id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
ftr-371	Gravelle, Jane G.	International Corporate Income Tax Reform: Issues and Proposals	2022	28	.pdf	application/pdf	14021	556	49	As a result, a U.S. firm can indefinitely defer U.S. tax on its foreign income if it conducts its foreign operations through a foreign-chartered subsidiary corporation; U.S. taxes do not apply as long as the foreign subsidiary’s income is reinvested overseas. This treatment allows for “cross-crediting,” where credits paid in excess of U.S. tax in one country may be used to offset U.S. tax in a country where the foreign tax is lower than the U.S. tax.	cache/ftr-371.pdf	txt/ftr-371.txt