415	14	-	-	PUNCT
taxlaw-3469	415	15	benefit	benefit	NOUN
taxlaw-3469	415	16	calculus	calculus	NOUN
taxlaw-3469	415	17	,	,	PUNCT
taxlaw-3469	415	18	the	the	DET
taxlaw-3469	415	19	fdii	fdii	NOUN
taxlaw-3469	415	20	rules	rule	NOUN
taxlaw-3469	415	21	provide	provide	VERB
taxlaw-3469	415	22	a	a	DET
taxlaw-3469	415	23	significant	significant	ADJ
taxlaw-3469	415	24	incentive	incentive	NOUN
taxlaw-3469	415	25	for	for	SCONJ
taxlaw-3469	415	26	u.s	u.s	PROPN
taxlaw-3469	415	27	.	.	PROPN
taxlaw-3469	415	28	firms	firm	NOUN
taxlaw-3469	415	29	to	to	PART
taxlaw-3469	415	30	locate	locate	VERB
taxlaw-3469	415	31	new	new	ADJ
taxlaw-3469	415	32	investments	investment	NOUN
taxlaw-3469	415	33	within	within	ADP
taxlaw-3469	415	34	the	the	DET
taxlaw-3469	415	35	u.s	u.s	PROPN
taxlaw-3469	415	36	.	.	PROPN
taxlaw-3469	415	37	and	and	CCONJ
taxlaw-3469	415	38	the	the	DET
taxlaw-3469	415	39	gilti	gilti	NOUN
taxlaw-3469	415	40	rules	rule	NOUN
taxlaw-3469	415	41	impose	impose	VERB
taxlaw-3469	415	42	a	a	DET
taxlaw-3469	415	43	significant	significant	ADJ
taxlaw-3469	415	44	-	-	PUNCT
taxlaw-3469	415	45	enough	enough	ADJ
taxlaw-3469	415	46	burden	burden	NOUN
taxlaw-3469	415	47	(	(	PUNCT
taxlaw-3469	415	48	by	by	ADP
taxlaw-3469	415	49	way	way	NOUN
taxlaw-3469	415	50	of	of	ADP
taxlaw-3469	415	51	u.s	u.s	PROPN
taxlaw-3469	415	52	.	.	PROPN
taxlaw-3469	415	53	tax	tax	NOUN
taxlaw-3469	415	54	)	)	PUNCT
taxlaw-3469	415	55	such	such	ADJ
taxlaw-3469	415	56	that	that	SCONJ
taxlaw-3469	415	57	a	a	DET
taxlaw-3469	415	58	firm	firm	NOUN
taxlaw-3469	415	59	’s	’s	PART
taxlaw-3469	415	60	npv	npv	NOUN
taxlaw-3469	415	61	from	from	ADP
taxlaw-3469	415	62	an	an	DET
taxlaw-3469	415	63	investment	investment	NOUN
taxlaw-3469	415	64	is	be	AUX
taxlaw-3469	415	65	greater	great	ADJ
taxlaw-3469	415	66	when	when	SCONJ
taxlaw-3469	415	67	locating	locate	VERB
taxlaw-3469	415	68	such	such	DET
taxlaw-3469	415	69	an	an	DET
taxlaw-3469	415	70	investment	investment	NOUN
taxlaw-3469	415	71	within	within	ADP
taxlaw-3469	415	72	the	the	DET
taxlaw-3469	415	73	u.s	u.s	PROPN
taxlaw-3469	415	74	.	.	PROPN
taxlaw-3469	415	75	than	than	ADP
taxlaw-3469	415	76	in	in	ADP
taxlaw-3469	415	77	a	a	DET
taxlaw-3469	415	78	low	low	ADJ
taxlaw-3469	415	79	-	-	PUNCT
taxlaw-3469	415	80	tax	tax	NOUN
taxlaw-3469	415	81	foreign	foreign	ADJ
taxlaw-3469	415	82	jurisdiction	jurisdiction	NOUN
taxlaw-3469	415	83	.	.	PUNCT
taxlaw-3469	416	1	furthermore	furthermore	ADV
taxlaw-3469	416	2	,	,	PUNCT
taxlaw-3469	416	3	our	our	PRON
taxlaw-3469	416	4	analysis	analysis	NOUN
taxlaw-3469	416	5	also	also	ADV
taxlaw-3469	416	6	suggests	suggest	VERB
taxlaw-3469	416	7	that	that	SCONJ
taxlaw-3469	416	8	the	the	DET
taxlaw-3469	416	9	rules	rule	NOUN
taxlaw-3469	416	10	,	,	PUNCT
taxlaw-3469	416	11	by	by	ADP
taxlaw-3469	416	12	themselves	themselves	PRON
taxlaw-3469	416	13	,	,	PUNCT
taxlaw-3469	416	14	do	do	AUX
taxlaw-3469	416	15	not	not	PART
taxlaw-3469	416	16	dilute	dilute	VERB
taxlaw-3469	416	17	the	the	DET
taxlaw-3469	416	18	above	above	ADJ
taxlaw-3469	416	19	outcome	outcome	NOUN
taxlaw-3469	416	20	by	by	ADP
taxlaw-3469	416	21	providing	provide	VERB
taxlaw-3469	416	22	any	any	DET
taxlaw-3469	416	23	significant	significant	ADJ
taxlaw-3469	416	24	incentive	incentive	NOUN
taxlaw-3469	416	25	to	to	PART
taxlaw-3469	416	26	locate	locate	VERB
taxlaw-3469	416	27	new	new	ADJ
taxlaw-3469	416	28	tangible	tangible	ADJ
taxlaw-3469	416	29	capital	capital	NOUN
taxlaw-3469	416	30	outside	outside	ADP
taxlaw-3469	416	31	of	of	ADP
taxlaw-3469	416	32	the	the	DET
taxlaw-3469	416	33	united	united	PROPN
taxlaw-3469	416	34	states	states	PROPN
taxlaw-3469	416	35	.	.	PUNCT
taxlaw-3469	417	1	our	our	PRON
taxlaw-3469	417	2	conclusions	conclusion	NOUN
taxlaw-3469	417	3	differ	differ	VERB
taxlaw-3469	417	4	from	from	ADP
taxlaw-3469	417	5	other	other	ADJ
taxlaw-3469	417	6	commentators	commentator	NOUN
taxlaw-3469	417	7	’	'	PUNCT
taxlaw-3469	417	8	claim	claim	VERB
taxlaw-3469	417	9	that	that	SCONJ
taxlaw-3469	417	10	the	the	DET
taxlaw-3469	417	11	gilti	gilti	NOUN
taxlaw-3469	417	12	and	and	CCONJ
taxlaw-3469	417	13	fdii	fdii	VERB
taxlaw-3469	417	14	rules	rule	NOUN
taxlaw-3469	417	15	do	do	AUX
taxlaw-3469	417	16	not	not	PART
taxlaw-3469	417	17	provide	provide	VERB
taxlaw-3469	417	18	sufficient	sufficient	ADJ
taxlaw-3469	417	19	incentives	incentive	NOUN
taxlaw-3469	417	20	for	for	SCONJ
taxlaw-3469	417	21	firms	firm	NOUN
taxlaw-3469	417	22	to	to	PART
taxlaw-3469	417	23	locate	locate	VERB
taxlaw-3469	417	24	investments	investment	NOUN
taxlaw-3469	417	25	within	within	ADP
taxlaw-3469	417	26	the	the	DET
taxlaw-3469	417	27	us	us	PROPN
taxlaw-3469	417	28	and	and	CCONJ
taxlaw-3469	417	29	even	even	ADV
taxlaw-3469	417	30	have	have	VERB
taxlaw-3469	417	31	the	the	DET
taxlaw-3469	417	32	opposite	opposite	ADJ
taxlaw-3469	417	33	effect	effect	NOUN
taxlaw-3469	417	34	for	for	ADP
taxlaw-3469	417	35	some	some	DET
taxlaw-3469	417	36	investments	investment	NOUN
taxlaw-3469	417	37	.	.	PUNCT
taxlaw-3469	418	1	an	an	DET
taxlaw-3469	418	2	important	important	ADJ
taxlaw-3469	418	3	reason	reason	NOUN
taxlaw-3469	418	4	for	for	ADP
taxlaw-3469	418	5	the	the	DET
taxlaw-3469	418	6	difference	difference	NOUN
taxlaw-3469	418	7	in	in	ADP
taxlaw-3469	418	8	our	our	PRON
taxlaw-3469	418	9	conclusions	conclusion	NOUN
taxlaw-3469	418	10	comes	come	VERB
taxlaw-3469	418	11	from	from	ADP
taxlaw-3469	418	12	our	our	PRON
taxlaw-3469	418	13	explicit	explicit	ADJ
taxlaw-3469	418	14	consideration	consideration	NOUN
taxlaw-3469	418	15	of	of	ADP
taxlaw-3469	418	16	non	non	ADJ
taxlaw-3469	418	17	-	-	ADJ
taxlaw-3469	418	18	tax	tax	ADJ
taxlaw-3469	418	19	transactions	transaction	NOUN
taxlaw-3469	418	20	costs	cost	NOUN
taxlaw-3469	418	21	of	of	ADP
taxlaw-3469	418	22	tax	tax	NOUN
taxlaw-3469	418	23	planning	planning	NOUN
taxlaw-3469	418	24	in	in	ADP
taxlaw-3469	418	25	the	the	DET
taxlaw-3469	418	26	post	post	ADJ
taxlaw-3469	418	27	-	-	ADJ
taxlaw-3469	418	28	beps	beps	ADJ
taxlaw-3469	418	29	global	global	ADJ
taxlaw-3469	418	30	environment	environment	NOUN
taxlaw-3469	418	31	and	and	CCONJ
taxlaw-3469	418	32	our	our	PRON
taxlaw-3469	418	33	departure	departure	NOUN
taxlaw-3469	418	34	from	from	ADP
taxlaw-3469	418	35	a	a	DET
taxlaw-3469	418	36	single	single	ADJ
taxlaw-3469	418	37	-	-	PUNCT
taxlaw-3469	418	38	period	period	NOUN
taxlaw-3469	418	39	perspective	perspective	NOUN
taxlaw-3469	418	40	in	in	ADP
taxlaw-3469	418	41	favor	favor	NOUN
taxlaw-3469	418	42	of	of	ADP
taxlaw-3469	418	43	the	the	DET
taxlaw-3469	418	44	entire	entire	ADJ
taxlaw-3469	418	45	life	life	NOUN
taxlaw-3469	418	46	cycle	cycle	NOUN
taxlaw-3469	418	47	of	of	ADP
taxlaw-3469	418	48	the	the	DET
taxlaw-3469	418	49	investment	investment	NOUN
taxlaw-3469	418	50	.	.	PUNCT
taxlaw-3469	419	1	our	our	PRON
taxlaw-3469	419	2	analysis	analysis	NOUN
taxlaw-3469	419	3	relies	rely	VERB
taxlaw-3469	419	4	on	on	ADP
taxlaw-3469	419	5	a	a	DET
taxlaw-3469	419	6	simplified	simplified	ADJ
taxlaw-3469	419	7	and	and	CCONJ
taxlaw-3469	419	8	stylized	stylize	VERB
taxlaw-3469	419	9	framework	framework	NOUN
taxlaw-3469	419	10	and	and	CCONJ
taxlaw-3469	419	11	several	several	ADJ
taxlaw-3469	419	12	caveats	caveat	NOUN
taxlaw-3469	419	13	are	be	AUX
taxlaw-3469	419	14	applicable	applicable	ADJ
taxlaw-3469	419	15	.	.	PUNCT
taxlaw-3469	420	1	we	we	PRON
taxlaw-3469	420	2	ignore	ignore	VERB
taxlaw-3469	420	3	state	state	NOUN
taxlaw-3469	420	4	taxes	taxis	NOUN
taxlaw-3469	420	5	in	in	ADP
taxlaw-3469	420	6	the	the	DET
taxlaw-3469	420	7	interest	interest	NOUN
taxlaw-3469	420	8	of	of	ADP
taxlaw-3469	420	9	simplicity	simplicity	NOUN
taxlaw-3469	420	10	but	but	CCONJ
taxlaw-3469	420	11	also	also	ADV
taxlaw-3469	420	12	on	on	ADP
taxlaw-3469	420	13	account	account	NOUN
taxlaw-3469	420	14	of	of	ADP
taxlaw-3469	420	15	the	the	DET
taxlaw-3469	420	16	uncertainty	uncertainty	NOUN
taxlaw-3469	420	17	around	around	ADP
taxlaw-3469	420	18	what	what	PRON
taxlaw-3469	420	19	path	path	NOUN
taxlaw-3469	420	20	the	the	DET
taxlaw-3469	420	21	states	state	NOUN
taxlaw-3469	420	22	are	be	AUX
taxlaw-3469	420	23	likely	likely	ADJ
taxlaw-3469	420	24	to	to	PART
taxlaw-3469	420	25	take	take	VERB
taxlaw-3469	420	26	with	with	ADP
taxlaw-3469	420	27	regard	regard	NOUN
taxlaw-3469	420	28	to	to	ADP
taxlaw-3469	420	29	the	the	DET
taxlaw-3469	420	30	rules	rule	NOUN
taxlaw-3469	420	31	on	on	ADP
taxlaw-3469	420	32	gilti	gilti	NOUN
taxlaw-3469	420	33	and	and	CCONJ
taxlaw-3469	420	34	fdii	fdii	NOUN
taxlaw-3469	420	35	.	.	PUNCT
taxlaw-3469	421	1	we	we	PRON
taxlaw-3469	421	2	note	note	VERB
taxlaw-3469	421	3	however	however	ADV
taxlaw-3469	421	4	,	,	PUNCT
taxlaw-3469	421	5	that	that	SCONJ
taxlaw-3469	421	6	incorporating	incorporate	VERB
taxlaw-3469	421	7	u.s	u.s	PROPN
taxlaw-3469	421	8	.	.	PROPN
taxlaw-3469	421	9	state	state	NOUN
taxlaw-3469	421	10	taxes	taxis	NOUN
taxlaw-3469	421	11	in	in	ADP
taxlaw-3469	421	12	the	the	DET
taxlaw-3469	421	13	analysis	analysis	NOUN
taxlaw-3469	421	14	would	would	AUX
taxlaw-3469	421	15	likely	likely	ADV
taxlaw-3469	421	16	increase	increase	VERB
taxlaw-3469	421	17	a	a	DET
taxlaw-3469	421	18	u.s	u.s	PROPN
taxlaw-3469	421	19	.	.	PROPN
taxlaw-3469	421	20	multinational	multinational	PROPN
taxlaw-3469	421	21	’s	’s	PART
taxlaw-3469	421	22	tax	tax	NOUN
taxlaw-3469	421	23	burden	burden	NOUN
taxlaw-3469	421	24	on	on	ADP
taxlaw-3469	421	25	its	its	PRON
taxlaw-3469	421	26	new	new	ADJ
taxlaw-3469	421	27	investment	investment	NOUN
taxlaw-3469	421	28	in	in	ADP
taxlaw-3469	421	29	either	either	DET
taxlaw-3469	421	30	location	location	NOUN
taxlaw-3469	421	31	.	.	PUNCT
taxlaw-3469	422	1	by	by	ADP
taxlaw-3469	422	2	effectively	effectively	ADV
taxlaw-3469	422	3	assuming	assume	VERB
taxlaw-3469	422	4	away	away	ADP
taxlaw-3469	422	5	foreign	foreign	ADJ
taxlaw-3469	422	6	taxes	taxis	NOUN
taxlaw-3469	422	7	in	in	ADP
taxlaw-3469	422	8	the	the	DET
taxlaw-3469	422	9	case	case	NOUN
taxlaw-3469	422	10	of	of	ADP
taxlaw-3469	422	11	intangible	intangible	ADJ
taxlaw-3469	422	12	investments	investment	NOUN
taxlaw-3469	422	13	,	,	PUNCT
taxlaw-3469	422	14	we	we	PRON
taxlaw-3469	422	15	remove	remove	VERB
taxlaw-3469	422	16	the	the	DET
taxlaw-3469	422	17	issue	issue	NOUN
taxlaw-3469	422	18	of	of	ADP
taxlaw-3469	422	19	foreign	foreign	ADJ
taxlaw-3469	422	20	tax	tax	NOUN
taxlaw-3469	422	21	credits	credit	NOUN
taxlaw-3469	422	22	that	that	PRON
taxlaw-3469	422	23	come	come	VERB
taxlaw-3469	422	24	into	into	ADP
taxlaw-3469	422	25	play	play	NOUN
taxlaw-3469	422	26	with	with	ADP
taxlaw-3469	422	27	regard	regard	NOUN
taxlaw-3469	422	28	to	to	ADP
taxlaw-3469	422	29	the	the	DET
taxlaw-3469	422	30	u.s	u.s	PROPN
taxlaw-3469	422	31	.	.	PROPN
taxlaw-3469	422	32	tax	tax	NOUN
taxlaw-3469	422	33	on	on	ADP
taxlaw-3469	422	34	gilti	gilti	NOUN
taxlaw-3469	422	35	.	.	PUNCT
taxlaw-3469	423	1	relaxing	relax	VERB
taxlaw-3469	423	2	this	this	DET
taxlaw-3469	423	3	assumption	assumption	NOUN
taxlaw-3469	423	4	is	be	AUX
taxlaw-3469	423	5	unlikely	unlikely	ADJ
taxlaw-3469	423	6	to	to	PART
taxlaw-3469	423	7	alter	alter	VERB
taxlaw-3469	423	8	the	the	DET
taxlaw-3469	423	9	direction	direction	NOUN
taxlaw-3469	423	10	of	of	ADP
taxlaw-3469	423	11	our	our	PRON
taxlaw-3469	423	12	conclusions	conclusion	NOUN
taxlaw-3469	423	13	because	because	SCONJ
taxlaw-3469	423	14	it	it	PRON
taxlaw-3469	423	15	would	would	AUX
taxlaw-3469	423	16	make	make	VERB
taxlaw-3469	423	17	a	a	DET
taxlaw-3469	423	18	foreign	foreign	ADJ
taxlaw-3469	423	19	jurisdiction	jurisdiction	NOUN
taxlaw-3469	423	20	even	even	ADV
taxlaw-3469	423	21	less	less	ADV
taxlaw-3469	423	22	attractive	attractive	ADJ
taxlaw-3469	423	23	relative	relative	NOUN
taxlaw-3469	423	24	to	to	ADP
taxlaw-3469	423	25	the	the	DET
taxlaw-3469	423	26	united	united	PROPN
taxlaw-3469	423	27	states	states	PROPN
taxlaw-3469	423	28	.	.	PUNCT
taxlaw-3469	424	1	we	we	PRON
taxlaw-3469	424	2	ignore	ignore	VERB
taxlaw-3469	424	3	the	the	DET
taxlaw-3469	424	4	impact	impact	NOUN
taxlaw-3469	424	5	of	of	ADP
taxlaw-3469	424	6	the	the	DET
taxlaw-3469	424	7	new	new	ADJ
taxlaw-3469	424	8	provision	provision	NOUN
taxlaw-3469	424	9	under	under	ADP
taxlaw-3469	424	10	section	section	NOUN
taxlaw-3469	424	11	59a	59a	NUM
taxlaw-3469	424	12	on	on	ADP
taxlaw-3469	424	13	the	the	DET
taxlaw-3469	424	14	base	base	NOUN
taxlaw-3469	424	15	erosion	erosion	NOUN
taxlaw-3469	424	16	and	and	CCONJ
taxlaw-3469	424	17	anti	anti	ADJ
taxlaw-3469	424	18	-	-	ADJ
taxlaw-3469	424	19	abuse	abuse	ADJ
taxlaw-3469	424	20	tax	tax	NOUN
taxlaw-3469	424	21	,	,	PUNCT
taxlaw-3469	424	22	which	which	PRON
taxlaw-3469	424	23	may	may	AUX
taxlaw-3469	424	24	make	make	VERB
taxlaw-3469	424	25	the	the	DET
taxlaw-3469	424	26	overseas	overseas	ADJ
taxlaw-3469	424	27	jurisdiction	jurisdiction	NOUN
taxlaw-3469	424	28	more	more	ADV
taxlaw-3469	424	29	unfavorable	unfavorable	ADJ
taxlaw-3469	424	30	as	as	ADP
taxlaw-3469	424	31	an	an	DET
taxlaw-3469	424	32	investment	investment	NOUN
taxlaw-3469	424	33	location	location	NOUN
taxlaw-3469	424	34	choice	choice	NOUN
taxlaw-3469	424	35	.	.	PUNCT
taxlaw-3469	425	1	finally	finally	ADV
taxlaw-3469	425	2	,	,	PUNCT
taxlaw-3469	425	3	we	we	PRON
taxlaw-3469	425	4	ignore	ignore	VERB
taxlaw-3469	425	5	risk	risk	NOUN
taxlaw-3469	425	6	;	;	PUNCT
taxlaw-3469	425	7	as	as	SCONJ
taxlaw-3469	425	8	noted	note	VERB
taxlaw-3469	425	9	above	above	ADV
taxlaw-3469	425	10	,	,	PUNCT
taxlaw-3469	425	11	the	the	DET
taxlaw-3469	425	12	government	government	NOUN
taxlaw-3469	425	13	is	be	AUX
taxlaw-3469	425	14	a	a	DET
taxlaw-3469	425	15	true	true	ADJ
taxlaw-3469	425	16	silent	silent	ADJ
taxlaw-3469	425	17	partner	partner	NOUN
taxlaw-3469	425	18	only	only	ADV
taxlaw-3469	425	19	if	if	SCONJ
taxlaw-3469	425	20	it	it	PRON
taxlaw-3469	425	21	offers	offer	VERB
taxlaw-3469	425	22	perfect	perfect	ADJ
taxlaw-3469	425	23	loss	loss	NOUN
taxlaw-3469	425	24	offsets	offset	NOUN
taxlaw-3469	425	25	.	.	PUNCT
taxlaw-3469	426	1	under	under	ADP
taxlaw-3469	426	2	the	the	DET
taxlaw-3469	426	3	changes	change	NOUN
taxlaw-3469	426	4	made	make	VERB
taxlaw-3469	426	5	to	to	PART
taxlaw-3469	426	6	section	section	VERB
taxlaw-3469	426	7	172	172	NUM
taxlaw-3469	426	8	by	by	ADP
taxlaw-3469	426	9	section	section	NOUN
taxlaw-3469	426	10	13302	13302	NUM
taxlaw-3469	426	11	of	of	ADP
taxlaw-3469	426	12	the	the	DET
taxlaw-3469	426	13	tjca	tjca	NOUN
taxlaw-3469	426	14	,	,	PUNCT
taxlaw-3469	426	15	the	the	DET
taxlaw-3469	426	16	loss	loss	NOUN
taxlaw-3469	426	17	offset	offset	NOUN
taxlaw-3469	426	18	provisions	provision	NOUN
taxlaw-3469	426	19	for	for	ADP
taxlaw-3469	426	20	the	the	DET
taxlaw-3469	426	21	u.s	u.s	PROPN
taxlaw-3469	426	22	.	.	PROPN
taxlaw-3469	426	23	are	be	AUX
taxlaw-3469	426	24	less	less	ADV
taxlaw-3469	426	25	generous	generous	ADJ
taxlaw-3469	426	26	than	than	ADP
taxlaw-3469	426	27	before	before	ADV
taxlaw-3469	426	28	and	and	CCONJ
taxlaw-3469	426	29	less	less	ADV
taxlaw-3469	426	30	generous	generous	ADJ
taxlaw-3469	426	31	than	than	ADP
taxlaw-3469	426	32	in	in	ADP
taxlaw-3469	426	33	many	many	ADJ
taxlaw-3469	426	34	other	other	ADJ
taxlaw-3469	426	35	jurisdictions	jurisdiction	NOUN
taxlaw-3469	426	36	.	.	PUNCT
taxlaw-3469	427	1	the	the	DET
taxlaw-3469	427	2	loss	loss	NOUN
taxlaw-3469	427	3	224	224	NUM
taxlaw-3469	428	1	[	[	NOUN
taxlaw-3469	428	2	vol	vol	NOUN
taxlaw-3469	428	3	.	.	PUNCT
taxlaw-3469	429	1	10:2	10:2	NUM
taxlaw-3469	429	2	columbia	columbia	PROPN
taxlaw-3469	429	3	journal	journal	PROPN
taxlaw-3469	429	4	of	of	ADP
taxlaw-3469	429	5	tax	tax	NOUN
taxlaw-3469	429	6	law	law	NOUN
taxlaw-3469	429	7	offset	offset	VERB
taxlaw-3469	429	8	restrictions	restriction	NOUN
taxlaw-3469	429	9	are	be	AUX
taxlaw-3469	429	10	likely	likely	ADJ
taxlaw-3469	429	11	to	to	PART
taxlaw-3469	429	12	erode	erode	VERB
taxlaw-3469	429	13	some	some	PRON
taxlaw-3469	429	14	of	of	ADP
taxlaw-3469	429	15	the	the	DET
taxlaw-3469	429	16	benefits	benefit	NOUN
taxlaw-3469	429	17	of	of	ADP
taxlaw-3469	429	18	locating	locate	VERB
taxlaw-3469	429	19	a	a	DET
taxlaw-3469	429	20	new	new	ADJ
taxlaw-3469	429	21	risky	risky	ADJ
taxlaw-3469	429	22	investment	investment	NOUN
taxlaw-3469	429	23	in	in	ADP
taxlaw-3469	429	24	the	the	DET
taxlaw-3469	429	25	united	united	PROPN
taxlaw-3469	429	26	states	states	PROPN
taxlaw-3469	429	27	.	.	PUNCT
taxlaw-3469	430	1	despite	despite	SCONJ
taxlaw-3469	430	2	the	the	DET
taxlaw-3469	430	3	caveats	caveat	NOUN
taxlaw-3469	430	4	,	,	PUNCT
taxlaw-3469	430	5	the	the	DET
taxlaw-3469	430	6	analysis	analysis	NOUN
taxlaw-3469	430	7	in	in	ADP
taxlaw-3469	430	8	this	this	DET
taxlaw-3469	430	9	article	article	NOUN
taxlaw-3469	430	10	suggests	suggest	VERB
taxlaw-3469	430	11	that	that	SCONJ
taxlaw-3469	430	12	when	when	SCONJ
taxlaw-3469	430	13	looking	look	VERB
taxlaw-3469	430	14	at	at	ADP
taxlaw-3469	430	15	the	the	DET
taxlaw-3469	430	16	expected	expect	VERB
taxlaw-3469	430	17	after	after	ADP
taxlaw-3469	430	18	-	-	PUNCT
taxlaw-3469	430	19	tax	tax	NOUN
taxlaw-3469	430	20	returns	return	NOUN
taxlaw-3469	430	21	from	from	ADP
taxlaw-3469	430	22	a	a	DET
taxlaw-3469	430	23	new	new	ADJ
taxlaw-3469	430	24	investment	investment	NOUN
taxlaw-3469	430	25	over	over	ADP
taxlaw-3469	430	26	its	its	PRON
taxlaw-3469	430	27	entire	entire	ADJ
taxlaw-3469	430	28	life	life	NOUN
taxlaw-3469	430	29	cycle	cycle	NOUN
taxlaw-3469	430	30	and	and	CCONJ
taxlaw-3469	430	31	accounting	account	VERB
taxlaw-3469	430	32	for	for	ADP
taxlaw-3469	430	33	non	non	ADJ
taxlaw-3469	430	34	-	-	ADJ
taxlaw-3469	430	35	tax	tax	ADJ
taxlaw-3469	430	36	transactional	transactional	ADJ
taxlaw-3469	430	37	costs	cost	NOUN
taxlaw-3469	430	38	,	,	PUNCT
taxlaw-3469	430	39	the	the	DET
taxlaw-3469	430	40	threat	threat	NOUN
taxlaw-3469	430	41	of	of	ADP
taxlaw-3469	430	42	gilti	gilti	NOUN
taxlaw-3469	430	43	and	and	CCONJ
taxlaw-3469	430	44	the	the	DET
taxlaw-3469	430	45	allure	allure	NOUN
taxlaw-3469	430	46	of	of	ADP
taxlaw-3469	430	47	fdii	fdii	NOUN
taxlaw-3469	430	48	may	may	AUX
taxlaw-3469	430	49	combine	combine	VERB
taxlaw-3469	430	50	to	to	PART
taxlaw-3469	430	51	make	make	VERB
taxlaw-3469	430	52	the	the	DET
taxlaw-3469	430	53	united	united	PROPN
taxlaw-3469	430	54	states	states	PROPN
taxlaw-3469	430	55	a	a	DET
taxlaw-3469	430	56	more	more	ADV
taxlaw-3469	430	57	attractive	attractive	ADJ
taxlaw-3469	430	58	location	location	NOUN
taxlaw-3469	430	59	of	of	ADP
taxlaw-3469	430	60	rent	rent	NOUN
taxlaw-3469	430	61	-	-	PUNCT
taxlaw-3469	430	62	generating	generate	VERB
taxlaw-3469	430	63	investment	investment	NOUN
taxlaw-3469	430	64	than	than	SCONJ
taxlaw-3469	430	65	might	might	AUX
taxlaw-3469	430	66	first	first	ADV
taxlaw-3469	430	67	appear	appear	VERB
taxlaw-3469	430	68	.	.	PUNCT