id	sid	tid	token	lemma	pos
ftr-349	1	1	florida	florida	PROPN
ftr-349	1	2	tax	tax	PROPN
ftr-349	1	3	review	review	PROPN
ftr-349	1	4	florida	florida	PROPN
ftr-349	1	5	tax	tax	NOUN
ftr-349	1	6	review	review	NOUN
ftr-349	1	7	volume	volume	NOUN
ftr-349	1	8	11	11	NUM
ftr-349	1	9	2011	2011	NUM
ftr-349	1	10	number	number	NOUN
ftr-349	1	11	9	9	NUM
ftr-349	1	12	stateless	stateless	NOUN
ftr-349	1	13	income	income	NOUN
ftr-349	1	14	by	by	ADP
ftr-349	1	15	edward	edward	PROPN
ftr-349	1	16	d.	d.	PROPN
ftr-349	1	17	kleinbard∗	kleinbard∗	PROPN
ftr-349	1	18	abstract	abstract	ADV
ftr-349	1	19	..................................................................................................	..................................................................................................	PUNCT
ftr-349	1	20	700	700	NUM
ftr-349	1	21	i.	i.	NOUN
ftr-349	1	22	introduction	introduction	NOUN
ftr-349	1	23	.......................................................................................	.......................................................................................	PUNCT
ftr-349	1	24	701	701	NUM
ftr-349	1	25	a.	a.	NOUN
ftr-349	1	26	stateless	stateless	NOUN
ftr-349	1	27	income	income	NOUN
ftr-349	1	28	.........................................................................	.........................................................................	PUNCT
ftr-349	1	29	701	701	NUM
ftr-349	1	30	b.	b.	NOUN
ftr-349	1	31	an	an	DET
ftr-349	1	32	illustrative	illustrative	ADJ
ftr-349	1	33	example	example	NOUN
ftr-349	1	34	:	:	PUNCT
ftr-349	1	35	the	the	DET
ftr-349	1	36	double	double	ADJ
ftr-349	1	37	irish	irish	ADJ
ftr-349	1	38	dutch	dutch	ADJ
ftr-349	1	39	sandwich	sandwich	NOUN
ftr-349	1	40	....	....	PUNCT
ftr-349	2	1	706	706	NUM
ftr-349	2	2	c.	c.	NOUN
ftr-349	2	3	overview	overview	NOUN
ftr-349	2	4	and	and	CCONJ
ftr-349	2	5	conclusions	conclusion	NOUN
ftr-349	2	6	of	of	ADP
ftr-349	2	7	article	article	NOUN
ftr-349	2	8	........................................	........................................	PUNCT
ftr-349	3	1	713	713	NUM
ftr-349	3	2	ii	ii	NOUN
ftr-349	3	3	.	.	PUNCT
ftr-349	4	1	the	the	DET
ftr-349	4	2	current	current	ADJ
ftr-349	4	3	u.s	u.s	PROPN
ftr-349	4	4	.	.	PROPN
ftr-349	4	5	tax	tax	NOUN
ftr-349	4	6	system	system	NOUN
ftr-349	4	7	is	be	AUX
ftr-349	4	8	an	an	DET
ftr-349	4	9	ersatz	ersatz	ADJ
ftr-349	4	10	territorial	territorial	ADJ
ftr-349	4	11	regime	regime	NOUN
ftr-349	4	12	......................................................................................................	......................................................................................................	PUNCT
ftr-349	5	1	715	715	NUM
ftr-349	5	2	a.	a.	NOUN
ftr-349	5	3	worldwide	worldwide	ADV
ftr-349	5	4	and	and	CCONJ
ftr-349	5	5	territorial	territorial	ADJ
ftr-349	5	6	tax	tax	NOUN
ftr-349	5	7	paradigms	paradigm	NOUN
ftr-349	5	8	..............................	..............................	PUNCT
ftr-349	6	1	715	715	NUM
ftr-349	6	2	b.	b.	NOUN
ftr-349	6	3	the	the	DET
ftr-349	6	4	current	current	ADJ
ftr-349	6	5	u.s	u.s	PROPN
ftr-349	6	6	.	.	PROPN
ftr-349	6	7	tax	tax	NOUN
ftr-349	6	8	system	system	NOUN
ftr-349	6	9	.....................................................	.....................................................	PUNCT
ftr-349	6	10	717	717	NUM
ftr-349	6	11	c.	c.	NOUN
ftr-349	6	12	revenue	revenue	NOUN
ftr-349	6	13	collections	collection	NOUN
ftr-349	6	14	under	under	ADP
ftr-349	6	15	the	the	DET
ftr-349	6	16	current	current	ADJ
ftr-349	6	17	system	system	NOUN
ftr-349	6	18	.......................	.......................	PUNCT
ftr-349	6	19	722	722	NUM
ftr-349	6	20	d.	d.	NOUN
ftr-349	6	21	arbitrage	arbitrage	PROPN
ftr-349	6	22	and	and	CCONJ
ftr-349	6	23	domestic	domestic	ADJ
ftr-349	6	24	base	base	NOUN
ftr-349	6	25	erosion	erosion	NOUN
ftr-349	6	26	......................................	......................................	PUNCT
ftr-349	6	27	724	724	NUM
ftr-349	6	28	e.	e.	NOUN
ftr-349	6	29	the	the	DET
ftr-349	6	30	tax	tax	NOUN
ftr-349	6	31	distillery	distillery	NOUN
ftr-349	6	32	......................................................................	......................................................................	PUNCT
ftr-349	7	1	725	725	NUM
ftr-349	7	2	iii	iii	NOUN
ftr-349	7	3	.	.	PUNCT
ftr-349	7	4	stateless	stateless	NOUN
ftr-349	7	5	income	income	NOUN
ftr-349	7	6	in	in	ADP
ftr-349	7	7	operation	operation	NOUN
ftr-349	7	8	..................................................	..................................................	PUNCT
ftr-349	8	1	727	727	NUM
ftr-349	8	2	a.	a.	NOUN
ftr-349	8	3	the	the	DET
ftr-349	8	4	value	value	NOUN
ftr-349	8	5	of	of	ADP
ftr-349	8	6	stateless	stateless	NOUN
ftr-349	8	7	income	income	NOUN
ftr-349	8	8	tax	tax	NOUN
ftr-349	8	9	planning	planning	NOUN
ftr-349	8	10	..........................	..........................	PUNCT
ftr-349	8	11	727	727	NUM
ftr-349	8	12	b.	b.	PROPN
ftr-349	8	13	mechanics	mechanic	NOUN
ftr-349	8	14	of	of	ADP
ftr-349	8	15	stateless	stateless	NOUN
ftr-349	8	16	income	income	NOUN
ftr-349	8	17	tax	tax	NOUN
ftr-349	8	18	planning	planning	NOUN
ftr-349	8	19	.........................	.........................	PUNCT
ftr-349	8	20	728	728	NUM
ftr-349	8	21	1	1	NUM
ftr-349	8	22	.	.	PUNCT
ftr-349	9	1	business	business	NOUN
ftr-349	9	2	earnings	earning	NOUN
ftr-349	9	3	stripping	strip	VERB
ftr-349	9	4	.........................................	.........................................	PUNCT
ftr-349	9	5	728	728	NUM
ftr-349	9	6	2	2	NUM
ftr-349	9	7	.	.	PUNCT
ftr-349	9	8	transfer	transfer	NOUN
ftr-349	9	9	pricing	pricing	NOUN
ftr-349	9	10	............................................................	............................................................	PUNCT
ftr-349	10	1	733	733	NUM
ftr-349	10	2	3	3	X
ftr-349	10	3	.	.	PUNCT
ftr-349	10	4	legal	legal	ADJ
ftr-349	10	5	system	system	NOUN
ftr-349	10	6	arbitrage	arbitrage	NOUN
ftr-349	10	7	.................................................	.................................................	PUNCT
ftr-349	10	8	737	737	NUM
ftr-349	10	9	c.	c.	NOUN
ftr-349	10	10	how	how	SCONJ
ftr-349	10	11	large	large	ADJ
ftr-349	10	12	is	be	AUX
ftr-349	10	13	stateless	stateless	NOUN
ftr-349	10	14	income	income	NOUN
ftr-349	10	15	?	?	PUNCT
ftr-349	10	16	..............................................	..............................................	PUNCT
ftr-349	11	1	737	737	NUM
ftr-349	11	2	1	1	NUM
ftr-349	11	3	.	.	PUNCT
ftr-349	11	4	cash	cash	NOUN
ftr-349	11	5	tax	tax	NOUN
ftr-349	11	6	liabilities	liability	NOUN
ftr-349	11	7	......................................................	......................................................	PUNCT
ftr-349	11	8	737	737	NUM
ftr-349	11	9	2	2	X
ftr-349	11	10	.	.	PUNCT
ftr-349	11	11	accounting	accounting	NOUN
ftr-349	11	12	evidence	evidence	NOUN
ftr-349	11	13	.....................................................	.....................................................	PUNCT
ftr-349	11	14	744	744	NUM
ftr-349	11	15	∗	∗	NOUN
ftr-349	11	16	professor	professor	NOUN
ftr-349	11	17	of	of	ADP
ftr-349	11	18	law	law	NOUN
ftr-349	11	19	,	,	PUNCT
ftr-349	11	20	university	university	PROPN
ftr-349	11	21	of	of	ADP
ftr-349	11	22	southern	southern	PROPN
ftr-349	11	23	california	california	PROPN
ftr-349	11	24	gould	gould	PROPN
ftr-349	11	25	school	school	PROPN
ftr-349	11	26	of	of	ADP
ftr-349	11	27	law	law	NOUN
ftr-349	11	28	.	.	PUNCT
ftr-349	12	1	i	i	PRON
ftr-349	12	2	thank	thank	VERB
ftr-349	12	3	william	william	PROPN
ftr-349	12	4	kessler	kessler	PROPN
ftr-349	12	5	,	,	PUNCT
ftr-349	12	6	yungsheng	yungsheng	PROPN
ftr-349	12	7	wang	wang	PROPN
ftr-349	12	8	and	and	CCONJ
ftr-349	12	9	douglas	douglas	PROPN
ftr-349	12	10	wicks	wick	NOUN
ftr-349	12	11	for	for	ADP
ftr-349	12	12	their	their	PRON
ftr-349	12	13	research	research	NOUN
ftr-349	12	14	assistance	assistance	NOUN
ftr-349	12	15	in	in	ADP
ftr-349	12	16	the	the	DET
ftr-349	12	17	preparation	preparation	NOUN
ftr-349	12	18	of	of	ADP
ftr-349	12	19	earlier	early	ADJ
ftr-349	12	20	versions	version	NOUN
ftr-349	12	21	of	of	ADP
ftr-349	12	22	this	this	DET
ftr-349	12	23	article	article	NOUN
ftr-349	12	24	.	.	PUNCT
ftr-349	13	1	helpful	helpful	ADJ
ftr-349	13	2	comments	comment	NOUN
ftr-349	13	3	on	on	ADP
ftr-349	13	4	this	this	DET
ftr-349	13	5	article	article	NOUN
ftr-349	13	6	were	be	AUX
ftr-349	13	7	received	receive	VERB
ftr-349	13	8	from	from	ADP
ftr-349	13	9	rosanne	rosanne	PROPN
ftr-349	13	10	altshuler	altshuler	PROPN
ftr-349	13	11	,	,	PUNCT
ftr-349	13	12	joseph	joseph	PROPN
ftr-349	13	13	bankman	bankman	PROPN
ftr-349	13	14	,	,	PUNCT
ftr-349	13	15	tim	tim	PROPN
ftr-349	13	16	edgar	edgar	PROPN
ftr-349	13	17	,	,	PUNCT
ftr-349	13	18	edward	edward	NOUN
ftr-349	13	19	mccaffery	mccaffery	PROPN
ftr-349	13	20	,	,	PUNCT
ftr-349	13	21	martin	martin	PROPN
ftr-349	13	22	j.	j.	PROPN
ftr-349	13	23	mcmahon	mcmahon	PROPN
ftr-349	13	24	,	,	PUNCT
ftr-349	13	25	jr	jr	PROPN
ftr-349	13	26	.	.	PROPN
ftr-349	13	27	,	,	PUNCT
ftr-349	13	28	michael	michael	PROPN
ftr-349	13	29	knoll	knoll	PROPN
ftr-349	13	30	,	,	PUNCT
ftr-349	13	31	patrick	patrick	PROPN
ftr-349	13	32	oglesby	oglesby	PROPN
ftr-349	13	33	and	and	CCONJ
ftr-349	13	34	daniel	daniel	PROPN
ftr-349	13	35	shaviro	shaviro	PROPN
ftr-349	13	36	,	,	PUNCT
ftr-349	13	37	as	as	ADV
ftr-349	13	38	well	well	ADV
ftr-349	13	39	as	as	ADP
ftr-349	13	40	participants	participant	NOUN
ftr-349	13	41	in	in	ADP
ftr-349	13	42	presentations	presentation	NOUN
ftr-349	13	43	at	at	ADP
ftr-349	13	44	the	the	DET
ftr-349	13	45	university	university	PROPN
ftr-349	13	46	of	of	ADP
ftr-349	13	47	florida	florida	PROPN
ftr-349	13	48	levin	levin	PROPN
ftr-349	13	49	college	college	PROPN
ftr-349	13	50	of	of	ADP
ftr-349	13	51	law	law	NOUN
ftr-349	13	52	,	,	PUNCT
ftr-349	13	53	the	the	DET
ftr-349	13	54	university	university	PROPN
ftr-349	13	55	of	of	ADP
ftr-349	13	56	southern	southern	PROPN
ftr-349	13	57	california	california	PROPN
ftr-349	13	58	gould	gould	PROPN
ftr-349	13	59	school	school	PROPN
ftr-349	13	60	of	of	ADP
ftr-349	13	61	law	law	NOUN
ftr-349	13	62	,	,	PUNCT
ftr-349	13	63	stanford	stanford	PROPN
ftr-349	13	64	law	law	PROPN
ftr-349	13	65	school	school	NOUN
ftr-349	13	66	,	,	PUNCT
ftr-349	13	67	and	and	CCONJ
ftr-349	13	68	the	the	DET
ftr-349	13	69	university	university	PROPN
ftr-349	13	70	of	of	ADP
ftr-349	13	71	pennsylvania	pennsylvania	PROPN
ftr-349	13	72	law	law	PROPN
ftr-349	13	73	school	school	NOUN
ftr-349	13	74	.	.	PUNCT
ftr-349	14	1	the	the	DET
ftr-349	14	2	author	author	NOUN
ftr-349	14	3	is	be	AUX
ftr-349	14	4	solely	solely	ADV
ftr-349	14	5	responsible	responsible	ADJ
ftr-349	14	6	for	for	ADP
ftr-349	14	7	all	all	DET
ftr-349	14	8	errors	error	NOUN
ftr-349	14	9	of	of	ADP
ftr-349	14	10	fact	fact	NOUN
ftr-349	14	11	,	,	PUNCT
ftr-349	14	12	law	law	NOUN
ftr-349	14	13	or	or	CCONJ
ftr-349	14	14	economic	economic	ADJ
ftr-349	14	15	theory	theory	NOUN
ftr-349	14	16	.	.	PUNCT
ftr-349	15	1	700	700	NUM
ftr-349	15	2	florida	florida	PROPN
ftr-349	15	3	tax	tax	NOUN
ftr-349	15	4	review	review	NOUN
ftr-349	15	5	[	[	X
ftr-349	15	6	vol	vol	NOUN
ftr-349	15	7	.	.	PUNCT
ftr-349	16	1	11:9	11:9	NUM
ftr-349	16	2	iv	iv	NOUN
ftr-349	16	3	.	.	PUNCT
ftr-349	16	4	implications	implication	NOUN
ftr-349	16	5	of	of	ADP
ftr-349	16	6	stateless	stateless	NOUN
ftr-349	16	7	income	income	NOUN
ftr-349	16	8	.............................................	.............................................	PUNCT
ftr-349	16	9	750	750	NUM
ftr-349	16	10	a.	a.	NOUN
ftr-349	16	11	the	the	DET
ftr-349	16	12	fruitless	fruitless	ADJ
ftr-349	16	13	search	search	NOUN
ftr-349	16	14	for	for	ADP
ftr-349	16	15	source	source	NOUN
ftr-349	16	16	...............................................	...............................................	PUNCT
ftr-349	16	17	750	750	NUM
ftr-349	16	18	b.	b.	NOUN
ftr-349	16	19	capture	capture	NOUN
ftr-349	16	20	of	of	ADP
ftr-349	16	21	“	"	PUNCT
ftr-349	16	22	tax	tax	NOUN
ftr-349	16	23	rents	rent	NOUN
ftr-349	16	24	”	"	PUNCT
ftr-349	16	25	.............................................................	.............................................................	PUNCT
ftr-349	17	1	752	752	NUM
ftr-349	17	2	c.	c.	NOUN
ftr-349	17	3	domestic	domestic	ADJ
ftr-349	17	4	base	base	NOUN
ftr-349	17	5	erosion	erosion	NOUN
ftr-349	17	6	through	through	ADP
ftr-349	17	7	tax	tax	NOUN
ftr-349	17	8	arbitrage	arbitrage	NOUN
ftr-349	17	9	.......................	.......................	PUNCT
ftr-349	17	10	757	757	NUM
ftr-349	17	11	d.	d.	PROPN
ftr-349	17	12	competiveness	competiveness	NOUN
ftr-349	17	13	of	of	ADP
ftr-349	17	14	u.s	u.s	PROPN
ftr-349	17	15	.	.	PROPN
ftr-349	17	16	firms	firm	NOUN
ftr-349	17	17	:	:	PUNCT
ftr-349	17	18	statutory	statutory	ADJ
ftr-349	17	19	and	and	CCONJ
ftr-349	17	20	effective	effective	ADJ
ftr-349	17	21	tax	tax	NOUN
ftr-349	17	22	rates	rate	NOUN
ftr-349	17	23	........................................................................................	........................................................................................	PUNCT
ftr-349	17	24	758	758	NUM
ftr-349	17	25	e.	e.	NOUN
ftr-349	17	26	competitiveness	competitiveness	NOUN
ftr-349	17	27	of	of	ADP
ftr-349	17	28	u.s	u.s	PROPN
ftr-349	17	29	.	.	PROPN
ftr-349	17	30	firms	firm	NOUN
ftr-349	17	31	:	:	PUNCT
ftr-349	17	32	lock	lock	NOUN
ftr-349	17	33	-	-	PUNCT
ftr-349	17	34	out	out	NOUN
ftr-349	17	35	.................................	.................................	PUNCT
ftr-349	17	36	762	762	NUM
ftr-349	17	37	f.	f.	NOUN
ftr-349	17	38	summary	summary	NOUN
ftr-349	17	39	of	of	ADP
ftr-349	17	40	implications	implication	NOUN
ftr-349	17	41	...........................................................	...........................................................	PUNCT
ftr-349	17	42	768	768	NUM
ftr-349	17	43	v.	v.	ADP
ftr-349	17	44	responding	respond	VERB
ftr-349	17	45	to	to	ADP
ftr-349	17	46	a	a	DET
ftr-349	17	47	world	world	NOUN
ftr-349	17	48	imbued	imbue	VERB
ftr-349	17	49	with	with	ADP
ftr-349	17	50	stateless	stateless	NOUN
ftr-349	17	51	income	income	NOUN
ftr-349	17	52	.......	.......	PUNCT
ftr-349	18	1	770	770	NUM
ftr-349	18	2	abstract	abstract	ADJ
ftr-349	18	3	this	this	DET
ftr-349	18	4	paper	paper	NOUN
ftr-349	18	5	and	and	CCONJ
ftr-349	18	6	its	its	PRON
ftr-349	18	7	companion	companion	NOUN
ftr-349	18	8	,	,	PUNCT
ftr-349	18	9	the	the	DET
ftr-349	18	10	lessons	lesson	NOUN
ftr-349	18	11	of	of	ADP
ftr-349	18	12	stateless	stateless	NOUN
ftr-349	18	13	income	income	NOUN
ftr-349	18	14	,	,	PUNCT
ftr-349	18	15	together	together	ADV
ftr-349	18	16	comprehensively	comprehensively	ADV
ftr-349	18	17	analyze	analyze	VERB
ftr-349	18	18	the	the	DET
ftr-349	18	19	tax	tax	NOUN
ftr-349	18	20	consequences	consequence	NOUN
ftr-349	18	21	and	and	CCONJ
ftr-349	18	22	policy	policy	NOUN
ftr-349	18	23	implications	implication	NOUN
ftr-349	18	24	of	of	ADP
ftr-349	18	25	the	the	DET
ftr-349	18	26	phenomenon	phenomenon	NOUN
ftr-349	18	27	of	of	ADP
ftr-349	18	28	“	"	PUNCT
ftr-349	18	29	stateless	stateless	NOUN
ftr-349	18	30	income	income	NOUN
ftr-349	18	31	.	.	PUNCT
ftr-349	18	32	”	"	PUNCT
ftr-349	19	1	stateless	stateless	NOUN
ftr-349	19	2	income	income	NOUN
ftr-349	19	3	comprises	comprise	VERB
ftr-349	19	4	income	income	NOUN
ftr-349	19	5	derived	derive	VERB
ftr-349	19	6	for	for	ADP
ftr-349	19	7	tax	tax	NOUN
ftr-349	19	8	purposes	purpose	NOUN
ftr-349	19	9	by	by	ADP
ftr-349	19	10	a	a	DET
ftr-349	19	11	multinational	multinational	ADJ
ftr-349	19	12	group	group	NOUN
ftr-349	19	13	from	from	ADP
ftr-349	19	14	business	business	NOUN
ftr-349	19	15	activities	activity	NOUN
ftr-349	19	16	in	in	ADP
ftr-349	19	17	a	a	DET
ftr-349	19	18	country	country	NOUN
ftr-349	19	19	other	other	ADJ
ftr-349	19	20	than	than	ADP
ftr-349	19	21	the	the	DET
ftr-349	19	22	domicile	domicile	NOUN
ftr-349	19	23	of	of	ADP
ftr-349	19	24	the	the	DET
ftr-349	19	25	group	group	NOUN
ftr-349	19	26	’s	’s	PART
ftr-349	19	27	ultimate	ultimate	ADJ
ftr-349	19	28	parent	parent	NOUN
ftr-349	19	29	company	company	NOUN
ftr-349	19	30	,	,	PUNCT
ftr-349	19	31	but	but	CCONJ
ftr-349	19	32	which	which	PRON
ftr-349	19	33	is	be	AUX
ftr-349	19	34	subject	subject	ADJ
ftr-349	19	35	to	to	ADP
ftr-349	19	36	tax	tax	NOUN
ftr-349	19	37	only	only	ADV
ftr-349	19	38	in	in	ADP
ftr-349	19	39	a	a	DET
ftr-349	19	40	jurisdiction	jurisdiction	NOUN
ftr-349	19	41	that	that	PRON
ftr-349	19	42	is	be	AUX
ftr-349	19	43	not	not	PART
ftr-349	19	44	the	the	DET
ftr-349	19	45	location	location	NOUN
ftr-349	19	46	of	of	ADP
ftr-349	19	47	the	the	DET
ftr-349	19	48	customers	customer	NOUN
ftr-349	19	49	or	or	CCONJ
ftr-349	19	50	the	the	DET
ftr-349	19	51	factors	factor	NOUN
ftr-349	19	52	of	of	ADP
ftr-349	19	53	production	production	NOUN
ftr-349	19	54	through	through	ADP
ftr-349	19	55	which	which	PRON
ftr-349	19	56	the	the	DET
ftr-349	19	57	income	income	NOUN
ftr-349	19	58	was	be	AUX
ftr-349	19	59	derived	derive	VERB
ftr-349	19	60	,	,	PUNCT
ftr-349	19	61	and	and	CCONJ
ftr-349	19	62	is	be	AUX
ftr-349	19	63	not	not	PART
ftr-349	19	64	the	the	DET
ftr-349	19	65	domicile	domicile	NOUN
ftr-349	19	66	of	of	ADP
ftr-349	19	67	the	the	DET
ftr-349	19	68	group	group	NOUN
ftr-349	19	69	’s	’s	PART
ftr-349	19	70	parent	parent	NOUN
ftr-349	19	71	company	company	NOUN
ftr-349	19	72	.	.	PUNCT
ftr-349	20	1	google	google	PROPN
ftr-349	20	2	inc	inc	PROPN
ftr-349	20	3	.	.	PROPN
ftr-349	20	4	’s	’s	PART
ftr-349	20	5	“	"	PUNCT
ftr-349	20	6	double	double	ADJ
ftr-349	20	7	irish	irish	ADJ
ftr-349	20	8	dutch	dutch	PROPN
ftr-349	20	9	sandwich	sandwich	NOUN
ftr-349	20	10	”	"	PUNCT
ftr-349	20	11	structure	structure	NOUN
ftr-349	20	12	is	be	AUX
ftr-349	20	13	one	one	NUM
ftr-349	20	14	example	example	NOUN
ftr-349	20	15	of	of	ADP
ftr-349	20	16	stateless	stateless	NOUN
ftr-349	20	17	income	income	NOUN
ftr-349	20	18	tax	tax	NOUN
ftr-349	20	19	planning	planning	NOUN
ftr-349	20	20	in	in	ADP
ftr-349	20	21	operation	operation	NOUN
ftr-349	20	22	.	.	PUNCT
ftr-349	21	1	this	this	DET
ftr-349	21	2	paper	paper	NOUN
ftr-349	21	3	focuses	focus	VERB
ftr-349	21	4	on	on	ADP
ftr-349	21	5	the	the	DET
ftr-349	21	6	consequences	consequence	NOUN
ftr-349	21	7	to	to	ADP
ftr-349	21	8	current	current	ADJ
ftr-349	21	9	tax	tax	NOUN
ftr-349	21	10	policies	policy	NOUN
ftr-349	21	11	of	of	ADP
ftr-349	21	12	stateless	stateless	NOUN
ftr-349	21	13	income	income	NOUN
ftr-349	21	14	tax	tax	NOUN
ftr-349	21	15	planning	planning	NOUN
ftr-349	21	16	.	.	PUNCT
ftr-349	22	1	the	the	DET
ftr-349	22	2	companion	companion	PROPN
ftr-349	22	3	paper	paper	NOUN
ftr-349	22	4	extends	extend	VERB
ftr-349	22	5	the	the	DET
ftr-349	22	6	analysis	analysis	NOUN
ftr-349	22	7	along	along	ADP
ftr-349	22	8	two	two	NUM
ftr-349	22	9	margins	margin	NOUN
ftr-349	22	10	,	,	PUNCT
ftr-349	22	11	by	by	ADP
ftr-349	22	12	considering	consider	VERB
ftr-349	22	13	the	the	DET
ftr-349	22	14	implications	implication	NOUN
ftr-349	22	15	of	of	ADP
ftr-349	22	16	stateless	stateless	NOUN
ftr-349	22	17	income	income	NOUN
ftr-349	22	18	tax	tax	NOUN
ftr-349	22	19	planning	planning	NOUN
ftr-349	22	20	for	for	ADP
ftr-349	22	21	the	the	DET
ftr-349	22	22	reliability	reliability	NOUN
ftr-349	22	23	of	of	ADP
ftr-349	22	24	standard	standard	ADJ
ftr-349	22	25	efficiency	efficiency	NOUN
ftr-349	22	26	benchmarks	benchmark	NOUN
ftr-349	22	27	relating	relate	VERB
ftr-349	22	28	to	to	ADP
ftr-349	22	29	foreign	foreign	ADJ
ftr-349	22	30	direct	direct	ADJ
ftr-349	22	31	investment	investment	NOUN
ftr-349	22	32	,	,	PUNCT
ftr-349	22	33	and	and	CCONJ
ftr-349	22	34	by	by	ADP
ftr-349	22	35	considering	consider	VERB
ftr-349	22	36	in	in	ADP
ftr-349	22	37	detail	detail	NOUN
ftr-349	22	38	the	the	DET
ftr-349	22	39	phenomenon	phenomenon	NOUN
ftr-349	22	40	’s	’s	PART
ftr-349	22	41	implications	implication	NOUN
ftr-349	22	42	for	for	ADP
ftr-349	22	43	the	the	DET
ftr-349	22	44	design	design	NOUN
ftr-349	22	45	of	of	ADP
ftr-349	22	46	future	future	ADJ
ftr-349	22	47	u.s	u.s	PROPN
ftr-349	22	48	.	.	PROPN
ftr-349	22	49	tax	tax	NOUN
ftr-349	22	50	policy	policy	NOUN
ftr-349	22	51	in	in	ADP
ftr-349	22	52	this	this	DET
ftr-349	22	53	area	area	NOUN
ftr-349	22	54	,	,	PUNCT
ftr-349	22	55	whether	whether	SCONJ
ftr-349	22	56	couched	couch	VERB
ftr-349	22	57	as	as	ADP
ftr-349	22	58	the	the	DET
ftr-349	22	59	adoption	adoption	NOUN
ftr-349	22	60	of	of	ADP
ftr-349	22	61	a	a	DET
ftr-349	22	62	territorial	territorial	ADJ
ftr-349	22	63	tax	tax	NOUN
ftr-349	22	64	regime	regime	NOUN
ftr-349	22	65	or	or	CCONJ
ftr-349	22	66	a	a	DET
ftr-349	22	67	genuine	genuine	ADJ
ftr-349	22	68	worldwide	worldwide	ADJ
ftr-349	22	69	tax	tax	NOUN
ftr-349	22	70	consolidation	consolidation	NOUN
ftr-349	22	71	system	system	NOUN
ftr-349	22	72	.	.	PUNCT
ftr-349	23	1	this	this	DET
ftr-349	23	2	paper	paper	NOUN
ftr-349	23	3	first	first	ADV
ftr-349	23	4	demonstrates	demonstrate	VERB
ftr-349	23	5	that	that	SCONJ
ftr-349	23	6	the	the	DET
ftr-349	23	7	current	current	ADJ
ftr-349	23	8	u.s	u.s	PROPN
ftr-349	23	9	.	.	PROPN
ftr-349	23	10	tax	tax	NOUN
ftr-349	23	11	rules	rule	NOUN
ftr-349	23	12	governing	govern	VERB
ftr-349	23	13	income	income	NOUN
ftr-349	23	14	from	from	ADP
ftr-349	23	15	foreign	foreign	ADJ
ftr-349	23	16	direct	direct	ADJ
ftr-349	23	17	investments	investment	NOUN
ftr-349	23	18	often	often	ADV
ftr-349	23	19	are	be	AUX
ftr-349	23	20	misapprehended	misapprehend	VERB
ftr-349	23	21	:	:	PUNCT
ftr-349	23	22	in	in	ADP
ftr-349	23	23	practice	practice	NOUN
ftr-349	23	24	the	the	DET
ftr-349	23	25	u.s	u.s	PROPN
ftr-349	23	26	.	.	PROPN
ftr-349	23	27	tax	tax	NOUN
ftr-349	23	28	rules	rule	NOUN
ftr-349	23	29	do	do	AUX
ftr-349	23	30	not	not	PART
ftr-349	23	31	operate	operate	VERB
ftr-349	23	32	as	as	ADP
ftr-349	23	33	a	a	DET
ftr-349	23	34	“	"	PUNCT
ftr-349	23	35	worldwide	worldwide	ADJ
ftr-349	23	36	”	"	PUNCT
ftr-349	23	37	system	system	NOUN
ftr-349	23	38	of	of	ADP
ftr-349	23	39	taxation	taxation	NOUN
ftr-349	23	40	,	,	PUNCT
ftr-349	23	41	but	but	CCONJ
ftr-349	23	42	rather	rather	ADV
ftr-349	23	43	as	as	ADP
ftr-349	23	44	an	an	DET
ftr-349	23	45	ersatz	ersatz	ADJ
ftr-349	23	46	variant	variant	NOUN
ftr-349	23	47	on	on	ADP
ftr-349	23	48	territorial	territorial	ADJ
ftr-349	23	49	systems	system	NOUN
ftr-349	23	50	,	,	PUNCT
ftr-349	23	51	with	with	ADP
ftr-349	23	52	hidden	hidden	ADJ
ftr-349	23	53	benefits	benefit	NOUN
ftr-349	23	54	and	and	CCONJ
ftr-349	23	55	costs	cost	NOUN
ftr-349	23	56	when	when	SCONJ
ftr-349	23	57	compared	compare	VERB
ftr-349	23	58	to	to	ADP
ftr-349	23	59	standard	standard	ADJ
ftr-349	23	60	territorial	territorial	ADJ
ftr-349	23	61	regimes	regime	NOUN
ftr-349	23	62	.	.	PUNCT
ftr-349	24	1	this	this	DET
ftr-349	24	2	claim	claim	NOUN
ftr-349	24	3	holds	hold	VERB
ftr-349	24	4	whether	whether	SCONJ
ftr-349	24	5	one	one	PRON
ftr-349	24	6	analyzes	analyze	VERB
ftr-349	24	7	these	these	DET
ftr-349	24	8	rules	rule	NOUN
ftr-349	24	9	as	as	ADP
ftr-349	24	10	a	a	DET
ftr-349	24	11	cash	cash	NOUN
ftr-349	24	12	tax	tax	NOUN
ftr-349	24	13	matter	matter	NOUN
ftr-349	24	14	,	,	PUNCT
ftr-349	24	15	or	or	CCONJ
ftr-349	24	16	through	through	ADP
ftr-349	24	17	the	the	DET
ftr-349	24	18	lens	lens	NOUN
ftr-349	24	19	of	of	ADP
ftr-349	24	20	financial	financial	ADJ
ftr-349	24	21	accounting	accounting	NOUN
ftr-349	24	22	standards	standard	NOUN
ftr-349	24	23	.	.	PUNCT
ftr-349	25	1	this	this	DET
ftr-349	25	2	paper	paper	NOUN
ftr-349	25	3	rejects	reject	VERB
ftr-349	25	4	as	as	ADP
ftr-349	25	5	inconsistent	inconsistent	ADJ
ftr-349	25	6	with	with	ADP
ftr-349	25	7	the	the	DET
ftr-349	25	8	data	datum	NOUN
ftr-349	25	9	any	any	DET
ftr-349	25	10	suggestion	suggestion	NOUN
ftr-349	25	11	that	that	SCONJ
ftr-349	25	12	current	current	ADJ
ftr-349	25	13	law	law	NOUN
ftr-349	25	14	disadvantages	disadvantage	VERB
ftr-349	25	15	u.s	u.s	PROPN
ftr-349	25	16	.	.	PROPN
ftr-349	25	17	multinational	multinational	ADJ
ftr-349	25	18	firms	firm	NOUN
ftr-349	25	19	in	in	ADP
ftr-349	25	20	respect	respect	NOUN
ftr-349	25	21	of	of	ADP
ftr-349	25	22	the	the	DET
ftr-349	25	23	effective	effective	ADJ
ftr-349	25	24	foreign	foreign	ADJ
ftr-349	25	25	tax	tax	NOUN
ftr-349	25	26	rates	rate	NOUN
ftr-349	25	27	they	they	PRON
ftr-349	25	28	suffer	suffer	VERB
ftr-349	25	29	,	,	PUNCT
ftr-349	25	30	when	when	SCONJ
ftr-349	25	31	compared	compare	VERB
ftr-349	25	32	with	with	ADP
ftr-349	25	33	their	their	PRON
ftr-349	25	34	territorial	territorial	ADV
ftr-349	25	35	-	-	PUNCT
ftr-349	25	36	based	base	VERB
ftr-349	25	37	competitors	competitor	NOUN
ftr-349	25	38	.	.	PUNCT
ftr-349	26	1	this	this	DET
ftr-349	26	2	paper	paper	NOUN
ftr-349	26	3	’s	’s	PART
ftr-349	26	4	fundamental	fundamental	ADJ
ftr-349	26	5	thesis	thesis	NOUN
ftr-349	26	6	is	be	AUX
ftr-349	26	7	that	that	SCONJ
ftr-349	26	8	the	the	DET
ftr-349	26	9	pervasive	pervasive	ADJ
ftr-349	26	10	presence	presence	NOUN
ftr-349	26	11	of	of	ADP
ftr-349	26	12	stateless	stateless	NOUN
ftr-349	26	13	income	income	NOUN
ftr-349	26	14	tax	tax	NOUN
ftr-349	26	15	planning	planning	NOUN
ftr-349	26	16	changes	change	VERB
ftr-349	26	17	everything	everything	PRON
ftr-349	26	18	.	.	PUNCT
ftr-349	27	1	stateless	stateless	NOUN
ftr-349	27	2	income	income	NOUN
ftr-349	27	3	privileges	privilege	VERB
ftr-349	27	4	multinational	multinational	ADJ
ftr-349	27	5	firms	firm	NOUN
ftr-349	27	6	over	over	ADP
ftr-349	27	7	domestic	domestic	ADJ
ftr-349	27	8	ones	one	NOUN
ftr-349	27	9	by	by	ADP
ftr-349	27	10	offering	offer	VERB
ftr-349	27	11	the	the	DET
ftr-349	27	12	former	former	ADJ
ftr-349	27	13	the	the	DET
ftr-349	27	14	2001	2001	NUM
ftr-349	27	15	]	]	PUNCT
ftr-349	27	16	stateless	stateless	NOUN
ftr-349	27	17	income	income	NOUN
ftr-349	27	18	701	701	NUM
ftr-349	27	19	prospect	prospect	NOUN
ftr-349	27	20	of	of	ADP
ftr-349	27	21	capturing	capture	VERB
ftr-349	27	22	“	"	PUNCT
ftr-349	27	23	tax	tax	NOUN
ftr-349	27	24	rents	rent	NOUN
ftr-349	27	25	”	"	PUNCT
ftr-349	27	26	—	—	PUNCT
ftr-349	27	27	low	low	ADJ
ftr-349	27	28	-	-	PUNCT
ftr-349	27	29	risk	risk	NOUN
ftr-349	27	30	inframarginal	inframarginal	ADJ
ftr-349	27	31	returns	return	NOUN
ftr-349	27	32	derived	derive	VERB
ftr-349	27	33	by	by	ADP
ftr-349	27	34	moving	move	VERB
ftr-349	27	35	income	income	NOUN
ftr-349	27	36	from	from	ADP
ftr-349	27	37	high	high	ADJ
ftr-349	27	38	-	-	PUNCT
ftr-349	27	39	tax	tax	NOUN
ftr-349	27	40	foreign	foreign	ADJ
ftr-349	27	41	countries	country	NOUN
ftr-349	27	42	to	to	ADP
ftr-349	27	43	low	low	ADJ
ftr-349	27	44	-	-	PUNCT
ftr-349	27	45	tax	tax	NOUN
ftr-349	27	46	ones	one	NOUN
ftr-349	27	47	.	.	PUNCT
ftr-349	28	1	other	other	ADJ
ftr-349	28	2	important	important	ADJ
ftr-349	28	3	implications	implication	NOUN
ftr-349	28	4	of	of	ADP
ftr-349	28	5	stateless	stateless	NOUN
ftr-349	28	6	income	income	NOUN
ftr-349	28	7	include	include	VERB
ftr-349	28	8	the	the	DET
ftr-349	28	9	dissolution	dissolution	NOUN
ftr-349	28	10	of	of	ADP
ftr-349	28	11	any	any	DET
ftr-349	28	12	coherence	coherence	NOUN
ftr-349	28	13	to	to	ADP
ftr-349	28	14	the	the	DET
ftr-349	28	15	concept	concept	NOUN
ftr-349	28	16	of	of	ADP
ftr-349	28	17	geographic	geographic	ADJ
ftr-349	28	18	source	source	NOUN
ftr-349	28	19	,	,	PUNCT
ftr-349	28	20	the	the	DET
ftr-349	28	21	systematic	systematic	ADJ
ftr-349	28	22	bias	bias	NOUN
ftr-349	28	23	towards	towards	ADP
ftr-349	28	24	offshore	offshore	ADV
ftr-349	28	25	rather	rather	ADV
ftr-349	28	26	than	than	ADP
ftr-349	28	27	domestic	domestic	ADJ
ftr-349	28	28	investment	investment	NOUN
ftr-349	28	29	,	,	PUNCT
ftr-349	28	30	the	the	DET
ftr-349	28	31	more	more	ADV
ftr-349	28	32	surprising	surprising	ADJ
ftr-349	28	33	bias	bias	NOUN
ftr-349	28	34	in	in	ADP
ftr-349	28	35	favor	favor	NOUN
ftr-349	28	36	of	of	ADP
ftr-349	28	37	investment	investment	NOUN
ftr-349	28	38	in	in	ADP
ftr-349	28	39	high	high	ADJ
ftr-349	28	40	-	-	PUNCT
ftr-349	28	41	tax	tax	NOUN
ftr-349	28	42	foreign	foreign	ADJ
ftr-349	28	43	countries	country	NOUN
ftr-349	28	44	to	to	PART
ftr-349	28	45	provide	provide	VERB
ftr-349	28	46	the	the	DET
ftr-349	28	47	raw	raw	ADJ
ftr-349	28	48	feedstock	feedstock	NOUN
ftr-349	28	49	for	for	ADP
ftr-349	28	50	the	the	DET
ftr-349	28	51	generation	generation	NOUN
ftr-349	28	52	of	of	ADP
ftr-349	28	53	low	low	ADJ
ftr-349	28	54	-	-	PUNCT
ftr-349	28	55	tax	tax	NOUN
ftr-349	28	56	foreign	foreign	ADJ
ftr-349	28	57	income	income	NOUN
ftr-349	28	58	in	in	ADP
ftr-349	28	59	other	other	ADJ
ftr-349	28	60	countries	country	NOUN
ftr-349	28	61	,	,	PUNCT
ftr-349	28	62	the	the	DET
ftr-349	28	63	erosion	erosion	NOUN
ftr-349	28	64	of	of	ADP
ftr-349	28	65	the	the	DET
ftr-349	28	66	u.s	u.s	PROPN
ftr-349	28	67	.	.	PROPN
ftr-349	28	68	domestic	domestic	ADJ
ftr-349	28	69	tax	tax	NOUN
ftr-349	28	70	base	base	NOUN
ftr-349	28	71	through	through	ADP
ftr-349	28	72	debt	debt	NOUN
ftr-349	28	73	-	-	PUNCT
ftr-349	28	74	financed	finance	VERB
ftr-349	28	75	tax	tax	NOUN
ftr-349	28	76	arbitrage	arbitrage	NOUN
ftr-349	28	77	,	,	PUNCT
ftr-349	28	78	many	many	ADJ
ftr-349	28	79	instances	instance	NOUN
ftr-349	28	80	of	of	ADP
ftr-349	28	81	deadweight	deadweight	NOUN
ftr-349	28	82	loss	loss	NOUN
ftr-349	28	83	,	,	PUNCT
ftr-349	28	84	and	and	CCONJ
ftr-349	28	85	—	—	PUNCT
ftr-349	28	86	essentially	essentially	ADV
ftr-349	28	87	uniquely	uniquely	ADV
ftr-349	28	88	to	to	ADP
ftr-349	28	89	the	the	DET
ftr-349	28	90	united	united	PROPN
ftr-349	28	91	states	states	PROPN
ftr-349	28	92	—	—	PUNCT
ftr-349	28	93	the	the	DET
ftr-349	28	94	exacerbation	exacerbation	NOUN
ftr-349	28	95	of	of	ADP
ftr-349	28	96	the	the	DET
ftr-349	28	97	lock	lock	NOUN
ftr-349	28	98	-	-	PUNCT
ftr-349	28	99	out	out	ADP
ftr-349	28	100	phenomenon	phenomenon	NOUN
ftr-349	28	101	,	,	PUNCT
ftr-349	28	102	under	under	ADP
ftr-349	28	103	which	which	PRON
ftr-349	28	104	the	the	DET
ftr-349	28	105	price	price	NOUN
ftr-349	28	106	that	that	PRON
ftr-349	28	107	u.s	u.s	PROPN
ftr-349	28	108	.	.	PROPN
ftr-349	28	109	firms	firm	NOUN
ftr-349	28	110	pay	pay	VERB
ftr-349	28	111	to	to	PART
ftr-349	28	112	enjoy	enjoy	VERB
ftr-349	28	113	the	the	DET
ftr-349	28	114	benefits	benefit	NOUN
ftr-349	28	115	of	of	ADP
ftr-349	28	116	dramatically	dramatically	ADV
ftr-349	28	117	low	low	ADJ
ftr-349	28	118	foreign	foreign	ADJ
ftr-349	28	119	tax	tax	NOUN
ftr-349	28	120	rates	rate	NOUN
ftr-349	28	121	is	be	AUX
ftr-349	28	122	the	the	DET
ftr-349	28	123	accumulation	accumulation	NOUN
ftr-349	28	124	of	of	ADP
ftr-349	28	125	extraordinary	extraordinary	ADJ
ftr-349	28	126	amounts	amount	NOUN
ftr-349	28	127	of	of	ADP
ftr-349	28	128	earnings	earning	NOUN
ftr-349	28	129	(	(	PUNCT
ftr-349	28	130	about	about	ADP
ftr-349	28	131	$	$	SYM
ftr-349	28	132	1.4	1.4	NUM
ftr-349	28	133	trillion	trillion	NUM
ftr-349	28	134	,	,	PUNCT
ftr-349	28	135	by	by	ADP
ftr-349	28	136	the	the	DET
ftr-349	28	137	most	most	ADV
ftr-349	28	138	recent	recent	ADJ
ftr-349	28	139	estimates	estimate	NOUN
ftr-349	28	140	)	)	PUNCT
ftr-349	28	141	and	and	CCONJ
ftr-349	28	142	cash	cash	NOUN
ftr-349	28	143	outside	outside	ADP
ftr-349	28	144	the	the	DET
ftr-349	28	145	united	united	PROPN
ftr-349	28	146	states	states	PROPN
ftr-349	28	147	.	.	PUNCT
ftr-349	29	1	stateless	stateless	NOUN
ftr-349	29	2	income	income	NOUN
ftr-349	29	3	tax	tax	NOUN
ftr-349	29	4	planning	planning	NOUN
ftr-349	29	5	as	as	SCONJ
ftr-349	29	6	applied	apply	VERB
ftr-349	29	7	in	in	ADP
ftr-349	29	8	practice	practice	NOUN
ftr-349	29	9	to	to	ADP
ftr-349	29	10	current	current	ADJ
ftr-349	29	11	u.s	u.s	PROPN
ftr-349	29	12	.	.	PROPN
ftr-349	29	13	law	law	PROPN
ftr-349	29	14	’s	’s	PART
ftr-349	29	15	ersatz	ersatz	ADJ
ftr-349	29	16	territorial	territorial	ADJ
ftr-349	29	17	tax	tax	NOUN
ftr-349	29	18	system	system	NOUN
ftr-349	29	19	means	mean	VERB
ftr-349	29	20	that	that	SCONJ
ftr-349	29	21	the	the	DET
ftr-349	29	22	lock	lock	NOUN
ftr-349	29	23	-	-	PUNCT
ftr-349	29	24	out	out	ADP
ftr-349	29	25	effect	effect	NOUN
ftr-349	29	26	now	now	ADV
ftr-349	29	27	operates	operate	VERB
ftr-349	29	28	in	in	ADP
ftr-349	29	29	fact	fact	NOUN
ftr-349	29	30	as	as	ADP
ftr-349	29	31	a	a	DET
ftr-349	29	32	kind	kind	NOUN
ftr-349	29	33	of	of	ADP
ftr-349	29	34	lock	lock	NOUN
ftr-349	29	35	-	-	PUNCT
ftr-349	29	36	in	in	ADP
ftr-349	29	37	effect	effect	NOUN
ftr-349	29	38	:	:	PUNCT
ftr-349	29	39	firms	firm	NOUN
ftr-349	29	40	retain	retain	VERB
ftr-349	29	41	more	more	ADJ
ftr-349	29	42	overseas	overseas	ADJ
ftr-349	29	43	earnings	earning	NOUN
ftr-349	29	44	than	than	SCONJ
ftr-349	29	45	they	they	PRON
ftr-349	29	46	profitably	profitably	ADV
ftr-349	29	47	can	can	AUX
ftr-349	29	48	redeploy	redeploy	VERB
ftr-349	29	49	,	,	PUNCT
ftr-349	29	50	to	to	ADP
ftr-349	29	51	the	the	DET
ftr-349	29	52	great	great	ADJ
ftr-349	29	53	frustration	frustration	NOUN
ftr-349	29	54	of	of	ADP
ftr-349	29	55	their	their	PRON
ftr-349	29	56	shareholders	shareholder	NOUN
ftr-349	29	57	,	,	PUNCT
ftr-349	29	58	who	who	PRON
ftr-349	29	59	would	would	AUX
ftr-349	29	60	prefer	prefer	VERB
ftr-349	29	61	that	that	SCONJ
ftr-349	29	62	the	the	DET
ftr-349	29	63	cash	cash	NOUN
ftr-349	29	64	be	be	AUX
ftr-349	29	65	distributed	distribute	VERB
ftr-349	29	66	to	to	ADP
ftr-349	29	67	them	they	PRON
ftr-349	29	68	.	.	PUNCT
ftr-349	30	1	this	this	DET
ftr-349	30	2	tension	tension	NOUN
ftr-349	30	3	between	between	ADP
ftr-349	30	4	shareholders	shareholder	NOUN
ftr-349	30	5	and	and	CCONJ
ftr-349	30	6	management	management	NOUN
ftr-349	30	7	likely	likely	ADV
ftr-349	30	8	lies	lie	VERB
ftr-349	30	9	at	at	ADP
ftr-349	30	10	the	the	DET
ftr-349	30	11	heart	heart	NOUN
ftr-349	30	12	of	of	ADP
ftr-349	30	13	current	current	ADJ
ftr-349	30	14	demands	demand	NOUN
ftr-349	30	15	by	by	ADP
ftr-349	30	16	u.s.-based	u.s.-based	ADJ
ftr-349	30	17	multinational	multinational	ADJ
ftr-349	30	18	firms	firm	NOUN
ftr-349	30	19	that	that	PRON
ftr-349	30	20	the	the	DET
ftr-349	30	21	united	united	PROPN
ftr-349	30	22	states	states	PROPN
ftr-349	30	23	adopt	adopt	VERB
ftr-349	30	24	a	a	DET
ftr-349	30	25	territorial	territorial	ADJ
ftr-349	30	26	tax	tax	NOUN
ftr-349	30	27	system	system	NOUN
ftr-349	30	28	.	.	PUNCT
ftr-349	31	1	the	the	DET
ftr-349	31	2	firms	firm	NOUN
ftr-349	31	3	themselves	themselves	PRON
ftr-349	31	4	are	be	AUX
ftr-349	31	5	not	not	PART
ftr-349	31	6	greatly	greatly	ADV
ftr-349	31	7	disadvantaged	disadvantage	VERB
ftr-349	31	8	by	by	ADP
ftr-349	31	9	the	the	DET
ftr-349	31	10	current	current	ADJ
ftr-349	31	11	u.s	u.s	PROPN
ftr-349	31	12	.	.	PROPN
ftr-349	31	13	tax	tax	NOUN
ftr-349	31	14	system	system	NOUN
ftr-349	31	15	,	,	PUNCT
ftr-349	31	16	but	but	CCONJ
ftr-349	31	17	shareholders	shareholder	NOUN
ftr-349	31	18	are	be	AUX
ftr-349	31	19	.	.	PUNCT
ftr-349	32	1	the	the	DET
ftr-349	32	2	ultimate	ultimate	ADJ
ftr-349	32	3	reward	reward	NOUN
ftr-349	32	4	of	of	ADP
ftr-349	32	5	successful	successful	ADJ
ftr-349	32	6	stateless	stateless	NOUN
ftr-349	32	7	income	income	NOUN
ftr-349	32	8	tax	tax	NOUN
ftr-349	32	9	planning	planning	NOUN
ftr-349	32	10	from	from	ADP
ftr-349	32	11	this	this	DET
ftr-349	32	12	perspective	perspective	NOUN
ftr-349	32	13	should	should	AUX
ftr-349	32	14	be	be	AUX
ftr-349	32	15	massive	massive	ADJ
ftr-349	32	16	stock	stock	NOUN
ftr-349	32	17	repurchases	repurchase	NOUN
ftr-349	32	18	,	,	PUNCT
ftr-349	32	19	but	but	CCONJ
ftr-349	32	20	instead	instead	ADV
ftr-349	32	21	shareholders	shareholder	NOUN
ftr-349	32	22	are	be	AUX
ftr-349	32	23	tantalized	tantalize	VERB
ftr-349	32	24	by	by	ADP
ftr-349	32	25	glimpses	glimpse	NOUN
ftr-349	32	26	of	of	ADP
ftr-349	32	27	enormous	enormous	ADJ
ftr-349	32	28	cash	cash	NOUN
ftr-349	32	29	hoards	hoard	NOUN
ftr-349	32	30	just	just	ADV
ftr-349	32	31	out	out	ADP
ftr-349	32	32	of	of	ADP
ftr-349	32	33	their	their	PRON
ftr-349	32	34	reach	reach	NOUN
ftr-349	32	35	.	.	PUNCT
ftr-349	33	1	i.	i.	PROPN
ftr-349	33	2	introduction	introduction	PROPN
ftr-349	33	3	a.	a.	PROPN
ftr-349	33	4	stateless	stateless	PROPN
ftr-349	33	5	income	income	NOUN
ftr-349	33	6	like	like	ADP
ftr-349	33	7	happy	happy	ADJ
ftr-349	33	8	families	family	NOUN
ftr-349	33	9	,	,	PUNCT
ftr-349	33	10	all	all	DET
ftr-349	33	11	multinational	multinational	ADJ
ftr-349	33	12	business	business	NOUN
ftr-349	33	13	enterprises	enterprise	NOUN
ftr-349	33	14	are	be	AUX
ftr-349	33	15	alike	alike	ADV
ftr-349	33	16	,	,	PUNCT
ftr-349	33	17	in	in	ADP
ftr-349	33	18	at	at	ADV
ftr-349	33	19	least	least	ADV
ftr-349	33	20	one	one	NUM
ftr-349	33	21	critical	critical	ADJ
ftr-349	33	22	respect	respect	NOUN
ftr-349	33	23	:	:	PUNCT
ftr-349	33	24	they	they	PRON
ftr-349	33	25	all	all	PRON
ftr-349	33	26	possess	possess	VERB
ftr-349	33	27	a	a	DET
ftr-349	33	28	special	special	ADJ
ftr-349	33	29	tax	tax	NOUN
ftr-349	33	30	attribute	attribute	NOUN
ftr-349	33	31	,	,	PUNCT
ftr-349	33	32	which	which	PRON
ftr-349	33	33	is	be	AUX
ftr-349	33	34	the	the	DET
ftr-349	33	35	ability	ability	NOUN
ftr-349	33	36	to	to	PART
ftr-349	33	37	generate	generate	VERB
ftr-349	33	38	stateless	stateless	NOUN
ftr-349	33	39	income	income	NOUN
ftr-349	33	40	.	.	PUNCT
ftr-349	34	1	by	by	ADP
ftr-349	34	2	“	"	PUNCT
ftr-349	34	3	stateless	stateless	NOUN
ftr-349	34	4	income	income	NOUN
ftr-349	34	5	,	,	PUNCT
ftr-349	34	6	”	"	PUNCT
ftr-349	34	7	i	i	PRON
ftr-349	34	8	mean	mean	VERB
ftr-349	34	9	income	income	NOUN
ftr-349	34	10	derived	derive	VERB
ftr-349	34	11	by	by	ADP
ftr-349	34	12	a	a	DET
ftr-349	34	13	multinational	multinational	ADJ
ftr-349	34	14	group	group	NOUN
ftr-349	34	15	from	from	ADP
ftr-349	34	16	business	business	NOUN
ftr-349	34	17	activities	activity	NOUN
ftr-349	34	18	in	in	ADP
ftr-349	34	19	a	a	DET
ftr-349	34	20	country	country	NOUN
ftr-349	34	21	other	other	ADJ
ftr-349	34	22	than	than	ADP
ftr-349	34	23	the	the	DET
ftr-349	34	24	domicile	domicile	NOUN
ftr-349	34	25	(	(	PUNCT
ftr-349	34	26	however	however	ADV
ftr-349	34	27	defined	define	VERB
ftr-349	34	28	)	)	PUNCT
ftr-349	34	29	of	of	ADP
ftr-349	34	30	the	the	DET
ftr-349	34	31	group	group	NOUN
ftr-349	34	32	’s	’s	PART
ftr-349	34	33	ultimate	ultimate	ADJ
ftr-349	34	34	parent	parent	NOUN
ftr-349	34	35	company	company	NOUN
ftr-349	34	36	,	,	PUNCT
ftr-349	34	37	but	but	CCONJ
ftr-349	34	38	which	which	PRON
ftr-349	34	39	is	be	AUX
ftr-349	34	40	subject	subject	ADJ
ftr-349	34	41	to	to	ADP
ftr-349	34	42	tax	tax	NOUN
ftr-349	34	43	only	only	ADV
ftr-349	34	44	in	in	ADP
ftr-349	34	45	a	a	DET
ftr-349	34	46	jurisdiction	jurisdiction	NOUN
ftr-349	34	47	that	that	PRON
ftr-349	34	48	is	be	AUX
ftr-349	34	49	not	not	PART
ftr-349	34	50	the	the	DET
ftr-349	34	51	location	location	NOUN
ftr-349	34	52	of	of	ADP
ftr-349	34	53	the	the	DET
ftr-349	34	54	customers	customer	NOUN
ftr-349	34	55	or	or	CCONJ
ftr-349	34	56	the	the	DET
ftr-349	34	57	factors	factor	NOUN
ftr-349	34	58	of	of	ADP
ftr-349	34	59	production	production	NOUN
ftr-349	34	60	through	through	ADP
ftr-349	34	61	which	which	PRON
ftr-349	34	62	the	the	DET
ftr-349	34	63	income	income	NOUN
ftr-349	34	64	was	be	AUX
ftr-349	34	65	derived	derive	VERB
ftr-349	34	66	,	,	PUNCT
ftr-349	34	67	and	and	CCONJ
ftr-349	34	68	is	be	AUX
ftr-349	34	69	not	not	PART
ftr-349	34	70	the	the	DET
ftr-349	34	71	domicile	domicile	NOUN
ftr-349	34	72	of	of	ADP
ftr-349	34	73	the	the	DET
ftr-349	34	74	group	group	NOUN
ftr-349	34	75	’s	’s	PART
ftr-349	34	76	parent	parent	NOUN
ftr-349	34	77	company.11	company.11	PROPN
ftr-349	34	78	stateless	stateless	NOUN
ftr-349	34	79	income	income	NOUN
ftr-349	34	80	thus	thus	ADV
ftr-349	34	81	can	can	AUX
ftr-349	34	82	be	be	AUX
ftr-349	34	83	understood	understand	VERB
ftr-349	34	84	as	as	ADP
ftr-349	34	85	the	the	DET
ftr-349	34	86	movement	movement	NOUN
ftr-349	34	87	of	of	ADP
ftr-349	34	88	1	1	NUM
ftr-349	34	89	.	.	PUNCT
ftr-349	35	1	i	i	PRON
ftr-349	35	2	first	first	ADV
ftr-349	35	3	used	use	VERB
ftr-349	35	4	this	this	DET
ftr-349	35	5	term	term	NOUN
ftr-349	35	6	in	in	ADP
ftr-349	35	7	edward	edward	PROPN
ftr-349	35	8	d.	d.	PROPN
ftr-349	35	9	kleinbard	kleinbard	PROPN
ftr-349	35	10	,	,	PUNCT
ftr-349	35	11	throw	throw	VERB
ftr-349	35	12	territorial	territorial	ADJ
ftr-349	35	13	taxation	taxation	NOUN
ftr-349	35	14	from	from	ADP
ftr-349	35	15	the	the	DET
ftr-349	35	16	train	train	NOUN
ftr-349	35	17	,	,	PUNCT
ftr-349	35	18	114	114	NUM
ftr-349	35	19	tax	tax	NOUN
ftr-349	35	20	notes	note	NOUN
ftr-349	35	21	547	547	NUM
ftr-349	35	22	,	,	PUNCT
ftr-349	35	23	559	559	NUM
ftr-349	35	24	(	(	PUNCT
ftr-349	35	25	feb	feb	X
ftr-349	35	26	.	.	PROPN
ftr-349	35	27	5	5	NUM
ftr-349	35	28	,	,	PUNCT
ftr-349	35	29	2007	2007	NUM
ftr-349	35	30	)	)	PUNCT
ftr-349	36	1	[	[	X
ftr-349	36	2	hereinafter	hereinafter	NOUN
ftr-349	36	3	kleinbard	kleinbard	NOUN
ftr-349	36	4	,	,	PUNCT
ftr-349	36	5	territorial	territorial	ADJ
ftr-349	36	6	taxation	taxation	NOUN
ftr-349	36	7	]	]	PUNCT
ftr-349	36	8	.	.	PUNCT
ftr-349	37	1	702	702	NUM
ftr-349	37	2	florida	florida	PROPN
ftr-349	37	3	tax	tax	NOUN
ftr-349	37	4	review	review	NOUN
ftr-349	37	5	[	[	X
ftr-349	37	6	vol	vol	NOUN
ftr-349	37	7	.	.	PUNCT
ftr-349	38	1	11:9	11:9	NUM
ftr-349	38	2	taxable	taxable	ADJ
ftr-349	38	3	income	income	NOUN
ftr-349	38	4	within	within	ADP
ftr-349	38	5	a	a	DET
ftr-349	38	6	multinational	multinational	ADJ
ftr-349	38	7	group	group	NOUN
ftr-349	38	8	from	from	ADP
ftr-349	38	9	high	high	ADJ
ftr-349	38	10	-	-	PUNCT
ftr-349	38	11	tax	tax	NOUN
ftr-349	38	12	to	to	ADP
ftr-349	38	13	low	low	ADJ
ftr-349	38	14	-	-	PUNCT
ftr-349	38	15	tax	tax	NOUN
ftr-349	38	16	source	source	NOUN
ftr-349	38	17	countries	country	NOUN
ftr-349	38	18	without	without	ADP
ftr-349	38	19	shifting	shift	VERB
ftr-349	38	20	the	the	DET
ftr-349	38	21	location	location	NOUN
ftr-349	38	22	of	of	ADP
ftr-349	38	23	externally	externally	ADV
ftr-349	38	24	-	-	PUNCT
ftr-349	38	25	supplied	supply	VERB
ftr-349	38	26	capital	capital	NOUN
ftr-349	38	27	or	or	CCONJ
ftr-349	38	28	activities	activity	NOUN
ftr-349	38	29	involving	involve	VERB
ftr-349	38	30	third	third	ADJ
ftr-349	38	31	parties	party	NOUN
ftr-349	38	32	.	.	PUNCT
ftr-349	39	1	stateless	stateless	NOUN
ftr-349	39	2	persons	person	NOUN
ftr-349	39	3	wander	wander	VERB
ftr-349	39	4	a	a	DET
ftr-349	39	5	hostile	hostile	ADJ
ftr-349	39	6	globe	globe	NOUN
ftr-349	39	7	,	,	PUNCT
ftr-349	39	8	looking	look	VERB
ftr-349	39	9	for	for	ADP
ftr-349	39	10	asylum	asylum	NOUN
ftr-349	39	11	;	;	PUNCT
ftr-349	39	12	by	by	ADP
ftr-349	39	13	contrast	contrast	NOUN
ftr-349	39	14	,	,	PUNCT
ftr-349	39	15	stateless	stateless	NOUN
ftr-349	39	16	income	income	NOUN
ftr-349	39	17	takes	take	VERB
ftr-349	39	18	a	a	DET
ftr-349	39	19	bearing	bearing	NOUN
ftr-349	39	20	for	for	ADP
ftr-349	39	21	any	any	PRON
ftr-349	39	22	of	of	ADP
ftr-349	39	23	a	a	DET
ftr-349	39	24	number	number	NOUN
ftr-349	39	25	of	of	ADP
ftr-349	39	26	zero	zero	NUM
ftr-349	39	27	or	or	CCONJ
ftr-349	39	28	low	low	ADJ
ftr-349	39	29	-	-	PUNCT
ftr-349	39	30	tax	tax	NOUN
ftr-349	39	31	jurisdictions	jurisdiction	NOUN
ftr-349	39	32	,	,	PUNCT
ftr-349	39	33	where	where	SCONJ
ftr-349	39	34	it	it	PRON
ftr-349	39	35	finds	find	VERB
ftr-349	39	36	a	a	DET
ftr-349	39	37	ready	ready	ADJ
ftr-349	39	38	welcome	welcome	NOUN
ftr-349	39	39	.	.	PUNCT
ftr-349	40	1	as	as	ADP
ftr-349	40	2	an	an	DET
ftr-349	40	3	example	example	NOUN
ftr-349	40	4	,	,	PUNCT
ftr-349	40	5	a	a	DET
ftr-349	40	6	u.s	u.s	PROPN
ftr-349	40	7	.	.	PROPN
ftr-349	40	8	firm	firm	NOUN
ftr-349	40	9	that	that	PRON
ftr-349	40	10	sells	sell	VERB
ftr-349	40	11	software	software	NOUN
ftr-349	40	12	in	in	ADP
ftr-349	40	13	germany	germany	PROPN
ftr-349	40	14	earns	earn	VERB
ftr-349	40	15	stateless	stateless	NOUN
ftr-349	40	16	income	income	NOUN
ftr-349	40	17	when	when	SCONJ
ftr-349	40	18	(	(	PUNCT
ftr-349	40	19	through	through	ADP
ftr-349	40	20	mechanisms	mechanism	NOUN
ftr-349	40	21	described	describe	VERB
ftr-349	40	22	below	below	ADV
ftr-349	40	23	)	)	PUNCT
ftr-349	40	24	the	the	DET
ftr-349	40	25	added	add	VERB
ftr-349	40	26	value	value	NOUN
ftr-349	40	27	from	from	ADP
ftr-349	40	28	the	the	DET
ftr-349	40	29	sales	sale	NOUN
ftr-349	40	30	to	to	ADP
ftr-349	40	31	german	german	ADJ
ftr-349	40	32	consumers	consumer	NOUN
ftr-349	40	33	is	be	AUX
ftr-349	40	34	taxed	tax	VERB
ftr-349	40	35	in	in	ADP
ftr-349	40	36	ireland	ireland	PROPN
ftr-349	40	37	rather	rather	ADV
ftr-349	40	38	than	than	ADP
ftr-349	40	39	germany	germany	PROPN
ftr-349	40	40	.	.	PUNCT
ftr-349	41	1	the	the	DET
ftr-349	41	2	same	same	ADJ
ftr-349	41	3	analysis	analysis	NOUN
ftr-349	41	4	would	would	AUX
ftr-349	41	5	apply	apply	VERB
ftr-349	41	6	to	to	ADP
ftr-349	41	7	a	a	DET
ftr-349	41	8	german	german	ADJ
ftr-349	41	9	firm	firm	NOUN
ftr-349	41	10	whose	whose	DET
ftr-349	41	11	income	income	NOUN
ftr-349	41	12	from	from	ADP
ftr-349	41	13	sales	sale	NOUN
ftr-349	41	14	to	to	ADP
ftr-349	41	15	u.s	u.s	PROPN
ftr-349	41	16	.	.	PROPN
ftr-349	41	17	or	or	CCONJ
ftr-349	41	18	french	french	ADJ
ftr-349	41	19	customers	customer	NOUN
ftr-349	41	20	comes	come	VERB
ftr-349	41	21	to	to	PART
ftr-349	41	22	rest	rest	VERB
ftr-349	41	23	for	for	ADP
ftr-349	41	24	tax	tax	NOUN
ftr-349	41	25	purposes	purpose	NOUN
ftr-349	41	26	in	in	ADP
ftr-349	41	27	luxembourg	luxembourg	PROPN
ftr-349	41	28	.	.	PUNCT
ftr-349	42	1	the	the	DET
ftr-349	42	2	ability	ability	NOUN
ftr-349	42	3	to	to	PART
ftr-349	42	4	generate	generate	VERB
ftr-349	42	5	stateless	stateless	NOUN
ftr-349	42	6	income	income	NOUN
ftr-349	42	7	is	be	AUX
ftr-349	42	8	an	an	DET
ftr-349	42	9	attribute	attribute	NOUN
ftr-349	42	10	generally	generally	ADV
ftr-349	42	11	shared	share	VERB
ftr-349	42	12	by	by	ADP
ftr-349	42	13	most	most	ADJ
ftr-349	42	14	multinational	multinational	ADJ
ftr-349	42	15	enterprises	enterprise	NOUN
ftr-349	42	16	,	,	PUNCT
ftr-349	42	17	regardless	regardless	ADV
ftr-349	42	18	of	of	ADP
ftr-349	42	19	their	their	PRON
ftr-349	42	20	parent	parent	NOUN
ftr-349	42	21	companies	company	NOUN
ftr-349	42	22	’	'	PUNCT
ftr-349	42	23	domiciles	domicile	NOUN
ftr-349	42	24	.	.	PUNCT
ftr-349	43	1	it	it	PRON
ftr-349	43	2	is	be	AUX
ftr-349	43	3	a	a	DET
ftr-349	43	4	quality	quality	NOUN
ftr-349	43	5	shared	share	VERB
ftr-349	43	6	in	in	ADP
ftr-349	43	7	practice	practice	NOUN
ftr-349	43	8	by	by	ADP
ftr-349	43	9	multinational	multinational	ADJ
ftr-349	43	10	firms	firm	NOUN
ftr-349	43	11	domiciled	domicile	VERB
ftr-349	43	12	in	in	ADP
ftr-349	43	13	the	the	DET
ftr-349	43	14	united	united	PROPN
ftr-349	43	15	states	states	PROPN
ftr-349	43	16	(	(	PUNCT
ftr-349	43	17	the	the	DET
ftr-349	43	18	last	last	ADJ
ftr-349	43	19	redoubt	redoubt	NOUN
ftr-349	43	20	of	of	ADP
ftr-349	43	21	putative	putative	ADJ
ftr-349	43	22	worldwide	worldwide	ADJ
ftr-349	43	23	taxation	taxation	NOUN
ftr-349	43	24	of	of	ADP
ftr-349	43	25	income	income	NOUN
ftr-349	43	26	from	from	ADP
ftr-349	43	27	foreign	foreign	ADJ
ftr-349	43	28	direct	direct	ADJ
ftr-349	43	29	investments	investment	NOUN
ftr-349	43	30	)	)	PUNCT
ftr-349	43	31	and	and	CCONJ
ftr-349	43	32	those	those	PRON
ftr-349	43	33	domiciled	domicile	VERB
ftr-349	43	34	in	in	ADP
ftr-349	43	35	jurisdictions	jurisdiction	NOUN
ftr-349	43	36	with	with	ADP
ftr-349	43	37	“	"	PUNCT
ftr-349	43	38	territorial	territorial	ADJ
ftr-349	43	39	”	"	PUNCT
ftr-349	43	40	tax	tax	NOUN
ftr-349	43	41	regimes	regime	NOUN
ftr-349	43	42	.	.	PUNCT
ftr-349	44	1	it	it	PRON
ftr-349	44	2	is	be	AUX
ftr-349	44	3	an	an	DET
ftr-349	44	4	attribute	attribute	NOUN
ftr-349	44	5	not	not	PART
ftr-349	44	6	available	available	ADJ
ftr-349	44	7	to	to	ADP
ftr-349	44	8	wholly	wholly	ADV
ftr-349	44	9	domestic	domestic	ADJ
ftr-349	44	10	firms	firm	NOUN
ftr-349	44	11	.	.	PUNCT
ftr-349	45	1	the	the	DET
ftr-349	45	2	phenomenon	phenomenon	NOUN
ftr-349	45	3	of	of	ADP
ftr-349	45	4	stateless	stateless	NOUN
ftr-349	45	5	income	income	NOUN
ftr-349	45	6	is	be	AUX
ftr-349	45	7	not	not	PART
ftr-349	45	8	the	the	DET
ftr-349	45	9	same	same	ADJ
ftr-349	45	10	as	as	ADP
ftr-349	45	11	the	the	DET
ftr-349	45	12	phenomenon	phenomenon	NOUN
ftr-349	45	13	of	of	ADP
ftr-349	45	14	capital	capital	NOUN
ftr-349	45	15	mobility	mobility	NOUN
ftr-349	45	16	.	.	PUNCT
ftr-349	46	1	as	as	SCONJ
ftr-349	46	2	traditionally	traditionally	ADV
ftr-349	46	3	understood	understand	VERB
ftr-349	46	4	,	,	PUNCT
ftr-349	46	5	capital	capital	NOUN
ftr-349	46	6	mobility	mobility	NOUN
ftr-349	46	7	involves	involve	VERB
ftr-349	46	8	a	a	DET
ftr-349	46	9	person	person	NOUN
ftr-349	46	10	’s	’s	PART
ftr-349	46	11	ability	ability	NOUN
ftr-349	46	12	to	to	PART
ftr-349	46	13	locate	locate	VERB
ftr-349	46	14	real	real	ADJ
ftr-349	46	15	investments	investment	NOUN
ftr-349	46	16	or	or	CCONJ
ftr-349	46	17	third	third	ADJ
ftr-349	46	18	-	-	PUNCT
ftr-349	46	19	party	party	NOUN
ftr-349	46	20	activity	activity	NOUN
ftr-349	46	21	with	with	ADP
ftr-349	46	22	a	a	DET
ftr-349	46	23	view	view	NOUN
ftr-349	46	24	to	to	ADP
ftr-349	46	25	minimizing	minimize	VERB
ftr-349	46	26	the	the	DET
ftr-349	46	27	tax	tax	NOUN
ftr-349	46	28	burden	burden	NOUN
ftr-349	46	29	imposed	impose	VERB
ftr-349	46	30	thereon	thereon	NOUN
ftr-349	46	31	;	;	PUNCT
ftr-349	46	32	it	it	PRON
ftr-349	46	33	is	be	AUX
ftr-349	46	34	“	"	PUNCT
ftr-349	46	35	the	the	DET
ftr-349	46	36	elasticity	elasticity	NOUN
ftr-349	46	37	of	of	ADP
ftr-349	46	38	supply	supply	NOUN
ftr-349	46	39	of	of	ADP
ftr-349	46	40	a	a	DET
ftr-349	46	41	location	location	NOUN
ftr-349	46	42	-	-	PUNCT
ftr-349	46	43	denominated	denominate	VERB
ftr-349	46	44	factor	factor	NOUN
ftr-349	46	45	with	with	ADP
ftr-349	46	46	respect	respect	NOUN
ftr-349	46	47	to	to	ADP
ftr-349	46	48	its	its	PRON
ftr-349	46	49	net	net	NOUN
ftr-349	46	50	[	[	PUNCT
ftr-349	46	51	after	after	ADP
ftr-349	46	52	-	-	PUNCT
ftr-349	46	53	tax	tax	NOUN
ftr-349	46	54	]	]	PUNCT
ftr-349	46	55	reward	reward	NOUN
ftr-349	46	56	in	in	ADP
ftr-349	46	57	that	that	DET
ftr-349	46	58	location	location	NOUN
ftr-349	46	59	.	.	PUNCT
ftr-349	46	60	”2	”2	PUNCT
ftr-349	47	1	the	the	DET
ftr-349	47	2	phenomenon	phenomenon	NOUN
ftr-349	47	3	of	of	ADP
ftr-349	47	4	stateless	stateless	NOUN
ftr-349	47	5	income	income	NOUN
ftr-349	47	6	,	,	PUNCT
ftr-349	47	7	by	by	ADP
ftr-349	47	8	contrast	contrast	NOUN
ftr-349	47	9	,	,	PUNCT
ftr-349	47	10	comprises	comprise	VERB
ftr-349	47	11	the	the	DET
ftr-349	47	12	movement	movement	NOUN
ftr-349	47	13	of	of	ADP
ftr-349	47	14	taxable	taxable	ADJ
ftr-349	47	15	income	income	NOUN
ftr-349	47	16	within	within	ADP
ftr-349	47	17	a	a	DET
ftr-349	47	18	multinational	multinational	ADJ
ftr-349	47	19	group	group	NOUN
ftr-349	47	20	without	without	ADP
ftr-349	47	21	shifting	shift	VERB
ftr-349	47	22	any	any	DET
ftr-349	47	23	location	location	NOUN
ftr-349	47	24	-	-	PUNCT
ftr-349	47	25	dependent	dependent	ADJ
ftr-349	47	26	factor	factor	NOUN
ftr-349	47	27	supplied	supply	VERB
ftr-349	47	28	by	by	ADP
ftr-349	47	29	third	third	ADJ
ftr-349	47	30	parties	party	NOUN
ftr-349	47	31	.	.	PUNCT
ftr-349	48	1	the	the	DET
ftr-349	48	2	straightforward	straightforward	ADJ
ftr-349	48	3	application	application	NOUN
ftr-349	48	4	of	of	ADP
ftr-349	48	5	optimal	optimal	ADJ
ftr-349	48	6	tax	tax	NOUN
ftr-349	48	7	theory	theory	NOUN
ftr-349	48	8	to	to	ADP
ftr-349	48	9	the	the	DET
ftr-349	48	10	phenomenon	phenomenon	NOUN
ftr-349	48	11	of	of	ADP
ftr-349	48	12	actual	actual	ADJ
ftr-349	48	13	capital	capital	NOUN
ftr-349	48	14	mobility	mobility	NOUN
ftr-349	48	15	leads	lead	NOUN
ftr-349	48	16	,	,	PUNCT
ftr-349	48	17	for	for	ADP
ftr-349	48	18	example	example	NOUN
ftr-349	48	19	,	,	PUNCT
ftr-349	48	20	to	to	ADP
ftr-349	48	21	the	the	DET
ftr-349	48	22	policy	policy	NOUN
ftr-349	48	23	recommendation	recommendation	NOUN
ftr-349	48	24	that	that	SCONJ
ftr-349	48	25	a	a	DET
ftr-349	48	26	small	small	ADJ
ftr-349	48	27	open	open	ADJ
ftr-349	48	28	economy	economy	NOUN
ftr-349	48	29	should	should	AUX
ftr-349	48	30	not	not	PART
ftr-349	48	31	impose	impose	VERB
ftr-349	48	32	any	any	DET
ftr-349	48	33	tax	tax	NOUN
ftr-349	48	34	on	on	ADP
ftr-349	48	35	returns	return	NOUN
ftr-349	48	36	to	to	ADP
ftr-349	48	37	imported	import	VERB
ftr-349	48	38	capital	capital	NOUN
ftr-349	48	39	;	;	PUNCT
ftr-349	48	40	this	this	DET
ftr-349	48	41	recommendation	recommendation	NOUN
ftr-349	48	42	reflects	reflect	VERB
ftr-349	48	43	a	a	DET
ftr-349	48	44	coherent	coherent	ADJ
ftr-349	48	45	theory	theory	NOUN
ftr-349	48	46	in	in	ADP
ftr-349	48	47	which	which	PRON
ftr-349	48	48	efficient	efficient	ADJ
ftr-349	48	49	global	global	ADJ
ftr-349	48	50	markets	market	NOUN
ftr-349	48	51	lead	lead	VERB
ftr-349	48	52	to	to	ADP
ftr-349	48	53	identical	identical	ADJ
ftr-349	48	54	after	after	ADP
ftr-349	48	55	-	-	PUNCT
ftr-349	48	56	tax	tax	NOUN
ftr-349	48	57	returns	return	NOUN
ftr-349	48	58	on	on	ADP
ftr-349	48	59	business	business	NOUN
ftr-349	48	60	income	income	NOUN
ftr-349	48	61	,	,	PUNCT
ftr-349	48	62	wherever	wherever	SCONJ
ftr-349	48	63	situated.3	situated.3	PROPN
ftr-349	48	64	stateless	stateless	NOUN
ftr-349	48	65	income	income	NOUN
ftr-349	48	66	tax	tax	NOUN
ftr-349	48	67	planning	planning	NOUN
ftr-349	48	68	,	,	PUNCT
ftr-349	48	69	by	by	ADP
ftr-349	48	70	contrast	contrast	NOUN
ftr-349	48	71	,	,	PUNCT
ftr-349	48	72	is	be	AUX
ftr-349	48	73	the	the	DET
ftr-349	48	74	domicile	domicile	NOUN
ftr-349	48	75	of	of	ADP
ftr-349	48	76	a	a	DET
ftr-349	48	77	multinational	multinational	ADJ
ftr-349	48	78	enterprise	enterprise	NOUN
ftr-349	48	79	’s	’s	PART
ftr-349	48	80	ultimate	ultimate	ADJ
ftr-349	48	81	parent	parent	NOUN
ftr-349	48	82	company	company	NOUN
ftr-349	48	83	is	be	AUX
ftr-349	48	84	referred	refer	VERB
ftr-349	48	85	to	to	ADP
ftr-349	48	86	in	in	ADP
ftr-349	48	87	the	the	DET
ftr-349	48	88	literature	literature	NOUN
ftr-349	48	89	as	as	ADP
ftr-349	48	90	the	the	DET
ftr-349	48	91	“	"	PUNCT
ftr-349	48	92	residence	residence	NOUN
ftr-349	48	93	”	"	PUNCT
ftr-349	48	94	country	country	NOUN
ftr-349	48	95	.	.	PUNCT
ftr-349	49	1	a	a	DET
ftr-349	49	2	country	country	NOUN
ftr-349	49	3	other	other	ADJ
ftr-349	49	4	than	than	ADP
ftr-349	49	5	the	the	DET
ftr-349	49	6	residence	residence	NOUN
ftr-349	49	7	country	country	NOUN
ftr-349	49	8	in	in	ADP
ftr-349	49	9	which	which	PRON
ftr-349	49	10	a	a	DET
ftr-349	49	11	multinational	multinational	ADJ
ftr-349	49	12	group	group	NOUN
ftr-349	49	13	derives	derive	VERB
ftr-349	49	14	business	business	NOUN
ftr-349	49	15	or	or	CCONJ
ftr-349	49	16	investment	investment	NOUN
ftr-349	49	17	income	income	NOUN
ftr-349	49	18	is	be	AUX
ftr-349	49	19	referred	refer	VERB
ftr-349	49	20	to	to	ADP
ftr-349	49	21	as	as	ADP
ftr-349	49	22	the	the	DET
ftr-349	49	23	“	"	PUNCT
ftr-349	49	24	source	source	NOUN
ftr-349	49	25	”	"	PUNCT
ftr-349	49	26	country	country	NOUN
ftr-349	49	27	.	.	PUNCT
ftr-349	50	1	2	2	X
ftr-349	50	2	.	.	X
ftr-349	50	3	joel	joel	PROPN
ftr-349	50	4	slemrod	slemrod	PROPN
ftr-349	50	5	,	,	PUNCT
ftr-349	50	6	location	location	NOUN
ftr-349	50	7	,	,	PUNCT
ftr-349	50	8	(	(	PUNCT
ftr-349	50	9	real	real	ADJ
ftr-349	50	10	)	)	PUNCT
ftr-349	50	11	location	location	NOUN
ftr-349	50	12	,	,	PUNCT
ftr-349	50	13	(	(	PUNCT
ftr-349	50	14	tax	tax	NOUN
ftr-349	50	15	)	)	PUNCT
ftr-349	50	16	location	location	NOUN
ftr-349	50	17	:	:	PUNCT
ftr-349	50	18	an	an	DET
ftr-349	50	19	essay	essay	NOUN
ftr-349	50	20	on	on	ADP
ftr-349	50	21	mobility	mobility	NOUN
ftr-349	50	22	’s	’s	PART
ftr-349	50	23	place	place	NOUN
ftr-349	50	24	in	in	ADP
ftr-349	50	25	optimal	optimal	ADJ
ftr-349	50	26	taxation	taxation	NOUN
ftr-349	50	27	,	,	PUNCT
ftr-349	50	28	63	63	NUM
ftr-349	50	29	nat’l	nat’l	NOUN
ftr-349	50	30	tax	tax	NOUN
ftr-349	50	31	j.	j.	PROPN
ftr-349	50	32	843	843	NUM
ftr-349	50	33	,	,	PUNCT
ftr-349	50	34	844	844	NUM
ftr-349	50	35	(	(	PUNCT
ftr-349	50	36	2010	2010	NUM
ftr-349	50	37	)	)	PUNCT
ftr-349	50	38	.	.	PUNCT
ftr-349	51	1	slemrod	slemrod	NOUN
ftr-349	51	2	points	point	NOUN
ftr-349	51	3	in	in	ADP
ftr-349	51	4	the	the	DET
ftr-349	51	5	direction	direction	NOUN
ftr-349	51	6	of	of	ADP
ftr-349	51	7	stateless	stateless	NOUN
ftr-349	51	8	income	income	NOUN
ftr-349	51	9	with	with	ADP
ftr-349	51	10	his	his	PRON
ftr-349	51	11	concept	concept	NOUN
ftr-349	51	12	of	of	ADP
ftr-349	51	13	“	"	PUNCT
ftr-349	51	14	tax	tax	NOUN
ftr-349	51	15	mobility	mobility	NOUN
ftr-349	51	16	;	;	PUNCT
ftr-349	51	17	”	"	PUNCT
ftr-349	51	18	this	this	DET
ftr-349	51	19	article	article	NOUN
ftr-349	51	20	argues	argue	VERB
ftr-349	51	21	that	that	SCONJ
ftr-349	51	22	stateless	stateless	NOUN
ftr-349	51	23	income	income	NOUN
ftr-349	51	24	is	be	AUX
ftr-349	51	25	an	an	DET
ftr-349	51	26	even	even	ADV
ftr-349	51	27	more	more	ADV
ftr-349	51	28	pervasive	pervasive	ADJ
ftr-349	51	29	phenomenon	phenomenon	NOUN
ftr-349	51	30	than	than	SCONJ
ftr-349	51	31	slemrod	slemrod	NOUN
ftr-349	51	32	’s	’s	PART
ftr-349	51	33	paper	paper	NOUN
ftr-349	51	34	might	might	AUX
ftr-349	51	35	suggest	suggest	VERB
ftr-349	51	36	.	.	PUNCT
ftr-349	52	1	3	3	X
ftr-349	52	2	.	.	X
ftr-349	52	3	george	george	PROPN
ftr-349	52	4	r.	r.	PROPN
ftr-349	52	5	zodrow	zodrow	PROPN
ftr-349	52	6	,	,	PUNCT
ftr-349	52	7	capital	capital	NOUN
ftr-349	52	8	mobility	mobility	NOUN
ftr-349	52	9	and	and	CCONJ
ftr-349	52	10	capital	capital	NOUN
ftr-349	52	11	tax	tax	NOUN
ftr-349	52	12	competition	competition	NOUN
ftr-349	52	13	,	,	PUNCT
ftr-349	52	14	63	63	NUM
ftr-349	52	15	nat’l	nat’l	NOUN
ftr-349	52	16	tax	tax	NOUN
ftr-349	52	17	j.	j.	PROPN
ftr-349	52	18	865	865	NUM
ftr-349	52	19	,	,	PUNCT
ftr-349	52	20	881	881	NUM
ftr-349	52	21	(	(	PUNCT
ftr-349	52	22	2010	2010	NUM
ftr-349	52	23	)	)	PUNCT
ftr-349	52	24	.	.	PUNCT
ftr-349	53	1	2001	2001	NUM
ftr-349	53	2	]	]	PUNCT
ftr-349	53	3	stateless	stateless	NOUN
ftr-349	53	4	income	income	NOUN
ftr-349	53	5	703	703	NUM
ftr-349	53	6	divorced	divorce	VERB
ftr-349	53	7	from	from	ADP
ftr-349	53	8	actual	actual	ADJ
ftr-349	53	9	market	market	NOUN
ftr-349	53	10	transactions	transaction	NOUN
ftr-349	53	11	;	;	PUNCT
ftr-349	53	12	it	it	PRON
ftr-349	53	13	undercuts	undercut	VERB
ftr-349	53	14	the	the	DET
ftr-349	53	15	functions	function	NOUN
ftr-349	53	16	of	of	ADP
ftr-349	53	17	markets	market	NOUN
ftr-349	53	18	in	in	ADP
ftr-349	53	19	setting	set	VERB
ftr-349	53	20	market	market	NOUN
ftr-349	53	21	–	–	PUNCT
ftr-349	53	22	clearing	clear	VERB
ftr-349	53	23	after	after	ADP
ftr-349	53	24	-	-	PUNCT
ftr-349	53	25	tax	tax	NOUN
ftr-349	53	26	returns	return	NOUN
ftr-349	53	27	on	on	ADP
ftr-349	53	28	capital	capital	NOUN
ftr-349	53	29	investments	investment	NOUN
ftr-349	53	30	,	,	PUNCT
ftr-349	53	31	by	by	ADP
ftr-349	53	32	offering	offer	VERB
ftr-349	53	33	advantageously	advantageously	ADV
ftr-349	53	34	–	–	PUNCT
ftr-349	53	35	situated	situated	ADJ
ftr-349	53	36	multinational	multinational	ADJ
ftr-349	53	37	enterprises	enterprise	NOUN
ftr-349	53	38	the	the	DET
ftr-349	53	39	opportunity	opportunity	NOUN
ftr-349	53	40	to	to	PART
ftr-349	53	41	earn	earn	VERB
ftr-349	53	42	what	what	PRON
ftr-349	53	43	this	this	DET
ftr-349	53	44	article	article	NOUN
ftr-349	53	45	calls	call	VERB
ftr-349	53	46	“	"	PUNCT
ftr-349	53	47	tax	tax	NOUN
ftr-349	53	48	rents	rent	NOUN
ftr-349	53	49	.	.	PUNCT
ftr-349	53	50	”	"	PUNCT
ftr-349	54	1	stateless	stateless	NOUN
ftr-349	54	2	income	income	NOUN
ftr-349	54	3	is	be	AUX
ftr-349	54	4	an	an	DET
ftr-349	54	5	inevitable	inevitable	ADJ
ftr-349	54	6	by	by	ADP
ftr-349	54	7	-	-	PUNCT
ftr-349	54	8	product	product	NOUN
ftr-349	54	9	of	of	ADP
ftr-349	54	10	fundamental	fundamental	ADJ
ftr-349	54	11	international	international	ADJ
ftr-349	54	12	income	income	NOUN
ftr-349	54	13	tax	tax	NOUN
ftr-349	54	14	norms	norm	NOUN
ftr-349	54	15	,	,	PUNCT
ftr-349	54	16	like	like	ADP
ftr-349	54	17	the	the	DET
ftr-349	54	18	recognition	recognition	NOUN
ftr-349	54	19	of	of	ADP
ftr-349	54	20	the	the	DET
ftr-349	54	21	separate	separate	ADJ
ftr-349	54	22	tax	tax	NOUN
ftr-349	54	23	personas	persona	NOUN
ftr-349	54	24	of	of	ADP
ftr-349	54	25	different	different	ADJ
ftr-349	54	26	juridical	juridical	ADJ
ftr-349	54	27	persons	person	NOUN
ftr-349	54	28	,	,	PUNCT
ftr-349	54	29	even	even	ADV
ftr-349	54	30	when	when	SCONJ
ftr-349	54	31	they	they	PRON
ftr-349	54	32	are	be	AUX
ftr-349	54	33	commonly	commonly	ADV
ftr-349	54	34	owned	own	VERB
ftr-349	54	35	,	,	PUNCT
ftr-349	54	36	or	or	CCONJ
ftr-349	54	37	the	the	DET
ftr-349	54	38	general	general	ADJ
ftr-349	54	39	practice	practice	NOUN
ftr-349	54	40	of	of	ADP
ftr-349	54	41	treating	treat	VERB
ftr-349	54	42	interest	interest	NOUN
ftr-349	54	43	on	on	ADP
ftr-349	54	44	indebtedness	indebtedness	NOUN
ftr-349	54	45	as	as	ADV
ftr-349	54	46	deductible	deductible	ADJ
ftr-349	54	47	to	to	ADP
ftr-349	54	48	the	the	DET
ftr-349	54	49	payor.4	payor.4	PROPN
ftr-349	54	50	those	those	DET
ftr-349	54	51	particular	particular	ADJ
ftr-349	54	52	norms	norm	NOUN
ftr-349	54	53	enable	enable	VERB
ftr-349	54	54	“	"	PUNCT
ftr-349	54	55	earnings	earning	NOUN
ftr-349	54	56	stripping	stripping	NOUN
ftr-349	54	57	”	"	PUNCT
ftr-349	54	58	—	—	PUNCT
ftr-349	54	59	the	the	DET
ftr-349	54	60	extraction	extraction	NOUN
ftr-349	54	61	of	of	ADP
ftr-349	54	62	pretax	pretax	ADJ
ftr-349	54	63	earnings	earning	NOUN
ftr-349	54	64	from	from	ADP
ftr-349	54	65	a	a	DET
ftr-349	54	66	source	source	NOUN
ftr-349	54	67	country	country	NOUN
ftr-349	54	68	through	through	ADP
ftr-349	54	69	taxdeductible	taxdeductible	ADJ
ftr-349	54	70	payments	payment	NOUN
ftr-349	54	71	to	to	ADP
ftr-349	54	72	offshore	offshore	ADJ
ftr-349	54	73	affiliates	affiliate	NOUN
ftr-349	54	74	.	.	PUNCT
ftr-349	55	1	one	one	NUM
ftr-349	55	2	example	example	NOUN
ftr-349	55	3	of	of	ADP
ftr-349	55	4	earnings	earning	NOUN
ftr-349	55	5	stripping	strip	VERB
ftr-349	55	6	is	be	AUX
ftr-349	55	7	capitalizing	capitalize	VERB
ftr-349	55	8	one	one	NUM
ftr-349	55	9	group	group	NOUN
ftr-349	55	10	subsidiary	subsidiary	NOUN
ftr-349	55	11	located	locate	VERB
ftr-349	55	12	in	in	ADP
ftr-349	55	13	a	a	DET
ftr-349	55	14	low	low	ADJ
ftr-349	55	15	-	-	PUNCT
ftr-349	55	16	tax	tax	NOUN
ftr-349	55	17	country	country	NOUN
ftr-349	55	18	with	with	ADP
ftr-349	55	19	equity	equity	NOUN
ftr-349	55	20	,	,	PUNCT
ftr-349	55	21	and	and	CCONJ
ftr-349	55	22	then	then	ADV
ftr-349	55	23	causing	cause	VERB
ftr-349	55	24	that	that	DET
ftr-349	55	25	subsidiary	subsidiary	NOUN
ftr-349	55	26	to	to	PART
ftr-349	55	27	lend	lend	VERB
ftr-349	55	28	its	its	PRON
ftr-349	55	29	capital	capital	NOUN
ftr-349	55	30	to	to	ADP
ftr-349	55	31	an	an	DET
ftr-349	55	32	affiliate	affiliate	NOUN
ftr-349	55	33	in	in	ADP
ftr-349	55	34	a	a	DET
ftr-349	55	35	high	high	ADJ
ftr-349	55	36	-	-	PUNCT
ftr-349	55	37	tax	tax	NOUN
ftr-349	55	38	country	country	NOUN
ftr-349	55	39	.	.	PUNCT
ftr-349	56	1	the	the	DET
ftr-349	56	2	widely	widely	ADV
ftr-349	56	3	-	-	PUNCT
ftr-349	56	4	shared	share	VERB
ftr-349	56	5	tax	tax	NOUN
ftr-349	56	6	norms	norm	NOUN
ftr-349	56	7	on	on	ADP
ftr-349	56	8	which	which	PRON
ftr-349	56	9	stateless	stateless	NOUN
ftr-349	56	10	income	income	NOUN
ftr-349	56	11	relies	rely	VERB
ftr-349	56	12	also	also	ADV
ftr-349	56	13	encompass	encompass	VERB
ftr-349	56	14	,	,	PUNCT
ftr-349	56	15	for	for	ADP
ftr-349	56	16	example	example	NOUN
ftr-349	56	17	,	,	PUNCT
ftr-349	56	18	a	a	DET
ftr-349	56	19	multinational	multinational	ADJ
ftr-349	56	20	enterprise	enterprise	NOUN
ftr-349	56	21	’s	’s	PART
ftr-349	56	22	relative	relative	ADJ
ftr-349	56	23	freedom	freedom	NOUN
ftr-349	56	24	under	under	ADP
ftr-349	56	25	consensus	consensus	NOUN
ftr-349	56	26	“	"	PUNCT
ftr-349	56	27	transfer	transfer	NOUN
ftr-349	56	28	pricing	pricing	NOUN
ftr-349	56	29	”	"	PUNCT
ftr-349	56	30	rules5	rules5	NOUN
ftr-349	56	31	to	to	PART
ftr-349	56	32	deal	deal	VERB
ftr-349	56	33	with	with	ADP
ftr-349	56	34	a	a	DET
ftr-349	56	35	subsidiary	subsidiary	NOUN
ftr-349	56	36	as	as	SCONJ
ftr-349	56	37	if	if	SCONJ
ftr-349	56	38	it	it	PRON
ftr-349	56	39	were	be	AUX
ftr-349	56	40	an	an	DET
ftr-349	56	41	independent	independent	ADJ
ftr-349	56	42	actor	actor	NOUN
ftr-349	56	43	,	,	PUNCT
ftr-349	56	44	or	or	CCONJ
ftr-349	56	45	to	to	PART
ftr-349	56	46	treat	treat	VERB
ftr-349	56	47	the	the	DET
ftr-349	56	48	subsidiary	subsidiary	NOUN
ftr-349	56	49	’s	’s	PART
ftr-349	56	50	capital	capital	NOUN
ftr-349	56	51	(	(	PUNCT
ftr-349	56	52	furnished	furnish	VERB
ftr-349	56	53	by	by	ADP
ftr-349	56	54	the	the	DET
ftr-349	56	55	parent	parent	NOUN
ftr-349	56	56	)	)	PUNCT
ftr-349	56	57	as	as	SCONJ
ftr-349	56	58	if	if	SCONJ
ftr-349	56	59	that	that	DET
ftr-349	56	60	capital	capital	NOUN
ftr-349	56	61	were	be	AUX
ftr-349	56	62	separate	separate	ADJ
ftr-349	56	63	from	from	ADP
ftr-349	56	64	the	the	DET
ftr-349	56	65	parent	parent	NOUN
ftr-349	56	66	’s	’s	PART
ftr-349	56	67	assets	asset	NOUN
ftr-349	56	68	for	for	ADP
ftr-349	56	69	purposes	purpose	NOUN
ftr-349	56	70	of	of	ADP
ftr-349	56	71	measuring	measure	VERB
ftr-349	56	72	the	the	DET
ftr-349	56	73	business	business	NOUN
ftr-349	56	74	risks	risk	NOUN
ftr-349	56	75	undertaken	undertake	VERB
ftr-349	56	76	by	by	ADP
ftr-349	56	77	the	the	DET
ftr-349	56	78	subsidiary	subsidiary	NOUN
ftr-349	56	79	(	(	PUNCT
ftr-349	56	80	and	and	CCONJ
ftr-349	56	81	therefore	therefore	ADV
ftr-349	56	82	the	the	DET
ftr-349	56	83	share	share	NOUN
ftr-349	56	84	of	of	ADP
ftr-349	56	85	group	group	NOUN
ftr-349	56	86	income	income	NOUN
ftr-349	56	87	properly	properly	ADV
ftr-349	56	88	attributable	attributable	ADJ
ftr-349	56	89	to	to	ADP
ftr-349	56	90	the	the	DET
ftr-349	56	91	subsidiary).6	subsidiary).6	NOUN
ftr-349	56	92	similarly	similarly	ADV
ftr-349	56	93	,	,	PUNCT
ftr-349	56	94	4	4	X
ftr-349	56	95	.	.	X
ftr-349	56	96	see	see	VERB
ftr-349	56	97	,	,	PUNCT
ftr-349	56	98	e.g.	e.g.	ADV
ftr-349	56	99	,	,	PUNCT
ftr-349	56	100	richard	richard	PROPN
ftr-349	56	101	j.	j.	PROPN
ftr-349	56	102	vann	vann	PROPN
ftr-349	56	103	,	,	PUNCT
ftr-349	56	104	taxing	tax	VERB
ftr-349	56	105	international	international	ADJ
ftr-349	56	106	business	business	NOUN
ftr-349	56	107	income	income	NOUN
ftr-349	56	108	:	:	PUNCT
ftr-349	56	109	hardboiled	hardboile	VERB
ftr-349	56	110	wonderland	wonderland	PROPN
ftr-349	56	111	and	and	CCONJ
ftr-349	56	112	the	the	DET
ftr-349	56	113	end	end	NOUN
ftr-349	56	114	of	of	ADP
ftr-349	56	115	the	the	DET
ftr-349	56	116	world	world	NOUN
ftr-349	56	117	,	,	PUNCT
ftr-349	56	118	2	2	NUM
ftr-349	56	119	world	world	NOUN
ftr-349	56	120	tax	tax	NOUN
ftr-349	56	121	j.	j.	PROPN
ftr-349	56	122	291	291	NUM
ftr-349	56	123	,	,	PUNCT
ftr-349	56	124	322–23	322–23	PROPN
ftr-349	56	125	(	(	PUNCT
ftr-349	56	126	2010	2010	NUM
ftr-349	56	127	)	)	PUNCT
ftr-349	57	1	[	[	X
ftr-349	57	2	hereinafter	hereinafter	NOUN
ftr-349	57	3	vann	vann	NOUN
ftr-349	57	4	,	,	PUNCT
ftr-349	57	5	hard	hard	ADV
ftr-349	57	6	-	-	PUNCT
ftr-349	57	7	boiled	boil	VERB
ftr-349	57	8	wonderland	wonderland	NOUN
ftr-349	57	9	]	]	PUNCT
ftr-349	57	10	(	(	PUNCT
ftr-349	57	11	noting	note	VERB
ftr-349	57	12	that	that	SCONJ
ftr-349	57	13	the	the	DET
ftr-349	57	14	principle	principle	NOUN
ftr-349	57	15	of	of	ADP
ftr-349	57	16	“	"	PUNCT
ftr-349	57	17	freedom	freedom	NOUN
ftr-349	57	18	of	of	ADP
ftr-349	57	19	contract	contract	NOUN
ftr-349	57	20	”	"	PUNCT
ftr-349	57	21	among	among	ADP
ftr-349	57	22	affiliated	affiliated	ADJ
ftr-349	57	23	companies	company	NOUN
ftr-349	57	24	in	in	ADP
ftr-349	57	25	a	a	DET
ftr-349	57	26	multinational	multinational	ADJ
ftr-349	57	27	group	group	NOUN
ftr-349	57	28	is	be	AUX
ftr-349	57	29	inherently	inherently	ADV
ftr-349	57	30	inconsistent	inconsistent	ADJ
ftr-349	57	31	with	with	ADP
ftr-349	57	32	the	the	DET
ftr-349	57	33	theory	theory	NOUN
ftr-349	57	34	of	of	ADP
ftr-349	57	35	the	the	DET
ftr-349	57	36	firm	firm	ADJ
ftr-349	57	37	explanation	explanation	NOUN
ftr-349	57	38	for	for	ADP
ftr-349	57	39	the	the	DET
ftr-349	57	40	prevalence	prevalence	NOUN
ftr-349	57	41	of	of	ADP
ftr-349	57	42	multinational	multinational	ADJ
ftr-349	57	43	enterprises	enterprise	NOUN
ftr-349	57	44	)	)	PUNCT
ftr-349	57	45	.	.	PUNCT
ftr-349	58	1	these	these	DET
ftr-349	58	2	norms	norm	NOUN
ftr-349	58	3	are	be	AUX
ftr-349	58	4	summarized	summarize	VERB
ftr-349	58	5	through	through	ADP
ftr-349	58	6	the	the	DET
ftr-349	58	7	prism	prism	NOUN
ftr-349	58	8	of	of	ADP
ftr-349	58	9	the	the	DET
ftr-349	58	10	organization	organization	NOUN
ftr-349	58	11	for	for	ADP
ftr-349	58	12	economic	economic	ADJ
ftr-349	58	13	cooperation	cooperation	NOUN
ftr-349	58	14	and	and	CCONJ
ftr-349	58	15	development	development	NOUN
ftr-349	58	16	(	(	PUNCT
ftr-349	58	17	“	"	PUNCT
ftr-349	58	18	oecd	oecd	PROPN
ftr-349	58	19	”	"	PUNCT
ftr-349	58	20	)	)	PUNCT
ftr-349	58	21	model	model	NOUN
ftr-349	58	22	convention	convention	NOUN
ftr-349	58	23	in	in	ADP
ftr-349	58	24	markus	markus	NOUN
ftr-349	58	25	leibrecht	leibrecht	NOUN
ftr-349	58	26	and	and	CCONJ
ftr-349	58	27	thomas	thomas	PROPN
ftr-349	58	28	rixen	rixen	PROPN
ftr-349	58	29	,	,	PUNCT
ftr-349	58	30	double	double	ADJ
ftr-349	58	31	tax	tax	NOUN
ftr-349	58	32	avoidance	avoidance	NOUN
ftr-349	58	33	and	and	CCONJ
ftr-349	58	34	tax	tax	NOUN
ftr-349	58	35	competition	competition	NOUN
ftr-349	58	36	for	for	ADP
ftr-349	58	37	mobile	mobile	ADJ
ftr-349	58	38	capital	capital	NOUN
ftr-349	58	39	,	,	PUNCT
ftr-349	58	40	in	in	ADP
ftr-349	58	41	international	international	ADJ
ftr-349	58	42	tax	tax	NOUN
ftr-349	58	43	coordination	coordination	NOUN
ftr-349	58	44	:	:	PUNCT
ftr-349	58	45	an	an	DET
ftr-349	58	46	interdisciplinary	interdisciplinary	ADJ
ftr-349	58	47	perspective	perspective	NOUN
ftr-349	58	48	on	on	ADP
ftr-349	58	49	virtues	virtue	NOUN
ftr-349	58	50	and	and	CCONJ
ftr-349	58	51	pitfalls	pitfall	NOUN
ftr-349	58	52	,	,	PUNCT
ftr-349	58	53	61	61	NUM
ftr-349	58	54	,	,	PUNCT
ftr-349	58	55	63–71	63–71	NOUN
ftr-349	58	56	(	(	PUNCT
ftr-349	58	57	martin	martin	PROPN
ftr-349	58	58	zagler	zagler	PROPN
ftr-349	58	59	ed	ed	PROPN
ftr-349	58	60	.	.	PROPN
ftr-349	58	61	,	,	PUNCT
ftr-349	58	62	2010	2010	NUM
ftr-349	58	63	)	)	PUNCT
ftr-349	58	64	.	.	PUNCT
ftr-349	59	1	5	5	X
ftr-349	59	2	.	.	X
ftr-349	59	3	“	"	PUNCT
ftr-349	59	4	transfer	transfer	NOUN
ftr-349	59	5	pricing	pricing	NOUN
ftr-349	59	6	”	"	PUNCT
ftr-349	59	7	rules	rule	NOUN
ftr-349	59	8	refer	refer	VERB
ftr-349	59	9	to	to	ADP
ftr-349	59	10	the	the	DET
ftr-349	59	11	terms	term	NOUN
ftr-349	59	12	under	under	ADP
ftr-349	59	13	which	which	PRON
ftr-349	59	14	the	the	DET
ftr-349	59	15	affiliated	affiliated	ADJ
ftr-349	59	16	members	member	NOUN
ftr-349	59	17	of	of	ADP
ftr-349	59	18	a	a	DET
ftr-349	59	19	multinational	multinational	ADJ
ftr-349	59	20	group	group	NOUN
ftr-349	59	21	should	should	AUX
ftr-349	59	22	be	be	AUX
ftr-349	59	23	viewed	view	VERB
ftr-349	59	24	as	as	ADP
ftr-349	59	25	dealing	deal	VERB
ftr-349	59	26	with	with	ADP
ftr-349	59	27	each	each	DET
ftr-349	59	28	other	other	ADJ
ftr-349	59	29	for	for	ADP
ftr-349	59	30	purposes	purpose	NOUN
ftr-349	59	31	of	of	ADP
ftr-349	59	32	determining	determine	VERB
ftr-349	59	33	the	the	DET
ftr-349	59	34	income	income	NOUN
ftr-349	59	35	of	of	ADP
ftr-349	59	36	each	each	DET
ftr-349	59	37	member	member	NOUN
ftr-349	59	38	of	of	ADP
ftr-349	59	39	the	the	DET
ftr-349	59	40	group	group	NOUN
ftr-349	59	41	.	.	PUNCT
ftr-349	60	1	6	6	NUM
ftr-349	60	2	.	.	X
ftr-349	60	3	the	the	DET
ftr-349	60	4	oecd	oecd	PROPN
ftr-349	60	5	,	,	PUNCT
ftr-349	60	6	a	a	DET
ftr-349	60	7	supranational	supranational	ADJ
ftr-349	60	8	organization	organization	NOUN
ftr-349	60	9	comprised	comprise	VERB
ftr-349	60	10	of	of	ADP
ftr-349	60	11	33	33	NUM
ftr-349	60	12	member	member	NOUN
ftr-349	60	13	states	state	NOUN
ftr-349	60	14	,	,	PUNCT
ftr-349	60	15	including	include	VERB
ftr-349	60	16	the	the	DET
ftr-349	60	17	united	united	PROPN
ftr-349	60	18	states	states	PROPN
ftr-349	60	19	and	and	CCONJ
ftr-349	60	20	many	many	ADJ
ftr-349	60	21	other	other	ADJ
ftr-349	60	22	developed	develop	VERB
ftr-349	60	23	economies	economy	NOUN
ftr-349	60	24	,	,	PUNCT
ftr-349	60	25	publishes	publish	VERB
ftr-349	60	26	extensive	extensive	ADJ
ftr-349	60	27	guidance	guidance	NOUN
ftr-349	60	28	on	on	ADP
ftr-349	60	29	the	the	DET
ftr-349	60	30	taxation	taxation	NOUN
ftr-349	60	31	of	of	ADP
ftr-349	60	32	multinational	multinational	ADJ
ftr-349	60	33	businesses	business	NOUN
ftr-349	60	34	representing	represent	VERB
ftr-349	60	35	the	the	DET
ftr-349	60	36	consensus	consensus	NOUN
ftr-349	60	37	views	view	NOUN
ftr-349	60	38	of	of	ADP
ftr-349	60	39	its	its	PRON
ftr-349	60	40	members	member	NOUN
ftr-349	60	41	.	.	PUNCT
ftr-349	61	1	it	it	PRON
ftr-349	61	2	has	have	AUX
ftr-349	61	3	recently	recently	ADV
ftr-349	61	4	published	publish	VERB
ftr-349	61	5	comprehensive	comprehensive	ADJ
ftr-349	61	6	guidance	guidance	NOUN
ftr-349	61	7	on	on	ADP
ftr-349	61	8	transfer	transfer	NOUN
ftr-349	61	9	pricing	pricing	NOUN
ftr-349	61	10	issues	issue	NOUN
ftr-349	61	11	in	in	ADP
ftr-349	61	12	international	international	ADJ
ftr-349	61	13	tax	tax	NOUN
ftr-349	61	14	administration	administration	NOUN
ftr-349	61	15	.	.	PUNCT
ftr-349	62	1	oecd	oecd	PROPN
ftr-349	62	2	transfer	transfer	NOUN
ftr-349	62	3	pricing	pricing	NOUN
ftr-349	62	4	guidelines	guideline	NOUN
ftr-349	62	5	for	for	ADP
ftr-349	62	6	multinational	multinational	ADJ
ftr-349	62	7	enterprises	enterprise	NOUN
ftr-349	62	8	and	and	CCONJ
ftr-349	62	9	tax	tax	NOUN
ftr-349	62	10	administrations	administration	NOUN
ftr-349	62	11	(	(	PUNCT
ftr-349	62	12	2010	2010	NUM
ftr-349	62	13	)	)	PUNCT
ftr-349	63	1	[	[	X
ftr-349	63	2	hereinafter	hereinafter	NOUN
ftr-349	63	3	oecd	oecd	PROPN
ftr-349	63	4	guidelines	guideline	NOUN
ftr-349	63	5	]	]	PUNCT
ftr-349	63	6	.	.	PUNCT
ftr-349	64	1	the	the	DET
ftr-349	64	2	oecd	oecd	PROPN
ftr-349	64	3	guidelines	guideline	NOUN
ftr-349	64	4	emphatically	emphatically	ADV
ftr-349	64	5	reject	reject	VERB
ftr-349	64	6	the	the	DET
ftr-349	64	7	idea	idea	NOUN
ftr-349	64	8	of	of	ADP
ftr-349	64	9	approaching	approach	VERB
ftr-349	64	10	the	the	DET
ftr-349	64	11	taxation	taxation	NOUN
ftr-349	64	12	of	of	ADP
ftr-349	64	13	a	a	DET
ftr-349	64	14	multinational	multinational	ADJ
ftr-349	64	15	group	group	NOUN
ftr-349	64	16	of	of	ADP
ftr-349	64	17	companies	company	NOUN
ftr-349	64	18	by	by	ADP
ftr-349	64	19	ignoring	ignore	VERB
ftr-349	64	20	the	the	DET
ftr-349	64	21	separate	separate	ADJ
ftr-349	64	22	juridical	juridical	ADJ
ftr-349	64	23	704	704	NUM
ftr-349	64	24	florida	florida	PROPN
ftr-349	64	25	tax	tax	NOUN
ftr-349	64	26	review	review	NOUN
ftr-349	65	1	[	[	X
ftr-349	65	2	vol	vol	NOUN
ftr-349	65	3	.	.	PUNCT
ftr-349	66	1	11:9	11:9	NOUN
ftr-349	66	2	those	those	DET
ftr-349	66	3	norms	norm	NOUN
ftr-349	66	4	contemplate	contemplate	VERB
ftr-349	66	5	that	that	SCONJ
ftr-349	66	6	a	a	DET
ftr-349	66	7	multinational	multinational	ADJ
ftr-349	66	8	enterprise	enterprise	NOUN
ftr-349	66	9	can	can	AUX
ftr-349	66	10	situate	situate	VERB
ftr-349	66	11	economic	economic	ADJ
ftr-349	66	12	rents	rent	NOUN
ftr-349	66	13	attributable	attributable	ADJ
ftr-349	66	14	to	to	ADP
ftr-349	66	15	unique	unique	ADJ
ftr-349	66	16	business	business	NOUN
ftr-349	66	17	opportunities	opportunity	NOUN
ftr-349	66	18	in	in	ADP
ftr-349	66	19	low	low	ADJ
ftr-349	66	20	-	-	PUNCT
ftr-349	66	21	tax	tax	NOUN
ftr-349	66	22	countries	country	NOUN
ftr-349	66	23	,	,	PUNCT
ftr-349	66	24	because	because	SCONJ
ftr-349	66	25	pure	pure	ADJ
ftr-349	66	26	business	business	NOUN
ftr-349	66	27	opportunities	opportunity	NOUN
ftr-349	66	28	generally	generally	ADV
ftr-349	66	29	are	be	AUX
ftr-349	66	30	not	not	PART
ftr-349	66	31	regarded	regard	VERB
ftr-349	66	32	as	as	ADP
ftr-349	66	33	subjects	subject	NOUN
ftr-349	66	34	of	of	ADP
ftr-349	66	35	transfer	transfer	NOUN
ftr-349	66	36	pricing	pricing	NOUN
ftr-349	66	37	analysis	analysis	NOUN
ftr-349	66	38	in	in	ADP
ftr-349	66	39	the	the	DET
ftr-349	66	40	first	first	ADJ
ftr-349	66	41	instance.7	instance.7	NOUN
ftr-349	66	42	existence	existence	NOUN
ftr-349	66	43	of	of	ADP
ftr-349	66	44	subsidiaries	subsidiary	NOUN
ftr-349	66	45	and	and	CCONJ
ftr-349	66	46	apportioning	apportion	VERB
ftr-349	66	47	group	group	NOUN
ftr-349	66	48	income	income	NOUN
ftr-349	66	49	to	to	ADP
ftr-349	66	50	worldwide	worldwide	ADJ
ftr-349	66	51	activities	activity	NOUN
ftr-349	66	52	on	on	ADP
ftr-349	66	53	a	a	DET
ftr-349	66	54	“	"	PUNCT
ftr-349	66	55	formulary	formulary	ADJ
ftr-349	66	56	apportionment	apportionment	NOUN
ftr-349	66	57	”	"	PUNCT
ftr-349	66	58	basis	basis	NOUN
ftr-349	66	59	:	:	PUNCT
ftr-349	67	1	[	[	X
ftr-349	67	2	t]he	t]he	ADV
ftr-349	67	3	the	the	DET
ftr-349	67	4	arm	arm	NOUN
ftr-349	67	5	’s	’s	PART
ftr-349	67	6	length	length	NOUN
ftr-349	67	7	principle	principle	NOUN
ftr-349	67	8	follows	follow	VERB
ftr-349	67	9	the	the	DET
ftr-349	67	10	approach	approach	NOUN
ftr-349	67	11	of	of	ADP
ftr-349	67	12	treating	treat	VERB
ftr-349	67	13	the	the	DET
ftr-349	67	14	members	member	NOUN
ftr-349	67	15	of	of	ADP
ftr-349	67	16	an	an	DET
ftr-349	67	17	mne	mne	PROPN
ftr-349	67	18	group	group	NOUN
ftr-349	67	19	as	as	ADP
ftr-349	67	20	operating	operate	VERB
ftr-349	67	21	as	as	ADP
ftr-349	67	22	separate	separate	ADJ
ftr-349	67	23	entities	entity	NOUN
ftr-349	67	24	rather	rather	ADV
ftr-349	67	25	than	than	ADP
ftr-349	67	26	as	as	ADP
ftr-349	67	27	inseparable	inseparable	ADJ
ftr-349	67	28	parts	part	NOUN
ftr-349	67	29	of	of	ADP
ftr-349	67	30	a	a	DET
ftr-349	67	31	single	single	ADJ
ftr-349	67	32	unified	unified	ADJ
ftr-349	67	33	business	business	NOUN
ftr-349	67	34	.	.	PUNCT
ftr-349	68	1	because	because	SCONJ
ftr-349	68	2	the	the	DET
ftr-349	68	3	separate	separate	ADJ
ftr-349	68	4	entity	entity	NOUN
ftr-349	68	5	approach	approach	NOUN
ftr-349	68	6	treats	treat	VERB
ftr-349	68	7	the	the	DET
ftr-349	68	8	members	member	NOUN
ftr-349	68	9	of	of	ADP
ftr-349	68	10	an	an	DET
ftr-349	68	11	mne	mne	PROPN
ftr-349	68	12	group	group	NOUN
ftr-349	68	13	as	as	SCONJ
ftr-349	68	14	if	if	SCONJ
ftr-349	68	15	they	they	PRON
ftr-349	68	16	were	be	AUX
ftr-349	68	17	independent	independent	ADJ
ftr-349	68	18	entities	entity	NOUN
ftr-349	68	19	,	,	PUNCT
ftr-349	68	20	attention	attention	NOUN
ftr-349	68	21	is	be	AUX
ftr-349	68	22	focused	focus	VERB
ftr-349	68	23	on	on	ADP
ftr-349	68	24	the	the	DET
ftr-349	68	25	nature	nature	NOUN
ftr-349	68	26	of	of	ADP
ftr-349	68	27	the	the	DET
ftr-349	68	28	transactions	transaction	NOUN
ftr-349	68	29	between	between	ADP
ftr-349	68	30	those	those	DET
ftr-349	68	31	members	member	NOUN
ftr-349	68	32	and	and	CCONJ
ftr-349	68	33	on	on	ADP
ftr-349	68	34	whether	whether	SCONJ
ftr-349	68	35	the	the	DET
ftr-349	68	36	conditions	condition	NOUN
ftr-349	68	37	thereof	thereof	ADV
ftr-349	68	38	differ	differ	VERB
ftr-349	68	39	from	from	ADP
ftr-349	68	40	the	the	DET
ftr-349	68	41	conditions	condition	NOUN
ftr-349	68	42	that	that	PRON
ftr-349	68	43	would	would	AUX
ftr-349	68	44	be	be	AUX
ftr-349	68	45	obtained	obtain	VERB
ftr-349	68	46	in	in	ADP
ftr-349	68	47	comparable	comparable	ADJ
ftr-349	68	48	uncontrolled	uncontrolled	ADJ
ftr-349	68	49	transactions	transaction	NOUN
ftr-349	68	50	.	.	PUNCT
ftr-349	69	1	i	i	PRON
ftr-349	69	2	d.	d.	PROPN
ftr-349	69	3	at	at	ADP
ftr-349	69	4	33	33	NUM
ftr-349	69	5	.	.	PUNCT
ftr-349	70	1	the	the	DET
ftr-349	70	2	oecd	oecd	PROPN
ftr-349	70	3	guidelines	guideline	NOUN
ftr-349	70	4	continue	continue	VERB
ftr-349	70	5	:	:	PUNCT
ftr-349	70	6	oecd	oecd	PROPN
ftr-349	70	7	member	member	NOUN
ftr-349	70	8	countries	country	NOUN
ftr-349	70	9	reiterate	reiterate	VERB
ftr-349	70	10	their	their	PRON
ftr-349	70	11	support	support	NOUN
ftr-349	70	12	for	for	ADP
ftr-349	70	13	the	the	DET
ftr-349	70	14	consensus	consensus	NOUN
ftr-349	70	15	on	on	ADP
ftr-349	70	16	the	the	DET
ftr-349	70	17	use	use	NOUN
ftr-349	70	18	of	of	ADP
ftr-349	70	19	the	the	DET
ftr-349	70	20	arm	arm	NOUN
ftr-349	70	21	’s	’s	PART
ftr-349	70	22	length	length	NOUN
ftr-349	70	23	principle	principle	NOUN
ftr-349	70	24	that	that	PRON
ftr-349	70	25	has	have	AUX
ftr-349	70	26	emerged	emerge	VERB
ftr-349	70	27	over	over	ADP
ftr-349	70	28	the	the	DET
ftr-349	70	29	years	year	NOUN
ftr-349	70	30	among	among	ADP
ftr-349	70	31	member	member	NOUN
ftr-349	70	32	and	and	CCONJ
ftr-349	70	33	non	non	ADJ
ftr-349	70	34	-	-	ADJ
ftr-349	70	35	member	member	ADJ
ftr-349	70	36	countries	country	NOUN
ftr-349	70	37	and	and	CCONJ
ftr-349	70	38	agree	agree	VERB
ftr-349	70	39	that	that	SCONJ
ftr-349	70	40	the	the	DET
ftr-349	70	41	theoretical	theoretical	ADJ
ftr-349	70	42	alternative	alternative	NOUN
ftr-349	70	43	to	to	ADP
ftr-349	70	44	the	the	DET
ftr-349	70	45	arm	arm	NOUN
ftr-349	70	46	's	's	PART
ftr-349	70	47	length	length	NOUN
ftr-349	70	48	principle	principle	NOUN
ftr-349	70	49	represented	represent	VERB
ftr-349	70	50	by	by	ADP
ftr-349	70	51	global	global	ADJ
ftr-349	70	52	formulary	formulary	ADJ
ftr-349	70	53	apportionment	apportionment	NOUN
ftr-349	70	54	should	should	AUX
ftr-349	70	55	be	be	AUX
ftr-349	70	56	rejected	reject	VERB
ftr-349	70	57	.	.	PUNCT
ftr-349	71	1	i	i	PRON
ftr-349	71	2	d.	d.	PROPN
ftr-349	71	3	at	at	ADP
ftr-349	71	4	41	41	NUM
ftr-349	71	5	.	.	PUNCT
ftr-349	72	1	for	for	ADP
ftr-349	72	2	a	a	DET
ftr-349	72	3	comprehensive	comprehensive	ADJ
ftr-349	72	4	critique	critique	NOUN
ftr-349	72	5	of	of	ADP
ftr-349	72	6	the	the	DET
ftr-349	72	7	arm’s	arm’s	NUM
ftr-349	72	8	-	-	PUNCT
ftr-349	72	9	length	length	NOUN
ftr-349	72	10	principle	principle	NOUN
ftr-349	72	11	as	as	SCONJ
ftr-349	72	12	applied	apply	VERB
ftr-349	72	13	to	to	ADP
ftr-349	72	14	intangible	intangible	ADJ
ftr-349	72	15	assets	asset	NOUN
ftr-349	72	16	(	(	PUNCT
ftr-349	72	17	the	the	DET
ftr-349	72	18	most	most	ADV
ftr-349	72	19	important	important	ADJ
ftr-349	72	20	class	class	NOUN
ftr-349	72	21	of	of	ADP
ftr-349	72	22	assets	asset	NOUN
ftr-349	72	23	in	in	ADP
ftr-349	72	24	modern	modern	ADJ
ftr-349	72	25	transfer	transfer	NOUN
ftr-349	72	26	pricing	pricing	NOUN
ftr-349	72	27	disputes	dispute	NOUN
ftr-349	72	28	)	)	PUNCT
ftr-349	72	29	,	,	PUNCT
ftr-349	72	30	see	see	VERB
ftr-349	72	31	yariv	yariv	PROPN
ftr-349	72	32	brauner	brauner	NOUN
ftr-349	72	33	,	,	PUNCT
ftr-349	72	34	value	value	NOUN
ftr-349	72	35	in	in	ADP
ftr-349	72	36	the	the	DET
ftr-349	72	37	eye	eye	NOUN
ftr-349	72	38	of	of	ADP
ftr-349	72	39	the	the	DET
ftr-349	72	40	beholder	beholder	NOUN
ftr-349	72	41	:	:	PUNCT
ftr-349	72	42	the	the	DET
ftr-349	72	43	valuation	valuation	NOUN
ftr-349	72	44	of	of	ADP
ftr-349	72	45	intangibles	intangible	NOUN
ftr-349	72	46	for	for	ADP
ftr-349	72	47	transfer	transfer	NOUN
ftr-349	72	48	pricing	pricing	NOUN
ftr-349	72	49	purposes	purpose	NOUN
ftr-349	72	50	,	,	PUNCT
ftr-349	72	51	28	28	NUM
ftr-349	72	52	va	va	X
ftr-349	72	53	.	.	PUNCT
ftr-349	72	54	tax	tax	PROPN
ftr-349	72	55	rev	rev	PROPN
ftr-349	72	56	.	.	PROPN
ftr-349	72	57	79	79	NUM
ftr-349	72	58	,	,	PUNCT
ftr-349	72	59	96–104	96–104	PROPN
ftr-349	72	60	(	(	PUNCT
ftr-349	72	61	2008	2008	NUM
ftr-349	72	62	)	)	PUNCT
ftr-349	73	1	[	[	X
ftr-349	73	2	hereinafter	hereinafter	NOUN
ftr-349	73	3	brauner	brauner	NOUN
ftr-349	73	4	,	,	PUNCT
ftr-349	73	5	value	value	NOUN
ftr-349	73	6	in	in	ADP
ftr-349	73	7	the	the	DET
ftr-349	73	8	eye	eye	NOUN
ftr-349	73	9	of	of	ADP
ftr-349	73	10	the	the	DET
ftr-349	73	11	beholder	beholder	NOUN
ftr-349	73	12	]	]	PUNCT
ftr-349	73	13	.	.	PUNCT
ftr-349	74	1	7	7	X
ftr-349	74	2	.	.	X
ftr-349	74	3	hospital	hospital	PROPN
ftr-349	74	4	corp	corp	PROPN
ftr-349	74	5	.	.	PROPN
ftr-349	74	6	of	of	ADP
ftr-349	74	7	am	be	AUX
ftr-349	74	8	.	.	PUNCT
ftr-349	75	1	v.	v.	ADP
ftr-349	75	2	commissioner	commissioner	NOUN
ftr-349	75	3	,	,	PUNCT
ftr-349	75	4	81	81	NUM
ftr-349	75	5	t.c	t.c	PROPN
ftr-349	75	6	.	.	PROPN
ftr-349	75	7	520	520	NUM
ftr-349	75	8	(	(	PUNCT
ftr-349	75	9	1983	1983	NUM
ftr-349	75	10	)	)	PUNCT
ftr-349	75	11	.	.	PUNCT
ftr-349	76	1	the	the	DET
ftr-349	76	2	case	case	NOUN
ftr-349	76	3	involved	involve	VERB
ftr-349	76	4	,	,	PUNCT
ftr-349	76	5	inter	inter	PROPN
ftr-349	76	6	alia	alia	PROPN
ftr-349	76	7	,	,	PUNCT
ftr-349	76	8	the	the	DET
ftr-349	76	9	application	application	NOUN
ftr-349	76	10	of	of	ADP
ftr-349	76	11	section	section	NOUN
ftr-349	76	12	367	367	NUM
ftr-349	76	13	,	,	PUNCT
ftr-349	76	14	which	which	PRON
ftr-349	76	15	imposes	impose	VERB
ftr-349	76	16	a	a	DET
ftr-349	76	17	“	"	PUNCT
ftr-349	76	18	toll	toll	NOUN
ftr-349	76	19	charge	charge	NOUN
ftr-349	76	20	”	"	PUNCT
ftr-349	76	21	on	on	ADP
ftr-349	76	22	the	the	DET
ftr-349	76	23	outbound	outbound	NOUN
ftr-349	76	24	transfer	transfer	NOUN
ftr-349	76	25	from	from	ADP
ftr-349	76	26	the	the	DET
ftr-349	76	27	united	united	PROPN
ftr-349	76	28	states	states	PROPN
ftr-349	76	29	of	of	ADP
ftr-349	76	30	certain	certain	ADJ
ftr-349	76	31	appreciated	appreciated	ADJ
ftr-349	76	32	property	property	NOUN
ftr-349	76	33	,	,	PUNCT
ftr-349	76	34	including	include	VERB
ftr-349	76	35	intangible	intangible	ADJ
ftr-349	76	36	assets	asset	NOUN
ftr-349	76	37	(	(	PUNCT
ftr-349	76	38	for	for	ADP
ftr-349	76	39	which	which	PRON
ftr-349	76	40	a	a	DET
ftr-349	76	41	special	special	ADJ
ftr-349	76	42	regime	regime	NOUN
ftr-349	76	43	exists	exist	VERB
ftr-349	76	44	under	under	ADP
ftr-349	76	45	section	section	NOUN
ftr-349	76	46	367(d	367(d	NUM
ftr-349	76	47	)	)	PUNCT
ftr-349	76	48	)	)	PUNCT
ftr-349	76	49	.	.	PUNCT
ftr-349	77	1	in	in	ADP
ftr-349	77	2	hospital	hospital	PROPN
ftr-349	77	3	corp	corp	PROPN
ftr-349	77	4	.	.	PROPN
ftr-349	77	5	,	,	PUNCT
ftr-349	77	6	the	the	DET
ftr-349	77	7	u.s	u.s	PROPN
ftr-349	77	8	.	.	PROPN
ftr-349	77	9	taxpayer	taxpayer	PROPN
ftr-349	77	10	presented	present	VERB
ftr-349	77	11	a	a	DET
ftr-349	77	12	newly	newly	ADV
ftr-349	77	13	-	-	PUNCT
ftr-349	77	14	formed	form	VERB
ftr-349	77	15	foreign	foreign	ADJ
ftr-349	77	16	affiliate	affiliate	NOUN
ftr-349	77	17	with	with	ADP
ftr-349	77	18	an	an	DET
ftr-349	77	19	opportunity	opportunity	NOUN
ftr-349	77	20	to	to	PART
ftr-349	77	21	enter	enter	VERB
ftr-349	77	22	into	into	ADP
ftr-349	77	23	a	a	DET
ftr-349	77	24	lucrative	lucrative	ADJ
ftr-349	77	25	contract	contract	NOUN
ftr-349	77	26	to	to	PART
ftr-349	77	27	manage	manage	VERB
ftr-349	77	28	an	an	DET
ftr-349	77	29	overseas	overseas	ADJ
ftr-349	77	30	medical	medical	ADJ
ftr-349	77	31	facility	facility	NOUN
ftr-349	77	32	owned	own	VERB
ftr-349	77	33	by	by	ADP
ftr-349	77	34	an	an	DET
ftr-349	77	35	unaffiliated	unaffiliated	ADJ
ftr-349	77	36	group	group	NOUN
ftr-349	77	37	.	.	PUNCT
ftr-349	78	1	i	i	PRON
ftr-349	78	2	d.	d.	PROPN
ftr-349	78	3	at	at	ADP
ftr-349	78	4	532	532	NUM
ftr-349	78	5	.	.	PUNCT
ftr-349	79	1	the	the	DET
ftr-349	79	2	court	court	NOUN
ftr-349	79	3	in	in	ADP
ftr-349	79	4	hospital	hospital	PROPN
ftr-349	79	5	corp	corp	PROPN
ftr-349	79	6	.	.	PROPN
ftr-349	79	7	found	find	VERB
ftr-349	79	8	that	that	SCONJ
ftr-349	79	9	section	section	NOUN
ftr-349	79	10	367	367	NUM
ftr-349	79	11	was	be	AUX
ftr-349	79	12	not	not	PART
ftr-349	79	13	implicated	implicate	VERB
ftr-349	79	14	by	by	ADP
ftr-349	79	15	the	the	DET
ftr-349	79	16	arrangement	arrangement	NOUN
ftr-349	79	17	,	,	PUNCT
ftr-349	79	18	because	because	SCONJ
ftr-349	79	19	the	the	DET
ftr-349	79	20	“	"	PUNCT
ftr-349	79	21	opportunity	opportunity	NOUN
ftr-349	79	22	to	to	PART
ftr-349	79	23	contract	contract	VERB
ftr-349	79	24	”	"	PUNCT
ftr-349	79	25	did	do	AUX
ftr-349	79	26	not	not	PART
ftr-349	79	27	constitute	constitute	VERB
ftr-349	79	28	“	"	PUNCT
ftr-349	79	29	property	property	NOUN
ftr-349	79	30	”	"	PUNCT
ftr-349	79	31	to	to	PART
ftr-349	79	32	which	which	DET
ftr-349	79	33	section	section	NOUN
ftr-349	79	34	367	367	NUM
ftr-349	79	35	might	might	AUX
ftr-349	79	36	apply	apply	VERB
ftr-349	79	37	.	.	PUNCT
ftr-349	80	1	i	i	PRON
ftr-349	80	2	d.	d.	VERB
ftr-349	80	3	at	at	ADP
ftr-349	80	4	589–90	589–90	NUM
ftr-349	80	5	.	.	PUNCT
ftr-349	81	1	the	the	DET
ftr-349	81	2	court	court	NOUN
ftr-349	81	3	did	do	AUX
ftr-349	81	4	conclude	conclude	VERB
ftr-349	81	5	,	,	PUNCT
ftr-349	81	6	however	however	ADV
ftr-349	81	7	,	,	PUNCT
ftr-349	81	8	that	that	SCONJ
ftr-349	81	9	seventy	seventy	NUM
ftr-349	81	10	-	-	PUNCT
ftr-349	81	11	five	five	NUM
ftr-349	81	12	percent	percent	NOUN
ftr-349	81	13	of	of	ADP
ftr-349	81	14	the	the	DET
ftr-349	81	15	net	net	ADJ
ftr-349	81	16	income	income	NOUN
ftr-349	81	17	of	of	ADP
ftr-349	81	18	the	the	DET
ftr-349	81	19	foreign	foreign	ADJ
ftr-349	81	20	affiliate	affiliate	NOUN
ftr-349	81	21	was	be	AUX
ftr-349	81	22	attributable	attributable	ADJ
ftr-349	81	23	to	to	ADP
ftr-349	81	24	the	the	DET
ftr-349	81	25	u.s	u.s	PROPN
ftr-349	81	26	.	.	PROPN
ftr-349	81	27	taxpayer	taxpayer	PROPN
ftr-349	81	28	under	under	ADP
ftr-349	81	29	the	the	DET
ftr-349	81	30	principles	principle	NOUN
ftr-349	81	31	of	of	ADP
ftr-349	81	32	section	section	NOUN
ftr-349	81	33	482	482	NUM
ftr-349	81	34	.	.	PUNCT
ftr-349	82	1	i	i	PRON
ftr-349	82	2	d.	d.	PROPN
ftr-349	82	3	at	at	ADP
ftr-349	82	4	301–02	301–02	PROPN
ftr-349	82	5	.	.	PUNCT
ftr-349	83	1	the	the	DET
ftr-349	83	2	internal	internal	ADJ
ftr-349	83	3	revenue	revenue	NOUN
ftr-349	83	4	service	service	NOUN
ftr-349	83	5	non	non	ADJ
ftr-349	83	6	-	-	ADJ
ftr-349	83	7	acquiesced	acquiesced	ADJ
ftr-349	83	8	as	as	ADP
ftr-349	83	9	to	to	ADP
ftr-349	83	10	the	the	DET
ftr-349	83	11	decision	decision	NOUN
ftr-349	83	12	,	,	PUNCT
ftr-349	83	13	but	but	CCONJ
ftr-349	83	14	noted	note	VERB
ftr-349	83	15	that	that	SCONJ
ftr-349	83	16	“	"	PUNCT
ftr-349	83	17	the	the	DET
ftr-349	83	18	tax	tax	NOUN
ftr-349	83	19	court	court	NOUN
ftr-349	83	20	’s	’s	AUX
ftr-349	83	21	finding	find	VERB
ftr-349	83	22	that	that	SCONJ
ftr-349	83	23	‘	'	PUNCT
ftr-349	83	24	opportunity	opportunity	NOUN
ftr-349	83	25	to	to	PART
ftr-349	83	26	contract	contract	VERB
ftr-349	83	27	’	'	PUNCT
ftr-349	83	28	was	be	AUX
ftr-349	83	29	not	not	PART
ftr-349	83	30	property	property	NOUN
ftr-349	83	31	is	be	AUX
ftr-349	83	32	not	not	PART
ftr-349	83	33	clearly	clearly	ADV
ftr-349	83	34	erroneous	erroneous	ADJ
ftr-349	83	35	.	.	PUNCT
ftr-349	83	36	”	"	PUNCT
ftr-349	84	1	see	see	VERB
ftr-349	84	2	action	action	NOUN
ftr-349	84	3	on	on	ADP
ftr-349	84	4	decision	decision	NOUN
ftr-349	84	5	1987	1987	NUM
ftr-349	84	6	-	-	SYM
ftr-349	84	7	2	2	NUM
ftr-349	84	8	c.b	c.b	PROPN
ftr-349	84	9	.	.	PROPN
ftr-349	84	10	1	1	NUM
ftr-349	84	11	,	,	PUNCT
ftr-349	84	12	1	1	NUM
ftr-349	84	13	,	,	PUNCT
ftr-349	84	14	2	2	NUM
ftr-349	84	15	n.22	n.22	PROPN
ftr-349	84	16	(	(	PUNCT
ftr-349	84	17	oct	oct	PROPN
ftr-349	84	18	.	.	PROPN
ftr-349	84	19	26	26	NUM
ftr-349	84	20	,	,	PUNCT
ftr-349	84	21	1987	1987	NUM
ftr-349	84	22	)	)	PUNCT
ftr-349	84	23	.	.	PUNCT
ftr-349	85	1	in	in	ADP
ftr-349	85	2	the	the	DET
ftr-349	85	3	same	same	ADJ
ftr-349	85	4	vein	vein	NOUN
ftr-349	85	5	,	,	PUNCT
ftr-349	85	6	the	the	DET
ftr-349	85	7	oecd	oecd	PROPN
ftr-349	85	8	guidelines	guideline	NOUN
ftr-349	85	9	appear	appear	VERB
ftr-349	85	10	to	to	PART
ftr-349	85	11	take	take	VERB
ftr-349	85	12	the	the	DET
ftr-349	85	13	position	position	NOUN
ftr-349	85	14	that	that	SCONJ
ftr-349	85	15	a	a	DET
ftr-349	85	16	business	business	NOUN
ftr-349	85	17	opportunity	opportunity	NOUN
ftr-349	85	18	is	be	AUX
ftr-349	85	19	not	not	PART
ftr-349	85	20	a	a	DET
ftr-349	85	21	tax	tax	NOUN
ftr-349	85	22	-	-	PUNCT
ftr-349	85	23	cognizable	cognizable	ADJ
ftr-349	85	24	intangible	intangible	ADJ
ftr-349	85	25	asset	asset	NOUN
ftr-349	85	26	to	to	PART
ftr-349	85	27	which	which	PRON
ftr-349	85	28	transfer	transfer	NOUN
ftr-349	85	29	pricing	pricing	NOUN
ftr-349	85	30	rules	rule	NOUN
ftr-349	85	31	might	might	AUX
ftr-349	85	32	apply	apply	VERB
ftr-349	85	33	.	.	PUNCT
ftr-349	86	1	oecd	oecd	PROPN
ftr-349	86	2	guidelines	guideline	NOUN
ftr-349	86	3	,	,	PUNCT
ftr-349	86	4	supra	supra	PROPN
ftr-349	86	5	note	note	NOUN
ftr-349	86	6	6	6	NUM
ftr-349	86	7	,	,	PUNCT
ftr-349	86	8	at	at	ADP
ftr-349	86	9	191–93	191–93	PROPN
ftr-349	86	10	(	(	PUNCT
ftr-349	86	11	defining	define	VERB
ftr-349	86	12	commercial	commercial	ADJ
ftr-349	86	13	intangible	intangible	ADJ
ftr-349	86	14	assets	asset	NOUN
ftr-349	86	15	subject	subject	ADJ
ftr-349	86	16	to	to	ADP
ftr-349	86	17	transfer	transfer	VERB
ftr-349	86	18	pricing	pricing	NOUN
ftr-349	86	19	scrutiny	scrutiny	NOUN
ftr-349	86	20	as	as	ADP
ftr-349	86	21	comprising	comprise	VERB
ftr-349	86	22	trade	trade	NOUN
ftr-349	86	23	and	and	CCONJ
ftr-349	86	24	marketing	marketing	NOUN
ftr-349	86	25	intangibles	intangible	NOUN
ftr-349	86	26	,	,	PUNCT
ftr-349	86	27	neither	neither	PRON
ftr-349	86	28	of	of	ADP
ftr-349	86	29	which	which	PRON
ftr-349	86	30	in	in	ADP
ftr-349	86	31	turn	turn	NOUN
ftr-349	86	32	is	be	AUX
ftr-349	86	33	defined	define	VERB
ftr-349	86	34	as	as	ADP
ftr-349	86	35	including	include	VERB
ftr-349	86	36	the	the	DET
ftr-349	86	37	simple	simple	ADJ
ftr-349	86	38	right	right	NOUN
ftr-349	86	39	to	to	PART
ftr-349	86	40	pursue	pursue	VERB
ftr-349	86	41	a	a	DET
ftr-349	86	42	lucrative	lucrative	ADJ
ftr-349	86	43	opportunity	opportunity	NOUN
ftr-349	86	44	)	)	PUNCT
ftr-349	86	45	,	,	PUNCT
ftr-349	86	46	256–67	256–67	NOUN
ftr-349	86	47	(	(	PUNCT
ftr-349	86	48	“	"	PUNCT
ftr-349	86	49	the	the	DET
ftr-349	86	50	arm	arm	NOUN
ftr-349	86	51	’s	’s	PART
ftr-349	86	52	length	length	NOUN
ftr-349	86	53	principle	principle	NOUN
ftr-349	86	54	does	do	AUX
ftr-349	86	55	not	not	PART
ftr-349	86	56	require	require	VERB
ftr-349	86	57	compensation	compensation	NOUN
ftr-349	86	58	for	for	ADP
ftr-349	86	59	a	a	DET
ftr-349	86	60	mere	mere	ADJ
ftr-349	86	61	decrease	decrease	NOUN
ftr-349	86	62	in	in	ADP
ftr-349	86	63	the	the	DET
ftr-349	86	64	expectation	expectation	NOUN
ftr-349	86	65	of	of	ADP
ftr-349	86	66	an	an	DET
ftr-349	86	67	entity	entity	NOUN
ftr-349	86	68	’s	’s	PART
ftr-349	86	69	future	future	ADJ
ftr-349	86	70	profits	profit	NOUN
ftr-349	86	71	.	.	PUNCT
ftr-349	87	1	when	when	SCONJ
ftr-349	87	2	applying	apply	VERB
ftr-349	87	3	the	the	DET
ftr-349	87	4	arm	arm	NOUN
ftr-349	87	5	’s	’s	PART
ftr-349	87	6	length	length	NOUN
ftr-349	87	7	principle	principle	NOUN
ftr-349	87	8	to	to	ADP
ftr-349	87	9	business	business	NOUN
ftr-349	87	10	restructurings	restructuring	NOUN
ftr-349	87	11	,	,	PUNCT
ftr-349	87	12	the	the	DET
ftr-349	87	13	2001	2001	NUM
ftr-349	87	14	]	]	PUNCT
ftr-349	87	15	stateless	stateless	NOUN
ftr-349	87	16	income	income	NOUN
ftr-349	87	17	705	705	NUM
ftr-349	87	18	stateless	stateless	NOUN
ftr-349	87	19	income	income	NOUN
ftr-349	87	20	also	also	ADV
ftr-349	87	21	flourishes	flourish	VERB
ftr-349	87	22	because	because	SCONJ
ftr-349	87	23	of	of	ADP
ftr-349	87	24	nations	nation	NOUN
ftr-349	87	25	’	'	PUNCT
ftr-349	87	26	collective	collective	ADJ
ftr-349	87	27	failure	failure	NOUN
ftr-349	87	28	to	to	PART
ftr-349	87	29	agree	agree	VERB
ftr-349	87	30	on	on	ADP
ftr-349	87	31	other	other	ADJ
ftr-349	87	32	critical	critical	ADJ
ftr-349	87	33	international	international	ADJ
ftr-349	87	34	tax	tax	NOUN
ftr-349	87	35	norms	norm	NOUN
ftr-349	87	36	that	that	PRON
ftr-349	87	37	would	would	AUX
ftr-349	87	38	determine	determine	VERB
ftr-349	87	39	the	the	DET
ftr-349	87	40	“	"	PUNCT
ftr-349	87	41	source	source	NOUN
ftr-349	87	42	”	"	PUNCT
ftr-349	87	43	of	of	ADP
ftr-349	87	44	income	income	NOUN
ftr-349	87	45	—	—	PUNCT
ftr-349	87	46	that	that	ADV
ftr-349	87	47	is	is	ADV
ftr-349	87	48	,	,	PUNCT
ftr-349	87	49	the	the	DET
ftr-349	87	50	mechanical	mechanical	ADJ
ftr-349	87	51	rules	rule	NOUN
ftr-349	87	52	by	by	ADP
ftr-349	87	53	which	which	PRON
ftr-349	87	54	income	income	NOUN
ftr-349	87	55	is	be	AUX
ftr-349	87	56	attributed	attribute	VERB
ftr-349	87	57	to	to	ADP
ftr-349	87	58	one	one	NUM
ftr-349	87	59	jurisdiction	jurisdiction	NOUN
ftr-349	87	60	or	or	CCONJ
ftr-349	87	61	another	another	PRON
ftr-349	87	62	,	,	PUNCT
ftr-349	87	63	based	base	VERB
ftr-349	87	64	on	on	ADP
ftr-349	87	65	the	the	DET
ftr-349	87	66	perceived	perceive	VERB
ftr-349	87	67	economic	economic	ADJ
ftr-349	87	68	contribution	contribution	NOUN
ftr-349	87	69	in	in	ADP
ftr-349	87	70	that	that	DET
ftr-349	87	71	jurisdiction	jurisdiction	NOUN
ftr-349	87	72	to	to	ADP
ftr-349	87	73	the	the	DET
ftr-349	87	74	generation	generation	NOUN
ftr-349	87	75	of	of	ADP
ftr-349	87	76	that	that	DET
ftr-349	87	77	income	income	NOUN
ftr-349	87	78	.	.	PUNCT
ftr-349	88	1	this	this	DET
ftr-349	88	2	failure	failure	NOUN
ftr-349	88	3	reflects	reflect	VERB
ftr-349	88	4	the	the	DET
ftr-349	88	5	fundamental	fundamental	ADJ
ftr-349	88	6	commercial	commercial	ADJ
ftr-349	88	7	and	and	CCONJ
ftr-349	88	8	economic	economic	ADJ
ftr-349	88	9	ambiguity	ambiguity	NOUN
ftr-349	88	10	surrounding	surround	VERB
ftr-349	88	11	the	the	DET
ftr-349	88	12	locus	locus	NOUN
ftr-349	88	13	of	of	ADP
ftr-349	88	14	the	the	DET
ftr-349	88	15	value	value	NOUN
ftr-349	88	16	added	add	VERB
ftr-349	88	17	through	through	ADP
ftr-349	88	18	the	the	DET
ftr-349	88	19	exploitation	exploitation	NOUN
ftr-349	88	20	of	of	ADP
ftr-349	88	21	intangible	intangible	ADJ
ftr-349	88	22	assets	asset	NOUN
ftr-349	88	23	.	.	PUNCT
ftr-349	89	1	the	the	DET
ftr-349	89	2	consequences	consequence	NOUN
ftr-349	89	3	of	of	ADP
ftr-349	89	4	this	this	DET
ftr-349	89	5	failure	failure	NOUN
ftr-349	89	6	in	in	ADP
ftr-349	89	7	turn	turn	NOUN
ftr-349	89	8	are	be	AUX
ftr-349	89	9	exacerbated	exacerbate	VERB
ftr-349	89	10	by	by	ADP
ftr-349	89	11	aggressive	aggressive	ADJ
ftr-349	89	12	transfer	transfer	NOUN
ftr-349	89	13	pricing	pricing	NOUN
ftr-349	89	14	strategies	strategy	NOUN
ftr-349	89	15	.	.	PUNCT
ftr-349	90	1	as	as	ADP
ftr-349	90	2	the	the	DET
ftr-349	90	3	earlier	early	ADJ
ftr-349	90	4	examples	example	NOUN
ftr-349	90	5	of	of	ADP
ftr-349	90	6	income	income	NOUN
ftr-349	90	7	stripping	strip	VERB
ftr-349	90	8	demonstrate	demonstrate	NOUN
ftr-349	90	9	,	,	PUNCT
ftr-349	90	10	however	however	ADV
ftr-349	90	11	,	,	PUNCT
ftr-349	90	12	stateless	stateless	NOUN
ftr-349	90	13	income	income	NOUN
ftr-349	90	14	tax	tax	NOUN
ftr-349	90	15	planning	planning	NOUN
ftr-349	90	16	encompasses	encompass	VERB
ftr-349	90	17	more	more	ADJ
ftr-349	90	18	than	than	ADP
ftr-349	90	19	the	the	DET
ftr-349	90	20	exploitation	exploitation	NOUN
ftr-349	90	21	of	of	ADP
ftr-349	90	22	the	the	DET
ftr-349	90	23	collective	collective	ADJ
ftr-349	90	24	failure	failure	NOUN
ftr-349	90	25	to	to	PART
ftr-349	90	26	develop	develop	VERB
ftr-349	90	27	binding	bind	VERB
ftr-349	90	28	normative	normative	ADJ
ftr-349	90	29	source	source	NOUN
ftr-349	90	30	rules	rule	NOUN
ftr-349	90	31	for	for	ADP
ftr-349	90	32	income	income	NOUN
ftr-349	90	33	derived	derive	VERB
ftr-349	90	34	from	from	ADP
ftr-349	90	35	intangible	intangible	ADJ
ftr-349	90	36	assets	asset	NOUN
ftr-349	90	37	.	.	PUNCT
ftr-349	91	1	and	and	CCONJ
ftr-349	91	2	as	as	SCONJ
ftr-349	91	3	this	this	DET
ftr-349	91	4	article	article	NOUN
ftr-349	91	5	demonstrates	demonstrate	VERB
ftr-349	91	6	,	,	PUNCT
ftr-349	91	7	whatever	whatever	DET
ftr-349	91	8	first	first	ADJ
ftr-349	91	9	-	-	PUNCT
ftr-349	91	10	order	order	NOUN
ftr-349	91	11	coherence	coherence	NOUN
ftr-349	91	12	in	in	ADP
ftr-349	91	13	the	the	DET
ftr-349	91	14	definition	definition	NOUN
ftr-349	91	15	of	of	ADP
ftr-349	91	16	the	the	DET
ftr-349	91	17	source	source	NOUN
ftr-349	91	18	of	of	ADP
ftr-349	91	19	income	income	NOUN
ftr-349	91	20	might	might	AUX
ftr-349	91	21	exist	exist	VERB
ftr-349	91	22	in	in	ADP
ftr-349	91	23	turn	turn	NOUN
ftr-349	91	24	is	be	AUX
ftr-349	91	25	vitiated	vitiate	VERB
ftr-349	91	26	when	when	SCONJ
ftr-349	91	27	stateless	stateless	NOUN
ftr-349	91	28	income	income	NOUN
ftr-349	91	29	tax	tax	NOUN
ftr-349	91	30	planning	planning	NOUN
ftr-349	91	31	is	be	AUX
ftr-349	91	32	layered	layer	VERB
ftr-349	91	33	on	on	ADP
ftr-349	91	34	top	top	NOUN
ftr-349	91	35	of	of	ADP
ftr-349	91	36	basic	basic	ADJ
ftr-349	91	37	sourcing	sourcing	NOUN
ftr-349	91	38	principles	principle	NOUN
ftr-349	91	39	,	,	PUNCT
ftr-349	91	40	because	because	SCONJ
ftr-349	91	41	that	that	DET
ftr-349	91	42	planning	planning	NOUN
ftr-349	91	43	can	can	AUX
ftr-349	91	44	take	take	VERB
ftr-349	91	45	income	income	NOUN
ftr-349	91	46	originally	originally	ADV
ftr-349	91	47	“	"	PUNCT
ftr-349	91	48	booked	book	VERB
ftr-349	91	49	”	"	PUNCT
ftr-349	91	50	in	in	ADP
ftr-349	91	51	an	an	DET
ftr-349	91	52	economically	economically	ADV
ftr-349	91	53	-	-	PUNCT
ftr-349	91	54	rational	rational	ADJ
ftr-349	91	55	jurisdiction	jurisdiction	NOUN
ftr-349	91	56	and	and	CCONJ
ftr-349	91	57	in	in	ADP
ftr-349	91	58	a	a	DET
ftr-349	91	59	second	second	ADJ
ftr-349	91	60	,	,	PUNCT
ftr-349	91	61	separate	separate	ADJ
ftr-349	91	62	step	step	NOUN
ftr-349	91	63	move	move	NOUN
ftr-349	91	64	that	that	PRON
ftr-349	91	65	income	income	NOUN
ftr-349	91	66	to	to	ADP
ftr-349	91	67	another	another	DET
ftr-349	91	68	,	,	PUNCT
ftr-349	91	69	lower	lower	ADV
ftr-349	91	70	-	-	PUNCT
ftr-349	91	71	taxed	tax	VERB
ftr-349	91	72	jurisdiction	jurisdiction	NOUN
ftr-349	91	73	.	.	PUNCT
ftr-349	92	1	multinational	multinational	ADJ
ftr-349	92	2	firms	firm	NOUN
ftr-349	92	3	thus	thus	ADV
ftr-349	92	4	get	get	VERB
ftr-349	92	5	at	at	ADV
ftr-349	92	6	least	least	ADV
ftr-349	92	7	two	two	NUM
ftr-349	92	8	bites	bite	NOUN
ftr-349	92	9	at	at	ADP
ftr-349	92	10	the	the	DET
ftr-349	92	11	stateless	stateless	NOUN
ftr-349	92	12	income	income	NOUN
ftr-349	92	13	generation	generation	NOUN
ftr-349	92	14	apple	apple	NOUN
ftr-349	92	15	.	.	PUNCT
ftr-349	93	1	first	first	ADV
ftr-349	93	2	,	,	PUNCT
ftr-349	93	3	they	they	PRON
ftr-349	93	4	can	can	AUX
ftr-349	93	5	rely	rely	VERB
ftr-349	93	6	on	on	ADP
ftr-349	93	7	the	the	DET
ftr-349	93	8	norms	norm	NOUN
ftr-349	93	9	of	of	ADP
ftr-349	93	10	freedom	freedom	NOUN
ftr-349	93	11	of	of	ADP
ftr-349	93	12	contract	contract	NOUN
ftr-349	93	13	within	within	ADP
ftr-349	93	14	the	the	DET
ftr-349	93	15	group	group	NOUN
ftr-349	93	16	,	,	PUNCT
ftr-349	93	17	the	the	DET
ftr-349	93	18	purportedly	purportedly	ADV
ftr-349	93	19	arm’s	arm’s	NUM
ftr-349	93	20	-	-	PUNCT
ftr-349	93	21	length	length	NOUN
ftr-349	93	22	nature	nature	NOUN
ftr-349	93	23	of	of	ADP
ftr-349	93	24	arrangements	arrangement	NOUN
ftr-349	93	25	reached	reach	VERB
ftr-349	93	26	by	by	ADP
ftr-349	93	27	a	a	DET
ftr-349	93	28	parent	parent	NOUN
ftr-349	93	29	company	company	NOUN
ftr-349	93	30	and	and	CCONJ
ftr-349	93	31	its	its	PRON
ftr-349	93	32	wholly	wholly	ADV
ftr-349	93	33	-	-	PUNCT
ftr-349	93	34	owned	own	VERB
ftr-349	93	35	subsidiary	subsidiary	NOUN
ftr-349	93	36	(	(	PUNCT
ftr-349	93	37	freshly	freshly	ADV
ftr-349	93	38	capitalized	capitalize	VERB
ftr-349	93	39	by	by	ADP
ftr-349	93	40	the	the	DET
ftr-349	93	41	parent	parent	NOUN
ftr-349	93	42	)	)	PUNCT
ftr-349	93	43	,	,	PUNCT
ftr-349	93	44	and	and	CCONJ
ftr-349	93	45	ambiguities	ambiguity	NOUN
ftr-349	93	46	in	in	ADP
ftr-349	93	47	the	the	DET
ftr-349	93	48	international	international	ADJ
ftr-349	93	49	consensus	consensus	NOUN
ftr-349	93	50	rules	rule	NOUN
ftr-349	93	51	surrounding	surround	VERB
ftr-349	93	52	the	the	DET
ftr-349	93	53	source	source	NOUN
ftr-349	93	54	of	of	ADP
ftr-349	93	55	returns	return	NOUN
ftr-349	93	56	to	to	ADP
ftr-349	93	57	intangible	intangible	ADJ
ftr-349	93	58	assets	asset	NOUN
ftr-349	93	59	to	to	PART
ftr-349	93	60	situate	situate	VERB
ftr-349	93	61	in	in	ADP
ftr-349	93	62	a	a	DET
ftr-349	93	63	lowtax	lowtax	NOUN
ftr-349	93	64	jurisdiction	jurisdiction	NOUN
ftr-349	93	65	returns	return	NOUN
ftr-349	93	66	from	from	ADP
ftr-349	93	67	factors	factor	NOUN
ftr-349	93	68	most	most	ADV
ftr-349	93	69	plausibly	plausibly	ADV
ftr-349	93	70	situated	situate	VERB
ftr-349	93	71	in	in	ADP
ftr-349	93	72	high	high	ADJ
ftr-349	93	73	-	-	PUNCT
ftr-349	93	74	tax	tax	NOUN
ftr-349	93	75	countries	country	NOUN
ftr-349	93	76	(	(	PUNCT
ftr-349	93	77	e.g.	e.g.	ADV
ftr-349	93	78	,	,	PUNCT
ftr-349	93	79	sales	sale	NOUN
ftr-349	93	80	to	to	ADP
ftr-349	93	81	local	local	ADJ
ftr-349	93	82	customers).8	customers).8	PROPN
ftr-349	93	83	second	second	ADJ
ftr-349	93	84	,	,	PUNCT
ftr-349	93	85	multinational	multinational	ADJ
ftr-349	93	86	firms	firm	NOUN
ftr-349	93	87	can	can	AUX
ftr-349	93	88	use	use	VERB
ftr-349	93	89	“	"	PUNCT
ftr-349	93	90	earnings	earning	NOUN
ftr-349	93	91	stripping	stripping	NOUN
ftr-349	93	92	”	"	PUNCT
ftr-349	93	93	strategies	strategy	NOUN
ftr-349	93	94	to	to	PART
ftr-349	93	95	move	move	VERB
ftr-349	93	96	income	income	NOUN
ftr-349	93	97	tentatively	tentatively	ADV
ftr-349	93	98	situated	situate	VERB
ftr-349	93	99	in	in	ADP
ftr-349	93	100	a	a	DET
ftr-349	93	101	jurisdiction	jurisdiction	NOUN
ftr-349	93	102	with	with	ADP
ftr-349	93	103	the	the	DET
ftr-349	93	104	most	most	ADV
ftr-349	93	105	plausible	plausible	ADJ
ftr-349	93	106	claim	claim	NOUN
ftr-349	93	107	to	to	PART
ftr-349	93	108	be	be	AUX
ftr-349	93	109	the	the	DET
ftr-349	93	110	source	source	NOUN
ftr-349	93	111	of	of	ADP
ftr-349	93	112	that	that	DET
ftr-349	93	113	income	income	NOUN
ftr-349	93	114	to	to	ADP
ftr-349	93	115	another	another	DET
ftr-349	93	116	(	(	PUNCT
ftr-349	93	117	low	low	ADJ
ftr-349	93	118	-	-	PUNCT
ftr-349	93	119	tax	tax	NOUN
ftr-349	93	120	)	)	PUNCT
ftr-349	93	121	jurisdiction	jurisdiction	NOUN
ftr-349	93	122	,	,	PUNCT
ftr-349	93	123	typically	typically	ADV
ftr-349	93	124	through	through	ADP
ftr-349	93	125	the	the	DET
ftr-349	93	126	creation	creation	NOUN
ftr-349	93	127	of	of	ADP
ftr-349	93	128	an	an	DET
ftr-349	93	129	item	item	NOUN
ftr-349	93	130	of	of	ADP
ftr-349	93	131	intragroup	intragroup	NOUN
ftr-349	93	132	deduction	deduction	NOUN
ftr-349	93	133	/	/	SYM
ftr-349	93	134	income	income	NOUN
ftr-349	93	135	inclusion	inclusion	NOUN
ftr-349	93	136	(	(	PUNCT
ftr-349	93	137	e.g.	e.g.	ADV
ftr-349	93	138	,	,	PUNCT
ftr-349	93	139	intercompany	intercompany	NOUN
ftr-349	93	140	interest	interest	NOUN
ftr-349	93	141	,	,	PUNCT
ftr-349	93	142	rents	rent	NOUN
ftr-349	93	143	,	,	PUNCT
ftr-349	93	144	or	or	CCONJ
ftr-349	93	145	royalties	royalty	NOUN
ftr-349	93	146	)	)	PUNCT
ftr-349	93	147	.	.	PUNCT
ftr-349	94	1	that	that	DET
ftr-349	94	2	second	second	ADJ
ftr-349	94	3	stage	stage	NOUN
ftr-349	94	4	earnings	earning	NOUN
ftr-349	94	5	stripping	strip	VERB
ftr-349	94	6	strategy	strategy	NOUN
ftr-349	94	7	need	need	AUX
ftr-349	94	8	not	not	PART
ftr-349	94	9	have	have	VERB
ftr-349	94	10	any	any	DET
ftr-349	94	11	nexus	nexus	NOUN
ftr-349	94	12	to	to	ADP
ftr-349	94	13	the	the	DET
ftr-349	94	14	generation	generation	NOUN
ftr-349	94	15	of	of	ADP
ftr-349	94	16	the	the	DET
ftr-349	94	17	income	income	NOUN
ftr-349	94	18	.	.	PUNCT
ftr-349	95	1	because	because	SCONJ
ftr-349	95	2	the	the	DET
ftr-349	95	3	generation	generation	NOUN
ftr-349	95	4	of	of	ADP
ftr-349	95	5	stateless	stateless	NOUN
ftr-349	95	6	income	income	NOUN
ftr-349	95	7	relies	rely	VERB
ftr-349	95	8	on	on	ADP
ftr-349	95	9	norms	norm	NOUN
ftr-349	95	10	woven	weave	VERB
ftr-349	95	11	deep	deep	ADV
ftr-349	95	12	into	into	ADP
ftr-349	95	13	the	the	DET
ftr-349	95	14	warp	warp	NOUN
ftr-349	95	15	and	and	CCONJ
ftr-349	95	16	woof	woof	NOUN
ftr-349	95	17	of	of	ADP
ftr-349	95	18	virtually	virtually	ADV
ftr-349	95	19	every	every	PRON
ftr-349	95	20	tax	tax	NOUN
ftr-349	95	21	system	system	NOUN
ftr-349	95	22	,	,	PUNCT
ftr-349	95	23	it	it	PRON
ftr-349	95	24	is	be	AUX
ftr-349	95	25	not	not	PART
ftr-349	95	26	possible	possible	ADJ
ftr-349	95	27	to	to	PART
ftr-349	95	28	understand	understand	VERB
ftr-349	95	29	the	the	DET
ftr-349	95	30	consequences	consequence	NOUN
ftr-349	95	31	of	of	ADP
ftr-349	95	32	a	a	DET
ftr-349	95	33	country	country	NOUN
ftr-349	95	34	’s	’s	PART
ftr-349	95	35	system	system	NOUN
ftr-349	95	36	for	for	ADP
ftr-349	95	37	taxing	tax	VERB
ftr-349	95	38	income	income	NOUN
ftr-349	95	39	from	from	ADP
ftr-349	95	40	question	question	NOUN
ftr-349	95	41	is	be	AUX
ftr-349	95	42	whether	whether	SCONJ
ftr-349	95	43	there	there	PRON
ftr-349	95	44	is	be	VERB
ftr-349	95	45	a	a	DET
ftr-349	95	46	transfer	transfer	NOUN
ftr-349	95	47	of	of	ADP
ftr-349	95	48	something	something	PRON
ftr-349	95	49	of	of	ADP
ftr-349	95	50	value	value	NOUN
ftr-349	95	51	(	(	PUNCT
ftr-349	95	52	rights	right	NOUN
ftr-349	95	53	or	or	CCONJ
ftr-349	95	54	other	other	ADJ
ftr-349	95	55	assets	asset	NOUN
ftr-349	95	56	)	)	PUNCT
ftr-349	95	57	or	or	CCONJ
ftr-349	95	58	a	a	DET
ftr-349	95	59	termination	termination	NOUN
ftr-349	95	60	or	or	CCONJ
ftr-349	95	61	substantial	substantial	ADJ
ftr-349	95	62	renegotiation	renegotiation	NOUN
ftr-349	95	63	of	of	ADP
ftr-349	95	64	existing	exist	VERB
ftr-349	95	65	arrangements	arrangement	NOUN
ftr-349	95	66	.	.	PUNCT
ftr-349	95	67	.	.	PUNCT
ftr-349	95	68	.	.	PUNCT
ftr-349	95	69	.	.	PUNCT
ftr-349	95	70	”	"	PUNCT
ftr-349	95	71	)	)	PUNCT
ftr-349	95	72	,	,	PUNCT
ftr-349	95	73	266–67	266–67	NUM
ftr-349	95	74	(	(	PUNCT
ftr-349	95	75	distinguishing	distinguish	VERB
ftr-349	95	76	the	the	DET
ftr-349	95	77	case	case	NOUN
ftr-349	95	78	of	of	ADP
ftr-349	95	79	an	an	DET
ftr-349	95	80	indirect	indirect	ADJ
ftr-349	95	81	transfer	transfer	NOUN
ftr-349	95	82	of	of	ADP
ftr-349	95	83	long	long	ADJ
ftr-349	95	84	-	-	PUNCT
ftr-349	95	85	term	term	NOUN
ftr-349	95	86	customer	customer	NOUN
ftr-349	95	87	contracts	contract	NOUN
ftr-349	95	88	)	)	PUNCT
ftr-349	95	89	.	.	PUNCT
ftr-349	96	1	see	see	VERB
ftr-349	96	2	also	also	ADV
ftr-349	96	3	lee	lee	PROPN
ftr-349	96	4	a.	a.	PROPN
ftr-349	96	5	sheppard	sheppard	PROPN
ftr-349	96	6	,	,	PUNCT
ftr-349	96	7	tax	tax	NOUN
ftr-349	96	8	officials	official	NOUN
ftr-349	96	9	contemplate	contemplate	VERB
ftr-349	96	10	bleak	bleak	ADJ
ftr-349	96	11	future	future	NOUN
ftr-349	96	12	for	for	ADP
ftr-349	96	13	corporate	corporate	ADJ
ftr-349	96	14	tax	tax	NOUN
ftr-349	96	15	base	base	NOUN
ftr-349	96	16	,	,	PUNCT
ftr-349	96	17	129	129	NUM
ftr-349	96	18	tax	tax	NOUN
ftr-349	96	19	notes	note	NOUN
ftr-349	96	20	169	169	NUM
ftr-349	96	21	,	,	PUNCT
ftr-349	96	22	170	170	NUM
ftr-349	96	23	(	(	PUNCT
ftr-349	96	24	oct	oct	PROPN
ftr-349	96	25	.	.	PROPN
ftr-349	96	26	11	11	NUM
ftr-349	96	27	,	,	PUNCT
ftr-349	96	28	2010	2010	NUM
ftr-349	96	29	)	)	PUNCT
ftr-349	97	1	[	[	X
ftr-349	97	2	hereinafter	hereinafter	NOUN
ftr-349	97	3	sheppard	sheppard	NOUN
ftr-349	97	4	,	,	PUNCT
ftr-349	97	5	tax	tax	NOUN
ftr-349	97	6	officials	official	NOUN
ftr-349	97	7	]	]	PUNCT
ftr-349	97	8	(	(	PUNCT
ftr-349	97	9	“	"	PUNCT
ftr-349	97	10	significantly	significantly	ADV
ftr-349	97	11	,	,	PUNCT
ftr-349	97	12	the	the	DET
ftr-349	97	13	oecd	oecd	PROPN
ftr-349	97	14	[	[	X
ftr-349	97	15	]	]	X
ftr-349	97	16	.	.	PUNCT
ftr-349	97	17	.	.	PUNCT
ftr-349	97	18	.	.	PUNCT
ftr-349	97	19	says	say	VERB
ftr-349	97	20	that	that	SCONJ
ftr-349	97	21	a	a	DET
ftr-349	97	22	transfer	transfer	NOUN
ftr-349	97	23	of	of	ADP
ftr-349	97	24	a	a	DET
ftr-349	97	25	business	business	NOUN
ftr-349	97	26	opportunity	opportunity	NOUN
ftr-349	97	27	or	or	CCONJ
ftr-349	97	28	profit	profit	NOUN
ftr-349	97	29	potential	potential	NOUN
ftr-349	97	30	is	be	AUX
ftr-349	97	31	not	not	PART
ftr-349	97	32	a	a	DET
ftr-349	97	33	transfer	transfer	NOUN
ftr-349	97	34	of	of	ADP
ftr-349	97	35	a	a	DET
ftr-349	97	36	cognizable	cognizable	ADJ
ftr-349	97	37	asset	asset	NOUN
ftr-349	97	38	requiring	require	VERB
ftr-349	97	39	compensation	compensation	NOUN
ftr-349	97	40	.	.	PUNCT
ftr-349	97	41	”	"	PUNCT
ftr-349	97	42	)	)	PUNCT
ftr-349	97	43	;	;	PUNCT
ftr-349	97	44	vann	vann	PROPN
ftr-349	97	45	,	,	PUNCT
ftr-349	97	46	hard	hard	ADV
ftr-349	97	47	-	-	PUNCT
ftr-349	97	48	boiled	boil	VERB
ftr-349	97	49	wonderland	wonderland	NOUN
ftr-349	97	50	,	,	PUNCT
ftr-349	97	51	supra	supra	PROPN
ftr-349	97	52	note	note	NOUN
ftr-349	97	53	4	4	NUM
ftr-349	97	54	,	,	PUNCT
ftr-349	97	55	at	at	ADP
ftr-349	97	56	326	326	NUM
ftr-349	97	57	(	(	PUNCT
ftr-349	97	58	oecd	oecd	PROPN
ftr-349	97	59	guidelines	guideline	NOUN
ftr-349	97	60	appear	appear	VERB
ftr-349	97	61	to	to	ADP
ftr-349	97	62	countenance	countenance	NOUN
ftr-349	97	63	that	that	SCONJ
ftr-349	97	64	risk	risk	NOUN
ftr-349	97	65	may	may	AUX
ftr-349	97	66	be	be	AUX
ftr-349	97	67	assigned	assign	VERB
ftr-349	97	68	within	within	ADP
ftr-349	97	69	a	a	DET
ftr-349	97	70	group	group	NOUN
ftr-349	97	71	at	at	ADP
ftr-349	97	72	will	will	NOUN
ftr-349	97	73	)	)	PUNCT
ftr-349	97	74	.	.	PUNCT
ftr-349	98	1	8	8	X
ftr-349	98	2	.	.	X
ftr-349	98	3	see	see	VERB
ftr-349	98	4	,	,	PUNCT
ftr-349	98	5	e.g.	e.g.	ADV
ftr-349	98	6	,	,	PUNCT
ftr-349	98	7	vann	vann	PROPN
ftr-349	98	8	,	,	PUNCT
ftr-349	98	9	hard	hard	ADV
ftr-349	98	10	-	-	PUNCT
ftr-349	98	11	boiled	boil	VERB
ftr-349	98	12	wonderland	wonderland	NOUN
ftr-349	98	13	,	,	PUNCT
ftr-349	98	14	supra	supra	PROPN
ftr-349	98	15	note	note	NOUN
ftr-349	98	16	4	4	NUM
ftr-349	98	17	,	,	PUNCT
ftr-349	98	18	at	at	ADP
ftr-349	98	19	313–43	313–43	NUM
ftr-349	98	20	.	.	PUNCT
ftr-349	99	1	706	706	NUM
ftr-349	99	2	florida	florida	PROPN
ftr-349	99	3	tax	tax	NOUN
ftr-349	99	4	review	review	NOUN
ftr-349	99	5	[	[	X
ftr-349	99	6	vol	vol	NOUN
ftr-349	99	7	.	.	PUNCT
ftr-349	100	1	11:9	11:9	NUM
ftr-349	100	2	foreign	foreign	ADJ
ftr-349	100	3	direct	direct	ADJ
ftr-349	100	4	investments	investment	NOUN
ftr-349	100	5	without	without	ADP
ftr-349	100	6	appreciating	appreciate	VERB
ftr-349	100	7	the	the	DET
ftr-349	100	8	first	first	ADJ
ftr-349	100	9	-	-	PUNCT
ftr-349	100	10	order	order	NOUN
ftr-349	100	11	importance	importance	NOUN
ftr-349	100	12	of	of	ADP
ftr-349	100	13	stateless	stateless	NOUN
ftr-349	100	14	income	income	NOUN
ftr-349	100	15	tax	tax	NOUN
ftr-349	100	16	planning	planning	NOUN
ftr-349	100	17	.	.	PUNCT
ftr-349	101	1	when	when	SCONJ
ftr-349	101	2	unchecked	unchecked	ADJ
ftr-349	101	3	,	,	PUNCT
ftr-349	101	4	stateless	stateless	NOUN
ftr-349	101	5	income	income	NOUN
ftr-349	101	6	strips	strip	NOUN
ftr-349	101	7	source	source	NOUN
ftr-349	101	8	countries	country	NOUN
ftr-349	101	9	(	(	PUNCT
ftr-349	101	10	including	include	VERB
ftr-349	101	11	the	the	DET
ftr-349	101	12	united	united	PROPN
ftr-349	101	13	states	states	PROPN
ftr-349	101	14	as	as	ADP
ftr-349	101	15	the	the	DET
ftr-349	101	16	location	location	NOUN
ftr-349	101	17	of	of	ADP
ftr-349	101	18	subsidiaries	subsidiary	NOUN
ftr-349	101	19	of	of	ADP
ftr-349	101	20	foreign	foreign	ADJ
ftr-349	101	21	-	-	PUNCT
ftr-349	101	22	controlled	control	VERB
ftr-349	101	23	groups	group	NOUN
ftr-349	101	24	)	)	PUNCT
ftr-349	101	25	of	of	ADP
ftr-349	101	26	the	the	DET
ftr-349	101	27	tax	tax	NOUN
ftr-349	101	28	revenues	revenue	NOUN
ftr-349	101	29	attributable	attributable	ADJ
ftr-349	101	30	to	to	ADP
ftr-349	101	31	income	income	NOUN
ftr-349	101	32	generated	generate	VERB
ftr-349	101	33	in	in	ADP
ftr-349	101	34	those	those	DET
ftr-349	101	35	jurisdictions	jurisdiction	NOUN
ftr-349	101	36	.	.	PUNCT
ftr-349	102	1	its	its	PRON
ftr-349	102	2	availability	availability	NOUN
ftr-349	102	3	also	also	ADV
ftr-349	102	4	distorts	distort	VERB
ftr-349	102	5	the	the	DET
ftr-349	102	6	investment	investment	NOUN
ftr-349	102	7	decisions	decision	NOUN
ftr-349	102	8	of	of	ADP
ftr-349	102	9	multinational	multinational	ADJ
ftr-349	102	10	firms	firm	NOUN
ftr-349	102	11	,	,	PUNCT
ftr-349	102	12	and	and	CCONJ
ftr-349	102	13	under	under	ADP
ftr-349	102	14	current	current	ADJ
ftr-349	102	15	u.s	u.s	PROPN
ftr-349	102	16	.	.	PROPN
ftr-349	102	17	rules	rule	NOUN
ftr-349	102	18	distorts	distort	VERB
ftr-349	102	19	a	a	DET
ftr-349	102	20	u.s	u.s	PROPN
ftr-349	102	21	.	.	PROPN
ftr-349	102	22	multinational	multinational	ADJ
ftr-349	102	23	firm	firm	NOUN
ftr-349	102	24	’s	’s	PART
ftr-349	102	25	decision	decision	NOUN
ftr-349	102	26	whether	whether	SCONJ
ftr-349	102	27	to	to	PART
ftr-349	102	28	repatriate	repatriate	VERB
ftr-349	102	29	that	that	DET
ftr-349	102	30	stateless	stateless	NOUN
ftr-349	102	31	income	income	NOUN
ftr-349	102	32	back	back	ADV
ftr-349	102	33	to	to	ADP
ftr-349	102	34	the	the	DET
ftr-349	102	35	united	united	PROPN
ftr-349	102	36	states	states	PROPN
ftr-349	102	37	.	.	PUNCT
ftr-349	103	1	the	the	DET
ftr-349	103	2	phenomenon	phenomenon	NOUN
ftr-349	103	3	of	of	ADP
ftr-349	103	4	stateless	stateless	NOUN
ftr-349	103	5	income	income	NOUN
ftr-349	103	6	is	be	AUX
ftr-349	103	7	closely	closely	ADV
ftr-349	103	8	allied	ally	VERB
ftr-349	103	9	with	with	ADP
ftr-349	103	10	the	the	DET
ftr-349	103	11	problem	problem	NOUN
ftr-349	103	12	of	of	ADP
ftr-349	103	13	residence	residence	NOUN
ftr-349	103	14	country	country	NOUN
ftr-349	103	15	base	base	NOUN
ftr-349	103	16	erosion	erosion	NOUN
ftr-349	103	17	,	,	PUNCT
ftr-349	103	18	principally	principally	ADV
ftr-349	103	19	through	through	ADP
ftr-349	103	20	aggressive	aggressive	ADJ
ftr-349	103	21	transfer	transfer	NOUN
ftr-349	103	22	pricing	pricing	NOUN
ftr-349	103	23	strategies.9	strategies.9	PROPN
ftr-349	103	24	as	as	SCONJ
ftr-349	103	25	used	use	VERB
ftr-349	103	26	in	in	ADP
ftr-349	103	27	this	this	DET
ftr-349	103	28	article	article	NOUN
ftr-349	103	29	,	,	PUNCT
ftr-349	103	30	however	however	ADV
ftr-349	103	31	,	,	PUNCT
ftr-349	103	32	the	the	DET
ftr-349	103	33	term	term	NOUN
ftr-349	103	34	is	be	AUX
ftr-349	103	35	reserved	reserve	VERB
ftr-349	103	36	for	for	ADP
ftr-349	103	37	strategies	strategy	NOUN
ftr-349	103	38	to	to	PART
ftr-349	103	39	reduce	reduce	VERB
ftr-349	103	40	high	high	ADJ
ftr-349	103	41	-	-	PUNCT
ftr-349	103	42	tax	tax	NOUN
ftr-349	103	43	source	source	NOUN
ftr-349	103	44	country	country	NOUN
ftr-349	103	45	income	income	NOUN
ftr-349	103	46	.	.	PUNCT
ftr-349	104	1	nonetheless	nonetheless	ADV
ftr-349	104	2	,	,	PUNCT
ftr-349	104	3	the	the	DET
ftr-349	104	4	policy	policy	NOUN
ftr-349	104	5	recommendations	recommendation	NOUN
ftr-349	104	6	made	make	VERB
ftr-349	104	7	by	by	ADP
ftr-349	104	8	this	this	DET
ftr-349	104	9	article	article	NOUN
ftr-349	104	10	respond	respond	VERB
ftr-349	104	11	to	to	ADP
ftr-349	104	12	both	both	DET
ftr-349	104	13	issues	issue	NOUN
ftr-349	104	14	,	,	PUNCT
ftr-349	104	15	for	for	ADP
ftr-349	104	16	two	two	NUM
ftr-349	104	17	reasons	reason	NOUN
ftr-349	104	18	.	.	PUNCT
ftr-349	105	1	first	first	ADV
ftr-349	105	2	,	,	PUNCT
ftr-349	105	3	the	the	DET
ftr-349	105	4	technologies	technology	NOUN
ftr-349	105	5	employed	employ	VERB
ftr-349	105	6	in	in	ADP
ftr-349	105	7	source	source	NOUN
ftr-349	105	8	and	and	CCONJ
ftr-349	105	9	residence	residence	NOUN
ftr-349	105	10	country	country	NOUN
ftr-349	105	11	base	base	NOUN
ftr-349	105	12	erosion	erosion	NOUN
ftr-349	105	13	overlap	overlap	NOUN
ftr-349	105	14	.	.	PUNCT
ftr-349	106	1	second	second	ADJ
ftr-349	106	2	,	,	PUNCT
ftr-349	106	3	the	the	DET
ftr-349	106	4	article	article	NOUN
ftr-349	106	5	’s	’s	PART
ftr-349	106	6	ultimate	ultimate	ADJ
ftr-349	106	7	goal	goal	NOUN
ftr-349	106	8	of	of	ADP
ftr-349	106	9	outlining	outline	VERB
ftr-349	106	10	a	a	DET
ftr-349	106	11	coherent	coherent	ADJ
ftr-349	106	12	approach	approach	NOUN
ftr-349	106	13	to	to	ADP
ftr-349	106	14	cross	cross	ADJ
ftr-349	106	15	-	-	ADJ
ftr-349	106	16	border	border	ADJ
ftr-349	106	17	taxation	taxation	NOUN
ftr-349	106	18	in	in	ADP
ftr-349	106	19	light	light	NOUN
ftr-349	106	20	of	of	ADP
ftr-349	106	21	the	the	DET
ftr-349	106	22	stateless	stateless	NOUN
ftr-349	106	23	income	income	NOUN
ftr-349	106	24	phenomenon	phenomenon	NOUN
ftr-349	106	25	implicates	implicate	VERB
ftr-349	106	26	the	the	DET
ftr-349	106	27	familiar	familiar	ADJ
ftr-349	106	28	question	question	NOUN
ftr-349	106	29	of	of	ADP
ftr-349	106	30	whether	whether	SCONJ
ftr-349	106	31	that	that	DET
ftr-349	106	32	proposed	propose	VERB
ftr-349	106	33	approach	approach	NOUN
ftr-349	106	34	distorts	distort	VERB
ftr-349	106	35	investment	investment	NOUN
ftr-349	106	36	decisions	decision	NOUN
ftr-349	106	37	as	as	ADP
ftr-349	106	38	between	between	ADP
ftr-349	106	39	source	source	NOUN
ftr-349	106	40	and	and	CCONJ
ftr-349	106	41	residence	residence	NOUN
ftr-349	106	42	countries	country	NOUN
ftr-349	106	43	.	.	PUNCT
ftr-349	107	1	b.	b.	PROPN
ftr-349	108	1	an	an	DET
ftr-349	108	2	illustrative	illustrative	ADJ
ftr-349	108	3	example	example	NOUN
ftr-349	108	4	:	:	PUNCT
ftr-349	108	5	the	the	DET
ftr-349	108	6	double	double	ADJ
ftr-349	108	7	irish	irish	ADJ
ftr-349	108	8	dutch	dutch	PROPN
ftr-349	108	9	sandwich	sandwich	NOUN
ftr-349	108	10	the	the	DET
ftr-349	108	11	phenomenon	phenomenon	NOUN
ftr-349	108	12	of	of	ADP
ftr-349	108	13	stateless	stateless	NOUN
ftr-349	108	14	income	income	NOUN
ftr-349	108	15	risks	risk	NOUN
ftr-349	108	16	appearing	appear	VERB
ftr-349	108	17	vague	vague	ADJ
ftr-349	108	18	,	,	PUNCT
ftr-349	108	19	and	and	CCONJ
ftr-349	108	20	its	its	PRON
ftr-349	108	21	analysis	analysis	NOUN
ftr-349	108	22	tedious	tedious	ADJ
ftr-349	108	23	.	.	PUNCT
ftr-349	109	1	recent	recent	ADJ
ftr-349	109	2	news	news	NOUN
ftr-349	109	3	stories	story	NOUN
ftr-349	109	4	on	on	ADP
ftr-349	109	5	the	the	DET
ftr-349	109	6	internal	internal	ADJ
ftr-349	109	7	tax	tax	NOUN
ftr-349	109	8	planning	planning	NOUN
ftr-349	109	9	of	of	ADP
ftr-349	109	10	u.s	u.s	PROPN
ftr-349	109	11	.	.	PROPN
ftr-349	109	12	firms	firm	NOUN
ftr-349	109	13	like	like	ADP
ftr-349	109	14	microsoft	microsoft	PROPN
ftr-349	109	15	,	,	PUNCT
ftr-349	109	16	forest	forest	NOUN
ftr-349	109	17	laboratories	laboratory	NOUN
ftr-349	109	18	and	and	CCONJ
ftr-349	109	19	google	google	NOUN
ftr-349	109	20	,	,	PUNCT
ftr-349	109	21	however	however	ADV
ftr-349	109	22	,	,	PUNCT
ftr-349	109	23	have	have	AUX
ftr-349	109	24	injected	inject	VERB
ftr-349	109	25	needed	need	VERB
ftr-349	109	26	drama	drama	NOUN
ftr-349	109	27	to	to	ADP
ftr-349	109	28	the	the	DET
ftr-349	109	29	narrative	narrative	NOUN
ftr-349	109	30	,	,	PUNCT
ftr-349	109	31	by	by	ADP
ftr-349	109	32	providing	provide	VERB
ftr-349	109	33	useful	useful	ADJ
ftr-349	109	34	insights	insight	NOUN
ftr-349	109	35	into	into	ADP
ftr-349	109	36	how	how	SCONJ
ftr-349	109	37	firms	firm	NOUN
ftr-349	109	38	generate	generate	VERB
ftr-349	109	39	stateless	stateless	NOUN
ftr-349	109	40	income	income	NOUN
ftr-349	109	41	in	in	ADP
ftr-349	109	42	practice.10	practice.10	NOUN
ftr-349	109	43	this	this	DET
ftr-349	109	44	section	section	NOUN
ftr-349	109	45	uses	use	VERB
ftr-349	109	46	google	google	PROPN
ftr-349	109	47	inc	inc	PROPN
ftr-349	109	48	.	.	PROPN
ftr-349	109	49	’s	’s	PART
ftr-349	109	50	9	9	NUM
ftr-349	109	51	.	.	PUNCT
ftr-349	110	1	examples	example	NOUN
ftr-349	110	2	of	of	ADP
ftr-349	110	3	recent	recent	ADJ
ftr-349	110	4	papers	paper	NOUN
ftr-349	110	5	emphasizing	emphasize	VERB
ftr-349	110	6	how	how	SCONJ
ftr-349	110	7	current	current	ADJ
ftr-349	110	8	arm’s	arm’s	NUM
ftr-349	110	9	-	-	PUNCT
ftr-349	110	10	length	length	NOUN
ftr-349	110	11	transfer	transfer	NOUN
ftr-349	110	12	pricing	pricing	NOUN
ftr-349	110	13	rules	rule	NOUN
ftr-349	110	14	invite	invite	VERB
ftr-349	110	15	the	the	DET
ftr-349	110	16	erosion	erosion	NOUN
ftr-349	110	17	of	of	ADP
ftr-349	110	18	residence	residence	NOUN
ftr-349	110	19	country	country	NOUN
ftr-349	110	20	tax	tax	NOUN
ftr-349	110	21	revenues	revenue	NOUN
ftr-349	110	22	include	include	VERB
ftr-349	110	23	yariv	yariv	PROPN
ftr-349	110	24	brauner	brauner	NOUN
ftr-349	110	25	,	,	PUNCT
ftr-349	110	26	cost	cost	NOUN
ftr-349	110	27	sharing	sharing	NOUN
ftr-349	110	28	and	and	CCONJ
ftr-349	110	29	the	the	DET
ftr-349	110	30	acrobatics	acrobatic	NOUN
ftr-349	110	31	of	of	ADP
ftr-349	110	32	arm	arm	NOUN
ftr-349	110	33	’s	’s	PART
ftr-349	110	34	length	length	NOUN
ftr-349	110	35	taxation	taxation	NOUN
ftr-349	110	36	,	,	PUNCT
ftr-349	110	37	38	38	NUM
ftr-349	110	38	intertax	intertax	NOUN
ftr-349	110	39	554	554	NUM
ftr-349	110	40	(	(	PUNCT
ftr-349	110	41	2010	2010	NUM
ftr-349	110	42	)	)	PUNCT
ftr-349	111	1	[	[	X
ftr-349	111	2	hereinafter	hereinafter	NOUN
ftr-349	111	3	brauner	brauner	NOUN
ftr-349	111	4	,	,	PUNCT
ftr-349	111	5	cost	cost	NOUN
ftr-349	111	6	sharing	sharing	NOUN
ftr-349	111	7	]	]	PUNCT
ftr-349	111	8	,	,	PUNCT
ftr-349	111	9	and	and	CCONJ
ftr-349	111	10	harry	harry	PROPN
ftr-349	111	11	grubert	grubert	PROPN
ftr-349	111	12	,	,	PUNCT
ftr-349	111	13	foreign	foreign	ADJ
ftr-349	111	14	taxes	taxis	NOUN
ftr-349	111	15	,	,	PUNCT
ftr-349	111	16	domestic	domestic	ADJ
ftr-349	111	17	income	income	NOUN
ftr-349	111	18	,	,	PUNCT
ftr-349	111	19	and	and	CCONJ
ftr-349	111	20	the	the	DET
ftr-349	111	21	jump	jump	NOUN
ftr-349	111	22	in	in	ADP
ftr-349	111	23	the	the	DET
ftr-349	111	24	share	share	NOUN
ftr-349	111	25	of	of	ADP
ftr-349	111	26	multinational	multinational	ADJ
ftr-349	111	27	company	company	NOUN
ftr-349	111	28	income	income	NOUN
ftr-349	111	29	abroad	abroad	ADV
ftr-349	111	30	:	:	PUNCT
ftr-349	111	31	sales	sale	NOUN
ftr-349	111	32	are	be	AUX
ftr-349	111	33	n’t	not	PART
ftr-349	111	34	being	be	AUX
ftr-349	111	35	globalized	globalize	VERB
ftr-349	111	36	,	,	PUNCT
ftr-349	111	37	only	only	ADV
ftr-349	111	38	profits	profit	NOUN
ftr-349	111	39	(	(	PUNCT
ftr-349	111	40	dec	dec	PROPN
ftr-349	111	41	.	.	PROPN
ftr-349	111	42	7	7	NUM
ftr-349	111	43	,	,	PUNCT
ftr-349	111	44	2009	2009	NUM
ftr-349	111	45	)	)	PUNCT
ftr-349	111	46	,	,	PUNCT
ftr-349	111	47	http://web.gc.cuny.edu/economics/seminarpapers/spring2010/grubert_march16.pdf	http://web.gc.cuny.edu/economics/seminarpapers/spring2010/grubert_march16.pdf	X
ftr-349	112	1	[	[	X
ftr-349	112	2	hereinafter	hereinafter	NOUN
ftr-349	112	3	,	,	PUNCT
ftr-349	112	4	grubert	grubert	NOUN
ftr-349	112	5	,	,	PUNCT
ftr-349	112	6	foreign	foreign	ADJ
ftr-349	112	7	taxes	taxis	NOUN
ftr-349	112	8	and	and	CCONJ
ftr-349	112	9	domestic	domestic	ADJ
ftr-349	112	10	income	income	NOUN
ftr-349	112	11	]	]	X
ftr-349	112	12	.	.	PUNCT
ftr-349	113	1	10	10	NUM
ftr-349	113	2	.	.	PUNCT
ftr-349	114	1	richard	richard	PROPN
ftr-349	114	2	waters	waters	PROPN
ftr-349	114	3	,	,	PUNCT
ftr-349	114	4	tax	tax	NOUN
ftr-349	114	5	drives	drive	VERB
ftr-349	114	6	us	us	PROPN
ftr-349	114	7	tech	tech	NOUN
ftr-349	114	8	groups	group	NOUN
ftr-349	114	9	to	to	PART
ftr-349	114	10	tap	tap	VERB
ftr-349	114	11	debt	debt	NOUN
ftr-349	114	12	,	,	PUNCT
ftr-349	114	13	financial	financial	ADJ
ftr-349	114	14	times	time	NOUN
ftr-349	114	15	,	,	PUNCT
ftr-349	114	16	feb	feb	PROPN
ftr-349	114	17	.	.	PROPN
ftr-349	114	18	6	6	NUM
ftr-349	114	19	,	,	PUNCT
ftr-349	114	20	2011	2011	NUM
ftr-349	114	21	,	,	PUNCT
ftr-349	114	22	p.	p.	NOUN
ftr-349	114	23	15	15	NUM
ftr-349	114	24	col	col	PROPN
ftr-349	114	25	.	.	PROPN
ftr-349	114	26	6	6	NUM
ftr-349	114	27	(	(	PUNCT
ftr-349	114	28	microsoft	microsoft	PROPN
ftr-349	114	29	)	)	PUNCT
ftr-349	114	30	;	;	PUNCT
ftr-349	114	31	jesse	jesse	PROPN
ftr-349	114	32	drucker	drucker	PROPN
ftr-349	114	33	,	,	PUNCT
ftr-349	114	34	u.s	u.s	PROPN
ftr-349	114	35	.	.	PROPN
ftr-349	114	36	companies	company	NOUN
ftr-349	114	37	dodge	dodge	VERB
ftr-349	114	38	$	$	SYM
ftr-349	114	39	60	60	NUM
ftr-349	114	40	billion	billion	NUM
ftr-349	114	41	in	in	ADP
ftr-349	114	42	taxes	taxis	NOUN
ftr-349	114	43	with	with	ADP
ftr-349	114	44	global	global	ADJ
ftr-349	114	45	odyssey	odyssey	PROPN
ftr-349	114	46	,	,	PUNCT
ftr-349	114	47	bloomberg	bloomberg	PROPN
ftr-349	114	48	,	,	PUNCT
ftr-349	114	49	may	may	AUX
ftr-349	114	50	13	13	NUM
ftr-349	114	51	,	,	PUNCT
ftr-349	114	52	2010	2010	NUM
ftr-349	114	53	,	,	PUNCT
ftr-349	114	54	http://www.bloomberg.com/news/2010-05-13/american-companies-dodge-60-billion	http://www.bloomberg.com/news/2010-05-13/american-companies-dodge-60-billion	NOUN
ftr-349	114	55	-in	-in	NOUN
ftr-349	114	56	-	-	PUNCT
ftr-349	114	57	taxes	taxis	NOUN
ftr-349	114	58	-	-	PUNCT
ftr-349	114	59	even	even	ADV
ftr-349	114	60	-	-	PUNCT
ftr-349	114	61	tea	tea	NOUN
ftr-349	114	62	-	-	PUNCT
ftr-349	114	63	party	party	NOUN
ftr-349	114	64	-	-	PUNCT
ftr-349	114	65	would	would	AUX
ftr-349	114	66	-	-	PUNCT
ftr-349	114	67	condemn.html	condemn.html	NUM
ftr-349	114	68	(	(	PUNCT
ftr-349	114	69	forest	forest	NOUN
ftr-349	114	70	laboratories	laboratory	NOUN
ftr-349	114	71	)	)	PUNCT
ftr-349	114	72	;	;	PUNCT
ftr-349	114	73	jesse	jesse	PROPN
ftr-349	114	74	drucker	drucker	PROPN
ftr-349	114	75	,	,	PUNCT
ftr-349	114	76	google	google	PROPN
ftr-349	114	77	2.4	2.4	NUM
ftr-349	114	78	%	%	NOUN
ftr-349	114	79	rate	rate	NOUN
ftr-349	114	80	shows	show	VERB
ftr-349	114	81	how	how	SCONJ
ftr-349	114	82	$	$	SYM
ftr-349	114	83	60	60	NUM
ftr-349	114	84	billion	billion	NUM
ftr-349	114	85	lost	lose	VERB
ftr-349	114	86	to	to	ADP
ftr-349	114	87	tax	tax	NOUN
ftr-349	114	88	loopholes	loophole	NOUN
ftr-349	114	89	,	,	PUNCT
ftr-349	114	90	bloomberg	bloomberg	PROPN
ftr-349	114	91	,	,	PUNCT
ftr-349	114	92	oct	oct	PROPN
ftr-349	114	93	.	.	PROPN
ftr-349	114	94	21	21	NUM
ftr-349	114	95	,	,	PUNCT
ftr-349	114	96	2010	2010	NUM
ftr-349	114	97	,	,	PUNCT
ftr-349	114	98	http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how60-billion-u-s-revenue-lost-to-tax-loopholes.html	http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how60-billion-u-s-revenue-lost-to-tax-loopholes.html	X
ftr-349	114	99	(	(	PUNCT
ftr-349	114	100	google	google	PROPN
ftr-349	114	101	)	)	PUNCT
ftr-349	114	102	.	.	PUNCT
ftr-349	115	1	in	in	ADP
ftr-349	115	2	the	the	DET
ftr-349	115	3	same	same	ADJ
ftr-349	115	4	vein	vein	NOUN
ftr-349	115	5	,	,	PUNCT
ftr-349	115	6	microsoft	microsoft	PROPN
ftr-349	115	7	’s	’s	PART
ftr-349	115	8	very	very	ADV
ftr-349	115	9	recent	recent	ADJ
ftr-349	115	10	announcement	announcement	NOUN
ftr-349	115	11	of	of	ADP
ftr-349	115	12	plans	plan	NOUN
ftr-349	115	13	to	to	PART
ftr-349	115	14	acquire	acquire	VERB
ftr-349	115	15	skype	skype	NOUN
ftr-349	115	16	software	software	NOUN
ftr-349	115	17	s.a.r.l	s.a.r.l	PROPN
ftr-349	115	18	.	.	PUNCT
ftr-349	116	1	(	(	PUNCT
ftr-349	116	2	a	a	DET
ftr-349	116	3	2001	2001	NUM
ftr-349	116	4	]	]	PUNCT
ftr-349	116	5	stateless	stateless	NOUN
ftr-349	116	6	income	income	NOUN
ftr-349	116	7	707	707	NUM
ftr-349	116	8	“	"	PUNCT
ftr-349	116	9	double	double	ADJ
ftr-349	116	10	irish	irish	ADJ
ftr-349	116	11	dutch	dutch	PROPN
ftr-349	116	12	sandwich	sandwich	NOUN
ftr-349	116	13	”	"	PUNCT
ftr-349	116	14	structure	structure	NOUN
ftr-349	116	15	to	to	PART
ftr-349	116	16	illustrate	illustrate	VERB
ftr-349	116	17	how	how	SCONJ
ftr-349	116	18	stateless	stateless	NOUN
ftr-349	116	19	income	income	NOUN
ftr-349	116	20	tax	tax	NOUN
ftr-349	116	21	planning	planning	NOUN
ftr-349	116	22	relies	rely	VERB
ftr-349	116	23	on	on	ADP
ftr-349	116	24	deeply	deeply	ADV
ftr-349	116	25	embedded	embed	VERB
ftr-349	116	26	global	global	ADJ
ftr-349	116	27	tax	tax	NOUN
ftr-349	116	28	norms	norm	NOUN
ftr-349	116	29	,	,	PUNCT
ftr-349	116	30	and	and	CCONJ
ftr-349	116	31	how	how	SCONJ
ftr-349	116	32	it	it	PRON
ftr-349	116	33	operates	operate	VERB
ftr-349	116	34	to	to	PART
ftr-349	116	35	disassociate	disassociate	VERB
ftr-349	116	36	taxable	taxable	ADJ
ftr-349	116	37	income	income	NOUN
ftr-349	116	38	from	from	ADP
ftr-349	116	39	any	any	DET
ftr-349	116	40	connection	connection	NOUN
ftr-349	116	41	with	with	ADP
ftr-349	116	42	any	any	DET
ftr-349	116	43	location	location	NOUN
ftr-349	116	44	in	in	ADP
ftr-349	116	45	which	which	PRON
ftr-349	116	46	the	the	DET
ftr-349	116	47	value	value	NOUN
ftr-349	116	48	-	-	PUNCT
ftr-349	116	49	adding	add	VERB
ftr-349	116	50	activities	activity	NOUN
ftr-349	116	51	that	that	PRON
ftr-349	116	52	generated	generate	VERB
ftr-349	116	53	that	that	DET
ftr-349	116	54	income	income	NOUN
ftr-349	116	55	could	could	AUX
ftr-349	116	56	plausibly	plausibly	ADV
ftr-349	116	57	be	be	AUX
ftr-349	116	58	said	say	VERB
ftr-349	116	59	to	to	PART
ftr-349	116	60	lie.11	lie.11	VERB
ftr-349	116	61	the	the	DET
ftr-349	116	62	same	same	ADJ
ftr-349	116	63	story	story	NOUN
ftr-349	116	64	(	(	PUNCT
ftr-349	116	65	in	in	ADP
ftr-349	116	66	a	a	DET
ftr-349	116	67	number	number	NOUN
ftr-349	116	68	of	of	ADP
ftr-349	116	69	cases	case	NOUN
ftr-349	116	70	,	,	PUNCT
ftr-349	116	71	literally	literally	ADV
ftr-349	116	72	so	so	ADV
ftr-349	116	73	,	,	PUNCT
ftr-349	116	74	because	because	SCONJ
ftr-349	116	75	the	the	DET
ftr-349	116	76	double	double	ADJ
ftr-349	116	77	irish	irish	ADJ
ftr-349	116	78	dutch	dutch	PROPN
ftr-349	116	79	sandwich	sandwich	NOUN
ftr-349	116	80	is	be	AUX
ftr-349	116	81	an	an	DET
ftr-349	116	82	easily	easily	ADV
ftr-349	116	83	-	-	PUNCT
ftr-349	116	84	replicable	replicable	ADJ
ftr-349	116	85	staple	staple	NOUN
ftr-349	116	86	of	of	ADP
ftr-349	116	87	current	current	ADJ
ftr-349	116	88	stateless	stateless	NOUN
ftr-349	116	89	income	income	NOUN
ftr-349	116	90	tax	tax	NOUN
ftr-349	116	91	planning	planning	NOUN
ftr-349	116	92	)	)	PUNCT
ftr-349	116	93	could	could	AUX
ftr-349	116	94	be	be	AUX
ftr-349	116	95	told	tell	VERB
ftr-349	116	96	of	of	ADP
ftr-349	116	97	many	many	ADJ
ftr-349	116	98	other	other	ADJ
ftr-349	116	99	u.s	u.s	PROPN
ftr-349	116	100	.	.	PROPN
ftr-349	116	101	multinational	multinational	ADJ
ftr-349	116	102	firms.12	firms.12	PROPN
ftr-349	116	103	in	in	ADP
ftr-349	116	104	2003	2003	NUM
ftr-349	116	105	,	,	PUNCT
ftr-349	116	106	a	a	DET
ftr-349	116	107	few	few	ADJ
ftr-349	116	108	months	month	NOUN
ftr-349	116	109	before	before	SCONJ
ftr-349	116	110	its	its	PRON
ftr-349	116	111	initial	initial	ADJ
ftr-349	116	112	public	public	ADJ
ftr-349	116	113	offering	offering	NOUN
ftr-349	116	114	,	,	PUNCT
ftr-349	116	115	google	google	PROPN
ftr-349	116	116	inc	inc	PROPN
ftr-349	116	117	.	.	PROPN
ftr-349	116	118	entered	enter	VERB
ftr-349	116	119	into	into	ADP
ftr-349	116	120	a	a	DET
ftr-349	116	121	cost	cost	NOUN
ftr-349	116	122	sharing	sharing	NOUN
ftr-349	116	123	agreement	agreement	NOUN
ftr-349	116	124	with	with	ADP
ftr-349	116	125	a	a	DET
ftr-349	116	126	newly	newly	ADV
ftr-349	116	127	-	-	PUNCT
ftr-349	116	128	organized	organize	VERB
ftr-349	116	129	wholly	wholly	ADV
ftr-349	116	130	-	-	PUNCT
ftr-349	116	131	owned	own	VERB
ftr-349	116	132	irish	irish	ADJ
ftr-349	116	133	subsidiary	subsidiary	NOUN
ftr-349	116	134	,	,	PUNCT
ftr-349	116	135	google	google	PROPN
ftr-349	116	136	ireland	ireland	PROPN
ftr-349	116	137	holdings	holding	NOUN
ftr-349	116	138	(	(	PUNCT
ftr-349	116	139	“	"	PUNCT
ftr-349	116	140	ireland	ireland	NOUN
ftr-349	116	141	holdings	holding	NOUN
ftr-349	116	142	”	"	PUNCT
ftr-349	116	143	)	)	PUNCT
ftr-349	116	144	,	,	PUNCT
ftr-349	116	145	under	under	ADP
ftr-349	116	146	which	which	PRON
ftr-349	116	147	ireland	ireland	NOUN
ftr-349	116	148	holdings	holding	NOUN
ftr-349	116	149	acquired	acquire	VERB
ftr-349	116	150	the	the	DET
ftr-349	116	151	rights	right	NOUN
ftr-349	116	152	to	to	ADP
ftr-349	116	153	google	google	PROPN
ftr-349	116	154	inc	inc	PROPN
ftr-349	116	155	.	.	PROPN
ftr-349	116	156	’s	’s	PART
ftr-349	116	157	search	search	NOUN
ftr-349	116	158	and	and	CCONJ
ftr-349	116	159	advertising	advertising	NOUN
ftr-349	116	160	technologies	technology	NOUN
ftr-349	116	161	and	and	CCONJ
ftr-349	116	162	other	other	ADJ
ftr-349	116	163	intangible	intangible	ADJ
ftr-349	116	164	property	property	NOUN
ftr-349	116	165	for	for	ADP
ftr-349	116	166	the	the	DET
ftr-349	116	167	territory	territory	NOUN
ftr-349	116	168	comprising	comprise	VERB
ftr-349	116	169	europe	europe	PROPN
ftr-349	116	170	,	,	PUNCT
ftr-349	116	171	the	the	DET
ftr-349	116	172	middle	middle	PROPN
ftr-349	116	173	east	east	PROPN
ftr-349	116	174	,	,	PUNCT
ftr-349	116	175	and	and	CCONJ
ftr-349	116	176	africa	africa	PROPN
ftr-349	116	177	(	(	PUNCT
ftr-349	116	178	“	"	PUNCT
ftr-349	116	179	emea	emea	PROPN
ftr-349	116	180	”	"	PUNCT
ftr-349	116	181	)	)	PUNCT
ftr-349	116	182	.	.	PUNCT
ftr-349	117	1	google	google	PROPN
ftr-349	117	2	commenced	commence	VERB
ftr-349	117	3	its	its	PRON
ftr-349	117	4	irish	irish	ADJ
ftr-349	117	5	operations	operation	NOUN
ftr-349	117	6	in	in	ADP
ftr-349	117	7	2003	2003	NUM
ftr-349	117	8	with	with	ADP
ftr-349	117	9	five	five	NUM
ftr-349	117	10	employees.13	employees.13	PROPN
ftr-349	117	11	ireland	ireland	NOUN
ftr-349	117	12	holdings	holding	NOUN
ftr-349	117	13	made	make	VERB
ftr-349	117	14	an	an	DET
ftr-349	117	15	undisclosed	undisclosed	ADJ
ftr-349	117	16	“	"	PUNCT
ftr-349	117	17	buy	buy	VERB
ftr-349	117	18	-	-	PUNCT
ftr-349	117	19	in	in	ADP
ftr-349	117	20	”	"	PUNCT
ftr-349	117	21	payment	payment	NOUN
ftr-349	117	22	for	for	ADP
ftr-349	117	23	rights	right	NOUN
ftr-349	117	24	to	to	ADP
ftr-349	117	25	the	the	DET
ftr-349	117	26	google	google	PROPN
ftr-349	117	27	technologies	technology	NOUN
ftr-349	117	28	as	as	SCONJ
ftr-349	117	29	they	they	PRON
ftr-349	117	30	then	then	ADV
ftr-349	117	31	existed	exist	VERB
ftr-349	117	32	,	,	PUNCT
ftr-349	117	33	and	and	CCONJ
ftr-349	117	34	further	far	ADV
ftr-349	117	35	appears	appear	VERB
ftr-349	117	36	to	to	PART
ftr-349	117	37	have	have	AUX
ftr-349	117	38	agreed	agree	VERB
ftr-349	117	39	pursuant	pursuant	ADJ
ftr-349	117	40	to	to	ADP
ftr-349	117	41	a	a	DET
ftr-349	117	42	“	"	PUNCT
ftr-349	117	43	cost	cost	NOUN
ftr-349	117	44	sharing	sharing	NOUN
ftr-349	117	45	agreement	agreement	NOUN
ftr-349	117	46	”	"	PUNCT
ftr-349	117	47	to	to	PART
ftr-349	117	48	bear	bear	VERB
ftr-349	117	49	future	future	ADJ
ftr-349	117	50	development	development	NOUN
ftr-349	117	51	costs	cost	NOUN
ftr-349	117	52	in	in	ADP
ftr-349	117	53	proportion	proportion	NOUN
ftr-349	117	54	to	to	ADP
ftr-349	117	55	the	the	DET
ftr-349	117	56	size	size	NOUN
ftr-349	117	57	that	that	PRON
ftr-349	117	58	the	the	DET
ftr-349	117	59	emea	emea	PROPN
ftr-349	117	60	market	market	PROPN
ftr-349	117	61	bore	bore	PROPN
ftr-349	117	62	to	to	ADP
ftr-349	117	63	the	the	DET
ftr-349	117	64	worldwide	worldwide	ADJ
ftr-349	117	65	luxembourg	luxembourg	PROPN
ftr-349	117	66	-	-	PUNCT
ftr-349	117	67	based	base	VERB
ftr-349	117	68	company	company	NOUN
ftr-349	117	69	)	)	PUNCT
ftr-349	117	70	has	have	AUX
ftr-349	117	71	been	be	AUX
ftr-349	117	72	explained	explain	VERB
ftr-349	117	73	as	as	ADP
ftr-349	117	74	a	a	DET
ftr-349	117	75	tax	tax	NOUN
ftr-349	117	76	-	-	PUNCT
ftr-349	117	77	efficient	efficient	ADJ
ftr-349	117	78	use	use	NOUN
ftr-349	117	79	of	of	ADP
ftr-349	117	80	the	the	DET
ftr-349	117	81	firm	firm	NOUN
ftr-349	117	82	’s	’s	PART
ftr-349	117	83	vast	vast	ADJ
ftr-349	117	84	hoard	hoard	NOUN
ftr-349	117	85	of	of	ADP
ftr-349	117	86	offshore	offshore	ADJ
ftr-349	117	87	cash	cash	NOUN
ftr-349	117	88	.	.	PUNCT
ftr-349	118	1	see	see	VERB
ftr-349	118	2	zaid	zaid	PROPN
ftr-349	118	3	jilani	jilani	PROPN
ftr-349	118	4	,	,	PUNCT
ftr-349	118	5	microsoft	microsoft	PROPN
ftr-349	118	6	structured	structure	VERB
ftr-349	118	7	acquisition	acquisition	NOUN
ftr-349	118	8	of	of	ADP
ftr-349	118	9	skype	skype	NOUN
ftr-349	118	10	to	to	PART
ftr-349	118	11	avoid	avoid	VERB
ftr-349	118	12	u.s	u.s	PROPN
ftr-349	118	13	.	.	PROPN
ftr-349	118	14	taxes	taxis	NOUN
ftr-349	118	15	,	,	PUNCT
ftr-349	118	16	http://thinkprogress.org/	http://thinkprogress.org/	PRON
ftr-349	118	17	2011/05/13	2011/05/13	NOUN
ftr-349	118	18	/	/	SYM
ftr-349	118	19	microsoft	microsoft	PROPN
ftr-349	118	20	-	-	PUNCT
ftr-349	118	21	skypetax	skypetax	NOUN
ftr-349	118	22	-	-	PUNCT
ftr-349	118	23	havens/	havens/	NUM
ftr-349	118	24	[	[	PUNCT
ftr-349	118	25	hereinafter	hereinafter	NOUN
ftr-349	118	26	jilani	jilani	NOUN
ftr-349	118	27	,	,	PUNCT
ftr-349	118	28	microsoft	microsoft	PROPN
ftr-349	118	29	structured	structured	PROPN
ftr-349	118	30	acquisition	acquisition	NOUN
ftr-349	118	31	]	]	PUNCT
ftr-349	118	32	.	.	PUNCT
ftr-349	119	1	11	11	NUM
ftr-349	119	2	.	.	PUNCT
ftr-349	120	1	the	the	DET
ftr-349	120	2	facts	fact	NOUN
ftr-349	120	3	that	that	PRON
ftr-349	120	4	follow	follow	VERB
ftr-349	120	5	are	be	AUX
ftr-349	120	6	drawn	draw	VERB
ftr-349	120	7	principally	principally	ADV
ftr-349	120	8	from	from	ADP
ftr-349	120	9	jesse	jesse	PROPN
ftr-349	120	10	drucker	drucker	PROPN
ftr-349	120	11	,	,	PUNCT
ftr-349	120	12	google	google	PROPN
ftr-349	120	13	2.4	2.4	NUM
ftr-349	120	14	%	%	NOUN
ftr-349	120	15	rate	rate	NOUN
ftr-349	120	16	shows	show	VERB
ftr-349	120	17	how	how	SCONJ
ftr-349	120	18	$	$	SYM
ftr-349	120	19	60	60	NUM
ftr-349	120	20	billion	billion	NUM
ftr-349	120	21	lost	lose	VERB
ftr-349	120	22	to	to	ADP
ftr-349	120	23	tax	tax	NOUN
ftr-349	120	24	loopholes	loophole	NOUN
ftr-349	120	25	,	,	PUNCT
ftr-349	120	26	bloomberg	bloomberg	PROPN
ftr-349	120	27	,	,	PUNCT
ftr-349	120	28	oct	oct	PROPN
ftr-349	120	29	.	.	PROPN
ftr-349	120	30	21	21	NUM
ftr-349	120	31	,	,	PUNCT
ftr-349	120	32	2010	2010	NUM
ftr-349	120	33	,	,	PUNCT
ftr-349	120	34	http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how-60billion-u-s-revenue-lost-to-tax-loopholes.html	http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how-60billion-u-s-revenue-lost-to-tax-loopholes.html	PROPN
ftr-349	121	1	[	[	X
ftr-349	121	2	hereinafter	hereinafter	NOUN
ftr-349	121	3	drucker	drucker	NOUN
ftr-349	121	4	,	,	PUNCT
ftr-349	121	5	google	google	PROPN
ftr-349	121	6	2.4	2.4	NUM
ftr-349	121	7	%	%	NOUN
ftr-349	121	8	rate	rate	NOUN
ftr-349	121	9	]	]	PUNCT
ftr-349	121	10	as	as	SCONJ
ftr-349	121	11	supplemented	supplement	VERB
ftr-349	121	12	by	by	ADP
ftr-349	121	13	inferences	inference	NOUN
ftr-349	121	14	drawn	draw	VERB
ftr-349	121	15	from	from	ADP
ftr-349	121	16	joseph	joseph	PROPN
ftr-349	121	17	b.	b.	PROPN
ftr-349	121	18	darby	darby	PROPN
ftr-349	121	19	iii	iii	PROPN
ftr-349	121	20	and	and	CCONJ
ftr-349	121	21	kelsey	kelsey	PROPN
ftr-349	121	22	lemaster	lemaster	PROPN
ftr-349	121	23	,	,	PUNCT
ftr-349	121	24	double	double	ADJ
ftr-349	121	25	irish	irish	NOUN
ftr-349	121	26	more	more	ADV
ftr-349	121	27	than	than	ADP
ftr-349	121	28	doubles	double	VERB
ftr-349	121	29	the	the	DET
ftr-349	121	30	tax	tax	NOUN
ftr-349	121	31	saving	saving	NOUN
ftr-349	121	32	:	:	PUNCT
ftr-349	121	33	hybrid	hybrid	ADJ
ftr-349	121	34	structure	structure	NOUN
ftr-349	121	35	reduces	reduce	VERB
ftr-349	121	36	irish	irish	ADJ
ftr-349	121	37	,	,	PUNCT
ftr-349	121	38	us	we	PRON
ftr-349	121	39	and	and	CCONJ
ftr-349	121	40	worldwide	worldwide	ADJ
ftr-349	121	41	taxation	taxation	NOUN
ftr-349	121	42	,	,	PUNCT
ftr-349	121	43	11	11	NUM
ftr-349	121	44	practical	practical	ADJ
ftr-349	121	45	u.s./int’l	u.s./int’l	PROPN
ftr-349	121	46	tax	tax	NOUN
ftr-349	121	47	strategies	strategy	NOUN
ftr-349	121	48	2	2	NUM
ftr-349	121	49	(	(	PUNCT
ftr-349	121	50	2007	2007	NUM
ftr-349	121	51	)	)	PUNCT
ftr-349	122	1	[	[	X
ftr-349	122	2	hereinafter	hereinafter	NOUN
ftr-349	122	3	darby	darby	PROPN
ftr-349	122	4	&	&	CCONJ
ftr-349	122	5	lemaster	lemaster	PROPN
ftr-349	122	6	,	,	PUNCT
ftr-349	122	7	double	double	ADJ
ftr-349	122	8	irish	irish	NOUN
ftr-349	122	9	]	]	PUNCT
ftr-349	122	10	.	.	PUNCT
ftr-349	123	1	since	since	SCONJ
ftr-349	123	2	google	google	PROPN
ftr-349	123	3	’s	’s	PART
ftr-349	123	4	tax	tax	NOUN
ftr-349	123	5	planning	planning	NOUN
ftr-349	123	6	is	be	AUX
ftr-349	123	7	not	not	PART
ftr-349	123	8	transparent	transparent	ADJ
ftr-349	123	9	to	to	ADP
ftr-349	123	10	outside	outside	ADJ
ftr-349	123	11	observers	observer	NOUN
ftr-349	123	12	,	,	PUNCT
ftr-349	123	13	it	it	PRON
ftr-349	123	14	is	be	AUX
ftr-349	123	15	possible	possible	ADJ
ftr-349	123	16	that	that	SCONJ
ftr-349	123	17	there	there	PRON
ftr-349	123	18	are	be	VERB
ftr-349	123	19	some	some	DET
ftr-349	123	20	slight	slight	ADJ
ftr-349	123	21	mischaracterizations	mischaracterization	NOUN
ftr-349	123	22	of	of	ADP
ftr-349	123	23	details	detail	NOUN
ftr-349	123	24	in	in	ADP
ftr-349	123	25	the	the	DET
ftr-349	123	26	text	text	NOUN
ftr-349	123	27	,	,	PUNCT
ftr-349	123	28	but	but	CCONJ
ftr-349	123	29	these	these	PRON
ftr-349	123	30	would	would	AUX
ftr-349	123	31	not	not	PART
ftr-349	123	32	change	change	VERB
ftr-349	123	33	the	the	DET
ftr-349	123	34	thrust	thrust	NOUN
ftr-349	123	35	of	of	ADP
ftr-349	123	36	the	the	DET
ftr-349	123	37	points	point	NOUN
ftr-349	123	38	made	make	VERB
ftr-349	123	39	therein	therein	ADV
ftr-349	123	40	.	.	PUNCT
ftr-349	124	1	12	12	NUM
ftr-349	124	2	.	.	PUNCT
ftr-349	125	1	as	as	ADP
ftr-349	125	2	one	one	NUM
ftr-349	125	3	example	example	NOUN
ftr-349	125	4	roughly	roughly	ADV
ftr-349	125	5	contemporaneous	contemporaneous	ADJ
ftr-349	125	6	with	with	ADP
ftr-349	125	7	google	google	PROPN
ftr-349	125	8	’s	’s	PART
ftr-349	125	9	double	double	ADJ
ftr-349	125	10	irish	irish	PROPN
ftr-349	125	11	dutch	dutch	PROPN
ftr-349	125	12	sandwich	sandwich	NOUN
ftr-349	125	13	,	,	PUNCT
ftr-349	125	14	see	see	VERB
ftr-349	125	15	jeffrey	jeffrey	PROPN
ftr-349	125	16	l.	l.	PROPN
ftr-349	125	17	rubinger	rubinger	PROPN
ftr-349	125	18	&	&	CCONJ
ftr-349	125	19	william	william	PROPN
ftr-349	125	20	b.	b.	PROPN
ftr-349	125	21	sherman	sherman	PROPN
ftr-349	125	22	,	,	PUNCT
ftr-349	125	23	holding	hold	VERB
ftr-349	125	24	intangibles	intangible	NOUN
ftr-349	125	25	offshore	offshore	ADV
ftr-349	125	26	may	may	AUX
ftr-349	125	27	produce	produce	VERB
ftr-349	125	28	tangible	tangible	ADJ
ftr-349	125	29	tax	tax	NOUN
ftr-349	125	30	benefits	benefit	NOUN
ftr-349	125	31	,	,	PUNCT
ftr-349	125	32	106	106	NUM
ftr-349	125	33	tax	tax	NOUN
ftr-349	125	34	notes	note	NOUN
ftr-349	125	35	938	938	NUM
ftr-349	125	36	(	(	PUNCT
ftr-349	125	37	feb	feb	PROPN
ftr-349	125	38	,	,	PUNCT
ftr-349	125	39	21	21	NUM
ftr-349	125	40	,	,	PUNCT
ftr-349	125	41	2005	2005	NUM
ftr-349	125	42	)	)	PUNCT
ftr-349	125	43	,	,	PUNCT
ftr-349	125	44	proposing	propose	VERB
ftr-349	125	45	a	a	DET
ftr-349	125	46	complex	complex	ADJ
ftr-349	125	47	structure	structure	NOUN
ftr-349	125	48	involving	involve	VERB
ftr-349	125	49	norwegian	norwegian	ADJ
ftr-349	125	50	companies	company	NOUN
ftr-349	125	51	to	to	PART
ftr-349	125	52	achieve	achieve	VERB
ftr-349	125	53	comparable	comparable	ADJ
ftr-349	125	54	results	result	NOUN
ftr-349	125	55	.	.	PUNCT
ftr-349	126	1	13	13	NUM
ftr-349	126	2	.	.	PUNCT
ftr-349	126	3	angus	angus	PROPN
ftr-349	126	4	kelsall	kelsall	PROPN
ftr-349	126	5	,	,	PUNCT
ftr-349	126	6	dublin	dublin	PROPN
ftr-349	126	7	go	go	PROPN
ftr-349	126	8	bragh	bragh	PROPN
ftr-349	126	9	,	,	PUNCT
ftr-349	126	10	google	google	PROPN
ftr-349	126	11	blog	blog	PROPN
ftr-349	126	12	(	(	PUNCT
ftr-349	126	13	oct	oct	PROPN
ftr-349	126	14	.	.	PROPN
ftr-349	126	15	6	6	NUM
ftr-349	126	16	,	,	PUNCT
ftr-349	126	17	2004	2004	NUM
ftr-349	126	18	)	)	PUNCT
ftr-349	126	19	,	,	PUNCT
ftr-349	126	20	http://googleblog.blogspot.com/2004/10/dublin-go-bragh.html	http://googleblog.blogspot.com/2004/10/dublin-go-bragh.html	X
ftr-349	126	21	(	(	PUNCT
ftr-349	126	22	“	"	PUNCT
ftr-349	126	23	a	a	DET
ftr-349	126	24	year	year	NOUN
ftr-349	126	25	ago	ago	ADV
ftr-349	126	26	,	,	PUNCT
ftr-349	126	27	dublin	dublin	PROPN
ftr-349	126	28	became	become	VERB
ftr-349	126	29	the	the	DET
ftr-349	126	30	first	first	ADJ
ftr-349	126	31	location	location	NOUN
ftr-349	126	32	for	for	ADP
ftr-349	126	33	google	google	PROPN
ftr-349	126	34	’s	’s	PART
ftr-349	126	35	regional	regional	ADJ
ftr-349	126	36	operations	operation	NOUN
ftr-349	126	37	outside	outside	ADP
ftr-349	126	38	the	the	DET
ftr-349	126	39	u.s	u.s	PROPN
ftr-349	126	40	.	.	PROPN
ftr-349	127	1	we	we	PRON
ftr-349	127	2	designed	design	VERB
ftr-349	127	3	it	it	PRON
ftr-349	127	4	to	to	PART
ftr-349	127	5	serve	serve	VERB
ftr-349	127	6	google	google	PROPN
ftr-349	127	7	customers	customer	NOUN
ftr-349	127	8	across	across	ADP
ftr-349	127	9	multiple	multiple	ADJ
ftr-349	127	10	time	time	NOUN
ftr-349	127	11	zones	zone	NOUN
ftr-349	127	12	and	and	CCONJ
ftr-349	127	13	languages	language	NOUN
ftr-349	127	14	spanning	span	VERB
ftr-349	127	15	europe	europe	PROPN
ftr-349	127	16	,	,	PUNCT
ftr-349	127	17	the	the	DET
ftr-349	127	18	middle	middle	PROPN
ftr-349	127	19	east	east	PROPN
ftr-349	127	20	and	and	CCONJ
ftr-349	127	21	africa	africa	PROPN
ftr-349	127	22	.	.	PUNCT
ftr-349	128	1	there	there	PRON
ftr-349	128	2	were	be	VERB
ftr-349	128	3	just	just	ADV
ftr-349	128	4	five	five	NUM
ftr-349	128	5	of	of	ADP
ftr-349	128	6	us	we	PRON
ftr-349	128	7	in	in	ADP
ftr-349	128	8	2003	2003	NUM
ftr-349	128	9	.	.	PUNCT
ftr-349	129	1	today	today	NOUN
ftr-349	129	2	we	we	PRON
ftr-349	129	3	’ve	’ve	AUX
ftr-349	129	4	built	build	VERB
ftr-349	129	5	a	a	DET
ftr-349	129	6	team	team	NOUN
ftr-349	129	7	of	of	ADP
ftr-349	129	8	150	150	NUM
ftr-349	129	9	.	.	PUNCT
ftr-349	129	10	.	.	PUNCT
ftr-349	129	11	.	.	PUNCT
ftr-349	129	12	.	.	PUNCT
ftr-349	129	13	”	"	PUNCT
ftr-349	129	14	)	)	PUNCT
ftr-349	129	15	.	.	PUNCT
ftr-349	130	1	708	708	NUM
ftr-349	130	2	florida	florida	PROPN
ftr-349	130	3	tax	tax	NOUN
ftr-349	130	4	review	review	NOUN
ftr-349	130	5	[	[	X
ftr-349	130	6	vol	vol	NOUN
ftr-349	130	7	.	.	PUNCT
ftr-349	131	1	11:9	11:9	NUM
ftr-349	131	2	market	market	NOUN
ftr-349	131	3	for	for	ADP
ftr-349	131	4	those	those	DET
ftr-349	131	5	technologies.14	technologies.14	NOUN
ftr-349	131	6	as	as	ADP
ftr-349	131	7	a	a	DET
ftr-349	131	8	practical	practical	ADJ
ftr-349	131	9	matter	matter	NOUN
ftr-349	131	10	,	,	PUNCT
ftr-349	131	11	that	that	DET
ftr-349	131	12	buy	buy	VERB
ftr-349	131	13	-	-	PUNCT
ftr-349	131	14	in	in	ADP
ftr-349	131	15	payment	payment	NOUN
ftr-349	131	16	likely	likely	ADV
ftr-349	131	17	reflected	reflect	VERB
ftr-349	131	18	in	in	ADP
ftr-349	131	19	part	part	NOUN
ftr-349	131	20	the	the	DET
ftr-349	131	21	then	then	ADV
ftr-349	131	22	-	-	PUNCT
ftr-349	131	23	market	market	NOUN
ftr-349	131	24	capitalization	capitalization	NOUN
ftr-349	131	25	of	of	ADP
ftr-349	131	26	google	google	PROPN
ftr-349	131	27	(	(	PUNCT
ftr-349	131	28	which	which	PRON
ftr-349	131	29	in	in	ADP
ftr-349	131	30	turn	turn	NOUN
ftr-349	131	31	would	would	AUX
ftr-349	131	32	have	have	AUX
ftr-349	131	33	been	be	AUX
ftr-349	131	34	a	a	DET
ftr-349	131	35	good	good	ADJ
ftr-349	131	36	proxy	proxy	NOUN
ftr-349	131	37	for	for	ADP
ftr-349	131	38	the	the	DET
ftr-349	131	39	value	value	NOUN
ftr-349	131	40	of	of	ADP
ftr-349	131	41	its	its	PRON
ftr-349	131	42	intangible	intangible	ADJ
ftr-349	131	43	assets	asset	NOUN
ftr-349	131	44	)	)	PUNCT
ftr-349	131	45	;	;	PUNCT
ftr-349	131	46	that	that	DET
ftr-349	131	47	value	value	NOUN
ftr-349	131	48	in	in	ADP
ftr-349	131	49	turn	turn	NOUN
ftr-349	131	50	presumably	presumably	ADV
ftr-349	131	51	was	be	AUX
ftr-349	131	52	much	much	ADV
ftr-349	131	53	smaller	small	ADJ
ftr-349	131	54	than	than	ADP
ftr-349	131	55	the	the	DET
ftr-349	131	56	value	value	NOUN
ftr-349	131	57	that	that	PRON
ftr-349	131	58	might	might	AUX
ftr-349	131	59	have	have	AUX
ftr-349	131	60	been	be	AUX
ftr-349	131	61	inferred	infer	VERB
ftr-349	131	62	post	post	ADJ
ftr-349	131	63	-	-	NOUN
ftr-349	131	64	ipo.15	ipo.15	NOUN
ftr-349	131	65	regardless	regardless	ADV
ftr-349	131	66	,	,	PUNCT
ftr-349	131	67	in	in	ADP
ftr-349	131	68	2006	2006	NUM
ftr-349	131	69	google	google	PROPN
ftr-349	131	70	eventually	eventually	ADV
ftr-349	131	71	negotiated	negotiate	VERB
ftr-349	131	72	an	an	DET
ftr-349	131	73	advance	advance	NOUN
ftr-349	131	74	pricing	pricing	NOUN
ftr-349	131	75	agreement	agreement	NOUN
ftr-349	131	76	with	with	ADP
ftr-349	131	77	the	the	DET
ftr-349	131	78	internal	internal	ADJ
ftr-349	131	79	revenue	revenue	NOUN
ftr-349	131	80	service	service	NOUN
ftr-349	131	81	that	that	PRON
ftr-349	131	82	accepted	accept	VERB
ftr-349	131	83	the	the	DET
ftr-349	131	84	bona	bona	ADJ
ftr-349	131	85	fides	fide	NOUN
ftr-349	131	86	of	of	ADP
ftr-349	131	87	the	the	DET
ftr-349	131	88	2003	2003	NUM
ftr-349	131	89	buy	buy	NOUN
ftr-349	131	90	-	-	PUNCT
ftr-349	131	91	in	in	ADP
ftr-349	131	92	payments	payment	NOUN
ftr-349	131	93	for	for	ADP
ftr-349	131	94	the	the	DET
ftr-349	131	95	then	then	ADV
ftr-349	131	96	-	-	PUNCT
ftr-349	131	97	existing	exist	VERB
ftr-349	131	98	intangibles	intangible	NOUN
ftr-349	131	99	;	;	PUNCT
ftr-349	131	100	the	the	DET
ftr-349	131	101	terms	term	NOUN
ftr-349	131	102	of	of	ADP
ftr-349	131	103	the	the	DET
ftr-349	131	104	advance	advance	NOUN
ftr-349	131	105	pricing	pricing	NOUN
ftr-349	131	106	agreement	agreement	NOUN
ftr-349	131	107	(	(	PUNCT
ftr-349	131	108	like	like	ADP
ftr-349	131	109	all	all	DET
ftr-349	131	110	such	such	ADJ
ftr-349	131	111	agreements	agreement	NOUN
ftr-349	131	112	)	)	PUNCT
ftr-349	131	113	are	be	AUX
ftr-349	131	114	not	not	PART
ftr-349	131	115	public	public	ADJ
ftr-349	131	116	.	.	PUNCT
ftr-349	132	1	the	the	DET
ftr-349	132	2	google	google	PROPN
ftr-349	132	3	structure	structure	NOUN
ftr-349	132	4	immediately	immediately	ADV
ftr-349	132	5	after	after	ADP
ftr-349	132	6	entering	enter	VERB
ftr-349	132	7	into	into	ADP
ftr-349	132	8	the	the	DET
ftr-349	132	9	cost	cost	NOUN
ftr-349	132	10	sharing	sharing	NOUN
ftr-349	132	11	agreement	agreement	NOUN
ftr-349	132	12	can	can	AUX
ftr-349	132	13	be	be	AUX
ftr-349	132	14	represented	represent	VERB
ftr-349	132	15	schematically	schematically	NOUN
ftr-349	132	16	as	as	SCONJ
ftr-349	132	17	follows	follow	VERB
ftr-349	132	18	:	:	PUNCT
ftr-349	132	19	14	14	NUM
ftr-349	132	20	.	.	X
ftr-349	133	1	for	for	ADP
ftr-349	133	2	a	a	DET
ftr-349	133	3	brief	brief	ADJ
ftr-349	133	4	summary	summary	NOUN
ftr-349	133	5	of	of	ADP
ftr-349	133	6	cost	cost	NOUN
ftr-349	133	7	sharing	sharing	NOUN
ftr-349	133	8	agreements	agreement	NOUN
ftr-349	133	9	,	,	PUNCT
ftr-349	133	10	see	see	VERB
ftr-349	133	11	staff	staff	NOUN
ftr-349	133	12	of	of	ADP
ftr-349	133	13	the	the	DET
ftr-349	133	14	joint	joint	ADJ
ftr-349	133	15	comm	comm	NOUN
ftr-349	133	16	.	.	PUNCT
ftr-349	134	1	on	on	ADP
ftr-349	134	2	tax’n	tax’n	NUM
ftr-349	134	3	,	,	PUNCT
ftr-349	134	4	present	present	ADJ
ftr-349	134	5	law	law	NOUN
ftr-349	134	6	and	and	CCONJ
ftr-349	134	7	background	background	NOUN
ftr-349	134	8	related	relate	VERB
ftr-349	134	9	to	to	ADP
ftr-349	134	10	possible	possible	ADJ
ftr-349	134	11	income	income	NOUN
ftr-349	134	12	shifting	shift	VERB
ftr-349	134	13	and	and	CCONJ
ftr-349	134	14	transfer	transfer	VERB
ftr-349	134	15	pricing	pricing	NOUN
ftr-349	134	16	(	(	PUNCT
ftr-349	134	17	jcx-37	jcx-37	NOUN
ftr-349	134	18	-	-	PUNCT
ftr-349	134	19	10	10	NUM
ftr-349	134	20	)	)	PUNCT
ftr-349	134	21	25–29	25–29	NOUN
ftr-349	134	22	,	,	PUNCT
ftr-349	134	23	111–14	111–14	NUM
ftr-349	134	24	(	(	PUNCT
ftr-349	134	25	2010	2010	NUM
ftr-349	134	26	)	)	PUNCT
ftr-349	135	1	[	[	X
ftr-349	135	2	hereinafter	hereinafter	NOUN
ftr-349	135	3	jct	jct	PROPN
ftr-349	135	4	,	,	PUNCT
ftr-349	135	5	income	income	NOUN
ftr-349	135	6	shifting	shift	VERB
ftr-349	135	7	and	and	CCONJ
ftr-349	135	8	transfer	transfer	VERB
ftr-349	135	9	pricing	pricing	NOUN
ftr-349	135	10	]	]	PUNCT
ftr-349	135	11	.	.	PUNCT
ftr-349	136	1	veritas	veritas	PROPN
ftr-349	136	2	software	software	PROPN
ftr-349	136	3	corp	corp	PROPN
ftr-349	136	4	.	.	PROPN
ftr-349	137	1	v.	v.	PROPN
ftr-349	137	2	commissioner	commissioner	NOUN
ftr-349	137	3	(	(	PUNCT
ftr-349	137	4	symantec	symantec	NOUN
ftr-349	137	5	)	)	PUNCT
ftr-349	137	6	,	,	PUNCT
ftr-349	137	7	133	133	NUM
ftr-349	137	8	t.c	t.c	PROPN
ftr-349	137	9	.	.	PROPN
ftr-349	137	10	297	297	NUM
ftr-349	137	11	(	(	PUNCT
ftr-349	137	12	2009	2009	NUM
ftr-349	137	13	)	)	PUNCT
ftr-349	138	1	,	,	PUNCT
ftr-349	138	2	offers	offer	VERB
ftr-349	138	3	an	an	DET
ftr-349	138	4	important	important	ADJ
ftr-349	138	5	window	window	NOUN
ftr-349	138	6	into	into	ADP
ftr-349	138	7	how	how	SCONJ
ftr-349	138	8	cost	cost	NOUN
ftr-349	138	9	sharing	sharing	NOUN
ftr-349	138	10	agreements	agreement	NOUN
ftr-349	138	11	actually	actually	ADV
ftr-349	138	12	were	be	AUX
ftr-349	138	13	constructed	construct	VERB
ftr-349	138	14	at	at	ADP
ftr-349	138	15	times	time	NOUN
ftr-349	138	16	proximate	proximate	NOUN
ftr-349	138	17	to	to	ADP
ftr-349	138	18	the	the	DET
ftr-349	138	19	formation	formation	NOUN
ftr-349	138	20	of	of	ADP
ftr-349	138	21	ireland	ireland	NOUN
ftr-349	138	22	holdings	holding	NOUN
ftr-349	138	23	.	.	PUNCT
ftr-349	139	1	in	in	ADP
ftr-349	139	2	veritas	verita	NOUN
ftr-349	139	3	,	,	PUNCT
ftr-349	139	4	the	the	DET
ftr-349	139	5	tax	tax	NOUN
ftr-349	139	6	court	court	NOUN
ftr-349	139	7	accepted	accept	VERB
ftr-349	139	8	as	as	ADP
ftr-349	139	9	correct	correct	ADJ
ftr-349	139	10	the	the	DET
ftr-349	139	11	$	$	SYM
ftr-349	139	12	118	118	NUM
ftr-349	139	13	million	million	NUM
ftr-349	139	14	dollar	dollar	NOUN
ftr-349	139	15	cost	cost	NOUN
ftr-349	139	16	-	-	PUNCT
ftr-349	139	17	sharing	sharing	NOUN
ftr-349	139	18	“	"	PUNCT
ftr-349	139	19	buy	buy	VERB
ftr-349	139	20	-	-	PUNCT
ftr-349	139	21	in	in	ADP
ftr-349	139	22	”	"	PUNCT
ftr-349	139	23	payments	payment	NOUN
ftr-349	139	24	made	make	VERB
ftr-349	139	25	by	by	ADP
ftr-349	139	26	an	an	DET
ftr-349	139	27	irish	irish	ADJ
ftr-349	139	28	subsidiary	subsidiary	NOUN
ftr-349	139	29	of	of	ADP
ftr-349	139	30	a	a	DET
ftr-349	139	31	u.s	u.s	PROPN
ftr-349	139	32	.	.	PROPN
ftr-349	139	33	parent	parent	NOUN
ftr-349	139	34	company	company	NOUN
ftr-349	139	35	beginning	begin	VERB
ftr-349	139	36	in	in	ADP
ftr-349	139	37	1999	1999	NUM
ftr-349	139	38	against	against	ADP
ftr-349	139	39	a	a	DET
ftr-349	139	40	challenge	challenge	NOUN
ftr-349	139	41	by	by	ADP
ftr-349	139	42	the	the	DET
ftr-349	139	43	internal	internal	ADJ
ftr-349	139	44	revenue	revenue	NOUN
ftr-349	139	45	service	service	NOUN
ftr-349	139	46	that	that	PRON
ftr-349	139	47	the	the	DET
ftr-349	139	48	correct	correct	ADJ
ftr-349	139	49	number	number	NOUN
ftr-349	139	50	for	for	ADP
ftr-349	139	51	the	the	DET
ftr-349	139	52	buy	buy	VERB
ftr-349	139	53	-	-	PUNCT
ftr-349	139	54	in	in	ADP
ftr-349	139	55	payment	payment	NOUN
ftr-349	139	56	was	be	AUX
ftr-349	139	57	$	$	SYM
ftr-349	139	58	1.675	1.675	NUM
ftr-349	139	59	billion	billion	NUM
ftr-349	139	60	.	.	PUNCT
ftr-349	140	1	see	see	VERB
ftr-349	140	2	i	i	PRON
ftr-349	140	3	d.	d.	PROPN
ftr-349	140	4	at	at	ADP
ftr-349	140	5	315–16	315–16	NOUN
ftr-349	140	6	.	.	PUNCT
ftr-349	141	1	for	for	ADP
ftr-349	141	2	brief	brief	ADJ
ftr-349	141	3	summaries	summary	NOUN
ftr-349	141	4	,	,	PUNCT
ftr-349	141	5	see	see	VERB
ftr-349	141	6	,	,	PUNCT
ftr-349	141	7	e.g.	e.g.	ADV
ftr-349	141	8	,	,	PUNCT
ftr-349	141	9	kerwin	kerwin	PROPN
ftr-349	141	10	chung	chung	PROPN
ftr-349	141	11	,	,	PUNCT
ftr-349	141	12	cindy	cindy	PROPN
ftr-349	141	13	hustad	hustad	PROPN
ftr-349	141	14	,	,	PUNCT
ftr-349	141	15	&	&	CCONJ
ftr-349	141	16	alan	alan	PROPN
ftr-349	141	17	shapiro	shapiro	PROPN
ftr-349	141	18	,	,	PUNCT
ftr-349	141	19	tax	tax	NOUN
ftr-349	141	20	court	court	NOUN
ftr-349	141	21	rejects	reject	VERB
ftr-349	141	22	irs	irs	PROPN
ftr-349	141	23	’s	’s	PART
ftr-349	141	24	costsharing	costshare	VERB
ftr-349	141	25	buy	buy	NOUN
ftr-349	141	26	-	-	PUNCT
ftr-349	141	27	in	in	ADP
ftr-349	141	28	analysis	analysis	NOUN
ftr-349	141	29	,	,	PUNCT
ftr-349	141	30	125	125	NUM
ftr-349	141	31	tax	tax	NOUN
ftr-349	141	32	notes	note	NOUN
ftr-349	141	33	1343	1343	NUM
ftr-349	141	34	(	(	PUNCT
ftr-349	141	35	dec	dec	PROPN
ftr-349	141	36	.	.	PROPN
ftr-349	141	37	21	21	NUM
ftr-349	141	38	,	,	PUNCT
ftr-349	141	39	2009	2009	NUM
ftr-349	141	40	)	)	PUNCT
ftr-349	141	41	;	;	PUNCT
ftr-349	141	42	stephen	stephen	PROPN
ftr-349	141	43	blough	blough	PROPN
ftr-349	141	44	,	,	PUNCT
ftr-349	141	45	charles	charles	PROPN
ftr-349	141	46	cope	cope	PROPN
ftr-349	141	47	,	,	PUNCT
ftr-349	141	48	&	&	CCONJ
ftr-349	141	49	thomas	thomas	PROPN
ftr-349	141	50	zollo	zollo	PROPN
ftr-349	141	51	,	,	PUNCT
ftr-349	141	52	veritas	verita	NOUN
ftr-349	141	53	vincit	vincit	NOUN
ftr-349	141	54	,	,	PUNCT
ftr-349	141	55	126	126	NUM
ftr-349	141	56	tax	tax	NOUN
ftr-349	141	57	notes	note	NOUN
ftr-349	141	58	839	839	NUM
ftr-349	141	59	(	(	PUNCT
ftr-349	141	60	feb	feb	PROPN
ftr-349	141	61	.	.	PROPN
ftr-349	141	62	15	15	NUM
ftr-349	141	63	,	,	PUNCT
ftr-349	141	64	2010	2010	NUM
ftr-349	141	65	)	)	PUNCT
ftr-349	141	66	.	.	PUNCT
ftr-349	142	1	more	more	ADV
ftr-349	142	2	recently	recently	ADV
ftr-349	142	3	the	the	DET
ftr-349	142	4	internal	internal	ADJ
ftr-349	142	5	revenue	revenue	NOUN
ftr-349	142	6	service	service	NOUN
ftr-349	142	7	announced	announce	VERB
ftr-349	142	8	that	that	SCONJ
ftr-349	142	9	it	it	PRON
ftr-349	142	10	would	would	AUX
ftr-349	142	11	not	not	PART
ftr-349	142	12	appeal	appeal	VERB
ftr-349	142	13	the	the	DET
ftr-349	142	14	veritas	verita	NOUN
ftr-349	142	15	decision	decision	NOUN
ftr-349	142	16	.	.	PUNCT
ftr-349	143	1	cindy	cindy	PROPN
ftr-349	143	2	hustad	hustad	PROPN
ftr-349	143	3	and	and	CCONJ
ftr-349	143	4	alan	alan	PROPN
ftr-349	143	5	shapiro	shapiro	PROPN
ftr-349	143	6	,	,	PUNCT
ftr-349	143	7	irs	irs	PROPN
ftr-349	143	8	decides	decide	VERB
ftr-349	143	9	not	not	PART
ftr-349	143	10	to	to	PART
ftr-349	143	11	appeal	appeal	VERB
ftr-349	143	12	veritas	verita	NOUN
ftr-349	143	13	;	;	PUNCT
ftr-349	143	14	action	action	NOUN
ftr-349	143	15	on	on	ADP
ftr-349	143	16	decision	decision	NOUN
ftr-349	143	17	issued	issue	VERB
ftr-349	143	18	,	,	PUNCT
ftr-349	143	19	129	129	NUM
ftr-349	143	20	tax	tax	NOUN
ftr-349	143	21	notes	note	NOUN
ftr-349	143	22	1342	1342	NUM
ftr-349	143	23	(	(	PUNCT
ftr-349	143	24	dec	dec	PROPN
ftr-349	143	25	.	.	PROPN
ftr-349	143	26	20	20	NUM
ftr-349	143	27	,	,	PUNCT
ftr-349	143	28	2010	2010	NUM
ftr-349	143	29	)	)	PUNCT
ftr-349	143	30	.	.	PUNCT
ftr-349	144	1	the	the	DET
ftr-349	144	2	relevant	relevant	ADJ
ftr-349	144	3	treasury	treasury	PROPN
ftr-349	144	4	regulations	regulation	NOUN
ftr-349	144	5	covering	cover	VERB
ftr-349	144	6	cost	cost	NOUN
ftr-349	144	7	sharing	sharing	NOUN
ftr-349	144	8	arrangements	arrangement	NOUN
ftr-349	144	9	were	be	AUX
ftr-349	144	10	revised	revise	VERB
ftr-349	144	11	in	in	ADP
ftr-349	144	12	2009	2009	NUM
ftr-349	144	13	;	;	PUNCT
ftr-349	144	14	the	the	DET
ftr-349	144	15	new	new	ADJ
ftr-349	144	16	regulations	regulation	NOUN
ftr-349	144	17	arguably	arguably	ADV
ftr-349	144	18	give	give	VERB
ftr-349	144	19	the	the	DET
ftr-349	144	20	internal	internal	ADJ
ftr-349	144	21	revenue	revenue	NOUN
ftr-349	144	22	service	service	NOUN
ftr-349	144	23	more	more	ADJ
ftr-349	144	24	scope	scope	NOUN
ftr-349	144	25	to	to	PART
ftr-349	144	26	insist	insist	VERB
ftr-349	144	27	that	that	SCONJ
ftr-349	144	28	buy	buy	VERB
ftr-349	144	29	-	-	PUNCT
ftr-349	144	30	in	in	ADP
ftr-349	144	31	payments	payment	NOUN
ftr-349	144	32	like	like	ADP
ftr-349	144	33	those	those	PRON
ftr-349	144	34	at	at	ADP
ftr-349	144	35	issue	issue	NOUN
ftr-349	144	36	in	in	ADP
ftr-349	144	37	veritas	verita	NOUN
ftr-349	144	38	must	must	AUX
ftr-349	144	39	take	take	VERB
ftr-349	144	40	notice	notice	NOUN
ftr-349	144	41	of	of	ADP
ftr-349	144	42	the	the	DET
ftr-349	144	43	value	value	NOUN
ftr-349	144	44	of	of	ADP
ftr-349	144	45	transferred	transfer	VERB
ftr-349	144	46	“	"	PUNCT
ftr-349	144	47	platform	platform	NOUN
ftr-349	144	48	”	"	PUNCT
ftr-349	144	49	intangibles	intangible	NOUN
ftr-349	144	50	as	as	ADP
ftr-349	144	51	a	a	DET
ftr-349	144	52	long	long	ADV
ftr-349	144	53	-	-	PUNCT
ftr-349	144	54	lived	live	VERB
ftr-349	144	55	continuing	continue	VERB
ftr-349	144	56	foundation	foundation	NOUN
ftr-349	144	57	that	that	PRON
ftr-349	144	58	gives	give	VERB
ftr-349	144	59	incremental	incremental	ADJ
ftr-349	144	60	value	value	NOUN
ftr-349	144	61	to	to	ADP
ftr-349	144	62	subsequent	subsequent	ADJ
ftr-349	144	63	research	research	NOUN
ftr-349	144	64	and	and	CCONJ
ftr-349	144	65	development	development	NOUN
ftr-349	144	66	work	work	NOUN
ftr-349	144	67	.	.	PUNCT
ftr-349	145	1	15	15	X
ftr-349	145	2	.	.	X
ftr-349	146	1	there	there	PRON
ftr-349	146	2	is	be	VERB
ftr-349	146	3	no	no	DET
ftr-349	146	4	publicly	publicly	ADV
ftr-349	146	5	-	-	PUNCT
ftr-349	146	6	available	available	ADJ
ftr-349	146	7	information	information	NOUN
ftr-349	146	8	on	on	ADP
ftr-349	146	9	the	the	DET
ftr-349	146	10	size	size	NOUN
ftr-349	146	11	or	or	CCONJ
ftr-349	146	12	calculation	calculation	NOUN
ftr-349	146	13	of	of	ADP
ftr-349	146	14	the	the	DET
ftr-349	146	15	buy	buy	VERB
ftr-349	146	16	-	-	PUNCT
ftr-349	146	17	in	in	ADP
ftr-349	146	18	payment	payment	NOUN
ftr-349	146	19	or	or	CCONJ
ftr-349	146	20	on	on	ADP
ftr-349	146	21	the	the	DET
ftr-349	146	22	operations	operation	NOUN
ftr-349	146	23	of	of	ADP
ftr-349	146	24	ireland	ireland	PROPN
ftr-349	146	25	holdings	holding	NOUN
ftr-349	146	26	before	before	SCONJ
ftr-349	146	27	the	the	DET
ftr-349	146	28	cost	cost	NOUN
ftr-349	146	29	sharing	sharing	NOUN
ftr-349	146	30	agreement	agreement	NOUN
ftr-349	146	31	was	be	AUX
ftr-349	146	32	entered	enter	VERB
ftr-349	146	33	into	into	ADP
ftr-349	146	34	;	;	PUNCT
ftr-349	146	35	the	the	DET
ftr-349	146	36	text	text	NOUN
ftr-349	146	37	’s	’s	PART
ftr-349	146	38	description	description	NOUN
ftr-349	146	39	relies	rely	VERB
ftr-349	146	40	on	on	ADP
ftr-349	146	41	the	the	DET
ftr-349	146	42	author	author	NOUN
ftr-349	146	43	’s	’s	PART
ftr-349	146	44	general	general	ADJ
ftr-349	146	45	experience	experience	NOUN
ftr-349	146	46	and	and	CCONJ
ftr-349	146	47	conversations	conversation	NOUN
ftr-349	146	48	with	with	ADP
ftr-349	146	49	market	market	NOUN
ftr-349	146	50	professionals	professional	NOUN
ftr-349	146	51	,	,	PUNCT
ftr-349	146	52	and	and	CCONJ
ftr-349	146	53	therefore	therefore	ADV
ftr-349	146	54	may	may	AUX
ftr-349	146	55	not	not	PART
ftr-349	146	56	strictly	strictly	ADV
ftr-349	146	57	comport	comport	VERB
ftr-349	146	58	with	with	ADP
ftr-349	146	59	google	google	PROPN
ftr-349	146	60	’s	’s	PART
ftr-349	146	61	actual	actual	ADJ
ftr-349	146	62	case	case	NOUN
ftr-349	146	63	.	.	PUNCT
ftr-349	147	1	the	the	DET
ftr-349	147	2	author	author	NOUN
ftr-349	147	3	believes	believe	VERB
ftr-349	147	4	,	,	PUNCT
ftr-349	147	5	however	however	ADV
ftr-349	147	6	,	,	PUNCT
ftr-349	147	7	that	that	SCONJ
ftr-349	147	8	the	the	DET
ftr-349	147	9	presentation	presentation	NOUN
ftr-349	147	10	is	be	AUX
ftr-349	147	11	a	a	DET
ftr-349	147	12	fair	fair	ADJ
ftr-349	147	13	summary	summary	NOUN
ftr-349	147	14	of	of	ADP
ftr-349	147	15	practice	practice	NOUN
ftr-349	147	16	in	in	ADP
ftr-349	147	17	this	this	DET
ftr-349	147	18	area	area	NOUN
ftr-349	147	19	in	in	ADP
ftr-349	147	20	general	general	ADJ
ftr-349	147	21	.	.	PUNCT
ftr-349	148	1	2001	2001	NUM
ftr-349	148	2	]	]	PUNCT
ftr-349	148	3	stateless	stateless	NOUN
ftr-349	148	4	income	income	NOUN
ftr-349	148	5	709	709	NUM
ftr-349	148	6	in	in	ADP
ftr-349	148	7	a	a	DET
ftr-349	148	8	sense	sense	NOUN
ftr-349	148	9	,	,	PUNCT
ftr-349	148	10	the	the	DET
ftr-349	148	11	most	most	ADV
ftr-349	148	12	remarkable	remarkable	ADJ
ftr-349	148	13	aspect	aspect	NOUN
ftr-349	148	14	of	of	ADP
ftr-349	148	15	the	the	DET
ftr-349	148	16	entire	entire	ADJ
ftr-349	148	17	structure	structure	NOUN
ftr-349	148	18	is	be	AUX
ftr-349	148	19	contained	contain	VERB
ftr-349	148	20	in	in	ADP
ftr-349	148	21	this	this	DET
ftr-349	148	22	schematic	schematic	NOUN
ftr-349	148	23	.	.	PUNCT
ftr-349	149	1	it	it	PRON
ftr-349	149	2	is	be	AUX
ftr-349	149	3	the	the	DET
ftr-349	149	4	ready	ready	ADJ
ftr-349	149	5	acceptance	acceptance	NOUN
ftr-349	149	6	by	by	ADP
ftr-349	149	7	countries	country	NOUN
ftr-349	149	8	of	of	ADP
ftr-349	149	9	the	the	DET
ftr-349	149	10	fantastic	fantastic	ADJ
ftr-349	149	11	notions	notion	NOUN
ftr-349	149	12	that	that	SCONJ
ftr-349	149	13	(	(	PUNCT
ftr-349	149	14	i	i	NOUN
ftr-349	149	15	)	)	PUNCT
ftr-349	149	16	a	a	DET
ftr-349	149	17	wholly	wholly	ADV
ftr-349	149	18	-	-	PUNCT
ftr-349	149	19	owned	own	VERB
ftr-349	149	20	subsidiary	subsidiary	NOUN
ftr-349	149	21	has	have	AUX
ftr-349	149	22	a	a	DET
ftr-349	149	23	mind	mind	NOUN
ftr-349	149	24	of	of	ADP
ftr-349	149	25	its	its	PRON
ftr-349	149	26	own	own	ADJ
ftr-349	149	27	with	with	ADP
ftr-349	149	28	which	which	PRON
ftr-349	149	29	to	to	PART
ftr-349	149	30	negotiate	negotiate	VERB
ftr-349	149	31	“	"	PUNCT
ftr-349	149	32	arm’s	arm’s	NUM
ftr-349	149	33	-	-	PUNCT
ftr-349	149	34	length	length	NOUN
ftr-349	149	35	”	"	PUNCT
ftr-349	149	36	contractual	contractual	ADJ
ftr-349	149	37	terms	term	NOUN
ftr-349	149	38	with	with	ADP
ftr-349	149	39	its	its	PRON
ftr-349	149	40	parent	parent	NOUN
ftr-349	149	41	,	,	PUNCT
ftr-349	149	42	(	(	PUNCT
ftr-349	149	43	ii	ii	NOUN
ftr-349	149	44	)	)	PUNCT
ftr-349	149	45	capital	capital	NOUN
ftr-349	149	46	provided	provide	VERB
ftr-349	149	47	to	to	ADP
ftr-349	149	48	the	the	DET
ftr-349	149	49	subsidiary	subsidiary	NOUN
ftr-349	149	50	by	by	ADP
ftr-349	149	51	the	the	DET
ftr-349	149	52	parent	parent	NOUN
ftr-349	149	53	somehow	somehow	ADV
ftr-349	149	54	becomes	become	VERB
ftr-349	149	55	the	the	DET
ftr-349	149	56	property	property	NOUN
ftr-349	149	57	of	of	ADP
ftr-349	149	58	an	an	DET
ftr-349	149	59	independent	independent	ADJ
ftr-349	149	60	actor	actor	NOUN
ftr-349	149	61	(	(	PUNCT
ftr-349	149	62	the	the	DET
ftr-349	149	63	subsidiary	subsidiary	NOUN
ftr-349	149	64	)	)	PUNCT
ftr-349	149	65	with	with	ADP
ftr-349	149	66	which	which	PRON
ftr-349	149	67	it	it	PRON
ftr-349	149	68	can	can	AUX
ftr-349	149	69	take	take	VERB
ftr-349	149	70	business	business	NOUN
ftr-349	149	71	risks	risk	NOUN
ftr-349	149	72	that	that	SCONJ
ftr-349	149	73	for	for	ADP
ftr-349	149	74	tax	tax	NOUN
ftr-349	149	75	purposes	purpose	NOUN
ftr-349	149	76	are	be	AUX
ftr-349	149	77	not	not	PART
ftr-349	149	78	simply	simply	ADV
ftr-349	149	79	assimilated	assimilate	VERB
ftr-349	149	80	into	into	ADP
ftr-349	149	81	those	those	PRON
ftr-349	149	82	borne	bear	VERB
ftr-349	149	83	by	by	ADP
ftr-349	149	84	the	the	DET
ftr-349	149	85	parent	parent	NOUN
ftr-349	149	86	(	(	PUNCT
ftr-349	149	87	as	as	SCONJ
ftr-349	149	88	both	both	DET
ftr-349	149	89	provider	provider	NOUN
ftr-349	149	90	of	of	ADP
ftr-349	149	91	the	the	DET
ftr-349	149	92	capital	capital	NOUN
ftr-349	149	93	and	and	CCONJ
ftr-349	149	94	ultimate	ultimate	ADJ
ftr-349	149	95	economic	economic	ADJ
ftr-349	149	96	owner	owner	NOUN
ftr-349	149	97	of	of	ADP
ftr-349	149	98	the	the	DET
ftr-349	149	99	assets	asset	NOUN
ftr-349	149	100	acquired	acquire	VERB
ftr-349	149	101	therewith	therewith	NOUN
ftr-349	149	102	)	)	PUNCT
ftr-349	149	103	,	,	PUNCT
ftr-349	149	104	and	and	CCONJ
ftr-349	149	105	(	(	PUNCT
ftr-349	149	106	iii	iii	X
ftr-349	149	107	)	)	PUNCT
ftr-349	149	108	a	a	DET
ftr-349	149	109	multinational	multinational	ADJ
ftr-349	149	110	enterprise	enterprise	NOUN
ftr-349	149	111	that	that	PRON
ftr-349	149	112	exists	exist	VERB
ftr-349	149	113	as	as	SCONJ
ftr-349	149	114	a	a	DET
ftr-349	149	115	global	global	ADJ
ftr-349	149	116	platform	platform	NOUN
ftr-349	149	117	to	to	PART
ftr-349	149	118	exploit	exploit	VERB
ftr-349	149	119	a	a	DET
ftr-349	149	120	core	core	NOUN
ftr-349	149	121	set	set	NOUN
ftr-349	149	122	of	of	ADP
ftr-349	149	123	intangible	intangible	ADJ
ftr-349	149	124	assets	asset	NOUN
ftr-349	149	125	best	well	ADV
ftr-349	149	126	is	be	AUX
ftr-349	149	127	analogized	analogize	VERB
ftr-349	149	128	to	to	ADP
ftr-349	149	129	wholly	wholly	ADV
ftr-349	149	130	independent	independent	ADJ
ftr-349	149	131	actors	actor	NOUN
ftr-349	149	132	taking	take	VERB
ftr-349	149	133	on	on	ADP
ftr-349	149	134	limited	limited	ADJ
ftr-349	149	135	and	and	CCONJ
ftr-349	149	136	straightforward	straightforward	ADJ
ftr-349	149	137	roles	role	NOUN
ftr-349	149	138	in	in	ADP
ftr-349	149	139	a	a	DET
ftr-349	149	140	vertical	vertical	ADJ
ftr-349	149	141	chain	chain	NOUN
ftr-349	149	142	of	of	ADP
ftr-349	149	143	production	production	NOUN
ftr-349	149	144	or	or	CCONJ
ftr-349	149	145	a	a	DET
ftr-349	149	146	horizontal	horizontal	ADJ
ftr-349	149	147	array	array	NOUN
ftr-349	149	148	of	of	ADP
ftr-349	149	149	distribution	distribution	NOUN
ftr-349	149	150	of	of	ADP
ftr-349	149	151	a	a	DET
ftr-349	149	152	product	product	NOUN
ftr-349	149	153	.	.	PUNCT
ftr-349	150	1	the	the	DET
ftr-349	150	2	second	second	ADJ
ftr-349	150	3	and	and	CCONJ
ftr-349	150	4	third	third	ADJ
ftr-349	150	5	of	of	ADP
ftr-349	150	6	these	these	DET
ftr-349	150	7	notions	notion	NOUN
ftr-349	150	8	in	in	ADP
ftr-349	150	9	particular	particular	ADJ
ftr-349	150	10	transcend	transcend	VERB
ftr-349	150	11	the	the	DET
ftr-349	150	12	question	question	NOUN
ftr-349	150	13	of	of	ADP
ftr-349	150	14	transfer	transfer	NOUN
ftr-349	150	15	pricing	pricing	NOUN
ftr-349	150	16	—	—	PUNCT
ftr-349	150	17	in	in	ADP
ftr-349	150	18	the	the	DET
ftr-349	150	19	second	second	ADJ
ftr-349	150	20	case	case	NOUN
ftr-349	150	21	,	,	PUNCT
ftr-349	150	22	because	because	SCONJ
ftr-349	150	23	of	of	ADP
ftr-349	150	24	the	the	DET
ftr-349	150	25	international	international	ADJ
ftr-349	150	26	tax	tax	NOUN
ftr-349	150	27	norm	norm	NOUN
ftr-349	150	28	that	that	PRON
ftr-349	150	29	equity	equity	NOUN
ftr-349	150	30	owners	owner	NOUN
ftr-349	150	31	are	be	AUX
ftr-349	150	32	not	not	PART
ftr-349	150	33	required	require	VERB
ftr-349	150	34	to	to	PART
ftr-349	150	35	include	include	VERB
ftr-349	150	36	in	in	ADP
ftr-349	150	37	income	income	NOUN
ftr-349	150	38	any	any	DET
ftr-349	150	39	minimum	minimum	ADJ
ftr-349	150	40	current	current	ADJ
ftr-349	150	41	return	return	NOUN
ftr-349	150	42	on	on	ADP
ftr-349	150	43	their	their	PRON
ftr-349	150	44	investment	investment	NOUN
ftr-349	150	45	,	,	PUNCT
ftr-349	150	46	and	and	CCONJ
ftr-349	150	47	in	in	ADP
ftr-349	150	48	the	the	DET
ftr-349	150	49	third	third	ADJ
ftr-349	150	50	case	case	NOUN
ftr-349	150	51	,	,	PUNCT
ftr-349	150	52	because	because	SCONJ
ftr-349	150	53	the	the	DET
ftr-349	150	54	global	global	ADJ
ftr-349	150	55	assets	asset	NOUN
ftr-349	150	56	and	and	CCONJ
ftr-349	150	57	synergies	synergy	NOUN
ftr-349	150	58	that	that	SCONJ
ftr-349	150	59	a	a	DET
ftr-349	150	60	multinational	multinational	ADJ
ftr-349	150	61	group	group	NOUN
ftr-349	150	62	exploits	exploit	NOUN
ftr-349	150	63	are	be	AUX
ftr-349	150	64	attributes	attribute	NOUN
ftr-349	150	65	of	of	ADP
ftr-349	150	66	the	the	DET
ftr-349	150	67	group	group	NOUN
ftr-349	150	68	as	as	ADP
ftr-349	150	69	whole	whole	ADJ
ftr-349	150	70	,	,	PUNCT
ftr-349	150	71	not	not	PART
ftr-349	150	72	any	any	DET
ftr-349	150	73	one	one	NUM
ftr-349	150	74	member	member	NOUN
ftr-349	150	75	.	.	PUNCT
ftr-349	151	1	within	within	ADP
ftr-349	151	2	a	a	DET
ftr-349	151	3	few	few	ADJ
ftr-349	151	4	years	year	NOUN
ftr-349	151	5	,	,	PUNCT
ftr-349	151	6	the	the	DET
ftr-349	151	7	structure	structure	NOUN
ftr-349	151	8	had	have	AUX
ftr-349	151	9	morphed	morph	VERB
ftr-349	151	10	.	.	PUNCT
ftr-349	152	1	first	first	ADV
ftr-349	152	2	,	,	PUNCT
ftr-349	152	3	ireland	ireland	PROPN
ftr-349	152	4	holdings	holding	NOUN
ftr-349	152	5	had	have	AUX
ftr-349	152	6	become	become	VERB
ftr-349	152	7	a	a	DET
ftr-349	152	8	dual	dual	ADJ
ftr-349	152	9	resident	resident	ADJ
ftr-349	152	10	company	company	NOUN
ftr-349	152	11	:	:	PUNCT
ftr-349	152	12	that	that	PRON
ftr-349	152	13	is	be	AUX
ftr-349	152	14	,	,	PUNCT
ftr-349	152	15	for	for	ADP
ftr-349	152	16	u.s	u.s	PROPN
ftr-349	152	17	.	.	PROPN
ftr-349	152	18	tax	tax	NOUN
ftr-349	152	19	purposes	purpose	NOUN
ftr-349	152	20	it	it	PRON
ftr-349	152	21	remained	remain	VERB
ftr-349	152	22	an	an	DET
ftr-349	152	23	irish	irish	ADJ
ftr-349	152	24	corporation	corporation	NOUN
ftr-349	152	25	(	(	PUNCT
ftr-349	152	26	because	because	SCONJ
ftr-349	152	27	that	that	PRON
ftr-349	152	28	is	be	AUX
ftr-349	152	29	its	its	PRON
ftr-349	152	30	place	place	NOUN
ftr-349	152	31	of	of	ADP
ftr-349	152	32	incorporation	incorporation	NOUN
ftr-349	152	33	)	)	PUNCT
ftr-349	152	34	,	,	PUNCT
ftr-349	152	35	but	but	CCONJ
ftr-349	152	36	for	for	ADP
ftr-349	152	37	irish	irish	ADJ
ftr-349	152	38	tax	tax	NOUN
ftr-349	152	39	purposes	purpose	NOUN
ftr-349	152	40	ireland	ireland	PROPN
ftr-349	152	41	holdings	holding	NOUN
ftr-349	152	42	became	become	VERB
ftr-349	152	43	a	a	DET
ftr-349	152	44	resident	resident	NOUN
ftr-349	152	45	of	of	ADP
ftr-349	152	46	bermuda	bermuda	NOUN
ftr-349	152	47	(	(	PUNCT
ftr-349	152	48	because	because	SCONJ
ftr-349	152	49	that	that	PRON
ftr-349	152	50	is	be	AUX
ftr-349	152	51	where	where	SCONJ
ftr-349	152	52	its	its	PRON
ftr-349	152	53	“	"	PUNCT
ftr-349	152	54	mind	mind	NOUN
ftr-349	152	55	and	and	CCONJ
ftr-349	152	56	management	management	NOUN
ftr-349	152	57	”	"	PUNCT
ftr-349	152	58	are	be	AUX
ftr-349	152	59	centered	center	VERB
ftr-349	152	60	)	)	PUNCT
ftr-349	152	61	.	.	PUNCT
ftr-349	153	1	second	second	ADV
ftr-349	153	2	,	,	PUNCT
ftr-349	153	3	ireland	ireland	NOUN
ftr-349	153	4	holdings	holding	NOUN
ftr-349	153	5	had	have	AUX
ftr-349	153	6	put	put	VERB
ftr-349	153	7	the	the	DET
ftr-349	153	8	emea	emea	NOUN
ftr-349	153	9	rights	right	NOUN
ftr-349	153	10	to	to	ADP
ftr-349	153	11	the	the	DET
ftr-349	153	12	core	core	NOUN
ftr-349	153	13	technologies	technology	NOUN
ftr-349	153	14	to	to	PART
ftr-349	153	15	work	work	VERB
ftr-349	153	16	by	by	ADP
ftr-349	153	17	licensing	license	VERB
ftr-349	153	18	them	they	PRON
ftr-349	153	19	to	to	ADP
ftr-349	153	20	a	a	DET
ftr-349	153	21	subsidiary	subsidiary	NOUN
ftr-349	153	22	organized	organize	VERB
ftr-349	153	23	as	as	ADP
ftr-349	153	24	a	a	DET
ftr-349	153	25	dutch	dutch	ADJ
ftr-349	153	26	company	company	NOUN
ftr-349	153	27	(	(	PUNCT
ftr-349	153	28	“	"	PUNCT
ftr-349	153	29	google	google	PROPN
ftr-349	153	30	bv	bv	PROPN
ftr-349	153	31	”	"	PUNCT
ftr-349	153	32	)	)	PUNCT
ftr-349	153	33	,	,	PUNCT
ftr-349	153	34	which	which	PRON
ftr-349	153	35	in	in	ADP
ftr-349	153	36	turn	turn	NOUN
ftr-349	153	37	had	have	AUX
ftr-349	153	38	licensed	license	VERB
ftr-349	153	39	the	the	DET
ftr-349	153	40	rights	right	NOUN
ftr-349	153	41	to	to	ADP
ftr-349	153	42	a	a	DET
ftr-349	153	43	lower	low	ADJ
ftr-349	153	44	-	-	PUNCT
ftr-349	153	45	tier	tier	NOUN
ftr-349	153	46	subsidiary	subsidiary	NOUN
ftr-349	153	47	,	,	PUNCT
ftr-349	153	48	google	google	PROPN
ftr-349	153	49	ireland	ireland	PROPN
ftr-349	153	50	limited	limit	VERB
ftr-349	153	51	(	(	PUNCT
ftr-349	153	52	“	"	PUNCT
ftr-349	153	53	ireland	ireland	NOUN
ftr-349	153	54	limited	limit	VERB
ftr-349	153	55	”	"	PUNCT
ftr-349	153	56	)	)	PUNCT
ftr-349	153	57	.	.	PUNCT
ftr-349	154	1	ireland	ireland	PROPN
ftr-349	154	2	limited	limit	VERB
ftr-349	154	3	licenses	license	VERB
ftr-349	154	4	the	the	DET
ftr-349	154	5	technologies	technology	NOUN
ftr-349	154	6	throughout	throughout	ADP
ftr-349	154	7	the	the	DET
ftr-349	154	8	710	710	NUM
ftr-349	154	9	florida	florida	PROPN
ftr-349	154	10	tax	tax	NOUN
ftr-349	154	11	review	review	NOUN
ftr-349	155	1	[	[	X
ftr-349	155	2	vol	vol	NOUN
ftr-349	155	3	.	.	PUNCT
ftr-349	156	1	11:9	11:9	NUM
ftr-349	156	2	emea	emea	NOUN
ftr-349	156	3	territories	territory	NOUN
ftr-349	156	4	,	,	PUNCT
ftr-349	156	5	and	and	CCONJ
ftr-349	156	6	collects	collect	VERB
ftr-349	156	7	billions	billion	NOUN
ftr-349	156	8	of	of	ADP
ftr-349	156	9	dollars	dollar	NOUN
ftr-349	156	10	of	of	ADP
ftr-349	156	11	advertising	advertising	NOUN
ftr-349	156	12	revenues	revenue	NOUN
ftr-349	156	13	from	from	ADP
ftr-349	156	14	the	the	DET
ftr-349	156	15	use	use	NOUN
ftr-349	156	16	of	of	ADP
ftr-349	156	17	those	those	DET
ftr-349	156	18	technologies	technology	NOUN
ftr-349	156	19	.	.	PUNCT
ftr-349	157	1	presumably	presumably	ADV
ftr-349	157	2	,	,	PUNCT
ftr-349	157	3	each	each	PRON
ftr-349	157	4	of	of	ADP
ftr-349	157	5	google	google	PROPN
ftr-349	157	6	bv	bv	PROPN
ftr-349	157	7	and	and	CCONJ
ftr-349	157	8	ireland	ireland	PROPN
ftr-349	157	9	limited	limited	PROPN
ftr-349	157	10	has	have	AUX
ftr-349	157	11	“	"	PUNCT
ftr-349	157	12	checked	check	VERB
ftr-349	157	13	the	the	DET
ftr-349	157	14	box”16	box”16	NOUN
ftr-349	157	15	—	—	PUNCT
ftr-349	157	16	that	that	PRON
ftr-349	157	17	is	is	ADV
ftr-349	157	18	,	,	PUNCT
ftr-349	157	19	has	have	AUX
ftr-349	157	20	made	make	VERB
ftr-349	157	21	a	a	DET
ftr-349	157	22	special	special	ADJ
ftr-349	157	23	election	election	NOUN
ftr-349	157	24	relevant	relevant	ADJ
ftr-349	157	25	only	only	ADV
ftr-349	157	26	for	for	SCONJ
ftr-349	157	27	purposes	purpose	NOUN
ftr-349	157	28	of	of	ADP
ftr-349	157	29	u.s	u.s	PROPN
ftr-349	157	30	.	.	PROPN
ftr-349	157	31	tax	tax	NOUN
ftr-349	157	32	law	law	NOUN
ftr-349	157	33	not	not	PART
ftr-349	157	34	to	to	PART
ftr-349	157	35	be	be	AUX
ftr-349	157	36	characterized	characterize	VERB
ftr-349	157	37	as	as	ADP
ftr-349	157	38	a	a	DET
ftr-349	157	39	corporation	corporation	NOUN
ftr-349	157	40	.	.	PUNCT
ftr-349	158	1	because	because	SCONJ
ftr-349	158	2	each	each	PRON
ftr-349	158	3	has	have	VERB
ftr-349	158	4	a	a	DET
ftr-349	158	5	single	single	ADJ
ftr-349	158	6	owner	owner	NOUN
ftr-349	158	7	and	and	CCONJ
ftr-349	158	8	has	have	AUX
ftr-349	158	9	elected	elect	VERB
ftr-349	158	10	not	not	PART
ftr-349	158	11	to	to	PART
ftr-349	158	12	be	be	AUX
ftr-349	158	13	regarded	regard	VERB
ftr-349	158	14	as	as	ADP
ftr-349	158	15	a	a	DET
ftr-349	158	16	corporation	corporation	NOUN
ftr-349	158	17	for	for	ADP
ftr-349	158	18	u.s	u.s	PROPN
ftr-349	158	19	.	.	PROPN
ftr-349	158	20	tax	tax	NOUN
ftr-349	158	21	purposes	purpose	NOUN
ftr-349	158	22	,	,	PUNCT
ftr-349	158	23	each	each	PRON
ftr-349	158	24	is	be	AUX
ftr-349	158	25	treated	treat	VERB
ftr-349	158	26	as	as	ADP
ftr-349	158	27	a	a	DET
ftr-349	158	28	disregarded	disregarded	ADJ
ftr-349	158	29	entity	entity	NOUN
ftr-349	158	30	—	—	PUNCT
ftr-349	158	31	a	a	DET
ftr-349	158	32	“	"	PUNCT
ftr-349	158	33	tax	tax	NOUN
ftr-349	158	34	nothing	nothing	PRON
ftr-349	158	35	”	"	PUNCT
ftr-349	158	36	—	—	PUNCT
ftr-349	158	37	for	for	ADP
ftr-349	158	38	u.s	u.s	PROPN
ftr-349	158	39	.	.	PROPN
ftr-349	158	40	purposes	purpose	NOUN
ftr-349	158	41	,	,	PUNCT
ftr-349	158	42	but	but	CCONJ
ftr-349	158	43	continues	continue	VERB
ftr-349	158	44	as	as	ADP
ftr-349	158	45	a	a	DET
ftr-349	158	46	juridical	juridical	ADJ
ftr-349	158	47	person	person	NOUN
ftr-349	158	48	for	for	ADP
ftr-349	158	49	all	all	DET
ftr-349	158	50	non	non	ADJ
ftr-349	158	51	-	-	ADJ
ftr-349	158	52	u.s	u.s	ADJ
ftr-349	158	53	.	.	PROPN
ftr-349	158	54	tax	tax	NOUN
ftr-349	158	55	purposes	purpose	NOUN
ftr-349	158	56	.	.	PUNCT
ftr-349	159	1	here	here	ADV
ftr-349	159	2	one	one	PRON
ftr-349	159	3	can	can	AUX
ftr-349	159	4	see	see	VERB
ftr-349	159	5	another	another	DET
ftr-349	159	6	fantastic	fantastic	ADJ
ftr-349	159	7	element	element	NOUN
ftr-349	159	8	of	of	ADP
ftr-349	159	9	international	international	ADJ
ftr-349	159	10	tax	tax	NOUN
ftr-349	159	11	planning	planning	NOUN
ftr-349	159	12	.	.	PUNCT
ftr-349	160	1	by	by	ADP
ftr-349	160	2	virtue	virtue	NOUN
ftr-349	160	3	of	of	ADP
ftr-349	160	4	a	a	DET
ftr-349	160	5	simple	simple	ADJ
ftr-349	160	6	tax	tax	NOUN
ftr-349	160	7	return	return	NOUN
ftr-349	160	8	election	election	NOUN
ftr-349	160	9	a	a	DET
ftr-349	160	10	company	company	NOUN
ftr-349	160	11	can	can	AUX
ftr-349	160	12	disappear	disappear	VERB
ftr-349	160	13	from	from	ADP
ftr-349	160	14	view	view	NOUN
ftr-349	160	15	for	for	ADP
ftr-349	160	16	purposes	purpose	NOUN
ftr-349	160	17	of	of	ADP
ftr-349	160	18	u.s	u.s	PROPN
ftr-349	160	19	.	.	PROPN
ftr-349	160	20	tax	tax	NOUN
ftr-349	160	21	law	law	NOUN
ftr-349	160	22	,	,	PUNCT
ftr-349	160	23	while	while	SCONJ
ftr-349	160	24	remaining	remain	VERB
ftr-349	160	25	relevant	relevant	ADJ
ftr-349	160	26	for	for	ADP
ftr-349	160	27	purposes	purpose	NOUN
ftr-349	160	28	of	of	ADP
ftr-349	160	29	all	all	DET
ftr-349	160	30	other	other	ADJ
ftr-349	160	31	fiscal	fiscal	ADJ
ftr-349	160	32	systems	system	NOUN
ftr-349	160	33	,	,	PUNCT
ftr-349	160	34	thereby	thereby	ADV
ftr-349	160	35	facilitating	facilitate	VERB
ftr-349	160	36	a	a	DET
ftr-349	160	37	host	host	NOUN
ftr-349	160	38	of	of	ADP
ftr-349	160	39	tax	tax	NOUN
ftr-349	160	40	system	system	NOUN
ftr-349	160	41	arbitrage	arbitrage	NOUN
ftr-349	160	42	opportunities	opportunity	NOUN
ftr-349	160	43	.	.	PUNCT
ftr-349	161	1	ireland	ireland	PROPN
ftr-349	161	2	limited	limit	VERB
ftr-349	161	3	today	today	NOUN
ftr-349	161	4	employs	employ	VERB
ftr-349	161	5	about	about	ADV
ftr-349	161	6	2,000	2,000	NUM
ftr-349	161	7	employees	employee	NOUN
ftr-349	161	8	;	;	PUNCT
ftr-349	161	9	it	it	PRON
ftr-349	161	10	is	be	AUX
ftr-349	161	11	not	not	PART
ftr-349	161	12	clear	clear	ADJ
ftr-349	161	13	how	how	SCONJ
ftr-349	161	14	many	many	ADJ
ftr-349	161	15	of	of	ADP
ftr-349	161	16	them	they	PRON
ftr-349	161	17	are	be	AUX
ftr-349	161	18	engaged	engage	VERB
ftr-349	161	19	in	in	ADP
ftr-349	161	20	the	the	DET
ftr-349	161	21	sale	sale	NOUN
ftr-349	161	22	and	and	CCONJ
ftr-349	161	23	marketing	marketing	NOUN
ftr-349	161	24	of	of	ADP
ftr-349	161	25	google	google	PROPN
ftr-349	161	26	products	product	NOUN
ftr-349	161	27	in	in	ADP
ftr-349	161	28	the	the	DET
ftr-349	161	29	emea	emea	PROPN
ftr-349	161	30	territory	territory	NOUN
ftr-349	161	31	,	,	PUNCT
ftr-349	161	32	and	and	CCONJ
ftr-349	161	33	how	how	SCONJ
ftr-349	161	34	many	many	ADJ
ftr-349	161	35	are	be	AUX
ftr-349	161	36	working	work	VERB
ftr-349	161	37	as	as	ADP
ftr-349	161	38	engineers	engineer	NOUN
ftr-349	161	39	in	in	ADP
ftr-349	161	40	the	the	DET
ftr-349	161	41	development	development	NOUN
ftr-349	161	42	of	of	ADP
ftr-349	161	43	extensions	extension	NOUN
ftr-349	161	44	of	of	ADP
ftr-349	161	45	those	those	DET
ftr-349	161	46	technologies.17	technologies.17	NOUN
ftr-349	161	47	technically	technically	ADV
ftr-349	161	48	,	,	PUNCT
ftr-349	161	49	it	it	PRON
ftr-349	161	50	is	be	AUX
ftr-349	161	51	possible	possible	ADJ
ftr-349	161	52	for	for	SCONJ
ftr-349	161	53	a	a	DET
ftr-349	161	54	foreign	foreign	ADJ
ftr-349	161	55	subsidiary	subsidiary	NOUN
ftr-349	161	56	to	to	PART
ftr-349	161	57	perform	perform	VERB
ftr-349	161	58	its	its	PRON
ftr-349	161	59	obligations	obligation	NOUN
ftr-349	161	60	under	under	ADP
ftr-349	161	61	a	a	DET
ftr-349	161	62	cost	cost	NOUN
ftr-349	161	63	sharing	sharing	NOUN
ftr-349	161	64	agreement	agreement	NOUN
ftr-349	161	65	by	by	ADP
ftr-349	161	66	hiring	hire	VERB
ftr-349	161	67	affiliates	affiliate	NOUN
ftr-349	161	68	to	to	PART
ftr-349	161	69	do	do	VERB
ftr-349	161	70	the	the	DET
ftr-349	161	71	actual	actual	ADJ
ftr-349	161	72	work	work	NOUN
ftr-349	161	73	,	,	PUNCT
ftr-349	161	74	using	use	VERB
ftr-349	161	75	capital	capital	NOUN
ftr-349	161	76	provided	provide	VERB
ftr-349	161	77	16	16	NUM
ftr-349	161	78	.	.	PUNCT
ftr-349	162	1	treas	treas	PROPN
ftr-349	162	2	.	.	PUNCT
ftr-349	163	1	reg	reg	PROPN
ftr-349	163	2	.	.	PUNCT
ftr-349	164	1	§	§	PROPN
ftr-349	164	2	301.7701	301.7701	NUM
ftr-349	164	3	-	-	SYM
ftr-349	164	4	3(b)(2	3(b)(2	NUM
ftr-349	164	5	)	)	PUNCT
ftr-349	164	6	.	.	PUNCT
ftr-349	165	1	that	that	PRON
ftr-349	165	2	is	be	AUX
ftr-349	165	3	the	the	DET
ftr-349	165	4	structure	structure	NOUN
ftr-349	165	5	proposed	propose	VERB
ftr-349	165	6	in	in	ADP
ftr-349	165	7	darby	darby	PROPN
ftr-349	165	8	and	and	CCONJ
ftr-349	165	9	lemaster	lemaster	PROPN
ftr-349	165	10	,	,	PUNCT
ftr-349	165	11	double	double	ADJ
ftr-349	165	12	irish	irish	ADJ
ftr-349	165	13	,	,	PUNCT
ftr-349	165	14	supra	supra	PROPN
ftr-349	165	15	note	note	NOUN
ftr-349	165	16	11	11	NUM
ftr-349	165	17	.	.	PUNCT
ftr-349	166	1	like	like	ADP
ftr-349	166	2	all	all	DET
ftr-349	166	3	federal	federal	ADJ
ftr-349	166	4	income	income	NOUN
ftr-349	166	5	tax	tax	NOUN
ftr-349	166	6	return	return	NOUN
ftr-349	166	7	materials	material	NOUN
ftr-349	166	8	,	,	PUNCT
ftr-349	166	9	“	"	PUNCT
ftr-349	166	10	check	check	VERB
ftr-349	166	11	-	-	PUNCT
ftr-349	166	12	the	the	DET
ftr-349	166	13	-	-	PUNCT
ftr-349	166	14	box	box	NOUN
ftr-349	166	15	”	"	PUNCT
ftr-349	166	16	filings	filing	NOUN
ftr-349	166	17	are	be	AUX
ftr-349	166	18	not	not	PART
ftr-349	166	19	publicly	publicly	ADV
ftr-349	166	20	available	available	ADJ
ftr-349	166	21	.	.	PUNCT
ftr-349	167	1	17	17	NUM
ftr-349	167	2	.	.	PUNCT
ftr-349	168	1	in	in	ADP
ftr-349	168	2	a	a	DET
ftr-349	168	3	2008	2008	NUM
ftr-349	168	4	video	video	NOUN
ftr-349	168	5	interview	interview	NOUN
ftr-349	168	6	,	,	PUNCT
ftr-349	168	7	john	john	PROPN
ftr-349	168	8	herlihy	herlihy	PROPN
ftr-349	168	9	,	,	PUNCT
ftr-349	168	10	the	the	DET
ftr-349	168	11	manager	manager	NOUN
ftr-349	168	12	of	of	ADP
ftr-349	168	13	google	google	PROPN
ftr-349	168	14	ireland	ireland	PROPN
ftr-349	168	15	,	,	PUNCT
ftr-349	168	16	described	describe	VERB
ftr-349	168	17	google	google	PROPN
ftr-349	168	18	’s	’s	PART
ftr-349	168	19	irish	irish	ADJ
ftr-349	168	20	operations	operation	NOUN
ftr-349	168	21	as	as	ADP
ftr-349	168	22	the	the	DET
ftr-349	168	23	second	second	ADV
ftr-349	168	24	largest	large	ADJ
ftr-349	168	25	google	google	NOUN
ftr-349	168	26	office	office	NOUN
ftr-349	168	27	in	in	ADP
ftr-349	168	28	the	the	DET
ftr-349	168	29	world	world	NOUN
ftr-349	168	30	.	.	PUNCT
ftr-349	169	1	at	at	ADP
ftr-349	169	2	the	the	DET
ftr-349	169	3	time	time	NOUN
ftr-349	169	4	,	,	PUNCT
ftr-349	169	5	google	google	PROPN
ftr-349	169	6	ireland	ireland	PROPN
ftr-349	169	7	employed	employ	VERB
ftr-349	169	8	1350	1350	NUM
ftr-349	169	9	employees	employee	NOUN
ftr-349	169	10	,	,	PUNCT
ftr-349	169	11	of	of	ADP
ftr-349	169	12	whom	whom	PRON
ftr-349	169	13	900	900	NUM
ftr-349	169	14	worked	work	VERB
ftr-349	169	15	in	in	ADP
ftr-349	169	16	the	the	DET
ftr-349	169	17	“	"	PUNCT
ftr-349	169	18	online	online	ADJ
ftr-349	169	19	[	[	X
ftr-349	169	20	sales	sale	NOUN
ftr-349	169	21	]	]	PUNCT
ftr-349	169	22	team	team	NOUN
ftr-349	169	23	,	,	PUNCT
ftr-349	169	24	”	"	PUNCT
ftr-349	169	25	250	250	NUM
ftr-349	169	26	“	"	PUNCT
ftr-349	169	27	on	on	ADP
ftr-349	169	28	the	the	DET
ftr-349	169	29	technology	technology	NOUN
ftr-349	169	30	side	side	NOUN
ftr-349	169	31	,	,	PUNCT
ftr-349	169	32	”	"	PUNCT
ftr-349	169	33	and	and	CCONJ
ftr-349	169	34	200	200	NUM
ftr-349	169	35	apparently	apparently	ADV
ftr-349	169	36	in	in	ADP
ftr-349	169	37	corporate	corporate	ADJ
ftr-349	169	38	support	support	NOUN
ftr-349	169	39	type	type	NOUN
ftr-349	169	40	functions	function	NOUN
ftr-349	169	41	for	for	ADP
ftr-349	169	42	the	the	DET
ftr-349	169	43	emea	emea	PROPN
ftr-349	169	44	operations	operation	NOUN
ftr-349	169	45	.	.	PUNCT
ftr-349	170	1	interview	interview	NOUN
ftr-349	170	2	with	with	ADP
ftr-349	170	3	john	john	PROPN
ftr-349	170	4	herlihy	herlihy	PROPN
ftr-349	170	5	,	,	PUNCT
ftr-349	170	6	v.p	v.p	PROPN
ftr-349	170	7	.	.	PROPN
ftr-349	170	8	online	online	ADJ
ftr-349	170	9	sales	sale	NOUN
ftr-349	170	10	,	,	PUNCT
ftr-349	170	11	e	e	NOUN
ftr-349	170	12	,	,	PUNCT
ftr-349	170	13	ea	ea	NOUN
ftr-349	170	14	,	,	PUNCT
ftr-349	170	15	google	google	PROPN
ftr-349	170	16	,	,	PUNCT
ftr-349	170	17	http://www.youtube.com/watch?v=pyzsllmqz	http://www.youtube.com/watch?v=pyzsllmqz	NOUN
ftr-349	170	18	xm&nr=1&feature	xm&nr=1&feature	PROPN
ftr-349	170	19	=	=	SYM
ftr-349	170	20	fvwp	fvwp	NOUN
ftr-349	170	21	(	(	PUNCT
ftr-349	170	22	last	last	ADJ
ftr-349	170	23	visited	visit	VERB
ftr-349	170	24	may	may	PROPN
ftr-349	170	25	19	19	NUM
ftr-349	170	26	,	,	PUNCT
ftr-349	170	27	2011	2011	NUM
ftr-349	170	28	)	)	PUNCT
ftr-349	170	29	.	.	PUNCT
ftr-349	171	1	google	google	PROPN
ftr-349	171	2	describes	describe	VERB
ftr-349	171	3	its	its	PRON
ftr-349	171	4	irish	irish	ADJ
ftr-349	171	5	operations	operation	NOUN
ftr-349	171	6	this	this	DET
ftr-349	171	7	way	way	NOUN
ftr-349	171	8	:	:	PUNCT
ftr-349	171	9	what	what	PRON
ftr-349	171	10	we	we	PRON
ftr-349	171	11	do	do	AUX
ftr-349	171	12	in	in	ADP
ftr-349	171	13	dublin	dublin	PROPN
ftr-349	171	14	is	be	AUX
ftr-349	171	15	help	help	VERB
ftr-349	171	16	millions	million	NOUN
ftr-349	171	17	of	of	ADP
ftr-349	171	18	google	google	NOUN
ftr-349	171	19	users	user	NOUN
ftr-349	171	20	and	and	CCONJ
ftr-349	171	21	customers	customer	NOUN
ftr-349	171	22	right	right	ADV
ftr-349	171	23	across	across	ADP
ftr-349	171	24	europe	europe	PROPN
ftr-349	171	25	,	,	PUNCT
ftr-349	171	26	the	the	DET
ftr-349	171	27	middle	middle	PROPN
ftr-349	171	28	east	east	PROPN
ftr-349	171	29	,	,	PUNCT
ftr-349	171	30	and	and	CCONJ
ftr-349	171	31	africa	africa	PROPN
ftr-349	171	32	(	(	PUNCT
ftr-349	171	33	emea	emea	PROPN
ftr-349	171	34	)	)	PUNCT
ftr-349	171	35	to	to	PART
ftr-349	171	36	get	get	VERB
ftr-349	171	37	the	the	DET
ftr-349	171	38	most	most	ADJ
ftr-349	171	39	from	from	ADP
ftr-349	171	40	our	our	PRON
ftr-349	171	41	products	product	NOUN
ftr-349	171	42	.	.	PUNCT
ftr-349	172	1	google	google	PROPN
ftr-349	172	2	’s	’s	PROPN
ftr-349	172	3	dublin	dublin	PROPN
ftr-349	172	4	office	office	PROPN
ftr-349	172	5	is	be	AUX
ftr-349	172	6	the	the	DET
ftr-349	172	7	emea	emea	PROPN
ftr-349	172	8	operations	operation	NOUN
ftr-349	172	9	headquarters	headquarter	NOUN
ftr-349	172	10	.	.	PUNCT
ftr-349	173	1	that	that	PRON
ftr-349	173	2	means	mean	VERB
ftr-349	173	3	we	we	PRON
ftr-349	173	4	support	support	VERB
ftr-349	173	5	everyone	everyone	PRON
ftr-349	173	6	who	who	PRON
ftr-349	173	7	uses	use	VERB
ftr-349	173	8	our	our	PRON
ftr-349	173	9	products	product	NOUN
ftr-349	173	10	:	:	PUNCT
ftr-349	173	11	the	the	DET
ftr-349	173	12	search	search	NOUN
ftr-349	173	13	engine	engine	NOUN
ftr-349	173	14	that	that	PRON
ftr-349	173	15	we	we	PRON
ftr-349	173	16	are	be	AUX
ftr-349	173	17	most	most	ADV
ftr-349	173	18	known	known	ADJ
ftr-349	173	19	for	for	ADP
ftr-349	173	20	,	,	PUNCT
ftr-349	173	21	plus	plus	CCONJ
ftr-349	173	22	consumer	consumer	NOUN
ftr-349	173	23	products	product	NOUN
ftr-349	173	24	like	like	ADP
ftr-349	173	25	gmail	gmail	NOUN
ftr-349	173	26	and	and	CCONJ
ftr-349	173	27	calendar	calendar	NOUN
ftr-349	173	28	,	,	PUNCT
ftr-349	173	29	advertising	advertising	NOUN
ftr-349	173	30	products	product	NOUN
ftr-349	173	31	like	like	ADP
ftr-349	173	32	adwords	adword	NOUN
ftr-349	173	33	and	and	CCONJ
ftr-349	173	34	adsense	adsense	NOUN
ftr-349	173	35	,	,	PUNCT
ftr-349	173	36	right	right	ADJ
ftr-349	173	37	through	through	ADP
ftr-349	173	38	to	to	ADP
ftr-349	173	39	business	business	NOUN
ftr-349	173	40	solutions	solution	NOUN
ftr-349	173	41	for	for	ADP
ftr-349	173	42	major	major	ADJ
ftr-349	173	43	corporations	corporation	NOUN
ftr-349	173	44	.	.	PUNCT
ftr-349	174	1	in	in	ADP
ftr-349	174	2	dublin	dublin	PROPN
ftr-349	174	3	we	we	PRON
ftr-349	174	4	also	also	ADV
ftr-349	174	5	build	build	VERB
ftr-349	174	6	on	on	ADP
ftr-349	174	7	our	our	PRON
ftr-349	174	8	existing	exist	VERB
ftr-349	174	9	products	product	NOUN
ftr-349	174	10	and	and	CCONJ
ftr-349	174	11	create	create	VERB
ftr-349	174	12	new	new	ADJ
ftr-349	174	13	ones	one	NOUN
ftr-349	174	14	,	,	PUNCT
ftr-349	174	15	employing	employ	VERB
ftr-349	174	16	some	some	PRON
ftr-349	174	17	of	of	ADP
ftr-349	174	18	the	the	DET
ftr-349	174	19	finest	fine	ADJ
ftr-349	174	20	engineering	engineering	NOUN
ftr-349	174	21	talent	talent	NOUN
ftr-349	174	22	in	in	ADP
ftr-349	174	23	the	the	DET
ftr-349	174	24	world	world	NOUN
ftr-349	174	25	.	.	PUNCT
ftr-349	175	1	many	many	ADJ
ftr-349	175	2	of	of	ADP
ftr-349	175	3	the	the	DET
ftr-349	175	4	dublinbased	dublinbased	ADJ
ftr-349	175	5	teams	team	NOUN
ftr-349	175	6	are	be	AUX
ftr-349	175	7	engaged	engage	VERB
ftr-349	175	8	in	in	ADP
ftr-349	175	9	supporting	support	VERB
ftr-349	175	10	other	other	ADJ
ftr-349	175	11	google	google	PROPN
ftr-349	175	12	offices	office	NOUN
ftr-349	175	13	across	across	ADP
ftr-349	175	14	the	the	DET
ftr-349	175	15	emea	emea	PROPN
ftr-349	175	16	region	region	NOUN
ftr-349	175	17	,	,	PUNCT
ftr-349	175	18	working	work	VERB
ftr-349	175	19	in	in	ADP
ftr-349	175	20	areas	area	NOUN
ftr-349	175	21	like	like	ADP
ftr-349	175	22	finance	finance	NOUN
ftr-349	175	23	,	,	PUNCT
ftr-349	175	24	payroll	payroll	NOUN
ftr-349	175	25	,	,	PUNCT
ftr-349	175	26	legal	legal	ADJ
ftr-349	175	27	,	,	PUNCT
ftr-349	175	28	and	and	CCONJ
ftr-349	175	29	hr	hr	NOUN
ftr-349	175	30	.	.	PUNCT
ftr-349	176	1	google	google	PROPN
ftr-349	176	2	dublin	dublin	PROPN
ftr-349	176	3	,	,	PUNCT
ftr-349	176	4	http://www.google.ie/intl/en/jobs/dublin/	http://www.google.ie/intl/en/jobs/dublin/	PROPN
ftr-349	176	5	(	(	PUNCT
ftr-349	176	6	last	last	ADJ
ftr-349	176	7	visited	visit	VERB
ftr-349	176	8	may	may	AUX
ftr-349	176	9	20	20	NUM
ftr-349	176	10	,	,	PUNCT
ftr-349	176	11	2011	2011	NUM
ftr-349	176	12	)	)	PUNCT
ftr-349	176	13	.	.	PUNCT
ftr-349	177	1	http://mail.google.com/mail/help/intl/en-gb/about.html	http://mail.google.com/mail/help/intl/en-gb/about.html	ADJ
ftr-349	177	2	http://www.google.ie/googlecalendar/overview.html	http://www.google.ie/googlecalendar/overview.html	PROPN
ftr-349	177	3	https://adwords.google.com/select/login	https://adwords.google.com/select/login	NOUN
ftr-349	177	4	https://www.google.com/adsense/login/en_ie/	https://www.google.com/adsense/login/en_ie/	NOUN
ftr-349	177	5	2001	2001	NUM
ftr-349	177	6	]	]	PUNCT
ftr-349	177	7	stateless	stateless	NOUN
ftr-349	177	8	income	income	NOUN
ftr-349	177	9	711	711	NUM
ftr-349	177	10	by	by	ADP
ftr-349	177	11	the	the	DET
ftr-349	177	12	parent	parent	NOUN
ftr-349	177	13	to	to	PART
ftr-349	177	14	pay	pay	VERB
ftr-349	177	15	those	those	DET
ftr-349	177	16	affiliates	affiliate	NOUN
ftr-349	177	17	until	until	SCONJ
ftr-349	177	18	it	it	PRON
ftr-349	177	19	generates	generate	VERB
ftr-349	177	20	its	its	PRON
ftr-349	177	21	own	own	ADJ
ftr-349	177	22	revenues	revenue	NOUN
ftr-349	177	23	.	.	PUNCT
ftr-349	178	1	again	again	ADV
ftr-349	178	2	,	,	PUNCT
ftr-349	178	3	one	one	PRON
ftr-349	178	4	sees	see	VERB
ftr-349	178	5	at	at	ADP
ftr-349	178	6	work	work	NOUN
ftr-349	178	7	the	the	DET
ftr-349	178	8	fantastic	fantastic	ADJ
ftr-349	178	9	idea	idea	NOUN
ftr-349	178	10	that	that	SCONJ
ftr-349	178	11	a	a	DET
ftr-349	178	12	subsidiary	subsidiary	NOUN
ftr-349	178	13	has	have	AUX
ftr-349	178	14	both	both	CCONJ
ftr-349	178	15	capital	capital	NOUN
ftr-349	178	16	and	and	CCONJ
ftr-349	178	17	an	an	DET
ftr-349	178	18	appetite	appetite	NOUN
ftr-349	178	19	for	for	ADP
ftr-349	178	20	risk	risk	NOUN
ftr-349	178	21	that	that	PRON
ftr-349	178	22	can	can	AUX
ftr-349	178	23	be	be	AUX
ftr-349	178	24	separated	separate	VERB
ftr-349	178	25	from	from	ADP
ftr-349	178	26	those	those	PRON
ftr-349	178	27	of	of	ADP
ftr-349	178	28	its	its	PRON
ftr-349	178	29	parent.18	parent.18	NOUN
ftr-349	178	30	the	the	DET
ftr-349	178	31	structure	structure	NOUN
ftr-349	178	32	now	now	ADV
ftr-349	178	33	can	can	AUX
ftr-349	178	34	be	be	AUX
ftr-349	178	35	summarized	summarize	VERB
ftr-349	178	36	in	in	ADP
ftr-349	178	37	this	this	DET
ftr-349	178	38	illustration	illustration	NOUN
ftr-349	178	39	:	:	PUNCT
ftr-349	178	40	now	now	ADV
ftr-349	178	41	the	the	DET
ftr-349	178	42	full	full	ADJ
ftr-349	178	43	stateless	stateless	NOUN
ftr-349	178	44	income	income	NOUN
ftr-349	178	45	generation	generation	NOUN
ftr-349	178	46	machine	machine	NOUN
ftr-349	178	47	can	can	AUX
ftr-349	178	48	be	be	AUX
ftr-349	178	49	seen	see	VERB
ftr-349	178	50	.	.	PUNCT
ftr-349	179	1	income	income	NOUN
ftr-349	179	2	earned	earn	VERB
ftr-349	179	3	from	from	ADP
ftr-349	179	4	the	the	DET
ftr-349	179	5	use	use	NOUN
ftr-349	179	6	of	of	ADP
ftr-349	179	7	the	the	DET
ftr-349	179	8	google	google	PROPN
ftr-349	179	9	intangibles	intangible	NOUN
ftr-349	179	10	by	by	ADP
ftr-349	179	11	customers	customer	NOUN
ftr-349	179	12	(	(	PUNCT
ftr-349	179	13	or	or	CCONJ
ftr-349	179	14	,	,	PUNCT
ftr-349	179	15	to	to	ADP
ftr-349	179	16	the	the	DET
ftr-349	179	17	extent	extent	NOUN
ftr-349	179	18	relevant	relevant	ADJ
ftr-349	179	19	,	,	PUNCT
ftr-349	179	20	affiliates	affiliate	NOUN
ftr-349	179	21	)	)	PUNCT
ftr-349	179	22	in	in	ADP
ftr-349	179	23	high	high	ADJ
ftr-349	179	24	-	-	PUNCT
ftr-349	179	25	tax	tax	NOUN
ftr-349	179	26	countries	country	NOUN
ftr-349	179	27	streams	stream	VERB
ftr-349	179	28	directly	directly	ADV
ftr-349	179	29	to	to	ADP
ftr-349	179	30	ireland	ireland	PROPN
ftr-349	179	31	limited	limit	VERB
ftr-349	179	32	as	as	ADP
ftr-349	179	33	a	a	DET
ftr-349	179	34	component	component	NOUN
ftr-349	179	35	of	of	ADP
ftr-349	179	36	ireland	ireland	PROPN
ftr-349	179	37	limited	limit	VERB
ftr-349	179	38	’s	’s	PART
ftr-349	179	39	advertising	advertising	NOUN
ftr-349	179	40	fees	fee	NOUN
ftr-349	179	41	,	,	PUNCT
ftr-349	179	42	without	without	ADP
ftr-349	179	43	bearing	bear	VERB
ftr-349	179	44	source	source	NOUN
ftr-349	179	45	-	-	PUNCT
ftr-349	179	46	country	country	NOUN
ftr-349	179	47	tax	tax	NOUN
ftr-349	179	48	,	,	PUNCT
ftr-349	179	49	because	because	SCONJ
ftr-349	179	50	the	the	DET
ftr-349	179	51	fees	fee	NOUN
ftr-349	179	52	paid	pay	VERB
ftr-349	179	53	are	be	AUX
ftr-349	179	54	deductible	deductible	ADJ
ftr-349	179	55	in	in	ADP
ftr-349	179	56	the	the	DET
ftr-349	179	57	source	source	NOUN
ftr-349	179	58	18	18	NUM
ftr-349	179	59	.	.	PUNCT
ftr-349	180	1	treasury	treasury	PROPN
ftr-349	180	2	regulations	regulation	NOUN
ftr-349	180	3	governing	govern	VERB
ftr-349	180	4	cost	cost	NOUN
ftr-349	180	5	sharing	sharing	NOUN
ftr-349	180	6	agreements	agreement	NOUN
ftr-349	180	7	were	be	AUX
ftr-349	180	8	revised	revise	VERB
ftr-349	180	9	in	in	ADP
ftr-349	180	10	2008	2008	NUM
ftr-349	180	11	to	to	PART
ftr-349	180	12	adopt	adopt	VERB
ftr-349	180	13	the	the	DET
ftr-349	180	14	“	"	PUNCT
ftr-349	180	15	investor	investor	NOUN
ftr-349	180	16	model	model	NOUN
ftr-349	180	17	”	"	PUNCT
ftr-349	180	18	of	of	ADP
ftr-349	180	19	arm	arm	NOUN
ftr-349	180	20	’s	’s	PART
ftr-349	180	21	length	length	NOUN
ftr-349	180	22	pricing	pricing	NOUN
ftr-349	180	23	.	.	PUNCT
ftr-349	181	1	treas	treas	PROPN
ftr-349	181	2	.	.	PUNCT
ftr-349	182	1	reg	reg	PROPN
ftr-349	182	2	.	.	PUNCT
ftr-349	183	1	§	§	PROPN
ftr-349	183	2	1.482	1.482	NUM
ftr-349	183	3	-	-	SYM
ftr-349	183	4	7	7	NUM
ftr-349	183	5	t	t	NOUN
ftr-349	183	6	(	(	PUNCT
ftr-349	183	7	as	as	SCONJ
ftr-349	183	8	amended	amend	VERB
ftr-349	183	9	by	by	ADP
ftr-349	183	10	t.d	t.d	PROPN
ftr-349	183	11	.	.	PROPN
ftr-349	183	12	9441	9441	NUM
ftr-349	183	13	,	,	PUNCT
ftr-349	183	14	2009	2009	NUM
ftr-349	183	15	-	-	SYM
ftr-349	183	16	7	7	NUM
ftr-349	183	17	i.r.b	i.r.b	NOUN
ftr-349	183	18	.	.	PUNCT
ftr-349	183	19	460	460	NUM
ftr-349	183	20	)	)	PUNCT
ftr-349	183	21	.	.	PUNCT
ftr-349	184	1	this	this	DET
ftr-349	184	2	model	model	NOUN
ftr-349	184	3	emphasizes	emphasize	VERB
ftr-349	184	4	the	the	DET
ftr-349	184	5	idea	idea	NOUN
ftr-349	184	6	that	that	SCONJ
ftr-349	184	7	an	an	DET
ftr-349	184	8	affiliate	affiliate	NOUN
ftr-349	184	9	that	that	PRON
ftr-349	184	10	contributes	contribute	VERB
ftr-349	184	11	only	only	ADJ
ftr-349	184	12	cash	cash	NOUN
ftr-349	184	13	to	to	ADP
ftr-349	184	14	a	a	DET
ftr-349	184	15	cost	cost	NOUN
ftr-349	184	16	sharing	sharing	NOUN
ftr-349	184	17	agreement	agreement	NOUN
ftr-349	184	18	built	build	VERB
ftr-349	184	19	around	around	ADP
ftr-349	184	20	existing	exist	VERB
ftr-349	184	21	high	high	ADJ
ftr-349	184	22	-	-	PUNCT
ftr-349	184	23	value	value	NOUN
ftr-349	184	24	intangible	intangible	ADJ
ftr-349	184	25	assets	asset	NOUN
ftr-349	184	26	should	should	AUX
ftr-349	184	27	make	make	VERB
ftr-349	184	28	buy	buy	VERB
ftr-349	184	29	-	-	PUNCT
ftr-349	184	30	in	in	ADP
ftr-349	184	31	payments	payment	NOUN
ftr-349	184	32	that	that	PRON
ftr-349	184	33	leave	leave	VERB
ftr-349	184	34	the	the	DET
ftr-349	184	35	affiliate	affiliate	NOUN
ftr-349	184	36	with	with	ADP
ftr-349	184	37	only	only	ADV
ftr-349	184	38	a	a	DET
ftr-349	184	39	normal	normal	ADJ
ftr-349	184	40	return	return	NOUN
ftr-349	184	41	on	on	ADP
ftr-349	184	42	its	its	PRON
ftr-349	184	43	operations	operation	NOUN
ftr-349	184	44	.	.	PUNCT
ftr-349	185	1	jct	jct	PROPN
ftr-349	185	2	,	,	PUNCT
ftr-349	185	3	income	income	NOUN
ftr-349	185	4	shifting	shift	VERB
ftr-349	185	5	and	and	CCONJ
ftr-349	185	6	transfer	transfer	NOUN
ftr-349	185	7	pricing	pricing	NOUN
ftr-349	185	8	,	,	PUNCT
ftr-349	185	9	supra	supra	PROPN
ftr-349	185	10	note	note	PROPN
ftr-349	185	11	14	14	NUM
ftr-349	185	12	,	,	PUNCT
ftr-349	185	13	at	at	ADP
ftr-349	185	14	25–29	25–29	NUM
ftr-349	185	15	,	,	PUNCT
ftr-349	185	16	111–14	111–14	NUM
ftr-349	185	17	.	.	PUNCT
ftr-349	186	1	but	but	CCONJ
ftr-349	186	2	the	the	DET
ftr-349	186	3	regulations	regulation	NOUN
ftr-349	186	4	do	do	AUX
ftr-349	186	5	not	not	PART
ftr-349	186	6	reject	reject	VERB
ftr-349	186	7	the	the	DET
ftr-349	186	8	idea	idea	NOUN
ftr-349	186	9	of	of	ADP
ftr-349	186	10	a	a	DET
ftr-349	186	11	“	"	PUNCT
ftr-349	186	12	cash	cash	NOUN
ftr-349	186	13	box	box	NOUN
ftr-349	186	14	”	"	PUNCT
ftr-349	186	15	subsidiary	subsidiary	NOUN
ftr-349	186	16	participating	participate	VERB
ftr-349	186	17	in	in	ADP
ftr-349	186	18	a	a	DET
ftr-349	186	19	cost	cost	NOUN
ftr-349	186	20	sharing	sharing	NOUN
ftr-349	186	21	agreement	agreement	NOUN
ftr-349	186	22	in	in	ADP
ftr-349	186	23	the	the	DET
ftr-349	186	24	first	first	ADJ
ftr-349	186	25	instance	instance	NOUN
ftr-349	186	26	,	,	PUNCT
ftr-349	186	27	and	and	CCONJ
ftr-349	186	28	might	might	AUX
ftr-349	186	29	be	be	AUX
ftr-349	186	30	expected	expect	VERB
ftr-349	186	31	only	only	ADV
ftr-349	186	32	to	to	PART
ftr-349	186	33	lead	lead	VERB
ftr-349	186	34	to	to	ADP
ftr-349	186	35	transfers	transfer	NOUN
ftr-349	186	36	of	of	ADP
ftr-349	186	37	intangible	intangible	ADJ
ftr-349	186	38	assets	asset	NOUN
ftr-349	186	39	at	at	ADP
ftr-349	186	40	a	a	DET
ftr-349	186	41	somewhat	somewhat	ADV
ftr-349	186	42	earlier	early	ADJ
ftr-349	186	43	stage	stage	NOUN
ftr-349	186	44	of	of	ADP
ftr-349	186	45	development	development	NOUN
ftr-349	186	46	.	.	PUNCT
ftr-349	187	1	moreover	moreover	ADV
ftr-349	187	2	,	,	PUNCT
ftr-349	187	3	“	"	PUNCT
ftr-349	187	4	cash	cash	NOUN
ftr-349	187	5	box	box	NOUN
ftr-349	187	6	”	"	PUNCT
ftr-349	187	7	subsidiaries	subsidiary	NOUN
ftr-349	187	8	can	can	AUX
ftr-349	187	9	contract	contract	VERB
ftr-349	187	10	with	with	ADP
ftr-349	187	11	and	and	CCONJ
ftr-349	187	12	license	license	VERB
ftr-349	187	13	intangible	intangible	ADJ
ftr-349	187	14	assets	asset	NOUN
ftr-349	187	15	from	from	ADP
ftr-349	187	16	their	their	PRON
ftr-349	187	17	u.s	u.s	PROPN
ftr-349	187	18	.	.	PROPN
ftr-349	187	19	parent	parent	NOUN
ftr-349	187	20	;	;	PUNCT
ftr-349	187	21	those	those	DET
ftr-349	187	22	transactions	transaction	NOUN
ftr-349	187	23	are	be	AUX
ftr-349	187	24	not	not	PART
ftr-349	187	25	ignored	ignore	VERB
ftr-349	187	26	for	for	ADP
ftr-349	187	27	u.s	u.s	PROPN
ftr-349	187	28	.	.	PROPN
ftr-349	187	29	tax	tax	NOUN
ftr-349	187	30	purposes	purpose	NOUN
ftr-349	187	31	.	.	PUNCT
ftr-349	188	1	i	i	PRON
ftr-349	188	2	d.	d.	PROPN
ftr-349	188	3	at	at	ADP
ftr-349	188	4	115–16	115–16	PROPN
ftr-349	188	5	.	.	PUNCT
ftr-349	189	1	712	712	NUM
ftr-349	189	2	florida	florida	PROPN
ftr-349	189	3	tax	tax	NOUN
ftr-349	189	4	review	review	NOUN
ftr-349	189	5	[	[	X
ftr-349	189	6	vol	vol	NOUN
ftr-349	189	7	.	.	PUNCT
ftr-349	190	1	11:9	11:9	NUM
ftr-349	190	2	country.19	country.19	NOUN
ftr-349	190	3	while	while	SCONJ
ftr-349	190	4	much	much	ADJ
ftr-349	190	5	of	of	ADP
ftr-349	190	6	ireland	ireland	PROPN
ftr-349	190	7	limited	limit	VERB
ftr-349	190	8	’s	’s	PART
ftr-349	190	9	income	income	NOUN
ftr-349	190	10	presumably	presumably	ADV
ftr-349	190	11	comes	come	VERB
ftr-349	190	12	directly	directly	ADV
ftr-349	190	13	from	from	ADP
ftr-349	190	14	third	third	ADJ
ftr-349	190	15	-	-	PUNCT
ftr-349	190	16	party	party	NOUN
ftr-349	190	17	customers	customer	NOUN
ftr-349	190	18	in	in	ADP
ftr-349	190	19	the	the	DET
ftr-349	190	20	emea	emea	PROPN
ftr-349	190	21	region	region	NOUN
ftr-349	190	22	,	,	PUNCT
ftr-349	190	23	the	the	DET
ftr-349	190	24	same	same	ADJ
ftr-349	190	25	sort	sort	NOUN
ftr-349	190	26	of	of	ADP
ftr-349	190	27	structure	structure	NOUN
ftr-349	190	28	can	can	AUX
ftr-349	190	29	be	be	AUX
ftr-349	190	30	used	use	VERB
ftr-349	190	31	to	to	PART
ftr-349	190	32	strip	strip	VERB
ftr-349	190	33	out	out	ADP
ftr-349	190	34	income	income	NOUN
ftr-349	190	35	from	from	ADP
ftr-349	190	36	local	local	ADJ
ftr-349	190	37	affiliates	affiliate	NOUN
ftr-349	190	38	that	that	SCONJ
ftr-349	190	39	in	in	ADP
ftr-349	190	40	turn	turn	NOUN
ftr-349	190	41	serve	serve	VERB
ftr-349	190	42	local	local	ADJ
ftr-349	190	43	customers	customer	NOUN
ftr-349	190	44	and	and	CCONJ
ftr-349	190	45	then	then	ADV
ftr-349	190	46	to	to	PART
ftr-349	190	47	move	move	VERB
ftr-349	190	48	that	that	DET
ftr-349	190	49	income	income	NOUN
ftr-349	190	50	to	to	ADP
ftr-349	190	51	ireland	ireland	NOUN
ftr-349	190	52	.	.	PUNCT
ftr-349	191	1	the	the	DET
ftr-349	191	2	net	net	ADJ
ftr-349	191	3	effect	effect	NOUN
ftr-349	191	4	in	in	ADP
ftr-349	191	5	either	either	DET
ftr-349	191	6	case	case	NOUN
ftr-349	191	7	is	be	AUX
ftr-349	191	8	that	that	DET
ftr-349	191	9	income	income	NOUN
ftr-349	191	10	from	from	ADP
ftr-349	191	11	the	the	DET
ftr-349	191	12	exploitation	exploitation	NOUN
ftr-349	191	13	of	of	ADP
ftr-349	191	14	the	the	DET
ftr-349	191	15	google	google	PROPN
ftr-349	191	16	intangibles	intangible	NOUN
ftr-349	191	17	throughout	throughout	ADP
ftr-349	191	18	the	the	DET
ftr-349	191	19	emea	emea	PROPN
ftr-349	191	20	region	region	NOUN
ftr-349	191	21	is	be	AUX
ftr-349	191	22	taxed	tax	VERB
ftr-349	191	23	only	only	ADV
ftr-349	191	24	in	in	ADP
ftr-349	191	25	ireland	ireland	PROPN
ftr-349	191	26	.	.	PUNCT
ftr-349	192	1	ireland	ireland	PROPN
ftr-349	192	2	imposes	impose	VERB
ftr-349	192	3	a	a	DET
ftr-349	192	4	12.5	12.5	NUM
ftr-349	192	5	percent	percent	NOUN
ftr-349	192	6	corporate	corporate	ADJ
ftr-349	192	7	income	income	NOUN
ftr-349	192	8	tax	tax	NOUN
ftr-349	192	9	on	on	ADP
ftr-349	192	10	irish	irish	ADJ
ftr-349	192	11	resident	resident	NOUN
ftr-349	192	12	companies	company	NOUN
ftr-349	192	13	;	;	PUNCT
ftr-349	192	14	ireland	ireland	PROPN
ftr-349	192	15	limited	limit	VERB
ftr-349	192	16	therefore	therefore	ADV
ftr-349	192	17	is	be	AUX
ftr-349	192	18	subject	subject	ADJ
ftr-349	192	19	to	to	ADP
ftr-349	192	20	that	that	DET
ftr-349	192	21	tax	tax	NOUN
ftr-349	192	22	rate	rate	NOUN
ftr-349	192	23	on	on	ADP
ftr-349	192	24	its	its	PRON
ftr-349	192	25	net	net	ADJ
ftr-349	192	26	income	income	NOUN
ftr-349	192	27	,	,	PUNCT
ftr-349	192	28	but	but	CCONJ
ftr-349	192	29	ireland	ireland	PROPN
ftr-349	192	30	limited	limit	VERB
ftr-349	192	31	makes	make	VERB
ftr-349	192	32	very	very	ADV
ftr-349	192	33	large	large	ADJ
ftr-349	192	34	deductible	deductible	ADJ
ftr-349	192	35	royalty	royalty	NOUN
ftr-349	192	36	payments	payment	NOUN
ftr-349	192	37	to	to	ADP
ftr-349	192	38	google	google	PROPN
ftr-349	192	39	bv	bv	PROPN
ftr-349	192	40	for	for	ADP
ftr-349	192	41	the	the	DET
ftr-349	192	42	use	use	NOUN
ftr-349	192	43	of	of	ADP
ftr-349	192	44	the	the	DET
ftr-349	192	45	core	core	NOUN
ftr-349	192	46	google	google	PROPN
ftr-349	192	47	intangibles	intangible	NOUN
ftr-349	192	48	originally	originally	ADV
ftr-349	192	49	transferred	transfer	VERB
ftr-349	192	50	in	in	ADP
ftr-349	192	51	2003	2003	NUM
ftr-349	192	52	(	(	PUNCT
ftr-349	192	53	and	and	CCONJ
ftr-349	192	54	since	since	SCONJ
ftr-349	192	55	extended	extend	VERB
ftr-349	192	56	by	by	ADP
ftr-349	192	57	investments	investment	NOUN
ftr-349	192	58	made	make	VERB
ftr-349	192	59	under	under	ADP
ftr-349	192	60	the	the	DET
ftr-349	192	61	internal	internal	ADJ
ftr-349	192	62	cost	cost	NOUN
ftr-349	192	63	sharing	sharing	NOUN
ftr-349	192	64	agreement	agreement	NOUN
ftr-349	192	65	)	)	PUNCT
ftr-349	192	66	.	.	PUNCT
ftr-349	193	1	google	google	PROPN
ftr-349	193	2	bv	bv	PROPN
ftr-349	193	3	in	in	ADP
ftr-349	193	4	turn	turn	NOUN
ftr-349	193	5	makes	make	VERB
ftr-349	193	6	royalty	royalty	NOUN
ftr-349	193	7	payments	payment	NOUN
ftr-349	193	8	almost	almost	ADV
ftr-349	193	9	exactly	exactly	ADV
ftr-349	193	10	as	as	ADV
ftr-349	193	11	large	large	ADJ
ftr-349	193	12	to	to	ADP
ftr-349	193	13	ireland	ireland	NOUN
ftr-349	193	14	holdings	holding	NOUN
ftr-349	193	15	.	.	PUNCT
ftr-349	194	1	the	the	DET
ftr-349	194	2	latter	latter	ADJ
ftr-349	194	3	is	be	AUX
ftr-349	194	4	a	a	DET
ftr-349	194	5	bermuda	bermuda	NOUN
ftr-349	194	6	company	company	NOUN
ftr-349	194	7	from	from	ADP
ftr-349	194	8	an	an	DET
ftr-349	194	9	irish	irish	ADJ
ftr-349	194	10	perspective	perspective	NOUN
ftr-349	194	11	,	,	PUNCT
ftr-349	194	12	and	and	CCONJ
ftr-349	194	13	bermuda	bermuda	NOUN
ftr-349	194	14	has	have	VERB
ftr-349	194	15	no	no	DET
ftr-349	194	16	corporate	corporate	ADJ
ftr-349	194	17	income	income	NOUN
ftr-349	194	18	tax	tax	NOUN
ftr-349	194	19	.	.	PUNCT
ftr-349	195	1	google	google	PROPN
ftr-349	195	2	bv	bv	PROPN
ftr-349	195	3	exists	exist	VERB
ftr-349	195	4	because	because	SCONJ
ftr-349	195	5	royalties	royalty	NOUN
ftr-349	195	6	paid	pay	VERB
ftr-349	195	7	directly	directly	ADV
ftr-349	195	8	from	from	ADP
ftr-349	195	9	an	an	DET
ftr-349	195	10	irish	irish	ADJ
ftr-349	195	11	company	company	NOUN
ftr-349	195	12	to	to	ADP
ftr-349	195	13	a	a	DET
ftr-349	195	14	bermuda	bermuda	NOUN
ftr-349	195	15	company	company	NOUN
ftr-349	195	16	(	(	PUNCT
ftr-349	195	17	that	that	ADV
ftr-349	195	18	is	is	ADV
ftr-349	195	19	,	,	PUNCT
ftr-349	195	20	from	from	ADP
ftr-349	195	21	ireland	ireland	PROPN
ftr-349	195	22	limited	limit	VERB
ftr-349	195	23	to	to	ADP
ftr-349	195	24	ireland	ireland	NOUN
ftr-349	195	25	holdings	holding	NOUN
ftr-349	195	26	)	)	PUNCT
ftr-349	195	27	would	would	AUX
ftr-349	195	28	be	be	AUX
ftr-349	195	29	subject	subject	ADJ
ftr-349	195	30	to	to	ADP
ftr-349	195	31	an	an	DET
ftr-349	195	32	irish	irish	ADJ
ftr-349	195	33	withholding	withholding	NOUN
ftr-349	195	34	tax.20	tax.20	NOUN
ftr-349	195	35	that	that	DET
ftr-349	195	36	tax	tax	NOUN
ftr-349	195	37	does	do	AUX
ftr-349	195	38	not	not	PART
ftr-349	195	39	apply	apply	VERB
ftr-349	195	40	to	to	ADP
ftr-349	195	41	royalties	royalty	NOUN
ftr-349	195	42	paid	pay	VERB
ftr-349	195	43	to	to	ADP
ftr-349	195	44	a	a	DET
ftr-349	195	45	company	company	NOUN
ftr-349	195	46	resident	resident	NOUN
ftr-349	195	47	in	in	ADP
ftr-349	195	48	an	an	DET
ftr-349	195	49	eu	eu	PROPN
ftr-349	195	50	member	member	NOUN
ftr-349	195	51	state	state	NOUN
ftr-349	195	52	,	,	PUNCT
ftr-349	195	53	even	even	ADV
ftr-349	195	54	one	one	NUM
ftr-349	195	55	that	that	PRON
ftr-349	195	56	is	be	AUX
ftr-349	195	57	an	an	DET
ftr-349	195	58	affiliate	affiliate	NOUN
ftr-349	195	59	and	and	CCONJ
ftr-349	195	60	that	that	PRON
ftr-349	195	61	apparently	apparently	ADV
ftr-349	195	62	serves	serve	VERB
ftr-349	195	63	no	no	DET
ftr-349	195	64	purpose	purpose	NOUN
ftr-349	195	65	but	but	CCONJ
ftr-349	195	66	the	the	DET
ftr-349	195	67	elimination	elimination	NOUN
ftr-349	195	68	of	of	ADP
ftr-349	195	69	irish	irish	ADJ
ftr-349	195	70	withholding	withholding	NOUN
ftr-349	195	71	tax	tax	NOUN
ftr-349	195	72	.	.	PUNCT
ftr-349	196	1	the	the	DET
ftr-349	196	2	netherlands	netherlands	PROPN
ftr-349	196	3	does	do	AUX
ftr-349	196	4	not	not	PART
ftr-349	196	5	impose	impose	VERB
ftr-349	196	6	withholding	withholding	NOUN
ftr-349	196	7	tax	tax	NOUN
ftr-349	196	8	on	on	ADP
ftr-349	196	9	the	the	DET
ftr-349	196	10	outbound	outbound	NOUN
ftr-349	196	11	royalties	royalty	NOUN
ftr-349	196	12	paid	pay	VERB
ftr-349	196	13	to	to	ADP
ftr-349	196	14	ireland	ireland	NOUN
ftr-349	196	15	holdings	holding	NOUN
ftr-349	196	16	,	,	PUNCT
ftr-349	196	17	and	and	CCONJ
ftr-349	196	18	contents	content	VERB
ftr-349	196	19	itself	itself	PRON
ftr-349	196	20	with	with	ADP
ftr-349	196	21	collecting	collect	VERB
ftr-349	196	22	a	a	DET
ftr-349	196	23	small	small	ADJ
ftr-349	196	24	tax	tax	NOUN
ftr-349	196	25	(	(	PUNCT
ftr-349	196	26	essentially	essentially	ADV
ftr-349	196	27	a	a	DET
ftr-349	196	28	fee	fee	NOUN
ftr-349	196	29	for	for	ADP
ftr-349	196	30	the	the	DET
ftr-349	196	31	use	use	NOUN
ftr-349	196	32	of	of	ADP
ftr-349	196	33	its	its	PRON
ftr-349	196	34	tax	tax	NOUN
ftr-349	196	35	system	system	NOUN
ftr-349	196	36	)	)	PUNCT
ftr-349	196	37	on	on	ADP
ftr-349	196	38	the	the	DET
ftr-349	196	39	modest	modest	ADJ
ftr-349	196	40	“	"	PUNCT
ftr-349	196	41	spread	spread	NOUN
ftr-349	196	42	”	"	PUNCT
ftr-349	196	43	between	between	ADP
ftr-349	196	44	the	the	DET
ftr-349	196	45	royalties	royalty	NOUN
ftr-349	196	46	google	google	PROPN
ftr-349	196	47	bv	bv	PROPN
ftr-349	196	48	receives	receive	VERB
ftr-349	196	49	and	and	CCONJ
ftr-349	196	50	those	those	PRON
ftr-349	196	51	it	it	PRON
ftr-349	196	52	pays	pay	VERB
ftr-349	196	53	on	on	ADP
ftr-349	196	54	to	to	ADP
ftr-349	196	55	ireland	ireland	NOUN
ftr-349	196	56	holdings	holding	NOUN
ftr-349	196	57	.	.	PUNCT
ftr-349	197	1	it	it	PRON
ftr-349	197	2	is	be	AUX
ftr-349	197	3	normal	normal	ADJ
ftr-349	197	4	in	in	ADP
ftr-349	197	5	dutch	dutch	ADJ
ftr-349	197	6	tax	tax	NOUN
ftr-349	197	7	practice	practice	NOUN
ftr-349	197	8	to	to	PART
ftr-349	197	9	negotiate	negotiate	VERB
ftr-349	197	10	this	this	DET
ftr-349	197	11	sort	sort	NOUN
ftr-349	197	12	of	of	ADV
ftr-349	197	13	spread	spread	NOUN
ftr-349	197	14	in	in	ADP
ftr-349	197	15	advance	advance	NOUN
ftr-349	197	16	with	with	ADP
ftr-349	197	17	the	the	DET
ftr-349	197	18	dutch	dutch	ADJ
ftr-349	197	19	tax	tax	NOUN
ftr-349	197	20	authorities	authority	NOUN
ftr-349	197	21	.	.	PUNCT
ftr-349	198	1	meanwhile	meanwhile	ADV
ftr-349	198	2	,	,	PUNCT
ftr-349	198	3	from	from	ADP
ftr-349	198	4	a	a	DET
ftr-349	198	5	u.s	u.s	PROPN
ftr-349	198	6	.	.	PROPN
ftr-349	198	7	tax	tax	NOUN
ftr-349	198	8	point	point	NOUN
ftr-349	198	9	of	of	ADP
ftr-349	198	10	view	view	NOUN
ftr-349	198	11	,	,	PUNCT
ftr-349	198	12	neither	neither	CCONJ
ftr-349	198	13	ireland	ireland	NOUN
ftr-349	198	14	limited	limit	VERB
ftr-349	198	15	nor	nor	CCONJ
ftr-349	198	16	google	google	PROPN
ftr-349	198	17	bv	bv	PROPN
ftr-349	198	18	exists	exist	VERB
ftr-349	198	19	at	at	ADV
ftr-349	198	20	all	all	ADV
ftr-349	198	21	.	.	PUNCT
ftr-349	199	1	the	the	DET
ftr-349	199	2	united	united	PROPN
ftr-349	199	3	states	states	PROPN
ftr-349	199	4	sees	see	VERB
ftr-349	199	5	only	only	ADV
ftr-349	199	6	an	an	DET
ftr-349	199	7	irish	irish	ADJ
ftr-349	199	8	(	(	PUNCT
ftr-349	199	9	not	not	PART
ftr-349	199	10	bermuda	bermuda	NOUN
ftr-349	199	11	)	)	PUNCT
ftr-349	199	12	company	company	NOUN
ftr-349	199	13	(	(	PUNCT
ftr-349	199	14	irish	irish	ADJ
ftr-349	199	15	holdings	holding	NOUN
ftr-349	199	16	)	)	PUNCT
ftr-349	199	17	with	with	ADP
ftr-349	199	18	a	a	DET
ftr-349	199	19	bermuda	bermuda	NOUN
ftr-349	199	20	branch	branch	NOUN
ftr-349	199	21	,	,	PUNCT
ftr-349	199	22	where	where	SCONJ
ftr-349	199	23	most	most	ADJ
ftr-349	199	24	of	of	ADP
ftr-349	199	25	its	its	PRON
ftr-349	199	26	net	net	ADJ
ftr-349	199	27	income	income	NOUN
ftr-349	199	28	comes	come	VERB
ftr-349	199	29	to	to	ADP
ftr-349	199	30	rest	rest	NOUN
ftr-349	199	31	.	.	PUNCT
ftr-349	200	1	the	the	DET
ftr-349	200	2	end	end	NOUN
ftr-349	200	3	result	result	NOUN
ftr-349	200	4	is	be	AUX
ftr-349	200	5	a	a	DET
ftr-349	200	6	near	near	ADV
ftr-349	200	7	-	-	PUNCT
ftr-349	200	8	zero	zero	NUM
ftr-349	200	9	rate	rate	NOUN
ftr-349	200	10	of	of	ADP
ftr-349	200	11	tax	tax	NOUN
ftr-349	200	12	on	on	ADP
ftr-349	200	13	income	income	NOUN
ftr-349	200	14	derived	derive	VERB
ftr-349	200	15	from	from	ADP
ftr-349	200	16	customers	customer	NOUN
ftr-349	200	17	in	in	ADP
ftr-349	200	18	europe	europe	PROPN
ftr-349	200	19	,	,	PUNCT
ftr-349	200	20	the	the	DET
ftr-349	200	21	middle	middle	PROPN
ftr-349	200	22	east	east	PROPN
ftr-349	200	23	,	,	PUNCT
ftr-349	200	24	and	and	CCONJ
ftr-349	200	25	africa	africa	PROPN
ftr-349	200	26	that	that	PRON
ftr-349	200	27	is	be	AUX
ftr-349	200	28	attributable	attributable	ADJ
ftr-349	200	29	to	to	ADP
ftr-349	200	30	the	the	DET
ftr-349	200	31	high	high	ADJ
ftr-349	200	32	-	-	PUNCT
ftr-349	200	33	value	value	NOUN
ftr-349	200	34	intangibles	intangible	NOUN
ftr-349	200	35	that	that	PRON
ftr-349	200	36	encompass	encompass	VERB
ftr-349	200	37	the	the	DET
ftr-349	200	38	bulk	bulk	NOUN
ftr-349	200	39	of	of	ADP
ftr-349	200	40	19	19	NUM
ftr-349	200	41	.	.	PUNCT
ftr-349	201	1	whether	whether	SCONJ
ftr-349	201	2	the	the	DET
ftr-349	201	3	fees	fee	NOUN
ftr-349	201	4	are	be	AUX
ftr-349	201	5	characterized	characterize	VERB
ftr-349	201	6	as	as	SCONJ
ftr-349	201	7	paid	pay	VERB
ftr-349	201	8	in	in	ADP
ftr-349	201	9	respect	respect	NOUN
ftr-349	201	10	of	of	ADP
ftr-349	201	11	the	the	DET
ftr-349	201	12	provision	provision	NOUN
ftr-349	201	13	of	of	ADP
ftr-349	201	14	advertising	advertising	NOUN
ftr-349	201	15	services	service	NOUN
ftr-349	201	16	or	or	CCONJ
ftr-349	201	17	as	as	SCONJ
ftr-349	201	18	licensing	licensing	NOUN
ftr-349	201	19	fees	fee	NOUN
ftr-349	201	20	for	for	ADP
ftr-349	201	21	the	the	DET
ftr-349	201	22	use	use	NOUN
ftr-349	201	23	of	of	ADP
ftr-349	201	24	the	the	DET
ftr-349	201	25	google	google	PROPN
ftr-349	201	26	platform	platform	NOUN
ftr-349	201	27	is	be	AUX
ftr-349	201	28	a	a	DET
ftr-349	201	29	technical	technical	ADJ
ftr-349	201	30	issue	issue	NOUN
ftr-349	201	31	whose	whose	DET
ftr-349	201	32	resolution	resolution	NOUN
ftr-349	201	33	is	be	AUX
ftr-349	201	34	irrelevant	irrelevant	ADJ
ftr-349	201	35	to	to	ADP
ftr-349	201	36	this	this	DET
ftr-349	201	37	simple	simple	ADJ
ftr-349	201	38	narrative	narrative	NOUN
ftr-349	201	39	.	.	PUNCT
ftr-349	202	1	within	within	ADP
ftr-349	202	2	the	the	DET
ftr-349	202	3	european	european	PROPN
ftr-349	202	4	union	union	PROPN
ftr-349	202	5	in	in	ADP
ftr-349	202	6	particular	particular	ADJ
ftr-349	202	7	member	member	NOUN
ftr-349	202	8	states	state	NOUN
ftr-349	202	9	can	can	AUX
ftr-349	202	10	not	not	PART
ftr-349	202	11	impose	impose	VERB
ftr-349	202	12	source	source	NOUN
ftr-349	202	13	-	-	PUNCT
ftr-349	202	14	country	country	NOUN
ftr-349	202	15	withholding	withholding	NOUN
ftr-349	202	16	tax	tax	NOUN
ftr-349	202	17	on	on	ADP
ftr-349	202	18	royalties	royalty	NOUN
ftr-349	202	19	paid	pay	VERB
ftr-349	202	20	to	to	ADP
ftr-349	202	21	a	a	DET
ftr-349	202	22	company	company	NOUN
ftr-349	202	23	resident	resident	NOUN
ftr-349	202	24	in	in	ADP
ftr-349	202	25	another	another	DET
ftr-349	202	26	state	state	NOUN
ftr-349	202	27	.	.	PUNCT
ftr-349	203	1	moreover	moreover	ADV
ftr-349	203	2	,	,	PUNCT
ftr-349	203	3	ireland	ireland	PROPN
ftr-349	203	4	has	have	VERB
ftr-349	203	5	a	a	DET
ftr-349	203	6	good	good	ADJ
ftr-349	203	7	tax	tax	NOUN
ftr-349	203	8	treaty	treaty	NOUN
ftr-349	203	9	network	network	NOUN
ftr-349	203	10	whose	whose	DET
ftr-349	203	11	treaties	treaty	NOUN
ftr-349	203	12	often	often	ADV
ftr-349	203	13	reduce	reduce	VERB
ftr-349	203	14	the	the	DET
ftr-349	203	15	tax	tax	NOUN
ftr-349	203	16	rate	rate	NOUN
ftr-349	203	17	on	on	ADP
ftr-349	203	18	royalties	royalty	NOUN
ftr-349	203	19	paid	pay	VERB
ftr-349	203	20	between	between	ADP
ftr-349	203	21	firms	firm	NOUN
ftr-349	203	22	in	in	ADP
ftr-349	203	23	the	the	DET
ftr-349	203	24	two	two	NUM
ftr-349	203	25	treaty	treaty	NOUN
ftr-349	203	26	countries	country	NOUN
ftr-349	203	27	to	to	ADP
ftr-349	203	28	zero	zero	NUM
ftr-349	203	29	.	.	PUNCT
ftr-349	204	1	20	20	NUM
ftr-349	204	2	.	.	PUNCT
ftr-349	205	1	darby	darby	PROPN
ftr-349	205	2	and	and	CCONJ
ftr-349	205	3	lemaster	lemaster	PROPN
ftr-349	205	4	do	do	AUX
ftr-349	205	5	not	not	PART
ftr-349	205	6	discuss	discuss	VERB
ftr-349	205	7	the	the	DET
ftr-349	205	8	role	role	NOUN
ftr-349	205	9	of	of	ADP
ftr-349	205	10	the	the	DET
ftr-349	205	11	dutch	dutch	ADJ
ftr-349	205	12	firm	firm	NOUN
ftr-349	205	13	,	,	PUNCT
ftr-349	205	14	either	either	CCONJ
ftr-349	205	15	because	because	SCONJ
ftr-349	205	16	the	the	DET
ftr-349	205	17	authors	author	NOUN
ftr-349	205	18	viewed	view	VERB
ftr-349	205	19	it	it	PRON
ftr-349	205	20	as	as	ADP
ftr-349	205	21	a	a	DET
ftr-349	205	22	proprietary	proprietary	ADJ
ftr-349	205	23	twist	twist	NOUN
ftr-349	205	24	on	on	ADP
ftr-349	205	25	the	the	DET
ftr-349	205	26	basic	basic	ADJ
ftr-349	205	27	“	"	PUNCT
ftr-349	205	28	double	double	ADJ
ftr-349	205	29	irish	irish	ADJ
ftr-349	205	30	”	"	PUNCT
ftr-349	205	31	idea	idea	NOUN
ftr-349	205	32	or	or	CCONJ
ftr-349	205	33	because	because	SCONJ
ftr-349	205	34	it	it	PRON
ftr-349	205	35	had	have	AUX
ftr-349	205	36	not	not	PART
ftr-349	205	37	yet	yet	ADV
ftr-349	205	38	come	come	VERB
ftr-349	205	39	into	into	ADP
ftr-349	205	40	vogue	vogue	NOUN
ftr-349	205	41	.	.	PUNCT
ftr-349	206	1	darby	darby	PROPN
ftr-349	206	2	&	&	CCONJ
ftr-349	206	3	lemaster	lemaster	PROPN
ftr-349	206	4	,	,	PUNCT
ftr-349	206	5	double	double	ADJ
ftr-349	206	6	irish	irish	ADJ
ftr-349	206	7	,	,	PUNCT
ftr-349	206	8	supra	supra	PROPN
ftr-349	206	9	note	note	NOUN
ftr-349	206	10	11	11	NUM
ftr-349	206	11	.	.	PUNCT
ftr-349	207	1	the	the	DET
ftr-349	207	2	article	article	NOUN
ftr-349	207	3	by	by	ADP
ftr-349	207	4	drucker	drucker	NOUN
ftr-349	207	5	does	do	AUX
ftr-349	207	6	discuss	discuss	VERB
ftr-349	207	7	it	it	PRON
ftr-349	207	8	.	.	PUNCT
ftr-349	208	1	drucker	drucker	NOUN
ftr-349	208	2	,	,	PUNCT
ftr-349	208	3	google	google	PROPN
ftr-349	208	4	2.4	2.4	NUM
ftr-349	208	5	%	%	NOUN
ftr-349	208	6	rate	rate	NOUN
ftr-349	208	7	,	,	PUNCT
ftr-349	208	8	supra	supra	PROPN
ftr-349	208	9	note	note	NOUN
ftr-349	208	10	11	11	NUM
ftr-349	208	11	.	.	PUNCT
ftr-349	209	1	2001	2001	NUM
ftr-349	209	2	]	]	PUNCT
ftr-349	209	3	stateless	stateless	NOUN
ftr-349	209	4	income	income	NOUN
ftr-349	209	5	713	713	NUM
ftr-349	209	6	google	google	NOUN
ftr-349	209	7	’s	’s	PART
ftr-349	209	8	economic	economic	ADJ
ftr-349	209	9	factors	factor	NOUN
ftr-349	209	10	of	of	ADP
ftr-349	209	11	production	production	NOUN
ftr-349	209	12	,	,	PUNCT
ftr-349	209	13	and	and	CCONJ
ftr-349	209	14	a	a	DET
ftr-349	209	15	very	very	ADV
ftr-349	209	16	low	low	ADJ
ftr-349	209	17	rate	rate	NOUN
ftr-349	209	18	of	of	ADP
ftr-349	209	19	tax	tax	NOUN
ftr-349	209	20	on	on	ADP
ftr-349	209	21	returns	return	NOUN
ftr-349	209	22	attributable	attributable	ADJ
ftr-349	209	23	to	to	ADP
ftr-349	209	24	the	the	DET
ftr-349	209	25	services	service	NOUN
ftr-349	209	26	of	of	ADP
ftr-349	209	27	google	google	PROPN
ftr-349	209	28	’s	’s	PART
ftr-349	209	29	irish	irish	PROPN
ftr-349	209	30	-	-	PUNCT
ftr-349	209	31	based	base	VERB
ftr-349	209	32	sales	sale	NOUN
ftr-349	209	33	force	force	NOUN
ftr-349	209	34	.	.	PUNCT
ftr-349	210	1	this	this	DET
ftr-349	210	2	stateless	stateless	NOUN
ftr-349	210	3	income	income	NOUN
ftr-349	210	4	generation	generation	NOUN
ftr-349	210	5	machine	machine	NOUN
ftr-349	210	6	is	be	AUX
ftr-349	210	7	referred	refer	VERB
ftr-349	210	8	to	to	ADP
ftr-349	210	9	as	as	ADP
ftr-349	210	10	a	a	DET
ftr-349	210	11	“	"	PUNCT
ftr-349	210	12	double	double	ADJ
ftr-349	210	13	irish	irish	ADJ
ftr-349	210	14	”	"	PUNCT
ftr-349	210	15	structure	structure	NOUN
ftr-349	210	16	because	because	SCONJ
ftr-349	210	17	of	of	ADP
ftr-349	210	18	the	the	DET
ftr-349	210	19	use	use	NOUN
ftr-349	210	20	of	of	ADP
ftr-349	210	21	the	the	DET
ftr-349	210	22	two	two	NUM
ftr-349	210	23	irish	irish	ADJ
ftr-349	210	24	firms	firm	NOUN
ftr-349	210	25	;	;	PUNCT
ftr-349	210	26	the	the	DET
ftr-349	210	27	“	"	PUNCT
ftr-349	210	28	dutch	dutch	ADJ
ftr-349	210	29	sandwich	sandwich	NOUN
ftr-349	210	30	”	"	PUNCT
ftr-349	210	31	sobriquet	sobriquet	NOUN
ftr-349	210	32	follows	follow	VERB
ftr-349	210	33	from	from	ADP
ftr-349	210	34	the	the	DET
ftr-349	210	35	insertion	insertion	NOUN
ftr-349	210	36	of	of	ADP
ftr-349	210	37	google	google	PROPN
ftr-349	210	38	bv	bv	PROPN
ftr-349	210	39	as	as	ADP
ftr-349	210	40	a	a	DET
ftr-349	210	41	sort	sort	NOUN
ftr-349	210	42	of	of	ADP
ftr-349	210	43	tax	tax	NOUN
ftr-349	210	44	filler	filler	NOUN
ftr-349	210	45	between	between	ADP
ftr-349	210	46	the	the	DET
ftr-349	210	47	two	two	NUM
ftr-349	210	48	irish	irish	ADJ
ftr-349	210	49	firms	firm	NOUN
ftr-349	210	50	.	.	PUNCT
ftr-349	211	1	importantly	importantly	ADV
ftr-349	211	2	,	,	PUNCT
ftr-349	211	3	the	the	DET
ftr-349	211	4	structure	structure	NOUN
ftr-349	211	5	is	be	AUX
ftr-349	211	6	easily	easily	ADV
ftr-349	211	7	replicable	replicable	ADJ
ftr-349	211	8	by	by	ADP
ftr-349	211	9	others	other	NOUN
ftr-349	211	10	(	(	PUNCT
ftr-349	211	11	and	and	CCONJ
ftr-349	211	12	in	in	ADP
ftr-349	211	13	fact	fact	NOUN
ftr-349	211	14	has	have	AUX
ftr-349	211	15	been	be	AUX
ftr-349	211	16	reported	report	VERB
ftr-349	211	17	to	to	PART
ftr-349	211	18	be	be	AUX
ftr-349	211	19	in	in	ADP
ftr-349	211	20	widespread	widespread	ADJ
ftr-349	211	21	use	use	NOUN
ftr-349	211	22	among	among	ADP
ftr-349	211	23	u.s	u.s	PROPN
ftr-349	211	24	.	.	PROPN
ftr-349	211	25	technology	technology	PROPN
ftr-349	211	26	firms);21	firms);21	PROPN
ftr-349	211	27	there	there	PRON
ftr-349	211	28	is	be	VERB
ftr-349	211	29	nothing	nothing	PRON
ftr-349	211	30	in	in	ADP
ftr-349	211	31	the	the	DET
ftr-349	211	32	structure	structure	NOUN
ftr-349	211	33	that	that	PRON
ftr-349	211	34	relies	rely	VERB
ftr-349	211	35	on	on	ADP
ftr-349	211	36	any	any	DET
ftr-349	211	37	unique	unique	ADJ
ftr-349	211	38	business	business	NOUN
ftr-349	211	39	model	model	NOUN
ftr-349	211	40	or	or	CCONJ
ftr-349	211	41	asset	asset	NOUN
ftr-349	211	42	of	of	ADP
ftr-349	211	43	google	google	PROPN
ftr-349	211	44	’s	’s	PART
ftr-349	211	45	.	.	PUNCT
ftr-349	212	1	from	from	ADP
ftr-349	212	2	the	the	DET
ftr-349	212	3	point	point	NOUN
ftr-349	212	4	of	of	ADP
ftr-349	212	5	view	view	NOUN
ftr-349	212	6	of	of	ADP
ftr-349	212	7	sophisticated	sophisticated	ADJ
ftr-349	212	8	u.s	u.s	PROPN
ftr-349	212	9	.	.	PROPN
ftr-349	212	10	multinational	multinational	ADJ
ftr-349	212	11	firms	firm	NOUN
ftr-349	212	12	,	,	PUNCT
ftr-349	212	13	this	this	DET
ftr-349	212	14	arrangement	arrangement	NOUN
ftr-349	212	15	is	be	AUX
ftr-349	212	16	simply	simply	ADV
ftr-349	212	17	one	one	NUM
ftr-349	212	18	tool	tool	NOUN
ftr-349	212	19	among	among	ADP
ftr-349	212	20	many	many	ADJ
ftr-349	212	21	in	in	ADP
ftr-349	212	22	the	the	DET
ftr-349	212	23	stateless	stateless	NOUN
ftr-349	212	24	income	income	NOUN
ftr-349	212	25	planning	planning	NOUN
ftr-349	212	26	toolkit	toolkit	NOUN
ftr-349	212	27	.	.	PUNCT
ftr-349	213	1	c.	c.	NOUN
ftr-349	213	2	overview	overview	NOUN
ftr-349	213	3	and	and	CCONJ
ftr-349	213	4	conclusions	conclusion	NOUN
ftr-349	213	5	of	of	ADP
ftr-349	213	6	article	article	NOUN
ftr-349	213	7	this	this	DET
ftr-349	213	8	article	article	NOUN
ftr-349	213	9	accepts	accept	VERB
ftr-349	213	10	as	as	ADP
ftr-349	213	11	an	an	DET
ftr-349	213	12	arbitrary	arbitrary	ADJ
ftr-349	213	13	postulate	postulate	NOUN
ftr-349	213	14	the	the	DET
ftr-349	213	15	existence	existence	NOUN
ftr-349	213	16	of	of	ADP
ftr-349	213	17	a	a	DET
ftr-349	213	18	corporate	corporate	ADJ
ftr-349	213	19	income	income	NOUN
ftr-349	213	20	tax	tax	NOUN
ftr-349	213	21	that	that	SCONJ
ftr-349	213	22	in	in	ADP
ftr-349	213	23	fact	fact	NOUN
ftr-349	213	24	is	be	AUX
ftr-349	213	25	meant	mean	VERB
ftr-349	213	26	to	to	PART
ftr-349	213	27	burden	burden	VERB
ftr-349	213	28	corporate	corporate	ADJ
ftr-349	213	29	income	income	NOUN
ftr-349	213	30	in	in	ADP
ftr-349	213	31	some	some	DET
ftr-349	213	32	coherent	coherent	ADJ
ftr-349	213	33	fashion	fashion	NOUN
ftr-349	213	34	.	.	PUNCT
ftr-349	214	1	the	the	DET
ftr-349	214	2	article	article	NOUN
ftr-349	214	3	asks	ask	VERB
ftr-349	214	4	the	the	DET
ftr-349	214	5	question	question	NOUN
ftr-349	214	6	,	,	PUNCT
ftr-349	214	7	how	how	SCONJ
ftr-349	214	8	does	do	AUX
ftr-349	214	9	the	the	DET
ftr-349	214	10	pervasive	pervasive	ADJ
ftr-349	214	11	phenomenon	phenomenon	NOUN
ftr-349	214	12	of	of	ADP
ftr-349	214	13	stateless	stateless	NOUN
ftr-349	214	14	income	income	NOUN
ftr-349	214	15	affect	affect	VERB
ftr-349	214	16	the	the	DET
ftr-349	214	17	operation	operation	NOUN
ftr-349	214	18	of	of	ADP
ftr-349	214	19	that	that	DET
ftr-349	214	20	tax	tax	NOUN
ftr-349	214	21	today	today	NOUN
ftr-349	214	22	?	?	PUNCT
ftr-349	215	1	the	the	DET
ftr-349	215	2	article	article	NOUN
ftr-349	215	3	’s	’s	PART
ftr-349	215	4	answer	answer	NOUN
ftr-349	215	5	is	be	AUX
ftr-349	215	6	that	that	SCONJ
ftr-349	215	7	the	the	DET
ftr-349	215	8	pervasive	pervasive	ADJ
ftr-349	215	9	presence	presence	NOUN
ftr-349	215	10	of	of	ADP
ftr-349	215	11	stateless	stateless	NOUN
ftr-349	215	12	income	income	NOUN
ftr-349	215	13	tax	tax	NOUN
ftr-349	215	14	planning	planning	NOUN
ftr-349	215	15	changes	change	VERB
ftr-349	215	16	everything	everything	PRON
ftr-349	215	17	.	.	PUNCT
ftr-349	216	1	as	as	SCONJ
ftr-349	216	2	the	the	DET
ftr-349	216	3	example	example	NOUN
ftr-349	216	4	of	of	ADP
ftr-349	216	5	google	google	PROPN
ftr-349	216	6	’s	’s	PART
ftr-349	216	7	double	double	ADJ
ftr-349	216	8	irish	irish	ADJ
ftr-349	216	9	dutch	dutch	ADJ
ftr-349	216	10	sandwich	sandwich	NOUN
ftr-349	216	11	structure	structure	NOUN
ftr-349	216	12	implies	imply	VERB
ftr-349	216	13	,	,	PUNCT
ftr-349	216	14	it	it	PRON
ftr-349	216	15	destroys	destroy	VERB
ftr-349	216	16	any	any	DET
ftr-349	216	17	possible	possible	ADJ
ftr-349	216	18	coherence	coherence	NOUN
ftr-349	216	19	to	to	ADP
ftr-349	216	20	the	the	DET
ftr-349	216	21	concept	concept	NOUN
ftr-349	216	22	of	of	ADP
ftr-349	216	23	the	the	DET
ftr-349	216	24	geographic	geographic	ADJ
ftr-349	216	25	source	source	NOUN
ftr-349	216	26	of	of	ADP
ftr-349	216	27	income	income	NOUN
ftr-349	216	28	,	,	PUNCT
ftr-349	216	29	on	on	ADP
ftr-349	216	30	which	which	PRON
ftr-349	216	31	all	all	DET
ftr-349	216	32	territorial	territorial	ADJ
ftr-349	216	33	tax	tax	NOUN
ftr-349	216	34	systems	system	NOUN
ftr-349	216	35	rely	rely	VERB
ftr-349	216	36	.	.	PUNCT
ftr-349	217	1	it	it	PRON
ftr-349	217	2	erodes	erode	VERB
ftr-349	217	3	the	the	DET
ftr-349	217	4	tax	tax	NOUN
ftr-349	217	5	base	base	NOUN
ftr-349	217	6	of	of	ADP
ftr-349	217	7	high	high	ADJ
ftr-349	217	8	-	-	PUNCT
ftr-349	217	9	tax	tax	NOUN
ftr-349	217	10	countries	country	NOUN
ftr-349	217	11	in	in	ADP
ftr-349	217	12	which	which	PRON
ftr-349	217	13	multinational	multinational	ADJ
ftr-349	217	14	firms	firm	NOUN
ftr-349	217	15	are	be	AUX
ftr-349	217	16	domiciled	domicile	VERB
ftr-349	217	17	through	through	ADP
ftr-349	217	18	debt	debt	NOUN
ftr-349	217	19	-	-	PUNCT
ftr-349	217	20	financed	finance	VERB
ftr-349	217	21	tax	tax	NOUN
ftr-349	217	22	arbitrage	arbitrage	NOUN
ftr-349	217	23	.	.	PUNCT
ftr-349	218	1	it	it	PRON
ftr-349	218	2	privileges	privilege	VERB
ftr-349	218	3	multinational	multinational	ADJ
ftr-349	218	4	firms	firm	NOUN
ftr-349	218	5	over	over	ADP
ftr-349	218	6	domestic	domestic	ADJ
ftr-349	218	7	ones	one	NOUN
ftr-349	218	8	by	by	ADP
ftr-349	218	9	offering	offer	VERB
ftr-349	218	10	the	the	DET
ftr-349	218	11	former	former	ADJ
ftr-349	218	12	the	the	DET
ftr-349	218	13	prospect	prospect	NOUN
ftr-349	218	14	of	of	ADP
ftr-349	218	15	capturing	capture	VERB
ftr-349	218	16	what	what	PRON
ftr-349	218	17	the	the	DET
ftr-349	218	18	article	article	NOUN
ftr-349	218	19	terms	term	VERB
ftr-349	218	20	“	"	PUNCT
ftr-349	218	21	tax	tax	NOUN
ftr-349	218	22	rents	rent	NOUN
ftr-349	218	23	”	"	PUNCT
ftr-349	218	24	—	—	PUNCT
ftr-349	218	25	low	low	ADJ
ftr-349	218	26	-	-	PUNCT
ftr-349	218	27	risk	risk	NOUN
ftr-349	218	28	inframarginal	inframarginal	ADJ
ftr-349	218	29	returns	return	NOUN
ftr-349	218	30	derived	derive	VERB
ftr-349	218	31	by	by	ADP
ftr-349	218	32	moving	move	VERB
ftr-349	218	33	income	income	NOUN
ftr-349	218	34	from	from	ADP
ftr-349	218	35	high	high	ADJ
ftr-349	218	36	-	-	PUNCT
ftr-349	218	37	tax	tax	NOUN
ftr-349	218	38	foreign	foreign	ADJ
ftr-349	218	39	countries	country	NOUN
ftr-349	218	40	to	to	ADP
ftr-349	218	41	low	low	ADJ
ftr-349	218	42	-	-	PUNCT
ftr-349	218	43	tax	tax	NOUN
ftr-349	218	44	ones	one	NOUN
ftr-349	218	45	.	.	PUNCT
ftr-349	219	1	and	and	CCONJ
ftr-349	219	2	since	since	SCONJ
ftr-349	219	3	the	the	DET
ftr-349	219	4	costs	cost	NOUN
ftr-349	219	5	required	require	VERB
ftr-349	219	6	to	to	PART
ftr-349	219	7	accomplish	accomplish	VERB
ftr-349	219	8	it	it	PRON
ftr-349	219	9	create	create	VERB
ftr-349	219	10	noting	note	VERB
ftr-349	219	11	of	of	ADP
ftr-349	219	12	economic	economic	ADJ
ftr-349	219	13	value	value	NOUN
ftr-349	219	14	,	,	PUNCT
ftr-349	219	15	it	it	PRON
ftr-349	219	16	leads	lead	VERB
ftr-349	219	17	to	to	ADP
ftr-349	219	18	deadweight	deadweight	NOUN
ftr-349	219	19	loss	loss	NOUN
ftr-349	219	20	.	.	PUNCT
ftr-349	220	1	the	the	DET
ftr-349	220	2	article	article	NOUN
ftr-349	220	3	presents	present	VERB
ftr-349	220	4	a	a	DET
ftr-349	220	5	comprehensive	comprehensive	ADJ
ftr-349	220	6	picture	picture	NOUN
ftr-349	220	7	of	of	ADP
ftr-349	220	8	the	the	DET
ftr-349	220	9	role	role	NOUN
ftr-349	220	10	of	of	ADP
ftr-349	220	11	stateless	stateless	NOUN
ftr-349	220	12	income	income	NOUN
ftr-349	220	13	in	in	ADP
ftr-349	220	14	international	international	ADJ
ftr-349	220	15	tax	tax	NOUN
ftr-349	220	16	planning	planning	NOUN
ftr-349	220	17	,	,	PUNCT
ftr-349	220	18	in	in	ADP
ftr-349	220	19	contrast	contrast	NOUN
ftr-349	220	20	to	to	ADP
ftr-349	220	21	existing	exist	VERB
ftr-349	220	22	literature	literature	NOUN
ftr-349	220	23	’s	’s	PART
ftr-349	220	24	tendency	tendency	NOUN
ftr-349	220	25	to	to	PART
ftr-349	220	26	focus	focus	VERB
ftr-349	220	27	on	on	ADP
ftr-349	220	28	a	a	DET
ftr-349	220	29	series	series	NOUN
ftr-349	220	30	of	of	ADP
ftr-349	220	31	discrete	discrete	ADJ
ftr-349	220	32	problems	problem	NOUN
ftr-349	220	33	.	.	PUNCT
ftr-349	221	1	the	the	DET
ftr-349	221	2	article	article	NOUN
ftr-349	221	3	demonstrates	demonstrate	VERB
ftr-349	221	4	why	why	SCONJ
ftr-349	221	5	the	the	DET
ftr-349	221	6	eradication	eradication	NOUN
ftr-349	221	7	of	of	ADP
ftr-349	221	8	stateless	stateless	NOUN
ftr-349	221	9	income	income	NOUN
ftr-349	221	10	in	in	ADP
ftr-349	221	11	the	the	DET
ftr-349	221	12	field	field	NOUN
ftr-349	221	13	is	be	AUX
ftr-349	221	14	a	a	DET
ftr-349	221	15	highly	highly	ADV
ftr-349	221	16	implausible	implausible	ADJ
ftr-349	221	17	scenario	scenario	NOUN
ftr-349	221	18	.	.	PUNCT
ftr-349	222	1	finally	finally	ADV
ftr-349	222	2	,	,	PUNCT
ftr-349	222	3	the	the	DET
ftr-349	222	4	article	article	NOUN
ftr-349	222	5	considers	consider	VERB
ftr-349	222	6	the	the	DET
ftr-349	222	7	policy	policy	NOUN
ftr-349	222	8	implications	implication	NOUN
ftr-349	222	9	of	of	ADP
ftr-349	222	10	stateless	stateless	NOUN
ftr-349	222	11	income	income	NOUN
ftr-349	222	12	tax	tax	NOUN
ftr-349	222	13	planning	planning	NOUN
ftr-349	222	14	for	for	ADP
ftr-349	222	15	the	the	DET
ftr-349	222	16	design	design	NOUN
ftr-349	222	17	of	of	ADP
ftr-349	222	18	tax	tax	NOUN
ftr-349	222	19	systems	system	NOUN
ftr-349	222	20	.	.	PUNCT
ftr-349	223	1	section	section	NOUN
ftr-349	223	2	ii	ii	PROPN
ftr-349	223	3	of	of	ADP
ftr-349	223	4	this	this	DET
ftr-349	223	5	article	article	NOUN
ftr-349	223	6	briefly	briefly	ADV
ftr-349	223	7	reviews	review	VERB
ftr-349	223	8	the	the	DET
ftr-349	223	9	current	current	ADJ
ftr-349	223	10	u.s	u.s	PROPN
ftr-349	223	11	.	.	PROPN
ftr-349	223	12	tax	tax	NOUN
ftr-349	223	13	system	system	NOUN
ftr-349	223	14	for	for	ADP
ftr-349	223	15	taxing	tax	VERB
ftr-349	223	16	the	the	DET
ftr-349	223	17	returns	return	NOUN
ftr-349	223	18	to	to	ADP
ftr-349	223	19	corporate	corporate	ADJ
ftr-349	223	20	foreign	foreign	ADJ
ftr-349	223	21	direct	direct	ADJ
ftr-349	223	22	investment	investment	NOUN
ftr-349	223	23	.	.	PUNCT
ftr-349	224	1	beyond	beyond	ADP
ftr-349	224	2	a	a	DET
ftr-349	224	3	recitation	recitation	NOUN
ftr-349	224	4	of	of	ADP
ftr-349	224	5	these	these	DET
ftr-349	224	6	rules	rule	NOUN
ftr-349	224	7	and	and	CCONJ
ftr-349	224	8	principles	principle	NOUN
ftr-349	224	9	,	,	PUNCT
ftr-349	224	10	section	section	NOUN
ftr-349	224	11	ii	ii	PROPN
ftr-349	224	12	argues	argue	VERB
ftr-349	224	13	that	that	SCONJ
ftr-349	224	14	the	the	DET
ftr-349	224	15	current	current	ADJ
ftr-349	224	16	u.s	u.s	PROPN
ftr-349	224	17	.	.	PROPN
ftr-349	224	18	tax	tax	NOUN
ftr-349	224	19	rules	rule	NOUN
ftr-349	224	20	governing	govern	VERB
ftr-349	224	21	income	income	NOUN
ftr-349	224	22	from	from	ADP
ftr-349	224	23	foreign	foreign	ADJ
ftr-349	224	24	direct	direct	ADJ
ftr-349	224	25	investments	investment	NOUN
ftr-349	224	26	often	often	ADV
ftr-349	224	27	are	be	AUX
ftr-349	224	28	misapprehended	misapprehend	VERB
ftr-349	224	29	.	.	PUNCT
ftr-349	225	1	in	in	ADP
ftr-349	225	2	practice	practice	NOUN
ftr-349	225	3	the	the	DET
ftr-349	225	4	u.s	u.s	PROPN
ftr-349	225	5	.	.	PROPN
ftr-349	225	6	tax	tax	NOUN
ftr-349	225	7	rules	rule	NOUN
ftr-349	225	8	do	do	AUX
ftr-349	225	9	not	not	PART
ftr-349	225	10	operate	operate	VERB
ftr-349	225	11	,	,	PUNCT
ftr-349	225	12	as	as	SCONJ
ftr-349	225	13	many	many	ADJ
ftr-349	225	14	presentations	presentation	NOUN
ftr-349	225	15	suggest	suggest	VERB
ftr-349	225	16	,	,	PUNCT
ftr-349	225	17	as	as	ADP
ftr-349	225	18	a	a	DET
ftr-349	225	19	“	"	PUNCT
ftr-349	225	20	worldwide	worldwide	ADJ
ftr-349	225	21	”	"	PUNCT
ftr-349	225	22	system	system	NOUN
ftr-349	225	23	of	of	ADP
ftr-349	225	24	taxation	taxation	NOUN
ftr-349	225	25	,	,	PUNCT
ftr-349	225	26	but	but	CCONJ
ftr-349	225	27	rather	rather	ADV
ftr-349	225	28	as	as	ADP
ftr-349	225	29	an	an	DET
ftr-349	225	30	21	21	NUM
ftr-349	225	31	.	.	PUNCT
ftr-349	226	1	drucker	drucker	NOUN
ftr-349	226	2	,	,	PUNCT
ftr-349	226	3	google	google	PROPN
ftr-349	226	4	2.4	2.4	NUM
ftr-349	226	5	%	%	NOUN
ftr-349	226	6	rate	rate	NOUN
ftr-349	226	7	,	,	PUNCT
ftr-349	226	8	supra	supra	PROPN
ftr-349	226	9	note	note	NOUN
ftr-349	226	10	11	11	NUM
ftr-349	226	11	.	.	PUNCT
ftr-349	227	1	714	714	NUM
ftr-349	227	2	florida	florida	PROPN
ftr-349	227	3	tax	tax	NOUN
ftr-349	227	4	review	review	NOUN
ftr-349	227	5	[	[	X
ftr-349	227	6	vol	vol	NOUN
ftr-349	227	7	.	.	PUNCT
ftr-349	228	1	11:9	11:9	NUM
ftr-349	228	2	ersatz	ersatz	ADJ
ftr-349	228	3	variant	variant	NOUN
ftr-349	228	4	on	on	ADP
ftr-349	228	5	territorial	territorial	ADJ
ftr-349	228	6	systems	system	NOUN
ftr-349	228	7	,	,	PUNCT
ftr-349	228	8	with	with	ADP
ftr-349	228	9	hidden	hidden	ADJ
ftr-349	228	10	benefits	benefit	NOUN
ftr-349	228	11	and	and	CCONJ
ftr-349	228	12	costs	cost	NOUN
ftr-349	228	13	when	when	SCONJ
ftr-349	228	14	compared	compare	VERB
ftr-349	228	15	to	to	ADP
ftr-349	228	16	standard	standard	ADJ
ftr-349	228	17	territorial	territorial	ADJ
ftr-349	228	18	regimes	regime	NOUN
ftr-349	228	19	.	.	PUNCT
ftr-349	229	1	section	section	NOUN
ftr-349	229	2	iii	iii	PROPN
ftr-349	229	3	demonstrates	demonstrate	VERB
ftr-349	229	4	how	how	SCONJ
ftr-349	229	5	the	the	DET
ftr-349	229	6	current	current	ADJ
ftr-349	229	7	u.s	u.s	PROPN
ftr-349	229	8	.	.	PROPN
ftr-349	229	9	tax	tax	NOUN
ftr-349	229	10	system	system	NOUN
ftr-349	229	11	,	,	PUNCT
ftr-349	229	12	which	which	PRON
ftr-349	229	13	purports	purport	VERB
ftr-349	229	14	to	to	PART
ftr-349	229	15	tax	tax	VERB
ftr-349	229	16	the	the	DET
ftr-349	229	17	worldwide	worldwide	ADJ
ftr-349	229	18	income	income	NOUN
ftr-349	229	19	of	of	ADP
ftr-349	229	20	u.s.-resident	u.s.-resident	ADJ
ftr-349	229	21	multinational	multinational	ADJ
ftr-349	229	22	firms	firm	NOUN
ftr-349	229	23	,	,	PUNCT
ftr-349	229	24	in	in	ADP
ftr-349	229	25	fact	fact	NOUN
ftr-349	229	26	,	,	PUNCT
ftr-349	229	27	affords	afford	VERB
ftr-349	229	28	those	those	DET
ftr-349	229	29	firms	firm	NOUN
ftr-349	229	30	the	the	DET
ftr-349	229	31	opportunity	opportunity	NOUN
ftr-349	229	32	to	to	PART
ftr-349	229	33	operate	operate	VERB
ftr-349	229	34	in	in	ADP
ftr-349	229	35	a	a	DET
ftr-349	229	36	quasi	quasi	ADJ
ftr-349	229	37	-	-	ADJ
ftr-349	229	38	territorial	territorial	ADJ
ftr-349	229	39	tax	tax	NOUN
ftr-349	229	40	environment	environment	NOUN
ftr-349	229	41	and	and	CCONJ
ftr-349	229	42	to	to	PART
ftr-349	229	43	earn	earn	VERB
ftr-349	229	44	stateless	stateless	NOUN
ftr-349	229	45	income	income	NOUN
ftr-349	229	46	in	in	ADP
ftr-349	229	47	the	the	DET
ftr-349	229	48	same	same	ADJ
ftr-349	229	49	manner	manner	NOUN
ftr-349	229	50	that	that	PRON
ftr-349	229	51	their	their	PRON
ftr-349	229	52	territorial	territorial	ADV
ftr-349	229	53	-	-	PUNCT
ftr-349	229	54	based	base	VERB
ftr-349	229	55	competitors	competitor	NOUN
ftr-349	229	56	do	do	VERB
ftr-349	229	57	.	.	PUNCT
ftr-349	230	1	section	section	PROPN
ftr-349	230	2	iii	iii	PROPN
ftr-349	230	3	continues	continue	VERB
ftr-349	230	4	by	by	ADP
ftr-349	230	5	reviewing	review	VERB
ftr-349	230	6	available	available	ADJ
ftr-349	230	7	“	"	PUNCT
ftr-349	230	8	cash	cash	NOUN
ftr-349	230	9	”	"	PUNCT
ftr-349	230	10	tax	tax	NOUN
ftr-349	230	11	and	and	CCONJ
ftr-349	230	12	financial	financial	ADJ
ftr-349	230	13	accounting	accounting	NOUN
ftr-349	230	14	data	datum	NOUN
ftr-349	230	15	to	to	PART
ftr-349	230	16	demonstrate	demonstrate	VERB
ftr-349	230	17	that	that	SCONJ
ftr-349	230	18	u.s.-based	u.s.-based	ADJ
ftr-349	230	19	multinational	multinational	ADJ
ftr-349	230	20	firms	firm	NOUN
ftr-349	230	21	today	today	NOUN
ftr-349	230	22	enjoy	enjoy	VERB
ftr-349	230	23	this	this	DET
ftr-349	230	24	favorable	favorable	ADJ
ftr-349	230	25	attribute	attribute	NOUN
ftr-349	230	26	.	.	PUNCT
ftr-349	231	1	section	section	NOUN
ftr-349	231	2	iv	iv	NUM
ftr-349	231	3	considers	consider	VERB
ftr-349	231	4	the	the	DET
ftr-349	231	5	policy	policy	NOUN
ftr-349	231	6	implications	implication	NOUN
ftr-349	231	7	of	of	ADP
ftr-349	231	8	stateless	stateless	NOUN
ftr-349	231	9	income	income	NOUN
ftr-349	231	10	tax	tax	NOUN
ftr-349	231	11	planning	planning	NOUN
ftr-349	231	12	for	for	ADP
ftr-349	231	13	current	current	ADJ
ftr-349	231	14	income	income	NOUN
ftr-349	231	15	tax	tax	NOUN
ftr-349	231	16	systems	system	NOUN
ftr-349	231	17	.	.	PUNCT
ftr-349	232	1	when	when	SCONJ
ftr-349	232	2	viewed	view	VERB
ftr-349	232	3	from	from	ADP
ftr-349	232	4	the	the	DET
ftr-349	232	5	perspective	perspective	NOUN
ftr-349	232	6	of	of	ADP
ftr-349	232	7	u.s	u.s	PROPN
ftr-349	232	8	.	.	PROPN
ftr-349	232	9	tax	tax	NOUN
ftr-349	232	10	policy	policy	NOUN
ftr-349	232	11	,	,	PUNCT
ftr-349	232	12	those	those	DET
ftr-349	232	13	implications	implication	NOUN
ftr-349	232	14	include	include	VERB
ftr-349	232	15	the	the	DET
ftr-349	232	16	dissolution	dissolution	NOUN
ftr-349	232	17	of	of	ADP
ftr-349	232	18	any	any	DET
ftr-349	232	19	coherence	coherence	NOUN
ftr-349	232	20	to	to	ADP
ftr-349	232	21	the	the	DET
ftr-349	232	22	concept	concept	NOUN
ftr-349	232	23	of	of	ADP
ftr-349	232	24	geographic	geographic	ADJ
ftr-349	232	25	source	source	NOUN
ftr-349	232	26	,	,	PUNCT
ftr-349	232	27	the	the	DET
ftr-349	232	28	systematic	systematic	ADJ
ftr-349	232	29	bias	bias	NOUN
ftr-349	232	30	toward	toward	ADP
ftr-349	232	31	offshore	offshore	ADJ
ftr-349	232	32	rather	rather	ADV
ftr-349	232	33	than	than	ADP
ftr-349	232	34	domestic	domestic	ADJ
ftr-349	232	35	investment	investment	NOUN
ftr-349	232	36	,	,	PUNCT
ftr-349	232	37	the	the	DET
ftr-349	232	38	more	more	ADV
ftr-349	232	39	surprising	surprising	ADJ
ftr-349	232	40	bias	bias	NOUN
ftr-349	232	41	in	in	ADP
ftr-349	232	42	favor	favor	NOUN
ftr-349	232	43	of	of	ADP
ftr-349	232	44	investment	investment	NOUN
ftr-349	232	45	in	in	ADP
ftr-349	232	46	high	high	ADJ
ftr-349	232	47	-	-	PUNCT
ftr-349	232	48	tax	tax	NOUN
ftr-349	232	49	foreign	foreign	ADJ
ftr-349	232	50	countries	country	NOUN
ftr-349	232	51	to	to	PART
ftr-349	232	52	provide	provide	VERB
ftr-349	232	53	the	the	DET
ftr-349	232	54	raw	raw	ADJ
ftr-349	232	55	feedstock	feedstock	NOUN
ftr-349	232	56	for	for	ADP
ftr-349	232	57	the	the	DET
ftr-349	232	58	generation	generation	NOUN
ftr-349	232	59	of	of	ADP
ftr-349	232	60	low	low	ADJ
ftr-349	232	61	-	-	PUNCT
ftr-349	232	62	tax	tax	NOUN
ftr-349	232	63	foreign	foreign	ADJ
ftr-349	232	64	income	income	NOUN
ftr-349	232	65	in	in	ADP
ftr-349	232	66	other	other	ADJ
ftr-349	232	67	countries	country	NOUN
ftr-349	232	68	,	,	PUNCT
ftr-349	232	69	the	the	DET
ftr-349	232	70	erosion	erosion	NOUN
ftr-349	232	71	of	of	ADP
ftr-349	232	72	the	the	DET
ftr-349	232	73	u.s	u.s	PROPN
ftr-349	232	74	.	.	PROPN
ftr-349	232	75	domestic	domestic	ADJ
ftr-349	232	76	tax	tax	NOUN
ftr-349	232	77	base	base	NOUN
ftr-349	232	78	through	through	ADP
ftr-349	232	79	debt	debt	NOUN
ftr-349	232	80	-	-	PUNCT
ftr-349	232	81	financed	finance	VERB
ftr-349	232	82	tax	tax	NOUN
ftr-349	232	83	arbitrage	arbitrage	NOUN
ftr-349	232	84	,	,	PUNCT
ftr-349	232	85	many	many	ADJ
ftr-349	232	86	instances	instance	NOUN
ftr-349	232	87	of	of	ADP
ftr-349	232	88	deadweight	deadweight	NOUN
ftr-349	232	89	loss	loss	NOUN
ftr-349	232	90	,	,	PUNCT
ftr-349	232	91	and	and	CCONJ
ftr-349	232	92	—	—	PUNCT
ftr-349	232	93	essentially	essentially	ADV
ftr-349	232	94	uniquely	uniquely	ADV
ftr-349	232	95	to	to	ADP
ftr-349	232	96	the	the	DET
ftr-349	232	97	united	united	PROPN
ftr-349	232	98	states	states	PROPN
ftr-349	232	99	—	—	PUNCT
ftr-349	232	100	the	the	DET
ftr-349	232	101	exacerbation	exacerbation	NOUN
ftr-349	232	102	of	of	ADP
ftr-349	232	103	the	the	DET
ftr-349	232	104	lock	lock	NOUN
ftr-349	232	105	-	-	PUNCT
ftr-349	232	106	out	out	ADP
ftr-349	232	107	phenomenon	phenomenon	NOUN
ftr-349	232	108	,	,	PUNCT
ftr-349	232	109	under	under	ADP
ftr-349	232	110	which	which	PRON
ftr-349	232	111	the	the	DET
ftr-349	232	112	price	price	NOUN
ftr-349	232	113	that	that	PRON
ftr-349	232	114	u.s	u.s	PROPN
ftr-349	232	115	.	.	PROPN
ftr-349	232	116	firms	firm	NOUN
ftr-349	232	117	pay	pay	VERB
ftr-349	232	118	to	to	PART
ftr-349	232	119	enjoy	enjoy	VERB
ftr-349	232	120	the	the	DET
ftr-349	232	121	benefits	benefit	NOUN
ftr-349	232	122	of	of	ADP
ftr-349	232	123	dramatically	dramatically	ADV
ftr-349	232	124	low	low	ADJ
ftr-349	232	125	foreign	foreign	ADJ
ftr-349	232	126	tax	tax	NOUN
ftr-349	232	127	rates	rate	NOUN
ftr-349	232	128	is	be	AUX
ftr-349	232	129	the	the	DET
ftr-349	232	130	accumulation	accumulation	NOUN
ftr-349	232	131	of	of	ADP
ftr-349	232	132	extraordinary	extraordinary	ADJ
ftr-349	232	133	amounts	amount	NOUN
ftr-349	232	134	of	of	ADP
ftr-349	232	135	earnings	earning	NOUN
ftr-349	232	136	(	(	PUNCT
ftr-349	232	137	roughly	roughly	ADV
ftr-349	232	138	$	$	SYM
ftr-349	232	139	1.4	1.4	NUM
ftr-349	232	140	trillion	trillion	NUM
ftr-349	232	141	,	,	PUNCT
ftr-349	232	142	by	by	ADP
ftr-349	232	143	the	the	DET
ftr-349	232	144	most	most	ADV
ftr-349	232	145	recent	recent	ADJ
ftr-349	232	146	estimates22	estimates22	NUM
ftr-349	232	147	)	)	PUNCT
ftr-349	232	148	and	and	CCONJ
ftr-349	232	149	cash	cash	NOUN
ftr-349	232	150	outside	outside	ADP
ftr-349	232	151	the	the	DET
ftr-349	232	152	united	united	PROPN
ftr-349	232	153	states	states	PROPN
ftr-349	232	154	.	.	PUNCT
ftr-349	233	1	section	section	NOUN
ftr-349	233	2	iv	iv	NUM
ftr-349	233	3	explains	explain	VERB
ftr-349	233	4	how	how	SCONJ
ftr-349	233	5	stateless	stateless	NOUN
ftr-349	233	6	income	income	NOUN
ftr-349	233	7	tax	tax	NOUN
ftr-349	233	8	planning	planning	NOUN
ftr-349	233	9	enables	enable	VERB
ftr-349	233	10	multinational	multinational	ADJ
ftr-349	233	11	firms	firm	NOUN
ftr-349	233	12	to	to	PART
ftr-349	233	13	capture	capture	VERB
ftr-349	233	14	“	"	PUNCT
ftr-349	233	15	tax	tax	NOUN
ftr-349	233	16	rents	rent	NOUN
ftr-349	233	17	.	.	PUNCT
ftr-349	233	18	”	"	PUNCT
ftr-349	234	1	in	in	ADP
ftr-349	234	2	brief	brief	ADJ
ftr-349	234	3	,	,	PUNCT
ftr-349	234	4	if	if	SCONJ
ftr-349	234	5	one	one	PRON
ftr-349	234	6	accepts	accept	VERB
ftr-349	234	7	the	the	DET
ftr-349	234	8	premise	premise	NOUN
ftr-349	234	9	that	that	SCONJ
ftr-349	234	10	after	after	ADP
ftr-349	234	11	-	-	PUNCT
ftr-349	234	12	tax	tax	NOUN
ftr-349	234	13	returns	return	NOUN
ftr-349	234	14	on	on	ADP
ftr-349	234	15	business	business	NOUN
ftr-349	234	16	income	income	NOUN
ftr-349	234	17	converge	converge	VERB
ftr-349	234	18	on	on	ADP
ftr-349	234	19	a	a	DET
ftr-349	234	20	single	single	ADJ
ftr-349	234	21	worldwide	worldwide	ADJ
ftr-349	234	22	level	level	NOUN
ftr-349	234	23	,	,	PUNCT
ftr-349	234	24	then	then	ADV
ftr-349	234	25	pre	pre	ADJ
ftr-349	234	26	-	-	ADJ
ftr-349	234	27	tax	tax	ADJ
ftr-349	234	28	returns	return	NOUN
ftr-349	234	29	must	must	AUX
ftr-349	234	30	diverge	diverge	VERB
ftr-349	234	31	,	,	PUNCT
ftr-349	234	32	with	with	SCONJ
ftr-349	234	33	commensurately	commensurately	ADV
ftr-349	234	34	higher	high	ADJ
ftr-349	234	35	pre	pre	ADJ
ftr-349	234	36	-	-	ADJ
ftr-349	234	37	tax	tax	ADJ
ftr-349	234	38	returns	return	NOUN
ftr-349	234	39	in	in	ADP
ftr-349	234	40	high	high	ADJ
ftr-349	234	41	-	-	PUNCT
ftr-349	234	42	tax	tax	NOUN
ftr-349	234	43	countries.23	countries.23	PROPN
ftr-349	234	44	stateless	stateless	NOUN
ftr-349	234	45	income	income	NOUN
ftr-349	234	46	tax	tax	NOUN
ftr-349	234	47	planning	planning	NOUN
ftr-349	234	48	permits	permit	VERB
ftr-349	234	49	multinational	multinational	ADJ
ftr-349	234	50	firms	firm	NOUN
ftr-349	234	51	to	to	PART
ftr-349	234	52	earn	earn	VERB
ftr-349	234	53	high	high	ADJ
ftr-349	234	54	-	-	PUNCT
ftr-349	234	55	tax	tax	NOUN
ftr-349	234	56	country	country	NOUN
ftr-349	234	57	pre	pre	ADJ
ftr-349	234	58	-	-	ADJ
ftr-349	234	59	tax	tax	ADJ
ftr-349	234	60	returns	return	NOUN
ftr-349	234	61	and	and	CCONJ
ftr-349	234	62	then	then	ADV
ftr-349	234	63	to	to	PART
ftr-349	234	64	migrate	migrate	VERB
ftr-349	234	65	those	those	PRON
ftr-349	234	66	to	to	ADP
ftr-349	234	67	a	a	DET
ftr-349	234	68	low	low	ADJ
ftr-349	234	69	-	-	PUNCT
ftr-349	234	70	tax	tax	NOUN
ftr-349	234	71	jurisdiction	jurisdiction	NOUN
ftr-349	234	72	,	,	PUNCT
ftr-349	234	73	thereby	thereby	ADV
ftr-349	234	74	capturing	capture	VERB
ftr-349	234	75	supranormal	supranormal	ADJ
ftr-349	234	76	returns	return	NOUN
ftr-349	234	77	.	.	PUNCT
ftr-349	235	1	one	one	NUM
ftr-349	235	2	policy	policy	NOUN
ftr-349	235	3	implication	implication	NOUN
ftr-349	235	4	that	that	SCONJ
ftr-349	235	5	section	section	NOUN
ftr-349	235	6	iv	iv	NUM
ftr-349	235	7	rejects	reject	VERB
ftr-349	235	8	as	as	ADP
ftr-349	235	9	inconsistent	inconsistent	ADJ
ftr-349	235	10	with	with	ADP
ftr-349	235	11	the	the	DET
ftr-349	235	12	data	data	NOUN
ftr-349	235	13	is	be	AUX
ftr-349	235	14	that	that	SCONJ
ftr-349	235	15	current	current	ADJ
ftr-349	235	16	law	law	NOUN
ftr-349	235	17	disadvantages	disadvantage	VERB
ftr-349	235	18	u.s	u.s	PROPN
ftr-349	235	19	.	.	PROPN
ftr-349	235	20	multinational	multinational	ADJ
ftr-349	235	21	firms	firm	NOUN
ftr-349	235	22	in	in	ADP
ftr-349	235	23	respect	respect	NOUN
ftr-349	235	24	of	of	ADP
ftr-349	235	25	the	the	DET
ftr-349	235	26	effective	effective	ADJ
ftr-349	235	27	foreign	foreign	ADJ
ftr-349	235	28	or	or	CCONJ
ftr-349	235	29	aggregate	aggregate	ADJ
ftr-349	235	30	tax	tax	NOUN
ftr-349	235	31	rates	rate	NOUN
ftr-349	235	32	they	they	PRON
ftr-349	235	33	suffer	suffer	VERB
ftr-349	235	34	when	when	SCONJ
ftr-349	235	35	compared	compare	VERB
ftr-349	235	36	with	with	ADP
ftr-349	235	37	their	their	PRON
ftr-349	235	38	territorial	territorial	ADV
ftr-349	235	39	-	-	PUNCT
ftr-349	235	40	based	base	VERB
ftr-349	235	41	competitors	competitor	NOUN
ftr-349	235	42	.	.	PUNCT
ftr-349	236	1	whether	whether	SCONJ
ftr-349	236	2	those	those	DET
ftr-349	236	3	tax	tax	NOUN
ftr-349	236	4	burdens	burden	NOUN
ftr-349	236	5	are	be	AUX
ftr-349	236	6	measured	measure	VERB
ftr-349	236	7	by	by	ADP
ftr-349	236	8	reference	reference	NOUN
ftr-349	236	9	to	to	ADP
ftr-349	236	10	actual	actual	ADJ
ftr-349	236	11	cash	cash	NOUN
ftr-349	236	12	taxes	taxis	NOUN
ftr-349	236	13	paid	pay	VERB
ftr-349	236	14	,	,	PUNCT
ftr-349	236	15	or	or	CCONJ
ftr-349	236	16	to	to	ADP
ftr-349	236	17	the	the	DET
ftr-349	236	18	financial	financial	ADJ
ftr-349	236	19	accounting	accounting	NOUN
ftr-349	236	20	statements	statement	NOUN
ftr-349	236	21	that	that	PRON
ftr-349	236	22	are	be	AUX
ftr-349	236	23	the	the	DET
ftr-349	236	24	lens	lens	NOUN
ftr-349	236	25	through	through	ADP
ftr-349	236	26	which	which	PRON
ftr-349	236	27	shareholders	shareholder	NOUN
ftr-349	236	28	and	and	CCONJ
ftr-349	236	29	other	other	ADJ
ftr-349	236	30	stakeholders	stakeholder	NOUN
ftr-349	236	31	view	view	VERB
ftr-349	236	32	publicly	publicly	ADV
ftr-349	236	33	-	-	PUNCT
ftr-349	236	34	held	hold	VERB
ftr-349	236	35	firms	firm	NOUN
ftr-349	236	36	,	,	PUNCT
ftr-349	236	37	many	many	ADJ
ftr-349	236	38	u.s	u.s	PROPN
ftr-349	236	39	.	.	PROPN
ftr-349	236	40	multinational	multinational	ADJ
ftr-349	236	41	firms	firm	NOUN
ftr-349	236	42	today	today	NOUN
ftr-349	236	43	enjoy	enjoy	VERB
ftr-349	236	44	global	global	ADJ
ftr-349	236	45	effective	effective	ADJ
ftr-349	236	46	tax	tax	NOUN
ftr-349	236	47	rates	rate	NOUN
ftr-349	236	48	closely	closely	ADV
ftr-349	236	49	comparable	comparable	ADJ
ftr-349	236	50	to	to	ADP
ftr-349	236	51	those	those	PRON
ftr-349	236	52	enjoyed	enjoy	VERB
ftr-349	236	53	by	by	ADP
ftr-349	236	54	foreign	foreign	ADJ
ftr-349	236	55	-	-	PUNCT
ftr-349	236	56	based	base	VERB
ftr-349	236	57	competitors	competitor	NOUN
ftr-349	236	58	.	.	PUNCT
ftr-349	237	1	indeed	indeed	ADV
ftr-349	237	2	,	,	PUNCT
ftr-349	237	3	the	the	DET
ftr-349	237	4	most	most	ADV
ftr-349	237	5	adroit	adroit	ADJ
ftr-349	237	6	u.s	u.s	PROPN
ftr-349	237	7	.	.	PROPN
ftr-349	237	8	firms	firm	NOUN
ftr-349	237	9	have	have	AUX
ftr-349	237	10	been	be	AUX
ftr-349	237	11	so	so	ADV
ftr-349	237	12	extraordinarily	extraordinarily	ADV
ftr-349	237	13	successful	successful	ADJ
ftr-349	237	14	in	in	ADP
ftr-349	237	15	stateless	stateless	NOUN
ftr-349	237	16	income	income	NOUN
ftr-349	237	17	tax	tax	NOUN
ftr-349	237	18	planning	planning	NOUN
ftr-349	237	19	that	that	SCONJ
ftr-349	237	20	they	they	PRON
ftr-349	237	21	have	have	VERB
ftr-349	237	22	22	22	NUM
ftr-349	237	23	.	.	PUNCT
ftr-349	238	1	j.p	j.p	PROPN
ftr-349	238	2	.	.	PROPN
ftr-349	238	3	morgan	morgan	PROPN
ftr-349	238	4	&	&	CCONJ
ftr-349	238	5	co.	co.	PROPN
ftr-349	238	6	,	,	PUNCT
ftr-349	238	7	north	north	PROPN
ftr-349	238	8	american	american	PROPN
ftr-349	238	9	equity	equity	PROPN
ftr-349	238	10	research	research	PROPN
ftr-349	238	11	,	,	PUNCT
ftr-349	238	12	u.s	u.s	PROPN
ftr-349	238	13	.	.	PROPN
ftr-349	238	14	equity	equity	NOUN
ftr-349	238	15	strategy	strategy	NOUN
ftr-349	238	16	flash	flash	NOUN
ftr-349	238	17	(	(	PUNCT
ftr-349	238	18	june	june	PROPN
ftr-349	238	19	27	27	NUM
ftr-349	238	20	,	,	PUNCT
ftr-349	238	21	2011	2011	NUM
ftr-349	238	22	)	)	PUNCT
ftr-349	238	23	.	.	PUNCT
ftr-349	239	1	23	23	NUM
ftr-349	239	2	.	.	X
ftr-349	240	1	see	see	VERB
ftr-349	240	2	infra	infra	NOUN
ftr-349	240	3	part	part	NOUN
ftr-349	240	4	iv.b	iv.b	PROPN
ftr-349	240	5	.	.	PROPN
ftr-349	240	6	2001	2001	NUM
ftr-349	240	7	]	]	PUNCT
ftr-349	240	8	stateless	stateless	NOUN
ftr-349	240	9	income	income	NOUN
ftr-349	240	10	715	715	NUM
ftr-349	240	11	become	become	VERB
ftr-349	240	12	hoist	hoist	NOUN
ftr-349	240	13	on	on	ADP
ftr-349	240	14	their	their	PRON
ftr-349	240	15	own	own	ADJ
ftr-349	240	16	petard	petard	NOUN
ftr-349	240	17	.	.	PUNCT
ftr-349	241	1	they	they	PRON
ftr-349	241	2	have	have	AUX
ftr-349	241	3	removed	remove	VERB
ftr-349	241	4	so	so	ADV
ftr-349	241	5	much	much	ADJ
ftr-349	241	6	income	income	NOUN
ftr-349	241	7	from	from	ADP
ftr-349	241	8	their	their	PRON
ftr-349	241	9	tax	tax	NOUN
ftr-349	241	10	bases	basis	NOUN
ftr-349	241	11	in	in	ADP
ftr-349	241	12	both	both	CCONJ
ftr-349	241	13	the	the	DET
ftr-349	241	14	united	united	PROPN
ftr-349	241	15	states	states	PROPN
ftr-349	241	16	and	and	CCONJ
ftr-349	241	17	in	in	ADP
ftr-349	241	18	high	high	ADJ
ftr-349	241	19	-	-	PUNCT
ftr-349	241	20	tax	tax	NOUN
ftr-349	241	21	foreign	foreign	ADJ
ftr-349	241	22	jurisdictions	jurisdiction	NOUN
ftr-349	241	23	,	,	PUNCT
ftr-349	241	24	that	that	SCONJ
ftr-349	241	25	they	they	PRON
ftr-349	241	26	now	now	ADV
ftr-349	241	27	are	be	AUX
ftr-349	241	28	running	run	VERB
ftr-349	241	29	out	out	ADP
ftr-349	241	30	of	of	ADP
ftr-349	241	31	remotely	remotely	ADV
ftr-349	241	32	feasible	feasible	ADJ
ftr-349	241	33	ways	way	NOUN
ftr-349	241	34	of	of	ADP
ftr-349	241	35	reinvesting	reinveste	VERB
ftr-349	241	36	the	the	DET
ftr-349	241	37	huge	huge	ADJ
ftr-349	241	38	sums	sum	NOUN
ftr-349	241	39	accumulating	accumulate	VERB
ftr-349	241	40	in	in	ADP
ftr-349	241	41	their	their	PRON
ftr-349	241	42	low	low	ADJ
ftr-349	241	43	-	-	PUNCT
ftr-349	241	44	tax	tax	NOUN
ftr-349	241	45	subsidiaries	subsidiary	NOUN
ftr-349	241	46	.	.	PUNCT
ftr-349	242	1	stateless	stateless	NOUN
ftr-349	242	2	income	income	NOUN
ftr-349	242	3	tax	tax	NOUN
ftr-349	242	4	planning	planning	NOUN
ftr-349	242	5	as	as	SCONJ
ftr-349	242	6	applied	apply	VERB
ftr-349	242	7	in	in	ADP
ftr-349	242	8	practice	practice	NOUN
ftr-349	242	9	to	to	ADP
ftr-349	242	10	current	current	ADJ
ftr-349	242	11	u.s	u.s	PROPN
ftr-349	242	12	.	.	PROPN
ftr-349	242	13	law	law	PROPN
ftr-349	242	14	’s	’s	PART
ftr-349	242	15	ersatz	ersatz	ADJ
ftr-349	242	16	territorial	territorial	ADJ
ftr-349	242	17	tax	tax	NOUN
ftr-349	242	18	system	system	NOUN
ftr-349	242	19	means	mean	VERB
ftr-349	242	20	that	that	SCONJ
ftr-349	242	21	the	the	DET
ftr-349	242	22	lock	lock	NOUN
ftr-349	242	23	-	-	PUNCT
ftr-349	242	24	out	out	ADP
ftr-349	242	25	effect	effect	NOUN
ftr-349	242	26	now	now	ADV
ftr-349	242	27	actually	actually	ADV
ftr-349	242	28	operates	operate	VERB
ftr-349	242	29	as	as	ADP
ftr-349	242	30	a	a	DET
ftr-349	242	31	kind	kind	NOUN
ftr-349	242	32	of	of	ADP
ftr-349	242	33	lock	lock	NOUN
ftr-349	242	34	-	-	PUNCT
ftr-349	242	35	in	in	ADP
ftr-349	242	36	effect	effect	NOUN
ftr-349	242	37	:	:	PUNCT
ftr-349	242	38	firms	firm	NOUN
ftr-349	242	39	retain	retain	VERB
ftr-349	242	40	more	more	ADJ
ftr-349	242	41	overseas	overseas	ADJ
ftr-349	242	42	earnings	earning	NOUN
ftr-349	242	43	than	than	SCONJ
ftr-349	242	44	they	they	PRON
ftr-349	242	45	profitably	profitably	ADV
ftr-349	242	46	can	can	AUX
ftr-349	242	47	redeploy	redeploy	VERB
ftr-349	242	48	,	,	PUNCT
ftr-349	242	49	to	to	ADP
ftr-349	242	50	the	the	DET
ftr-349	242	51	great	great	ADJ
ftr-349	242	52	frustration	frustration	NOUN
ftr-349	242	53	of	of	ADP
ftr-349	242	54	their	their	PRON
ftr-349	242	55	shareholders	shareholder	NOUN
ftr-349	242	56	,	,	PUNCT
ftr-349	242	57	who	who	PRON
ftr-349	242	58	would	would	AUX
ftr-349	242	59	prefer	prefer	VERB
ftr-349	242	60	that	that	SCONJ
ftr-349	242	61	the	the	DET
ftr-349	242	62	cash	cash	NOUN
ftr-349	242	63	be	be	AUX
ftr-349	242	64	distributed	distribute	VERB
ftr-349	242	65	to	to	ADP
ftr-349	242	66	them	they	PRON
ftr-349	242	67	.	.	PUNCT
ftr-349	243	1	this	this	DET
ftr-349	243	2	tension	tension	NOUN
ftr-349	243	3	between	between	ADP
ftr-349	243	4	shareholders	shareholder	NOUN
ftr-349	243	5	and	and	CCONJ
ftr-349	243	6	management	management	NOUN
ftr-349	243	7	likely	likely	ADV
ftr-349	243	8	lies	lie	VERB
ftr-349	243	9	at	at	ADP
ftr-349	243	10	the	the	DET
ftr-349	243	11	heart	heart	NOUN
ftr-349	243	12	of	of	ADP
ftr-349	243	13	current	current	ADJ
ftr-349	243	14	demands	demand	NOUN
ftr-349	243	15	by	by	ADP
ftr-349	243	16	u.s.-based	u.s.-based	ADJ
ftr-349	243	17	multinational	multinational	ADJ
ftr-349	243	18	firms	firm	NOUN
ftr-349	243	19	that	that	PRON
ftr-349	243	20	the	the	DET
ftr-349	243	21	united	united	PROPN
ftr-349	243	22	states	states	PROPN
ftr-349	243	23	adopt	adopt	VERB
ftr-349	243	24	a	a	DET
ftr-349	243	25	territorial	territorial	ADJ
ftr-349	243	26	tax	tax	NOUN
ftr-349	243	27	system	system	NOUN
ftr-349	243	28	.	.	PUNCT
ftr-349	244	1	the	the	DET
ftr-349	244	2	firms	firm	NOUN
ftr-349	244	3	themselves	themselves	PRON
ftr-349	244	4	are	be	AUX
ftr-349	244	5	not	not	PART
ftr-349	244	6	greatly	greatly	ADV
ftr-349	244	7	disadvantaged	disadvantage	VERB
ftr-349	244	8	by	by	ADP
ftr-349	244	9	the	the	DET
ftr-349	244	10	current	current	ADJ
ftr-349	244	11	u.s	u.s	PROPN
ftr-349	244	12	.	.	PROPN
ftr-349	244	13	tax	tax	NOUN
ftr-349	244	14	system	system	NOUN
ftr-349	244	15	,	,	PUNCT
ftr-349	244	16	but	but	CCONJ
ftr-349	244	17	shareholders	shareholder	NOUN
ftr-349	244	18	are	be	AUX
ftr-349	244	19	.	.	PUNCT
ftr-349	245	1	the	the	DET
ftr-349	245	2	ultimate	ultimate	ADJ
ftr-349	245	3	reward	reward	NOUN
ftr-349	245	4	of	of	ADP
ftr-349	245	5	successful	successful	ADJ
ftr-349	245	6	stateless	stateless	NOUN
ftr-349	245	7	income	income	NOUN
ftr-349	245	8	tax	tax	NOUN
ftr-349	245	9	planning	planning	NOUN
ftr-349	245	10	from	from	ADP
ftr-349	245	11	this	this	DET
ftr-349	245	12	perspective	perspective	NOUN
ftr-349	245	13	should	should	AUX
ftr-349	245	14	be	be	AUX
ftr-349	245	15	massive	massive	ADJ
ftr-349	245	16	stock	stock	NOUN
ftr-349	245	17	repurchases	repurchase	NOUN
ftr-349	245	18	,	,	PUNCT
ftr-349	245	19	but	but	CCONJ
ftr-349	245	20	instead	instead	ADV
ftr-349	245	21	shareholders	shareholder	NOUN
ftr-349	245	22	are	be	AUX
ftr-349	245	23	tantalized	tantalize	VERB
ftr-349	245	24	by	by	ADP
ftr-349	245	25	glimpses	glimpse	NOUN
ftr-349	245	26	of	of	ADP
ftr-349	245	27	enormous	enormous	ADJ
ftr-349	245	28	cash	cash	NOUN
ftr-349	245	29	hoards	hoard	NOUN
ftr-349	245	30	just	just	ADV
ftr-349	245	31	out	out	ADP
ftr-349	245	32	of	of	ADP
ftr-349	245	33	their	their	PRON
ftr-349	245	34	reach	reach	NOUN
ftr-349	245	35	.	.	PUNCT
ftr-349	246	1	a	a	DET
ftr-349	246	2	companion	companion	NOUN
ftr-349	246	3	paper	paper	NOUN
ftr-349	246	4	to	to	ADP
ftr-349	246	5	this	this	DET
ftr-349	246	6	article	article	NOUN
ftr-349	246	7	,	,	PUNCT
ftr-349	246	8	the	the	DET
ftr-349	246	9	lessons	lesson	NOUN
ftr-349	246	10	of	of	ADP
ftr-349	246	11	stateless	stateless	NOUN
ftr-349	246	12	income	income	NOUN
ftr-349	246	13	,	,	PUNCT
ftr-349	246	14	picks	pick	VERB
ftr-349	246	15	up	up	ADP
ftr-349	246	16	the	the	DET
ftr-349	246	17	analysis	analysis	NOUN
ftr-349	246	18	at	at	ADP
ftr-349	246	19	this	this	DET
ftr-349	246	20	point	point	NOUN
ftr-349	246	21	;	;	PUNCT
ftr-349	246	22	its	its	PRON
ftr-349	246	23	themes	theme	NOUN
ftr-349	246	24	are	be	AUX
ftr-349	246	25	briefly	briefly	ADV
ftr-349	246	26	described	describe	VERB
ftr-349	246	27	in	in	ADP
ftr-349	246	28	section	section	NOUN
ftr-349	246	29	v.	v.	ADP
ftr-349	246	30	the	the	DET
ftr-349	246	31	lessons	lesson	NOUN
ftr-349	246	32	of	of	ADP
ftr-349	246	33	stateless	stateless	NOUN
ftr-349	246	34	income	income	NOUN
ftr-349	246	35	considers	consider	VERB
ftr-349	246	36	the	the	DET
ftr-349	246	37	consequences	consequence	NOUN
ftr-349	246	38	of	of	ADP
ftr-349	246	39	a	a	DET
ftr-349	246	40	world	world	NOUN
ftr-349	246	41	imbued	imbue	VERB
ftr-349	246	42	with	with	ADP
ftr-349	246	43	stateless	stateless	NOUN
ftr-349	246	44	income	income	NOUN
ftr-349	246	45	for	for	ADP
ftr-349	246	46	the	the	DET
ftr-349	246	47	efficiency	efficiency	NOUN
ftr-349	246	48	norms	norm	NOUN
ftr-349	246	49	by	by	ADP
ftr-349	246	50	which	which	PRON
ftr-349	246	51	international	international	ADJ
ftr-349	246	52	tax	tax	NOUN
ftr-349	246	53	proposals	proposal	NOUN
ftr-349	246	54	are	be	AUX
ftr-349	246	55	judged	judge	VERB
ftr-349	246	56	,	,	PUNCT
ftr-349	246	57	and	and	CCONJ
ftr-349	246	58	then	then	ADV
ftr-349	246	59	analyzes	analyze	VERB
ftr-349	246	60	how	how	SCONJ
ftr-349	246	61	one	one	PRON
ftr-349	246	62	might	might	AUX
ftr-349	246	63	go	go	VERB
ftr-349	246	64	about	about	ADP
ftr-349	246	65	developing	develop	VERB
ftr-349	246	66	a	a	DET
ftr-349	246	67	new	new	ADJ
ftr-349	246	68	international	international	ADJ
ftr-349	246	69	tax	tax	NOUN
ftr-349	246	70	system	system	NOUN
ftr-349	246	71	that	that	PRON
ftr-349	246	72	would	would	AUX
ftr-349	246	73	address	address	VERB
ftr-349	246	74	the	the	DET
ftr-349	246	75	idiosyncratic	idiosyncratic	ADJ
ftr-349	246	76	lock	lock	NOUN
ftr-349	246	77	-	-	PUNCT
ftr-349	246	78	out	out	ADP
ftr-349	246	79	effect	effect	NOUN
ftr-349	246	80	,	,	PUNCT
ftr-349	246	81	that	that	PRON
ftr-349	246	82	would	would	AUX
ftr-349	246	83	be	be	AUX
ftr-349	246	84	robust	robust	ADJ
ftr-349	246	85	to	to	ADP
ftr-349	246	86	stateless	stateless	NOUN
ftr-349	246	87	income	income	NOUN
ftr-349	246	88	tax	tax	NOUN
ftr-349	246	89	planning	planning	NOUN
ftr-349	246	90	,	,	PUNCT
ftr-349	246	91	that	that	PRON
ftr-349	246	92	would	would	AUX
ftr-349	246	93	offer	offer	VERB
ftr-349	246	94	u.s	u.s	PROPN
ftr-349	246	95	.	.	PROPN
ftr-349	246	96	firms	firm	NOUN
ftr-349	246	97	a	a	DET
ftr-349	246	98	reasonably	reasonably	ADV
ftr-349	246	99	pro	pro	ADJ
ftr-349	246	100	-	-	ADJ
ftr-349	246	101	competitive	competitive	ADJ
ftr-349	246	102	international	international	ADJ
ftr-349	246	103	business	business	NOUN
ftr-349	246	104	environment	environment	NOUN
ftr-349	246	105	,	,	PUNCT
ftr-349	246	106	and	and	CCONJ
ftr-349	246	107	that	that	PRON
ftr-349	246	108	would	would	AUX
ftr-349	246	109	protect	protect	VERB
ftr-349	246	110	u.s	u.s	PROPN
ftr-349	246	111	.	.	PROPN
ftr-349	246	112	tax	tax	NOUN
ftr-349	246	113	revenues	revenue	NOUN
ftr-349	246	114	.	.	PUNCT
ftr-349	247	1	ii	ii	PROPN
ftr-349	247	2	.	.	PUNCT
ftr-349	248	1	the	the	DET
ftr-349	248	2	current	current	ADJ
ftr-349	248	3	u.s	u.s	PROPN
ftr-349	248	4	.	.	PROPN
ftr-349	248	5	tax	tax	NOUN
ftr-349	248	6	system	system	NOUN
ftr-349	248	7	is	be	AUX
ftr-349	248	8	an	an	DET
ftr-349	248	9	ersatz	ersatz	ADJ
ftr-349	248	10	territorial	territorial	ADJ
ftr-349	248	11	regime	regime	NOUN
ftr-349	248	12	a.	a.	NOUN
ftr-349	248	13	worldwide	worldwide	ADV
ftr-349	248	14	and	and	CCONJ
ftr-349	248	15	territorial	territorial	ADJ
ftr-349	248	16	tax	tax	NOUN
ftr-349	248	17	paradigms	paradigm	VERB
ftr-349	248	18	the	the	DET
ftr-349	248	19	usual	usual	ADJ
ftr-349	248	20	point	point	NOUN
ftr-349	248	21	of	of	ADP
ftr-349	248	22	departure	departure	NOUN
ftr-349	248	23	in	in	ADP
ftr-349	248	24	debating	debate	VERB
ftr-349	248	25	the	the	DET
ftr-349	248	26	design	design	NOUN
ftr-349	248	27	of	of	ADP
ftr-349	248	28	systems	system	NOUN
ftr-349	248	29	to	to	PART
ftr-349	248	30	tax	tax	VERB
ftr-349	248	31	corporate	corporate	ADJ
ftr-349	248	32	income	income	NOUN
ftr-349	248	33	derived	derive	VERB
ftr-349	248	34	from	from	ADP
ftr-349	248	35	foreign	foreign	ADJ
ftr-349	248	36	direct	direct	ADJ
ftr-349	248	37	investment	investment	NOUN
ftr-349	248	38	is	be	AUX
ftr-349	248	39	to	to	PART
ftr-349	248	40	contrast	contrast	VERB
ftr-349	248	41	worldwide	worldwide	ADV
ftr-349	248	42	and	and	CCONJ
ftr-349	248	43	territorial	territorial	ADJ
ftr-349	248	44	solutions	solution	NOUN
ftr-349	248	45	.	.	PUNCT
ftr-349	249	1	“	"	PUNCT
ftr-349	249	2	foreign	foreign	ADJ
ftr-349	249	3	direct	direct	ADJ
ftr-349	249	4	investment	investment	NOUN
ftr-349	249	5	”	"	PUNCT
ftr-349	249	6	is	be	AUX
ftr-349	249	7	itself	itself	PRON
ftr-349	249	8	a	a	DET
ftr-349	249	9	term	term	NOUN
ftr-349	249	10	of	of	ADP
ftr-349	249	11	art	art	NOUN
ftr-349	249	12	,	,	PUNCT
ftr-349	249	13	and	and	CCONJ
ftr-349	249	14	one	one	NUM
ftr-349	249	15	not	not	PART
ftr-349	249	16	actually	actually	ADV
ftr-349	249	17	used	use	VERB
ftr-349	249	18	in	in	ADP
ftr-349	249	19	most	most	ADJ
ftr-349	249	20	tax	tax	NOUN
ftr-349	249	21	codes	code	NOUN
ftr-349	249	22	.	.	PUNCT
ftr-349	250	1	the	the	DET
ftr-349	250	2	u.s	u.s	PROPN
ftr-349	250	3	.	.	PROPN
ftr-349	250	4	tax	tax	NOUN
ftr-349	250	5	term	term	NOUN
ftr-349	250	6	for	for	ADP
ftr-349	250	7	a	a	DET
ftr-349	250	8	foreign	foreign	ADJ
ftr-349	250	9	subsidiary	subsidiary	NOUN
ftr-349	250	10	is	be	AUX
ftr-349	250	11	a	a	DET
ftr-349	250	12	“	"	PUNCT
ftr-349	250	13	controlled	control	VERB
ftr-349	250	14	foreign	foreign	ADJ
ftr-349	250	15	corporation	corporation	NOUN
ftr-349	250	16	.	.	PUNCT
ftr-349	251	1	”24	”24	VERB
ftr-349	251	2	tax	tax	NOUN
ftr-349	251	3	laws	law	NOUN
ftr-349	251	4	also	also	ADV
ftr-349	251	5	24	24	NUM
ftr-349	251	6	.	.	PUNCT
ftr-349	251	7	i.r.c	i.r.c	NOUN
ftr-349	251	8	.	.	PUNCT
ftr-349	252	1	§	§	PROPN
ftr-349	252	2	957(a	957(a	PROPN
ftr-349	252	3	)	)	PUNCT
ftr-349	252	4	(	(	PUNCT
ftr-349	252	5	definition	definition	NOUN
ftr-349	252	6	)	)	PUNCT
ftr-349	252	7	.	.	PUNCT
ftr-349	253	1	technically	technically	ADV
ftr-349	253	2	,	,	PUNCT
ftr-349	253	3	a	a	DET
ftr-349	253	4	controlled	control	VERB
ftr-349	253	5	foreign	foreign	ADJ
ftr-349	253	6	corporation	corporation	NOUN
ftr-349	253	7	is	be	AUX
ftr-349	253	8	a	a	DET
ftr-349	253	9	foreign	foreign	ADJ
ftr-349	253	10	corporation	corporation	NOUN
ftr-349	253	11	in	in	ADP
ftr-349	253	12	which	which	PRON
ftr-349	253	13	“	"	PUNCT
ftr-349	253	14	united	united	PROPN
ftr-349	253	15	states	states	PROPN
ftr-349	253	16	shareholders	shareholder	NOUN
ftr-349	253	17	”	"	PUNCT
ftr-349	253	18	own	own	VERB
ftr-349	253	19	more	more	ADJ
ftr-349	253	20	than	than	ADP
ftr-349	253	21	50	50	NUM
ftr-349	253	22	percent	percent	NOUN
ftr-349	253	23	of	of	ADP
ftr-349	253	24	the	the	DET
ftr-349	253	25	voting	voting	NOUN
ftr-349	253	26	power	power	NOUN
ftr-349	253	27	or	or	CCONJ
ftr-349	253	28	value	value	NOUN
ftr-349	253	29	of	of	ADP
ftr-349	253	30	the	the	DET
ftr-349	253	31	stock	stock	NOUN
ftr-349	253	32	of	of	ADP
ftr-349	253	33	that	that	DET
ftr-349	253	34	corporation	corporation	NOUN
ftr-349	253	35	.	.	PUNCT
ftr-349	254	1	i	i	PRON
ftr-349	254	2	d.	d.	PROPN
ftr-349	254	3	a	a	DET
ftr-349	254	4	“	"	PUNCT
ftr-349	254	5	united	united	PROPN
ftr-349	254	6	states	states	PROPN
ftr-349	254	7	shareholder	shareholder	NOUN
ftr-349	254	8	”	"	PUNCT
ftr-349	254	9	is	be	AUX
ftr-349	254	10	defined	define	VERB
ftr-349	254	11	by	by	ADP
ftr-349	254	12	section	section	NOUN
ftr-349	254	13	951(b	951(b	PROPN
ftr-349	254	14	)	)	PUNCT
ftr-349	254	15	as	as	ADP
ftr-349	254	16	a	a	DET
ftr-349	254	17	“	"	PUNCT
ftr-349	254	18	united	united	PROPN
ftr-349	254	19	states	states	PROPN
ftr-349	254	20	person	person	NOUN
ftr-349	254	21	”	"	PUNCT
ftr-349	254	22	(	(	PUNCT
ftr-349	254	23	as	as	SCONJ
ftr-349	254	24	defined	define	VERB
ftr-349	254	25	in	in	ADP
ftr-349	254	26	section	section	NOUN
ftr-349	254	27	957(c	957(c	PROPN
ftr-349	254	28	)	)	PUNCT
ftr-349	254	29	)	)	PUNCT
ftr-349	254	30	that	that	PRON
ftr-349	254	31	owns	own	VERB
ftr-349	254	32	10	10	NUM
ftr-349	254	33	percent	percent	NOUN
ftr-349	254	34	or	or	CCONJ
ftr-349	254	35	more	more	ADJ
ftr-349	254	36	of	of	ADP
ftr-349	254	37	the	the	DET
ftr-349	254	38	voting	voting	NOUN
ftr-349	254	39	power	power	NOUN
ftr-349	254	40	of	of	ADP
ftr-349	254	41	the	the	DET
ftr-349	254	42	stock	stock	NOUN
ftr-349	254	43	of	of	ADP
ftr-349	254	44	the	the	DET
ftr-349	254	45	controlled	control	VERB
ftr-349	254	46	foreign	foreign	ADJ
ftr-349	254	47	corporation	corporation	NOUN
ftr-349	254	48	(	(	PUNCT
ftr-349	254	49	employing	employ	VERB
ftr-349	254	50	the	the	DET
ftr-349	254	51	complex	complex	ADJ
ftr-349	254	52	indirect	indirect	ADJ
ftr-349	254	53	and	and	CCONJ
ftr-349	254	54	constructive	constructive	ADJ
ftr-349	254	55	ownership	ownership	NOUN
ftr-349	254	56	rules	rule	NOUN
ftr-349	254	57	of	of	ADP
ftr-349	254	58	section	section	NOUN
ftr-349	254	59	958	958	NUM
ftr-349	254	60	)	)	PUNCT
ftr-349	254	61	.	.	PUNCT
ftr-349	255	1	716	716	NUM
ftr-349	255	2	florida	florida	PROPN
ftr-349	255	3	tax	tax	NOUN
ftr-349	255	4	review	review	NOUN
ftr-349	255	5	[	[	X
ftr-349	255	6	vol	vol	NOUN
ftr-349	255	7	.	.	PUNCT
ftr-349	256	1	11:9	11:9	NOUN
ftr-349	256	2	often	often	ADV
ftr-349	256	3	treat	treat	VERB
ftr-349	256	4	income	income	NOUN
ftr-349	256	5	derived	derive	VERB
ftr-349	256	6	by	by	ADP
ftr-349	256	7	a	a	DET
ftr-349	256	8	foreign	foreign	ADJ
ftr-349	256	9	company	company	NOUN
ftr-349	256	10	in	in	ADP
ftr-349	256	11	which	which	PRON
ftr-349	256	12	a	a	DET
ftr-349	256	13	parent	parent	NOUN
ftr-349	256	14	holds	hold	VERB
ftr-349	256	15	a	a	DET
ftr-349	256	16	significant	significant	ADJ
ftr-349	256	17	non	non	ADJ
ftr-349	256	18	-	-	ADJ
ftr-349	256	19	controlling	controlling	ADJ
ftr-349	256	20	stake	stake	NOUN
ftr-349	256	21	(	(	PUNCT
ftr-349	256	22	e.g.	e.g.	ADV
ftr-349	256	23	,	,	PUNCT
ftr-349	256	24	five	five	NUM
ftr-349	256	25	or	or	CCONJ
ftr-349	256	26	ten	ten	NUM
ftr-349	256	27	percent	percent	NOUN
ftr-349	256	28	)	)	PUNCT
ftr-349	256	29	as	as	SCONJ
ftr-349	256	30	income	income	NOUN
ftr-349	256	31	from	from	ADP
ftr-349	256	32	foreign	foreign	ADJ
ftr-349	256	33	direct	direct	ADJ
ftr-349	256	34	investment.25	investment.25	NOUN
ftr-349	256	35	a	a	DET
ftr-349	256	36	true	true	ADJ
ftr-349	256	37	worldwide	worldwide	ADJ
ftr-349	256	38	system	system	NOUN
ftr-349	256	39	would	would	AUX
ftr-349	256	40	consolidate	consolidate	VERB
ftr-349	256	41	the	the	DET
ftr-349	256	42	operations	operation	NOUN
ftr-349	256	43	of	of	ADP
ftr-349	256	44	foreign	foreign	ADJ
ftr-349	256	45	subsidiaries	subsidiary	NOUN
ftr-349	256	46	with	with	ADP
ftr-349	256	47	those	those	PRON
ftr-349	256	48	of	of	ADP
ftr-349	256	49	the	the	DET
ftr-349	256	50	parent	parent	NOUN
ftr-349	256	51	company	company	NOUN
ftr-349	256	52	for	for	ADP
ftr-349	256	53	tax	tax	NOUN
ftr-349	256	54	purposes	purpose	NOUN
ftr-349	256	55	,	,	PUNCT
ftr-349	256	56	so	so	SCONJ
ftr-349	256	57	that	that	SCONJ
ftr-349	256	58	(	(	PUNCT
ftr-349	256	59	for	for	ADP
ftr-349	256	60	example	example	NOUN
ftr-349	256	61	)	)	PUNCT
ftr-349	256	62	foreign	foreign	ADJ
ftr-349	256	63	losses	loss	NOUN
ftr-349	256	64	could	could	AUX
ftr-349	256	65	offset	offset	VERB
ftr-349	256	66	domestic	domestic	ADJ
ftr-349	256	67	income	income	NOUN
ftr-349	256	68	.	.	PUNCT
ftr-349	257	1	(	(	PUNCT
ftr-349	257	2	as	as	SCONJ
ftr-349	257	3	described	describe	VERB
ftr-349	257	4	below	below	ADV
ftr-349	257	5	,	,	PUNCT
ftr-349	257	6	the	the	DET
ftr-349	257	7	united	united	PROPN
ftr-349	257	8	states	states	PROPN
ftr-349	257	9	,	,	PUNCT
ftr-349	257	10	although	although	SCONJ
ftr-349	257	11	often	often	ADV
ftr-349	257	12	described	describe	VERB
ftr-349	257	13	as	as	ADP
ftr-349	257	14	a	a	DET
ftr-349	257	15	worldwide	worldwide	ADJ
ftr-349	257	16	system	system	NOUN
ftr-349	257	17	,	,	PUNCT
ftr-349	257	18	does	do	AUX
ftr-349	257	19	not	not	PART
ftr-349	257	20	allow	allow	VERB
ftr-349	257	21	this	this	PRON
ftr-349	257	22	.	.	PUNCT
ftr-349	257	23	)	)	PUNCT
ftr-349	257	24	to	to	PART
ftr-349	257	25	avoid	avoid	VERB
ftr-349	257	26	double	double	ADJ
ftr-349	257	27	taxation	taxation	NOUN
ftr-349	257	28	,	,	PUNCT
ftr-349	257	29	worldwide	worldwide	ADJ
ftr-349	257	30	systems	system	NOUN
ftr-349	257	31	invariably	invariably	ADV
ftr-349	257	32	are	be	AUX
ftr-349	257	33	paired	pair	VERB
ftr-349	257	34	with	with	ADP
ftr-349	257	35	the	the	DET
ftr-349	257	36	availability	availability	NOUN
ftr-349	257	37	of	of	ADP
ftr-349	257	38	foreign	foreign	ADJ
ftr-349	257	39	tax	tax	NOUN
ftr-349	257	40	credits	credit	NOUN
ftr-349	257	41	;	;	PUNCT
ftr-349	257	42	these	these	PRON
ftr-349	257	43	are	be	AUX
ftr-349	257	44	dollar	dollar	NOUN
ftr-349	257	45	-	-	PUNCT
ftr-349	257	46	for	for	ADP
ftr-349	257	47	-	-	PUNCT
ftr-349	257	48	dollar	dollar	NOUN
ftr-349	257	49	credits	credit	NOUN
ftr-349	257	50	against	against	ADP
ftr-349	257	51	the	the	DET
ftr-349	257	52	tentative	tentative	ADJ
ftr-349	257	53	income	income	NOUN
ftr-349	257	54	tax	tax	NOUN
ftr-349	257	55	owed	owe	VERB
ftr-349	257	56	on	on	ADP
ftr-349	257	57	worldwide	worldwide	ADJ
ftr-349	257	58	income	income	NOUN
ftr-349	257	59	for	for	ADP
ftr-349	257	60	the	the	DET
ftr-349	257	61	foreign	foreign	ADJ
ftr-349	257	62	taxes	taxis	NOUN
ftr-349	257	63	that	that	PRON
ftr-349	257	64	the	the	DET
ftr-349	257	65	group	group	NOUN
ftr-349	257	66	has	have	AUX
ftr-349	257	67	incurred	incur	VERB
ftr-349	257	68	to	to	PART
ftr-349	257	69	earn	earn	VERB
ftr-349	257	70	its	its	PRON
ftr-349	257	71	foreign	foreign	ADJ
ftr-349	257	72	income	income	NOUN
ftr-349	257	73	.	.	PUNCT
ftr-349	258	1	the	the	DET
ftr-349	258	2	standard	standard	ADJ
ftr-349	258	3	counterpoint	counterpoint	NOUN
ftr-349	258	4	to	to	ADP
ftr-349	258	5	a	a	DET
ftr-349	258	6	worldwide	worldwide	ADJ
ftr-349	258	7	system	system	NOUN
ftr-349	258	8	for	for	ADP
ftr-349	258	9	taxing	tax	VERB
ftr-349	258	10	income	income	NOUN
ftr-349	258	11	from	from	ADP
ftr-349	258	12	foreign	foreign	ADJ
ftr-349	258	13	direct	direct	ADJ
ftr-349	258	14	investment	investment	NOUN
ftr-349	258	15	is	be	AUX
ftr-349	258	16	a	a	DET
ftr-349	258	17	territorial	territorial	ADJ
ftr-349	258	18	tax	tax	NOUN
ftr-349	258	19	system	system	NOUN
ftr-349	258	20	,	,	PUNCT
ftr-349	258	21	which	which	PRON
ftr-349	258	22	is	be	AUX
ftr-349	258	23	understood	understand	VERB
ftr-349	258	24	to	to	PART
ftr-349	258	25	mean	mean	VERB
ftr-349	258	26	a	a	DET
ftr-349	258	27	system	system	NOUN
ftr-349	258	28	under	under	ADP
ftr-349	258	29	which	which	PRON
ftr-349	258	30	the	the	DET
ftr-349	258	31	country	country	NOUN
ftr-349	258	32	in	in	ADP
ftr-349	258	33	which	which	PRON
ftr-349	258	34	the	the	DET
ftr-349	258	35	parent	parent	NOUN
ftr-349	258	36	company	company	NOUN
ftr-349	258	37	of	of	ADP
ftr-349	258	38	the	the	DET
ftr-349	258	39	group	group	NOUN
ftr-349	258	40	is	be	AUX
ftr-349	258	41	domiciled	domicile	VERB
ftr-349	258	42	(	(	PUNCT
ftr-349	258	43	the	the	DET
ftr-349	258	44	residence	residence	NOUN
ftr-349	258	45	country	country	NOUN
ftr-349	258	46	)	)	PUNCT
ftr-349	258	47	forgoes	forgo	VERB
ftr-349	258	48	any	any	DET
ftr-349	258	49	claim	claim	NOUN
ftr-349	258	50	to	to	ADP
ftr-349	258	51	tax	tax	NOUN
ftr-349	258	52	source	source	NOUN
ftr-349	258	53	country	country	NOUN
ftr-349	258	54	earnings	earning	NOUN
ftr-349	258	55	—	—	PUNCT
ftr-349	258	56	that	that	ADV
ftr-349	258	57	is	is	ADV
ftr-349	258	58	,	,	PUNCT
ftr-349	258	59	the	the	DET
ftr-349	258	60	active	active	ADJ
ftr-349	258	61	foreign	foreign	ADJ
ftr-349	258	62	business	business	NOUN
ftr-349	258	63	earnings	earning	NOUN
ftr-349	258	64	of	of	ADP
ftr-349	258	65	foreign	foreign	ADJ
ftr-349	258	66	subsidiaries	subsidiary	NOUN
ftr-349	258	67	or	or	CCONJ
ftr-349	258	68	branches	branch	NOUN
ftr-349	258	69	of	of	ADP
ftr-349	258	70	the	the	DET
ftr-349	258	71	parent	parent	NOUN
ftr-349	258	72	company	company	NOUN
ftr-349	258	73	.	.	PUNCT
ftr-349	259	1	because	because	SCONJ
ftr-349	259	2	source	source	NOUN
ftr-349	259	3	country	country	NOUN
ftr-349	259	4	tax	tax	NOUN
ftr-349	259	5	is	be	AUX
ftr-349	259	6	a	a	DET
ftr-349	259	7	final	final	ADJ
ftr-349	259	8	tax	tax	NOUN
ftr-349	259	9	,	,	PUNCT
ftr-349	259	10	territorial	territorial	ADJ
ftr-349	259	11	tax	tax	NOUN
ftr-349	259	12	systems	system	NOUN
ftr-349	259	13	do	do	AUX
ftr-349	259	14	not	not	PART
ftr-349	259	15	employ	employ	VERB
ftr-349	259	16	a	a	DET
ftr-349	259	17	foreign	foreign	ADJ
ftr-349	259	18	tax	tax	NOUN
ftr-349	259	19	credit	credit	NOUN
ftr-349	259	20	.	.	PUNCT
ftr-349	260	1	every	every	DET
ftr-349	260	2	major	major	ADJ
ftr-349	260	3	country	country	NOUN
ftr-349	260	4	other	other	ADJ
ftr-349	260	5	than	than	ADP
ftr-349	260	6	the	the	DET
ftr-349	260	7	united	united	PROPN
ftr-349	260	8	states	states	PROPN
ftr-349	260	9	today	today	NOUN
ftr-349	260	10	relies	rely	VERB
ftr-349	260	11	principally	principally	ADV
ftr-349	260	12	on	on	ADP
ftr-349	260	13	a	a	DET
ftr-349	260	14	territorial	territorial	ADJ
ftr-349	260	15	system	system	NOUN
ftr-349	260	16	to	to	PART
ftr-349	260	17	tax	tax	VERB
ftr-349	260	18	the	the	DET
ftr-349	260	19	active	active	ADJ
ftr-349	260	20	business	business	NOUN
ftr-349	260	21	earnings	earning	NOUN
ftr-349	260	22	of	of	ADP
ftr-349	260	23	a	a	DET
ftr-349	260	24	multinational	multinational	ADJ
ftr-349	260	25	enterprise	enterprise	NOUN
ftr-349	260	26	’s	’s	PART
ftr-349	260	27	foreign	foreign	ADJ
ftr-349	260	28	subsidiaries	subsidiary	NOUN
ftr-349	260	29	.	.	PUNCT
ftr-349	261	1	25	25	NUM
ftr-349	261	2	.	.	X
ftr-349	261	3	france	france	PROPN
ftr-349	261	4	and	and	CCONJ
ftr-349	261	5	the	the	DET
ftr-349	261	6	netherlands	netherlands	PROPN
ftr-349	261	7	,	,	PUNCT
ftr-349	261	8	for	for	ADP
ftr-349	261	9	example	example	NOUN
ftr-349	261	10	,	,	PUNCT
ftr-349	261	11	offer	offer	VERB
ftr-349	261	12	resident	resident	ADJ
ftr-349	261	13	firms	firm	NOUN
ftr-349	261	14	a	a	DET
ftr-349	261	15	“	"	PUNCT
ftr-349	261	16	participation	participation	NOUN
ftr-349	261	17	exemption	exemption	NOUN
ftr-349	261	18	”	"	PUNCT
ftr-349	261	19	from	from	ADP
ftr-349	261	20	corporate	corporate	ADJ
ftr-349	261	21	tax	tax	NOUN
ftr-349	261	22	for	for	ADP
ftr-349	261	23	foreign	foreign	ADJ
ftr-349	261	24	shareholdings	shareholding	NOUN
ftr-349	261	25	of	of	ADP
ftr-349	261	26	at	at	ADV
ftr-349	261	27	least	least	ADV
ftr-349	261	28	five	five	NUM
ftr-349	261	29	percent	percent	NOUN
ftr-349	261	30	.	.	PUNCT
ftr-349	262	1	code	code	NOUN
ftr-349	262	2	général	général	PROPN
ftr-349	262	3	des	des	X
ftr-349	262	4	impôts	impôts	PROPN
ftr-349	262	5	(	(	PUNCT
ftr-349	262	6	general	general	ADJ
ftr-349	262	7	tax	tax	NOUN
ftr-349	262	8	code	code	PROPN
ftr-349	262	9	)	)	PUNCT
ftr-349	262	10	,	,	PUNCT
ftr-349	262	11	art	art	NOUN
ftr-349	262	12	.	.	PUNCT
ftr-349	263	1	145	145	NUM
ftr-349	263	2	(	(	PUNCT
ftr-349	263	3	fra	fra	NOUN
ftr-349	263	4	.	.	PUNCT
ftr-349	263	5	)	)	PUNCT
ftr-349	263	6	;	;	PUNCT
ftr-349	263	7	wet	wet	ADJ
ftr-349	263	8	op	op	NOUN
ftr-349	263	9	de	de	X
ftr-349	263	10	vennootschapsbelasting	vennootschapsbelaste	VERB
ftr-349	263	11	1969	1969	NUM
ftr-349	263	12	(	(	PUNCT
ftr-349	263	13	corporate	corporate	ADJ
ftr-349	263	14	income	income	NOUN
ftr-349	263	15	tax	tax	NOUN
ftr-349	263	16	law	law	NOUN
ftr-349	263	17	of	of	ADP
ftr-349	263	18	1969	1969	NUM
ftr-349	263	19	)	)	PUNCT
ftr-349	263	20	,	,	PUNCT
ftr-349	263	21	art	art	NOUN
ftr-349	263	22	.	.	PUNCT
ftr-349	264	1	13	13	NUM
ftr-349	264	2	(	(	PUNCT
ftr-349	264	3	neth	neth	NOUN
ftr-349	264	4	.	.	PUNCT
ftr-349	264	5	)	)	PUNCT
ftr-349	264	6	.	.	PUNCT
ftr-349	265	1	and	and	CCONJ
ftr-349	265	2	,	,	PUNCT
ftr-349	265	3	as	as	SCONJ
ftr-349	265	4	noted	note	VERB
ftr-349	265	5	in	in	ADP
ftr-349	265	6	the	the	DET
ftr-349	265	7	preceding	precede	VERB
ftr-349	265	8	footnote	footnote	NOUN
ftr-349	265	9	,	,	PUNCT
ftr-349	265	10	the	the	DET
ftr-349	265	11	u.s	u.s	PROPN
ftr-349	265	12	.	.	PROPN
ftr-349	265	13	internal	internal	PROPN
ftr-349	265	14	revenue	revenue	PROPN
ftr-349	265	15	code	code	NOUN
ftr-349	265	16	uses	use	VERB
ftr-349	265	17	a	a	DET
ftr-349	265	18	10	10	NUM
ftr-349	265	19	percent	percent	NOUN
ftr-349	265	20	threshold	threshold	NOUN
ftr-349	265	21	to	to	PART
ftr-349	265	22	define	define	VERB
ftr-349	265	23	a	a	DET
ftr-349	265	24	“	"	PUNCT
ftr-349	265	25	united	united	PROPN
ftr-349	265	26	states	states	PROPN
ftr-349	265	27	shareholder	shareholder	NOUN
ftr-349	265	28	;	;	PUNCT
ftr-349	265	29	”	"	PUNCT
ftr-349	265	30	that	that	SCONJ
ftr-349	265	31	shareholder	shareholder	NOUN
ftr-349	265	32	need	need	AUX
ftr-349	265	33	not	not	PART
ftr-349	265	34	have	have	VERB
ftr-349	265	35	a	a	DET
ftr-349	265	36	controlling	control	VERB
ftr-349	265	37	interest	interest	NOUN
ftr-349	265	38	in	in	ADP
ftr-349	265	39	a	a	DET
ftr-349	265	40	foreign	foreign	ADJ
ftr-349	265	41	firm	firm	NOUN
ftr-349	265	42	.	.	PUNCT
ftr-349	266	1	similar	similar	ADJ
ftr-349	266	2	definitions	definition	NOUN
ftr-349	266	3	of	of	ADP
ftr-349	266	4	“	"	PUNCT
ftr-349	266	5	foreign	foreign	ADJ
ftr-349	266	6	direct	direct	ADJ
ftr-349	266	7	investment	investment	NOUN
ftr-349	266	8	”	"	PUNCT
ftr-349	266	9	apply	apply	VERB
ftr-349	266	10	in	in	ADP
ftr-349	266	11	standard	standard	ADJ
ftr-349	266	12	presentations	presentation	NOUN
ftr-349	266	13	of	of	ADP
ftr-349	266	14	international	international	ADJ
ftr-349	266	15	investment	investment	NOUN
ftr-349	266	16	stock	stock	NOUN
ftr-349	266	17	and	and	CCONJ
ftr-349	266	18	flow	flow	NOUN
ftr-349	266	19	data	datum	NOUN
ftr-349	266	20	.	.	PUNCT
ftr-349	267	1	for	for	ADP
ftr-349	267	2	example	example	NOUN
ftr-349	267	3	,	,	PUNCT
ftr-349	267	4	the	the	DET
ftr-349	267	5	u.s	u.s	PROPN
ftr-349	267	6	.	.	PROPN
ftr-349	267	7	commerce	commerce	PROPN
ftr-349	267	8	department	department	PROPN
ftr-349	267	9	’s	’s	PART
ftr-349	267	10	bureau	bureau	PROPN
ftr-349	267	11	of	of	ADP
ftr-349	267	12	economic	economic	ADJ
ftr-349	267	13	analysis	analysis	NOUN
ftr-349	267	14	(	(	PUNCT
ftr-349	267	15	bea	bea	NOUN
ftr-349	267	16	)	)	PUNCT
ftr-349	267	17	defines	define	VERB
ftr-349	267	18	a	a	DET
ftr-349	267	19	foreign	foreign	ADJ
ftr-349	267	20	“	"	PUNCT
ftr-349	267	21	affiliate	affiliate	NOUN
ftr-349	267	22	”	"	PUNCT
ftr-349	267	23	as	as	ADP
ftr-349	267	24	a	a	DET
ftr-349	267	25	foreign	foreign	ADJ
ftr-349	267	26	enterprise	enterprise	NOUN
ftr-349	267	27	in	in	ADP
ftr-349	267	28	which	which	PRON
ftr-349	267	29	a	a	DET
ftr-349	267	30	u.s	u.s	PROPN
ftr-349	267	31	.	.	PROPN
ftr-349	267	32	firm	firm	NOUN
ftr-349	267	33	has	have	VERB
ftr-349	267	34	at	at	ADV
ftr-349	267	35	least	least	ADJ
ftr-349	267	36	a	a	DET
ftr-349	267	37	10	10	NUM
ftr-349	267	38	percent	percent	NOUN
ftr-349	267	39	ownership	ownership	NOUN
ftr-349	267	40	interest	interest	NOUN
ftr-349	267	41	(	(	PUNCT
ftr-349	267	42	measured	measure	VERB
ftr-349	267	43	by	by	ADP
ftr-349	267	44	voting	vote	VERB
ftr-349	267	45	power	power	NOUN
ftr-349	267	46	,	,	PUNCT
ftr-349	267	47	which	which	PRON
ftr-349	267	48	is	be	AUX
ftr-349	267	49	assumed	assume	VERB
ftr-349	267	50	to	to	PART
ftr-349	267	51	equal	equal	ADJ
ftr-349	267	52	profits	profit	NOUN
ftr-349	267	53	interests	interest	NOUN
ftr-349	267	54	)	)	PUNCT
ftr-349	267	55	.	.	PUNCT
ftr-349	268	1	raymond	raymond	PROPN
ftr-349	268	2	j.	j.	PROPN
ftr-349	268	3	mataloni	mataloni	PROPN
ftr-349	268	4	,	,	PUNCT
ftr-349	268	5	jr	jr	PROPN
ftr-349	268	6	.	.	PUNCT
ftr-349	268	7	u.s	u.s	PROPN
ftr-349	268	8	.	.	PROPN
ftr-349	268	9	bureau	bureau	PROPN
ftr-349	268	10	econ	econ	PROPN
ftr-349	268	11	.	.	PUNCT
ftr-349	269	1	analysis	analysis	PROPN
ftr-349	269	2	,	,	PUNCT
ftr-349	269	3	a	a	DET
ftr-349	269	4	guide	guide	NOUN
ftr-349	269	5	to	to	ADP
ftr-349	269	6	bea	bea	PROPN
ftr-349	269	7	statistics	statistic	NOUN
ftr-349	269	8	on	on	ADP
ftr-349	269	9	u.s	u.s	PROPN
ftr-349	269	10	.	.	PROPN
ftr-349	269	11	multinational	multinational	ADJ
ftr-349	269	12	companies	company	NOUN
ftr-349	269	13	,	,	PUNCT
ftr-349	269	14	75	75	NUM
ftr-349	269	15	survey	survey	NOUN
ftr-349	269	16	current	current	ADJ
ftr-349	269	17	bus	bus	NOUN
ftr-349	269	18	.	.	PUNCT
ftr-349	270	1	38	38	NUM
ftr-349	270	2	,	,	PUNCT
ftr-349	270	3	39	39	NUM
ftr-349	270	4	,	,	PUNCT
ftr-349	270	5	41	41	NUM
ftr-349	270	6	n.8	n.8	NOUN
ftr-349	270	7	(	(	PUNCT
ftr-349	270	8	1995	1995	NUM
ftr-349	270	9	)	)	PUNCT
ftr-349	270	10	.	.	PUNCT
ftr-349	271	1	a	a	DET
ftr-349	271	2	foreign	foreign	ADJ
ftr-349	271	3	affiliate	affiliate	NOUN
ftr-349	271	4	that	that	PRON
ftr-349	271	5	is	be	AUX
ftr-349	271	6	more	more	ADJ
ftr-349	271	7	than	than	ADP
ftr-349	271	8	50	50	NUM
ftr-349	271	9	percent	percent	NOUN
ftr-349	271	10	owned	own	VERB
ftr-349	271	11	by	by	ADP
ftr-349	271	12	a	a	DET
ftr-349	271	13	u.s	u.s	PROPN
ftr-349	271	14	.	.	PROPN
ftr-349	271	15	entity	entity	NOUN
ftr-349	271	16	or	or	CCONJ
ftr-349	271	17	entities	entity	NOUN
ftr-349	271	18	is	be	AUX
ftr-349	271	19	referred	refer	VERB
ftr-349	271	20	to	to	ADP
ftr-349	271	21	as	as	ADP
ftr-349	271	22	a	a	DET
ftr-349	271	23	“	"	PUNCT
ftr-349	271	24	majority	majority	NOUN
ftr-349	271	25	owned	own	VERB
ftr-349	271	26	foreign	foreign	ADJ
ftr-349	271	27	affiliate	affiliate	NOUN
ftr-349	271	28	.	.	PUNCT
ftr-349	271	29	”	"	PUNCT
ftr-349	272	1	i	i	PRON
ftr-349	272	2	d.	d.	PROPN
ftr-349	272	3	at	at	ADP
ftr-349	272	4	44	44	NUM
ftr-349	272	5	.	.	PUNCT
ftr-349	273	1	the	the	DET
ftr-349	273	2	international	international	ADJ
ftr-349	273	3	monetary	monetary	ADJ
ftr-349	273	4	fund	fund	NOUN
ftr-349	273	5	(	(	PUNCT
ftr-349	273	6	imf	imf	PROPN
ftr-349	273	7	)	)	PUNCT
ftr-349	273	8	also	also	ADV
ftr-349	273	9	follows	follow	VERB
ftr-349	273	10	a	a	DET
ftr-349	273	11	ten	ten	NUM
ftr-349	273	12	percent	percent	NOUN
ftr-349	273	13	rule	rule	NOUN
ftr-349	273	14	for	for	ADP
ftr-349	273	15	defining	define	VERB
ftr-349	273	16	“	"	PUNCT
ftr-349	273	17	foreign	foreign	ADJ
ftr-349	273	18	direct	direct	ADJ
ftr-349	273	19	investment	investment	NOUN
ftr-349	273	20	.	.	PUNCT
ftr-349	273	21	”	"	PUNCT
ftr-349	274	1	imf	imf	PROPN
ftr-349	274	2	statistics	statistics	PROPN
ftr-349	274	3	dep’t	dep’t	PROPN
ftr-349	274	4	,	,	PUNCT
ftr-349	274	5	coordinated	coordinate	VERB
ftr-349	274	6	direct	direct	ADJ
ftr-349	274	7	investment	investment	NOUN
ftr-349	274	8	survey	survey	NOUN
ftr-349	274	9	guide	guide	NOUN
ftr-349	274	10	,	,	PUNCT
ftr-349	274	11	(	(	PUNCT
ftr-349	274	12	2010	2010	NUM
ftr-349	274	13	)	)	PUNCT
ftr-349	274	14	,	,	PUNCT
ftr-349	274	15	http://www.imf.org/external/np/sta/cdis/pdf/	http://www.imf.org/external/np/sta/cdis/pdf/	PROPN
ftr-349	274	16	2009/120109.pdf	2009/120109.pdf	NUM
ftr-349	274	17	.	.	PUNCT
ftr-349	275	1	the	the	DET
ftr-349	275	2	united	united	PROPN
ftr-349	275	3	states	states	PROPN
ftr-349	275	4	is	be	AUX
ftr-349	275	5	in	in	ADP
ftr-349	275	6	the	the	DET
ftr-349	275	7	process	process	NOUN
ftr-349	275	8	of	of	ADP
ftr-349	275	9	aligning	align	VERB
ftr-349	275	10	its	its	PRON
ftr-349	275	11	data	data	NOUN
ftr-349	275	12	collection	collection	NOUN
ftr-349	275	13	and	and	CCONJ
ftr-349	275	14	presentation	presentation	NOUN
ftr-349	275	15	with	with	ADP
ftr-349	275	16	the	the	DET
ftr-349	275	17	recommendations	recommendation	NOUN
ftr-349	275	18	of	of	ADP
ftr-349	275	19	the	the	DET
ftr-349	275	20	imf	imf	PROPN
ftr-349	275	21	.	.	PUNCT
ftr-349	276	1	see	see	VERB
ftr-349	276	2	kristy	kristy	PROPN
ftr-349	276	3	l.	l.	PROPN
ftr-349	276	4	howell	howell	PROPN
ftr-349	276	5	&	&	CCONJ
ftr-349	276	6	robert	robert	PROPN
ftr-349	276	7	e.	e.	PROPN
ftr-349	276	8	yuskavage	yuskavage	PROPN
ftr-349	276	9	,	,	PUNCT
ftr-349	276	10	modernizing	modernize	VERB
ftr-349	276	11	and	and	CCONJ
ftr-349	276	12	enhancing	enhance	VERB
ftr-349	276	13	bea	bea	PROPN
ftr-349	276	14	’s	’s	PART
ftr-349	276	15	international	international	ADJ
ftr-349	276	16	economic	economic	ADJ
ftr-349	276	17	accounts	account	NOUN
ftr-349	276	18	:	:	PUNCT
ftr-349	276	19	recent	recent	ADJ
ftr-349	276	20	progress	progress	NOUN
ftr-349	276	21	and	and	CCONJ
ftr-349	276	22	future	future	ADJ
ftr-349	276	23	directions	direction	NOUN
ftr-349	276	24	,	,	PUNCT
ftr-349	276	25	90	90	NUM
ftr-349	276	26	survey	survey	NOUN
ftr-349	276	27	current	current	ADJ
ftr-349	276	28	bus	bus	NOUN
ftr-349	276	29	.	.	PUNCT
ftr-349	277	1	6	6	NUM
ftr-349	277	2	(	(	PUNCT
ftr-349	277	3	2010	2010	NUM
ftr-349	277	4	)	)	PUNCT
ftr-349	277	5	,	,	PUNCT
ftr-349	277	6	http://www.bea.gov/scb/pdf/2010/05%20may/0510_modern.pdf	http://www.bea.gov/scb/pdf/2010/05%20may/0510_modern.pdf	PROPN
ftr-349	277	7	.	.	PUNCT
ftr-349	278	1	2001	2001	NUM
ftr-349	278	2	]	]	PUNCT
ftr-349	278	3	stateless	stateless	NOUN
ftr-349	278	4	income	income	NOUN
ftr-349	278	5	717	717	NUM
ftr-349	278	6	countries	country	NOUN
ftr-349	278	7	that	that	PRON
ftr-349	278	8	rely	rely	VERB
ftr-349	278	9	on	on	ADP
ftr-349	278	10	a	a	DET
ftr-349	278	11	territorial	territorial	ADJ
ftr-349	278	12	tax	tax	NOUN
ftr-349	278	13	model	model	NOUN
ftr-349	278	14	for	for	ADP
ftr-349	278	15	foreign	foreign	ADJ
ftr-349	278	16	direct	direct	ADJ
ftr-349	278	17	investment	investment	NOUN
ftr-349	278	18	generally	generally	ADV
ftr-349	278	19	do	do	AUX
ftr-349	278	20	not	not	PART
ftr-349	278	21	treat	treat	VERB
ftr-349	278	22	interest	interest	NOUN
ftr-349	278	23	and	and	CCONJ
ftr-349	278	24	royalty	royalty	NOUN
ftr-349	278	25	income	income	NOUN
ftr-349	278	26	paid	pay	VERB
ftr-349	278	27	by	by	ADP
ftr-349	278	28	a	a	DET
ftr-349	278	29	foreign	foreign	ADJ
ftr-349	278	30	subsidiary	subsidiary	NOUN
ftr-349	278	31	to	to	ADP
ftr-349	278	32	its	its	PRON
ftr-349	278	33	parent	parent	NOUN
ftr-349	278	34	company	company	NOUN
ftr-349	278	35	as	as	ADP
ftr-349	278	36	income	income	NOUN
ftr-349	278	37	qualifying	qualify	VERB
ftr-349	278	38	for	for	ADP
ftr-349	278	39	territorial	territorial	ADJ
ftr-349	278	40	tax	tax	NOUN
ftr-349	278	41	relief.26	relief.26	NOUN
ftr-349	278	42	the	the	DET
ftr-349	278	43	assumption	assumption	NOUN
ftr-349	278	44	is	be	AUX
ftr-349	278	45	that	that	SCONJ
ftr-349	278	46	these	these	DET
ftr-349	278	47	income	income	NOUN
ftr-349	278	48	streams	stream	NOUN
ftr-349	278	49	have	have	AUX
ftr-349	278	50	been	be	AUX
ftr-349	278	51	deducted	deduct	VERB
ftr-349	278	52	from	from	ADP
ftr-349	278	53	the	the	DET
ftr-349	278	54	income	income	NOUN
ftr-349	278	55	of	of	ADP
ftr-349	278	56	the	the	DET
ftr-349	278	57	foreign	foreign	ADJ
ftr-349	278	58	subsidiary	subsidiary	NOUN
ftr-349	278	59	in	in	ADP
ftr-349	278	60	the	the	DET
ftr-349	278	61	source	source	NOUN
ftr-349	278	62	country	country	NOUN
ftr-349	278	63	,	,	PUNCT
ftr-349	278	64	and	and	CCONJ
ftr-349	278	65	therefore	therefore	ADV
ftr-349	278	66	would	would	AUX
ftr-349	278	67	be	be	AUX
ftr-349	278	68	taxed	tax	VERB
ftr-349	278	69	nowhere	nowhere	ADV
ftr-349	278	70	if	if	SCONJ
ftr-349	278	71	not	not	PART
ftr-349	278	72	taxed	tax	VERB
ftr-349	278	73	in	in	ADP
ftr-349	278	74	the	the	DET
ftr-349	278	75	residence	residence	NOUN
ftr-349	278	76	country	country	NOUN
ftr-349	278	77	of	of	ADP
ftr-349	278	78	the	the	DET
ftr-349	278	79	parent	parent	NOUN
ftr-349	278	80	of	of	ADP
ftr-349	278	81	the	the	DET
ftr-349	278	82	group	group	NOUN
ftr-349	278	83	.	.	PUNCT
ftr-349	279	1	of	of	ADP
ftr-349	279	2	course	course	NOUN
ftr-349	279	3	,	,	PUNCT
ftr-349	279	4	actual	actual	ADJ
ftr-349	279	5	practice	practice	NOUN
ftr-349	279	6	of	of	ADP
ftr-349	279	7	course	course	NOUN
ftr-349	279	8	is	be	AUX
ftr-349	279	9	much	much	ADV
ftr-349	279	10	more	more	ADV
ftr-349	279	11	complex	complex	ADJ
ftr-349	279	12	than	than	SCONJ
ftr-349	279	13	the	the	DET
ftr-349	279	14	sketch	sketch	NOUN
ftr-349	279	15	of	of	ADP
ftr-349	279	16	these	these	DET
ftr-349	279	17	polar	polar	ADJ
ftr-349	279	18	models	model	NOUN
ftr-349	279	19	might	might	AUX
ftr-349	279	20	suggest	suggest	VERB
ftr-349	279	21	.	.	PUNCT
ftr-349	280	1	for	for	ADP
ftr-349	280	2	example	example	NOUN
ftr-349	280	3	,	,	PUNCT
ftr-349	280	4	many	many	ADJ
ftr-349	280	5	countries	country	NOUN
ftr-349	280	6	that	that	PRON
ftr-349	280	7	employ	employ	VERB
ftr-349	280	8	territorial	territorial	ADJ
ftr-349	280	9	systems	system	NOUN
ftr-349	280	10	for	for	ADP
ftr-349	280	11	taxing	tax	VERB
ftr-349	280	12	income	income	NOUN
ftr-349	280	13	earned	earn	VERB
ftr-349	280	14	from	from	ADP
ftr-349	280	15	foreign	foreign	ADJ
ftr-349	280	16	direct	direct	ADJ
ftr-349	280	17	investments	investment	NOUN
ftr-349	280	18	also	also	ADV
ftr-349	280	19	rely	rely	VERB
ftr-349	280	20	on	on	ADP
ftr-349	280	21	worldwide	worldwide	ADJ
ftr-349	280	22	taxation	taxation	NOUN
ftr-349	280	23	for	for	ADP
ftr-349	280	24	certain	certain	ADJ
ftr-349	280	25	abuse	abuse	NOUN
ftr-349	280	26	cases	case	NOUN
ftr-349	280	27	,	,	PUNCT
ftr-349	280	28	or	or	CCONJ
ftr-349	280	29	for	for	ADP
ftr-349	280	30	income	income	NOUN
ftr-349	280	31	that	that	PRON
ftr-349	280	32	is	be	AUX
ftr-349	280	33	thought	think	VERB
ftr-349	280	34	to	to	PART
ftr-349	280	35	be	be	AUX
ftr-349	280	36	passive	passive	ADJ
ftr-349	280	37	investment	investment	NOUN
ftr-349	280	38	income	income	NOUN
ftr-349	280	39	or	or	CCONJ
ftr-349	280	40	highly	highly	ADV
ftr-349	280	41	mobile	mobile	ADJ
ftr-349	280	42	.	.	PUNCT
ftr-349	281	1	in	in	ADP
ftr-349	281	2	those	those	DET
ftr-349	281	3	cases	case	NOUN
ftr-349	281	4	where	where	SCONJ
ftr-349	281	5	the	the	DET
ftr-349	281	6	worldwide	worldwide	ADJ
ftr-349	281	7	income	income	NOUN
ftr-349	281	8	backstop	backstop	NOUN
ftr-349	281	9	is	be	AUX
ftr-349	281	10	invoked	invoke	VERB
ftr-349	281	11	,	,	PUNCT
ftr-349	281	12	a	a	DET
ftr-349	281	13	foreign	foreign	ADJ
ftr-349	281	14	tax	tax	NOUN
ftr-349	281	15	credit	credit	NOUN
ftr-349	281	16	also	also	ADV
ftr-349	281	17	usually	usually	ADV
ftr-349	281	18	is	be	AUX
ftr-349	281	19	available	available	ADJ
ftr-349	281	20	.	.	PUNCT
ftr-349	282	1	b.	b.	VERB
ftr-349	283	1	the	the	DET
ftr-349	283	2	current	current	ADJ
ftr-349	283	3	u.s	u.s	PROPN
ftr-349	283	4	.	.	PROPN
ftr-349	283	5	tax	tax	NOUN
ftr-349	283	6	system	system	NOUN
ftr-349	283	7	.	.	PUNCT
ftr-349	284	1	the	the	DET
ftr-349	284	2	u.s	u.s	PROPN
ftr-349	284	3	.	.	PROPN
ftr-349	284	4	tax	tax	NOUN
ftr-349	284	5	system	system	NOUN
ftr-349	284	6	is	be	AUX
ftr-349	284	7	conventionally	conventionally	ADV
ftr-349	284	8	described	describe	VERB
ftr-349	284	9	as	as	ADP
ftr-349	284	10	employing	employ	VERB
ftr-349	284	11	a	a	DET
ftr-349	284	12	worldwide	worldwide	ADJ
ftr-349	284	13	tax	tax	NOUN
ftr-349	284	14	base	base	NOUN
ftr-349	284	15	,	,	PUNCT
ftr-349	284	16	with	with	ADP
ftr-349	284	17	the	the	DET
ftr-349	284	18	important	important	ADJ
ftr-349	284	19	exception	exception	NOUN
ftr-349	284	20	that	that	PRON
ftr-349	284	21	the	the	DET
ftr-349	284	22	net	net	ADJ
ftr-349	284	23	income	income	NOUN
ftr-349	284	24	,	,	PUNCT
ftr-349	284	25	but	but	CCONJ
ftr-349	284	26	not	not	PART
ftr-349	284	27	the	the	DET
ftr-349	284	28	net	net	ADJ
ftr-349	284	29	loss	loss	NOUN
ftr-349	284	30	,	,	PUNCT
ftr-349	284	31	of	of	ADP
ftr-349	284	32	a	a	DET
ftr-349	284	33	foreign	foreign	ADJ
ftr-349	284	34	subsidiary	subsidiary	NOUN
ftr-349	284	35	is	be	AUX
ftr-349	284	36	includible	includible	ADJ
ftr-349	284	37	in	in	ADP
ftr-349	284	38	the	the	DET
ftr-349	284	39	taxable	taxable	ADJ
ftr-349	284	40	income	income	NOUN
ftr-349	284	41	of	of	ADP
ftr-349	284	42	its	its	PRON
ftr-349	284	43	u.s	u.s	PROPN
ftr-349	284	44	.	.	PROPN
ftr-349	284	45	parent	parent	NOUN
ftr-349	284	46	company	company	NOUN
ftr-349	284	47	only	only	ADV
ftr-349	284	48	when	when	SCONJ
ftr-349	284	49	directly	directly	ADV
ftr-349	284	50	or	or	CCONJ
ftr-349	284	51	indirectly	indirectly	ADV
ftr-349	284	52	made	make	VERB
ftr-349	284	53	available	available	ADJ
ftr-349	284	54	to	to	ADP
ftr-349	284	55	the	the	DET
ftr-349	284	56	u.s	u.s	PROPN
ftr-349	284	57	.	.	PROPN
ftr-349	284	58	parent.27	parent.27	PROPN
ftr-349	284	59	(	(	PUNCT
ftr-349	284	60	in	in	ADP
ftr-349	284	61	a	a	DET
ftr-349	284	62	true	true	ADJ
ftr-349	284	63	worldwide	worldwide	ADJ
ftr-349	284	64	system	system	NOUN
ftr-349	284	65	,	,	PUNCT
ftr-349	284	66	foreign	foreign	ADJ
ftr-349	284	67	subsidiary	subsidiary	NOUN
ftr-349	284	68	net	net	ADJ
ftr-349	284	69	losses	loss	NOUN
ftr-349	284	70	as	as	ADV
ftr-349	284	71	well	well	ADV
ftr-349	284	72	as	as	ADP
ftr-349	284	73	profits	profit	NOUN
ftr-349	284	74	would	would	AUX
ftr-349	284	75	be	be	AUX
ftr-349	284	76	fully	fully	ADV
ftr-349	284	77	included	include	VERB
ftr-349	284	78	in	in	ADP
ftr-349	284	79	the	the	DET
ftr-349	284	80	u.s	u.s	PROPN
ftr-349	284	81	.	.	PROPN
ftr-349	284	82	group	group	PROPN
ftr-349	284	83	’s	’s	PART
ftr-349	284	84	tax	tax	NOUN
ftr-349	284	85	return	return	NOUN
ftr-349	284	86	as	as	SCONJ
ftr-349	284	87	that	that	DET
ftr-349	284	88	income	income	NOUN
ftr-349	284	89	was	be	AUX
ftr-349	284	90	earned	earn	VERB
ftr-349	284	91	.	.	PUNCT
ftr-349	284	92	)	)	PUNCT
ftr-349	285	1	this	this	PRON
ftr-349	285	2	is	be	AUX
ftr-349	285	3	a	a	DET
ftr-349	285	4	false	false	ADJ
ftr-349	285	5	picture	picture	NOUN
ftr-349	285	6	of	of	ADP
ftr-349	285	7	the	the	DET
ftr-349	285	8	u.s	u.s	PROPN
ftr-349	285	9	.	.	PROPN
ftr-349	285	10	tax	tax	NOUN
ftr-349	285	11	system	system	NOUN
ftr-349	285	12	in	in	ADP
ftr-349	285	13	operation	operation	NOUN
ftr-349	285	14	.	.	PUNCT
ftr-349	286	1	for	for	ADP
ftr-349	286	2	the	the	DET
ftr-349	286	3	reasons	reason	NOUN
ftr-349	286	4	explained	explain	VERB
ftr-349	286	5	below	below	ADV
ftr-349	286	6	,	,	PUNCT
ftr-349	286	7	it	it	PRON
ftr-349	286	8	is	be	AUX
ftr-349	286	9	more	more	ADV
ftr-349	286	10	accurate	accurate	ADJ
ftr-349	286	11	to	to	PART
ftr-349	286	12	say	say	VERB
ftr-349	286	13	that	that	SCONJ
ftr-349	286	14	,	,	PUNCT
ftr-349	286	15	in	in	ADP
ftr-349	286	16	practice	practice	NOUN
ftr-349	286	17	,	,	PUNCT
ftr-349	286	18	and	and	CCONJ
ftr-349	286	19	in	in	ADP
ftr-349	286	20	the	the	DET
ftr-349	286	21	hands	hand	NOUN
ftr-349	286	22	of	of	ADP
ftr-349	286	23	sophisticated	sophisticated	ADJ
ftr-349	286	24	multinational	multinational	ADJ
ftr-349	286	25	firms	firm	NOUN
ftr-349	286	26	,	,	PUNCT
ftr-349	286	27	the	the	DET
ftr-349	286	28	u.s	u.s	PROPN
ftr-349	286	29	.	.	PROPN
ftr-349	286	30	tax	tax	PROPN
ftr-349	286	31	26	26	NUM
ftr-349	286	32	.	.	PUNCT
ftr-349	287	1	kleinbard	kleinbard	ADJ
ftr-349	287	2	,	,	PUNCT
ftr-349	287	3	territorial	territorial	ADJ
ftr-349	287	4	taxation	taxation	NOUN
ftr-349	287	5	,	,	PUNCT
ftr-349	287	6	supra	supra	PROPN
ftr-349	287	7	note	note	NOUN
ftr-349	287	8	1	1	NUM
ftr-349	287	9	,	,	PUNCT
ftr-349	287	10	at	at	ADP
ftr-349	287	11	556–57	556–57	NUM
ftr-349	287	12	.	.	PUNCT
ftr-349	288	1	a	a	DET
ftr-349	288	2	welldesigned	welldesigne	VERB
ftr-349	288	3	territorial	territorial	ADJ
ftr-349	288	4	tax	tax	NOUN
ftr-349	288	5	system	system	NOUN
ftr-349	288	6	would	would	AUX
ftr-349	288	7	fully	fully	ADV
ftr-349	288	8	include	include	VERB
ftr-349	288	9	royalty	royalty	NOUN
ftr-349	288	10	and	and	CCONJ
ftr-349	288	11	interest	interest	NOUN
ftr-349	288	12	income	income	NOUN
ftr-349	288	13	from	from	ADP
ftr-349	288	14	foreign	foreign	ADJ
ftr-349	288	15	affiliates	affiliate	NOUN
ftr-349	288	16	without	without	ADP
ftr-349	288	17	any	any	DET
ftr-349	288	18	ability	ability	NOUN
ftr-349	288	19	to	to	PART
ftr-349	288	20	offset	offset	VERB
ftr-349	288	21	the	the	DET
ftr-349	288	22	resulting	result	VERB
ftr-349	288	23	tax	tax	NOUN
ftr-349	288	24	liability	liability	NOUN
ftr-349	288	25	with	with	ADP
ftr-349	288	26	foreign	foreign	ADJ
ftr-349	288	27	tax	tax	NOUN
ftr-349	288	28	credits	credit	NOUN
ftr-349	288	29	attributable	attributable	ADJ
ftr-349	288	30	to	to	ADP
ftr-349	288	31	other	other	ADJ
ftr-349	288	32	foreign	foreign	ADJ
ftr-349	288	33	income	income	NOUN
ftr-349	288	34	,	,	PUNCT
ftr-349	288	35	thereby	thereby	ADV
ftr-349	288	36	preventing	prevent	VERB
ftr-349	288	37	the	the	DET
ftr-349	288	38	“	"	PUNCT
ftr-349	288	39	blending	blending	NOUN
ftr-349	288	40	”	"	PUNCT
ftr-349	288	41	of	of	ADP
ftr-349	288	42	high	high	ADJ
ftr-349	288	43	and	and	CCONJ
ftr-349	288	44	low	low	ADJ
ftr-349	288	45	tax	tax	NOUN
ftr-349	288	46	rates	rate	NOUN
ftr-349	288	47	that	that	PRON
ftr-349	288	48	would	would	AUX
ftr-349	288	49	reduce	reduce	VERB
ftr-349	288	50	the	the	DET
ftr-349	288	51	effective	effective	ADJ
ftr-349	288	52	tax	tax	NOUN
ftr-349	288	53	rate	rate	NOUN
ftr-349	288	54	.	.	PUNCT
ftr-349	289	1	27	27	NUM
ftr-349	289	2	.	.	PUNCT
ftr-349	290	1	a	a	DET
ftr-349	290	2	standard	standard	ADJ
ftr-349	290	3	treatise	treatise	NOUN
ftr-349	290	4	is	be	AUX
ftr-349	290	5	joseph	joseph	PROPN
ftr-349	290	6	isenbergh	isenbergh	PROPN
ftr-349	290	7	,	,	PUNCT
ftr-349	290	8	international	international	ADJ
ftr-349	290	9	taxation	taxation	NOUN
ftr-349	290	10	:	:	PUNCT
ftr-349	290	11	u.s	u.s	PROPN
ftr-349	290	12	.	.	PROPN
ftr-349	290	13	taxation	taxation	NOUN
ftr-349	290	14	of	of	ADP
ftr-349	290	15	foreign	foreign	ADJ
ftr-349	290	16	persons	person	NOUN
ftr-349	290	17	and	and	CCONJ
ftr-349	290	18	foreign	foreign	ADJ
ftr-349	290	19	income	income	NOUN
ftr-349	290	20	(	(	PUNCT
ftr-349	290	21	4th	4th	ADJ
ftr-349	290	22	ed	ed	NOUN
ftr-349	290	23	.	.	PUNCT
ftr-349	290	24	2006	2006	NUM
ftr-349	290	25	)	)	PUNCT
ftr-349	291	1	[	[	X
ftr-349	291	2	hereinafter	hereinafter	NOUN
ftr-349	291	3	isenbergh	isenbergh	NOUN
ftr-349	291	4	,	,	PUNCT
ftr-349	291	5	international	international	ADJ
ftr-349	291	6	taxation	taxation	NOUN
ftr-349	291	7	]	]	PUNCT
ftr-349	291	8	.	.	PUNCT
ftr-349	292	1	other	other	ADJ
ftr-349	292	2	useful	useful	ADJ
ftr-349	292	3	(	(	PUNCT
ftr-349	292	4	and	and	CCONJ
ftr-349	292	5	briefer	briefer	NOUN
ftr-349	292	6	)	)	PUNCT
ftr-349	292	7	summaries	summary	NOUN
ftr-349	292	8	include	include	VERB
ftr-349	292	9	rosanne	rosanne	NOUN
ftr-349	292	10	altshuler	altshuler	NOUN
ftr-349	292	11	,	,	PUNCT
ftr-349	292	12	recent	recent	ADJ
ftr-349	292	13	developments	development	NOUN
ftr-349	292	14	in	in	ADP
ftr-349	292	15	the	the	DET
ftr-349	292	16	debate	debate	NOUN
ftr-349	292	17	on	on	ADP
ftr-349	292	18	deferral	deferral	ADJ
ftr-349	292	19	,	,	PUNCT
ftr-349	292	20	87	87	NUM
ftr-349	292	21	tax	tax	NOUN
ftr-349	292	22	notes	note	NOUN
ftr-349	292	23	255	255	NUM
ftr-349	292	24	,	,	PUNCT
ftr-349	292	25	(	(	PUNCT
ftr-349	292	26	2000	2000	NUM
ftr-349	292	27	)	)	PUNCT
ftr-349	292	28	;	;	PUNCT
ftr-349	293	1	j.	j.	PROPN
ftr-349	293	2	clifton	clifton	PROPN
ftr-349	293	3	fleming	fleming	PROPN
ftr-349	293	4	jr	jr	PROPN
ftr-349	293	5	.	.	PROPN
ftr-349	293	6	,	,	PUNCT
ftr-349	293	7	robert	robert	PROPN
ftr-349	293	8	j.	j.	PROPN
ftr-349	293	9	peroni	peroni	PROPN
ftr-349	293	10	&	&	CCONJ
ftr-349	293	11	stephen	stephen	PROPN
ftr-349	293	12	e.	e.	PROPN
ftr-349	293	13	shay	shay	PROPN
ftr-349	293	14	,	,	PUNCT
ftr-349	293	15	worse	bad	ADJ
ftr-349	293	16	than	than	ADP
ftr-349	293	17	exemption	exemption	NOUN
ftr-349	293	18	,	,	PUNCT
ftr-349	293	19	59	59	NUM
ftr-349	293	20	emory	emory	PROPN
ftr-349	293	21	l.	l.	PROPN
ftr-349	293	22	j.	j.	PROPN
ftr-349	293	23	79	79	NUM
ftr-349	293	24	(	(	PUNCT
ftr-349	293	25	2009	2009	NUM
ftr-349	293	26	)	)	PUNCT
ftr-349	294	1	[	[	X
ftr-349	294	2	hereinafter	hereinafter	NOUN
ftr-349	294	3	fleming	fleming	NOUN
ftr-349	294	4	,	,	PUNCT
ftr-349	294	5	peroni	peroni	PROPN
ftr-349	294	6	&	&	CCONJ
ftr-349	294	7	shay	shay	PROPN
ftr-349	294	8	,	,	PUNCT
ftr-349	294	9	worse	bad	ADJ
ftr-349	294	10	than	than	ADP
ftr-349	294	11	exemption	exemption	NOUN
ftr-349	294	12	]	]	PUNCT
ftr-349	294	13	;	;	PUNCT
ftr-349	294	14	michael	michael	PROPN
ftr-349	294	15	j.	j.	PROPN
ftr-349	294	16	graetz	graetz	PROPN
ftr-349	294	17	,	,	PUNCT
ftr-349	294	18	taxing	tax	VERB
ftr-349	294	19	international	international	ADJ
ftr-349	294	20	income	income	NOUN
ftr-349	294	21	:	:	PUNCT
ftr-349	294	22	inadequate	inadequate	ADJ
ftr-349	294	23	principles	principle	NOUN
ftr-349	294	24	,	,	PUNCT
ftr-349	294	25	outdated	outdated	ADJ
ftr-349	294	26	concepts	concept	NOUN
ftr-349	294	27	and	and	CCONJ
ftr-349	294	28	unsatisfactory	unsatisfactory	ADJ
ftr-349	294	29	policies	policy	NOUN
ftr-349	294	30	,	,	PUNCT
ftr-349	294	31	54	54	NUM
ftr-349	294	32	tax	tax	NOUN
ftr-349	294	33	.	.	PUNCT
ftr-349	294	34	l.	l.	PROPN
ftr-349	294	35	rev	rev	PROPN
ftr-349	294	36	.	.	PROPN
ftr-349	294	37	261	261	NUM
ftr-349	294	38	(	(	PUNCT
ftr-349	294	39	2001	2001	NUM
ftr-349	294	40	)	)	PUNCT
ftr-349	294	41	;	;	PUNCT
ftr-349	294	42	grubert	grubert	NOUN
ftr-349	294	43	&	&	CCONJ
ftr-349	294	44	altshuler	altshuler	PROPN
ftr-349	294	45	,	,	PUNCT
ftr-349	294	46	corporate	corporate	ADJ
ftr-349	294	47	taxes	taxis	NOUN
ftr-349	294	48	in	in	ADP
ftr-349	294	49	the	the	DET
ftr-349	294	50	world	world	NOUN
ftr-349	294	51	economy	economy	NOUN
ftr-349	294	52	:	:	PUNCT
ftr-349	294	53	reforming	reform	VERB
ftr-349	294	54	the	the	DET
ftr-349	294	55	taxation	taxation	NOUN
ftr-349	294	56	of	of	ADP
ftr-349	294	57	cross	cross	ADJ
ftr-349	294	58	-	-	ADJ
ftr-349	294	59	border	border	ADJ
ftr-349	294	60	income	income	NOUN
ftr-349	294	61	,	,	PUNCT
ftr-349	294	62	in	in	ADP
ftr-349	294	63	fundamental	fundamental	ADJ
ftr-349	294	64	tax	tax	NOUN
ftr-349	294	65	reform	reform	NOUN
ftr-349	294	66	319	319	NUM
ftr-349	294	67	(	(	PUNCT
ftr-349	294	68	john	john	PROPN
ftr-349	294	69	w.	w.	PROPN
ftr-349	294	70	diamond	diamond	PROPN
ftr-349	294	71	&	&	CCONJ
ftr-349	294	72	george	george	PROPN
ftr-349	294	73	r.	r.	PROPN
ftr-349	294	74	zodrow	zodrow	PROPN
ftr-349	294	75	eds	eds	PROPN
ftr-349	294	76	.	.	PROPN
ftr-349	294	77	,	,	PUNCT
ftr-349	294	78	2008	2008	NUM
ftr-349	294	79	)	)	PUNCT
ftr-349	295	1	[	[	X
ftr-349	295	2	hereinafter	hereinafter	NOUN
ftr-349	295	3	grubert	grubert	NOUN
ftr-349	295	4	&	&	CCONJ
ftr-349	295	5	altshuler	altshuler	PROPN
ftr-349	295	6	,	,	PUNCT
ftr-349	295	7	corporate	corporate	ADJ
ftr-349	295	8	taxes	taxis	NOUN
ftr-349	295	9	in	in	ADP
ftr-349	295	10	the	the	DET
ftr-349	295	11	world	world	NOUN
ftr-349	295	12	economy	economy	NOUN
ftr-349	295	13	]	]	PUNCT
ftr-349	295	14	.	.	PUNCT
ftr-349	296	1	718	718	NUM
ftr-349	296	2	florida	florida	PROPN
ftr-349	296	3	tax	tax	NOUN
ftr-349	296	4	review	review	NOUN
ftr-349	296	5	[	[	X
ftr-349	296	6	vol	vol	NOUN
ftr-349	296	7	.	.	PUNCT
ftr-349	297	1	11:9	11:9	NUM
ftr-349	297	2	system	system	NOUN
ftr-349	297	3	today	today	NOUN
ftr-349	297	4	operates	operate	VERB
ftr-349	297	5	as	as	ADP
ftr-349	297	6	an	an	DET
ftr-349	297	7	ersatz	ersatz	ADJ
ftr-349	297	8	territorial	territorial	ADJ
ftr-349	297	9	tax	tax	NOUN
ftr-349	297	10	regime	regime	NOUN
ftr-349	297	11	,	,	PUNCT
ftr-349	297	12	with	with	ADP
ftr-349	297	13	two	two	NUM
ftr-349	297	14	odd	odd	ADJ
ftr-349	297	15	twists.28	twists.28	NOUN
ftr-349	297	16	first	first	ADV
ftr-349	297	17	,	,	PUNCT
ftr-349	297	18	some	some	PRON
ftr-349	297	19	extraordinary	extraordinary	ADJ
ftr-349	297	20	(	(	PUNCT
ftr-349	297	21	that	that	PRON
ftr-349	297	22	is	is	ADV
ftr-349	297	23	,	,	PUNCT
ftr-349	297	24	significantly	significantly	ADV
ftr-349	297	25	larger	large	ADJ
ftr-349	297	26	than	than	ADP
ftr-349	297	27	normal	normal	ADJ
ftr-349	297	28	)	)	PUNCT
ftr-349	297	29	repatriations	repatriation	NOUN
ftr-349	297	30	of	of	ADP
ftr-349	297	31	overseas	overseas	ADJ
ftr-349	297	32	profits	profit	NOUN
ftr-349	297	33	to	to	ADP
ftr-349	297	34	the	the	DET
ftr-349	297	35	u.s	u.s	PROPN
ftr-349	297	36	.	.	PROPN
ftr-349	297	37	parent	parent	NOUN
ftr-349	297	38	are	be	AUX
ftr-349	297	39	subject	subject	ADJ
ftr-349	297	40	to	to	ADP
ftr-349	297	41	u.s	u.s	PROPN
ftr-349	297	42	.	.	PROPN
ftr-349	297	43	taxation	taxation	NOUN
ftr-349	297	44	;	;	PUNCT
ftr-349	297	45	as	as	ADP
ftr-349	297	46	a	a	DET
ftr-349	297	47	result	result	NOUN
ftr-349	297	48	,	,	PUNCT
ftr-349	297	49	the	the	DET
ftr-349	297	50	current	current	ADJ
ftr-349	297	51	system	system	NOUN
ftr-349	297	52	strongly	strongly	ADV
ftr-349	297	53	discourages	discourage	VERB
ftr-349	297	54	extraordinary	extraordinary	ADJ
ftr-349	297	55	repatriations	repatriation	NOUN
ftr-349	297	56	.	.	PUNCT
ftr-349	298	1	second	second	ADJ
ftr-349	298	2	,	,	PUNCT
ftr-349	298	3	untaxed	untaxed	ADJ
ftr-349	298	4	foreign	foreign	ADJ
ftr-349	298	5	income	income	NOUN
ftr-349	298	6	paid	pay	VERB
ftr-349	298	7	to	to	ADP
ftr-349	298	8	the	the	DET
ftr-349	298	9	u.s	u.s	PROPN
ftr-349	298	10	.	.	PROPN
ftr-349	298	11	parent	parent	NOUN
ftr-349	298	12	in	in	ADP
ftr-349	298	13	the	the	DET
ftr-349	298	14	form	form	NOUN
ftr-349	298	15	of	of	ADP
ftr-349	298	16	interest	interest	NOUN
ftr-349	298	17	or	or	CCONJ
ftr-349	298	18	royalty	royalty	NOUN
ftr-349	298	19	payments	payment	NOUN
ftr-349	298	20	can	can	AUX
ftr-349	298	21	be	be	AUX
ftr-349	298	22	sheltered	shelter	VERB
ftr-349	298	23	from	from	ADP
ftr-349	298	24	u.s	u.s	PROPN
ftr-349	298	25	.	.	PROPN
ftr-349	298	26	tax	tax	NOUN
ftr-349	298	27	through	through	ADP
ftr-349	298	28	the	the	DET
ftr-349	298	29	use	use	NOUN
ftr-349	298	30	of	of	ADP
ftr-349	298	31	unrelated	unrelated	ADJ
ftr-349	298	32	foreign	foreign	ADJ
ftr-349	298	33	tax	tax	NOUN
ftr-349	298	34	credits	credit	NOUN
ftr-349	298	35	(	(	PUNCT
ftr-349	298	36	which	which	PRON
ftr-349	298	37	would	would	AUX
ftr-349	298	38	not	not	PART
ftr-349	298	39	be	be	AUX
ftr-349	298	40	the	the	DET
ftr-349	298	41	case	case	NOUN
ftr-349	298	42	in	in	ADP
ftr-349	298	43	a	a	DET
ftr-349	298	44	territorial	territorial	ADJ
ftr-349	298	45	regime).29	regime).29	NOUN
ftr-349	298	46	the	the	DET
ftr-349	298	47	united	united	PROPN
ftr-349	298	48	states	states	PROPN
ftr-349	298	49	fundamentally	fundamentally	ADV
ftr-349	298	50	deviates	deviate	VERB
ftr-349	298	51	from	from	ADP
ftr-349	298	52	a	a	DET
ftr-349	298	53	worldwide	worldwide	ADJ
ftr-349	298	54	tax	tax	NOUN
ftr-349	298	55	norm	norm	NOUN
ftr-349	298	56	by	by	ADP
ftr-349	298	57	offering	offer	VERB
ftr-349	298	58	u.s	u.s	PROPN
ftr-349	298	59	.	.	PROPN
ftr-349	298	60	firms	firm	NOUN
ftr-349	298	61	the	the	DET
ftr-349	298	62	opportunity	opportunity	NOUN
ftr-349	298	63	for	for	ADP
ftr-349	298	64	“	"	PUNCT
ftr-349	298	65	deferral	deferral	ADJ
ftr-349	298	66	,	,	PUNCT
ftr-349	298	67	”	"	PUNCT
ftr-349	298	68	under	under	ADP
ftr-349	298	69	which	which	PRON
ftr-349	298	70	the	the	DET
ftr-349	298	71	active	active	ADJ
ftr-349	298	72	business	business	NOUN
ftr-349	298	73	earnings	earning	NOUN
ftr-349	298	74	of	of	ADP
ftr-349	298	75	a	a	DET
ftr-349	298	76	u.s	u.s	PROPN
ftr-349	298	77	.	.	PROPN
ftr-349	298	78	company	company	NOUN
ftr-349	298	79	’s	’s	PART
ftr-349	298	80	foreign	foreign	ADJ
ftr-349	298	81	subsidiary	subsidiary	NOUN
ftr-349	298	82	(	(	PUNCT
ftr-349	298	83	but	but	CCONJ
ftr-349	298	84	not	not	PART
ftr-349	298	85	a	a	DET
ftr-349	298	86	foreign	foreign	ADJ
ftr-349	298	87	branch	branch	NOUN
ftr-349	298	88	)	)	PUNCT
ftr-349	298	89	are	be	AUX
ftr-349	298	90	not	not	PART
ftr-349	298	91	taxed	tax	VERB
ftr-349	298	92	in	in	ADP
ftr-349	298	93	the	the	DET
ftr-349	298	94	united	united	PROPN
ftr-349	298	95	states	states	PROPN
ftr-349	298	96	until	until	SCONJ
ftr-349	298	97	those	those	DET
ftr-349	298	98	earnings	earning	NOUN
ftr-349	298	99	are	be	AUX
ftr-349	298	100	in	in	ADP
ftr-349	298	101	some	some	DET
ftr-349	298	102	fashion	fashion	NOUN
ftr-349	298	103	repatriated	repatriate	VERB
ftr-349	298	104	to	to	ADP
ftr-349	298	105	the	the	DET
ftr-349	298	106	u.s	u.s	PROPN
ftr-349	298	107	.	.	PROPN
ftr-349	298	108	parent.30	parent.30	PROPN
ftr-349	298	109	this	this	DET
ftr-349	298	110	“	"	PUNCT
ftr-349	298	111	deferral	deferral	ADJ
ftr-349	298	112	”	"	PUNCT
ftr-349	298	113	aspect	aspect	NOUN
ftr-349	298	114	of	of	ADP
ftr-349	298	115	u.s	u.s	PROPN
ftr-349	298	116	.	.	PROPN
ftr-349	298	117	law	law	NOUN
ftr-349	298	118	is	be	AUX
ftr-349	298	119	technically	technically	ADV
ftr-349	298	120	the	the	DET
ftr-349	298	121	base	base	NOUN
ftr-349	298	122	case	case	NOUN
ftr-349	298	123	.	.	PUNCT
ftr-349	299	1	observers	observer	NOUN
ftr-349	299	2	often	often	ADV
ftr-349	299	3	misunderstand	misunderstand	VERB
ftr-349	299	4	the	the	DET
ftr-349	299	5	economic	economic	ADJ
ftr-349	299	6	value	value	NOUN
ftr-349	299	7	to	to	ADP
ftr-349	299	8	a	a	DET
ftr-349	299	9	taxpayer	taxpayer	NOUN
ftr-349	299	10	of	of	ADP
ftr-349	299	11	deferring	defer	VERB
ftr-349	299	12	the	the	DET
ftr-349	299	13	inclusion	inclusion	NOUN
ftr-349	299	14	of	of	ADP
ftr-349	299	15	income	income	NOUN
ftr-349	299	16	that	that	PRON
ftr-349	299	17	economically	economically	ADV
ftr-349	299	18	has	have	AUX
ftr-349	299	19	accrued	accrue	VERB
ftr-349	299	20	and	and	CCONJ
ftr-349	299	21	is	be	AUX
ftr-349	299	22	available	available	ADJ
ftr-349	299	23	for	for	ADP
ftr-349	299	24	reinvestment	reinvestment	NOUN
ftr-349	299	25	.	.	PUNCT
ftr-349	300	1	very	very	ADV
ftr-349	300	2	generally	generally	ADV
ftr-349	300	3	,	,	PUNCT
ftr-349	300	4	the	the	DET
ftr-349	300	5	value	value	NOUN
ftr-349	300	6	of	of	ADP
ftr-349	300	7	deferring	defer	VERB
ftr-349	300	8	income	income	NOUN
ftr-349	300	9	in	in	ADP
ftr-349	300	10	the	the	DET
ftr-349	300	11	domestic	domestic	ADJ
ftr-349	300	12	context	context	NOUN
ftr-349	300	13	(	(	PUNCT
ftr-349	300	14	for	for	ADP
ftr-349	300	15	example	example	NOUN
ftr-349	300	16	,	,	PUNCT
ftr-349	300	17	salary	salary	NOUN
ftr-349	300	18	income	income	NOUN
ftr-349	300	19	used	use	VERB
ftr-349	300	20	to	to	PART
ftr-349	300	21	fund	fund	VERB
ftr-349	300	22	a	a	DET
ftr-349	300	23	regular	regular	ADJ
ftr-349	300	24	individual	individual	ADJ
ftr-349	300	25	retirement	retirement	NOUN
ftr-349	300	26	account	account	PROPN
ftr-349	300	27	)	)	PUNCT
ftr-349	301	1	is	be	AUX
ftr-349	301	2	that	that	SCONJ
ftr-349	301	3	no	no	DET
ftr-349	301	4	tax	tax	NOUN
ftr-349	301	5	is	be	AUX
ftr-349	301	6	imposed	impose	VERB
ftr-349	301	7	on	on	ADP
ftr-349	301	8	earnings	earning	NOUN
ftr-349	301	9	attributable	attributable	ADJ
ftr-349	301	10	to	to	ADP
ftr-349	301	11	the	the	DET
ftr-349	301	12	reinvestment	reinvestment	NOUN
ftr-349	301	13	of	of	ADP
ftr-349	301	14	the	the	DET
ftr-349	301	15	original	original	ADJ
ftr-349	301	16	deferred	defer	VERB
ftr-349	301	17	amount	amount	NOUN
ftr-349	301	18	during	during	ADP
ftr-349	301	19	the	the	DET
ftr-349	301	20	term	term	NOUN
ftr-349	301	21	of	of	ADP
ftr-349	301	22	the	the	DET
ftr-349	301	23	deferral	deferral	NOUN
ftr-349	301	24	.	.	PUNCT
ftr-349	302	1	tax	tax	NOUN
ftr-349	302	2	is	be	AUX
ftr-349	302	3	not	not	PART
ftr-349	302	4	forgiven	forgive	VERB
ftr-349	302	5	or	or	CCONJ
ftr-349	302	6	discounted	discount	VERB
ftr-349	302	7	on	on	ADP
ftr-349	302	8	the	the	DET
ftr-349	302	9	original	original	ADJ
ftr-349	302	10	deferral	deferral	NOUN
ftr-349	302	11	.	.	PUNCT
ftr-349	303	1	instead	instead	ADV
ftr-349	303	2	,	,	PUNCT
ftr-349	303	3	it	it	PRON
ftr-349	303	4	is	be	AUX
ftr-349	303	5	the	the	DET
ftr-349	303	6	tax	tax	NOUN
ftr-349	303	7	-	-	PUNCT
ftr-349	303	8	exempt	exempt	ADJ
ftr-349	303	9	compounding	compounding	NOUN
ftr-349	303	10	of	of	ADP
ftr-349	303	11	returns	return	NOUN
ftr-349	303	12	on	on	ADP
ftr-349	303	13	the	the	DET
ftr-349	303	14	reinvestment	reinvestment	NOUN
ftr-349	303	15	of	of	ADP
ftr-349	303	16	the	the	DET
ftr-349	303	17	original	original	ADJ
ftr-349	303	18	deferred	defer	VERB
ftr-349	303	19	amount	amount	NOUN
ftr-349	303	20	that	that	PRON
ftr-349	303	21	gives	give	VERB
ftr-349	303	22	rise	rise	NOUN
ftr-349	303	23	to	to	ADP
ftr-349	303	24	a	a	DET
ftr-349	303	25	tax	tax	NOUN
ftr-349	303	26	benefit	benefit	NOUN
ftr-349	303	27	.	.	PUNCT
ftr-349	304	1	28	28	NUM
ftr-349	304	2	.	.	PUNCT
ftr-349	305	1	see	see	VERB
ftr-349	305	2	fleming	fleming	PROPN
ftr-349	305	3	,	,	PUNCT
ftr-349	305	4	peroni	peroni	PROPN
ftr-349	305	5	&	&	CCONJ
ftr-349	305	6	shay	shay	PROPN
ftr-349	305	7	,	,	PUNCT
ftr-349	305	8	worse	bad	ADJ
ftr-349	305	9	than	than	ADP
ftr-349	305	10	exemption	exemption	NOUN
ftr-349	305	11	,	,	PUNCT
ftr-349	305	12	supra	supra	PROPN
ftr-349	305	13	note	note	PROPN
ftr-349	305	14	27	27	NUM
ftr-349	305	15	,	,	PUNCT
ftr-349	305	16	at	at	ADP
ftr-349	305	17	149	149	NUM
ftr-349	305	18	(	(	PUNCT
ftr-349	305	19	concluding	conclude	VERB
ftr-349	305	20	that	that	SCONJ
ftr-349	305	21	the	the	DET
ftr-349	305	22	current	current	ADJ
ftr-349	305	23	u.s	u.s	PROPN
ftr-349	305	24	.	.	PROPN
ftr-349	305	25	international	international	ADJ
ftr-349	305	26	tax	tax	NOUN
ftr-349	305	27	system	system	NOUN
ftr-349	305	28	can	can	AUX
ftr-349	305	29	create	create	VERB
ftr-349	305	30	a	a	DET
ftr-349	305	31	system	system	NOUN
ftr-349	305	32	that	that	PRON
ftr-349	305	33	is	be	AUX
ftr-349	305	34	as	as	ADV
ftr-349	305	35	generous	generous	ADJ
ftr-349	305	36	or	or	CCONJ
ftr-349	305	37	more	more	ADV
ftr-349	305	38	generous	generous	ADJ
ftr-349	305	39	that	that	SCONJ
ftr-349	305	40	a	a	DET
ftr-349	305	41	well	well	ADV
ftr-349	305	42	-	-	PUNCT
ftr-349	305	43	designed	design	VERB
ftr-349	305	44	territorial	territorial	ADJ
ftr-349	305	45	system	system	NOUN
ftr-349	305	46	)	)	PUNCT
ftr-349	305	47	.	.	PUNCT
ftr-349	306	1	see	see	VERB
ftr-349	306	2	also	also	ADV
ftr-349	306	3	j.	j.	PROPN
ftr-349	306	4	clifton	clifton	PROPN
ftr-349	306	5	fleming	fleming	PROPN
ftr-349	306	6	,	,	PUNCT
ftr-349	306	7	jr	jr	PROPN
ftr-349	306	8	.	.	PROPN
ftr-349	306	9	,	,	PUNCT
ftr-349	306	10	robert	robert	PROPN
ftr-349	306	11	j.	j.	PROPN
ftr-349	306	12	peroni	peroni	PROPN
ftr-349	306	13	&	&	CCONJ
ftr-349	306	14	stephen	stephen	PROPN
ftr-349	306	15	e.	e.	PROPN
ftr-349	306	16	shay	shay	PROPN
ftr-349	306	17	,	,	PUNCT
ftr-349	306	18	some	some	DET
ftr-349	306	19	perspectives	perspective	NOUN
ftr-349	306	20	from	from	ADP
ftr-349	306	21	the	the	DET
ftr-349	306	22	united	united	PROPN
ftr-349	306	23	states	states	PROPN
ftr-349	306	24	on	on	ADP
ftr-349	306	25	the	the	DET
ftr-349	306	26	worldwide	worldwide	ADJ
ftr-349	306	27	taxation	taxation	NOUN
ftr-349	306	28	vs.	vs.	ADP
ftr-349	306	29	territorial	territorial	ADJ
ftr-349	306	30	taxation	taxation	NOUN
ftr-349	306	31	debate	debate	NOUN
ftr-349	306	32	,	,	PUNCT
ftr-349	306	33	3	3	NUM
ftr-349	306	34	j.	j.	PROPN
ftr-349	306	35	austl	austl	PROPN
ftr-349	306	36	.	.	PUNCT
ftr-349	307	1	tax	tax	NOUN
ftr-349	307	2	teachers	teacher	NOUN
ftr-349	307	3	ass’n	ass’n	PROPN
ftr-349	307	4	35	35	NUM
ftr-349	307	5	,	,	PUNCT
ftr-349	307	6	44	44	NUM
ftr-349	307	7	(	(	PUNCT
ftr-349	307	8	2008	2008	NUM
ftr-349	307	9	)	)	PUNCT
ftr-349	307	10	;	;	PUNCT
ftr-349	307	11	j.	j.	PROPN
ftr-349	307	12	clifton	clifton	PROPN
ftr-349	307	13	fleming	fleming	PROPN
ftr-349	307	14	jr	jr	PROPN
ftr-349	307	15	.	.	PROPN
ftr-349	307	16	,	,	PUNCT
ftr-349	307	17	robert	robert	PROPN
ftr-349	307	18	j.	j.	PROPN
ftr-349	307	19	peroni	peroni	PROPN
ftr-349	307	20	&	&	CCONJ
ftr-349	307	21	stephen	stephen	PROPN
ftr-349	307	22	e.	e.	PROPN
ftr-349	307	23	shay	shay	PROPN
ftr-349	307	24	,	,	PUNCT
ftr-349	307	25	deferral	deferral	ADJ
ftr-349	307	26	:	:	PUNCT
ftr-349	307	27	consider	consider	VERB
ftr-349	307	28	ending	end	VERB
ftr-349	307	29	it	it	PRON
ftr-349	307	30	,	,	PUNCT
ftr-349	307	31	instead	instead	ADV
ftr-349	307	32	of	of	ADP
ftr-349	307	33	expanding	expand	VERB
ftr-349	307	34	it	it	PRON
ftr-349	307	35	,	,	PUNCT
ftr-349	307	36	86	86	NUM
ftr-349	307	37	tax	tax	NOUN
ftr-349	307	38	notes	note	NOUN
ftr-349	307	39	837	837	NUM
ftr-349	307	40	(	(	PUNCT
ftr-349	307	41	2000	2000	NUM
ftr-349	307	42	)	)	PUNCT
ftr-349	307	43	;	;	PUNCT
ftr-349	307	44	lawrence	lawrence	PROPN
ftr-349	307	45	lokken	lokken	PROPN
ftr-349	307	46	,	,	PUNCT
ftr-349	307	47	does	do	AUX
ftr-349	307	48	the	the	DET
ftr-349	307	49	u.s	u.s	PROPN
ftr-349	307	50	.	.	PROPN
ftr-349	307	51	tax	tax	NOUN
ftr-349	307	52	system	system	NOUN
ftr-349	307	53	disadvantage	disadvantage	NOUN
ftr-349	307	54	u.s	u.s	PROPN
ftr-349	307	55	.	.	PROPN
ftr-349	307	56	multinationals	multinational	NOUN
ftr-349	307	57	in	in	ADP
ftr-349	307	58	the	the	DET
ftr-349	307	59	world	world	NOUN
ftr-349	307	60	marketplace	marketplace	NOUN
ftr-349	307	61	?	?	PUNCT
ftr-349	307	62	,	,	PUNCT
ftr-349	307	63	4	4	NUM
ftr-349	307	64	j.	j.	PROPN
ftr-349	307	65	tax’n	tax’n	PROPN
ftr-349	307	66	global	global	ADJ
ftr-349	307	67	transactions	transaction	NOUN
ftr-349	307	68	43	43	NUM
ftr-349	307	69	(	(	PUNCT
ftr-349	307	70	2004	2004	NUM
ftr-349	307	71	)	)	PUNCT
ftr-349	308	1	[	[	X
ftr-349	308	2	hereinafter	hereinafter	NOUN
ftr-349	308	3	lokken	lokken	VERB
ftr-349	308	4	,	,	PUNCT
ftr-349	308	5	does	do	VERB
ftr-349	308	6	the	the	DET
ftr-349	308	7	u.s	u.s	PROPN
ftr-349	308	8	.	.	PROPN
ftr-349	308	9	tax	tax	NOUN
ftr-349	308	10	system	system	NOUN
ftr-349	308	11	disadvantage	disadvantage	NOUN
ftr-349	308	12	]	]	PUNCT
ftr-349	308	13	.	.	PUNCT
ftr-349	309	1	29	29	NUM
ftr-349	309	2	.	.	PUNCT
ftr-349	309	3	grubert	grubert	PROPN
ftr-349	309	4	&	&	CCONJ
ftr-349	309	5	altshuler	altshuler	PROPN
ftr-349	309	6	,	,	PUNCT
ftr-349	309	7	corporate	corporate	ADJ
ftr-349	309	8	taxes	taxis	NOUN
ftr-349	309	9	in	in	ADP
ftr-349	309	10	the	the	DET
ftr-349	309	11	world	world	NOUN
ftr-349	309	12	economy	economy	NOUN
ftr-349	309	13	,	,	PUNCT
ftr-349	309	14	supra	supra	PROPN
ftr-349	309	15	note	note	PROPN
ftr-349	309	16	27	27	NUM
ftr-349	309	17	,	,	PUNCT
ftr-349	309	18	at	at	ADP
ftr-349	309	19	325	325	NUM
ftr-349	309	20	,	,	PUNCT
ftr-349	309	21	327	327	NUM
ftr-349	309	22	.	.	NOUN
ftr-349	309	23	30	30	NUM
ftr-349	309	24	.	.	PUNCT
ftr-349	310	1	isenbergh	isenbergh	NOUN
ftr-349	310	2	,	,	PUNCT
ftr-349	310	3	international	international	ADJ
ftr-349	310	4	taxation	taxation	NOUN
ftr-349	310	5	supra	supra	PROPN
ftr-349	310	6	note	note	PROPN
ftr-349	310	7	27	27	NUM
ftr-349	310	8	,	,	PUNCT
ftr-349	310	9	at	at	ADP
ftr-349	310	10	68:1	68:1	NOUN
ftr-349	310	11	-	-	PUNCT
ftr-349	310	12	68:2	68:2	NUM
ftr-349	310	13	(	(	PUNCT
ftr-349	310	14	“	"	PUNCT
ftr-349	310	15	the	the	DET
ftr-349	310	16	separate	separate	ADJ
ftr-349	310	17	legal	legal	ADJ
ftr-349	310	18	identity	identity	NOUN
ftr-349	310	19	of	of	ADP
ftr-349	310	20	corporations	corporation	NOUN
ftr-349	310	21	is	be	AUX
ftr-349	310	22	a	a	DET
ftr-349	310	23	central	central	ADJ
ftr-349	310	24	determinant	determinant	NOUN
ftr-349	310	25	of	of	ADP
ftr-349	310	26	u.s	u.s	PROPN
ftr-349	310	27	.	.	PROPN
ftr-349	310	28	taxation	taxation	NOUN
ftr-349	310	29	.	.	PUNCT
ftr-349	310	30	.	.	PUNCT
ftr-349	310	31	.	.	PUNCT
ftr-349	310	32	.	.	PUNCT
ftr-349	311	1	a	a	DET
ftr-349	311	2	foreign	foreign	ADJ
ftr-349	311	3	corporation	corporation	NOUN
ftr-349	311	4	,	,	PUNCT
ftr-349	311	5	even	even	ADV
ftr-349	311	6	though	though	SCONJ
ftr-349	311	7	owned	own	VERB
ftr-349	311	8	by	by	ADP
ftr-349	311	9	americans	americans	PROPN
ftr-349	311	10	,	,	PUNCT
ftr-349	311	11	may	may	AUX
ftr-349	311	12	operate	operate	VERB
ftr-349	311	13	beyond	beyond	ADP
ftr-349	311	14	the	the	DET
ftr-349	311	15	immediate	immediate	ADJ
ftr-349	311	16	reach	reach	NOUN
ftr-349	311	17	of	of	ADP
ftr-349	311	18	the	the	DET
ftr-349	311	19	u.s	u.s	PROPN
ftr-349	311	20	.	.	PROPN
ftr-349	311	21	taxing	tax	VERB
ftr-349	311	22	power	power	NOUN
ftr-349	311	23	.	.	PUNCT
ftr-349	311	24	.	.	PUNCT
ftr-349	311	25	.	.	PUNCT
ftr-349	311	26	.	.	PUNCT
ftr-349	312	1	the	the	DET
ftr-349	312	2	separate	separate	ADJ
ftr-349	312	3	identity	identity	NOUN
ftr-349	312	4	of	of	ADP
ftr-349	312	5	corporations	corporation	NOUN
ftr-349	312	6	in	in	ADP
ftr-349	312	7	the	the	DET
ftr-349	312	8	u.s	u.s	PROPN
ftr-349	312	9	.	.	PROPN
ftr-349	312	10	tax	tax	NOUN
ftr-349	312	11	system	system	NOUN
ftr-349	312	12	means	mean	VERB
ftr-349	312	13	that	that	SCONJ
ftr-349	312	14	a	a	DET
ftr-349	312	15	foreign	foreign	ADJ
ftr-349	312	16	corporation	corporation	NOUN
ftr-349	312	17	is	be	AUX
ftr-349	312	18	not	not	PART
ftr-349	312	19	formally	formally	ADV
ftr-349	312	20	a	a	DET
ftr-349	312	21	u.s	u.s	PROPN
ftr-349	312	22	.	.	PROPN
ftr-349	312	23	person	person	NOUN
ftr-349	312	24	,	,	PUNCT
ftr-349	312	25	.	.	PUNCT
ftr-349	312	26	.	.	PUNCT
ftr-349	312	27	.	.	PUNCT
ftr-349	313	1	and	and	CCONJ
ftr-349	313	2	has	have	VERB
ftr-349	313	3	no	no	DET
ftr-349	313	4	immediate	immediate	ADJ
ftr-349	313	5	u.s	u.s	PROPN
ftr-349	313	6	.	.	PROPN
ftr-349	313	7	income	income	NOUN
ftr-349	313	8	tax	tax	NOUN
ftr-349	313	9	obligation	obligation	NOUN
ftr-349	313	10	on	on	ADP
ftr-349	313	11	foreign	foreign	ADJ
ftr-349	313	12	source	source	NOUN
ftr-349	313	13	income	income	NOUN
ftr-349	313	14	.	.	PUNCT
ftr-349	313	15	”	"	PUNCT
ftr-349	313	16	)	)	PUNCT
ftr-349	313	17	.	.	PUNCT
ftr-349	314	1	2001	2001	NUM
ftr-349	314	2	]	]	PUNCT
ftr-349	314	3	stateless	stateless	NOUN
ftr-349	314	4	income	income	NOUN
ftr-349	314	5	719	719	NUM
ftr-349	314	6	deferral	deferral	NOUN
ftr-349	314	7	puts	put	VERB
ftr-349	314	8	a	a	DET
ftr-349	314	9	taxpayer	taxpayer	NOUN
ftr-349	314	10	in	in	ADP
ftr-349	314	11	the	the	DET
ftr-349	314	12	position	position	NOUN
ftr-349	314	13	of	of	ADP
ftr-349	314	14	earning	earn	VERB
ftr-349	314	15	a	a	DET
ftr-349	314	16	tax	tax	NOUN
ftr-349	314	17	-	-	PUNCT
ftr-349	314	18	exempt	exempt	ADJ
ftr-349	314	19	rate	rate	NOUN
ftr-349	314	20	of	of	ADP
ftr-349	314	21	return	return	NOUN
ftr-349	314	22	on	on	ADP
ftr-349	314	23	the	the	DET
ftr-349	314	24	after	after	ADP
ftr-349	314	25	-	-	PUNCT
ftr-349	314	26	tax	tax	NOUN
ftr-349	314	27	value	value	NOUN
ftr-349	314	28	of	of	ADP
ftr-349	314	29	the	the	DET
ftr-349	314	30	original	original	ADJ
ftr-349	314	31	deferred	deferred	ADJ
ftr-349	314	32	amount.31	amount.31	NOUN
ftr-349	314	33	the	the	DET
ftr-349	314	34	ability	ability	NOUN
ftr-349	314	35	of	of	ADP
ftr-349	314	36	a	a	DET
ftr-349	314	37	u.s	u.s	PROPN
ftr-349	314	38	.	.	PROPN
ftr-349	314	39	firm	firm	NOUN
ftr-349	314	40	to	to	PART
ftr-349	314	41	defer	defer	VERB
ftr-349	314	42	u.s	u.s	PROPN
ftr-349	314	43	.	.	PROPN
ftr-349	314	44	tax	tax	NOUN
ftr-349	314	45	on	on	ADP
ftr-349	314	46	its	its	PRON
ftr-349	314	47	returns	return	NOUN
ftr-349	314	48	from	from	ADP
ftr-349	314	49	foreign	foreign	ADJ
ftr-349	314	50	direct	direct	ADJ
ftr-349	314	51	investment	investment	NOUN
ftr-349	314	52	operates	operate	VERB
ftr-349	314	53	similarly	similarly	ADV
ftr-349	314	54	,	,	PUNCT
ftr-349	314	55	except	except	SCONJ
ftr-349	314	56	that	that	SCONJ
ftr-349	314	57	the	the	DET
ftr-349	314	58	tax	tax	NOUN
ftr-349	314	59	imposed	impose	VERB
ftr-349	314	60	on	on	ADP
ftr-349	314	61	unrepatriated	unrepatriated	ADJ
ftr-349	314	62	earnings	earning	NOUN
ftr-349	314	63	is	be	AUX
ftr-349	314	64	not	not	PART
ftr-349	314	65	zero	zero	NUM
ftr-349	314	66	,	,	PUNCT
ftr-349	314	67	but	but	CCONJ
ftr-349	314	68	whatever	whatever	PRON
ftr-349	314	69	is	be	AUX
ftr-349	314	70	the	the	DET
ftr-349	314	71	foreign	foreign	ADJ
ftr-349	314	72	rate	rate	NOUN
ftr-349	314	73	on	on	ADP
ftr-349	314	74	those	those	DET
ftr-349	314	75	reinvested	reinveste	VERB
ftr-349	314	76	earnings	earning	NOUN
ftr-349	314	77	.	.	PUNCT
ftr-349	315	1	nonetheless	nonetheless	ADV
ftr-349	315	2	,	,	PUNCT
ftr-349	315	3	from	from	ADP
ftr-349	315	4	a	a	DET
ftr-349	315	5	u.s	u.s	PROPN
ftr-349	315	6	.	.	PROPN
ftr-349	315	7	perspective	perspective	NOUN
ftr-349	315	8	international	international	ADJ
ftr-349	315	9	deferral	deferral	NOUN
ftr-349	315	10	,	,	PUNCT
ftr-349	315	11	like	like	ADP
ftr-349	315	12	domestic	domestic	ADJ
ftr-349	315	13	deferral	deferral	NOUN
ftr-349	315	14	,	,	PUNCT
ftr-349	315	15	operates	operate	VERB
ftr-349	315	16	to	to	PART
ftr-349	315	17	exempt	exempt	VERB
ftr-349	315	18	entirely	entirely	ADV
ftr-349	315	19	from	from	ADP
ftr-349	315	20	u.s	u.s	PROPN
ftr-349	315	21	.	.	PROPN
ftr-349	315	22	tax	tax	NOUN
ftr-349	315	23	the	the	DET
ftr-349	315	24	compounding	compounding	NOUN
ftr-349	315	25	of	of	ADP
ftr-349	315	26	returns	return	NOUN
ftr-349	315	27	on	on	ADP
ftr-349	315	28	low	low	ADV
ftr-349	315	29	-	-	PUNCT
ftr-349	315	30	taxed	tax	VERB
ftr-349	315	31	unrepatriated	unrepatriated	ADJ
ftr-349	315	32	income	income	NOUN
ftr-349	315	33	until	until	SCONJ
ftr-349	315	34	that	that	DET
ftr-349	315	35	income	income	NOUN
ftr-349	315	36	is	be	AUX
ftr-349	315	37	repatriated	repatriate	VERB
ftr-349	315	38	.	.	PUNCT
ftr-349	316	1	in	in	ADP
ftr-349	316	2	practice	practice	NOUN
ftr-349	316	3	,	,	PUNCT
ftr-349	316	4	however	however	ADV
ftr-349	316	5	,	,	PUNCT
ftr-349	316	6	international	international	ADJ
ftr-349	316	7	deferral	deferral	NOUN
ftr-349	316	8	goes	go	VERB
ftr-349	316	9	further	far	ADV
ftr-349	316	10	,	,	PUNCT
ftr-349	316	11	by	by	ADP
ftr-349	316	12	coming	come	VERB
ftr-349	316	13	close	close	ADV
ftr-349	316	14	to	to	ADP
ftr-349	316	15	exempting	exempt	VERB
ftr-349	316	16	from	from	ADP
ftr-349	316	17	u.s	u.s	PROPN
ftr-349	316	18	.	.	PROPN
ftr-349	316	19	tax	tax	NOUN
ftr-349	316	20	the	the	DET
ftr-349	316	21	original	original	ADJ
ftr-349	316	22	deferred	deferred	ADJ
ftr-349	316	23	earnings	earning	NOUN
ftr-349	316	24	as	as	ADV
ftr-349	316	25	well	well	ADV
ftr-349	316	26	,	,	PUNCT
ftr-349	316	27	because	because	SCONJ
ftr-349	316	28	u.s	u.s	PROPN
ftr-349	316	29	.	.	PROPN
ftr-349	316	30	tax	tax	NOUN
ftr-349	316	31	on	on	ADP
ftr-349	316	32	foreign	foreign	ADJ
ftr-349	316	33	earnings	earning	NOUN
ftr-349	316	34	can	can	AUX
ftr-349	316	35	be	be	AUX
ftr-349	316	36	deferred	defer	VERB
ftr-349	316	37	indefinitely	indefinitely	ADV
ftr-349	316	38	and	and	CCONJ
ftr-349	316	39	without	without	ADP
ftr-349	316	40	regard	regard	NOUN
ftr-349	316	41	to	to	ADP
ftr-349	316	42	natural	natural	ADJ
ftr-349	316	43	lifespans	lifespan	NOUN
ftr-349	316	44	.	.	PUNCT
ftr-349	317	1	u.s	u.s	PROPN
ftr-349	317	2	.	.	PROPN
ftr-349	317	3	firms	firm	NOUN
ftr-349	317	4	that	that	PRON
ftr-349	317	5	can	can	AUX
ftr-349	317	6	afford	afford	VERB
ftr-349	317	7	to	to	PART
ftr-349	317	8	defer	defer	VERB
ftr-349	317	9	indefinitely	indefinitely	ADV
ftr-349	317	10	the	the	DET
ftr-349	317	11	repatriation	repatriation	NOUN
ftr-349	317	12	of	of	ADP
ftr-349	317	13	foreign	foreign	ADJ
ftr-349	317	14	earnings	earning	NOUN
ftr-349	317	15	thus	thus	ADV
ftr-349	317	16	can	can	AUX
ftr-349	317	17	obtain	obtain	VERB
ftr-349	317	18	a	a	DET
ftr-349	317	19	tax	tax	NOUN
ftr-349	317	20	result	result	NOUN
ftr-349	317	21	strikingly	strikingly	ADV
ftr-349	317	22	similar	similar	ADJ
ftr-349	317	23	to	to	ADP
ftr-349	317	24	a	a	DET
ftr-349	317	25	territorial	territorial	NOUN
ftr-349	317	26	regime.32	regime.32	VERB
ftr-349	317	27	the	the	DET
ftr-349	317	28	practical	practical	ADJ
ftr-349	317	29	consequences	consequence	NOUN
ftr-349	317	30	of	of	ADP
ftr-349	317	31	the	the	DET
ftr-349	317	32	deferral	deferral	ADJ
ftr-349	317	33	principle	principle	NOUN
ftr-349	317	34	are	be	AUX
ftr-349	317	35	dramatic	dramatic	ADJ
ftr-349	317	36	.	.	PUNCT
ftr-349	318	1	the	the	DET
ftr-349	318	2	accumulated	accumulate	VERB
ftr-349	318	3	earnings	earning	NOUN
ftr-349	318	4	of	of	ADP
ftr-349	318	5	foreign	foreign	ADJ
ftr-349	318	6	subsidiaries	subsidiary	NOUN
ftr-349	318	7	of	of	ADP
ftr-349	318	8	u.s	u.s	PROPN
ftr-349	318	9	.	.	PROPN
ftr-349	318	10	resident	resident	ADJ
ftr-349	318	11	parent	parent	NOUN
ftr-349	318	12	companies	company	NOUN
ftr-349	318	13	totaled	total	VERB
ftr-349	318	14	roughly	roughly	ADV
ftr-349	318	15	$	$	SYM
ftr-349	318	16	1	1	NUM
ftr-349	318	17	trillion	trillion	NUM
ftr-349	318	18	in	in	ADP
ftr-349	318	19	2008	2008	NUM
ftr-349	318	20	and	and	CCONJ
ftr-349	318	21	today	today	NOUN
ftr-349	318	22	total	total	VERB
ftr-349	318	23	approximately	approximately	ADV
ftr-349	318	24	$	$	SYM
ftr-349	318	25	1.4	1.4	NUM
ftr-349	318	26	trillion	trillion	NUM
ftr-349	318	27	,	,	PUNCT
ftr-349	318	28	after	after	ADP
ftr-349	318	29	net	net	ADJ
ftr-349	318	30	extraordinary	extraordinary	ADJ
ftr-349	318	31	dividends	dividend	NOUN
ftr-349	318	32	in	in	ADP
ftr-349	318	33	2005	2005	NUM
ftr-349	318	34	of	of	ADP
ftr-349	318	35	about	about	ADV
ftr-349	318	36	$	$	SYM
ftr-349	318	37	312	312	NUM
ftr-349	318	38	billion	billion	NUM
ftr-349	318	39	in	in	ADP
ftr-349	318	40	response	response	NOUN
ftr-349	318	41	to	to	ADP
ftr-349	318	42	the	the	DET
ftr-349	318	43	one	one	NUM
ftr-349	318	44	-	-	PUNCT
ftr-349	318	45	year	year	NOUN
ftr-349	318	46	repatriation	repatriation	NOUN
ftr-349	318	47	tax	tax	NOUN
ftr-349	318	48	holiday	holiday	NOUN
ftr-349	318	49	offered	offer	VERB
ftr-349	318	50	by	by	ADP
ftr-349	318	51	internal	internal	ADJ
ftr-349	318	52	revenue	revenue	NOUN
ftr-349	318	53	code	code	NOUN
ftr-349	318	54	section	section	NOUN
ftr-349	318	55	965.33	965.33	NUM
ftr-349	318	56	as	as	ADP
ftr-349	318	57	a	a	DET
ftr-349	318	58	result	result	NOUN
ftr-349	318	59	of	of	ADP
ftr-349	318	60	deferral	deferral	NOUN
ftr-349	318	61	,	,	PUNCT
ftr-349	318	62	the	the	DET
ftr-349	318	63	united	united	PROPN
ftr-349	318	64	states	states	PROPN
ftr-349	318	65	retains	retain	VERB
ftr-349	318	66	only	only	ADV
ftr-349	318	67	a	a	DET
ftr-349	318	68	residual	residual	ADJ
ftr-349	318	69	claim	claim	NOUN
ftr-349	318	70	to	to	PART
ftr-349	318	71	tax	tax	VERB
ftr-349	318	72	the	the	DET
ftr-349	318	73	active	active	ADJ
ftr-349	318	74	business	business	NOUN
ftr-349	318	75	earnings	earning	NOUN
ftr-349	318	76	of	of	ADP
ftr-349	318	77	foreign	foreign	ADJ
ftr-349	318	78	subsidiaries	subsidiary	NOUN
ftr-349	318	79	when	when	SCONJ
ftr-349	318	80	that	that	DET
ftr-349	318	81	income	income	NOUN
ftr-349	318	82	in	in	ADP
ftr-349	318	83	some	some	DET
ftr-349	318	84	fashion	fashion	NOUN
ftr-349	318	85	is	be	AUX
ftr-349	318	86	made	make	VERB
ftr-349	318	87	available	available	ADJ
ftr-349	318	88	to	to	ADP
ftr-349	318	89	the	the	DET
ftr-349	318	90	u.s	u.s	PROPN
ftr-349	318	91	.	.	PROPN
ftr-349	318	92	parent	parent	NOUN
ftr-349	318	93	(	(	PUNCT
ftr-349	318	94	and	and	CCONJ
ftr-349	318	95	then	then	ADV
ftr-349	318	96	after	after	SCONJ
ftr-349	318	97	allowable	allowable	ADJ
ftr-349	318	98	foreign	foreign	ADJ
ftr-349	318	99	tax	tax	NOUN
ftr-349	318	100	credits	credit	NOUN
ftr-349	318	101	are	be	AUX
ftr-349	318	102	claimed	claim	VERB
ftr-349	318	103	)	)	PUNCT
ftr-349	318	104	.	.	PUNCT
ftr-349	319	1	repatriation	repatriation	NOUN
ftr-349	319	2	of	of	ADP
ftr-349	319	3	a	a	DET
ftr-349	319	4	foreign	foreign	ADJ
ftr-349	319	5	subsidiary	subsidiary	NOUN
ftr-349	319	6	’s	’s	PART
ftr-349	319	7	active	active	ADJ
ftr-349	319	8	business	business	NOUN
ftr-349	319	9	income	income	NOUN
ftr-349	319	10	,	,	PUNCT
ftr-349	319	11	and	and	CCONJ
ftr-349	319	12	with	with	ADP
ftr-349	319	13	it	it	PRON
ftr-349	319	14	the	the	DET
ftr-349	319	15	triggering	triggering	NOUN
ftr-349	319	16	of	of	ADP
ftr-349	319	17	residual	residual	ADJ
ftr-349	319	18	u.s	u.s	PROPN
ftr-349	319	19	.	.	PROPN
ftr-349	319	20	tax	tax	NOUN
ftr-349	319	21	liability	liability	NOUN
ftr-349	319	22	,	,	PUNCT
ftr-349	319	23	can	can	AUX
ftr-349	319	24	31	31	NUM
ftr-349	319	25	.	.	PUNCT
ftr-349	320	1	staff	staff	NOUN
ftr-349	320	2	of	of	ADP
ftr-349	320	3	the	the	DET
ftr-349	320	4	joint	joint	ADJ
ftr-349	320	5	comm	comm	NOUN
ftr-349	320	6	.	.	PUNCT
ftr-349	321	1	on	on	ADP
ftr-349	321	2	tax’n	tax’n	NUM
ftr-349	321	3	,	,	PUNCT
ftr-349	321	4	present	present	ADJ
ftr-349	321	5	law	law	NOUN
ftr-349	321	6	and	and	CCONJ
ftr-349	321	7	analysis	analysis	NOUN
ftr-349	321	8	relating	relate	VERB
ftr-349	321	9	to	to	ADP
ftr-349	321	10	tax	tax	NOUN
ftr-349	321	11	treatment	treatment	NOUN
ftr-349	321	12	of	of	ADP
ftr-349	321	13	partnership	partnership	NOUN
ftr-349	321	14	carried	carry	VERB
ftr-349	321	15	interests	interest	NOUN
ftr-349	321	16	and	and	CCONJ
ftr-349	321	17	related	related	ADJ
ftr-349	321	18	issues	issue	NOUN
ftr-349	321	19	,	,	PUNCT
ftr-349	321	20	part	part	NOUN
ftr-349	321	21	ii	ii	PROPN
ftr-349	321	22	(	(	PUNCT
ftr-349	321	23	jcx-63	jcx-63	PROPN
ftr-349	321	24	-	-	PUNCT
ftr-349	321	25	07	07	NUM
ftr-349	321	26	)	)	PUNCT
ftr-349	321	27	7	7	NUM
ftr-349	321	28	(	(	PUNCT
ftr-349	321	29	2007	2007	NUM
ftr-349	321	30	)	)	PUNCT
ftr-349	321	31	.	.	PUNCT
ftr-349	322	1	32	32	NUM
ftr-349	322	2	.	.	X
ftr-349	323	1	fleming	fleming	PROPN
ftr-349	323	2	,	,	PUNCT
ftr-349	323	3	peroni	peroni	PROPN
ftr-349	323	4	&	&	CCONJ
ftr-349	323	5	shay	shay	PROPN
ftr-349	323	6	,	,	PUNCT
ftr-349	323	7	worse	bad	ADJ
ftr-349	323	8	than	than	ADP
ftr-349	323	9	exemption	exemption	NOUN
ftr-349	323	10	,	,	PUNCT
ftr-349	323	11	supra	supra	PROPN
ftr-349	323	12	note	note	PROPN
ftr-349	323	13	27	27	NUM
ftr-349	323	14	,	,	PUNCT
ftr-349	323	15	at	at	ADP
ftr-349	323	16	149	149	NUM
ftr-349	323	17	.	.	PUNCT
ftr-349	323	18	33	33	NUM
ftr-349	323	19	.	.	PUNCT
ftr-349	324	1	for	for	ADP
ftr-349	324	2	the	the	DET
ftr-349	324	3	one	one	NUM
ftr-349	324	4	-	-	PUNCT
ftr-349	324	5	year	year	NOUN
ftr-349	324	6	repatriation	repatriation	NOUN
ftr-349	324	7	holiday	holiday	NOUN
ftr-349	324	8	figure	figure	NOUN
ftr-349	324	9	,	,	PUNCT
ftr-349	324	10	see	see	VERB
ftr-349	324	11	melissa	melissa	PROPN
ftr-349	324	12	redmiles	redmile	NOUN
ftr-349	324	13	,	,	PUNCT
ftr-349	324	14	statistics	statistic	NOUN
ftr-349	324	15	of	of	ADP
ftr-349	324	16	income	income	NOUN
ftr-349	324	17	division	division	NOUN
ftr-349	324	18	,	,	PUNCT
ftr-349	324	19	irs	irs	PROPN
ftr-349	324	20	,	,	PUNCT
ftr-349	324	21	the	the	DET
ftr-349	324	22	one	one	NUM
ftr-349	324	23	-	-	PUNCT
ftr-349	324	24	time	time	NOUN
ftr-349	324	25	received	receive	VERB
ftr-349	324	26	dividend	dividend	NOUN
ftr-349	324	27	deduction	deduction	NOUN
ftr-349	324	28	,	,	PUNCT
ftr-349	324	29	27	27	NUM
ftr-349	324	30	soi	soi	ADJ
ftr-349	324	31	bull	bull	NOUN
ftr-349	324	32	.	.	PUNCT
ftr-349	325	1	spring	spring	NOUN
ftr-349	325	2	2008	2008	NUM
ftr-349	325	3	,	,	PUNCT
ftr-349	325	4	at	at	ADP
ftr-349	325	5	103	103	NUM
ftr-349	325	6	.	.	PUNCT
ftr-349	326	1	for	for	ADP
ftr-349	326	2	the	the	DET
ftr-349	326	3	$	$	SYM
ftr-349	326	4	1	1	NUM
ftr-349	326	5	trillion	trillion	NUM
ftr-349	326	6	figure	figure	NOUN
ftr-349	326	7	,	,	PUNCT
ftr-349	326	8	see	see	VERB
ftr-349	326	9	economic	economic	ADJ
ftr-349	326	10	recovery	recovery	NOUN
ftr-349	326	11	advisory	advisory	PROPN
ftr-349	326	12	board	board	NOUN
ftr-349	326	13	,	,	PUNCT
ftr-349	326	14	the	the	DET
ftr-349	326	15	report	report	NOUN
ftr-349	326	16	on	on	ADP
ftr-349	326	17	tax	tax	NOUN
ftr-349	326	18	reform	reform	NOUN
ftr-349	326	19	options	option	NOUN
ftr-349	326	20	82	82	NUM
ftr-349	326	21	,	,	PUNCT
ftr-349	326	22	www.whitehouse.gov/sites/default/files/microsites/perab_tax_reform_report	www.whitehouse.gov/sites/default/files/microsites/perab_tax_reform_report	NOUN
ftr-349	326	23	.	.	PUNCT
ftr-349	327	1	pdf	pdf	NOUN
ftr-349	328	1	[	[	X
ftr-349	328	2	hereinafter	hereinafter	NOUN
ftr-349	328	3	perab	perab	ADJ
ftr-349	328	4	report	report	NOUN
ftr-349	328	5	]	]	PUNCT
ftr-349	328	6	(	(	PUNCT
ftr-349	328	7	“	"	PUNCT
ftr-349	328	8	u.s	u.s	PROPN
ftr-349	328	9	.	.	PROPN
ftr-349	328	10	companies	company	NOUN
ftr-349	328	11	reported	report	VERB
ftr-349	328	12	over	over	ADP
ftr-349	328	13	$	$	SYM
ftr-349	328	14	1	1	NUM
ftr-349	328	15	trillion	trillion	NUM
ftr-349	328	16	of	of	ADP
ftr-349	328	17	permanently	permanently	ADV
ftr-349	328	18	reinvested	reinveste	VERB
ftr-349	328	19	earnings	earning	NOUN
ftr-349	328	20	on	on	ADP
ftr-349	328	21	2008	2008	NUM
ftr-349	328	22	financial	financial	ADJ
ftr-349	328	23	statements	statement	NOUN
ftr-349	328	24	.	.	PUNCT
ftr-349	328	25	”	"	PUNCT
ftr-349	328	26	)	)	PUNCT
ftr-349	328	27	.	.	PUNCT
ftr-349	329	1	for	for	ADP
ftr-349	329	2	the	the	DET
ftr-349	329	3	$	$	SYM
ftr-349	329	4	1.4	1.4	NUM
ftr-349	329	5	trillion	trillion	NUM
ftr-349	329	6	figure	figure	NOUN
ftr-349	329	7	,	,	PUNCT
ftr-349	329	8	see	see	VERB
ftr-349	329	9	j.p	j.p	PROPN
ftr-349	329	10	.	.	PROPN
ftr-349	329	11	morgan	morgan	PROPN
ftr-349	329	12	&	&	CCONJ
ftr-349	329	13	co.	co.	PROPN
ftr-349	329	14	,	,	PUNCT
ftr-349	329	15	north	north	PROPN
ftr-349	329	16	american	american	PROPN
ftr-349	329	17	equity	equity	PROPN
ftr-349	329	18	research	research	PROPN
ftr-349	329	19	,	,	PUNCT
ftr-349	329	20	u.s	u.s	PROPN
ftr-349	329	21	.	.	PROPN
ftr-349	329	22	equity	equity	NOUN
ftr-349	329	23	strategy	strategy	NOUN
ftr-349	329	24	flash	flash	NOUN
ftr-349	329	25	(	(	PUNCT
ftr-349	329	26	june	june	PROPN
ftr-349	329	27	27	27	NUM
ftr-349	329	28	,	,	PUNCT
ftr-349	329	29	2011	2011	NUM
ftr-349	329	30	)	)	PUNCT
ftr-349	329	31	.	.	PUNCT
ftr-349	330	1	those	those	DET
ftr-349	330	2	offshore	offshore	ADJ
ftr-349	330	3	earnings	earning	NOUN
ftr-349	330	4	are	be	AUX
ftr-349	330	5	generally	generally	ADV
ftr-349	330	6	understood	understand	VERB
ftr-349	330	7	to	to	PART
ftr-349	330	8	be	be	AUX
ftr-349	330	9	in	in	ADP
ftr-349	330	10	large	large	ADJ
ftr-349	330	11	measure	measure	NOUN
ftr-349	330	12	retained	retain	VERB
ftr-349	330	13	abroad	abroad	ADV
ftr-349	330	14	solely	solely	ADV
ftr-349	330	15	to	to	PART
ftr-349	330	16	avoid	avoid	VERB
ftr-349	330	17	the	the	DET
ftr-349	330	18	residual	residual	ADJ
ftr-349	330	19	u.s	u.s	PROPN
ftr-349	330	20	.	.	PROPN
ftr-349	330	21	tax	tax	NOUN
ftr-349	330	22	on	on	ADP
ftr-349	330	23	repatriation	repatriation	NOUN
ftr-349	330	24	.	.	PUNCT
ftr-349	331	1	see	see	VERB
ftr-349	331	2	,	,	PUNCT
ftr-349	331	3	e.g.	e.g.	ADV
ftr-349	331	4	,	,	PUNCT
ftr-349	331	5	i	i	PROPN
ftr-349	331	6	d.	d.	PROPN
ftr-349	331	7	(	(	PUNCT
ftr-349	331	8	“	"	PUNCT
ftr-349	331	9	u.s	u.s	PROPN
ftr-349	331	10	.	.	PROPN
ftr-349	331	11	multinationals	multinational	NOUN
ftr-349	331	12	have	have	VERB
ftr-349	331	13	a	a	DET
ftr-349	331	14	strong	strong	ADJ
ftr-349	331	15	incentive	incentive	NOUN
ftr-349	331	16	to	to	PART
ftr-349	331	17	keep	keep	VERB
ftr-349	331	18	their	their	PRON
ftr-349	331	19	overseas	overseas	ADJ
ftr-349	331	20	earnings	earning	NOUN
ftr-349	331	21	outside	outside	ADP
ftr-349	331	22	the	the	DET
ftr-349	331	23	u.s	u.s	PROPN
ftr-349	331	24	.	.	PROPN
ftr-349	331	25	as	as	ADP
ftr-349	331	26	a	a	DET
ftr-349	331	27	result	result	NOUN
ftr-349	331	28	of	of	ADP
ftr-349	331	29	the	the	DET
ftr-349	331	30	interplay	interplay	NOUN
ftr-349	331	31	between	between	ADP
ftr-349	331	32	the	the	DET
ftr-349	331	33	high	high	ADJ
ftr-349	331	34	u.s	u.s	PROPN
ftr-349	331	35	.	.	PROPN
ftr-349	331	36	statutory	statutory	ADJ
ftr-349	331	37	corporate	corporate	ADJ
ftr-349	331	38	tax	tax	NOUN
ftr-349	331	39	rate	rate	NOUN
ftr-349	331	40	and	and	CCONJ
ftr-349	331	41	deferral	deferral	NOUN
ftr-349	331	42	.	.	PUNCT
ftr-349	331	43	”	"	PUNCT
ftr-349	331	44	)	)	PUNCT
ftr-349	331	45	.	.	PUNCT
ftr-349	332	1	section	section	PROPN
ftr-349	332	2	iv.b	iv.b	PROPN
ftr-349	332	3	.	.	PUNCT
ftr-349	333	1	of	of	ADP
ftr-349	333	2	this	this	DET
ftr-349	333	3	article	article	NOUN
ftr-349	333	4	discusses	discuss	VERB
ftr-349	333	5	the	the	DET
ftr-349	333	6	meaning	meaning	NOUN
ftr-349	333	7	of	of	ADP
ftr-349	333	8	“	"	PUNCT
ftr-349	333	9	permanently	permanently	ADV
ftr-349	333	10	reinvested	reinveste	VERB
ftr-349	333	11	”	"	PUNCT
ftr-349	333	12	earnings	earning	NOUN
ftr-349	333	13	.	.	PUNCT
ftr-349	334	1	http://www.whitehouse.gov/sites/default/files/microsites/perab_tax_reform_report	http://www.whitehouse.gov/sites/default/files/microsites/perab_tax_reform_report	NOUN
ftr-349	334	2	720	720	NUM
ftr-349	334	3	florida	florida	PROPN
ftr-349	334	4	tax	tax	NOUN
ftr-349	334	5	review	review	NOUN
ftr-349	334	6	[	[	X
ftr-349	334	7	vol	vol	NOUN
ftr-349	334	8	.	.	PUNCT
ftr-349	335	1	11:9	11:9	NOUN
ftr-349	335	2	take	take	VERB
ftr-349	335	3	the	the	DET
ftr-349	335	4	form	form	NOUN
ftr-349	335	5	of	of	ADP
ftr-349	335	6	an	an	DET
ftr-349	335	7	actual	actual	ADJ
ftr-349	335	8	cash	cash	NOUN
ftr-349	335	9	dividend	dividend	NOUN
ftr-349	335	10	,	,	PUNCT
ftr-349	335	11	or	or	CCONJ
ftr-349	335	12	one	one	NUM
ftr-349	335	13	of	of	ADP
ftr-349	335	14	various	various	ADJ
ftr-349	335	15	forms	form	NOUN
ftr-349	335	16	of	of	ADP
ftr-349	335	17	constructive	constructive	ADJ
ftr-349	335	18	distribution	distribution	NOUN
ftr-349	335	19	,	,	PUNCT
ftr-349	335	20	such	such	ADJ
ftr-349	335	21	as	as	ADP
ftr-349	335	22	a	a	DET
ftr-349	335	23	loan	loan	NOUN
ftr-349	335	24	of	of	ADP
ftr-349	335	25	funds	fund	NOUN
ftr-349	335	26	to	to	ADP
ftr-349	335	27	a	a	DET
ftr-349	335	28	u.s	u.s	PROPN
ftr-349	335	29	.	.	PROPN
ftr-349	335	30	affiliate.34	affiliate.34	PROPN
ftr-349	335	31	the	the	DET
ftr-349	335	32	united	united	PROPN
ftr-349	335	33	states	states	PROPN
ftr-349	335	34	also	also	ADV
ftr-349	335	35	taxes	tax	VERB
ftr-349	335	36	on	on	ADP
ftr-349	335	37	a	a	DET
ftr-349	335	38	current	current	ADJ
ftr-349	335	39	basis	basis	NOUN
ftr-349	335	40	(	(	PUNCT
ftr-349	335	41	for	for	ADP
ftr-349	335	42	this	this	DET
ftr-349	335	43	purpose	purpose	NOUN
ftr-349	335	44	,	,	PUNCT
ftr-349	335	45	through	through	ADP
ftr-349	335	46	a	a	DET
ftr-349	335	47	deemed	deem	VERB
ftr-349	335	48	dividend	dividend	NOUN
ftr-349	335	49	mechanism	mechanism	NOUN
ftr-349	335	50	)	)	PUNCT
ftr-349	335	51	certain	certain	ADJ
ftr-349	335	52	categories	category	NOUN
ftr-349	335	53	of	of	ADP
ftr-349	335	54	passive	passive	ADJ
ftr-349	335	55	investment	investment	NOUN
ftr-349	335	56	income	income	NOUN
ftr-349	335	57	or	or	CCONJ
ftr-349	335	58	highly	highly	ADV
ftr-349	335	59	mobile	mobile	ADJ
ftr-349	335	60	income	income	NOUN
ftr-349	335	61	earned	earn	VERB
ftr-349	335	62	by	by	ADP
ftr-349	335	63	foreign	foreign	ADJ
ftr-349	335	64	subsidiaries	subsidiary	NOUN
ftr-349	335	65	of	of	ADP
ftr-349	335	66	u.s	u.s	PROPN
ftr-349	335	67	.	.	PROPN
ftr-349	335	68	firms	firm	NOUN
ftr-349	335	69	.	.	PUNCT
ftr-349	336	1	this	this	DET
ftr-349	336	2	disfavored	disfavored	ADJ
ftr-349	336	3	income	income	NOUN
ftr-349	336	4	,	,	PUNCT
ftr-349	336	5	which	which	PRON
ftr-349	336	6	is	be	AUX
ftr-349	336	7	not	not	PART
ftr-349	336	8	eligible	eligible	ADJ
ftr-349	336	9	for	for	ADP
ftr-349	336	10	deferral	deferral	ADJ
ftr-349	336	11	,	,	PUNCT
ftr-349	336	12	is	be	AUX
ftr-349	336	13	termed	term	VERB
ftr-349	336	14	“	"	PUNCT
ftr-349	336	15	subpart	subpart	PROPN
ftr-349	336	16	f	f	PROPN
ftr-349	336	17	income	income	NOUN
ftr-349	336	18	.	.	PUNCT
ftr-349	337	1	”35	”35	PROPN
ftr-349	337	2	the	the	DET
ftr-349	337	3	technical	technical	ADJ
ftr-349	337	4	operation	operation	NOUN
ftr-349	337	5	of	of	ADP
ftr-349	337	6	subpart	subpart	PROPN
ftr-349	337	7	f	f	PROPN
ftr-349	337	8	is	be	AUX
ftr-349	337	9	too	too	ADV
ftr-349	337	10	complex	complex	ADJ
ftr-349	337	11	to	to	PART
ftr-349	337	12	be	be	AUX
ftr-349	337	13	susceptible	susceptible	ADJ
ftr-349	337	14	of	of	ADP
ftr-349	337	15	summary	summary	NOUN
ftr-349	337	16	.	.	PUNCT
ftr-349	338	1	over	over	ADP
ftr-349	338	2	the	the	DET
ftr-349	338	3	last	last	ADJ
ftr-349	338	4	several	several	ADJ
ftr-349	338	5	years	year	NOUN
ftr-349	338	6	,	,	PUNCT
ftr-349	338	7	however	however	ADV
ftr-349	338	8	,	,	PUNCT
ftr-349	338	9	the	the	DET
ftr-349	338	10	scope	scope	NOUN
ftr-349	338	11	of	of	ADP
ftr-349	338	12	the	the	DET
ftr-349	338	13	subpart	subpart	NOUN
ftr-349	338	14	f	f	PROPN
ftr-349	338	15	system	system	NOUN
ftr-349	338	16	has	have	AUX
ftr-349	338	17	been	be	AUX
ftr-349	338	18	cut	cut	VERB
ftr-349	338	19	back	back	ADP
ftr-349	338	20	,	,	PUNCT
ftr-349	338	21	so	so	SCONJ
ftr-349	338	22	that	that	SCONJ
ftr-349	338	23	increasing	increase	VERB
ftr-349	338	24	amounts	amount	NOUN
ftr-349	338	25	of	of	ADP
ftr-349	338	26	u.s	u.s	PROPN
ftr-349	338	27	.	.	PROPN
ftr-349	338	28	firms	firm	NOUN
ftr-349	338	29	’	'	PUNCT
ftr-349	338	30	foreign	foreign	ADJ
ftr-349	338	31	earnings	earning	NOUN
ftr-349	338	32	can	can	AUX
ftr-349	338	33	qualify	qualify	VERB
ftr-349	338	34	as	as	ADP
ftr-349	338	35	active	active	ADJ
ftr-349	338	36	business	business	NOUN
ftr-349	338	37	income	income	NOUN
ftr-349	338	38	,	,	PUNCT
ftr-349	338	39	and	and	CCONJ
ftr-349	338	40	therefore	therefore	ADV
ftr-349	338	41	are	be	AUX
ftr-349	338	42	eligible	eligible	ADJ
ftr-349	338	43	for	for	ADP
ftr-349	338	44	“	"	PUNCT
ftr-349	338	45	deferral	deferral	ADJ
ftr-349	338	46	.	.	PUNCT
ftr-349	339	1	”36	”36	VERB
ftr-349	339	2	this	this	DET
ftr-349	339	3	scaling	scale	VERB
ftr-349	339	4	back	back	ADV
ftr-349	339	5	of	of	ADP
ftr-349	339	6	the	the	DET
ftr-349	339	7	subpart	subpart	NOUN
ftr-349	339	8	f	f	PROPN
ftr-349	339	9	system	system	NOUN
ftr-349	339	10	in	in	ADP
ftr-349	339	11	turn	turn	NOUN
ftr-349	339	12	has	have	AUX
ftr-349	339	13	greatly	greatly	ADV
ftr-349	339	14	enhanced	enhance	VERB
ftr-349	339	15	the	the	DET
ftr-349	339	16	ability	ability	NOUN
ftr-349	339	17	of	of	ADP
ftr-349	339	18	u.s	u.s	PROPN
ftr-349	339	19	.	.	PROPN
ftr-349	339	20	firms	firm	NOUN
ftr-349	339	21	both	both	PRON
ftr-349	339	22	to	to	PART
ftr-349	339	23	operate	operate	VERB
ftr-349	339	24	in	in	ADP
ftr-349	339	25	a	a	DET
ftr-349	339	26	quasi	quasi	ADJ
ftr-349	339	27	-	-	ADJ
ftr-349	339	28	territorial	territorial	ADJ
ftr-349	339	29	environment	environment	NOUN
ftr-349	339	30	and	and	CCONJ
ftr-349	339	31	to	to	PART
ftr-349	339	32	generate	generate	VERB
ftr-349	339	33	stateless	stateless	NOUN
ftr-349	339	34	income.37	income.37	PROPN
ftr-349	339	35	a	a	DET
ftr-349	339	36	u.s	u.s	PROPN
ftr-349	339	37	.	.	PROPN
ftr-349	339	38	multinational	multinational	ADJ
ftr-349	339	39	firm	firm	NOUN
ftr-349	339	40	can	can	AUX
ftr-349	339	41	claim	claim	VERB
ftr-349	339	42	foreign	foreign	ADJ
ftr-349	339	43	tax	tax	NOUN
ftr-349	339	44	credits	credit	NOUN
ftr-349	339	45	against	against	ADP
ftr-349	339	46	its	its	PRON
ftr-349	339	47	tentative	tentative	ADJ
ftr-349	339	48	u.s	u.s	PROPN
ftr-349	339	49	.	.	PROPN
ftr-349	339	50	tax	tax	NOUN
ftr-349	339	51	liability	liability	NOUN
ftr-349	339	52	for	for	ADP
ftr-349	339	53	the	the	DET
ftr-349	339	54	foreign	foreign	ADJ
ftr-349	339	55	income	income	NOUN
ftr-349	339	56	taxes	taxis	NOUN
ftr-349	339	57	incurred	incur	VERB
ftr-349	339	58	in	in	ADP
ftr-349	339	59	earning	earn	VERB
ftr-349	339	60	foreign	foreign	ADJ
ftr-349	339	61	income	income	NOUN
ftr-349	339	62	actually	actually	ADV
ftr-349	339	63	included	include	VERB
ftr-349	339	64	in	in	ADP
ftr-349	339	65	its	its	PRON
ftr-349	339	66	u.s	u.s	PROPN
ftr-349	339	67	.	.	PROPN
ftr-349	339	68	tax	tax	NOUN
ftr-349	339	69	return	return	NOUN
ftr-349	339	70	,	,	PUNCT
ftr-349	339	71	but	but	CCONJ
ftr-349	339	72	the	the	DET
ftr-349	339	73	detailed	detailed	ADJ
ftr-349	339	74	application	application	NOUN
ftr-349	339	75	of	of	ADP
ftr-349	339	76	those	those	DET
ftr-349	339	77	rules	rule	NOUN
ftr-349	339	78	is	be	AUX
ftr-349	339	79	even	even	ADV
ftr-349	339	80	more	more	ADV
ftr-349	339	81	cruelly	cruelly	ADV
ftr-349	339	82	byzantine	byzantine	ADJ
ftr-349	339	83	than	than	SCONJ
ftr-349	339	84	are	be	AUX
ftr-349	339	85	the	the	DET
ftr-349	339	86	subpart	subpart	ADJ
ftr-349	339	87	f	f	PROPN
ftr-349	339	88	rules.38	rules.38	ADJ
ftr-349	339	89	foreign	foreign	ADJ
ftr-349	339	90	taxes	taxis	NOUN
ftr-349	339	91	can	can	AUX
ftr-349	339	92	be	be	AUX
ftr-349	339	93	claimed	claim	VERB
ftr-349	339	94	as	as	ADP
ftr-349	339	95	credits	credit	NOUN
ftr-349	339	96	only	only	ADV
ftr-349	339	97	to	to	ADP
ftr-349	339	98	the	the	DET
ftr-349	339	99	extent	extent	NOUN
ftr-349	339	100	of	of	ADP
ftr-349	339	101	the	the	DET
ftr-349	339	102	u.s	u.s	PROPN
ftr-349	339	103	.	.	PROPN
ftr-349	339	104	tax	tax	NOUN
ftr-349	339	105	that	that	PRON
ftr-349	339	106	would	would	AUX
ftr-349	339	107	have	have	AUX
ftr-349	339	108	been	be	AUX
ftr-349	339	109	imposed	impose	VERB
ftr-349	339	110	on	on	ADP
ftr-349	339	111	the	the	DET
ftr-349	339	112	taxpayer	taxpayer	NOUN
ftr-349	339	113	’s	’s	PART
ftr-349	339	114	foreign	foreign	ADJ
ftr-349	339	115	income	income	NOUN
ftr-349	339	116	;	;	PUNCT
ftr-349	339	117	this	this	PRON
ftr-349	339	118	can	can	AUX
ftr-349	339	119	be	be	AUX
ftr-349	339	120	understood	understand	VERB
ftr-349	339	121	as	as	ADP
ftr-349	339	122	a	a	DET
ftr-349	339	123	ceiling	ceiling	NOUN
ftr-349	339	124	of	of	ADP
ftr-349	339	125	35	35	NUM
ftr-349	339	126	percent	percent	NOUN
ftr-349	339	127	(	(	PUNCT
ftr-349	339	128	the	the	DET
ftr-349	339	129	u.s	u.s	PROPN
ftr-349	339	130	.	.	PROPN
ftr-349	339	131	corporate	corporate	ADJ
ftr-349	339	132	tax	tax	NOUN
ftr-349	339	133	rate	rate	NOUN
ftr-349	339	134	)	)	PUNCT
ftr-349	339	135	multiplied	multiply	VERB
ftr-349	339	136	by	by	ADP
ftr-349	339	137	the	the	DET
ftr-349	339	138	firm	firm	NOUN
ftr-349	339	139	’s	’s	PART
ftr-349	339	140	taxable	taxable	ADJ
ftr-349	339	141	foreign	foreign	ADJ
ftr-349	339	142	income	income	NOUN
ftr-349	339	143	,	,	PUNCT
ftr-349	339	144	with	with	ADP
ftr-349	339	145	that	that	DET
ftr-349	339	146	foreign	foreign	ADJ
ftr-349	339	147	income	income	NOUN
ftr-349	339	148	being	be	AUX
ftr-349	339	149	determined	determine	VERB
ftr-349	339	150	under	under	ADP
ftr-349	339	151	u.s	u.s	PROPN
ftr-349	339	152	.	.	PROPN
ftr-349	339	153	principles.39	principles.39	VERB
ftr-349	339	154	this	this	DET
ftr-349	339	155	formula	formula	NOUN
ftr-349	339	156	is	be	AUX
ftr-349	339	157	referred	refer	VERB
ftr-349	339	158	to	to	ADP
ftr-349	339	159	as	as	ADP
ftr-349	339	160	the	the	DET
ftr-349	339	161	“	"	PUNCT
ftr-349	339	162	foreign	foreign	ADJ
ftr-349	339	163	tax	tax	NOUN
ftr-349	339	164	credit	credit	NOUN
ftr-349	339	165	limitation	limitation	NOUN
ftr-349	339	166	.	.	PUNCT
ftr-349	339	167	”	"	PUNCT
ftr-349	340	1	if	if	SCONJ
ftr-349	340	2	a	a	DET
ftr-349	340	3	firm	firm	NOUN
ftr-349	340	4	has	have	VERB
ftr-349	340	5	more	more	ADJ
ftr-349	340	6	credits	credit	NOUN
ftr-349	340	7	than	than	SCONJ
ftr-349	340	8	it	it	PRON
ftr-349	340	9	can	can	AUX
ftr-349	340	10	claim	claim	VERB
ftr-349	340	11	in	in	ADP
ftr-349	340	12	a	a	DET
ftr-349	340	13	year	year	NOUN
ftr-349	340	14	,	,	PUNCT
ftr-349	340	15	it	it	PRON
ftr-349	340	16	is	be	AUX
ftr-349	340	17	said	say	VERB
ftr-349	340	18	to	to	PART
ftr-349	340	19	be	be	AUX
ftr-349	340	20	in	in	ADP
ftr-349	340	21	an	an	DET
ftr-349	340	22	“	"	PUNCT
ftr-349	340	23	excess	excess	ADJ
ftr-349	340	24	credit	credit	NOUN
ftr-349	340	25	”	"	PUNCT
ftr-349	340	26	position	position	NOUN
ftr-349	340	27	;	;	PUNCT
ftr-349	340	28	a	a	DET
ftr-349	340	29	firm	firm	NOUN
ftr-349	340	30	that	that	PRON
ftr-349	340	31	has	have	VERB
ftr-349	340	32	foreign	foreign	ADJ
ftr-349	340	33	source	source	NOUN
ftr-349	340	34	taxable	taxable	ADJ
ftr-349	340	35	income	income	NOUN
ftr-349	340	36	that	that	PRON
ftr-349	340	37	is	be	AUX
ftr-349	340	38	not	not	PART
ftr-349	340	39	completely	completely	ADV
ftr-349	340	40	sheltered	shelter	VERB
ftr-349	340	41	by	by	ADP
ftr-349	340	42	foreign	foreign	ADJ
ftr-349	340	43	tax	tax	NOUN
ftr-349	340	44	credits	credit	NOUN
ftr-349	340	45	is	be	AUX
ftr-349	340	46	said	say	VERB
ftr-349	340	47	to	to	PART
ftr-349	340	48	be	be	AUX
ftr-349	340	49	in	in	ADP
ftr-349	340	50	an	an	DET
ftr-349	340	51	“	"	PUNCT
ftr-349	340	52	excess	excess	ADJ
ftr-349	340	53	limitation	limitation	NOUN
ftr-349	340	54	”	"	PUNCT
ftr-349	340	55	position	position	NOUN
ftr-349	340	56	.	.	PUNCT
ftr-349	341	1	the	the	DET
ftr-349	341	2	u.s	u.s	PROPN
ftr-349	341	3	.	.	PROPN
ftr-349	341	4	foreign	foreign	ADJ
ftr-349	341	5	tax	tax	NOUN
ftr-349	341	6	credit	credit	NOUN
ftr-349	341	7	limitation	limitation	NOUN
ftr-349	341	8	calculation	calculation	NOUN
ftr-349	341	9	includes	include	VERB
ftr-349	341	10	important	important	ADJ
ftr-349	341	11	rules	rule	NOUN
ftr-349	341	12	that	that	PRON
ftr-349	341	13	treat	treat	VERB
ftr-349	341	14	u.s	u.s	PROPN
ftr-349	341	15	.	.	PROPN
ftr-349	341	16	domestic	domestic	ADJ
ftr-349	341	17	borrowings	borrowing	NOUN
ftr-349	341	18	as	as	ADP
ftr-349	341	19	supporting	support	VERB
ftr-349	341	20	a	a	DET
ftr-349	341	21	firm	firm	NOUN
ftr-349	341	22	’s	’s	PART
ftr-349	341	23	worldwide	worldwide	ADV
ftr-349	341	24	34	34	NUM
ftr-349	341	25	.	.	PUNCT
ftr-349	341	26	i.r.c	i.r.c	NOUN
ftr-349	341	27	.	.	PUNCT
ftr-349	342	1	§	§	PROPN
ftr-349	342	2	956	956	NUM
ftr-349	342	3	(	(	PUNCT
ftr-349	342	4	investment	investment	NOUN
ftr-349	342	5	of	of	ADP
ftr-349	342	6	a	a	DET
ftr-349	342	7	controlled	control	VERB
ftr-349	342	8	foreign	foreign	ADJ
ftr-349	342	9	corporation	corporation	NOUN
ftr-349	342	10	’s	’s	PART
ftr-349	342	11	earnings	earning	NOUN
ftr-349	342	12	in	in	ADP
ftr-349	342	13	united	united	PROPN
ftr-349	342	14	states	states	PROPN
ftr-349	342	15	property	property	PROPN
ftr-349	342	16	)	)	PUNCT
ftr-349	342	17	.	.	PUNCT
ftr-349	343	1	35	35	NUM
ftr-349	343	2	.	.	PUNCT
ftr-349	343	3	see	see	VERB
ftr-349	343	4	i.r.c	i.r.c	NOUN
ftr-349	343	5	.	.	PUNCT
ftr-349	344	1	§	§	PROPN
ftr-349	344	2	952	952	NUM
ftr-349	344	3	.	.	PUNCT
ftr-349	344	4	36	36	NUM
ftr-349	344	5	.	.	PUNCT
ftr-349	345	1	see	see	VERB
ftr-349	345	2	lawrence	lawrence	PROPN
ftr-349	345	3	lokken	lokken	PROPN
ftr-349	345	4	,	,	PUNCT
ftr-349	345	5	whatever	whatever	PRON
ftr-349	345	6	happened	happen	VERB
ftr-349	345	7	to	to	PART
ftr-349	345	8	subpart	subpart	PROPN
ftr-349	345	9	f	f	PROPN
ftr-349	345	10	u.s	u.s	PROPN
ftr-349	345	11	.	.	PROPN
ftr-349	345	12	cfc	cfc	PROPN
ftr-349	345	13	legislation	legislation	NOUN
ftr-349	345	14	after	after	ADP
ftr-349	345	15	the	the	DET
ftr-349	345	16	check	check	VERB
ftr-349	345	17	-	-	PUNCT
ftr-349	345	18	the	the	DET
ftr-349	345	19	-	-	PUNCT
ftr-349	345	20	box	box	NOUN
ftr-349	345	21	regulations	regulation	NOUN
ftr-349	345	22	,	,	PUNCT
ftr-349	345	23	7	7	NUM
ftr-349	345	24	fla	fla	NOUN
ftr-349	345	25	.	.	PUNCT
ftr-349	346	1	tax	tax	PROPN
ftr-349	346	2	rev	rev	PROPN
ftr-349	346	3	.	.	PROPN
ftr-349	346	4	185	185	NUM
ftr-349	346	5	(	(	PUNCT
ftr-349	346	6	2005	2005	NUM
ftr-349	346	7	)	)	PUNCT
ftr-349	347	1	[	[	X
ftr-349	347	2	hereinafter	hereinafter	NOUN
ftr-349	347	3	lokken	lokken	VERB
ftr-349	347	4	,	,	PUNCT
ftr-349	347	5	whatever	whatever	PRON
ftr-349	347	6	happened	happen	VERB
ftr-349	347	7	to	to	PART
ftr-349	347	8	subpart	subpart	VERB
ftr-349	347	9	f	f	PROPN
ftr-349	347	10	]	]	PUNCT
ftr-349	347	11	.	.	PUNCT
ftr-349	348	1	lokken	lokken	PROPN
ftr-349	348	2	offers	offer	VERB
ftr-349	348	3	a	a	DET
ftr-349	348	4	series	series	NOUN
ftr-349	348	5	of	of	ADP
ftr-349	348	6	hypothetical	hypothetical	ADJ
ftr-349	348	7	examples	example	NOUN
ftr-349	348	8	that	that	PRON
ftr-349	348	9	demonstrate	demonstrate	VERB
ftr-349	348	10	how	how	SCONJ
ftr-349	348	11	the	the	DET
ftr-349	348	12	implementation	implementation	NOUN
ftr-349	348	13	of	of	ADP
ftr-349	348	14	the	the	DET
ftr-349	348	15	check	check	NOUN
ftr-349	348	16	-	-	PUNCT
ftr-349	348	17	thebox	thebox	NOUN
ftr-349	348	18	regulations	regulation	NOUN
ftr-349	348	19	has	have	AUX
ftr-349	348	20	caused	cause	VERB
ftr-349	348	21	subpart	subpart	NOUN
ftr-349	348	22	f	f	PROPN
ftr-349	348	23	to	to	PART
ftr-349	348	24	lose	lose	VERB
ftr-349	348	25	its	its	PRON
ftr-349	348	26	power	power	NOUN
ftr-349	348	27	to	to	PART
ftr-349	348	28	prevent	prevent	VERB
ftr-349	348	29	u.s.-domiciled	u.s.-domiciled	ADJ
ftr-349	348	30	multinational	multinational	ADJ
ftr-349	348	31	enterprises	enterprise	NOUN
ftr-349	348	32	from	from	ADP
ftr-349	348	33	generating	generate	VERB
ftr-349	348	34	what	what	PRON
ftr-349	348	35	this	this	DET
ftr-349	348	36	article	article	NOUN
ftr-349	348	37	calls	call	VERB
ftr-349	348	38	stateless	stateless	NOUN
ftr-349	348	39	income	income	NOUN
ftr-349	348	40	.	.	PUNCT
ftr-349	349	1	i	i	PRON
ftr-349	349	2	d.	d.	PROPN
ftr-349	349	3	at	at	ADP
ftr-349	349	4	202–05	202–05	NUM
ftr-349	349	5	.	.	PUNCT
ftr-349	350	1	37	37	NUM
ftr-349	350	2	.	.	PUNCT
ftr-349	351	1	see	see	VERB
ftr-349	351	2	infra	infra	NOUN
ftr-349	351	3	part	part	NOUN
ftr-349	351	4	iii	iii	PROPN
ftr-349	351	5	.	.	PROPN
ftr-349	351	6	38	38	NUM
ftr-349	351	7	.	.	PUNCT
ftr-349	352	1	isenbergh	isenbergh	NOUN
ftr-349	352	2	,	,	PUNCT
ftr-349	352	3	international	international	ADJ
ftr-349	352	4	taxation	taxation	NOUN
ftr-349	352	5	,	,	PUNCT
ftr-349	352	6	supra	supra	PROPN
ftr-349	352	7	note	note	PROPN
ftr-349	352	8	27	27	NUM
ftr-349	352	9	,	,	PUNCT
ftr-349	352	10	considers	consider	VERB
ftr-349	352	11	the	the	DET
ftr-349	352	12	topic	topic	NOUN
ftr-349	352	13	in	in	ADP
ftr-349	352	14	more	more	ADJ
ftr-349	352	15	detail	detail	NOUN
ftr-349	352	16	.	.	PUNCT
ftr-349	353	1	39	39	NUM
ftr-349	353	2	.	.	PUNCT
ftr-349	353	3	i.r.c	i.r.c	NOUN
ftr-349	353	4	.	.	PUNCT
ftr-349	354	1	§	§	PROPN
ftr-349	354	2	904(a	904(a	PROPN
ftr-349	354	3	)	)	PUNCT
ftr-349	354	4	.	.	PUNCT
ftr-349	355	1	2001	2001	NUM
ftr-349	355	2	]	]	PUNCT
ftr-349	355	3	stateless	stateless	NOUN
ftr-349	355	4	income	income	NOUN
ftr-349	355	5	721	721	NUM
ftr-349	355	6	assets	asset	NOUN
ftr-349	355	7	in	in	ADP
ftr-349	355	8	proportion	proportion	NOUN
ftr-349	355	9	to	to	ADP
ftr-349	355	10	the	the	DET
ftr-349	355	11	relative	relative	ADJ
ftr-349	355	12	tax	tax	NOUN
ftr-349	355	13	bases	basis	NOUN
ftr-349	355	14	(	(	PUNCT
ftr-349	355	15	costs	cost	NOUN
ftr-349	355	16	)	)	PUNCT
ftr-349	355	17	of	of	ADP
ftr-349	355	18	those	those	DET
ftr-349	355	19	assets.40	assets.40	NOUN
ftr-349	355	20	for	for	ADP
ftr-349	355	21	this	this	DET
ftr-349	355	22	purpose	purpose	NOUN
ftr-349	355	23	,	,	PUNCT
ftr-349	355	24	the	the	DET
ftr-349	355	25	relevant	relevant	ADJ
ftr-349	355	26	asset	asset	NOUN
ftr-349	355	27	of	of	ADP
ftr-349	355	28	a	a	DET
ftr-349	355	29	foreign	foreign	ADJ
ftr-349	355	30	subsidiary	subsidiary	NOUN
ftr-349	355	31	is	be	AUX
ftr-349	355	32	the	the	DET
ftr-349	355	33	parent	parent	NOUN
ftr-349	355	34	’s	’s	PART
ftr-349	355	35	investment	investment	NOUN
ftr-349	355	36	in	in	ADP
ftr-349	355	37	the	the	DET
ftr-349	355	38	affiliate	affiliate	NOUN
ftr-349	355	39	’s	’s	PART
ftr-349	355	40	equity	equity	NOUN
ftr-349	355	41	(	(	PUNCT
ftr-349	355	42	and	and	CCONJ
ftr-349	355	43	any	any	DET
ftr-349	355	44	debt	debt	NOUN
ftr-349	355	45	claims	claim	NOUN
ftr-349	355	46	held	hold	VERB
ftr-349	355	47	by	by	ADP
ftr-349	355	48	the	the	DET
ftr-349	355	49	parent	parent	NOUN
ftr-349	355	50	)	)	PUNCT
ftr-349	355	51	,	,	PUNCT
ftr-349	355	52	not	not	PART
ftr-349	355	53	the	the	DET
ftr-349	355	54	gross	gross	ADJ
ftr-349	355	55	assets	asset	NOUN
ftr-349	355	56	of	of	ADP
ftr-349	355	57	the	the	DET
ftr-349	355	58	subsidiary	subsidiary	NOUN
ftr-349	355	59	.	.	PUNCT
ftr-349	356	1	interest	interest	NOUN
ftr-349	356	2	expense	expense	NOUN
ftr-349	356	3	incurred	incur	VERB
ftr-349	356	4	by	by	ADP
ftr-349	356	5	a	a	DET
ftr-349	356	6	u.s	u.s	PROPN
ftr-349	356	7	.	.	PROPN
ftr-349	356	8	corporation	corporation	NOUN
ftr-349	356	9	is	be	AUX
ftr-349	356	10	fully	fully	ADV
ftr-349	356	11	deductible	deductible	ADJ
ftr-349	356	12	,	,	PUNCT
ftr-349	356	13	but	but	CCONJ
ftr-349	356	14	to	to	ADP
ftr-349	356	15	the	the	DET
ftr-349	356	16	extent	extent	NOUN
ftr-349	356	17	the	the	DET
ftr-349	356	18	expense	expense	NOUN
ftr-349	356	19	arises	arise	VERB
ftr-349	356	20	from	from	ADP
ftr-349	356	21	debt	debt	NOUN
ftr-349	356	22	that	that	PRON
ftr-349	356	23	is	be	AUX
ftr-349	356	24	deemed	deem	VERB
ftr-349	356	25	to	to	PART
ftr-349	356	26	support	support	VERB
ftr-349	356	27	foreign	foreign	ADJ
ftr-349	356	28	assets	asset	NOUN
ftr-349	356	29	,	,	PUNCT
ftr-349	356	30	the	the	DET
ftr-349	356	31	interest	interest	NOUN
ftr-349	356	32	expense	expense	NOUN
ftr-349	356	33	is	be	AUX
ftr-349	356	34	treated	treat	VERB
ftr-349	356	35	as	as	ADP
ftr-349	356	36	derived	derive	VERB
ftr-349	356	37	from	from	ADP
ftr-349	356	38	foreign	foreign	ADJ
ftr-349	356	39	sources	source	NOUN
ftr-349	356	40	.	.	PUNCT
ftr-349	357	1	the	the	DET
ftr-349	357	2	net	net	ADJ
ftr-349	357	3	effect	effect	NOUN
ftr-349	357	4	of	of	ADP
ftr-349	357	5	the	the	DET
ftr-349	357	6	interest	interest	NOUN
ftr-349	357	7	allocation	allocation	NOUN
ftr-349	357	8	rules	rule	NOUN
ftr-349	357	9	is	be	AUX
ftr-349	357	10	to	to	PART
ftr-349	357	11	reduce	reduce	VERB
ftr-349	357	12	a	a	DET
ftr-349	357	13	u.s	u.s	PROPN
ftr-349	357	14	.	.	PROPN
ftr-349	357	15	firm	firm	PROPN
ftr-349	357	16	’s	’s	PART
ftr-349	357	17	foreign	foreign	ADJ
ftr-349	357	18	income	income	NOUN
ftr-349	357	19	solely	solely	ADV
ftr-349	357	20	for	for	ADP
ftr-349	357	21	u.s	u.s	PROPN
ftr-349	357	22	.	.	PROPN
ftr-349	357	23	tax	tax	NOUN
ftr-349	357	24	purposes	purpose	NOUN
ftr-349	357	25	,	,	PUNCT
ftr-349	357	26	while	while	SCONJ
ftr-349	357	27	leaving	leave	VERB
ftr-349	357	28	unaffected	unaffected	ADJ
ftr-349	357	29	its	its	PRON
ftr-349	357	30	actual	actual	ADJ
ftr-349	357	31	foreign	foreign	ADJ
ftr-349	357	32	tax	tax	NOUN
ftr-349	357	33	liability	liability	NOUN
ftr-349	357	34	.	.	PUNCT
ftr-349	358	1	the	the	DET
ftr-349	358	2	rules	rule	NOUN
ftr-349	358	3	therefore	therefore	ADV
ftr-349	358	4	operate	operate	VERB
ftr-349	358	5	to	to	PART
ftr-349	358	6	constrain	constrain	VERB
ftr-349	358	7	a	a	DET
ftr-349	358	8	u.s	u.s	PROPN
ftr-349	358	9	.	.	PROPN
ftr-349	358	10	firm	firm	PROPN
ftr-349	358	11	’s	’s	PART
ftr-349	358	12	ability	ability	NOUN
ftr-349	358	13	to	to	PART
ftr-349	358	14	utilize	utilize	VERB
ftr-349	358	15	foreign	foreign	ADJ
ftr-349	358	16	tax	tax	NOUN
ftr-349	358	17	credits	credit	NOUN
ftr-349	358	18	,	,	PUNCT
ftr-349	358	19	because	because	SCONJ
ftr-349	358	20	those	those	DET
ftr-349	358	21	credits	credit	NOUN
ftr-349	358	22	are	be	AUX
ftr-349	358	23	limited	limit	VERB
ftr-349	358	24	to	to	ADP
ftr-349	358	25	the	the	DET
ftr-349	358	26	tentative	tentative	ADJ
ftr-349	358	27	u.s	u.s	PROPN
ftr-349	358	28	.	.	PROPN
ftr-349	358	29	tax	tax	NOUN
ftr-349	358	30	on	on	ADP
ftr-349	358	31	foreign	foreign	ADJ
ftr-349	358	32	source	source	NOUN
ftr-349	358	33	income	income	NOUN
ftr-349	358	34	(	(	PUNCT
ftr-349	358	35	as	as	SCONJ
ftr-349	358	36	determined	determine	VERB
ftr-349	358	37	under	under	ADP
ftr-349	358	38	u.s	u.s	PROPN
ftr-349	358	39	.	.	PROPN
ftr-349	358	40	tax	tax	NOUN
ftr-349	358	41	principles	principle	NOUN
ftr-349	358	42	)	)	PUNCT
ftr-349	358	43	.	.	PUNCT
ftr-349	359	1	nonetheless	nonetheless	ADV
ftr-349	359	2	,	,	PUNCT
ftr-349	359	3	so	so	ADV
ftr-349	359	4	long	long	ADV
ftr-349	359	5	as	as	SCONJ
ftr-349	359	6	a	a	DET
ftr-349	359	7	u.s	u.s	PROPN
ftr-349	359	8	.	.	PROPN
ftr-349	359	9	firm	firm	NOUN
ftr-349	359	10	does	do	AUX
ftr-349	359	11	not	not	PART
ftr-349	359	12	drive	drive	VERB
ftr-349	359	13	its	its	PRON
ftr-349	359	14	effective	effective	ADJ
ftr-349	359	15	foreign	foreign	ADJ
ftr-349	359	16	tax	tax	NOUN
ftr-349	359	17	rate	rate	NOUN
ftr-349	359	18	above	above	ADP
ftr-349	359	19	the	the	DET
ftr-349	359	20	u.s	u.s	PROPN
ftr-349	359	21	.	.	PROPN
ftr-349	359	22	statutory	statutory	ADJ
ftr-349	359	23	rate	rate	NOUN
ftr-349	359	24	after	after	ADP
ftr-349	359	25	taking	take	VERB
ftr-349	359	26	these	these	DET
ftr-349	359	27	interest	interest	NOUN
ftr-349	359	28	expense	expense	NOUN
ftr-349	359	29	allocation	allocation	NOUN
ftr-349	359	30	rules	rule	NOUN
ftr-349	359	31	into	into	ADP
ftr-349	359	32	account	account	NOUN
ftr-349	359	33	,	,	PUNCT
ftr-349	359	34	the	the	DET
ftr-349	359	35	rules	rule	NOUN
ftr-349	359	36	are	be	AUX
ftr-349	359	37	not	not	PART
ftr-349	359	38	binding	bind	VERB
ftr-349	359	39	.	.	PUNCT
ftr-349	360	1	as	as	ADP
ftr-349	360	2	a	a	DET
ftr-349	360	3	result	result	NOUN
ftr-349	360	4	,	,	PUNCT
ftr-349	360	5	firms	firm	NOUN
ftr-349	360	6	that	that	PRON
ftr-349	360	7	succeed	succeed	VERB
ftr-349	360	8	through	through	ADP
ftr-349	360	9	stateless	stateless	NOUN
ftr-349	360	10	income	income	NOUN
ftr-349	360	11	planning	planning	NOUN
ftr-349	360	12	in	in	ADP
ftr-349	360	13	driving	drive	VERB
ftr-349	360	14	down	down	ADP
ftr-349	360	15	their	their	PRON
ftr-349	360	16	foreign	foreign	ADJ
ftr-349	360	17	tax	tax	NOUN
ftr-349	360	18	bills	bill	NOUN
ftr-349	360	19	have	have	VERB
ftr-349	360	20	substantial	substantial	ADJ
ftr-349	360	21	capacities	capacity	NOUN
ftr-349	360	22	to	to	PART
ftr-349	360	23	incur	incur	VERB
ftr-349	360	24	u.s	u.s	PROPN
ftr-349	360	25	.	.	PROPN
ftr-349	360	26	interest	interest	NOUN
ftr-349	360	27	expense	expense	NOUN
ftr-349	360	28	without	without	ADP
ftr-349	360	29	adversely	adversely	ADV
ftr-349	360	30	affecting	affect	VERB
ftr-349	360	31	their	their	PRON
ftr-349	360	32	ability	ability	NOUN
ftr-349	360	33	to	to	PART
ftr-349	360	34	utilize	utilize	VERB
ftr-349	360	35	foreign	foreign	ADJ
ftr-349	360	36	tax	tax	NOUN
ftr-349	360	37	credits.41	credits.41	NOUN
ftr-349	360	38	the	the	DET
ftr-349	360	39	u.s	u.s	PROPN
ftr-349	360	40	.	.	PROPN
ftr-349	360	41	foreign	foreign	ADJ
ftr-349	360	42	tax	tax	NOUN
ftr-349	360	43	credit	credit	NOUN
ftr-349	360	44	,	,	PUNCT
ftr-349	360	45	deferral	deferral	ADJ
ftr-349	360	46	,	,	PUNCT
ftr-349	360	47	and	and	CCONJ
ftr-349	360	48	subpart	subpart	NOUN
ftr-349	360	49	f	f	PROPN
ftr-349	360	50	rules	rule	NOUN
ftr-349	360	51	interact	interact	VERB
ftr-349	360	52	in	in	ADP
ftr-349	360	53	complex	complex	ADJ
ftr-349	360	54	ways	way	NOUN
ftr-349	360	55	that	that	PRON
ftr-349	360	56	often	often	ADV
ftr-349	360	57	are	be	AUX
ftr-349	360	58	underappreciated	underappreciate	VERB
ftr-349	360	59	by	by	ADP
ftr-349	360	60	analysts	analyst	NOUN
ftr-349	360	61	of	of	ADP
ftr-349	360	62	the	the	DET
ftr-349	360	63	current	current	ADJ
ftr-349	360	64	system	system	NOUN
ftr-349	360	65	.	.	PUNCT
ftr-349	361	1	critically	critically	ADV
ftr-349	361	2	,	,	PUNCT
ftr-349	361	3	a	a	DET
ftr-349	361	4	u.s	u.s	PROPN
ftr-349	361	5	.	.	PROPN
ftr-349	361	6	firm	firm	NOUN
ftr-349	361	7	can	can	AUX
ftr-349	361	8	choose	choose	VERB
ftr-349	361	9	to	to	PART
ftr-349	361	10	defer	defer	VERB
ftr-349	361	11	or	or	CCONJ
ftr-349	361	12	repatriate	repatriate	VERB
ftr-349	361	13	income	income	NOUN
ftr-349	361	14	from	from	ADP
ftr-349	361	15	its	its	PRON
ftr-349	361	16	foreign	foreign	ADJ
ftr-349	361	17	subsidiaries	subsidiary	NOUN
ftr-349	361	18	on	on	ADP
ftr-349	361	19	a	a	DET
ftr-349	361	20	subsidiary	subsidiary	NOUN
ftr-349	361	21	-	-	PUNCT
ftr-349	361	22	by	by	ADP
ftr-349	361	23	-	-	PUNCT
ftr-349	361	24	subsidiary	subsidiary	NOUN
ftr-349	361	25	basis	basis	NOUN
ftr-349	361	26	.	.	PUNCT
ftr-349	362	1	the	the	DET
ftr-349	362	2	foreign	foreign	ADJ
ftr-349	362	3	tax	tax	NOUN
ftr-349	362	4	credits	credit	NOUN
ftr-349	362	5	that	that	PRON
ftr-349	362	6	flow	flow	VERB
ftr-349	362	7	up	up	ADP
ftr-349	362	8	to	to	ADP
ftr-349	362	9	the	the	DET
ftr-349	362	10	u.s	u.s	PROPN
ftr-349	362	11	.	.	PROPN
ftr-349	362	12	parent	parent	NOUN
ftr-349	362	13	in	in	ADP
ftr-349	362	14	turn	turn	NOUN
ftr-349	362	15	depend	depend	VERB
ftr-349	362	16	on	on	ADP
ftr-349	362	17	the	the	DET
ftr-349	362	18	foreign	foreign	ADJ
ftr-349	362	19	tax	tax	NOUN
ftr-349	362	20	burdens	burden	NOUN
ftr-349	362	21	imposed	impose	VERB
ftr-349	362	22	on	on	ADP
ftr-349	362	23	the	the	DET
ftr-349	362	24	specific	specific	ADJ
ftr-349	362	25	subsidiary	subsidiary	NOUN
ftr-349	362	26	whose	whose	DET
ftr-349	362	27	income	income	NOUN
ftr-349	362	28	is	be	AUX
ftr-349	362	29	repatriated	repatriate	VERB
ftr-349	362	30	(	(	PUNCT
ftr-349	362	31	which	which	DET
ftr-349	362	32	income	income	NOUN
ftr-349	362	33	in	in	ADP
ftr-349	362	34	turn	turn	NOUN
ftr-349	362	35	is	be	AUX
ftr-349	362	36	calculated	calculate	VERB
ftr-349	362	37	under	under	ADP
ftr-349	362	38	u.s	u.s	PROPN
ftr-349	362	39	.	.	PROPN
ftr-349	362	40	principles	principle	NOUN
ftr-349	362	41	)	)	PUNCT
ftr-349	362	42	.	.	PUNCT
ftr-349	363	1	moreover	moreover	ADV
ftr-349	363	2	,	,	PUNCT
ftr-349	363	3	foreign	foreign	ADJ
ftr-349	363	4	tax	tax	NOUN
ftr-349	363	5	credits	credit	NOUN
ftr-349	363	6	are	be	AUX
ftr-349	363	7	not	not	PART
ftr-349	363	8	linked	link	VERB
ftr-349	363	9	to	to	ADP
ftr-349	363	10	a	a	DET
ftr-349	363	11	specific	specific	ADJ
ftr-349	363	12	item	item	NOUN
ftr-349	363	13	of	of	ADP
ftr-349	363	14	income	income	NOUN
ftr-349	363	15	.	.	PUNCT
ftr-349	364	1	thus	thus	ADV
ftr-349	364	2	,	,	PUNCT
ftr-349	364	3	“	"	PUNCT
ftr-349	364	4	excess	excess	ADJ
ftr-349	364	5	”	"	PUNCT
ftr-349	364	6	credits	credit	NOUN
ftr-349	364	7	from	from	ADP
ftr-349	364	8	one	one	NUM
ftr-349	364	9	item	item	NOUN
ftr-349	364	10	of	of	ADP
ftr-349	364	11	income	income	NOUN
ftr-349	364	12	(	(	PUNCT
ftr-349	364	13	that	that	PRON
ftr-349	364	14	is	is	ADV
ftr-349	364	15	,	,	PUNCT
ftr-349	364	16	foreign	foreign	ADJ
ftr-349	364	17	tax	tax	NOUN
ftr-349	364	18	imposed	impose	VERB
ftr-349	364	19	at	at	ADP
ftr-349	364	20	a	a	DET
ftr-349	364	21	rate	rate	NOUN
ftr-349	364	22	greater	great	ADJ
ftr-349	364	23	than	than	ADP
ftr-349	364	24	the	the	DET
ftr-349	364	25	u.s	u.s	PROPN
ftr-349	364	26	.	.	PROPN
ftr-349	364	27	tax	tax	NOUN
ftr-349	364	28	rate	rate	NOUN
ftr-349	364	29	on	on	ADP
ftr-349	364	30	that	that	DET
ftr-349	364	31	item	item	NOUN
ftr-349	364	32	of	of	ADP
ftr-349	364	33	income	income	NOUN
ftr-349	364	34	)	)	PUNCT
ftr-349	364	35	can	can	AUX
ftr-349	364	36	be	be	AUX
ftr-349	364	37	redeployed	redeploy	VERB
ftr-349	364	38	to	to	PART
ftr-349	364	39	offset	offset	VERB
ftr-349	364	40	tentative	tentative	ADJ
ftr-349	364	41	u.s	u.s	PROPN
ftr-349	364	42	.	.	PROPN
ftr-349	364	43	tax	tax	NOUN
ftr-349	364	44	on	on	ADP
ftr-349	364	45	unrelated	unrelated	ADJ
ftr-349	364	46	low	low	ADJ
ftr-349	364	47	-	-	PUNCT
ftr-349	364	48	taxed	tax	VERB
ftr-349	364	49	foreign	foreign	ADJ
ftr-349	364	50	-	-	PUNCT
ftr-349	364	51	source	source	NOUN
ftr-349	364	52	income	income	NOUN
ftr-349	364	53	.	.	PUNCT
ftr-349	365	1	a	a	DET
ftr-349	365	2	u.s	u.s	PROPN
ftr-349	365	3	.	.	PROPN
ftr-349	365	4	firm	firm	PROPN
ftr-349	365	5	’s	’s	PART
ftr-349	365	6	available	available	ADJ
ftr-349	365	7	foreign	foreign	ADJ
ftr-349	365	8	tax	tax	NOUN
ftr-349	365	9	credits	credit	NOUN
ftr-349	365	10	can	can	AUX
ftr-349	365	11	be	be	AUX
ftr-349	365	12	applied	apply	VERB
ftr-349	365	13	to	to	PART
ftr-349	365	14	reduce	reduce	VERB
ftr-349	365	15	its	its	PRON
ftr-349	365	16	u.s	u.s	PROPN
ftr-349	365	17	.	.	PROPN
ftr-349	365	18	income	income	NOUN
ftr-349	365	19	tax	tax	NOUN
ftr-349	365	20	liability	liability	NOUN
ftr-349	365	21	in	in	ADP
ftr-349	365	22	respect	respect	NOUN
ftr-349	365	23	of	of	ADP
ftr-349	365	24	any	any	DET
ftr-349	365	25	foreign	foreign	ADJ
ftr-349	365	26	-	-	PUNCT
ftr-349	365	27	source	source	NOUN
ftr-349	365	28	income	income	NOUN
ftr-349	365	29	of	of	ADP
ftr-349	365	30	the	the	DET
ftr-349	365	31	same	same	ADJ
ftr-349	365	32	general	general	ADJ
ftr-349	365	33	nature	nature	NOUN
ftr-349	365	34	—	—	PUNCT
ftr-349	365	35	in	in	ADP
ftr-349	365	36	practice	practice	NOUN
ftr-349	365	37	,	,	PUNCT
ftr-349	365	38	any	any	DET
ftr-349	365	39	income	income	NOUN
ftr-349	365	40	ultimately	ultimately	ADV
ftr-349	365	41	derived	derive	VERB
ftr-349	365	42	from	from	ADP
ftr-349	365	43	active	active	ADJ
ftr-349	365	44	business	business	NOUN
ftr-349	365	45	operations	operation	NOUN
ftr-349	365	46	.	.	PUNCT
ftr-349	366	1	“	"	PUNCT
ftr-349	366	2	active	active	ADJ
ftr-349	366	3	”	"	PUNCT
ftr-349	366	4	business	business	NOUN
ftr-349	366	5	income	income	NOUN
ftr-349	366	6	in	in	ADP
ftr-349	366	7	turn	turn	NOUN
ftr-349	366	8	includes	include	VERB
ftr-349	366	9	some	some	DET
ftr-349	366	10	income	income	NOUN
ftr-349	366	11	that	that	SCONJ
ftr-349	366	12	in	in	ADP
ftr-349	366	13	ordinary	ordinary	ADJ
ftr-349	366	14	language	language	NOUN
ftr-349	366	15	might	might	AUX
ftr-349	366	16	be	be	AUX
ftr-349	366	17	viewed	view	VERB
ftr-349	366	18	as	as	ADP
ftr-349	366	19	passive	passive	ADJ
ftr-349	366	20	investment	investment	NOUN
ftr-349	366	21	returns	return	NOUN
ftr-349	366	22	,	,	PUNCT
ftr-349	366	23	such	such	ADJ
ftr-349	366	24	as	as	ADP
ftr-349	366	25	royalties	royalty	NOUN
ftr-349	366	26	or	or	CCONJ
ftr-349	366	27	interest	interest	NOUN
ftr-349	366	28	income	income	NOUN
ftr-349	366	29	derived	derive	VERB
ftr-349	366	30	from	from	ADP
ftr-349	366	31	foreign	foreign	ADJ
ftr-349	366	32	40	40	NUM
ftr-349	366	33	.	.	PUNCT
ftr-349	366	34	i.r.c	i.r.c	NOUN
ftr-349	366	35	.	.	PUNCT
ftr-349	367	1	§	§	PROPN
ftr-349	367	2	864(e	864(e	PROPN
ftr-349	367	3	)	)	PUNCT
ftr-349	367	4	;	;	PUNCT
ftr-349	368	1	treas	treas	PROPN
ftr-349	368	2	.	.	PUNCT
ftr-349	369	1	reg	reg	PROPN
ftr-349	369	2	.	.	PUNCT
ftr-349	370	1	§	§	PROPN
ftr-349	370	2	§	§	PROPN
ftr-349	370	3	1.861	1.861	NUM
ftr-349	370	4	-	-	SYM
ftr-349	370	5	9	9	NUM
ftr-349	370	6	,	,	PUNCT
ftr-349	370	7	-9	-9	PROPN
ftr-349	370	8	t.	t.	PROPN
ftr-349	370	9	41	41	NUM
ftr-349	370	10	.	.	PUNCT
ftr-349	371	1	more	more	ADV
ftr-349	371	2	technically	technically	ADV
ftr-349	371	3	,	,	PUNCT
ftr-349	371	4	by	by	ADP
ftr-349	371	5	driving	drive	VERB
ftr-349	371	6	down	down	ADP
ftr-349	371	7	its	its	PRON
ftr-349	371	8	foreign	foreign	ADJ
ftr-349	371	9	effective	effective	ADJ
ftr-349	371	10	tax	tax	NOUN
ftr-349	371	11	rate	rate	NOUN
ftr-349	371	12	before	before	ADP
ftr-349	371	13	considering	consider	VERB
ftr-349	371	14	interest	interest	NOUN
ftr-349	371	15	expense	expense	NOUN
ftr-349	371	16	,	,	PUNCT
ftr-349	371	17	a	a	DET
ftr-349	371	18	firm	firm	NOUN
ftr-349	371	19	can	can	AUX
ftr-349	371	20	incur	incur	VERB
ftr-349	371	21	more	more	ADJ
ftr-349	371	22	interest	interest	NOUN
ftr-349	371	23	expense	expense	NOUN
ftr-349	371	24	in	in	ADP
ftr-349	371	25	the	the	DET
ftr-349	371	26	united	united	PROPN
ftr-349	371	27	states	states	PROPN
ftr-349	371	28	without	without	ADP
ftr-349	371	29	bumping	bump	VERB
ftr-349	371	30	into	into	ADP
ftr-349	371	31	the	the	DET
ftr-349	371	32	section	section	NOUN
ftr-349	371	33	904	904	NUM
ftr-349	371	34	ceiling	ceiling	NOUN
ftr-349	371	35	on	on	ADP
ftr-349	371	36	foreign	foreign	ADJ
ftr-349	371	37	tax	tax	NOUN
ftr-349	371	38	credit	credit	NOUN
ftr-349	371	39	utilization	utilization	NOUN
ftr-349	371	40	.	.	PUNCT
ftr-349	372	1	the	the	DET
ftr-349	372	2	lower	low	ADJ
ftr-349	372	3	effective	effective	ADJ
ftr-349	372	4	foreign	foreign	ADJ
ftr-349	372	5	tax	tax	NOUN
ftr-349	372	6	rate	rate	NOUN
ftr-349	372	7	(	(	PUNCT
ftr-349	372	8	pre	pre	ADJ
ftr-349	372	9	-	-	ADJ
ftr-349	372	10	u.s	u.s	PROPN
ftr-349	372	11	.	.	PROPN
ftr-349	372	12	interest	interest	NOUN
ftr-349	372	13	expense	expense	NOUN
ftr-349	372	14	)	)	PUNCT
ftr-349	372	15	creates	create	VERB
ftr-349	372	16	more	more	ADJ
ftr-349	372	17	capacity	capacity	NOUN
ftr-349	372	18	to	to	PART
ftr-349	372	19	absorb	absorb	VERB
ftr-349	372	20	without	without	ADP
ftr-349	372	21	adverse	adverse	ADJ
ftr-349	372	22	consequences	consequence	NOUN
ftr-349	372	23	the	the	DET
ftr-349	372	24	fraction	fraction	NOUN
ftr-349	372	25	of	of	ADP
ftr-349	372	26	u.s	u.s	PROPN
ftr-349	372	27	.	.	PROPN
ftr-349	372	28	interest	interest	NOUN
ftr-349	372	29	expense	expense	NOUN
ftr-349	372	30	that	that	PRON
ftr-349	372	31	is	be	AUX
ftr-349	372	32	allocated	allocate	VERB
ftr-349	372	33	against	against	ADP
ftr-349	372	34	foreign	foreign	ADJ
ftr-349	372	35	source	source	NOUN
ftr-349	372	36	income	income	NOUN
ftr-349	372	37	.	.	PUNCT
ftr-349	373	1	722	722	NUM
ftr-349	373	2	florida	florida	PROPN
ftr-349	373	3	tax	tax	NOUN
ftr-349	373	4	review	review	NOUN
ftr-349	373	5	[	[	X
ftr-349	373	6	vol	vol	NOUN
ftr-349	373	7	.	.	PUNCT
ftr-349	374	1	11:9	11:9	NUM
ftr-349	374	2	subsidiaries	subsidiary	NOUN
ftr-349	374	3	,	,	PUNCT
ftr-349	374	4	so	so	ADV
ftr-349	374	5	long	long	ADV
ftr-349	374	6	as	as	SCONJ
ftr-349	374	7	those	those	DET
ftr-349	374	8	subsidiaries	subsidiary	NOUN
ftr-349	374	9	in	in	ADP
ftr-349	374	10	turn	turn	NOUN
ftr-349	374	11	derive	derive	VERB
ftr-349	374	12	their	their	PRON
ftr-349	374	13	income	income	NOUN
ftr-349	374	14	from	from	ADP
ftr-349	374	15	active	active	ADJ
ftr-349	374	16	business	business	NOUN
ftr-349	374	17	operations.42	operations.42	NOUN
ftr-349	374	18	one	one	NUM
ftr-349	374	19	important	important	ADJ
ftr-349	374	20	consequence	consequence	NOUN
ftr-349	374	21	of	of	ADP
ftr-349	374	22	these	these	DET
ftr-349	374	23	design	design	NOUN
ftr-349	374	24	features	feature	NOUN
ftr-349	374	25	of	of	ADP
ftr-349	374	26	the	the	DET
ftr-349	374	27	u.s	u.s	PROPN
ftr-349	374	28	.	.	PROPN
ftr-349	374	29	foreign	foreign	ADJ
ftr-349	374	30	tax	tax	NOUN
ftr-349	374	31	credit	credit	NOUN
ftr-349	374	32	rules	rule	NOUN
ftr-349	374	33	is	be	AUX
ftr-349	374	34	that	that	PRON
ftr-349	374	35	royalty	royalty	NOUN
ftr-349	374	36	and	and	CCONJ
ftr-349	374	37	interest	interest	NOUN
ftr-349	374	38	payments	payment	NOUN
ftr-349	374	39	received	receive	VERB
ftr-349	374	40	by	by	ADP
ftr-349	374	41	u.s	u.s	PROPN
ftr-349	374	42	.	.	PROPN
ftr-349	374	43	affiliates	affiliate	NOUN
ftr-349	374	44	from	from	ADP
ftr-349	374	45	foreign	foreign	ADJ
ftr-349	374	46	subsidiaries	subsidiary	NOUN
ftr-349	374	47	today	today	NOUN
ftr-349	374	48	are	be	AUX
ftr-349	374	49	both	both	ADV
ftr-349	374	50	significant	significant	ADJ
ftr-349	374	51	in	in	ADP
ftr-349	374	52	amount	amount	NOUN
ftr-349	374	53	and	and	CCONJ
ftr-349	374	54	partially	partially	ADV
ftr-349	374	55	tax	tax	NOUN
ftr-349	374	56	-	-	PUNCT
ftr-349	374	57	free	free	ADJ
ftr-349	374	58	everywhere	everywhere	ADV
ftr-349	374	59	in	in	ADP
ftr-349	374	60	the	the	DET
ftr-349	374	61	world	world	NOUN
ftr-349	374	62	,	,	PUNCT
ftr-349	374	63	which	which	PRON
ftr-349	374	64	is	be	AUX
ftr-349	374	65	not	not	PART
ftr-349	374	66	the	the	DET
ftr-349	374	67	case	case	NOUN
ftr-349	374	68	in	in	ADP
ftr-349	374	69	properly	properly	ADV
ftr-349	374	70	constructed	construct	VERB
ftr-349	374	71	territorial	territorial	ADJ
ftr-349	374	72	tax	tax	NOUN
ftr-349	374	73	systems	system	NOUN
ftr-349	374	74	.	.	PUNCT
ftr-349	375	1	these	these	DET
ftr-349	375	2	items	item	NOUN
ftr-349	375	3	bear	bear	VERB
ftr-349	375	4	little	little	ADJ
ftr-349	375	5	tax	tax	NOUN
ftr-349	375	6	when	when	SCONJ
ftr-349	375	7	they	they	PRON
ftr-349	375	8	are	be	AUX
ftr-349	375	9	received	receive	VERB
ftr-349	375	10	in	in	ADP
ftr-349	375	11	the	the	DET
ftr-349	375	12	united	united	PROPN
ftr-349	375	13	states	states	PROPN
ftr-349	375	14	because	because	SCONJ
ftr-349	375	15	they	they	PRON
ftr-349	375	16	generally	generally	ADV
ftr-349	375	17	are	be	AUX
ftr-349	375	18	deductible	deductible	ADJ
ftr-349	375	19	in	in	ADP
ftr-349	375	20	the	the	DET
ftr-349	375	21	source	source	NOUN
ftr-349	375	22	country	country	NOUN
ftr-349	375	23	,	,	PUNCT
ftr-349	375	24	and	and	CCONJ
ftr-349	375	25	are	be	AUX
ftr-349	375	26	in	in	ADP
ftr-349	375	27	turn	turn	NOUN
ftr-349	375	28	sheltered	shelter	VERB
ftr-349	375	29	from	from	ADP
ftr-349	375	30	tax	tax	NOUN
ftr-349	375	31	in	in	ADP
ftr-349	375	32	the	the	DET
ftr-349	375	33	united	united	PROPN
ftr-349	375	34	states	states	PROPN
ftr-349	375	35	through	through	ADP
ftr-349	375	36	the	the	DET
ftr-349	375	37	blending	blending	NOUN
ftr-349	375	38	of	of	ADP
ftr-349	375	39	high	high	ADJ
ftr-349	375	40	-	-	PUNCT
ftr-349	375	41	tax	tax	NOUN
ftr-349	375	42	foreign	foreign	ADJ
ftr-349	375	43	income	income	NOUN
ftr-349	375	44	from	from	ADP
ftr-349	375	45	other	other	ADJ
ftr-349	375	46	sources	source	NOUN
ftr-349	375	47	to	to	PART
ftr-349	375	48	shelter	shelter	VERB
ftr-349	375	49	these	these	DET
ftr-349	375	50	zero	zero	NUM
ftr-349	375	51	-	-	PUNCT
ftr-349	375	52	taxed	tax	VERB
ftr-349	375	53	items	item	NOUN
ftr-349	375	54	.	.	PUNCT
ftr-349	376	1	43	43	NUM
ftr-349	376	2	c.	c.	NOUN
ftr-349	376	3	revenue	revenue	NOUN
ftr-349	376	4	collections	collection	NOUN
ftr-349	376	5	under	under	ADP
ftr-349	376	6	the	the	DET
ftr-349	376	7	current	current	ADJ
ftr-349	376	8	system	system	NOUN
ftr-349	376	9	as	as	ADP
ftr-349	376	10	a	a	DET
ftr-349	376	11	result	result	NOUN
ftr-349	376	12	of	of	ADP
ftr-349	376	13	the	the	DET
ftr-349	376	14	interactions	interaction	NOUN
ftr-349	376	15	of	of	ADP
ftr-349	376	16	the	the	DET
ftr-349	376	17	complex	complex	ADJ
ftr-349	376	18	rules	rule	NOUN
ftr-349	376	19	summarized	summarize	VERB
ftr-349	376	20	above	above	ADV
ftr-349	376	21	,	,	PUNCT
ftr-349	376	22	the	the	DET
ftr-349	376	23	united	united	PROPN
ftr-349	376	24	states	states	PROPN
ftr-349	376	25	today	today	NOUN
ftr-349	376	26	collects	collect	VERB
ftr-349	376	27	almost	almost	ADV
ftr-349	376	28	trivially	trivially	ADV
ftr-349	376	29	small	small	ADJ
ftr-349	376	30	revenues	revenue	NOUN
ftr-349	376	31	from	from	ADP
ftr-349	376	32	its	its	PRON
ftr-349	376	33	current	current	ADJ
ftr-349	376	34	system	system	NOUN
ftr-349	376	35	for	for	ADP
ftr-349	376	36	taxing	tax	VERB
ftr-349	376	37	the	the	DET
ftr-349	376	38	foreign	foreign	ADJ
ftr-349	376	39	income	income	NOUN
ftr-349	376	40	of	of	ADP
ftr-349	376	41	u.s	u.s	PROPN
ftr-349	376	42	.	.	PROPN
ftr-349	376	43	multinational	multinational	ADJ
ftr-349	376	44	firms	firm	NOUN
ftr-349	376	45	.	.	PUNCT
ftr-349	377	1	in	in	ADP
ftr-349	377	2	2004	2004	NUM
ftr-349	377	3	,	,	PUNCT
ftr-349	377	4	for	for	ADP
ftr-349	377	5	example	example	NOUN
ftr-349	377	6	,	,	PUNCT
ftr-349	377	7	the	the	DET
ftr-349	377	8	united	united	PROPN
ftr-349	377	9	states	states	PROPN
ftr-349	377	10	collected	collect	VERB
ftr-349	377	11	$	$	SYM
ftr-349	377	12	18.4	18.4	NUM
ftr-349	377	13	billion	billion	NUM
ftr-349	377	14	in	in	ADP
ftr-349	377	15	tax	tax	NOUN
ftr-349	377	16	from	from	ADP
ftr-349	377	17	the	the	DET
ftr-349	377	18	foreign	foreign	ADJ
ftr-349	377	19	operations	operation	NOUN
ftr-349	377	20	of	of	ADP
ftr-349	377	21	u.s	u.s	PROPN
ftr-349	377	22	.	.	PROPN
ftr-349	377	23	multinationals	multinational	NOUN
ftr-349	377	24	.	.	PUNCT
ftr-349	378	1	this	this	DET
ftr-349	378	2	amount	amount	NOUN
ftr-349	378	3	includes	include	VERB
ftr-349	378	4	not	not	PART
ftr-349	378	5	only	only	ADV
ftr-349	378	6	taxes	taxis	NOUN
ftr-349	378	7	on	on	ADP
ftr-349	378	8	dividends	dividend	NOUN
ftr-349	378	9	paid	pay	VERB
ftr-349	378	10	by	by	ADP
ftr-349	378	11	foreign	foreign	ADJ
ftr-349	378	12	subsidiaries	subsidiary	NOUN
ftr-349	378	13	,	,	PUNCT
ftr-349	378	14	but	but	CCONJ
ftr-349	378	15	also	also	ADV
ftr-349	378	16	taxes	tax	VERB
ftr-349	378	17	on	on	ADP
ftr-349	378	18	subpart	subpart	PROPN
ftr-349	378	19	f	f	PROPN
ftr-349	378	20	income	income	NOUN
ftr-349	378	21	(	(	PUNCT
ftr-349	378	22	constructive	constructive	ADJ
ftr-349	378	23	dividends	dividend	NOUN
ftr-349	378	24	that	that	PRON
ftr-349	378	25	are	be	AUX
ftr-349	378	26	treated	treat	VERB
ftr-349	378	27	as	as	ADP
ftr-349	378	28	distributed	distribute	VERB
ftr-349	378	29	to	to	ADP
ftr-349	378	30	the	the	DET
ftr-349	378	31	u.s	u.s	PROPN
ftr-349	378	32	.	.	PROPN
ftr-349	378	33	parent	parent	NOUN
ftr-349	378	34	by	by	ADP
ftr-349	378	35	operation	operation	NOUN
ftr-349	378	36	of	of	ADP
ftr-349	378	37	law	law	NOUN
ftr-349	378	38	)	)	PUNCT
ftr-349	378	39	,	,	PUNCT
ftr-349	378	40	as	as	ADV
ftr-349	378	41	well	well	ADV
ftr-349	378	42	as	as	ADP
ftr-349	378	43	interest	interest	NOUN
ftr-349	378	44	and	and	CCONJ
ftr-349	378	45	royalty	royalty	NOUN
ftr-349	378	46	income	income	NOUN
ftr-349	378	47	paid	pay	VERB
ftr-349	378	48	from	from	ADP
ftr-349	378	49	controlled	control	VERB
ftr-349	378	50	foreign	foreign	ADJ
ftr-349	378	51	corporations	corporation	NOUN
ftr-349	378	52	to	to	ADP
ftr-349	378	53	u.s	u.s	PROPN
ftr-349	378	54	.	.	PROPN
ftr-349	378	55	affiliates.44	affiliates.44	NOUN
ftr-349	378	56	yet	yet	CCONJ
ftr-349	378	57	in	in	ADP
ftr-349	378	58	2004	2004	NUM
ftr-349	378	59	,	,	PUNCT
ftr-349	378	60	foreign	foreign	ADJ
ftr-349	378	61	subsidiaries	subsidiary	NOUN
ftr-349	378	62	paid	pay	VERB
ftr-349	378	63	$	$	SYM
ftr-349	378	64	47	47	NUM
ftr-349	378	65	billion	billion	NUM
ftr-349	378	66	in	in	ADP
ftr-349	378	67	dividends	dividend	NOUN
ftr-349	378	68	to	to	ADP
ftr-349	378	69	their	their	PRON
ftr-349	378	70	u.s	u.s	PROPN
ftr-349	378	71	.	.	PROPN
ftr-349	378	72	parents	parent	NOUN
ftr-349	378	73	,	,	PUNCT
ftr-349	378	74	generated	generate	VERB
ftr-349	378	75	$	$	SYM
ftr-349	378	76	48	48	NUM
ftr-349	378	77	billion	billion	NUM
ftr-349	378	78	in	in	ADP
ftr-349	378	79	subpart	subpart	PROPN
ftr-349	378	80	f	f	PROPN
ftr-349	378	81	income	income	NOUN
ftr-349	378	82	taxable	taxable	ADJ
ftr-349	378	83	to	to	ADP
ftr-349	378	84	u.s	u.s	PROPN
ftr-349	378	85	.	.	PROPN
ftr-349	378	86	owners	owner	NOUN
ftr-349	378	87	,	,	PUNCT
ftr-349	378	88	paid	pay	VERB
ftr-349	378	89	another	another	DET
ftr-349	378	90	$	$	SYM
ftr-349	378	91	59	59	NUM
ftr-349	378	92	billion	billion	NUM
ftr-349	378	93	in	in	ADP
ftr-349	378	94	royalties	royalty	NOUN
ftr-349	378	95	to	to	ADP
ftr-349	378	96	u.s	u.s	PROPN
ftr-349	378	97	.	.	PROPN
ftr-349	378	98	affiliates	affiliate	NOUN
ftr-349	378	99	,	,	PUNCT
ftr-349	378	100	and	and	CCONJ
ftr-349	378	101	paid	pay	VERB
ftr-349	378	102	$	$	SYM
ftr-349	378	103	12	12	NUM
ftr-349	378	104	42	42	NUM
ftr-349	378	105	.	.	PUNCT
ftr-349	378	106	i.r.c	i.r.c	NOUN
ftr-349	378	107	.	.	PUNCT
ftr-349	379	1	§	§	PROPN
ftr-349	379	2	904(d	904(d	PROPN
ftr-349	379	3	)	)	PUNCT
ftr-349	379	4	.	.	PUNCT
ftr-349	380	1	43	43	NUM
ftr-349	380	2	.	.	X
ftr-349	381	1	fleming	fleming	PROPN
ftr-349	381	2	,	,	PUNCT
ftr-349	381	3	peroni	peroni	PROPN
ftr-349	381	4	&	&	CCONJ
ftr-349	381	5	shay	shay	PROPN
ftr-349	381	6	,	,	PUNCT
ftr-349	381	7	worse	bad	ADJ
ftr-349	381	8	than	than	ADP
ftr-349	381	9	exemption	exemption	NOUN
ftr-349	381	10	,	,	PUNCT
ftr-349	381	11	supra	supra	PROPN
ftr-349	381	12	note	note	PROPN
ftr-349	381	13	27	27	NUM
ftr-349	381	14	;	;	PUNCT
ftr-349	381	15	lawrence	lawrence	PROPN
ftr-349	381	16	lokken	lokken	PROPN
ftr-349	381	17	,	,	PUNCT
ftr-349	381	18	territorial	territorial	ADJ
ftr-349	381	19	taxation	taxation	NOUN
ftr-349	381	20	:	:	PUNCT
ftr-349	381	21	why	why	SCONJ
ftr-349	381	22	some	some	DET
ftr-349	381	23	u.s	u.s	PROPN
ftr-349	381	24	.	.	PROPN
ftr-349	381	25	multinationals	multinational	NOUN
ftr-349	381	26	may	may	AUX
ftr-349	381	27	be	be	AUX
ftr-349	381	28	less	less	ADJ
ftr-349	381	29	than	than	ADP
ftr-349	381	30	enthusiastic	enthusiastic	ADJ
ftr-349	381	31	about	about	ADP
ftr-349	381	32	the	the	DET
ftr-349	381	33	idea	idea	NOUN
ftr-349	381	34	(	(	PUNCT
ftr-349	381	35	and	and	CCONJ
ftr-349	381	36	some	some	DET
ftr-349	381	37	ideas	idea	NOUN
ftr-349	381	38	they	they	PRON
ftr-349	381	39	really	really	ADV
ftr-349	381	40	dislike	dislike	VERB
ftr-349	381	41	)	)	PUNCT
ftr-349	381	42	,	,	PUNCT
ftr-349	381	43	59	59	NUM
ftr-349	381	44	smu	smu	PROPN
ftr-349	381	45	l.	l.	PROPN
ftr-349	381	46	rev	rev	PROPN
ftr-349	381	47	.	.	PROPN
ftr-349	381	48	751	751	NUM
ftr-349	381	49	,	,	PUNCT
ftr-349	381	50	759–70	759–70	PROPN
ftr-349	381	51	(	(	PUNCT
ftr-349	381	52	2006	2006	NUM
ftr-349	381	53	)	)	PUNCT
ftr-349	382	1	[	[	X
ftr-349	382	2	hereinafter	hereinafter	NOUN
ftr-349	382	3	lokken	lokken	VERB
ftr-349	382	4	,	,	PUNCT
ftr-349	382	5	territorial	territorial	ADJ
ftr-349	382	6	taxation	taxation	NOUN
ftr-349	382	7	]	]	PUNCT
ftr-349	382	8	.	.	PUNCT
ftr-349	383	1	as	as	ADP
ftr-349	383	2	lokken	lokken	PROPN
ftr-349	383	3	notes	note	NOUN
ftr-349	383	4	,	,	PUNCT
ftr-349	383	5	a	a	DET
ftr-349	383	6	complete	complete	ADJ
ftr-349	383	7	catalogue	catalogue	NOUN
ftr-349	383	8	of	of	ADP
ftr-349	383	9	techniques	technique	NOUN
ftr-349	383	10	could	could	AUX
ftr-349	383	11	fill	fill	VERB
ftr-349	383	12	several	several	ADJ
ftr-349	383	13	volumes	volume	NOUN
ftr-349	383	14	.	.	PUNCT
ftr-349	384	1	however	however	ADV
ftr-349	384	2	,	,	PUNCT
ftr-349	384	3	he	he	PRON
ftr-349	384	4	discusses	discuss	VERB
ftr-349	384	5	three	three	NUM
ftr-349	384	6	commonly	commonly	ADV
ftr-349	384	7	-	-	PUNCT
ftr-349	384	8	used	use	VERB
ftr-349	384	9	mechanisms	mechanism	NOUN
ftr-349	384	10	in	in	ADP
ftr-349	384	11	concrete	concrete	ADJ
ftr-349	384	12	examples	example	NOUN
ftr-349	384	13	.	.	PUNCT
ftr-349	385	1	see	see	AUX
ftr-349	385	2	also	also	ADV
ftr-349	385	3	kleinbard	kleinbard	ADJ
ftr-349	385	4	,	,	PUNCT
ftr-349	385	5	territorial	territorial	ADJ
ftr-349	385	6	taxation	taxation	NOUN
ftr-349	385	7	,	,	PUNCT
ftr-349	385	8	supra	supra	PROPN
ftr-349	385	9	note	note	NOUN
ftr-349	385	10	1	1	NUM
ftr-349	385	11	,	,	PUNCT
ftr-349	385	12	at	at	ADP
ftr-349	385	13	556–58	556–58	NUM
ftr-349	385	14	.	.	PUNCT
ftr-349	386	1	44	44	NUM
ftr-349	386	2	.	.	PUNCT
ftr-349	387	1	the	the	DET
ftr-349	387	2	figure	figure	NOUN
ftr-349	387	3	represents	represent	VERB
ftr-349	387	4	the	the	DET
ftr-349	387	5	35	35	NUM
ftr-349	387	6	percent	percent	NOUN
ftr-349	387	7	u.s	u.s	PROPN
ftr-349	387	8	.	.	PROPN
ftr-349	387	9	statutory	statutory	ADJ
ftr-349	387	10	tax	tax	NOUN
ftr-349	387	11	rate	rate	NOUN
ftr-349	387	12	applied	apply	VERB
ftr-349	387	13	to	to	ADP
ftr-349	387	14	the	the	DET
ftr-349	387	15	aggregate	aggregate	ADJ
ftr-349	387	16	“	"	PUNCT
ftr-349	387	17	excess	excess	ADJ
ftr-349	387	18	limitation	limitation	NOUN
ftr-349	387	19	”	"	PUNCT
ftr-349	387	20	income	income	NOUN
ftr-349	387	21	reported	report	VERB
ftr-349	387	22	by	by	ADP
ftr-349	387	23	those	those	DET
ftr-349	387	24	u.s	u.s	PROPN
ftr-349	387	25	.	.	PROPN
ftr-349	387	26	firms	firm	NOUN
ftr-349	387	27	in	in	ADP
ftr-349	387	28	excess	excess	ADJ
ftr-349	387	29	limitation	limitation	NOUN
ftr-349	387	30	for	for	ADP
ftr-349	387	31	the	the	DET
ftr-349	387	32	year	year	NOUN
ftr-349	387	33	.	.	PUNCT
ftr-349	388	1	personal	personal	ADJ
ftr-349	388	2	correspondence	correspondence	NOUN
ftr-349	388	3	with	with	ADP
ftr-349	388	4	dr	dr	PROPN
ftr-349	388	5	.	.	PROPN
ftr-349	388	6	harry	harry	PROPN
ftr-349	388	7	grubert	grubert	PROPN
ftr-349	388	8	,	,	PUNCT
ftr-349	388	9	senior	senior	ADJ
ftr-349	388	10	research	research	NOUN
ftr-349	388	11	economist	economist	NOUN
ftr-349	388	12	,	,	PUNCT
ftr-349	388	13	u.s	u.s	PROPN
ftr-349	388	14	.	.	PROPN
ftr-349	388	15	treasury	treasury	PROPN
ftr-349	388	16	department	department	PROPN
ftr-349	388	17	.	.	PUNCT
ftr-349	389	1	(	(	PUNCT
ftr-349	389	2	on	on	ADP
ftr-349	389	3	file	file	NOUN
ftr-349	389	4	with	with	ADP
ftr-349	389	5	author	author	NOUN
ftr-349	389	6	)	)	PUNCT
ftr-349	389	7	grubert	grubert	NOUN
ftr-349	389	8	&	&	CCONJ
ftr-349	389	9	altshuler	altshuler	PROPN
ftr-349	389	10	,	,	PUNCT
ftr-349	389	11	corporate	corporate	ADJ
ftr-349	389	12	taxes	taxis	NOUN
ftr-349	389	13	in	in	ADP
ftr-349	389	14	the	the	DET
ftr-349	389	15	world	world	NOUN
ftr-349	389	16	economy	economy	NOUN
ftr-349	389	17	,	,	PUNCT
ftr-349	389	18	supra	supra	PROPN
ftr-349	389	19	note	note	PROPN
ftr-349	389	20	27	27	NUM
ftr-349	389	21	,	,	PUNCT
ftr-349	389	22	at	at	ADP
ftr-349	389	23	326–27	326–27	NUM
ftr-349	389	24	,	,	PUNCT
ftr-349	389	25	identifies	identify	VERB
ftr-349	389	26	several	several	ADJ
ftr-349	389	27	shortcomings	shortcoming	NOUN
ftr-349	389	28	with	with	ADP
ftr-349	389	29	this	this	DET
ftr-349	389	30	approach	approach	NOUN
ftr-349	389	31	to	to	ADP
ftr-349	389	32	measuring	measure	VERB
ftr-349	389	33	the	the	DET
ftr-349	389	34	effective	effective	ADJ
ftr-349	389	35	tax	tax	NOUN
ftr-349	389	36	burden	burden	NOUN
ftr-349	389	37	on	on	ADP
ftr-349	389	38	foreign	foreign	ADJ
ftr-349	389	39	income	income	NOUN
ftr-349	389	40	;	;	PUNCT
ftr-349	389	41	since	since	SCONJ
ftr-349	389	42	these	these	DET
ftr-349	389	43	shortcomings	shortcoming	NOUN
ftr-349	389	44	point	point	VERB
ftr-349	389	45	in	in	ADP
ftr-349	389	46	opposite	opposite	ADJ
ftr-349	389	47	directions	direction	NOUN
ftr-349	389	48	,	,	PUNCT
ftr-349	389	49	and	and	CCONJ
ftr-349	389	50	since	since	SCONJ
ftr-349	389	51	no	no	PRON
ftr-349	389	52	better	well	ADJ
ftr-349	389	53	data	datum	NOUN
ftr-349	389	54	exist	exist	VERB
ftr-349	389	55	,	,	PUNCT
ftr-349	389	56	it	it	PRON
ftr-349	389	57	is	be	AUX
ftr-349	389	58	necessary	necessary	ADJ
ftr-349	389	59	to	to	PART
ftr-349	389	60	use	use	VERB
ftr-349	389	61	this	this	DET
ftr-349	389	62	measure	measure	NOUN
ftr-349	389	63	.	.	PUNCT
ftr-349	390	1	those	those	DET
ftr-349	390	2	authors	author	NOUN
ftr-349	390	3	also	also	ADV
ftr-349	390	4	analyze	analyze	VERB
ftr-349	390	5	in	in	ADP
ftr-349	390	6	detail	detail	NOUN
ftr-349	390	7	the	the	DET
ftr-349	390	8	components	component	NOUN
ftr-349	390	9	of	of	ADP
ftr-349	390	10	the	the	DET
ftr-349	390	11	u.s	u.s	PROPN
ftr-349	390	12	.	.	PROPN
ftr-349	390	13	residual	residual	ADJ
ftr-349	390	14	tax	tax	NOUN
ftr-349	390	15	on	on	ADP
ftr-349	390	16	foreign	foreign	ADJ
ftr-349	390	17	income	income	NOUN
ftr-349	390	18	for	for	ADP
ftr-349	390	19	2000	2000	NUM
ftr-349	390	20	,	,	PUNCT
ftr-349	390	21	when	when	SCONJ
ftr-349	390	22	that	that	DET
ftr-349	390	23	tax	tax	NOUN
ftr-349	390	24	totaled	total	VERB
ftr-349	390	25	$	$	SYM
ftr-349	390	26	12.7	12.7	NUM
ftr-349	390	27	billion	billion	NUM
ftr-349	390	28	.	.	PUNCT
ftr-349	391	1	2001	2001	NUM
ftr-349	391	2	]	]	PUNCT
ftr-349	391	3	stateless	stateless	NOUN
ftr-349	391	4	income	income	NOUN
ftr-349	391	5	723	723	NUM
ftr-349	391	6	billion	billion	NUM
ftr-349	391	7	in	in	ADP
ftr-349	391	8	interest	interest	NOUN
ftr-349	391	9	—	—	PUNCT
ftr-349	391	10	altogether	altogether	ADV
ftr-349	391	11	,	,	PUNCT
ftr-349	391	12	some	some	DET
ftr-349	391	13	$	$	SYM
ftr-349	391	14	166	166	NUM
ftr-349	391	15	billion	billion	NUM
ftr-349	391	16	in	in	ADP
ftr-349	391	17	total	total	ADJ
ftr-349	391	18	repatriations	repatriation	NOUN
ftr-349	391	19	out	out	ADP
ftr-349	391	20	of	of	ADP
ftr-349	391	21	foreign	foreign	ADJ
ftr-349	391	22	earnings.45	earnings.45	PROPN
ftr-349	391	23	the	the	DET
ftr-349	391	24	$	$	SYM
ftr-349	391	25	18.4	18.4	NUM
ftr-349	391	26	billion	billion	NUM
ftr-349	391	27	in	in	ADP
ftr-349	391	28	u.s	u.s	PROPN
ftr-349	391	29	.	.	PROPN
ftr-349	391	30	tax	tax	NOUN
ftr-349	391	31	collections	collection	NOUN
ftr-349	391	32	represents	represent	VERB
ftr-349	391	33	a	a	DET
ftr-349	391	34	u.s	u.s	PROPN
ftr-349	391	35	.	.	PROPN
ftr-349	391	36	tax	tax	NOUN
ftr-349	391	37	rate	rate	NOUN
ftr-349	391	38	of	of	ADP
ftr-349	391	39	about	about	ADV
ftr-349	391	40	11	11	NUM
ftr-349	391	41	percent	percent	NOUN
ftr-349	391	42	on	on	ADP
ftr-349	391	43	that	that	DET
ftr-349	391	44	repatriated	repatriate	VERB
ftr-349	391	45	income	income	NOUN
ftr-349	391	46	.	.	PUNCT
ftr-349	392	1	by	by	ADP
ftr-349	392	2	way	way	NOUN
ftr-349	392	3	of	of	ADP
ftr-349	392	4	contrast	contrast	NOUN
ftr-349	392	5	,	,	PUNCT
ftr-349	392	6	if	if	SCONJ
ftr-349	392	7	the	the	DET
ftr-349	392	8	united	united	PROPN
ftr-349	392	9	states	states	PROPN
ftr-349	392	10	had	have	AUX
ftr-349	392	11	employed	employ	VERB
ftr-349	392	12	a	a	DET
ftr-349	392	13	territorial	territorial	ADJ
ftr-349	392	14	tax	tax	NOUN
ftr-349	392	15	system	system	NOUN
ftr-349	392	16	,	,	PUNCT
ftr-349	392	17	it	it	PRON
ftr-349	392	18	would	would	AUX
ftr-349	392	19	have	have	AUX
ftr-349	392	20	collected	collect	VERB
ftr-349	392	21	a	a	DET
ftr-349	392	22	modest	modest	ADJ
ftr-349	392	23	amount	amount	NOUN
ftr-349	392	24	of	of	ADP
ftr-349	392	25	tax	tax	NOUN
ftr-349	392	26	on	on	ADP
ftr-349	392	27	the	the	DET
ftr-349	392	28	$	$	SYM
ftr-349	392	29	95	95	NUM
ftr-349	392	30	billion	billion	NUM
ftr-349	392	31	of	of	ADP
ftr-349	392	32	dividend	dividend	NOUN
ftr-349	392	33	and	and	CCONJ
ftr-349	392	34	subpart	subpart	NOUN
ftr-349	392	35	f	f	PROPN
ftr-349	392	36	income	income	NOUN
ftr-349	392	37	actually	actually	ADV
ftr-349	392	38	or	or	CCONJ
ftr-349	392	39	constructively	constructively	ADV
ftr-349	392	40	repatriated	repatriate	VERB
ftr-349	392	41	in	in	ADP
ftr-349	392	42	2004.46	2004.46	NUM
ftr-349	392	43	it	it	PRON
ftr-349	392	44	would	would	AUX
ftr-349	392	45	,	,	PUNCT
ftr-349	392	46	however	however	ADV
ftr-349	392	47	,	,	PUNCT
ftr-349	392	48	have	have	AUX
ftr-349	392	49	collected	collect	VERB
ftr-349	392	50	roughly	roughly	ADV
ftr-349	392	51	$	$	SYM
ftr-349	392	52	25	25	NUM
ftr-349	392	53	billion	billion	NUM
ftr-349	392	54	(	(	PUNCT
ftr-349	392	55	35	35	NUM
ftr-349	392	56	percent	percent	NOUN
ftr-349	392	57	of	of	ADP
ftr-349	392	58	$	$	SYM
ftr-349	392	59	71	71	NUM
ftr-349	392	60	billion	billion	NUM
ftr-349	392	61	)	)	PUNCT
ftr-349	392	62	on	on	ADP
ftr-349	392	63	the	the	DET
ftr-349	392	64	royalty	royalty	NOUN
ftr-349	392	65	and	and	CCONJ
ftr-349	392	66	interest	interest	NOUN
ftr-349	392	67	income	income	NOUN
ftr-349	392	68	received	receive	VERB
ftr-349	392	69	by	by	ADP
ftr-349	392	70	u.s	u.s	PROPN
ftr-349	392	71	.	.	PROPN
ftr-349	392	72	firms	firm	NOUN
ftr-349	392	73	from	from	ADP
ftr-349	392	74	their	their	PRON
ftr-349	392	75	foreign	foreign	ADJ
ftr-349	392	76	subsidiaries	subsidiary	NOUN
ftr-349	392	77	—	—	PUNCT
ftr-349	392	78	some	some	DET
ftr-349	392	79	$	$	SYM
ftr-349	392	80	6.6	6.6	NUM
ftr-349	392	81	billion	billion	NUM
ftr-349	392	82	more	more	ADJ
ftr-349	392	83	than	than	SCONJ
ftr-349	392	84	it	it	PRON
ftr-349	392	85	actually	actually	ADV
ftr-349	392	86	collected	collect	VERB
ftr-349	392	87	under	under	ADP
ftr-349	392	88	the	the	DET
ftr-349	392	89	current	current	ADJ
ftr-349	392	90	“	"	PUNCT
ftr-349	392	91	worldwide	worldwide	ADJ
ftr-349	392	92	”	"	PUNCT
ftr-349	392	93	system	system	NOUN
ftr-349	392	94	.	.	PUNCT
ftr-349	393	1	in	in	ADP
ftr-349	393	2	that	that	DET
ftr-349	393	3	same	same	ADJ
ftr-349	393	4	year	year	NOUN
ftr-349	393	5	,	,	PUNCT
ftr-349	393	6	profitable	profitable	ADJ
ftr-349	393	7	foreign	foreign	ADJ
ftr-349	393	8	subsidiaries	subsidiary	NOUN
ftr-349	393	9	of	of	ADP
ftr-349	393	10	u.s	u.s	PROPN
ftr-349	393	11	.	.	PROPN
ftr-349	393	12	firms	firm	NOUN
ftr-349	393	13	(	(	PUNCT
ftr-349	393	14	that	that	PRON
ftr-349	393	15	is	is	ADV
ftr-349	393	16	,	,	PUNCT
ftr-349	393	17	those	those	DET
ftr-349	393	18	subsidiaries	subsidiary	NOUN
ftr-349	393	19	that	that	PRON
ftr-349	393	20	reported	report	VERB
ftr-349	393	21	positive	positive	ADJ
ftr-349	393	22	income	income	NOUN
ftr-349	393	23	for	for	ADP
ftr-349	393	24	the	the	DET
ftr-349	393	25	year	year	NOUN
ftr-349	393	26	)	)	PUNCT
ftr-349	393	27	earned	earn	VERB
ftr-349	393	28	net	net	ADJ
ftr-349	393	29	income	income	NOUN
ftr-349	393	30	of	of	ADP
ftr-349	393	31	some	some	DET
ftr-349	393	32	$	$	SYM
ftr-349	393	33	433	433	NUM
ftr-349	393	34	billion	billion	NUM
ftr-349	393	35	before	before	ADP
ftr-349	393	36	foreign	foreign	ADJ
ftr-349	393	37	income	income	NOUN
ftr-349	393	38	taxes	taxis	NOUN
ftr-349	393	39	(	(	PUNCT
ftr-349	393	40	but	but	CCONJ
ftr-349	393	41	after	after	ADP
ftr-349	393	42	interest	interest	NOUN
ftr-349	393	43	and	and	CCONJ
ftr-349	393	44	royalty	royalty	NOUN
ftr-349	393	45	payments	payment	NOUN
ftr-349	393	46	to	to	ADP
ftr-349	393	47	affiliates	affiliate	NOUN
ftr-349	393	48	)	)	PUNCT
ftr-349	393	49	,	,	PUNCT
ftr-349	393	50	and	and	CCONJ
ftr-349	393	51	$	$	SYM
ftr-349	393	52	365	365	NUM
ftr-349	393	53	billion	billion	NUM
ftr-349	393	54	after	after	ADP
ftr-349	393	55	payment	payment	NOUN
ftr-349	393	56	of	of	ADP
ftr-349	393	57	foreign	foreign	ADJ
ftr-349	393	58	taxes	taxis	NOUN
ftr-349	393	59	and	and	CCONJ
ftr-349	393	60	before	before	ADP
ftr-349	393	61	any	any	DET
ftr-349	393	62	repatriations	repatriation	NOUN
ftr-349	393	63	to	to	ADP
ftr-349	393	64	the	the	DET
ftr-349	393	65	united	united	PROPN
ftr-349	393	66	states.47	states.47	PROPN
ftr-349	393	67	after	after	ADP
ftr-349	393	68	taking	take	VERB
ftr-349	393	69	into	into	ADP
ftr-349	393	70	account	account	NOUN
ftr-349	393	71	dividends	dividend	NOUN
ftr-349	393	72	paid	pay	VERB
ftr-349	393	73	to	to	ADP
ftr-349	393	74	u.s	u.s	PROPN
ftr-349	393	75	.	.	PROPN
ftr-349	393	76	parent	parent	NOUN
ftr-349	393	77	companies	company	NOUN
ftr-349	393	78	and	and	CCONJ
ftr-349	393	79	taxable	taxable	ADJ
ftr-349	393	80	subpart	subpart	NOUN
ftr-349	393	81	f	f	PROPN
ftr-349	393	82	income	income	NOUN
ftr-349	393	83	(	(	PUNCT
ftr-349	393	84	$	$	SYM
ftr-349	393	85	95	95	NUM
ftr-349	393	86	billion	billion	NUM
ftr-349	393	87	)	)	PUNCT
ftr-349	393	88	,	,	PUNCT
ftr-349	393	89	$	$	SYM
ftr-349	393	90	270	270	NUM
ftr-349	393	91	billion	billion	NUM
ftr-349	393	92	(	(	PUNCT
ftr-349	393	93	74	74	NUM
ftr-349	393	94	percent	percent	NOUN
ftr-349	393	95	)	)	PUNCT
ftr-349	393	96	of	of	ADP
ftr-349	393	97	the	the	DET
ftr-349	393	98	after	after	ADP
ftr-349	393	99	-	-	PUNCT
ftr-349	393	100	foreign	foreign	ADJ
ftr-349	393	101	-	-	PUNCT
ftr-349	393	102	tax	tax	NOUN
ftr-349	393	103	net	net	ADJ
ftr-349	393	104	earnings	earning	NOUN
ftr-349	393	105	of	of	ADP
ftr-349	393	106	profitable	profitable	ADJ
ftr-349	393	107	foreign	foreign	ADJ
ftr-349	393	108	subsidiaries	subsidiary	NOUN
ftr-349	393	109	was	be	AUX
ftr-349	393	110	not	not	PART
ftr-349	393	111	taxed	tax	VERB
ftr-349	393	112	on	on	ADP
ftr-349	393	113	a	a	DET
ftr-349	393	114	current	current	ADJ
ftr-349	393	115	basis	basis	NOUN
ftr-349	393	116	in	in	ADP
ftr-349	393	117	the	the	DET
ftr-349	393	118	united	united	PROPN
ftr-349	393	119	states.48	states.48	PROPN
ftr-349	393	120	the	the	DET
ftr-349	393	121	$	$	SYM
ftr-349	393	122	270	270	NUM
ftr-349	393	123	billion	billion	NUM
ftr-349	393	124	of	of	ADP
ftr-349	393	125	net	net	ADJ
ftr-349	393	126	earnings	earning	NOUN
ftr-349	393	127	of	of	ADP
ftr-349	393	128	profitable	profitable	ADJ
ftr-349	393	129	foreign	foreign	ADJ
ftr-349	393	130	subsidiaries	subsidiary	NOUN
ftr-349	393	131	untaxed	untaxe	VERB
ftr-349	393	132	by	by	ADP
ftr-349	393	133	the	the	DET
ftr-349	393	134	united	united	PROPN
ftr-349	393	135	states	states	PROPN
ftr-349	393	136	was	be	AUX
ftr-349	393	137	approximately	approximately	ADV
ftr-349	393	138	half	half	ADV
ftr-349	393	139	as	as	ADV
ftr-349	393	140	large	large	ADJ
ftr-349	393	141	as	as	ADP
ftr-349	393	142	the	the	DET
ftr-349	393	143	$	$	SYM
ftr-349	393	144	533	533	NUM
ftr-349	393	145	billion	billion	NUM
ftr-349	393	146	in	in	ADP
ftr-349	393	147	total	total	ADJ
ftr-349	393	148	taxable	taxable	ADJ
ftr-349	393	149	income	income	NOUN
ftr-349	393	150	(	(	PUNCT
ftr-349	393	151	foreign	foreign	ADJ
ftr-349	393	152	and	and	CCONJ
ftr-349	393	153	domestic	domestic	ADJ
ftr-349	393	154	)	)	PUNCT
ftr-349	393	155	reported	report	VERB
ftr-349	393	156	by	by	ADP
ftr-349	393	157	all	all	DET
ftr-349	393	158	u.s	u.s	PROPN
ftr-349	393	159	.	.	PROPN
ftr-349	393	160	45	45	NUM
ftr-349	393	161	.	.	PUNCT
ftr-349	394	1	for	for	ADP
ftr-349	394	2	the	the	DET
ftr-349	394	3	first	first	ADJ
ftr-349	394	4	two	two	NUM
ftr-349	394	5	figures	figure	NOUN
ftr-349	394	6	,	,	PUNCT
ftr-349	394	7	see	see	VERB
ftr-349	394	8	irs	irs	PROPN
ftr-349	394	9	,	,	PUNCT
ftr-349	394	10	soi	soi	ADJ
ftr-349	394	11	tax	tax	NOUN
ftr-349	394	12	stats	stat	NOUN
ftr-349	394	13	–	–	PUNCT
ftr-349	394	14	controlled	control	VERB
ftr-349	394	15	foreign	foreign	ADJ
ftr-349	394	16	corporations	corporation	NOUN
ftr-349	394	17	,	,	PUNCT
ftr-349	394	18	http://www.irs.gov/taxstats/bustaxstats/article/0,,id=96282,00.html	http://www.irs.gov/taxstats/bustaxstats/article/0,,id=96282,00.html	PROPN
ftr-349	394	19	(	(	PUNCT
ftr-349	394	20	may	may	PROPN
ftr-349	394	21	20	20	NUM
ftr-349	394	22	,	,	PUNCT
ftr-349	394	23	2011	2011	NUM
ftr-349	394	24	)	)	PUNCT
ftr-349	394	25	.	.	PUNCT
ftr-349	395	1	the	the	DET
ftr-349	395	2	data	datum	NOUN
ftr-349	395	3	are	be	AUX
ftr-349	395	4	measured	measure	VERB
ftr-349	395	5	employing	employ	VERB
ftr-349	395	6	u.s	u.s	PROPN
ftr-349	395	7	.	.	PROPN
ftr-349	395	8	tax	tax	NOUN
ftr-349	395	9	principles	principle	NOUN
ftr-349	395	10	,	,	PUNCT
ftr-349	395	11	rather	rather	ADV
ftr-349	395	12	than	than	ADP
ftr-349	395	13	u.s	u.s	PROPN
ftr-349	395	14	.	.	PROPN
ftr-349	395	15	gaap	gaap	PROPN
ftr-349	395	16	.	.	PUNCT
ftr-349	396	1	for	for	ADP
ftr-349	396	2	the	the	DET
ftr-349	396	3	last	last	ADJ
ftr-349	396	4	figure	figure	NOUN
ftr-349	396	5	,	,	PUNCT
ftr-349	396	6	see	see	VERB
ftr-349	396	7	infra	infra	NOUN
ftr-349	396	8	part	part	NOUN
ftr-349	396	9	iii	iii	X
ftr-349	396	10	.	.	PUNCT
ftr-349	397	1	tbl	tbl	NOUN
ftr-349	397	2	.	.	PUNCT
ftr-349	398	1	1	1	NUM
ftr-349	398	2	.	.	X
ftr-349	399	1	46	46	NUM
ftr-349	399	2	.	.	PUNCT
ftr-349	400	1	if	if	SCONJ
ftr-349	400	2	one	one	PRON
ftr-349	400	3	imagines	imagine	VERB
ftr-349	400	4	that	that	PRON
ftr-349	400	5	subpart	subpart	NOUN
ftr-349	400	6	f	f	PROPN
ftr-349	400	7	income	income	NOUN
ftr-349	400	8	would	would	AUX
ftr-349	400	9	be	be	AUX
ftr-349	400	10	defined	define	VERB
ftr-349	400	11	in	in	ADP
ftr-349	400	12	a	a	DET
ftr-349	400	13	territorial	territorial	ADJ
ftr-349	400	14	tax	tax	NOUN
ftr-349	400	15	system	system	NOUN
ftr-349	400	16	comparably	comparably	ADV
ftr-349	400	17	to	to	ADP
ftr-349	400	18	its	its	PRON
ftr-349	400	19	current	current	ADJ
ftr-349	400	20	definition	definition	NOUN
ftr-349	400	21	,	,	PUNCT
ftr-349	400	22	then	then	ADV
ftr-349	400	23	even	even	ADV
ftr-349	400	24	under	under	ADP
ftr-349	400	25	such	such	DET
ftr-349	400	26	a	a	DET
ftr-349	400	27	hypothetical	hypothetical	ADJ
ftr-349	400	28	territorial	territorial	ADJ
ftr-349	400	29	tax	tax	NOUN
ftr-349	400	30	regime	regime	NOUN
ftr-349	400	31	u.s	u.s	PROPN
ftr-349	400	32	.	.	PROPN
ftr-349	400	33	tax	tax	NOUN
ftr-349	400	34	would	would	AUX
ftr-349	400	35	be	be	AUX
ftr-349	400	36	owed	owe	VERB
ftr-349	400	37	on	on	ADP
ftr-349	400	38	the	the	DET
ftr-349	400	39	$	$	SYM
ftr-349	400	40	48	48	NUM
ftr-349	400	41	billion	billion	NUM
ftr-349	400	42	of	of	ADP
ftr-349	400	43	subpart	subpart	NOUN
ftr-349	400	44	f	f	PROPN
ftr-349	400	45	income	income	NOUN
ftr-349	400	46	includible	includible	NOUN
ftr-349	400	47	in	in	ADP
ftr-349	400	48	the	the	DET
ftr-349	400	49	income	income	NOUN
ftr-349	400	50	of	of	ADP
ftr-349	400	51	u.s	u.s	PROPN
ftr-349	400	52	.	.	PROPN
ftr-349	400	53	shareholders	shareholder	NOUN
ftr-349	400	54	,	,	PUNCT
ftr-349	400	55	after	after	ADP
ftr-349	400	56	taking	take	VERB
ftr-349	400	57	into	into	ADP
ftr-349	400	58	account	account	NOUN
ftr-349	400	59	foreign	foreign	ADJ
ftr-349	400	60	tax	tax	NOUN
ftr-349	400	61	credits	credit	NOUN
ftr-349	400	62	attributable	attributable	ADJ
ftr-349	400	63	to	to	ADP
ftr-349	400	64	that	that	DET
ftr-349	400	65	income	income	NOUN
ftr-349	400	66	.	.	PUNCT
ftr-349	401	1	if	if	SCONJ
ftr-349	401	2	one	one	PRON
ftr-349	401	3	assumes	assume	VERB
ftr-349	401	4	that	that	SCONJ
ftr-349	401	5	the	the	DET
ftr-349	401	6	$	$	SYM
ftr-349	401	7	48	48	NUM
ftr-349	401	8	billion	billion	NUM
ftr-349	401	9	in	in	ADP
ftr-349	401	10	subpart	subpart	PROPN
ftr-349	401	11	f	f	PROPN
ftr-349	401	12	income	income	NOUN
ftr-349	401	13	brought	bring	VERB
ftr-349	401	14	with	with	ADP
ftr-349	401	15	it	it	PRON
ftr-349	401	16	foreign	foreign	ADJ
ftr-349	401	17	tax	tax	NOUN
ftr-349	401	18	credits	credit	NOUN
ftr-349	401	19	at	at	ADP
ftr-349	401	20	the	the	DET
ftr-349	401	21	global	global	ADJ
ftr-349	401	22	average	average	NOUN
ftr-349	401	23	of	of	ADP
ftr-349	401	24	16	16	NUM
ftr-349	401	25	percent	percent	NOUN
ftr-349	401	26	,	,	PUNCT
ftr-349	401	27	then	then	ADV
ftr-349	401	28	the	the	DET
ftr-349	401	29	residual	residual	ADJ
ftr-349	401	30	u.s	u.s	PROPN
ftr-349	401	31	.	.	PROPN
ftr-349	401	32	tax	tax	NOUN
ftr-349	401	33	would	would	AUX
ftr-349	401	34	be	be	AUX
ftr-349	401	35	in	in	ADP
ftr-349	401	36	the	the	DET
ftr-349	401	37	neighborhood	neighborhood	NOUN
ftr-349	401	38	of	of	ADP
ftr-349	401	39	$	$	SYM
ftr-349	401	40	11	11	NUM
ftr-349	401	41	billion	billion	NUM
ftr-349	401	42	.	.	PUNCT
ftr-349	402	1	47	47	NUM
ftr-349	402	2	.	.	PUNCT
ftr-349	403	1	see	see	VERB
ftr-349	403	2	supra	supra	PROPN
ftr-349	403	3	note	note	PROPN
ftr-349	403	4	45	45	NUM
ftr-349	403	5	(	(	PUNCT
ftr-349	403	6	providing	provide	VERB
ftr-349	403	7	irs	irs	PROPN
ftr-349	403	8	soi	soi	ADJ
ftr-349	403	9	data	datum	NOUN
ftr-349	403	10	for	for	ADP
ftr-349	403	11	controlled	control	VERB
ftr-349	403	12	foreign	foreign	ADJ
ftr-349	403	13	corporations	corporation	NOUN
ftr-349	403	14	for	for	ADP
ftr-349	403	15	2004	2004	NUM
ftr-349	403	16	)	)	PUNCT
ftr-349	403	17	.	.	PUNCT
ftr-349	404	1	the	the	DET
ftr-349	404	2	data	datum	NOUN
ftr-349	404	3	are	be	AUX
ftr-349	404	4	measured	measure	VERB
ftr-349	404	5	employing	employ	VERB
ftr-349	404	6	u.s	u.s	PROPN
ftr-349	404	7	.	.	PROPN
ftr-349	404	8	tax	tax	NOUN
ftr-349	404	9	principles	principle	NOUN
ftr-349	404	10	,	,	PUNCT
ftr-349	404	11	rather	rather	ADV
ftr-349	404	12	than	than	ADP
ftr-349	404	13	u.s	u.s	PROPN
ftr-349	404	14	.	.	PROPN
ftr-349	404	15	gaap	gaap	PROPN
ftr-349	404	16	.	.	PUNCT
ftr-349	405	1	as	as	SCONJ
ftr-349	405	2	indicated	indicate	VERB
ftr-349	405	3	in	in	ADP
ftr-349	405	4	the	the	DET
ftr-349	405	5	text	text	NOUN
ftr-349	405	6	,	,	PUNCT
ftr-349	405	7	the	the	DET
ftr-349	405	8	figures	figure	NOUN
ftr-349	405	9	presented	present	VERB
ftr-349	405	10	here	here	ADV
ftr-349	405	11	ignore	ignore	VERB
ftr-349	405	12	foreign	foreign	ADJ
ftr-349	405	13	subsidiaries	subsidiary	NOUN
ftr-349	405	14	that	that	PRON
ftr-349	405	15	reported	report	VERB
ftr-349	405	16	a	a	DET
ftr-349	405	17	loss	loss	NOUN
ftr-349	405	18	for	for	ADP
ftr-349	405	19	the	the	DET
ftr-349	405	20	year	year	NOUN
ftr-349	405	21	.	.	PUNCT
ftr-349	406	1	48	48	NUM
ftr-349	406	2	.	.	PUNCT
ftr-349	407	1	the	the	DET
ftr-349	407	2	data	datum	NOUN
ftr-349	407	3	in	in	ADP
ftr-349	407	4	the	the	DET
ftr-349	407	5	text	text	NOUN
ftr-349	407	6	assume	assume	VERB
ftr-349	407	7	that	that	SCONJ
ftr-349	407	8	dividends	dividend	NOUN
ftr-349	407	9	are	be	AUX
ftr-349	407	10	paid	pay	VERB
ftr-349	407	11	first	first	ADV
ftr-349	407	12	out	out	ADP
ftr-349	407	13	of	of	ADP
ftr-349	407	14	current	current	ADJ
ftr-349	407	15	earnings	earning	NOUN
ftr-349	407	16	,	,	PUNCT
ftr-349	407	17	so	so	SCONJ
ftr-349	407	18	that	that	SCONJ
ftr-349	407	19	dividends	dividend	NOUN
ftr-349	407	20	paid	pay	VERB
ftr-349	407	21	in	in	ADP
ftr-349	407	22	2004	2004	NUM
ftr-349	407	23	can	can	AUX
ftr-349	407	24	be	be	AUX
ftr-349	407	25	presented	present	VERB
ftr-349	407	26	as	as	SCONJ
ftr-349	407	27	distributed	distribute	VERB
ftr-349	407	28	out	out	ADP
ftr-349	407	29	of	of	ADP
ftr-349	407	30	2004	2004	NUM
ftr-349	407	31	earnings	earning	NOUN
ftr-349	407	32	.	.	PUNCT
ftr-349	408	1	the	the	DET
ftr-349	408	2	data	datum	NOUN
ftr-349	408	3	do	do	AUX
ftr-349	408	4	not	not	PART
ftr-349	408	5	show	show	VERB
ftr-349	408	6	how	how	SCONJ
ftr-349	408	7	much	much	ADJ
ftr-349	408	8	cash	cash	NOUN
ftr-349	408	9	was	be	AUX
ftr-349	408	10	retained	retain	VERB
ftr-349	408	11	by	by	ADP
ftr-349	408	12	foreign	foreign	ADJ
ftr-349	408	13	subsidiaries	subsidiary	NOUN
ftr-349	408	14	of	of	ADP
ftr-349	408	15	u.s	u.s	PROPN
ftr-349	408	16	.	.	PROPN
ftr-349	408	17	firms	firm	NOUN
ftr-349	408	18	,	,	PUNCT
ftr-349	408	19	in	in	ADP
ftr-349	408	20	part	part	NOUN
ftr-349	408	21	because	because	SCONJ
ftr-349	408	22	controlled	control	VERB
ftr-349	408	23	foreign	foreign	ADJ
ftr-349	408	24	corporations	corporation	NOUN
ftr-349	408	25	can	can	AUX
ftr-349	408	26	distribute	distribute	VERB
ftr-349	408	27	cash	cash	NOUN
ftr-349	408	28	out	out	ADP
ftr-349	408	29	of	of	ADP
ftr-349	408	30	“	"	PUNCT
ftr-349	408	31	previously	previously	ADV
ftr-349	408	32	taxed	tax	VERB
ftr-349	408	33	income	income	NOUN
ftr-349	408	34	”	"	PUNCT
ftr-349	408	35	(	(	PUNCT
ftr-349	408	36	basically	basically	ADV
ftr-349	408	37	,	,	PUNCT
ftr-349	408	38	subsidiary	subsidiary	ADJ
ftr-349	408	39	income	income	NOUN
ftr-349	408	40	previously	previously	ADV
ftr-349	408	41	taxed	tax	VERB
ftr-349	408	42	to	to	ADP
ftr-349	408	43	the	the	DET
ftr-349	408	44	u.s	u.s	PROPN
ftr-349	408	45	.	.	PROPN
ftr-349	408	46	parent	parent	NOUN
ftr-349	408	47	under	under	ADP
ftr-349	408	48	subpart	subpart	NOUN
ftr-349	408	49	f	f	PROPN
ftr-349	408	50	)	)	PUNCT
ftr-349	408	51	;	;	PUNCT
ftr-349	408	52	such	such	ADJ
ftr-349	408	53	distributions	distribution	NOUN
ftr-349	408	54	are	be	AUX
ftr-349	408	55	excludible	excludible	ADJ
ftr-349	408	56	from	from	ADP
ftr-349	408	57	the	the	DET
ftr-349	408	58	u.s	u.s	PROPN
ftr-349	408	59	.	.	PROPN
ftr-349	408	60	parent	parent	PROPN
ftr-349	408	61	company	company	NOUN
ftr-349	408	62	’s	’s	PART
ftr-349	408	63	taxable	taxable	ADJ
ftr-349	408	64	income	income	NOUN
ftr-349	408	65	.	.	PUNCT
ftr-349	409	1	i.r.c	i.r.c	NOUN
ftr-349	409	2	.	.	PUNCT
ftr-349	410	1	§	§	PROPN
ftr-349	410	2	959(a	959(a	PROPN
ftr-349	410	3	)	)	PUNCT
ftr-349	410	4	.	.	PUNCT
ftr-349	411	1	in	in	ADP
ftr-349	411	2	2004	2004	NUM
ftr-349	411	3	controlled	control	VERB
ftr-349	411	4	foreign	foreign	ADJ
ftr-349	411	5	corporations	corporation	NOUN
ftr-349	411	6	distributed	distribute	VERB
ftr-349	411	7	$	$	SYM
ftr-349	411	8	43.8	43.8	NUM
ftr-349	411	9	billion	billion	NUM
ftr-349	411	10	of	of	ADP
ftr-349	411	11	previously	previously	ADV
ftr-349	411	12	taxed	tax	VERB
ftr-349	411	13	income	income	NOUN
ftr-349	411	14	.	.	PUNCT
ftr-349	412	1	724	724	NUM
ftr-349	412	2	florida	florida	PROPN
ftr-349	412	3	tax	tax	NOUN
ftr-349	412	4	review	review	NOUN
ftr-349	413	1	[	[	X
ftr-349	413	2	vol	vol	NOUN
ftr-349	413	3	.	.	PUNCT
ftr-349	414	1	11:9	11:9	NUM
ftr-349	414	2	corporations	corporation	NOUN
ftr-349	414	3	that	that	PRON
ftr-349	414	4	claimed	claim	VERB
ftr-349	414	5	any	any	DET
ftr-349	414	6	foreign	foreign	ADJ
ftr-349	414	7	tax	tax	NOUN
ftr-349	414	8	credits	credit	NOUN
ftr-349	414	9	on	on	ADP
ftr-349	414	10	their	their	PRON
ftr-349	414	11	2004	2004	NUM
ftr-349	414	12	income	income	NOUN
ftr-349	414	13	tax	tax	NOUN
ftr-349	414	14	returns	return	NOUN
ftr-349	414	15	(	(	PUNCT
ftr-349	414	16	essentially	essentially	ADV
ftr-349	414	17	all	all	DET
ftr-349	414	18	firms	firm	NOUN
ftr-349	414	19	with	with	ADP
ftr-349	414	20	international	international	ADJ
ftr-349	414	21	operations	operation	NOUN
ftr-349	414	22	)	)	PUNCT
ftr-349	414	23	,	,	PUNCT
ftr-349	414	24	on	on	ADP
ftr-349	414	25	which	which	PRON
ftr-349	414	26	$	$	SYM
ftr-349	414	27	119	119	NUM
ftr-349	414	28	billion	billion	NUM
ftr-349	414	29	in	in	ADP
ftr-349	414	30	u.s	u.s	PROPN
ftr-349	414	31	.	.	PROPN
ftr-349	414	32	tax	tax	NOUN
ftr-349	414	33	was	be	AUX
ftr-349	414	34	paid	pay	VERB
ftr-349	414	35	(	(	PUNCT
ftr-349	414	36	after	after	SCONJ
ftr-349	414	37	all	all	DET
ftr-349	414	38	tax	tax	NOUN
ftr-349	414	39	credits	credit	NOUN
ftr-349	414	40	,	,	PUNCT
ftr-349	414	41	including	include	VERB
ftr-349	414	42	credits	credit	NOUN
ftr-349	414	43	for	for	ADP
ftr-349	414	44	foreign	foreign	ADJ
ftr-349	414	45	income	income	NOUN
ftr-349	414	46	taxes	taxis	NOUN
ftr-349	414	47	paid).49	paid).49	PROPN
ftr-349	414	48	and	and	CCONJ
ftr-349	414	49	$	$	SYM
ftr-349	414	50	270	270	NUM
ftr-349	414	51	billion	billion	NUM
ftr-349	414	52	in	in	ADP
ftr-349	414	53	after	after	ADP
ftr-349	414	54	-	-	PUNCT
ftr-349	414	55	foreign	foreign	ADJ
ftr-349	414	56	-	-	PUNCT
ftr-349	414	57	tax	tax	NOUN
ftr-349	414	58	2004	2004	NUM
ftr-349	414	59	foreign	foreign	ADJ
ftr-349	414	60	subsidiary	subsidiary	NOUN
ftr-349	414	61	earnings	earning	NOUN
ftr-349	414	62	that	that	PRON
ftr-349	414	63	went	went	AUX
ftr-349	414	64	untaxed	untaxe	VERB
ftr-349	414	65	by	by	ADP
ftr-349	414	66	the	the	DET
ftr-349	414	67	united	united	PROPN
ftr-349	414	68	states	states	PROPN
ftr-349	414	69	on	on	ADP
ftr-349	414	70	a	a	DET
ftr-349	414	71	current	current	ADJ
ftr-349	414	72	basis	basis	NOUN
ftr-349	414	73	looms	loom	VERB
ftr-349	414	74	large	large	ADJ
ftr-349	414	75	—	—	PUNCT
ftr-349	414	76	about	about	ADV
ftr-349	414	77	43	43	NUM
ftr-349	414	78	percent	percent	NOUN
ftr-349	414	79	—	—	PUNCT
ftr-349	414	80	even	even	ADV
ftr-349	414	81	when	when	SCONJ
ftr-349	414	82	compared	compare	VERB
ftr-349	414	83	with	with	ADP
ftr-349	414	84	the	the	DET
ftr-349	414	85	$	$	SYM
ftr-349	414	86	633	633	NUM
ftr-349	414	87	billion	billion	NUM
ftr-349	414	88	of	of	ADP
ftr-349	414	89	all	all	DET
ftr-349	414	90	after	after	ADP
ftr-349	414	91	-	-	PUNCT
ftr-349	414	92	tax	tax	NOUN
ftr-349	414	93	corporate	corporate	ADJ
ftr-349	414	94	income	income	NOUN
ftr-349	414	95	of	of	ADP
ftr-349	414	96	any	any	DET
ftr-349	414	97	type	type	NOUN
ftr-349	414	98	that	that	PRON
ftr-349	414	99	was	be	AUX
ftr-349	414	100	subject	subject	ADJ
ftr-349	414	101	to	to	ADP
ftr-349	414	102	u.s	u.s	PROPN
ftr-349	414	103	.	.	PROPN
ftr-349	414	104	corporate	corporate	ADJ
ftr-349	414	105	income	income	NOUN
ftr-349	414	106	tax	tax	NOUN
ftr-349	414	107	for	for	ADP
ftr-349	414	108	that	that	DET
ftr-349	414	109	year	year	NOUN
ftr-349	414	110	,	,	PUNCT
ftr-349	414	111	including	include	VERB
ftr-349	414	112	the	the	DET
ftr-349	414	113	income	income	NOUN
ftr-349	414	114	of	of	ADP
ftr-349	414	115	entirely	entirely	ADV
ftr-349	414	116	domestic	domestic	ADJ
ftr-349	414	117	firms.50	firms.50	PROPN
ftr-349	414	118	d.	d.	PROPN
ftr-349	414	119	arbitrage	arbitrage	PROPN
ftr-349	414	120	and	and	CCONJ
ftr-349	414	121	domestic	domestic	ADJ
ftr-349	414	122	base	base	NOUN
ftr-349	414	123	erosion	erosion	NOUN
ftr-349	414	124	the	the	DET
ftr-349	414	125	current	current	ADJ
ftr-349	414	126	u.s	u.s	PROPN
ftr-349	414	127	.	.	PROPN
ftr-349	414	128	regime	regime	NOUN
ftr-349	414	129	for	for	ADP
ftr-349	414	130	the	the	DET
ftr-349	414	131	taxation	taxation	NOUN
ftr-349	414	132	of	of	ADP
ftr-349	414	133	foreign	foreign	ADJ
ftr-349	414	134	direct	direct	ADJ
ftr-349	414	135	investment	investment	NOUN
ftr-349	414	136	not	not	PART
ftr-349	414	137	only	only	ADV
ftr-349	414	138	collects	collect	VERB
ftr-349	414	139	trivially	trivially	ADV
ftr-349	414	140	small	small	ADJ
ftr-349	414	141	revenues	revenue	NOUN
ftr-349	414	142	(	(	PUNCT
ftr-349	414	143	as	as	SCONJ
ftr-349	414	144	suggested	suggest	VERB
ftr-349	414	145	above	above	ADV
ftr-349	414	146	,	,	PUNCT
ftr-349	414	147	smaller	small	ADJ
ftr-349	414	148	than	than	ADP
ftr-349	414	149	those	those	PRON
ftr-349	414	150	that	that	PRON
ftr-349	414	151	would	would	AUX
ftr-349	414	152	be	be	AUX
ftr-349	414	153	collected	collect	VERB
ftr-349	414	154	under	under	ADP
ftr-349	414	155	some	some	DET
ftr-349	414	156	scenarios	scenario	NOUN
ftr-349	414	157	if	if	SCONJ
ftr-349	414	158	the	the	DET
ftr-349	414	159	united	united	PROPN
ftr-349	414	160	states	states	PROPN
ftr-349	414	161	were	be	AUX
ftr-349	414	162	to	to	PART
ftr-349	414	163	switch	switch	VERB
ftr-349	414	164	to	to	ADP
ftr-349	414	165	a	a	DET
ftr-349	414	166	territorial	territorial	ADJ
ftr-349	414	167	system	system	NOUN
ftr-349	414	168	)	)	PUNCT
ftr-349	414	169	,	,	PUNCT
ftr-349	414	170	but	but	CCONJ
ftr-349	414	171	also	also	ADV
ftr-349	414	172	exposes	expose	VERB
ftr-349	414	173	the	the	DET
ftr-349	414	174	u.s	u.s	PROPN
ftr-349	414	175	.	.	PROPN
ftr-349	414	176	corporate	corporate	ADJ
ftr-349	414	177	tax	tax	NOUN
ftr-349	414	178	on	on	ADP
ftr-349	414	179	the	the	DET
ftr-349	414	180	domestic	domestic	ADJ
ftr-349	414	181	tax	tax	NOUN
ftr-349	414	182	base	base	NOUN
ftr-349	414	183	of	of	ADP
ftr-349	414	184	u.s	u.s	PROPN
ftr-349	414	185	.	.	PROPN
ftr-349	414	186	multinationals	multinational	NOUN
ftr-349	414	187	to	to	ADP
ftr-349	414	188	systematic	systematic	ADJ
ftr-349	414	189	erosion	erosion	NOUN
ftr-349	414	190	through	through	ADP
ftr-349	414	191	straightforward	straightforward	ADJ
ftr-349	414	192	tax	tax	NOUN
ftr-349	414	193	arbitrage	arbitrage	NOUN
ftr-349	414	194	strategies.51	strategies.51	NOUN
ftr-349	414	195	current	current	ADJ
ftr-349	414	196	law	law	NOUN
ftr-349	414	197	has	have	VERB
ftr-349	414	198	the	the	DET
ftr-349	414	199	pernicious	pernicious	ADJ
ftr-349	414	200	effect	effect	NOUN
ftr-349	414	201	of	of	ADP
ftr-349	414	202	implicitly	implicitly	ADV
ftr-349	414	203	encouraging	encourage	VERB
ftr-349	414	204	domestic	domestic	ADJ
ftr-349	414	205	leverage	leverage	NOUN
ftr-349	414	206	to	to	PART
ftr-349	414	207	fund	fund	VERB
ftr-349	414	208	a	a	DET
ftr-349	414	209	firm	firm	NOUN
ftr-349	414	210	’s	’s	PART
ftr-349	414	211	domestic	domestic	ADJ
ftr-349	414	212	cash	cash	NOUN
ftr-349	414	213	needs	need	NOUN
ftr-349	414	214	,	,	PUNCT
ftr-349	414	215	while	while	SCONJ
ftr-349	414	216	leaving	leave	VERB
ftr-349	414	217	lowtaxed	lowtaxed	ADJ
ftr-349	414	218	foreign	foreign	ADJ
ftr-349	414	219	earnings	earning	NOUN
ftr-349	414	220	abroad	abroad	ADV
ftr-349	414	221	.	.	PUNCT
ftr-349	415	1	this	this	DET
ftr-349	415	2	strategy	strategy	NOUN
ftr-349	415	3	allows	allow	VERB
ftr-349	415	4	u.s	u.s	PROPN
ftr-349	415	5	.	.	PROPN
ftr-349	415	6	multinational	multinational	ADJ
ftr-349	415	7	firms	firm	NOUN
ftr-349	415	8	to	to	PART
ftr-349	415	9	operate	operate	VERB
ftr-349	415	10	in	in	ADP
ftr-349	415	11	a	a	DET
ftr-349	415	12	quasi	quasi	ADJ
ftr-349	415	13	-	-	ADJ
ftr-349	415	14	territorial	territorial	ADJ
ftr-349	415	15	tax	tax	NOUN
ftr-349	415	16	environment	environment	NOUN
ftr-349	415	17	,	,	PUNCT
ftr-349	415	18	by	by	ADP
ftr-349	415	19	supplying	supply	VERB
ftr-349	415	20	the	the	DET
ftr-349	415	21	u.s	u.s	PROPN
ftr-349	415	22	.	.	PROPN
ftr-349	415	23	parent	parent	NOUN
ftr-349	415	24	company	company	NOUN
ftr-349	415	25	with	with	ADP
ftr-349	415	26	cash	cash	NOUN
ftr-349	415	27	to	to	PART
ftr-349	415	28	fund	fund	VERB
ftr-349	415	29	its	its	PRON
ftr-349	415	30	domestic	domestic	ADJ
ftr-349	415	31	operations	operation	NOUN
ftr-349	415	32	from	from	ADP
ftr-349	415	33	two	two	NUM
ftr-349	415	34	sources	source	NOUN
ftr-349	415	35	:	:	PUNCT
ftr-349	415	36	the	the	DET
ftr-349	415	37	low	low	ADV
ftr-349	415	38	-	-	PUNCT
ftr-349	415	39	taxed	tax	VERB
ftr-349	415	40	stream	stream	NOUN
ftr-349	415	41	of	of	ADP
ftr-349	415	42	regular	regular	ADJ
ftr-349	415	43	course	course	NOUN
ftr-349	415	44	foreign	foreign	ADJ
ftr-349	415	45	operations	operation	NOUN
ftr-349	415	46	(	(	PUNCT
ftr-349	415	47	as	as	SCONJ
ftr-349	415	48	described	describe	VERB
ftr-349	415	49	above	above	ADV
ftr-349	415	50	)	)	PUNCT
ftr-349	415	51	and	and	CCONJ
ftr-349	415	52	domestic	domestic	ADJ
ftr-349	415	53	borrowings	borrowing	NOUN
ftr-349	415	54	.	.	PUNCT
ftr-349	416	1	the	the	DET
ftr-349	416	2	attendant	attendant	ADJ
ftr-349	416	3	increase	increase	NOUN
ftr-349	416	4	in	in	ADP
ftr-349	416	5	domestic	domestic	ADJ
ftr-349	416	6	interest	interest	NOUN
ftr-349	416	7	expense	expense	NOUN
ftr-349	416	8	in	in	ADP
ftr-349	416	9	turn	turn	NOUN
ftr-349	416	10	is	be	AUX
ftr-349	416	11	allocated	allocate	VERB
ftr-349	416	12	in	in	ADP
ftr-349	416	13	part	part	NOUN
ftr-349	416	14	against	against	ADP
ftr-349	416	15	foreign	foreign	ADJ
ftr-349	416	16	operations	operation	NOUN
ftr-349	416	17	for	for	ADP
ftr-349	416	18	purposes	purpose	NOUN
ftr-349	416	19	of	of	ADP
ftr-349	416	20	the	the	DET
ftr-349	416	21	foreign	foreign	ADJ
ftr-349	416	22	tax	tax	NOUN
ftr-349	416	23	credit	credit	NOUN
ftr-349	416	24	limitation	limitation	NOUN
ftr-349	416	25	rules	rule	NOUN
ftr-349	416	26	described	describe	VERB
ftr-349	416	27	earlier	early	ADV
ftr-349	416	28	.	.	PUNCT
ftr-349	417	1	nonetheless	nonetheless	ADV
ftr-349	417	2	,	,	PUNCT
ftr-349	417	3	so	so	ADV
ftr-349	417	4	long	long	ADV
ftr-349	417	5	as	as	SCONJ
ftr-349	417	6	the	the	DET
ftr-349	417	7	firm	firm	NOUN
ftr-349	417	8	’s	’s	PART
ftr-349	417	9	foreign	foreign	ADJ
ftr-349	417	10	earnings	earning	NOUN
ftr-349	417	11	are	be	AUX
ftr-349	417	12	sufficiently	sufficiently	ADV
ftr-349	417	13	low	low	ADV
ftr-349	417	14	-	-	PUNCT
ftr-349	417	15	taxed	tax	VERB
ftr-349	417	16	before	before	ADP
ftr-349	417	17	taking	take	VERB
ftr-349	417	18	into	into	ADP
ftr-349	417	19	account	account	NOUN
ftr-349	417	20	the	the	DET
ftr-349	417	21	increase	increase	NOUN
ftr-349	417	22	in	in	ADP
ftr-349	417	23	the	the	DET
ftr-349	417	24	firm	firm	NOUN
ftr-349	417	25	’s	’s	PART
ftr-349	417	26	foreign	foreign	ADJ
ftr-349	417	27	effective	effective	ADJ
ftr-349	417	28	tax	tax	NOUN
ftr-349	417	29	rate	rate	NOUN
ftr-349	417	30	from	from	ADP
ftr-349	417	31	the	the	DET
ftr-349	417	32	application	application	NOUN
ftr-349	417	33	of	of	ADP
ftr-349	417	34	those	those	DET
ftr-349	417	35	expense	expense	NOUN
ftr-349	417	36	allocation	allocation	NOUN
ftr-349	417	37	rules	rule	NOUN
ftr-349	417	38	,	,	PUNCT
ftr-349	417	39	the	the	DET
ftr-349	417	40	limit	limit	NOUN
ftr-349	417	41	is	be	AUX
ftr-349	417	42	simply	simply	ADV
ftr-349	417	43	not	not	PART
ftr-349	417	44	binding	bind	VERB
ftr-349	417	45	.	.	PUNCT
ftr-349	418	1	as	as	ADP
ftr-349	418	2	one	one	NUM
ftr-349	418	3	recent	recent	ADJ
ftr-349	418	4	example	example	NOUN
ftr-349	418	5	,	,	PUNCT
ftr-349	418	6	at	at	ADP
ftr-349	418	7	the	the	DET
ftr-349	418	8	end	end	NOUN
ftr-349	418	9	of	of	ADP
ftr-349	418	10	its	its	PRON
ftr-349	418	11	fiscal	fiscal	ADJ
ftr-349	418	12	quarter	quarter	NOUN
ftr-349	418	13	ending	end	VERB
ftr-349	418	14	december	december	PROPN
ftr-349	418	15	31	31	NUM
ftr-349	418	16	,	,	PUNCT
ftr-349	418	17	2010	2010	NUM
ftr-349	418	18	,	,	PUNCT
ftr-349	418	19	microsoft	microsoft	PROPN
ftr-349	418	20	corporation	corporation	PROPN
ftr-349	418	21	had	have	VERB
ftr-349	418	22	$	$	SYM
ftr-349	418	23	29.5	29.5	NUM
ftr-349	418	24	billion	billion	NUM
ftr-349	418	25	in	in	ADP
ftr-349	418	26	permanently	permanently	ADV
ftr-349	418	27	reinvested	reinveste	VERB
ftr-349	418	28	earnings	earning	NOUN
ftr-349	418	29	,	,	PUNCT
ftr-349	418	30	and	and	CCONJ
ftr-349	418	31	worldwide	worldwide	ADV
ftr-349	418	32	held	hold	VERB
ftr-349	418	33	$	$	SYM
ftr-349	418	34	41	41	NUM
ftr-349	418	35	billion	billion	NUM
ftr-349	418	36	in	in	ADP
ftr-349	418	37	cash	cash	NOUN
ftr-349	418	38	and	and	CCONJ
ftr-349	418	39	short	short	ADJ
ftr-349	418	40	-	-	PUNCT
ftr-349	418	41	term	term	NOUN
ftr-349	418	42	investments	investment	NOUN
ftr-349	418	43	.	.	PUNCT
ftr-349	419	1	yet	yet	ADV
ftr-349	419	2	in	in	ADP
ftr-349	419	3	february	february	PROPN
ftr-349	419	4	2011	2011	NUM
ftr-349	419	5	,	,	PUNCT
ftr-349	419	6	microsoft	microsoft	PROPN
ftr-349	419	7	borrowed	borrow	VERB
ftr-349	419	8	$	$	SYM
ftr-349	419	9	2.25	2.25	NUM
ftr-349	419	10	billion	billion	NUM
ftr-349	419	11	in	in	ADP
ftr-349	419	12	the	the	DET
ftr-349	419	13	u.s	u.s	PROPN
ftr-349	419	14	.	.	PROPN
ftr-349	419	15	capital	capital	NOUN
ftr-349	419	16	markets	market	NOUN
ftr-349	419	17	.	.	PUNCT
ftr-349	420	1	a	a	DET
ftr-349	420	2	recent	recent	ADJ
ftr-349	420	3	news	news	NOUN
ftr-349	420	4	report	report	NOUN
ftr-349	420	5	in	in	ADP
ftr-349	420	6	the	the	DET
ftr-349	420	7	financial	financial	ADJ
ftr-349	420	8	press	press	NOUN
ftr-349	420	9	has	have	AUX
ftr-349	420	10	asserted	assert	VERB
ftr-349	420	11	that	that	SCONJ
ftr-349	420	12	microsoft	microsoft	PROPN
ftr-349	420	13	issued	issue	VERB
ftr-349	420	14	these	these	DET
ftr-349	420	15	debt	debt	NOUN
ftr-349	420	16	obligations	obligation	NOUN
ftr-349	420	17	to	to	PART
ftr-349	420	18	fund	fund	VERB
ftr-349	420	19	dividends	dividend	NOUN
ftr-349	420	20	and	and	CCONJ
ftr-349	420	21	stock	stock	NOUN
ftr-349	420	22	buybacks	buyback	NOUN
ftr-349	420	23	while	while	SCONJ
ftr-349	420	24	avoiding	avoid	VERB
ftr-349	420	25	any	any	DET
ftr-349	420	26	repatriation	repatriation	NOUN
ftr-349	420	27	tax	tax	NOUN
ftr-349	420	28	,	,	PUNCT
ftr-349	420	29	because	because	SCONJ
ftr-349	420	30	80	80	NUM
ftr-349	420	31	to	to	PART
ftr-349	420	32	90	90	NUM
ftr-349	420	33	percent	percent	NOUN
ftr-349	420	34	of	of	ADP
ftr-349	420	35	its	its	PRON
ftr-349	420	36	49	49	NUM
ftr-349	420	37	.	.	PUNCT
ftr-349	421	1	see	see	VERB
ftr-349	421	2	irs	irs	PROPN
ftr-349	421	3	,	,	PUNCT
ftr-349	421	4	soi	soi	ADJ
ftr-349	421	5	tax	tax	NOUN
ftr-349	421	6	stats	stat	NOUN
ftr-349	421	7	–	–	PUNCT
ftr-349	421	8	corporate	corporate	ADJ
ftr-349	421	9	foreign	foreign	ADJ
ftr-349	421	10	tax	tax	NOUN
ftr-349	421	11	credit	credit	NOUN
ftr-349	421	12	statistics	statistic	NOUN
ftr-349	421	13	,	,	PUNCT
ftr-349	421	14	http://www.irs.gov/taxstats/bustaxstats/article/0,,id=96337,00.html	http://www.irs.gov/taxstats/bustaxstats/article/0,,id=96337,00.html	PROPN
ftr-349	421	15	(	(	PUNCT
ftr-349	421	16	last	last	ADJ
ftr-349	421	17	visited	visit	VERB
ftr-349	421	18	may	may	AUX
ftr-349	421	19	20	20	NUM
ftr-349	421	20	,	,	PUNCT
ftr-349	421	21	2011	2011	NUM
ftr-349	421	22	)	)	PUNCT
ftr-349	421	23	.	.	PUNCT
ftr-349	422	1	50	50	NUM
ftr-349	422	2	.	.	PUNCT
ftr-349	423	1	irs	irs	PROPN
ftr-349	423	2	,	,	PUNCT
ftr-349	423	3	2004	2004	NUM
ftr-349	423	4	corporation	corporation	NOUN
ftr-349	423	5	source	source	NOUN
ftr-349	423	6	book	book	NOUN
ftr-349	423	7	of	of	ADP
ftr-349	423	8	statistics	statistic	NOUN
ftr-349	423	9	of	of	ADP
ftr-349	423	10	income	income	NOUN
ftr-349	423	11	(	(	PUNCT
ftr-349	423	12	line	line	NOUN
ftr-349	423	13	73	73	NUM
ftr-349	423	14	minus	minus	ADP
ftr-349	423	15	line	line	NOUN
ftr-349	423	16	82	82	NUM
ftr-349	423	17	)	)	PUNCT
ftr-349	423	18	.	.	PUNCT
ftr-349	424	1	51	51	NUM
ftr-349	424	2	.	.	PUNCT
ftr-349	425	1	see	see	AUX
ftr-349	425	2	also	also	ADV
ftr-349	425	3	infra	infra	VERB
ftr-349	425	4	part	part	NOUN
ftr-349	425	5	iv.c	iv.c	VERB
ftr-349	425	6	.	.	PUNCT
ftr-349	426	1	2001	2001	NUM
ftr-349	426	2	]	]	PUNCT
ftr-349	426	3	stateless	stateless	NOUN
ftr-349	426	4	income	income	NOUN
ftr-349	426	5	725	725	NUM
ftr-349	426	6	cash	cash	NOUN
ftr-349	426	7	and	and	CCONJ
ftr-349	426	8	short	short	ADJ
ftr-349	426	9	-	-	PUNCT
ftr-349	426	10	term	term	NOUN
ftr-349	426	11	investments	investment	NOUN
ftr-349	426	12	are	be	AUX
ftr-349	426	13	held	hold	VERB
ftr-349	426	14	outside	outside	ADP
ftr-349	426	15	the	the	DET
ftr-349	426	16	united	united	PROPN
ftr-349	426	17	states.52	states.52	PROPN
ftr-349	426	18	moreover	moreover	ADV
ftr-349	426	19	,	,	PUNCT
ftr-349	426	20	the	the	DET
ftr-349	426	21	article	article	NOUN
ftr-349	426	22	suggests	suggest	VERB
ftr-349	426	23	that	that	SCONJ
ftr-349	426	24	this	this	DET
ftr-349	426	25	pattern	pattern	NOUN
ftr-349	426	26	is	be	AUX
ftr-349	426	27	becoming	become	VERB
ftr-349	426	28	more	more	ADV
ftr-349	426	29	common	common	ADJ
ftr-349	426	30	among	among	ADP
ftr-349	426	31	u.s	u.s	PROPN
ftr-349	426	32	.	.	PROPN
ftr-349	426	33	technology	technology	NOUN
ftr-349	426	34	companies	company	NOUN
ftr-349	426	35	generally	generally	ADV
ftr-349	426	36	.	.	PUNCT
ftr-349	427	1	a	a	DET
ftr-349	427	2	u.s	u.s	PROPN
ftr-349	427	3	.	.	PROPN
ftr-349	427	4	multinational	multinational	ADJ
ftr-349	427	5	firm	firm	NOUN
ftr-349	427	6	’s	’s	PART
ftr-349	427	7	systematic	systematic	ADJ
ftr-349	427	8	use	use	NOUN
ftr-349	427	9	of	of	ADP
ftr-349	427	10	domestic	domestic	ADJ
ftr-349	427	11	borrowing	borrowing	NOUN
ftr-349	427	12	to	to	PART
ftr-349	427	13	replicate	replicate	VERB
ftr-349	427	14	the	the	DET
ftr-349	427	15	cash	cash	NOUN
ftr-349	427	16	flow	flow	NOUN
ftr-349	427	17	advantages	advantage	NOUN
ftr-349	427	18	enjoyed	enjoy	VERB
ftr-349	427	19	by	by	ADP
ftr-349	427	20	other	other	ADJ
ftr-349	427	21	firms	firm	NOUN
ftr-349	427	22	in	in	ADP
ftr-349	427	23	territorial	territorial	ADJ
ftr-349	427	24	regimes	regime	NOUN
ftr-349	427	25	(	(	PUNCT
ftr-349	427	26	where	where	SCONJ
ftr-349	427	27	foreign	foreign	ADJ
ftr-349	427	28	earnings	earning	NOUN
ftr-349	427	29	can	can	AUX
ftr-349	427	30	costlessly	costlessly	ADV
ftr-349	427	31	be	be	AUX
ftr-349	427	32	repatriated	repatriate	VERB
ftr-349	427	33	)	)	PUNCT
ftr-349	427	34	erodes	erode	VERB
ftr-349	427	35	the	the	DET
ftr-349	427	36	u.s	u.s	PROPN
ftr-349	427	37	.	.	PROPN
ftr-349	427	38	corporate	corporate	ADJ
ftr-349	427	39	tax	tax	NOUN
ftr-349	427	40	base	base	NOUN
ftr-349	427	41	,	,	PUNCT
ftr-349	427	42	because	because	SCONJ
ftr-349	427	43	the	the	DET
ftr-349	427	44	firm	firm	NOUN
ftr-349	427	45	’s	’s	PART
ftr-349	427	46	interest	interest	NOUN
ftr-349	427	47	expense	expense	NOUN
ftr-349	427	48	is	be	AUX
ftr-349	427	49	deductible	deductible	ADJ
ftr-349	427	50	in	in	ADP
ftr-349	427	51	the	the	DET
ftr-349	427	52	united	united	PROPN
ftr-349	427	53	states	states	PROPN
ftr-349	427	54	,	,	PUNCT
ftr-349	427	55	while	while	SCONJ
ftr-349	427	56	the	the	DET
ftr-349	427	57	foreign	foreign	ADJ
ftr-349	427	58	earnings	earning	NOUN
ftr-349	427	59	are	be	AUX
ftr-349	427	60	not	not	PART
ftr-349	427	61	included	include	VERB
ftr-349	427	62	.	.	PUNCT
ftr-349	428	1	the	the	DET
ftr-349	428	2	combination	combination	NOUN
ftr-349	428	3	of	of	ADP
ftr-349	428	4	“	"	PUNCT
ftr-349	428	5	deferral	deferral	ADJ
ftr-349	428	6	,	,	PUNCT
ftr-349	428	7	”	"	PUNCT
ftr-349	428	8	as	as	SCONJ
ftr-349	428	9	turbocharged	turbocharge	VERB
ftr-349	428	10	by	by	ADP
ftr-349	428	11	stateless	stateless	NOUN
ftr-349	428	12	income	income	NOUN
ftr-349	428	13	planning	planning	NOUN
ftr-349	428	14	,	,	PUNCT
ftr-349	428	15	and	and	CCONJ
ftr-349	428	16	incomplete	incomplete	ADJ
ftr-349	428	17	domestic	domestic	ADJ
ftr-349	428	18	expense	expense	NOUN
ftr-349	428	19	allocation	allocation	NOUN
ftr-349	428	20	rules	rule	NOUN
ftr-349	428	21	,	,	PUNCT
ftr-349	428	22	which	which	PRON
ftr-349	428	23	often	often	ADV
ftr-349	428	24	are	be	AUX
ftr-349	428	25	not	not	PART
ftr-349	428	26	binding	bind	VERB
ftr-349	428	27	,	,	PUNCT
ftr-349	428	28	thus	thus	ADV
ftr-349	428	29	lead	lead	VERB
ftr-349	428	30	to	to	ADP
ftr-349	428	31	classic	classic	ADJ
ftr-349	428	32	tax	tax	NOUN
ftr-349	428	33	arbitrage	arbitrage	NOUN
ftr-349	428	34	,	,	PUNCT
ftr-349	428	35	no	no	ADV
ftr-349	428	36	different	different	ADJ
ftr-349	428	37	in	in	ADP
ftr-349	428	38	character	character	NOUN
ftr-349	428	39	than	than	SCONJ
ftr-349	428	40	if	if	SCONJ
ftr-349	428	41	taxpayers	taxpayer	NOUN
ftr-349	428	42	could	could	AUX
ftr-349	428	43	borrow	borrow	VERB
ftr-349	428	44	freely	freely	ADV
ftr-349	428	45	to	to	PART
ftr-349	428	46	buy	buy	VERB
ftr-349	428	47	tax	tax	NOUN
ftr-349	428	48	-	-	PUNCT
ftr-349	428	49	exempt	exempt	ADJ
ftr-349	428	50	municipal	municipal	ADJ
ftr-349	428	51	bonds	bond	NOUN
ftr-349	428	52	.	.	PUNCT
ftr-349	429	1	e.	e.	PROPN
ftr-349	429	2	the	the	DET
ftr-349	429	3	tax	tax	NOUN
ftr-349	429	4	distillery	distillery	NOUN
ftr-349	429	5	a	a	DET
ftr-349	429	6	sophisticated	sophisticated	ADJ
ftr-349	429	7	u.s	u.s	PROPN
ftr-349	429	8	.	.	PROPN
ftr-349	429	9	firm	firm	PROPN
ftr-349	429	10	manages	manage	VERB
ftr-349	429	11	the	the	DET
ftr-349	429	12	residual	residual	ADJ
ftr-349	429	13	u.s	u.s	PROPN
ftr-349	429	14	.	.	PROPN
ftr-349	429	15	tax	tax	NOUN
ftr-349	429	16	on	on	ADP
ftr-349	429	17	repatriated	repatriate	VERB
ftr-349	429	18	foreign	foreign	ADJ
ftr-349	429	19	earnings	earning	NOUN
ftr-349	429	20	by	by	ADP
ftr-349	429	21	manipulating	manipulate	VERB
ftr-349	429	22	the	the	DET
ftr-349	429	23	complex	complex	ADJ
ftr-349	429	24	interactions	interaction	NOUN
ftr-349	429	25	between	between	ADP
ftr-349	429	26	the	the	DET
ftr-349	429	27	u.s	u.s	PROPN
ftr-349	429	28	.	.	PROPN
ftr-349	429	29	deferral	deferral	ADJ
ftr-349	429	30	and	and	CCONJ
ftr-349	429	31	foreign	foreign	ADJ
ftr-349	429	32	tax	tax	NOUN
ftr-349	429	33	credit	credit	NOUN
ftr-349	429	34	rules	rule	NOUN
ftr-349	429	35	in	in	ADP
ftr-349	429	36	a	a	DET
ftr-349	429	37	manner	manner	NOUN
ftr-349	429	38	that	that	PRON
ftr-349	429	39	can	can	AUX
ftr-349	429	40	be	be	AUX
ftr-349	429	41	analogized	analogize	VERB
ftr-349	429	42	to	to	ADP
ftr-349	429	43	a	a	DET
ftr-349	429	44	tax	tax	NOUN
ftr-349	429	45	distillery	distillery	NOUN
ftr-349	429	46	.	.	PUNCT
ftr-349	430	1	the	the	DET
ftr-349	430	2	firm	firm	NOUN
ftr-349	430	3	’s	’s	PART
ftr-349	430	4	tax	tax	NOUN
ftr-349	430	5	director	director	NOUN
ftr-349	430	6	functions	function	NOUN
ftr-349	430	7	as	as	ADP
ftr-349	430	8	the	the	DET
ftr-349	430	9	master	master	NOUN
ftr-349	430	10	distiller	distiller	NOUN
ftr-349	430	11	,	,	PUNCT
ftr-349	430	12	confronted	confront	VERB
ftr-349	430	13	by	by	ADP
ftr-349	430	14	hundreds	hundred	NOUN
ftr-349	430	15	of	of	ADP
ftr-349	430	16	casks	cask	NOUN
ftr-349	430	17	of	of	ADP
ftr-349	430	18	foreign	foreign	ADJ
ftr-349	430	19	income	income	NOUN
ftr-349	430	20	,	,	PUNCT
ftr-349	430	21	one	one	NUM
ftr-349	430	22	cask	cask	NOUN
ftr-349	430	23	for	for	ADP
ftr-349	430	24	each	each	DET
ftr-349	430	25	category	category	NOUN
ftr-349	430	26	of	of	ADP
ftr-349	430	27	income	income	NOUN
ftr-349	430	28	earned	earn	VERB
ftr-349	430	29	by	by	ADP
ftr-349	430	30	each	each	DET
ftr-349	430	31	foreign	foreign	ADJ
ftr-349	430	32	subsidiary	subsidiary	NOUN
ftr-349	430	33	.	.	PUNCT
ftr-349	431	1	each	each	DET
ftr-349	431	2	cask	cask	NOUN
ftr-349	431	3	sits	sit	VERB
ftr-349	431	4	waiting	wait	VERB
ftr-349	431	5	to	to	PART
ftr-349	431	6	be	be	AUX
ftr-349	431	7	tapped	tap	VERB
ftr-349	431	8	by	by	ADP
ftr-349	431	9	the	the	DET
ftr-349	431	10	master	master	NOUN
ftr-349	431	11	distiller	distiller	NOUN
ftr-349	431	12	as	as	SCONJ
ftr-349	431	13	needed	need	VERB
ftr-349	431	14	,	,	PUNCT
ftr-349	431	15	and	and	CCONJ
ftr-349	431	16	each	each	DET
ftr-349	431	17	dram	dram	NOUN
ftr-349	431	18	of	of	ADP
ftr-349	431	19	foreign	foreign	ADJ
ftr-349	431	20	income	income	NOUN
ftr-349	431	21	drawn	draw	VERB
ftr-349	431	22	from	from	ADP
ftr-349	431	23	a	a	DET
ftr-349	431	24	cask	cask	NOUN
ftr-349	431	25	brings	bring	VERB
ftr-349	431	26	with	with	ADP
ftr-349	431	27	it	it	PRON
ftr-349	431	28	a	a	DET
ftr-349	431	29	different	different	ADJ
ftr-349	431	30	quantum	quantum	NOUN
ftr-349	431	31	of	of	ADP
ftr-349	431	32	foreign	foreign	ADJ
ftr-349	431	33	tax	tax	NOUN
ftr-349	431	34	credits	credit	NOUN
ftr-349	431	35	.	.	PUNCT
ftr-349	432	1	the	the	DET
ftr-349	432	2	master	master	NOUN
ftr-349	432	3	distiller	distiller	NOUN
ftr-349	432	4	takes	take	VERB
ftr-349	432	5	instructions	instruction	NOUN
ftr-349	432	6	from	from	ADP
ftr-349	432	7	the	the	DET
ftr-349	432	8	chief	chief	ADJ
ftr-349	432	9	financial	financial	ADJ
ftr-349	432	10	officer	officer	NOUN
ftr-349	432	11	as	as	ADP
ftr-349	432	12	to	to	ADP
ftr-349	432	13	how	how	SCONJ
ftr-349	432	14	much	much	ADJ
ftr-349	432	15	cash	cash	NOUN
ftr-349	432	16	must	must	AUX
ftr-349	432	17	be	be	AUX
ftr-349	432	18	repatriated	repatriate	VERB
ftr-349	432	19	to	to	ADP
ftr-349	432	20	the	the	DET
ftr-349	432	21	united	united	PROPN
ftr-349	432	22	states	states	PROPN
ftr-349	432	23	each	each	DET
ftr-349	432	24	year	year	NOUN
ftr-349	432	25	,	,	PUNCT
ftr-349	432	26	and	and	CCONJ
ftr-349	432	27	then	then	ADV
ftr-349	432	28	sets	set	VERB
ftr-349	432	29	about	about	ADP
ftr-349	432	30	perfecting	perfect	VERB
ftr-349	432	31	a	a	DET
ftr-349	432	32	blend	blend	NOUN
ftr-349	432	33	of	of	ADP
ftr-349	432	34	income	income	NOUN
ftr-349	432	35	and	and	CCONJ
ftr-349	432	36	credits	credit	NOUN
ftr-349	432	37	so	so	SCONJ
ftr-349	432	38	that	that	SCONJ
ftr-349	432	39	the	the	DET
ftr-349	432	40	residual	residual	ADJ
ftr-349	432	41	u.s	u.s	PROPN
ftr-349	432	42	.	.	PROPN
ftr-349	432	43	tax	tax	NOUN
ftr-349	432	44	on	on	ADP
ftr-349	432	45	the	the	DET
ftr-349	432	46	resulting	result	VERB
ftr-349	432	47	liqueur	liqueur	NOUN
ftr-349	432	48	is	be	AUX
ftr-349	432	49	as	as	ADV
ftr-349	432	50	small	small	ADJ
ftr-349	432	51	as	as	ADP
ftr-349	432	52	possible	possible	ADJ
ftr-349	432	53	.	.	PUNCT
ftr-349	433	1	these	these	DET
ftr-349	433	2	blends	blend	NOUN
ftr-349	433	3	might	might	AUX
ftr-349	433	4	,	,	PUNCT
ftr-349	433	5	for	for	ADP
ftr-349	433	6	example	example	NOUN
ftr-349	433	7	,	,	PUNCT
ftr-349	433	8	encompass	encompass	VERB
ftr-349	433	9	complex	complex	ADJ
ftr-349	433	10	“	"	PUNCT
ftr-349	433	11	triangular	triangular	NOUN
ftr-349	433	12	”	"	PUNCT
ftr-349	433	13	flows	flow	NOUN
ftr-349	433	14	,	,	PUNCT
ftr-349	433	15	in	in	ADP
ftr-349	433	16	which	which	PRON
ftr-349	433	17	a	a	DET
ftr-349	433	18	low	low	ADV
ftr-349	433	19	-	-	PUNCT
ftr-349	433	20	taxed	tax	VERB
ftr-349	433	21	subsidiary	subsidiary	NOUN
ftr-349	433	22	’s	’s	PART
ftr-349	433	23	income	income	NOUN
ftr-349	433	24	is	be	AUX
ftr-349	433	25	routed	route	VERB
ftr-349	433	26	through	through	ADP
ftr-349	433	27	highertaxed	highertaxed	ADJ
ftr-349	433	28	subsidiaries	subsidiary	NOUN
ftr-349	433	29	to	to	PART
ftr-349	433	30	associate	associate	VERB
ftr-349	433	31	the	the	DET
ftr-349	433	32	repatriation	repatriation	NOUN
ftr-349	433	33	with	with	ADP
ftr-349	433	34	greater	great	ADJ
ftr-349	433	35	tax	tax	NOUN
ftr-349	433	36	credits.53	credits.53	NOUN
ftr-349	433	37	and	and	CCONJ
ftr-349	433	38	when	when	SCONJ
ftr-349	433	39	direct	direct	ADJ
ftr-349	433	40	repatriations	repatriation	NOUN
ftr-349	433	41	can	can	AUX
ftr-349	433	42	not	not	PART
ftr-349	433	43	be	be	AUX
ftr-349	433	44	sheltered	shelter	VERB
ftr-349	433	45	by	by	ADP
ftr-349	433	46	foreign	foreign	ADJ
ftr-349	433	47	tax	tax	NOUN
ftr-349	433	48	credits	credit	NOUN
ftr-349	433	49	,	,	PUNCT
ftr-349	433	50	u.s	u.s	PROPN
ftr-349	433	51	.	.	PROPN
ftr-349	433	52	firms	firm	NOUN
ftr-349	433	53	often	often	ADV
ftr-349	433	54	can	can	AUX
ftr-349	433	55	simply	simply	ADV
ftr-349	433	56	borrow	borrow	VERB
ftr-349	433	57	in	in	ADP
ftr-349	433	58	the	the	DET
ftr-349	433	59	u.s	u.s	PROPN
ftr-349	433	60	.	.	PROPN
ftr-349	433	61	capital	capital	NOUN
ftr-349	433	62	markets	market	NOUN
ftr-349	433	63	,	,	PUNCT
ftr-349	433	64	relying	rely	VERB
ftr-349	433	65	in	in	ADP
ftr-349	433	66	part	part	NOUN
ftr-349	433	67	on	on	ADP
ftr-349	433	68	the	the	DET
ftr-349	433	69	implicit	implicit	ADJ
ftr-349	433	70	credit	credit	NOUN
ftr-349	433	71	of	of	ADP
ftr-349	433	72	their	their	PRON
ftr-349	433	73	substantial	substantial	ADJ
ftr-349	433	74	retained	retain	VERB
ftr-349	433	75	overseas	overseas	ADJ
ftr-349	433	76	earnings.54	earnings.54	PROPN
ftr-349	433	77	52	52	NUM
ftr-349	433	78	.	.	PUNCT
ftr-349	434	1	jilani	jilani	PROPN
ftr-349	434	2	,	,	PUNCT
ftr-349	434	3	microsoft	microsoft	PROPN
ftr-349	434	4	structured	structured	PROPN
ftr-349	434	5	acquisition	acquisition	NOUN
ftr-349	434	6	,	,	PUNCT
ftr-349	434	7	supra	supra	PROPN
ftr-349	434	8	note	note	NOUN
ftr-349	434	9	10	10	NUM
ftr-349	434	10	.	.	PUNCT
ftr-349	435	1	53	53	NUM
ftr-349	435	2	.	.	PUNCT
ftr-349	436	1	rosanne	rosanne	PROPN
ftr-349	436	2	altshuler	altshuler	PROPN
ftr-349	436	3	&	&	CCONJ
ftr-349	436	4	harry	harry	PROPN
ftr-349	436	5	grubert	grubert	PROPN
ftr-349	436	6	,	,	PUNCT
ftr-349	436	7	repatriation	repatriation	NOUN
ftr-349	436	8	taxes	taxis	NOUN
ftr-349	436	9	,	,	PUNCT
ftr-349	436	10	repatriation	repatriation	NOUN
ftr-349	436	11	strategies	strategy	NOUN
ftr-349	436	12	and	and	CCONJ
ftr-349	436	13	multinational	multinational	ADJ
ftr-349	436	14	financial	financial	ADJ
ftr-349	436	15	policy	policy	NOUN
ftr-349	436	16	,	,	PUNCT
ftr-349	436	17	87	87	NUM
ftr-349	436	18	j.	j.	PROPN
ftr-349	436	19	pub	pub	PROPN
ftr-349	436	20	.	.	PUNCT
ftr-349	436	21	econ	econ	PROPN
ftr-349	436	22	.	.	PUNCT
ftr-349	437	1	73	73	NUM
ftr-349	437	2	,	,	PUNCT
ftr-349	437	3	75	75	NUM
ftr-349	437	4	(	(	PUNCT
ftr-349	437	5	2002	2002	NUM
ftr-349	437	6	)	)	PUNCT
ftr-349	437	7	(	(	PUNCT
ftr-349	437	8	“	"	PUNCT
ftr-349	437	9	instead	instead	ADV
ftr-349	437	10	of	of	ADP
ftr-349	437	11	investing	invest	VERB
ftr-349	437	12	in	in	ADP
ftr-349	437	13	passive	passive	ADJ
ftr-349	437	14	assets	asset	NOUN
ftr-349	437	15	or	or	CCONJ
ftr-349	437	16	reinvestment	reinvestment	NOUN
ftr-349	437	17	,	,	PUNCT
ftr-349	437	18	the	the	DET
ftr-349	437	19	low	low	ADJ
ftr-349	437	20	-	-	PUNCT
ftr-349	437	21	tax	tax	NOUN
ftr-349	437	22	affiliate	affiliate	NOUN
ftr-349	437	23	with	with	ADP
ftr-349	437	24	potentially	potentially	ADV
ftr-349	437	25	high	high	ADJ
ftr-349	437	26	taxes	taxis	NOUN
ftr-349	437	27	on	on	ADP
ftr-349	437	28	direct	direct	ADJ
ftr-349	437	29	repatriations	repatriation	NOUN
ftr-349	437	30	can	can	AUX
ftr-349	437	31	invest	invest	VERB
ftr-349	437	32	in	in	ADP
ftr-349	437	33	,	,	PUNCT
ftr-349	437	34	or	or	CCONJ
ftr-349	437	35	lend	lend	VERB
ftr-349	437	36	to	to	PART
ftr-349	437	37	,	,	PUNCT
ftr-349	437	38	a	a	DET
ftr-349	437	39	related	relate	VERB
ftr-349	437	40	foreign	foreign	ADJ
ftr-349	437	41	affiliate	affiliate	NOUN
ftr-349	437	42	.	.	PUNCT
ftr-349	438	1	this	this	PRON
ftr-349	438	2	keeps	keep	VERB
ftr-349	438	3	the	the	DET
ftr-349	438	4	funds	fund	NOUN
ftr-349	438	5	within	within	ADP
ftr-349	438	6	the	the	DET
ftr-349	438	7	worldwide	worldwide	ADJ
ftr-349	438	8	corporation	corporation	NOUN
ftr-349	438	9	and	and	CCONJ
ftr-349	438	10	generates	generate	VERB
ftr-349	438	11	a	a	DET
ftr-349	438	12	triangular	triangular	NOUN
ftr-349	438	13	flow	flow	NOUN
ftr-349	438	14	of	of	ADP
ftr-349	438	15	funds	fund	NOUN
ftr-349	438	16	with	with	ADP
ftr-349	438	17	the	the	DET
ftr-349	438	18	mnc	mnc	PROPN
ftr-349	438	19	.	.	PUNCT
ftr-349	439	1	further	far	ADV
ftr-349	439	2	,	,	PUNCT
ftr-349	439	3	as	as	ADV
ftr-349	439	4	long	long	ADV
ftr-349	439	5	as	as	SCONJ
ftr-349	439	6	the	the	DET
ftr-349	439	7	related	relate	VERB
ftr-349	439	8	downstream	downstream	ADJ
ftr-349	439	9	affiliate	affiliate	NOUN
ftr-349	439	10	is	be	AUX
ftr-349	439	11	not	not	PART
ftr-349	439	12	located	locate	VERB
ftr-349	439	13	in	in	ADP
ftr-349	439	14	a	a	DET
ftr-349	439	15	low	low	ADJ
ftr-349	439	16	-	-	PUNCT
ftr-349	439	17	tax	tax	NOUN
ftr-349	439	18	country	country	NOUN
ftr-349	439	19	,	,	PUNCT
ftr-349	439	20	it	it	PRON
ftr-349	439	21	can	can	AUX
ftr-349	439	22	become	become	VERB
ftr-349	439	23	the	the	DET
ftr-349	439	24	vehicle	vehicle	NOUN
ftr-349	439	25	for	for	ADP
ftr-349	439	26	tax	tax	NOUN
ftr-349	439	27	-	-	PUNCT
ftr-349	439	28	free	free	ADJ
ftr-349	439	29	repatriation	repatriation	NOUN
ftr-349	439	30	by	by	ADP
ftr-349	439	31	the	the	DET
ftr-349	439	32	low	low	ADJ
ftr-349	439	33	-	-	PUNCT
ftr-349	439	34	tax	tax	NOUN
ftr-349	439	35	subsidiary	subsidiary	NOUN
ftr-349	439	36	.	.	PUNCT
ftr-349	439	37	”	"	PUNCT
ftr-349	439	38	)	)	PUNCT
ftr-349	439	39	.	.	PUNCT
ftr-349	440	1	54	54	NUM
ftr-349	440	2	.	.	PUNCT
ftr-349	441	1	i	i	PRON
ftr-349	441	2	d.	d.	PROPN
ftr-349	441	3	726	726	NUM
ftr-349	441	4	florida	florida	PROPN
ftr-349	441	5	tax	tax	NOUN
ftr-349	441	6	review	review	NOUN
ftr-349	442	1	[	[	X
ftr-349	442	2	vol	vol	NOUN
ftr-349	442	3	.	.	PUNCT
ftr-349	442	4	11:9	11:9	NUM
ftr-349	442	5	through	through	ADP
ftr-349	442	6	adroit	adroit	ADJ
ftr-349	442	7	tax	tax	NOUN
ftr-349	442	8	planning	planning	NOUN
ftr-349	442	9	the	the	DET
ftr-349	442	10	tax	tax	NOUN
ftr-349	442	11	director	director	NOUN
ftr-349	442	12	can	can	AUX
ftr-349	442	13	replenish	replenish	VERB
ftr-349	442	14	the	the	DET
ftr-349	442	15	casks	cask	NOUN
ftr-349	442	16	of	of	ADP
ftr-349	442	17	high	high	ADJ
ftr-349	442	18	-	-	PUNCT
ftr-349	442	19	tax	tax	NOUN
ftr-349	442	20	and	and	CCONJ
ftr-349	442	21	low	low	ADJ
ftr-349	442	22	-	-	PUNCT
ftr-349	442	23	tax	tax	NOUN
ftr-349	442	24	foreign	foreign	ADJ
ftr-349	442	25	income	income	NOUN
ftr-349	442	26	,	,	PUNCT
ftr-349	442	27	while	while	SCONJ
ftr-349	442	28	keeping	keep	VERB
ftr-349	442	29	untapped	untapped	ADJ
ftr-349	442	30	income	income	NOUN
ftr-349	442	31	offshore	offshore	ADV
ftr-349	442	32	and	and	CCONJ
ftr-349	442	33	waiting	wait	VERB
ftr-349	442	34	to	to	PART
ftr-349	442	35	be	be	AUX
ftr-349	442	36	drawn	draw	VERB
ftr-349	442	37	down	down	ADP
ftr-349	442	38	as	as	SCONJ
ftr-349	442	39	needed	need	VERB
ftr-349	442	40	.	.	PUNCT
ftr-349	443	1	the	the	DET
ftr-349	443	2	aggregate	aggregate	ADJ
ftr-349	443	3	result	result	NOUN
ftr-349	443	4	,	,	PUNCT
ftr-349	443	5	as	as	SCONJ
ftr-349	443	6	summarized	summarize	VERB
ftr-349	443	7	above	above	ADV
ftr-349	443	8	,	,	PUNCT
ftr-349	443	9	is	be	AUX
ftr-349	443	10	a	a	DET
ftr-349	443	11	very	very	ADV
ftr-349	443	12	low	low	ADJ
ftr-349	443	13	effective	effective	ADJ
ftr-349	443	14	u.s	u.s	PROPN
ftr-349	443	15	.	.	PROPN
ftr-349	443	16	residual	residual	ADJ
ftr-349	443	17	tax	tax	NOUN
ftr-349	443	18	rate	rate	NOUN
ftr-349	443	19	on	on	ADP
ftr-349	443	20	regular	regular	ADJ
ftr-349	443	21	repatriations	repatriation	NOUN
ftr-349	443	22	.	.	PUNCT
ftr-349	444	1	at	at	ADP
ftr-349	444	2	the	the	DET
ftr-349	444	3	same	same	ADJ
ftr-349	444	4	time	time	NOUN
ftr-349	444	5	,	,	PUNCT
ftr-349	444	6	the	the	DET
ftr-349	444	7	operation	operation	NOUN
ftr-349	444	8	of	of	ADP
ftr-349	444	9	the	the	DET
ftr-349	444	10	distillery	distillery	NOUN
ftr-349	444	11	tends	tend	VERB
ftr-349	444	12	to	to	PART
ftr-349	444	13	drive	drive	VERB
ftr-349	444	14	down	down	ADP
ftr-349	444	15	the	the	DET
ftr-349	444	16	effective	effective	ADJ
ftr-349	444	17	foreign	foreign	ADJ
ftr-349	444	18	tax	tax	NOUN
ftr-349	444	19	rate	rate	NOUN
ftr-349	444	20	associated	associate	VERB
ftr-349	444	21	with	with	ADP
ftr-349	444	22	unrepatriated	unrepatriated	ADJ
ftr-349	444	23	foreign	foreign	ADJ
ftr-349	444	24	earnings	earning	NOUN
ftr-349	444	25	,	,	PUNCT
ftr-349	444	26	because	because	SCONJ
ftr-349	444	27	the	the	DET
ftr-349	444	28	purpose	purpose	NOUN
ftr-349	444	29	of	of	ADP
ftr-349	444	30	the	the	DET
ftr-349	444	31	distillery	distillery	NOUN
ftr-349	444	32	is	be	AUX
ftr-349	444	33	to	to	PART
ftr-349	444	34	strip	strip	VERB
ftr-349	444	35	out	out	ADP
ftr-349	444	36	from	from	ADP
ftr-349	444	37	indefinitely	indefinitely	ADV
ftr-349	444	38	-	-	PUNCT
ftr-349	444	39	deferred	defer	VERB
ftr-349	444	40	foreign	foreign	ADJ
ftr-349	444	41	earnings	earning	NOUN
ftr-349	444	42	all	all	DET
ftr-349	444	43	the	the	DET
ftr-349	444	44	foreign	foreign	ADJ
ftr-349	444	45	tax	tax	NOUN
ftr-349	444	46	credits	credit	NOUN
ftr-349	444	47	that	that	PRON
ftr-349	444	48	are	be	AUX
ftr-349	444	49	needed	need	VERB
ftr-349	444	50	to	to	PART
ftr-349	444	51	offset	offset	VERB
ftr-349	444	52	current	current	ADJ
ftr-349	444	53	repatriations	repatriation	NOUN
ftr-349	444	54	of	of	ADP
ftr-349	444	55	zero	zero	NUM
ftr-349	444	56	-	-	PUNCT
ftr-349	444	57	taxed	tax	VERB
ftr-349	444	58	or	or	CCONJ
ftr-349	444	59	low	low	ADV
ftr-349	444	60	-	-	PUNCT
ftr-349	444	61	taxed	tax	VERB
ftr-349	444	62	foreign	foreign	ADJ
ftr-349	444	63	income	income	NOUN
ftr-349	444	64	.	.	PUNCT
ftr-349	445	1	the	the	DET
ftr-349	445	2	typical	typical	ADJ
ftr-349	445	3	corporate	corporate	ADJ
ftr-349	445	4	tax	tax	NOUN
ftr-349	445	5	distillery	distillery	NOUN
ftr-349	445	6	is	be	AUX
ftr-349	445	7	built	build	VERB
ftr-349	445	8	to	to	PART
ftr-349	445	9	handle	handle	VERB
ftr-349	445	10	a	a	DET
ftr-349	445	11	certain	certain	ADJ
ftr-349	445	12	maximum	maximum	ADJ
ftr-349	445	13	annual	annual	ADJ
ftr-349	445	14	throughput	throughput	NOUN
ftr-349	445	15	of	of	ADP
ftr-349	445	16	foreign	foreign	ADJ
ftr-349	445	17	income	income	NOUN
ftr-349	445	18	and	and	CCONJ
ftr-349	445	19	associated	associate	VERB
ftr-349	445	20	foreign	foreign	ADJ
ftr-349	445	21	tax	tax	NOUN
ftr-349	445	22	credits	credit	NOUN
ftr-349	445	23	.	.	PUNCT
ftr-349	446	1	if	if	SCONJ
ftr-349	446	2	business	business	NOUN
ftr-349	446	3	exigencies	exigency	NOUN
ftr-349	446	4	were	be	AUX
ftr-349	446	5	to	to	PART
ftr-349	446	6	call	call	VERB
ftr-349	446	7	for	for	ADP
ftr-349	446	8	a	a	DET
ftr-349	446	9	very	very	ADV
ftr-349	446	10	large	large	ADJ
ftr-349	446	11	repatriation	repatriation	NOUN
ftr-349	446	12	in	in	ADP
ftr-349	446	13	one	one	NUM
ftr-349	446	14	year	year	NOUN
ftr-349	446	15	,	,	PUNCT
ftr-349	446	16	the	the	DET
ftr-349	446	17	tax	tax	NOUN
ftr-349	446	18	director	director	NOUN
ftr-349	446	19	’s	’s	PART
ftr-349	446	20	intricate	intricate	ADJ
ftr-349	446	21	distillation	distillation	NOUN
ftr-349	446	22	apparatus	apparatus	NOUN
ftr-349	446	23	would	would	AUX
ftr-349	446	24	be	be	AUX
ftr-349	446	25	overwhelmed	overwhelmed	ADJ
ftr-349	446	26	and	and	CCONJ
ftr-349	446	27	a	a	DET
ftr-349	446	28	substantial	substantial	ADJ
ftr-349	446	29	residual	residual	ADJ
ftr-349	446	30	u.s	u.s	PROPN
ftr-349	446	31	.	.	PROPN
ftr-349	446	32	tax	tax	NOUN
ftr-349	446	33	liability	liability	NOUN
ftr-349	446	34	incurred	incur	VERB
ftr-349	446	35	.	.	PUNCT
ftr-349	447	1	it	it	PRON
ftr-349	447	2	is	be	AUX
ftr-349	447	3	for	for	ADP
ftr-349	447	4	this	this	DET
ftr-349	447	5	reason	reason	NOUN
ftr-349	447	6	that	that	SCONJ
ftr-349	447	7	the	the	DET
ftr-349	447	8	right	right	ADJ
ftr-349	447	9	way	way	NOUN
ftr-349	447	10	to	to	PART
ftr-349	447	11	see	see	VERB
ftr-349	447	12	the	the	DET
ftr-349	447	13	u.s	u.s	PROPN
ftr-349	447	14	.	.	PROPN
ftr-349	447	15	rules	rule	NOUN
ftr-349	447	16	for	for	ADP
ftr-349	447	17	taxing	tax	VERB
ftr-349	447	18	income	income	NOUN
ftr-349	447	19	from	from	ADP
ftr-349	447	20	foreign	foreign	ADJ
ftr-349	447	21	direct	direct	ADJ
ftr-349	447	22	investment	investment	NOUN
ftr-349	447	23	as	as	SCONJ
ftr-349	447	24	they	they	PRON
ftr-349	447	25	apply	apply	VERB
ftr-349	447	26	to	to	ADP
ftr-349	447	27	ordinary	ordinary	ADJ
ftr-349	447	28	course	course	NOUN
ftr-349	447	29	operations	operation	NOUN
ftr-349	447	30	is	be	AUX
ftr-349	447	31	as	as	ADP
ftr-349	447	32	a	a	DET
ftr-349	447	33	de	de	X
ftr-349	447	34	facto	facto	X
ftr-349	447	35	territorial	territorial	ADJ
ftr-349	447	36	tax	tax	NOUN
ftr-349	447	37	system	system	NOUN
ftr-349	447	38	with	with	ADP
ftr-349	447	39	a	a	DET
ftr-349	447	40	contingent	contingent	NOUN
ftr-349	447	41	(	(	PUNCT
ftr-349	447	42	and	and	CCONJ
ftr-349	447	43	firm	firm	ADJ
ftr-349	447	44	-	-	PUNCT
ftr-349	447	45	specific	specific	ADJ
ftr-349	447	46	)	)	PUNCT
ftr-349	447	47	residual	residual	ADJ
ftr-349	447	48	tax	tax	NOUN
ftr-349	447	49	liability	liability	NOUN
ftr-349	447	50	associated	associate	VERB
ftr-349	447	51	with	with	ADP
ftr-349	447	52	large	large	ADJ
ftr-349	447	53	-	-	PUNCT
ftr-349	447	54	scale	scale	NOUN
ftr-349	447	55	repatriations	repatriation	NOUN
ftr-349	447	56	.	.	PUNCT
ftr-349	448	1	it	it	PRON
ftr-349	448	2	also	also	ADV
ftr-349	448	3	follows	follow	VERB
ftr-349	448	4	from	from	ADP
ftr-349	448	5	the	the	DET
ftr-349	448	6	above	above	ADV
ftr-349	448	7	that	that	SCONJ
ftr-349	448	8	it	it	PRON
ftr-349	448	9	is	be	AUX
ftr-349	448	10	a	a	DET
ftr-349	448	11	mistake	mistake	NOUN
ftr-349	448	12	to	to	PART
ftr-349	448	13	confuse	confuse	VERB
ftr-349	448	14	the	the	DET
ftr-349	448	15	modest	modest	ADJ
ftr-349	448	16	u.s	u.s	PROPN
ftr-349	448	17	.	.	PROPN
ftr-349	448	18	tax	tax	NOUN
ftr-349	448	19	cost	cost	NOUN
ftr-349	448	20	to	to	ADP
ftr-349	448	21	u.s	u.s	PROPN
ftr-349	448	22	.	.	PROPN
ftr-349	448	23	firms	firm	NOUN
ftr-349	448	24	of	of	ADP
ftr-349	448	25	ordinary	ordinary	ADJ
ftr-349	448	26	course	course	NOUN
ftr-349	448	27	foreign	foreign	ADJ
ftr-349	448	28	income	income	NOUN
ftr-349	448	29	repatriations	repatriation	NOUN
ftr-349	448	30	with	with	ADP
ftr-349	448	31	the	the	DET
ftr-349	448	32	costs	cost	NOUN
ftr-349	448	33	that	that	PRON
ftr-349	448	34	would	would	AUX
ftr-349	448	35	be	be	AUX
ftr-349	448	36	incurred	incur	VERB
ftr-349	448	37	to	to	PART
ftr-349	448	38	repatriate	repatriate	VERB
ftr-349	448	39	the	the	DET
ftr-349	448	40	roughly	roughly	ADV
ftr-349	448	41	$	$	SYM
ftr-349	448	42	1.4	1.4	NUM
ftr-349	448	43	trillion	trillion	NUM
ftr-349	448	44	of	of	ADP
ftr-349	448	45	foreign	foreign	ADJ
ftr-349	448	46	untaxed	untaxed	ADJ
ftr-349	448	47	earnings	earning	NOUN
ftr-349	448	48	of	of	ADP
ftr-349	448	49	u.s	u.s	PROPN
ftr-349	448	50	.	.	PROPN
ftr-349	448	51	multinationals	multinational	NOUN
ftr-349	448	52	.	.	PUNCT
ftr-349	449	1	because	because	SCONJ
ftr-349	449	2	the	the	DET
ftr-349	449	3	tax	tax	NOUN
ftr-349	449	4	distilleries	distillery	NOUN
ftr-349	449	5	are	be	AUX
ftr-349	449	6	not	not	PART
ftr-349	449	7	scaled	scale	VERB
ftr-349	449	8	to	to	PART
ftr-349	449	9	handle	handle	VERB
ftr-349	449	10	throughput	throughput	NOUN
ftr-349	449	11	of	of	ADP
ftr-349	449	12	this	this	DET
ftr-349	449	13	magnitude	magnitude	NOUN
ftr-349	449	14	,	,	PUNCT
ftr-349	449	15	and	and	CCONJ
ftr-349	449	16	because	because	SCONJ
ftr-349	449	17	they	they	PRON
ftr-349	449	18	would	would	AUX
ftr-349	449	19	quickly	quickly	ADV
ftr-349	449	20	run	run	VERB
ftr-349	449	21	out	out	ADP
ftr-349	449	22	of	of	ADP
ftr-349	449	23	high	high	ADJ
ftr-349	449	24	-	-	PUNCT
ftr-349	449	25	tax	tax	NOUN
ftr-349	449	26	casks	cask	NOUN
ftr-349	449	27	of	of	ADP
ftr-349	449	28	foreign	foreign	ADJ
ftr-349	449	29	income	income	NOUN
ftr-349	449	30	were	be	AUX
ftr-349	449	31	they	they	PRON
ftr-349	449	32	to	to	PART
ftr-349	449	33	attempt	attempt	VERB
ftr-349	449	34	to	to	PART
ftr-349	449	35	accommodate	accommodate	VERB
ftr-349	449	36	this	this	DET
ftr-349	449	37	volume	volume	NOUN
ftr-349	449	38	of	of	ADP
ftr-349	449	39	production	production	NOUN
ftr-349	449	40	,	,	PUNCT
ftr-349	449	41	the	the	DET
ftr-349	449	42	actual	actual	ADJ
ftr-349	449	43	u.s	u.s	PROPN
ftr-349	449	44	.	.	PROPN
ftr-349	449	45	tax	tax	NOUN
ftr-349	449	46	cost	cost	NOUN
ftr-349	449	47	of	of	ADP
ftr-349	449	48	repatriating	repatriate	VERB
ftr-349	449	49	all	all	PRON
ftr-349	449	50	of	of	ADP
ftr-349	449	51	a	a	DET
ftr-349	449	52	firm	firm	NOUN
ftr-349	449	53	’s	’s	PART
ftr-349	449	54	stock	stock	NOUN
ftr-349	449	55	of	of	ADP
ftr-349	449	56	low	low	ADV
ftr-349	449	57	-	-	PUNCT
ftr-349	449	58	taxed	tax	VERB
ftr-349	449	59	deferred	defer	VERB
ftr-349	449	60	foreign	foreign	ADJ
ftr-349	449	61	earnings	earning	NOUN
ftr-349	449	62	(	(	PUNCT
ftr-349	449	63	made	make	VERB
ftr-349	449	64	even	even	ADV
ftr-349	449	65	lower	lower	ADV
ftr-349	449	66	-	-	PUNCT
ftr-349	449	67	taxed	tax	VERB
ftr-349	449	68	by	by	ADP
ftr-349	449	69	virtue	virtue	NOUN
ftr-349	449	70	of	of	ADP
ftr-349	449	71	years	year	NOUN
ftr-349	449	72	of	of	ADP
ftr-349	449	73	stripping	strip	VERB
ftr-349	449	74	out	out	ADP
ftr-349	449	75	foreign	foreign	ADJ
ftr-349	449	76	taxes	taxis	NOUN
ftr-349	449	77	to	to	PART
ftr-349	449	78	use	use	VERB
ftr-349	449	79	against	against	ADP
ftr-349	449	80	regular	regular	ADJ
ftr-349	449	81	repatriation	repatriation	NOUN
ftr-349	449	82	flows	flow	NOUN
ftr-349	449	83	)	)	PUNCT
ftr-349	449	84	would	would	AUX
ftr-349	449	85	be	be	AUX
ftr-349	449	86	expected	expect	VERB
ftr-349	449	87	to	to	PART
ftr-349	449	88	be	be	AUX
ftr-349	449	89	quite	quite	ADV
ftr-349	449	90	high.55	high.55	NOUN
ftr-349	449	91	another	another	DET
ftr-349	449	92	way	way	NOUN
ftr-349	449	93	of	of	ADP
ftr-349	449	94	saying	say	VERB
ftr-349	449	95	this	this	PRON
ftr-349	449	96	is	be	AUX
ftr-349	449	97	that	that	SCONJ
ftr-349	449	98	the	the	DET
ftr-349	449	99	u.s	u.s	PROPN
ftr-349	449	100	.	.	PROPN
ftr-349	449	101	taxes	taxis	NOUN
ftr-349	449	102	collected	collect	VERB
ftr-349	449	103	today	today	NOUN
ftr-349	449	104	on	on	ADP
ftr-349	449	105	regular	regular	ADJ
ftr-349	449	106	flows	flow	NOUN
ftr-349	449	107	of	of	ADP
ftr-349	449	108	foreign	foreign	ADJ
ftr-349	449	109	earnings	earning	NOUN
ftr-349	449	110	are	be	AUX
ftr-349	449	111	an	an	DET
ftr-349	449	112	average	average	ADJ
ftr-349	449	113	cost	cost	NOUN
ftr-349	449	114	applied	apply	VERB
ftr-349	449	115	to	to	ADP
ftr-349	449	116	a	a	DET
ftr-349	449	117	certain	certain	ADJ
ftr-349	449	118	volume	volume	NOUN
ftr-349	449	119	of	of	ADP
ftr-349	449	120	repatriations	repatriation	NOUN
ftr-349	449	121	;	;	PUNCT
ftr-349	449	122	that	that	DET
ftr-349	449	123	average	average	ADJ
ftr-349	449	124	cost	cost	NOUN
ftr-349	449	125	bears	bear	VERB
ftr-349	449	126	little	little	ADJ
ftr-349	449	127	relationship	relationship	NOUN
ftr-349	449	128	to	to	ADP
ftr-349	449	129	the	the	DET
ftr-349	449	130	marginal	marginal	ADJ
ftr-349	449	131	cost	cost	NOUN
ftr-349	449	132	of	of	ADP
ftr-349	449	133	bringing	bring	VERB
ftr-349	449	134	back	back	ADP
ftr-349	449	135	the	the	DET
ftr-349	449	136	firm	firm	NOUN
ftr-349	449	137	’s	’s	PART
ftr-349	449	138	much	much	ADV
ftr-349	449	139	larger	large	ADJ
ftr-349	449	140	stores	store	NOUN
ftr-349	449	141	of	of	ADP
ftr-349	449	142	very	very	ADV
ftr-349	449	143	lowtaxed	lowtaxed	ADJ
ftr-349	449	144	deferred	deferred	ADJ
ftr-349	449	145	income	income	NOUN
ftr-349	449	146	.	.	PUNCT
ftr-349	450	1	this	this	DET
ftr-349	450	2	issue	issue	NOUN
ftr-349	450	3	becomes	become	VERB
ftr-349	450	4	critically	critically	ADV
ftr-349	450	5	important	important	ADJ
ftr-349	450	6	in	in	ADP
ftr-349	450	7	contemplating	contemplate	VERB
ftr-349	450	8	whether	whether	SCONJ
ftr-349	450	9	u.s	u.s	PROPN
ftr-349	450	10	.	.	PROPN
ftr-349	450	11	firms	firm	NOUN
ftr-349	450	12	would	would	AUX
ftr-349	450	13	change	change	VERB
ftr-349	450	14	their	their	PRON
ftr-349	450	15	behavior	behavior	NOUN
ftr-349	450	16	very	very	ADV
ftr-349	450	17	much	much	ADV
ftr-349	450	18	if	if	SCONJ
ftr-349	450	19	the	the	DET
ftr-349	450	20	united	united	PROPN
ftr-349	450	21	states	states	PROPN
ftr-349	450	22	were	be	AUX
ftr-349	450	23	to	to	PART
ftr-349	450	24	move	move	VERB
ftr-349	450	25	to	to	ADP
ftr-349	450	26	a	a	DET
ftr-349	450	27	territorial	territorial	ADJ
ftr-349	450	28	tax	tax	NOUN
ftr-349	450	29	system	system	NOUN
ftr-349	450	30	;	;	PUNCT
ftr-349	450	31	the	the	DET
ftr-349	450	32	point	point	NOUN
ftr-349	450	33	made	make	VERB
ftr-349	450	34	here	here	ADV
ftr-349	450	35	is	be	AUX
ftr-349	450	36	that	that	SCONJ
ftr-349	450	37	the	the	DET
ftr-349	450	38	forgone	forgone	ADJ
ftr-349	450	39	tax	tax	NOUN
ftr-349	450	40	charges	charge	NOUN
ftr-349	450	41	that	that	SCONJ
ftr-349	450	42	a	a	DET
ftr-349	450	43	u.s	u.s	PROPN
ftr-349	450	44	.	.	PROPN
ftr-349	450	45	firm	firm	NOUN
ftr-349	450	46	would	would	AUX
ftr-349	450	47	then	then	ADV
ftr-349	450	48	enjoy	enjoy	VERB
ftr-349	450	49	when	when	SCONJ
ftr-349	450	50	compared	compare	VERB
ftr-349	450	51	with	with	ADP
ftr-349	450	52	current	current	ADJ
ftr-349	450	53	law	law	NOUN
ftr-349	450	54	would	would	AUX
ftr-349	450	55	be	be	AUX
ftr-349	450	56	much	much	ADV
ftr-349	450	57	larger	large	ADJ
ftr-349	450	58	than	than	SCONJ
ftr-349	450	59	would	would	AUX
ftr-349	450	60	be	be	AUX
ftr-349	450	61	implied	imply	VERB
ftr-349	450	62	by	by	ADP
ftr-349	450	63	the	the	DET
ftr-349	450	64	modest	modest	ADJ
ftr-349	450	65	u.s	u.s	PROPN
ftr-349	450	66	.	.	PROPN
ftr-349	450	67	tax	tax	NOUN
ftr-349	450	68	rate	rate	NOUN
ftr-349	450	69	imposed	impose	VERB
ftr-349	450	70	on	on	ADP
ftr-349	450	71	regular	regular	ADJ
ftr-349	450	72	course	course	NOUN
ftr-349	450	73	repatriations	repatriation	NOUN
ftr-349	450	74	under	under	ADP
ftr-349	450	75	the	the	DET
ftr-349	450	76	current	current	ADJ
ftr-349	450	77	system	system	NOUN
ftr-349	450	78	.	.	PUNCT
ftr-349	451	1	55	55	NUM
ftr-349	451	2	.	.	PUNCT
ftr-349	452	1	microsoft	microsoft	PROPN
ftr-349	452	2	corp	corp	PROPN
ftr-349	452	3	.	.	PROPN
ftr-349	452	4	,	,	PUNCT
ftr-349	452	5	2010	2010	NUM
ftr-349	452	6	annual	annual	ADJ
ftr-349	452	7	report	report	NOUN
ftr-349	452	8	,	,	PUNCT
ftr-349	452	9	58	58	NUM
ftr-349	452	10	n.13	n.13	NOUN
ftr-349	452	11	(	(	PUNCT
ftr-349	452	12	noting	note	VERB
ftr-349	452	13	a	a	DET
ftr-349	452	14	$	$	SYM
ftr-349	452	15	9.2	9.2	NUM
ftr-349	452	16	billion	billion	NUM
ftr-349	452	17	cost	cost	NOUN
ftr-349	452	18	to	to	PART
ftr-349	452	19	repatriate	repatriate	VERB
ftr-349	452	20	all	all	PRON
ftr-349	452	21	of	of	ADP
ftr-349	452	22	its	its	PRON
ftr-349	452	23	extant	extant	ADJ
ftr-349	452	24	foreign	foreign	ADJ
ftr-349	452	25	earnings	earning	NOUN
ftr-349	452	26	)	)	PUNCT
ftr-349	452	27	.	.	PUNCT
ftr-349	453	1	see	see	VERB
ftr-349	453	2	infra	infra	NOUN
ftr-349	453	3	text	text	NOUN
ftr-349	453	4	accompanying	accompany	VERB
ftr-349	453	5	notes	note	NOUN
ftr-349	453	6	93–95	93–95	PRON
ftr-349	453	7	.	.	PUNCT
ftr-349	454	1	2001	2001	NUM
ftr-349	454	2	]	]	PUNCT
ftr-349	454	3	stateless	stateless	NOUN
ftr-349	454	4	income	income	NOUN
ftr-349	454	5	727	727	NUM
ftr-349	454	6	iii	iii	NOUN
ftr-349	454	7	.	.	PUNCT
ftr-349	454	8	stateless	stateless	NOUN
ftr-349	454	9	income	income	NOUN
ftr-349	454	10	in	in	ADP
ftr-349	454	11	operation	operation	NOUN
ftr-349	454	12	a.	a.	NOUN
ftr-349	455	1	the	the	DET
ftr-349	455	2	value	value	NOUN
ftr-349	455	3	of	of	ADP
ftr-349	455	4	stateless	stateless	NOUN
ftr-349	455	5	income	income	NOUN
ftr-349	455	6	tax	tax	NOUN
ftr-349	455	7	planning	planning	NOUN
ftr-349	455	8	part	part	PROPN
ftr-349	455	9	ii	ii	PROPN
ftr-349	455	10	of	of	ADP
ftr-349	455	11	this	this	DET
ftr-349	455	12	article	article	NOUN
ftr-349	455	13	has	have	AUX
ftr-349	455	14	explained	explain	VERB
ftr-349	455	15	how	how	SCONJ
ftr-349	455	16	the	the	DET
ftr-349	455	17	current	current	ADJ
ftr-349	455	18	u.s	u.s	PROPN
ftr-349	455	19	.	.	PROPN
ftr-349	455	20	tax	tax	NOUN
ftr-349	455	21	system	system	NOUN
ftr-349	455	22	operates	operate	VERB
ftr-349	455	23	in	in	ADP
ftr-349	455	24	practice	practice	NOUN
ftr-349	455	25	as	as	ADP
ftr-349	455	26	an	an	DET
ftr-349	455	27	ersatz	ersatz	ADJ
ftr-349	455	28	sort	sort	NOUN
ftr-349	455	29	of	of	ADP
ftr-349	455	30	territorial	territorial	ADJ
ftr-349	455	31	tax	tax	NOUN
ftr-349	455	32	system	system	NOUN
ftr-349	455	33	,	,	PUNCT
ftr-349	455	34	within	within	ADP
ftr-349	455	35	the	the	DET
ftr-349	455	36	bounds	bound	NOUN
ftr-349	455	37	of	of	ADP
ftr-349	455	38	ordinary	ordinary	ADJ
ftr-349	455	39	course	course	NOUN
ftr-349	455	40	repatriation	repatriation	NOUN
ftr-349	455	41	flows	flow	VERB
ftr-349	455	42	.	.	PUNCT
ftr-349	456	1	this	this	DET
ftr-349	456	2	result	result	NOUN
ftr-349	456	3	in	in	ADP
ftr-349	456	4	turn	turn	NOUN
ftr-349	456	5	comes	come	VERB
ftr-349	456	6	at	at	ADP
ftr-349	456	7	an	an	DET
ftr-349	456	8	important	important	ADJ
ftr-349	456	9	cost	cost	NOUN
ftr-349	456	10	,	,	PUNCT
ftr-349	456	11	which	which	PRON
ftr-349	456	12	is	be	AUX
ftr-349	456	13	the	the	DET
ftr-349	456	14	retention	retention	NOUN
ftr-349	456	15	of	of	ADP
ftr-349	456	16	low	low	ADV
ftr-349	456	17	-	-	PUNCT
ftr-349	456	18	taxed	tax	VERB
ftr-349	456	19	foreign	foreign	ADJ
ftr-349	456	20	earnings	earning	NOUN
ftr-349	456	21	by	by	ADP
ftr-349	456	22	a	a	DET
ftr-349	456	23	firm	firm	NOUN
ftr-349	456	24	’s	’s	PART
ftr-349	456	25	foreign	foreign	ADJ
ftr-349	456	26	subsidiaries	subsidiary	NOUN
ftr-349	456	27	.	.	PUNCT
ftr-349	457	1	if	if	SCONJ
ftr-349	457	2	a	a	DET
ftr-349	457	3	u.s	u.s	PROPN
ftr-349	457	4	.	.	PROPN
ftr-349	457	5	firm	firm	PROPN
ftr-349	457	6	seeks	seek	VERB
ftr-349	457	7	to	to	PART
ftr-349	457	8	maximize	maximize	VERB
ftr-349	457	9	the	the	DET
ftr-349	457	10	aggregate	aggregate	ADJ
ftr-349	457	11	benefits	benefit	NOUN
ftr-349	457	12	obtainable	obtainable	ADJ
ftr-349	457	13	under	under	ADP
ftr-349	457	14	present	present	ADJ
ftr-349	457	15	u.s	u.s	PROPN
ftr-349	457	16	.	.	PROPN
ftr-349	457	17	tax	tax	NOUN
ftr-349	457	18	law	law	NOUN
ftr-349	457	19	(	(	PUNCT
ftr-349	457	20	as	as	ADP
ftr-349	457	21	many	many	ADJ
ftr-349	457	22	clearly	clearly	ADV
ftr-349	457	23	do	do	AUX
ftr-349	457	24	,	,	PUNCT
ftr-349	457	25	in	in	ADP
ftr-349	457	26	light	light	NOUN
ftr-349	457	27	of	of	ADP
ftr-349	457	28	the	the	DET
ftr-349	457	29	roughly	roughly	ADV
ftr-349	457	30	$	$	SYM
ftr-349	457	31	1.4	1.4	NUM
ftr-349	457	32	trillion	trillion	NUM
ftr-349	457	33	that	that	PRON
ftr-349	457	34	they	they	PRON
ftr-349	457	35	collectively	collectively	ADV
ftr-349	457	36	hold	hold	VERB
ftr-349	457	37	in	in	ADP
ftr-349	457	38	indefinitely	indefinitely	ADV
ftr-349	457	39	-	-	PUNCT
ftr-349	457	40	deferred	defer	VERB
ftr-349	457	41	low	low	ADJ
ftr-349	457	42	-	-	PUNCT
ftr-349	457	43	taxed	tax	VERB
ftr-349	457	44	foreign	foreign	ADJ
ftr-349	457	45	income	income	NOUN
ftr-349	457	46	)	)	PUNCT
ftr-349	457	47	,	,	PUNCT
ftr-349	457	48	there	there	PRON
ftr-349	457	49	are	be	VERB
ftr-349	457	50	important	important	ADJ
ftr-349	457	51	reasons	reason	NOUN
ftr-349	457	52	to	to	PART
ftr-349	457	53	minimize	minimize	VERB
ftr-349	457	54	the	the	DET
ftr-349	457	55	firm	firm	NOUN
ftr-349	457	56	’s	’s	PART
ftr-349	457	57	foreign	foreign	ADJ
ftr-349	457	58	tax	tax	NOUN
ftr-349	457	59	liabilities	liability	NOUN
ftr-349	457	60	.	.	PUNCT
ftr-349	458	1	first	first	ADV
ftr-349	458	2	,	,	PUNCT
ftr-349	458	3	a	a	DET
ftr-349	458	4	u.s.-based	u.s.-based	ADJ
ftr-349	458	5	multinational	multinational	ADJ
ftr-349	458	6	firm	firm	NOUN
ftr-349	458	7	typically	typically	ADV
ftr-349	458	8	needs	need	VERB
ftr-349	458	9	to	to	PART
ftr-349	458	10	“	"	PUNCT
ftr-349	458	11	borrow	borrow	VERB
ftr-349	458	12	”	"	PUNCT
ftr-349	458	13	only	only	ADV
ftr-349	458	14	a	a	DET
ftr-349	458	15	fraction	fraction	NOUN
ftr-349	458	16	of	of	ADP
ftr-349	458	17	its	its	PRON
ftr-349	458	18	total	total	ADJ
ftr-349	458	19	foreign	foreign	ADJ
ftr-349	458	20	tax	tax	NOUN
ftr-349	458	21	liabilities	liability	NOUN
ftr-349	458	22	to	to	PART
ftr-349	458	23	shelter	shelter	VERB
ftr-349	458	24	its	its	PRON
ftr-349	458	25	regular	regular	ADJ
ftr-349	458	26	course	course	NOUN
ftr-349	458	27	repatriations	repatriation	NOUN
ftr-349	458	28	of	of	ADP
ftr-349	458	29	earnings	earning	NOUN
ftr-349	458	30	to	to	ADP
ftr-349	458	31	the	the	DET
ftr-349	458	32	united	united	PROPN
ftr-349	458	33	states	states	PROPN
ftr-349	458	34	.	.	PUNCT
ftr-349	459	1	second	second	ADJ
ftr-349	459	2	,	,	PUNCT
ftr-349	459	3	that	that	DET
ftr-349	459	4	firm	firm	NOUN
ftr-349	459	5	obtains	obtain	VERB
ftr-349	459	6	no	no	DET
ftr-349	459	7	current	current	ADJ
ftr-349	459	8	cash	cash	NOUN
ftr-349	459	9	or	or	CCONJ
ftr-349	459	10	financial	financial	ADJ
ftr-349	459	11	accounting	accounting	NOUN
ftr-349	459	12	benefit	benefit	NOUN
ftr-349	459	13	for	for	ADP
ftr-349	459	14	any	any	DET
ftr-349	459	15	remaining	remain	VERB
ftr-349	459	16	taxes	taxis	NOUN
ftr-349	459	17	associated	associate	VERB
ftr-349	459	18	with	with	ADP
ftr-349	459	19	its	its	PRON
ftr-349	459	20	indefinitely	indefinitely	ADV
ftr-349	459	21	-	-	PUNCT
ftr-349	459	22	deferred	defer	VERB
ftr-349	459	23	earnings	earning	NOUN
ftr-349	459	24	.	.	PUNCT
ftr-349	460	1	to	to	ADP
ftr-349	460	2	the	the	DET
ftr-349	460	3	contrary	contrary	NOUN
ftr-349	460	4	,	,	PUNCT
ftr-349	460	5	any	any	DET
ftr-349	460	6	foreign	foreign	ADJ
ftr-349	460	7	taxes	taxis	NOUN
ftr-349	460	8	paid	pay	VERB
ftr-349	460	9	on	on	ADP
ftr-349	460	10	its	its	PRON
ftr-349	460	11	indefinitely	indefinitely	ADV
ftr-349	460	12	-	-	PUNCT
ftr-349	460	13	deferred	defer	VERB
ftr-349	460	14	earnings	earning	NOUN
ftr-349	460	15	are	be	AUX
ftr-349	460	16	simply	simply	ADV
ftr-349	460	17	a	a	DET
ftr-349	460	18	current	current	ADJ
ftr-349	460	19	cash	cash	NOUN
ftr-349	460	20	cost	cost	NOUN
ftr-349	460	21	and	and	CCONJ
ftr-349	460	22	an	an	DET
ftr-349	460	23	increment	increment	NOUN
ftr-349	460	24	to	to	ADP
ftr-349	460	25	its	its	PRON
ftr-349	460	26	effective	effective	ADJ
ftr-349	460	27	tax	tax	NOUN
ftr-349	460	28	expense	expense	NOUN
ftr-349	460	29	for	for	ADP
ftr-349	460	30	financial	financial	ADJ
ftr-349	460	31	accounting	accounting	NOUN
ftr-349	460	32	purposes	purpose	NOUN
ftr-349	460	33	.	.	PUNCT
ftr-349	461	1	moreover	moreover	ADV
ftr-349	461	2	,	,	PUNCT
ftr-349	461	3	as	as	SCONJ
ftr-349	461	4	described	describe	VERB
ftr-349	461	5	below	below	ADV
ftr-349	461	6	,	,	PUNCT
ftr-349	461	7	the	the	DET
ftr-349	461	8	financial	financial	ADJ
ftr-349	461	9	performance	performance	NOUN
ftr-349	461	10	of	of	ADP
ftr-349	461	11	a	a	DET
ftr-349	461	12	public	public	ADJ
ftr-349	461	13	firm	firm	NOUN
ftr-349	461	14	,	,	PUNCT
ftr-349	461	15	including	include	VERB
ftr-349	461	16	the	the	DET
ftr-349	461	17	comparison	comparison	NOUN
ftr-349	461	18	of	of	ADP
ftr-349	461	19	its	its	PRON
ftr-349	461	20	tax	tax	NOUN
ftr-349	461	21	expense	expense	NOUN
ftr-349	461	22	to	to	ADP
ftr-349	461	23	that	that	PRON
ftr-349	461	24	of	of	ADP
ftr-349	461	25	its	its	PRON
ftr-349	461	26	global	global	ADJ
ftr-349	461	27	peers	peer	NOUN
ftr-349	461	28	,	,	PUNCT
ftr-349	461	29	ordinarily	ordinarily	ADV
ftr-349	461	30	is	be	AUX
ftr-349	461	31	judged	judge	VERB
ftr-349	461	32	through	through	ADP
ftr-349	461	33	the	the	DET
ftr-349	461	34	prism	prism	NOUN
ftr-349	461	35	of	of	ADP
ftr-349	461	36	financial	financial	ADJ
ftr-349	461	37	accounting	accounting	NOUN
ftr-349	461	38	.	.	PUNCT
ftr-349	462	1	as	as	ADP
ftr-349	462	2	a	a	DET
ftr-349	462	3	result	result	NOUN
ftr-349	462	4	,	,	PUNCT
ftr-349	462	5	foreign	foreign	ADJ
ftr-349	462	6	taxes	taxis	NOUN
ftr-349	462	7	paid	pay	VERB
ftr-349	462	8	on	on	ADP
ftr-349	462	9	indefinitely	indefinitely	ADV
ftr-349	462	10	-	-	PUNCT
ftr-349	462	11	deferred	defer	VERB
ftr-349	462	12	earnings	earning	NOUN
ftr-349	462	13	are	be	AUX
ftr-349	462	14	at	at	ADP
ftr-349	462	15	best	good	ADJ
ftr-349	462	16	a	a	DET
ftr-349	462	17	contingent	contingent	ADJ
ftr-349	462	18	asset	asset	NOUN
ftr-349	462	19	,	,	PUNCT
ftr-349	462	20	while	while	SCONJ
ftr-349	462	21	the	the	DET
ftr-349	462	22	cash	cash	NOUN
ftr-349	462	23	saved	save	VERB
ftr-349	462	24	from	from	ADP
ftr-349	462	25	lowering	lower	VERB
ftr-349	462	26	those	those	DET
ftr-349	462	27	taxes	taxis	NOUN
ftr-349	462	28	is	be	AUX
ftr-349	462	29	a	a	DET
ftr-349	462	30	real	real	ADJ
ftr-349	462	31	asset	asset	NOUN
ftr-349	462	32	with	with	ADP
ftr-349	462	33	an	an	DET
ftr-349	462	34	immediate	immediate	ADJ
ftr-349	462	35	and	and	CCONJ
ftr-349	462	36	visible	visible	ADJ
ftr-349	462	37	value	value	NOUN
ftr-349	462	38	.	.	PUNCT
ftr-349	463	1	third	third	ADJ
ftr-349	463	2	,	,	PUNCT
ftr-349	463	3	the	the	DET
ftr-349	463	4	firm	firm	NOUN
ftr-349	463	5	’s	’s	PART
ftr-349	463	6	tax	tax	NOUN
ftr-349	463	7	distillery	distillery	NOUN
ftr-349	463	8	needs	need	VERB
ftr-349	463	9	to	to	PART
ftr-349	463	10	leave	leave	VERB
ftr-349	463	11	room	room	NOUN
ftr-349	463	12	in	in	ADP
ftr-349	463	13	its	its	PRON
ftr-349	463	14	blend	blend	NOUN
ftr-349	463	15	for	for	ADP
ftr-349	463	16	the	the	DET
ftr-349	463	17	bump	bump	NOUN
ftr-349	463	18	in	in	ADP
ftr-349	463	19	foreign	foreign	ADJ
ftr-349	463	20	effective	effective	ADJ
ftr-349	463	21	tax	tax	NOUN
ftr-349	463	22	rates	rate	NOUN
ftr-349	463	23	triggered	trigger	VERB
ftr-349	463	24	by	by	ADP
ftr-349	463	25	the	the	DET
ftr-349	463	26	foreign	foreign	ADJ
ftr-349	463	27	tax	tax	NOUN
ftr-349	463	28	credit	credit	NOUN
ftr-349	463	29	interest	interest	NOUN
ftr-349	463	30	expense	expense	NOUN
ftr-349	463	31	rules	rule	NOUN
ftr-349	463	32	described	describe	VERB
ftr-349	463	33	earlier	early	ADV
ftr-349	463	34	.	.	PUNCT
ftr-349	464	1	if	if	SCONJ
ftr-349	464	2	the	the	DET
ftr-349	464	3	distillery	distillery	NOUN
ftr-349	464	4	starts	start	VERB
ftr-349	464	5	with	with	ADP
ftr-349	464	6	too	too	ADV
ftr-349	464	7	high	high	ADJ
ftr-349	464	8	a	a	DET
ftr-349	464	9	foreign	foreign	ADJ
ftr-349	464	10	tax	tax	NOUN
ftr-349	464	11	concentrate	concentrate	NOUN
ftr-349	464	12	,	,	PUNCT
ftr-349	464	13	it	it	PRON
ftr-349	464	14	will	will	AUX
ftr-349	464	15	not	not	PART
ftr-349	464	16	be	be	AUX
ftr-349	464	17	able	able	ADJ
ftr-349	464	18	to	to	PART
ftr-349	464	19	avoid	avoid	VERB
ftr-349	464	20	incurring	incur	VERB
ftr-349	464	21	excess	excess	ADJ
ftr-349	464	22	foreign	foreign	ADJ
ftr-349	464	23	tax	tax	NOUN
ftr-349	464	24	credits	credit	NOUN
ftr-349	464	25	,	,	PUNCT
ftr-349	464	26	which	which	PRON
ftr-349	464	27	from	from	ADP
ftr-349	464	28	a	a	DET
ftr-349	464	29	chief	chief	ADJ
ftr-349	464	30	financial	financial	ADJ
ftr-349	464	31	officer	officer	NOUN
ftr-349	464	32	’s	’s	PART
ftr-349	464	33	point	point	NOUN
ftr-349	464	34	of	of	ADP
ftr-349	464	35	view	view	NOUN
ftr-349	464	36	is	be	AUX
ftr-349	464	37	the	the	DET
ftr-349	464	38	same	same	ADJ
ftr-349	464	39	as	as	ADP
ftr-349	464	40	losing	lose	VERB
ftr-349	464	41	the	the	DET
ftr-349	464	42	tax	tax	NOUN
ftr-349	464	43	deductibility	deductibility	NOUN
ftr-349	464	44	of	of	ADP
ftr-349	464	45	some	some	PRON
ftr-349	464	46	of	of	ADP
ftr-349	464	47	the	the	DET
ftr-349	464	48	firm	firm	NOUN
ftr-349	464	49	’s	’s	PART
ftr-349	464	50	domestic	domestic	ADJ
ftr-349	464	51	interest	interest	NOUN
ftr-349	464	52	expense	expense	NOUN
ftr-349	464	53	.	.	PUNCT
ftr-349	465	1	put	put	VERB
ftr-349	465	2	another	another	DET
ftr-349	465	3	way	way	NOUN
ftr-349	465	4	,	,	PUNCT
ftr-349	465	5	a	a	DET
ftr-349	465	6	firm	firm	NOUN
ftr-349	465	7	’s	’s	PART
ftr-349	465	8	ability	ability	NOUN
ftr-349	465	9	to	to	PART
ftr-349	465	10	arbitrage	arbitrage	VERB
ftr-349	465	11	the	the	DET
ftr-349	465	12	current	current	ADJ
ftr-349	465	13	system	system	NOUN
ftr-349	465	14	(	(	PUNCT
ftr-349	465	15	by	by	ADP
ftr-349	465	16	creating	create	VERB
ftr-349	465	17	deductible	deductible	ADJ
ftr-349	465	18	u.s	u.s	PROPN
ftr-349	465	19	.	.	PROPN
ftr-349	465	20	interest	interest	NOUN
ftr-349	465	21	expense	expense	NOUN
ftr-349	465	22	that	that	PRON
ftr-349	465	23	erodes	erode	VERB
ftr-349	465	24	the	the	DET
ftr-349	465	25	high	high	ADV
ftr-349	465	26	-	-	PUNCT
ftr-349	465	27	taxed	tax	VERB
ftr-349	465	28	domestic	domestic	ADJ
ftr-349	465	29	tax	tax	NOUN
ftr-349	465	30	base	base	NOUN
ftr-349	465	31	)	)	PUNCT
ftr-349	465	32	depends	depend	VERB
ftr-349	465	33	on	on	ADP
ftr-349	465	34	having	have	VERB
ftr-349	465	35	access	access	NOUN
ftr-349	465	36	to	to	ADP
ftr-349	465	37	low	low	ADV
ftr-349	465	38	-	-	PUNCT
ftr-349	465	39	taxed	tax	VERB
ftr-349	465	40	foreign	foreign	ADJ
ftr-349	465	41	income	income	NOUN
ftr-349	465	42	.	.	PUNCT
ftr-349	466	1	as	as	ADP
ftr-349	466	2	a	a	DET
ftr-349	466	3	result	result	NOUN
ftr-349	466	4	,	,	PUNCT
ftr-349	466	5	u.s	u.s	PROPN
ftr-349	466	6	.	.	PROPN
ftr-349	466	7	firms	firm	NOUN
ftr-349	466	8	today	today	NOUN
ftr-349	466	9	have	have	VERB
ftr-349	466	10	every	every	DET
ftr-349	466	11	reason	reason	NOUN
ftr-349	466	12	to	to	PART
ftr-349	466	13	aggressively	aggressively	ADV
ftr-349	466	14	pursue	pursue	VERB
ftr-349	466	15	strategies	strategy	NOUN
ftr-349	466	16	to	to	PART
ftr-349	466	17	reduce	reduce	VERB
ftr-349	466	18	their	their	PRON
ftr-349	466	19	foreign	foreign	ADJ
ftr-349	466	20	tax	tax	NOUN
ftr-349	466	21	burdens	burden	NOUN
ftr-349	466	22	on	on	ADP
ftr-349	466	23	their	their	PRON
ftr-349	466	24	unrepatriated	unrepatriated	ADJ
ftr-349	466	25	as	as	ADV
ftr-349	466	26	well	well	ADV
ftr-349	466	27	as	as	ADP
ftr-349	466	28	repatriated	repatriate	VERB
ftr-349	466	29	earnings	earning	NOUN
ftr-349	466	30	.	.	PUNCT
ftr-349	467	1	this	this	PRON
ftr-349	467	2	is	be	AUX
ftr-349	467	3	the	the	DET
ftr-349	467	4	function	function	NOUN
ftr-349	467	5	of	of	ADP
ftr-349	467	6	stateless	stateless	NOUN
ftr-349	467	7	income	income	NOUN
ftr-349	467	8	tax	tax	NOUN
ftr-349	467	9	planning	planning	NOUN
ftr-349	467	10	.	.	PUNCT
ftr-349	468	1	728	728	NUM
ftr-349	468	2	florida	florida	PROPN
ftr-349	468	3	tax	tax	NOUN
ftr-349	468	4	review	review	NOUN
ftr-349	468	5	[	[	X
ftr-349	468	6	vol	vol	NOUN
ftr-349	468	7	.	.	PUNCT
ftr-349	469	1	11:9	11:9	NUM
ftr-349	469	2	b.	b.	PROPN
ftr-349	469	3	mechanics	mechanic	NOUN
ftr-349	469	4	of	of	ADP
ftr-349	469	5	stateless	stateless	NOUN
ftr-349	469	6	income	income	NOUN
ftr-349	469	7	tax	tax	NOUN
ftr-349	469	8	planning	planning	NOUN
ftr-349	469	9	this	this	DET
ftr-349	469	10	subpart	subpart	NOUN
ftr-349	469	11	briefly	briefly	NOUN
ftr-349	469	12	describes	describe	VERB
ftr-349	469	13	a	a	DET
ftr-349	469	14	few	few	ADJ
ftr-349	469	15	of	of	ADP
ftr-349	469	16	the	the	DET
ftr-349	469	17	most	most	ADV
ftr-349	469	18	important	important	ADJ
ftr-349	469	19	and	and	CCONJ
ftr-349	469	20	straightforward	straightforward	ADJ
ftr-349	469	21	tax	tax	NOUN
ftr-349	469	22	planning	planning	NOUN
ftr-349	469	23	tools	tool	NOUN
ftr-349	469	24	by	by	ADP
ftr-349	469	25	which	which	PRON
ftr-349	469	26	u.s	u.s	PROPN
ftr-349	469	27	.	.	PROPN
ftr-349	469	28	multinational	multinational	ADJ
ftr-349	469	29	firms	firm	NOUN
ftr-349	469	30	can	can	AUX
ftr-349	469	31	generate	generate	VERB
ftr-349	469	32	stateless	stateless	NOUN
ftr-349	469	33	income	income	NOUN
ftr-349	469	34	—	—	PUNCT
ftr-349	469	35	that	that	PRON
ftr-349	469	36	is	is	ADV
ftr-349	469	37	,	,	PUNCT
ftr-349	469	38	can	can	AUX
ftr-349	469	39	cause	cause	VERB
ftr-349	469	40	income	income	NOUN
ftr-349	469	41	generated	generate	VERB
ftr-349	469	42	by	by	ADP
ftr-349	469	43	economic	economic	ADJ
ftr-349	469	44	activity	activity	NOUN
ftr-349	469	45	in	in	ADP
ftr-349	469	46	a	a	DET
ftr-349	469	47	high	high	ADJ
ftr-349	469	48	-	-	PUNCT
ftr-349	469	49	tax	tax	NOUN
ftr-349	469	50	jurisdiction	jurisdiction	NOUN
ftr-349	469	51	to	to	PART
ftr-349	469	52	be	be	AUX
ftr-349	469	53	taxed	tax	VERB
ftr-349	469	54	only	only	ADV
ftr-349	469	55	in	in	ADP
ftr-349	469	56	a	a	DET
ftr-349	469	57	low	low	ADJ
ftr-349	469	58	-	-	PUNCT
ftr-349	469	59	tax	tax	NOUN
ftr-349	469	60	foreign	foreign	ADJ
ftr-349	469	61	jurisdiction.56	jurisdiction.56	NOUN
ftr-349	469	62	booking	book	VERB
ftr-349	469	63	such	such	ADJ
ftr-349	469	64	income	income	NOUN
ftr-349	469	65	in	in	ADP
ftr-349	469	66	a	a	DET
ftr-349	469	67	low	low	ADJ
ftr-349	469	68	-	-	PUNCT
ftr-349	469	69	tax	tax	NOUN
ftr-349	469	70	jurisdiction	jurisdiction	NOUN
ftr-349	469	71	by	by	ADP
ftr-349	469	72	itself	itself	PRON
ftr-349	469	73	is	be	AUX
ftr-349	469	74	not	not	PART
ftr-349	469	75	sufficient	sufficient	ADJ
ftr-349	469	76	;	;	PUNCT
ftr-349	469	77	the	the	DET
ftr-349	469	78	income	income	NOUN
ftr-349	469	79	also	also	ADV
ftr-349	469	80	must	must	AUX
ftr-349	469	81	be	be	AUX
ftr-349	469	82	characterized	characterize	VERB
ftr-349	469	83	as	as	ADP
ftr-349	469	84	income	income	NOUN
ftr-349	469	85	arising	arise	VERB
ftr-349	469	86	from	from	ADP
ftr-349	469	87	an	an	DET
ftr-349	469	88	active	active	ADJ
ftr-349	469	89	business	business	NOUN
ftr-349	469	90	(	(	PUNCT
ftr-349	469	91	more	more	ADV
ftr-349	469	92	technically	technically	ADV
ftr-349	469	93	,	,	PUNCT
ftr-349	469	94	as	as	SCONJ
ftr-349	469	95	income	income	NOUN
ftr-349	469	96	not	not	PART
ftr-349	469	97	described	describe	VERB
ftr-349	469	98	in	in	ADP
ftr-349	469	99	subpart	subpart	PROPN
ftr-349	469	100	f	f	PROPN
ftr-349	469	101	)	)	PUNCT
ftr-349	469	102	.	.	PUNCT
ftr-349	470	1	at	at	ADP
ftr-349	470	2	the	the	DET
ftr-349	470	3	outset	outset	NOUN
ftr-349	470	4	,	,	PUNCT
ftr-349	470	5	it	it	PRON
ftr-349	470	6	is	be	AUX
ftr-349	470	7	important	important	ADJ
ftr-349	470	8	to	to	PART
ftr-349	470	9	emphasize	emphasize	VERB
ftr-349	470	10	that	that	SCONJ
ftr-349	470	11	stateless	stateless	NOUN
ftr-349	470	12	income	income	NOUN
ftr-349	470	13	generation	generation	NOUN
ftr-349	470	14	is	be	AUX
ftr-349	470	15	not	not	PART
ftr-349	470	16	simply	simply	ADV
ftr-349	470	17	a	a	DET
ftr-349	470	18	synonym	synonym	NOUN
ftr-349	470	19	for	for	ADP
ftr-349	470	20	aggressive	aggressive	ADJ
ftr-349	470	21	“	"	PUNCT
ftr-349	470	22	transfer	transfer	NOUN
ftr-349	470	23	pricing	pricing	NOUN
ftr-349	470	24	”	"	PUNCT
ftr-349	470	25	of	of	ADP
ftr-349	470	26	transactions	transaction	NOUN
ftr-349	470	27	among	among	ADP
ftr-349	470	28	affiliated	affiliated	ADJ
ftr-349	470	29	companies	company	NOUN
ftr-349	470	30	.	.	PUNCT
ftr-349	471	1	that	that	DET
ftr-349	471	2	phenomenon	phenomenon	NOUN
ftr-349	471	3	is	be	AUX
ftr-349	471	4	real	real	ADJ
ftr-349	471	5	and	and	CCONJ
ftr-349	471	6	greatly	greatly	ADV
ftr-349	471	7	exacerbates	exacerbate	VERB
ftr-349	471	8	the	the	DET
ftr-349	471	9	problem	problem	NOUN
ftr-349	471	10	.	.	PUNCT
ftr-349	472	1	but	but	CCONJ
ftr-349	472	2	stateless	stateless	NOUN
ftr-349	472	3	income	income	NOUN
ftr-349	472	4	exists	exist	VERB
ftr-349	472	5	for	for	ADP
ftr-349	472	6	reasons	reason	NOUN
ftr-349	472	7	more	more	ADV
ftr-349	472	8	fundamental	fundamental	ADJ
ftr-349	472	9	than	than	ADP
ftr-349	472	10	that	that	PRON
ftr-349	472	11	,	,	PUNCT
ftr-349	472	12	relating	relate	VERB
ftr-349	472	13	at	at	ADP
ftr-349	472	14	their	their	PRON
ftr-349	472	15	core	core	NOUN
ftr-349	472	16	to	to	ADP
ftr-349	472	17	the	the	DET
ftr-349	472	18	global	global	ADJ
ftr-349	472	19	tax	tax	NOUN
ftr-349	472	20	norm	norm	NOUN
ftr-349	472	21	of	of	ADP
ftr-349	472	22	treating	treat	VERB
ftr-349	472	23	corporate	corporate	ADJ
ftr-349	472	24	subsidiaries	subsidiary	NOUN
ftr-349	472	25	as	as	ADP
ftr-349	472	26	separate	separate	ADJ
ftr-349	472	27	juridical	juridical	ADJ
ftr-349	472	28	entities	entity	NOUN
ftr-349	472	29	whose	whose	DET
ftr-349	472	30	tax	tax	NOUN
ftr-349	472	31	liabilities	liability	NOUN
ftr-349	472	32	should	should	AUX
ftr-349	472	33	be	be	AUX
ftr-349	472	34	calculated	calculate	VERB
ftr-349	472	35	without	without	ADP
ftr-349	472	36	reference	reference	NOUN
ftr-349	472	37	to	to	ADP
ftr-349	472	38	their	their	PRON
ftr-349	472	39	ownership	ownership	NOUN
ftr-349	472	40	.	.	PUNCT
ftr-349	473	1	1	1	X
ftr-349	473	2	.	.	X
ftr-349	473	3	business	business	NOUN
ftr-349	473	4	earnings	earning	NOUN
ftr-349	473	5	stripping	strip	VERB
ftr-349	473	6	the	the	DET
ftr-349	473	7	most	most	ADV
ftr-349	473	8	obvious	obvious	ADJ
ftr-349	473	9	way	way	NOUN
ftr-349	473	10	to	to	PART
ftr-349	473	11	generate	generate	VERB
ftr-349	473	12	stateless	stateless	NOUN
ftr-349	473	13	income	income	NOUN
ftr-349	473	14	is	be	AUX
ftr-349	473	15	through	through	ADP
ftr-349	473	16	internal	internal	ADJ
ftr-349	473	17	group	group	NOUN
ftr-349	473	18	leverage	leverage	NOUN
ftr-349	473	19	—	—	PUNCT
ftr-349	473	20	causing	cause	VERB
ftr-349	473	21	an	an	DET
ftr-349	473	22	affiliate	affiliate	NOUN
ftr-349	473	23	in	in	ADP
ftr-349	473	24	ireland	ireland	PROPN
ftr-349	473	25	,	,	PUNCT
ftr-349	473	26	for	for	ADP
ftr-349	473	27	example	example	NOUN
ftr-349	473	28	,	,	PUNCT
ftr-349	473	29	to	to	PART
ftr-349	473	30	lend	lend	VERB
ftr-349	473	31	to	to	ADP
ftr-349	473	32	an	an	DET
ftr-349	473	33	affiliate	affiliate	NOUN
ftr-349	473	34	in	in	ADP
ftr-349	473	35	germany	germany	PROPN
ftr-349	473	36	.	.	PUNCT
ftr-349	474	1	in	in	ADP
ftr-349	474	2	1984	1984	NUM
ftr-349	474	3	,	,	PUNCT
ftr-349	474	4	the	the	DET
ftr-349	474	5	united	united	PROPN
ftr-349	474	6	states	states	PROPN
ftr-349	474	7	pioneered	pioneer	VERB
ftr-349	474	8	the	the	DET
ftr-349	474	9	repeal	repeal	NOUN
ftr-349	474	10	of	of	ADP
ftr-349	474	11	source	source	NOUN
ftr-349	474	12	-	-	PUNCT
ftr-349	474	13	country	country	NOUN
ftr-349	474	14	(	(	PUNCT
ftr-349	474	15	the	the	DET
ftr-349	474	16	jurisdiction	jurisdiction	NOUN
ftr-349	474	17	of	of	ADP
ftr-349	474	18	the	the	DET
ftr-349	474	19	borrower	borrower	NOUN
ftr-349	474	20	)	)	PUNCT
ftr-349	474	21	withholding	withhold	VERB
ftr-349	474	22	tax	tax	NOUN
ftr-349	474	23	on	on	ADP
ftr-349	474	24	most	most	ADJ
ftr-349	474	25	cross	cross	ADJ
ftr-349	474	26	-	-	ADJ
ftr-349	474	27	border	border	ADJ
ftr-349	474	28	interest	interest	NOUN
ftr-349	474	29	flows	flow	NOUN
ftr-349	474	30	by	by	ADP
ftr-349	474	31	repealing	repeal	VERB
ftr-349	474	32	the	the	DET
ftr-349	474	33	withholding	withholding	NOUN
ftr-349	474	34	tax	tax	NOUN
ftr-349	474	35	on	on	ADP
ftr-349	474	36	portfolio	portfolio	NOUN
ftr-349	474	37	interest	interest	NOUN
ftr-349	474	38	paid	pay	VERB
ftr-349	474	39	to	to	ADP
ftr-349	474	40	foreign	foreign	ADJ
ftr-349	474	41	investors.57	investors.57	PROPN
ftr-349	474	42	since	since	SCONJ
ftr-349	474	43	then	then	ADV
ftr-349	474	44	most	most	ADJ
ftr-349	474	45	other	other	ADJ
ftr-349	474	46	countries	country	NOUN
ftr-349	474	47	have	have	AUX
ftr-349	474	48	followed	follow	VERB
ftr-349	474	49	suit	suit	NOUN
ftr-349	474	50	,	,	PUNCT
ftr-349	474	51	as	as	ADP
ftr-349	474	52	part	part	NOUN
ftr-349	474	53	of	of	ADP
ftr-349	474	54	the	the	DET
ftr-349	474	55	long	long	ADJ
ftr-349	474	56	-	-	PUNCT
ftr-349	474	57	term	term	NOUN
ftr-349	474	58	trend	trend	NOUN
ftr-349	474	59	to	to	ADP
ftr-349	474	60	the	the	DET
ftr-349	474	61	global	global	ADJ
ftr-349	474	62	integration	integration	NOUN
ftr-349	474	63	of	of	ADP
ftr-349	474	64	financial	financial	ADJ
ftr-349	474	65	markets	market	NOUN
ftr-349	474	66	.	.	PUNCT
ftr-349	475	1	while	while	SCONJ
ftr-349	475	2	it	it	PRON
ftr-349	475	3	is	be	AUX
ftr-349	475	4	true	true	ADJ
ftr-349	475	5	that	that	SCONJ
ftr-349	475	6	some	some	DET
ftr-349	475	7	countries	country	NOUN
ftr-349	475	8	,	,	PUNCT
ftr-349	475	9	in	in	ADP
ftr-349	475	10	particular	particular	ADJ
ftr-349	475	11	the	the	DET
ftr-349	475	12	united	united	PROPN
ftr-349	475	13	states	states	PROPN
ftr-349	475	14	,	,	PUNCT
ftr-349	475	15	do	do	AUX
ftr-349	475	16	not	not	PART
ftr-349	475	17	extend	extend	VERB
ftr-349	475	18	their	their	PRON
ftr-349	475	19	general	general	ADJ
ftr-349	475	20	exemption	exemption	NOUN
ftr-349	475	21	from	from	ADP
ftr-349	475	22	withholding	withhold	VERB
ftr-349	475	23	tax	tax	NOUN
ftr-349	475	24	to	to	ADP
ftr-349	475	25	interest	interest	NOUN
ftr-349	475	26	paid	pay	VERB
ftr-349	475	27	to	to	ADP
ftr-349	475	28	offshore	offshore	ADJ
ftr-349	475	29	affiliates	affiliate	NOUN
ftr-349	475	30	of	of	ADP
ftr-349	475	31	the	the	DET
ftr-349	475	32	borrower,58	borrower,58	NOUN
ftr-349	475	33	most	most	ADJ
ftr-349	475	34	tax	tax	NOUN
ftr-349	475	35	treaties	treaty	NOUN
ftr-349	475	36	(	(	PUNCT
ftr-349	475	37	and	and	CCONJ
ftr-349	475	38	,	,	PUNCT
ftr-349	475	39	in	in	ADP
ftr-349	475	40	the	the	DET
ftr-349	475	41	eu	eu	PROPN
ftr-349	475	42	,	,	PUNCT
ftr-349	475	43	relevant	relevant	ADJ
ftr-349	475	44	directives	directive	NOUN
ftr-349	475	45	)	)	PUNCT
ftr-349	475	46	do	do	VERB
ftr-349	475	47	so	so	ADV
ftr-349	475	48	;	;	PUNCT
ftr-349	475	49	firms	firm	NOUN
ftr-349	475	50	can	can	AUX
ftr-349	475	51	rely	rely	VERB
ftr-349	475	52	on	on	ADP
ftr-349	475	53	those	those	DET
ftr-349	475	54	treaties	treaty	NOUN
ftr-349	475	55	to	to	PART
ftr-349	475	56	avoid	avoid	VERB
ftr-349	475	57	withholding	withhold	VERB
ftr-349	475	58	tax	tax	NOUN
ftr-349	475	59	notwithstanding	notwithstanding	ADP
ftr-349	475	60	domestic	domestic	ADJ
ftr-349	475	61	law	law	NOUN
ftr-349	475	62	.	.	PUNCT
ftr-349	476	1	in	in	ADP
ftr-349	476	2	most	most	ADJ
ftr-349	476	3	cases	case	NOUN
ftr-349	476	4	,	,	PUNCT
ftr-349	476	5	therefore	therefore	ADV
ftr-349	476	6	,	,	PUNCT
ftr-349	476	7	multinational	multinational	ADJ
ftr-349	476	8	firms	firm	NOUN
ftr-349	476	9	can	can	AUX
ftr-349	476	10	“	"	PUNCT
ftr-349	476	11	strip	strip	VERB
ftr-349	476	12	out	out	ADP
ftr-349	476	13	”	"	PUNCT
ftr-349	476	14	high	high	ADJ
ftr-349	476	15	-	-	PUNCT
ftr-349	476	16	tax	tax	NOUN
ftr-349	476	17	source	source	NOUN
ftr-349	476	18	country	country	NOUN
ftr-349	476	19	earnings	earning	NOUN
ftr-349	476	20	through	through	ADP
ftr-349	476	21	internal	internal	ADJ
ftr-349	476	22	group	group	NOUN
ftr-349	476	23	leverage.59	leverage.59	NOUN
ftr-349	476	24	in	in	ADP
ftr-349	476	25	practice	practice	NOUN
ftr-349	476	26	,	,	PUNCT
ftr-349	476	27	this	this	DET
ftr-349	476	28	56	56	NUM
ftr-349	476	29	.	.	PUNCT
ftr-349	477	1	see	see	VERB
ftr-349	477	2	lokken	lokken	PROPN
ftr-349	477	3	,	,	PUNCT
ftr-349	477	4	territorial	territorial	ADJ
ftr-349	477	5	taxation	taxation	NOUN
ftr-349	477	6	,	,	PUNCT
ftr-349	477	7	supra	supra	PROPN
ftr-349	477	8	note	note	NOUN
ftr-349	477	9	43	43	NUM
ftr-349	477	10	,	,	PUNCT
ftr-349	477	11	at	at	ADP
ftr-349	477	12	759–69	759–69	NOUN
ftr-349	477	13	for	for	ADP
ftr-349	477	14	discussion	discussion	NOUN
ftr-349	477	15	of	of	ADP
ftr-349	477	16	some	some	DET
ftr-349	477	17	more	more	ADV
ftr-349	477	18	exotic	exotic	ADJ
ftr-349	477	19	techniques	technique	NOUN
ftr-349	477	20	,	,	PUNCT
ftr-349	477	21	which	which	PRON
ftr-349	477	22	can	can	AUX
ftr-349	477	23	yield	yield	VERB
ftr-349	477	24	results	result	NOUN
ftr-349	477	25	superior	superior	ADJ
ftr-349	477	26	to	to	ADP
ftr-349	477	27	outright	outright	ADJ
ftr-349	477	28	exemptions	exemption	NOUN
ftr-349	477	29	.	.	PUNCT
ftr-349	478	1	57	57	NUM
ftr-349	478	2	.	.	PUNCT
ftr-349	478	3	i.r.c	i.r.c	NOUN
ftr-349	478	4	.	.	PUNCT
ftr-349	479	1	§	§	PROPN
ftr-349	479	2	§	§	PROPN
ftr-349	479	3	871(h	871(h	PROPN
ftr-349	479	4	)	)	PUNCT
ftr-349	479	5	,	,	PUNCT
ftr-349	479	6	881(c	881(c	PROPN
ftr-349	479	7	)	)	PUNCT
ftr-349	479	8	.	.	PUNCT
ftr-349	480	1	58	58	NUM
ftr-349	480	2	.	.	PUNCT
ftr-349	480	3	i.r.c	i.r.c	NOUN
ftr-349	480	4	.	.	PUNCT
ftr-349	481	1	§	§	PROPN
ftr-349	481	2	871(c)(3)(b	871(c)(3)(b	PROPN
ftr-349	481	3	)	)	PUNCT
ftr-349	481	4	,	,	PUNCT
ftr-349	481	5	(	(	PUNCT
ftr-349	481	6	c	c	NOUN
ftr-349	481	7	)	)	PUNCT
ftr-349	481	8	.	.	PUNCT
ftr-349	482	1	59	59	NUM
ftr-349	482	2	.	.	PUNCT
ftr-349	483	1	see	see	VERB
ftr-349	483	2	harry	harry	PROPN
ftr-349	483	3	huizinga	huizinga	PROPN
ftr-349	483	4	,	,	PUNCT
ftr-349	483	5	luc	luc	PROPN
ftr-349	483	6	laeven	laeven	PROPN
ftr-349	483	7	&	&	CCONJ
ftr-349	483	8	gaetan	gaetan	PROPN
ftr-349	483	9	nicodeme	nicodeme	PROPN
ftr-349	483	10	,	,	PUNCT
ftr-349	483	11	capital	capital	NOUN
ftr-349	483	12	structure	structure	NOUN
ftr-349	483	13	and	and	CCONJ
ftr-349	483	14	international	international	ADJ
ftr-349	483	15	debt	debt	NOUN
ftr-349	483	16	shifting	shifting	NOUN
ftr-349	483	17	,	,	PUNCT
ftr-349	483	18	88	88	NUM
ftr-349	483	19	j.	j.	PROPN
ftr-349	483	20	fin	fin	PROPN
ftr-349	483	21	.	.	PUNCT
ftr-349	483	22	econ	econ	PROPN
ftr-349	483	23	.	.	PUNCT
ftr-349	484	1	80	80	NUM
ftr-349	484	2	(	(	PUNCT
ftr-349	484	3	2008	2008	NUM
ftr-349	484	4	)	)	PUNCT
ftr-349	484	5	;	;	PUNCT
ftr-349	485	1	mihir	mihir	PROPN
ftr-349	485	2	a.	a.	PROPN
ftr-349	485	3	desai	desai	PROPN
ftr-349	485	4	,	,	PUNCT
ftr-349	485	5	c.	c.	PROPN
ftr-349	485	6	fritz	fritz	PROPN
ftr-349	485	7	foley	foley	PROPN
ftr-349	485	8	&	&	CCONJ
ftr-349	485	9	james	james	PROPN
ftr-349	485	10	r.	r.	PROPN
ftr-349	485	11	hines	hines	PROPN
ftr-349	485	12	jr	jr	PROPN
ftr-349	485	13	.	.	PROPN
ftr-349	485	14	,	,	PUNCT
ftr-349	485	15	a	a	DET
ftr-349	485	16	multinational	multinational	ADJ
ftr-349	485	17	perspective	perspective	NOUN
ftr-349	485	18	on	on	ADP
ftr-349	485	19	capital	capital	NOUN
ftr-349	485	20	structure	structure	NOUN
ftr-349	485	21	choice	choice	NOUN
ftr-349	485	22	and	and	CCONJ
ftr-349	485	23	internal	internal	ADJ
ftr-349	485	24	capital	capital	NOUN
ftr-349	485	25	markets	market	NOUN
ftr-349	485	26	,	,	PUNCT
ftr-349	485	27	59	59	NUM
ftr-349	485	28	j.	j.	PROPN
ftr-349	485	29	fin	fin	PROPN
ftr-349	485	30	.	.	PUNCT
ftr-349	485	31	2451	2451	NUM
ftr-349	485	32	(	(	PUNCT
ftr-349	485	33	2004	2004	NUM
ftr-349	485	34	)	)	PUNCT
ftr-349	485	35	.	.	PUNCT
ftr-349	486	1	the	the	DET
ftr-349	486	2	latter	latter	ADJ
ftr-349	486	3	2001	2001	NUM
ftr-349	486	4	]	]	PUNCT
ftr-349	486	5	stateless	stateless	NOUN
ftr-349	486	6	income	income	NOUN
ftr-349	486	7	729	729	NUM
ftr-349	486	8	ability	ability	NOUN
ftr-349	486	9	is	be	AUX
ftr-349	486	10	subject	subject	ADJ
ftr-349	486	11	only	only	ADV
ftr-349	486	12	to	to	ADP
ftr-349	486	13	two	two	NUM
ftr-349	486	14	broad	broad	ADJ
ftr-349	486	15	constraints	constraint	NOUN
ftr-349	486	16	.	.	PUNCT
ftr-349	487	1	first	first	ADV
ftr-349	487	2	,	,	PUNCT
ftr-349	487	3	the	the	DET
ftr-349	487	4	affiliate	affiliate	NOUN
ftr-349	487	5	debt	debt	NOUN
ftr-349	487	6	must	must	AUX
ftr-349	487	7	be	be	AUX
ftr-349	487	8	respected	respect	VERB
ftr-349	487	9	as	as	ADP
ftr-349	487	10	such	such	ADJ
ftr-349	487	11	under	under	ADP
ftr-349	487	12	the	the	DET
ftr-349	487	13	laws	law	NOUN
ftr-349	487	14	of	of	ADP
ftr-349	487	15	the	the	DET
ftr-349	487	16	source	source	NOUN
ftr-349	487	17	country	country	NOUN
ftr-349	487	18	.	.	PUNCT
ftr-349	488	1	second	second	ADJ
ftr-349	488	2	,	,	PUNCT
ftr-349	488	3	some	some	DET
ftr-349	488	4	countries	country	NOUN
ftr-349	488	5	,	,	PUNCT
ftr-349	488	6	such	such	ADJ
ftr-349	488	7	as	as	ADP
ftr-349	488	8	germany	germany	PROPN
ftr-349	488	9	and	and	CCONJ
ftr-349	488	10	australia	australia	PROPN
ftr-349	488	11	,	,	PUNCT
ftr-349	488	12	have	have	AUX
ftr-349	488	13	adopted	adopt	VERB
ftr-349	488	14	“	"	PUNCT
ftr-349	488	15	thin	thin	ADJ
ftr-349	488	16	capitalization	capitalization	NOUN
ftr-349	488	17	”	"	PUNCT
ftr-349	488	18	rules	rule	NOUN
ftr-349	488	19	,	,	PUNCT
ftr-349	488	20	which	which	PRON
ftr-349	488	21	limit	limit	VERB
ftr-349	488	22	a	a	DET
ftr-349	488	23	borrower	borrower	NOUN
ftr-349	488	24	’s	’s	PART
ftr-349	488	25	ability	ability	NOUN
ftr-349	488	26	to	to	PART
ftr-349	488	27	deduct	deduct	VERB
ftr-349	488	28	interest	interest	NOUN
ftr-349	488	29	on	on	ADP
ftr-349	488	30	debt	debt	NOUN
ftr-349	488	31	if	if	SCONJ
ftr-349	488	32	the	the	DET
ftr-349	488	33	borrower	borrower	NOUN
ftr-349	488	34	’s	’s	PART
ftr-349	488	35	capital	capital	NOUN
ftr-349	488	36	structure	structure	NOUN
ftr-349	488	37	is	be	AUX
ftr-349	488	38	deemed	deem	VERB
ftr-349	488	39	to	to	PART
ftr-349	488	40	be	be	AUX
ftr-349	488	41	excessively	excessively	ADV
ftr-349	488	42	leveraged.60	leveraged.60	ADJ
ftr-349	488	43	similarly	similarly	ADV
ftr-349	488	44	,	,	PUNCT
ftr-349	488	45	in	in	ADP
ftr-349	488	46	its	its	PRON
ftr-349	488	47	role	role	NOUN
ftr-349	488	48	as	as	ADP
ftr-349	488	49	a	a	DET
ftr-349	488	50	source	source	NOUN
ftr-349	488	51	country	country	NOUN
ftr-349	488	52	(	(	PUNCT
ftr-349	488	53	that	that	PRON
ftr-349	488	54	is	is	ADV
ftr-349	488	55	,	,	PUNCT
ftr-349	488	56	as	as	ADP
ftr-349	488	57	a	a	DET
ftr-349	488	58	host	host	NOUN
ftr-349	488	59	for	for	ADP
ftr-349	488	60	the	the	DET
ftr-349	488	61	local	local	ADJ
ftr-349	488	62	operations	operation	NOUN
ftr-349	488	63	of	of	ADP
ftr-349	488	64	foreign	foreign	NOUN
ftr-349	488	65	-	-	PUNCT
ftr-349	488	66	based	base	VERB
ftr-349	488	67	multinationals	multinational	NOUN
ftr-349	488	68	)	)	PUNCT
ftr-349	488	69	,	,	PUNCT
ftr-349	488	70	the	the	DET
ftr-349	488	71	united	united	PROPN
ftr-349	488	72	states	states	PROPN
ftr-349	488	73	limits	limit	VERB
ftr-349	488	74	base	base	NOUN
ftr-349	488	75	erosion	erosion	NOUN
ftr-349	488	76	through	through	ADP
ftr-349	488	77	the	the	DET
ftr-349	488	78	code	code	NOUN
ftr-349	488	79	’s	’s	PART
ftr-349	488	80	“	"	PUNCT
ftr-349	488	81	interest	interest	NOUN
ftr-349	488	82	stripping	strip	VERB
ftr-349	488	83	”	"	PUNCT
ftr-349	488	84	provision	provision	NOUN
ftr-349	488	85	,	,	PUNCT
ftr-349	488	86	which	which	PRON
ftr-349	488	87	can	can	AUX
ftr-349	488	88	be	be	AUX
ftr-349	488	89	understood	understand	VERB
ftr-349	488	90	as	as	ADP
ftr-349	488	91	a	a	DET
ftr-349	488	92	species	species	NOUN
ftr-349	488	93	of	of	ADP
ftr-349	488	94	thin	thin	ADJ
ftr-349	488	95	capitalization.61	capitalization.61	NOUN
ftr-349	488	96	the	the	DET
ftr-349	488	97	critical	critical	ADJ
ftr-349	488	98	difference	difference	NOUN
ftr-349	488	99	is	be	AUX
ftr-349	488	100	that	that	SCONJ
ftr-349	488	101	a	a	DET
ftr-349	488	102	true	true	ADJ
ftr-349	488	103	thin	thin	ADJ
ftr-349	488	104	capitalization	capitalization	NOUN
ftr-349	488	105	rule	rule	NOUN
ftr-349	488	106	applies	apply	VERB
ftr-349	488	107	to	to	ADP
ftr-349	488	108	all	all	DET
ftr-349	488	109	interest	interest	NOUN
ftr-349	488	110	paid	pay	VERB
ftr-349	488	111	,	,	PUNCT
ftr-349	488	112	while	while	SCONJ
ftr-349	488	113	the	the	DET
ftr-349	488	114	u.s	u.s	PROPN
ftr-349	488	115	.	.	PROPN
ftr-349	488	116	rule	rule	NOUN
ftr-349	488	117	operates	operate	VERB
ftr-349	488	118	only	only	ADV
ftr-349	488	119	to	to	PART
ftr-349	488	120	limit	limit	VERB
ftr-349	488	121	interest	interest	NOUN
ftr-349	488	122	paid	pay	VERB
ftr-349	488	123	to	to	ADP
ftr-349	488	124	affiliates	affiliate	NOUN
ftr-349	488	125	that	that	PRON
ftr-349	488	126	are	be	AUX
ftr-349	488	127	not	not	PART
ftr-349	488	128	u.s	u.s	PROPN
ftr-349	488	129	.	.	PROPN
ftr-349	488	130	persons	person	NOUN
ftr-349	488	131	or	or	CCONJ
ftr-349	488	132	that	that	SCONJ
ftr-349	488	133	otherwise	otherwise	ADV
ftr-349	488	134	are	be	AUX
ftr-349	488	135	tax	tax	NOUN
ftr-349	488	136	-	-	PUNCT
ftr-349	488	137	exempt	exempt	ADJ
ftr-349	488	138	.	.	PUNCT
ftr-349	489	1	the	the	DET
ftr-349	489	2	same	same	ADJ
ftr-349	489	3	analysis	analysis	NOUN
ftr-349	489	4	can	can	AUX
ftr-349	489	5	be	be	AUX
ftr-349	489	6	extended	extend	VERB
ftr-349	489	7	to	to	ADP
ftr-349	489	8	other	other	ADJ
ftr-349	489	9	forms	form	NOUN
ftr-349	489	10	of	of	ADP
ftr-349	489	11	deductible	deductible	ADJ
ftr-349	489	12	expenses	expense	NOUN
ftr-349	489	13	,	,	PUNCT
ftr-349	489	14	but	but	CCONJ
ftr-349	489	15	internal	internal	ADJ
ftr-349	489	16	group	group	NOUN
ftr-349	489	17	leverage	leverage	NOUN
ftr-349	489	18	is	be	AUX
ftr-349	489	19	the	the	DET
ftr-349	489	20	starkest	stark	ADJ
ftr-349	489	21	example	example	NOUN
ftr-349	489	22	,	,	PUNCT
ftr-349	489	23	because	because	SCONJ
ftr-349	489	24	it	it	PRON
ftr-349	489	25	requires	require	VERB
ftr-349	489	26	no	no	DET
ftr-349	489	27	physical	physical	ADJ
ftr-349	489	28	infrastructure	infrastructure	NOUN
ftr-349	489	29	or	or	CCONJ
ftr-349	489	30	staff	staff	NOUN
ftr-349	489	31	in	in	ADP
ftr-349	489	32	the	the	DET
ftr-349	489	33	low	low	ADJ
ftr-349	489	34	-	-	PUNCT
ftr-349	489	35	tax	tax	NOUN
ftr-349	489	36	jurisdiction	jurisdiction	NOUN
ftr-349	489	37	that	that	SCONJ
ftr-349	489	38	“	"	PUNCT
ftr-349	489	39	earns	earn	VERB
ftr-349	489	40	”	"	PUNCT
ftr-349	489	41	the	the	DET
ftr-349	489	42	interest	interest	NOUN
ftr-349	489	43	income	income	NOUN
ftr-349	489	44	.	.	PUNCT
ftr-349	490	1	the	the	DET
ftr-349	490	2	structure	structure	NOUN
ftr-349	490	3	’s	’s	PART
ftr-349	490	4	efficacy	efficacy	NOUN
ftr-349	490	5	relies	rely	VERB
ftr-349	490	6	on	on	ADP
ftr-349	490	7	several	several	ADJ
ftr-349	490	8	core	core	ADJ
ftr-349	490	9	normative	normative	ADJ
ftr-349	490	10	principles	principle	NOUN
ftr-349	490	11	of	of	ADP
ftr-349	490	12	income	income	NOUN
ftr-349	490	13	tax	tax	NOUN
ftr-349	490	14	statutes	statute	NOUN
ftr-349	490	15	around	around	ADP
ftr-349	490	16	the	the	DET
ftr-349	490	17	world	world	NOUN
ftr-349	490	18	.	.	PUNCT
ftr-349	491	1	first	first	ADV
ftr-349	491	2	,	,	PUNCT
ftr-349	491	3	separate	separate	ADJ
ftr-349	491	4	juridical	juridical	ADJ
ftr-349	491	5	entities	entity	NOUN
ftr-349	491	6	are	be	AUX
ftr-349	491	7	respected	respect	VERB
ftr-349	491	8	as	as	ADP
ftr-349	491	9	separate	separate	ADJ
ftr-349	491	10	taxpayers	taxpayer	NOUN
ftr-349	491	11	,	,	PUNCT
ftr-349	491	12	even	even	ADV
ftr-349	491	13	when	when	SCONJ
ftr-349	491	14	commonly	commonly	ADV
ftr-349	491	15	controlled	control	VERB
ftr-349	491	16	.	.	PUNCT
ftr-349	492	1	second	second	ADJ
ftr-349	492	2	,	,	PUNCT
ftr-349	492	3	the	the	DET
ftr-349	492	4	legal	legal	ADJ
ftr-349	492	5	form	form	NOUN
ftr-349	492	6	of	of	ADP
ftr-349	492	7	a	a	DET
ftr-349	492	8	capital	capital	NOUN
ftr-349	492	9	investment	investment	NOUN
ftr-349	492	10	(	(	PUNCT
ftr-349	492	11	as	as	ADP
ftr-349	492	12	debt	debt	NOUN
ftr-349	492	13	or	or	CCONJ
ftr-349	492	14	as	as	ADP
ftr-349	492	15	equity	equity	NOUN
ftr-349	492	16	)	)	PUNCT
ftr-349	492	17	largely	largely	ADV
ftr-349	492	18	drives	drive	VERB
ftr-349	492	19	the	the	DET
ftr-349	492	20	tax	tax	NOUN
ftr-349	492	21	analysis	analysis	NOUN
ftr-349	492	22	of	of	ADP
ftr-349	492	23	that	that	DET
ftr-349	492	24	instrument.62	instrument.62	NOUN
ftr-349	492	25	third	third	NOUN
ftr-349	492	26	,	,	PUNCT
ftr-349	492	27	there	there	PRON
ftr-349	492	28	is	be	VERB
ftr-349	492	29	a	a	DET
ftr-349	492	30	strong	strong	ADJ
ftr-349	492	31	international	international	ADJ
ftr-349	492	32	consensus	consensus	NOUN
ftr-349	492	33	to	to	PART
ftr-349	492	34	determine	determine	VERB
ftr-349	492	35	the	the	DET
ftr-349	492	36	income	income	NOUN
ftr-349	492	37	tax	tax	NOUN
ftr-349	492	38	liabilities	liability	NOUN
ftr-349	492	39	of	of	ADP
ftr-349	492	40	firms	firm	NOUN
ftr-349	492	41	through	through	ADP
ftr-349	492	42	the	the	DET
ftr-349	492	43	application	application	NOUN
ftr-349	492	44	of	of	ADP
ftr-349	492	45	the	the	DET
ftr-349	492	46	“	"	PUNCT
ftr-349	492	47	arm’s	arm’s	NUM
ftr-349	492	48	-	-	PUNCT
ftr-349	492	49	length	length	NOUN
ftr-349	492	50	principle	principle	NOUN
ftr-349	492	51	,	,	PUNCT
ftr-349	492	52	”	"	PUNCT
ftr-349	492	53	which	which	PRON
ftr-349	492	54	contemplates	contemplate	VERB
ftr-349	492	55	that	that	SCONJ
ftr-349	492	56	affiliated	affiliated	ADJ
ftr-349	492	57	firms	firm	NOUN
ftr-349	492	58	are	be	AUX
ftr-349	492	59	taxed	tax	VERB
ftr-349	492	60	separately	separately	ADV
ftr-349	492	61	,	,	PUNCT
ftr-349	492	62	but	but	CCONJ
ftr-349	492	63	their	their	PRON
ftr-349	492	64	transactions	transaction	NOUN
ftr-349	492	65	with	with	ADP
ftr-349	492	66	each	each	DET
ftr-349	492	67	paper	paper	NOUN
ftr-349	492	68	,	,	PUNCT
ftr-349	492	69	for	for	ADP
ftr-349	492	70	example	example	NOUN
ftr-349	492	71	,	,	PUNCT
ftr-349	492	72	concludes	conclude	VERB
ftr-349	492	73	in	in	ADP
ftr-349	492	74	part	part	NOUN
ftr-349	492	75	that	that	SCONJ
ftr-349	492	76	“	"	PUNCT
ftr-349	492	77	there	there	PRON
ftr-349	492	78	is	be	VERB
ftr-349	492	79	strong	strong	ADJ
ftr-349	492	80	evidence	evidence	NOUN
ftr-349	492	81	that	that	SCONJ
ftr-349	492	82	affiliates	affiliate	NOUN
ftr-349	492	83	of	of	ADP
ftr-349	492	84	multinational	multinational	ADJ
ftr-349	492	85	firms	firm	NOUN
ftr-349	492	86	alter	alter	VERB
ftr-349	492	87	the	the	DET
ftr-349	492	88	overall	overall	ADJ
ftr-349	492	89	level	level	NOUN
ftr-349	492	90	and	and	CCONJ
ftr-349	492	91	composition	composition	NOUN
ftr-349	492	92	of	of	ADP
ftr-349	492	93	debt	debt	NOUN
ftr-349	492	94	in	in	ADP
ftr-349	492	95	response	response	NOUN
ftr-349	492	96	to	to	ADP
ftr-349	492	97	tax	tax	NOUN
ftr-349	492	98	incentives	incentive	NOUN
ftr-349	492	99	.	.	PUNCT
ftr-349	492	100	”	"	PUNCT
ftr-349	493	1	i	i	PRON
ftr-349	493	2	d.	d.	PROPN
ftr-349	493	3	at	at	ADP
ftr-349	493	4	2452	2452	NUM
ftr-349	493	5	.	.	PUNCT
ftr-349	494	1	moreover	moreover	ADV
ftr-349	494	2	,	,	PUNCT
ftr-349	494	3	“	"	PUNCT
ftr-349	494	4	firms	firm	NOUN
ftr-349	494	5	use	use	VERB
ftr-349	494	6	internal	internal	ADJ
ftr-349	494	7	capital	capital	NOUN
ftr-349	494	8	markets	market	NOUN
ftr-349	494	9	opportunistically	opportunistically	ADV
ftr-349	494	10	when	when	SCONJ
ftr-349	494	11	external	external	ADJ
ftr-349	494	12	finance	finance	NOUN
ftr-349	494	13	is	be	AUX
ftr-349	494	14	costly	costly	ADJ
ftr-349	494	15	and	and	CCONJ
ftr-349	494	16	when	when	SCONJ
ftr-349	494	17	there	there	PRON
ftr-349	494	18	are	be	VERB
ftr-349	494	19	tax	tax	NOUN
ftr-349	494	20	arbitrage	arbitrage	NOUN
ftr-349	494	21	opportunities	opportunity	NOUN
ftr-349	494	22	.	.	PUNCT
ftr-349	494	23	”	"	PUNCT
ftr-349	495	1	i	i	PRON
ftr-349	495	2	d.	d.	PROPN
ftr-349	495	3	at	at	ADP
ftr-349	495	4	2484	2484	NUM
ftr-349	495	5	.	.	PUNCT
ftr-349	496	1	see	see	VERB
ftr-349	496	2	also	also	ADV
ftr-349	496	3	julie	julie	PROPN
ftr-349	496	4	h.	h.	PROPN
ftr-349	496	5	collins	collins	PROPN
ftr-349	496	6	&	&	CCONJ
ftr-349	496	7	douglas	douglas	PROPN
ftr-349	496	8	a.	a.	PROPN
ftr-349	496	9	shackelford	shackelford	PROPN
ftr-349	496	10	,	,	PUNCT
ftr-349	496	11	global	global	ADJ
ftr-349	496	12	organizations	organization	NOUN
ftr-349	496	13	and	and	CCONJ
ftr-349	496	14	taxes	taxis	NOUN
ftr-349	496	15	:	:	PUNCT
ftr-349	496	16	an	an	DET
ftr-349	496	17	analysis	analysis	NOUN
ftr-349	496	18	of	of	ADP
ftr-349	496	19	the	the	DET
ftr-349	496	20	dividend	dividend	NOUN
ftr-349	496	21	,	,	PUNCT
ftr-349	496	22	interest	interest	NOUN
ftr-349	496	23	,	,	PUNCT
ftr-349	496	24	royalty	royalty	NOUN
ftr-349	496	25	,	,	PUNCT
ftr-349	496	26	and	and	CCONJ
ftr-349	496	27	management	management	NOUN
ftr-349	496	28	fee	fee	NOUN
ftr-349	496	29	payments	payment	NOUN
ftr-349	496	30	between	between	ADP
ftr-349	496	31	u.s	u.s	PROPN
ftr-349	496	32	.	.	PROPN
ftr-349	496	33	multinationals	multinational	NOUN
ftr-349	496	34	’	'	PUNCT
ftr-349	496	35	foreign	foreign	ADJ
ftr-349	496	36	affiliates	affiliate	NOUN
ftr-349	496	37	,	,	PUNCT
ftr-349	496	38	24	24	NUM
ftr-349	496	39	j.	j.	PROPN
ftr-349	496	40	acct	acct	PROPN
ftr-349	496	41	.	.	PROPN
ftr-349	496	42	&	&	CCONJ
ftr-349	496	43	econ	econ	PROPN
ftr-349	496	44	.	.	PUNCT
ftr-349	497	1	151	151	NUM
ftr-349	497	2	(	(	PUNCT
ftr-349	497	3	1998	1998	NUM
ftr-349	497	4	)	)	PUNCT
ftr-349	497	5	(	(	PUNCT
ftr-349	497	6	employing	employ	VERB
ftr-349	497	7	data	datum	NOUN
ftr-349	497	8	from	from	ADP
ftr-349	497	9	1990	1990	NUM
ftr-349	497	10	and	and	CCONJ
ftr-349	497	11	finding	find	VERB
ftr-349	497	12	substantial	substantial	ADJ
ftr-349	497	13	evidence	evidence	NOUN
ftr-349	497	14	of	of	ADP
ftr-349	497	15	tax	tax	NOUN
ftr-349	497	16	-	-	PUNCT
ftr-349	497	17	efficient	efficient	ADJ
ftr-349	497	18	routing	routing	NOUN
ftr-349	497	19	of	of	ADP
ftr-349	497	20	(	(	PUNCT
ftr-349	497	21	nondeductible	nondeductible	ADJ
ftr-349	497	22	)	)	PUNCT
ftr-349	497	23	dividends	dividend	NOUN
ftr-349	497	24	and	and	CCONJ
ftr-349	497	25	(	(	PUNCT
ftr-349	497	26	deductible	deductible	ADJ
ftr-349	497	27	)	)	PUNCT
ftr-349	497	28	royalties	royalty	NOUN
ftr-349	497	29	and	and	CCONJ
ftr-349	497	30	interest	interest	NOUN
ftr-349	497	31	among	among	ADP
ftr-349	497	32	foreign	foreign	ADJ
ftr-349	497	33	subsidiaries	subsidiary	NOUN
ftr-349	497	34	of	of	ADP
ftr-349	497	35	u.s.-domiciled	u.s.-domiciled	ADJ
ftr-349	497	36	multinational	multinational	ADJ
ftr-349	497	37	firms	firm	NOUN
ftr-349	497	38	)	)	PUNCT
ftr-349	497	39	.	.	PUNCT
ftr-349	498	1	as	as	SCONJ
ftr-349	498	2	the	the	DET
ftr-349	498	3	text	text	NOUN
ftr-349	498	4	makes	make	VERB
ftr-349	498	5	clear	clear	ADJ
ftr-349	498	6	,	,	PUNCT
ftr-349	498	7	the	the	DET
ftr-349	498	8	opportunities	opportunity	NOUN
ftr-349	498	9	to	to	PART
ftr-349	498	10	tax	tax	NOUN
ftr-349	498	11	-	-	PUNCT
ftr-349	498	12	optimize	optimize	VERB
ftr-349	498	13	such	such	ADJ
ftr-349	498	14	payments	payment	NOUN
ftr-349	498	15	among	among	ADP
ftr-349	498	16	foreign	foreign	ADJ
ftr-349	498	17	affiliates	affiliate	NOUN
ftr-349	498	18	of	of	ADP
ftr-349	498	19	u.s	u.s	PROPN
ftr-349	498	20	.	.	PROPN
ftr-349	498	21	firms	firm	NOUN
ftr-349	498	22	have	have	AUX
ftr-349	498	23	become	become	VERB
ftr-349	498	24	more	more	ADV
ftr-349	498	25	complete	complete	ADJ
ftr-349	498	26	in	in	ADP
ftr-349	498	27	recent	recent	ADJ
ftr-349	498	28	years	year	NOUN
ftr-349	498	29	,	,	PUNCT
ftr-349	498	30	due	due	ADP
ftr-349	498	31	to	to	ADP
ftr-349	498	32	changes	change	NOUN
ftr-349	498	33	in	in	ADP
ftr-349	498	34	u.s	u.s	PROPN
ftr-349	498	35	.	.	PROPN
ftr-349	498	36	law	law	NOUN
ftr-349	498	37	and	and	CCONJ
ftr-349	498	38	regulations	regulation	NOUN
ftr-349	498	39	.	.	PUNCT
ftr-349	499	1	60	60	NUM
ftr-349	499	2	.	.	PUNCT
ftr-349	500	1	see	see	VERB
ftr-349	500	2	tim	tim	PROPN
ftr-349	500	3	edgar	edgar	PROPN
ftr-349	500	4	,	,	PUNCT
ftr-349	500	5	jonathan	jonathan	PROPN
ftr-349	500	6	farras	farras	PROPN
ftr-349	500	7	&	&	CCONJ
ftr-349	500	8	amin	amin	PROPN
ftr-349	500	9	mawant	mawant	ADJ
ftr-349	500	10	,	,	PUNCT
ftr-349	500	11	foreign	foreign	ADJ
ftr-349	500	12	direct	direct	ADJ
ftr-349	500	13	investment	investment	NOUN
ftr-349	500	14	,	,	PUNCT
ftr-349	500	15	thin	thin	ADJ
ftr-349	500	16	capitalization	capitalization	NOUN
ftr-349	500	17	,	,	PUNCT
ftr-349	500	18	and	and	CCONJ
ftr-349	500	19	the	the	DET
ftr-349	500	20	interest	interest	NOUN
ftr-349	500	21	expense	expense	NOUN
ftr-349	500	22	deduction	deduction	NOUN
ftr-349	500	23	:	:	PUNCT
ftr-349	500	24	a	a	DET
ftr-349	500	25	policy	policy	NOUN
ftr-349	500	26	analysis	analysis	NOUN
ftr-349	500	27	,	,	PUNCT
ftr-349	500	28	56	56	NUM
ftr-349	500	29	can	can	NOUN
ftr-349	500	30	.	.	PUNCT
ftr-349	501	1	tax	tax	NOUN
ftr-349	501	2	j.	j.	PROPN
ftr-349	501	3	803	803	NUM
ftr-349	501	4	,	,	PUNCT
ftr-349	501	5	810	810	NUM
ftr-349	501	6	(	(	PUNCT
ftr-349	501	7	2008	2008	NUM
ftr-349	501	8	)	)	PUNCT
ftr-349	501	9	;	;	PUNCT
ftr-349	501	10	tim	tim	PROPN
ftr-349	501	11	edgar	edgar	PROPN
ftr-349	501	12	,	,	PUNCT
ftr-349	501	13	policy	policy	NOUN
ftr-349	501	14	forum	forum	NOUN
ftr-349	501	15	:	:	PUNCT
ftr-349	501	16	interest	interest	NOUN
ftr-349	501	17	deductibility	deductibility	NOUN
ftr-349	501	18	restrictions	restriction	NOUN
ftr-349	501	19	—	—	PUNCT
ftr-349	501	20	expecting	expect	VERB
ftr-349	501	21	too	too	ADV
ftr-349	501	22	much	much	ADJ
ftr-349	501	23	from	from	ADP
ftr-349	501	24	reop	reop	NOUN
ftr-349	501	25	?	?	PUNCT
ftr-349	501	26	,	,	PUNCT
ftr-349	501	27	52	52	NUM
ftr-349	501	28	can	can	NOUN
ftr-349	501	29	.	.	PUNCT
ftr-349	502	1	tax	tax	NOUN
ftr-349	502	2	j.	j.	PROPN
ftr-349	502	3	1130	1130	NUM
ftr-349	502	4	(	(	PUNCT
ftr-349	502	5	2004	2004	NUM
ftr-349	502	6	)	)	PUNCT
ftr-349	502	7	.	.	PUNCT
ftr-349	503	1	61	61	NUM
ftr-349	503	2	.	.	PUNCT
ftr-349	503	3	i.r.c	i.r.c	NOUN
ftr-349	503	4	.	.	PUNCT
ftr-349	504	1	§	§	PROPN
ftr-349	504	2	163(j	163(j	PROPN
ftr-349	504	3	)	)	PUNCT
ftr-349	504	4	.	.	PUNCT
ftr-349	505	1	62	62	NUM
ftr-349	505	2	.	.	PUNCT
ftr-349	506	1	see	see	VERB
ftr-349	506	2	edward	edward	PROPN
ftr-349	506	3	d.	d.	PROPN
ftr-349	506	4	kleinbard	kleinbard	PROPN
ftr-349	506	5	,	,	PUNCT
ftr-349	506	6	designing	design	VERB
ftr-349	506	7	an	an	DET
ftr-349	506	8	income	income	NOUN
ftr-349	506	9	tax	tax	NOUN
ftr-349	506	10	on	on	ADP
ftr-349	506	11	capital	capital	NOUN
ftr-349	506	12	,	,	PUNCT
ftr-349	506	13	in	in	ADP
ftr-349	506	14	taxing	tax	VERB
ftr-349	506	15	capital	capital	NOUN
ftr-349	506	16	income	income	NOUN
ftr-349	506	17	(	(	PUNCT
ftr-349	506	18	henry	henry	PROPN
ftr-349	506	19	j.	j.	PROPN
ftr-349	506	20	aaron	aaron	PROPN
ftr-349	506	21	,	,	PUNCT
ftr-349	506	22	leonard	leonard	PROPN
ftr-349	506	23	e.	e.	PROPN
ftr-349	506	24	burman	burman	PROPN
ftr-349	506	25	&	&	CCONJ
ftr-349	506	26	c.	c.	PROPN
ftr-349	506	27	eugene	eugene	PROPN
ftr-349	506	28	steuerle	steuerle	PROPN
ftr-349	506	29	eds	eds	PROPN
ftr-349	506	30	.	.	PROPN
ftr-349	506	31	2007	2007	NUM
ftr-349	506	32	)	)	PUNCT
ftr-349	506	33	.	.	PUNCT
ftr-349	507	1	730	730	NUM
ftr-349	507	2	florida	florida	PROPN
ftr-349	507	3	tax	tax	NOUN
ftr-349	507	4	review	review	NOUN
ftr-349	507	5	[	[	X
ftr-349	507	6	vol	vol	NOUN
ftr-349	507	7	.	.	PUNCT
ftr-349	508	1	11:9	11:9	NOUN
ftr-349	508	2	other	other	ADJ
ftr-349	508	3	are	be	AUX
ftr-349	508	4	tested	test	VERB
ftr-349	508	5	to	to	PART
ftr-349	508	6	ensure	ensure	VERB
ftr-349	508	7	that	that	SCONJ
ftr-349	508	8	their	their	PRON
ftr-349	508	9	terms	term	NOUN
ftr-349	508	10	are	be	AUX
ftr-349	508	11	consonant	consonant	ADJ
ftr-349	508	12	with	with	ADP
ftr-349	508	13	the	the	DET
ftr-349	508	14	terms	term	NOUN
ftr-349	508	15	under	under	ADP
ftr-349	508	16	which	which	PRON
ftr-349	508	17	unrelated	unrelated	ADJ
ftr-349	508	18	entities	entity	NOUN
ftr-349	508	19	would	would	AUX
ftr-349	508	20	do	do	VERB
ftr-349	508	21	business.63	business.63	NOUN
ftr-349	508	22	the	the	DET
ftr-349	508	23	combination	combination	NOUN
ftr-349	508	24	of	of	ADP
ftr-349	508	25	these	these	DET
ftr-349	508	26	principles	principle	NOUN
ftr-349	508	27	in	in	ADP
ftr-349	508	28	application	application	NOUN
ftr-349	508	29	allows	allow	VERB
ftr-349	508	30	for	for	ADP
ftr-349	508	31	economically	economically	ADV
ftr-349	508	32	meaningless	meaningless	ADJ
ftr-349	508	33	internal	internal	ADJ
ftr-349	508	34	leverage	leverage	NOUN
ftr-349	508	35	to	to	PART
ftr-349	508	36	accomplish	accomplish	VERB
ftr-349	508	37	significant	significant	ADJ
ftr-349	508	38	source	source	NOUN
ftr-349	508	39	country	country	NOUN
ftr-349	508	40	income	income	NOUN
ftr-349	508	41	tax	tax	NOUN
ftr-349	508	42	base	base	NOUN
ftr-349	508	43	erosion	erosion	NOUN
ftr-349	508	44	.	.	PUNCT
ftr-349	509	1	in	in	ADP
ftr-349	509	2	years	year	NOUN
ftr-349	509	3	prior	prior	ADV
ftr-349	509	4	to	to	ADP
ftr-349	509	5	1997	1997	NUM
ftr-349	509	6	,	,	PUNCT
ftr-349	509	7	the	the	DET
ftr-349	509	8	united	united	PROPN
ftr-349	509	9	states	states	PROPN
ftr-349	509	10	constrained	constrain	VERB
ftr-349	509	11	the	the	DET
ftr-349	509	12	ability	ability	NOUN
ftr-349	509	13	of	of	ADP
ftr-349	509	14	u.s	u.s	PROPN
ftr-349	509	15	.	.	PROPN
ftr-349	509	16	multinationals	multinational	NOUN
ftr-349	509	17	to	to	PART
ftr-349	509	18	generate	generate	VERB
ftr-349	509	19	stateless	stateless	NOUN
ftr-349	509	20	income	income	NOUN
ftr-349	509	21	through	through	ADP
ftr-349	509	22	internal	internal	ADJ
ftr-349	509	23	group	group	NOUN
ftr-349	509	24	leverage	leverage	NOUN
ftr-349	509	25	or	or	CCONJ
ftr-349	509	26	other	other	ADJ
ftr-349	509	27	earnings	earning	NOUN
ftr-349	509	28	stripping	strip	VERB
ftr-349	509	29	cash	cash	NOUN
ftr-349	509	30	flows	flow	NOUN
ftr-349	509	31	,	,	PUNCT
ftr-349	509	32	because	because	SCONJ
ftr-349	509	33	u.s	u.s	PROPN
ftr-349	509	34	.	.	PROPN
ftr-349	509	35	law	law	NOUN
ftr-349	509	36	at	at	ADP
ftr-349	509	37	the	the	DET
ftr-349	509	38	time	time	NOUN
ftr-349	509	39	characterized	characterize	VERB
ftr-349	509	40	as	as	ADP
ftr-349	509	41	subpart	subpart	NOUN
ftr-349	509	42	f	f	PROPN
ftr-349	509	43	income	income	NOUN
ftr-349	509	44	most	most	ADJ
ftr-349	509	45	interest	interest	NOUN
ftr-349	509	46	income	income	NOUN
ftr-349	509	47	(	(	PUNCT
ftr-349	509	48	or	or	CCONJ
ftr-349	509	49	other	other	ADJ
ftr-349	509	50	income	income	NOUN
ftr-349	509	51	items	item	NOUN
ftr-349	509	52	deducted	deduct	VERB
ftr-349	509	53	by	by	ADP
ftr-349	509	54	the	the	DET
ftr-349	509	55	payor	payor	NOUN
ftr-349	509	56	)	)	PUNCT
ftr-349	509	57	earned	earn	VERB
ftr-349	509	58	by	by	ADP
ftr-349	509	59	a	a	DET
ftr-349	509	60	foreign	foreign	ADJ
ftr-349	509	61	subsidiary	subsidiary	NOUN
ftr-349	509	62	domiciled	domicile	VERB
ftr-349	509	63	in	in	ADP
ftr-349	509	64	a	a	DET
ftr-349	509	65	low	low	ADJ
ftr-349	509	66	-	-	PUNCT
ftr-349	509	67	tax	tax	NOUN
ftr-349	509	68	jurisdiction	jurisdiction	NOUN
ftr-349	509	69	.	.	PUNCT
ftr-349	510	1	as	as	ADP
ftr-349	510	2	a	a	DET
ftr-349	510	3	consequence	consequence	NOUN
ftr-349	510	4	,	,	PUNCT
ftr-349	510	5	a	a	DET
ftr-349	510	6	u.s	u.s	PROPN
ftr-349	510	7	.	.	PROPN
ftr-349	510	8	multinational	multinational	ADJ
ftr-349	510	9	group	group	NOUN
ftr-349	510	10	could	could	AUX
ftr-349	510	11	strip	strip	VERB
ftr-349	510	12	income	income	NOUN
ftr-349	510	13	from	from	ADP
ftr-349	510	14	one	one	NUM
ftr-349	510	15	foreign	foreign	ADJ
ftr-349	510	16	jurisdiction	jurisdiction	NOUN
ftr-349	510	17	to	to	ADP
ftr-349	510	18	another	another	PRON
ftr-349	510	19	,	,	PUNCT
ftr-349	510	20	but	but	CCONJ
ftr-349	510	21	by	by	ADP
ftr-349	510	22	doing	do	VERB
ftr-349	510	23	so	so	ADV
ftr-349	510	24	the	the	DET
ftr-349	510	25	u.s	u.s	PROPN
ftr-349	510	26	.	.	PROPN
ftr-349	510	27	parent	parent	NOUN
ftr-349	510	28	company	company	NOUN
ftr-349	510	29	would	would	AUX
ftr-349	510	30	be	be	AUX
ftr-349	510	31	taxed	tax	VERB
ftr-349	510	32	immediately	immediately	ADV
ftr-349	510	33	on	on	ADP
ftr-349	510	34	the	the	DET
ftr-349	510	35	interest	interest	NOUN
ftr-349	510	36	income	income	NOUN
ftr-349	510	37	recognized	recognize	VERB
ftr-349	510	38	by	by	ADP
ftr-349	510	39	the	the	DET
ftr-349	510	40	low	low	ADV
ftr-349	510	41	-	-	PUNCT
ftr-349	510	42	taxed	tax	VERB
ftr-349	510	43	affiliate	affiliate	NOUN
ftr-349	510	44	.	.	PUNCT
ftr-349	511	1	this	this	DET
ftr-349	511	2	state	state	NOUN
ftr-349	511	3	of	of	ADP
ftr-349	511	4	affairs	affair	NOUN
ftr-349	511	5	was	be	AUX
ftr-349	511	6	said	say	VERB
ftr-349	511	7	to	to	PART
ftr-349	511	8	be	be	AUX
ftr-349	511	9	consistent	consistent	ADJ
ftr-349	511	10	with	with	ADP
ftr-349	511	11	a	a	DET
ftr-349	511	12	capital	capital	NOUN
ftr-349	511	13	export	export	NOUN
ftr-349	511	14	neutrality	neutrality	NOUN
ftr-349	511	15	philosophy	philosophy	NOUN
ftr-349	511	16	,	,	PUNCT
ftr-349	511	17	because	because	SCONJ
ftr-349	511	18	at	at	ADP
ftr-349	511	19	the	the	DET
ftr-349	511	20	margin	margin	NOUN
ftr-349	511	21	a	a	DET
ftr-349	511	22	u.s	u.s	PROPN
ftr-349	511	23	.	.	PROPN
ftr-349	511	24	firm	firm	NOUN
ftr-349	511	25	could	could	AUX
ftr-349	511	26	not	not	PART
ftr-349	511	27	costlessly	costlessly	ADV
ftr-349	511	28	generate	generate	VERB
ftr-349	511	29	low	low	ADV
ftr-349	511	30	-	-	PUNCT
ftr-349	511	31	taxed	tax	VERB
ftr-349	511	32	non	non	ADJ
ftr-349	511	33	-	-	ADJ
ftr-349	511	34	subpart	subpart	ADJ
ftr-349	511	35	f	f	PROPN
ftr-349	511	36	foreign	foreign	ADJ
ftr-349	511	37	income	income	NOUN
ftr-349	511	38	when	when	SCONJ
ftr-349	511	39	making	make	VERB
ftr-349	511	40	investments	investment	NOUN
ftr-349	511	41	in	in	ADP
ftr-349	511	42	high	high	ADJ
ftr-349	511	43	-	-	PUNCT
ftr-349	511	44	tax	tax	NOUN
ftr-349	511	45	foreign	foreign	ADJ
ftr-349	511	46	jurisdictions.64	jurisdictions.64	PROPN
ftr-349	511	47	as	as	ADP
ftr-349	511	48	a	a	DET
ftr-349	511	49	result	result	NOUN
ftr-349	511	50	,	,	PUNCT
ftr-349	511	51	it	it	PRON
ftr-349	511	52	could	could	AUX
ftr-349	511	53	be	be	AUX
ftr-349	511	54	argued	argue	VERB
ftr-349	511	55	that	that	SCONJ
ftr-349	511	56	subpart	subpart	NOUN
ftr-349	511	57	f	f	PROPN
ftr-349	511	58	encouraged	encourage	VERB
ftr-349	511	59	u.s	u.s	PROPN
ftr-349	511	60	.	.	PROPN
ftr-349	511	61	firms	firm	NOUN
ftr-349	511	62	to	to	PART
ftr-349	511	63	make	make	VERB
ftr-349	511	64	investment	investment	NOUN
ftr-349	511	65	decisions	decision	NOUN
ftr-349	511	66	without	without	ADP
ftr-349	511	67	regard	regard	NOUN
ftr-349	511	68	to	to	ADP
ftr-349	511	69	any	any	DET
ftr-349	511	70	special	special	ADJ
ftr-349	511	71	tax	tax	NOUN
ftr-349	511	72	planning	planning	NOUN
ftr-349	511	73	opportunities	opportunity	NOUN
ftr-349	511	74	that	that	PRON
ftr-349	511	75	might	might	AUX
ftr-349	511	76	be	be	AUX
ftr-349	511	77	available	available	ADJ
ftr-349	511	78	in	in	ADP
ftr-349	511	79	respect	respect	NOUN
ftr-349	511	80	of	of	ADP
ftr-349	511	81	foreign	foreign	ADJ
ftr-349	511	82	investments	investment	NOUN
ftr-349	511	83	.	.	PUNCT
ftr-349	512	1	the	the	DET
ftr-349	512	2	business	business	NOUN
ftr-349	512	3	community	community	NOUN
ftr-349	512	4	,	,	PUNCT
ftr-349	512	5	however	however	ADV
ftr-349	512	6	,	,	PUNCT
ftr-349	512	7	argued	argue	VERB
ftr-349	512	8	forcefully	forcefully	ADV
ftr-349	512	9	that	that	SCONJ
ftr-349	512	10	the	the	DET
ftr-349	512	11	u.s	u.s	PROPN
ftr-349	512	12	.	.	PROPN
ftr-349	512	13	international	international	ADJ
ftr-349	512	14	tax	tax	NOUN
ftr-349	512	15	system	system	NOUN
ftr-349	512	16	,	,	PUNCT
ftr-349	512	17	taken	take	VERB
ftr-349	512	18	as	as	ADP
ftr-349	512	19	a	a	DET
ftr-349	512	20	whole	whole	NOUN
ftr-349	512	21	,	,	PUNCT
ftr-349	512	22	put	put	VERB
ftr-349	512	23	u.s	u.s	PROPN
ftr-349	512	24	.	.	PROPN
ftr-349	512	25	firms	firm	NOUN
ftr-349	512	26	at	at	ADP
ftr-349	512	27	a	a	DET
ftr-349	512	28	competitive	competitive	ADJ
ftr-349	512	29	disadvantage.65	disadvantage.65	ADP
ftr-349	512	30	moreover	moreover	ADV
ftr-349	512	31	,	,	PUNCT
ftr-349	512	32	u.s	u.s	PROPN
ftr-349	512	33	.	.	PROPN
ftr-349	512	34	business	business	NOUN
ftr-349	512	35	firms	firm	NOUN
ftr-349	512	36	were	be	AUX
ftr-349	512	37	incredulous	incredulous	ADJ
ftr-349	512	38	that	that	SCONJ
ftr-349	512	39	the	the	DET
ftr-349	512	40	united	united	PROPN
ftr-349	512	41	states	states	PROPN
ftr-349	512	42	would	would	AUX
ftr-349	512	43	deliberately	deliberately	ADV
ftr-349	512	44	discourage	discourage	VERB
ftr-349	512	45	u.s	u.s	PROPN
ftr-349	512	46	.	.	PROPN
ftr-349	512	47	firms	firm	NOUN
ftr-349	512	48	from	from	ADP
ftr-349	512	49	reducing	reduce	VERB
ftr-349	512	50	their	their	PRON
ftr-349	512	51	foreign	foreign	ADJ
ftr-349	512	52	tax	tax	NOUN
ftr-349	512	53	liabilities.66	liabilities.66	NOUN
ftr-349	512	54	in	in	ADP
ftr-349	512	55	1997	1997	NUM
ftr-349	512	56	,	,	PUNCT
ftr-349	512	57	the	the	DET
ftr-349	512	58	tax	tax	NOUN
ftr-349	512	59	tectonic	tectonic	ADJ
ftr-349	512	60	plates	plate	NOUN
ftr-349	512	61	shifted	shift	VERB
ftr-349	512	62	,	,	PUNCT
ftr-349	512	63	with	with	ADP
ftr-349	512	64	the	the	DET
ftr-349	512	65	introduction	introduction	NOUN
ftr-349	512	66	of	of	ADP
ftr-349	512	67	the	the	DET
ftr-349	512	68	“	"	PUNCT
ftr-349	512	69	check	check	VERB
ftr-349	512	70	-	-	PUNCT
ftr-349	512	71	the	the	DET
ftr-349	512	72	-	-	PUNCT
ftr-349	512	73	box	box	NOUN
ftr-349	512	74	”	"	PUNCT
ftr-349	512	75	treasury	treasury	PROPN
ftr-349	512	76	regulations.67	regulations.67	NOUN
ftr-349	512	77	whether	whether	SCONJ
ftr-349	512	78	as	as	ADP
ftr-349	512	79	a	a	DET
ftr-349	512	80	result	result	NOUN
ftr-349	512	81	of	of	ADP
ftr-349	512	82	a	a	DET
ftr-349	512	83	conscious	conscious	ADJ
ftr-349	512	84	shift	shift	NOUN
ftr-349	512	85	to	to	ADP
ftr-349	512	86	a	a	DET
ftr-349	512	87	different	different	ADJ
ftr-349	512	88	guiding	guide	VERB
ftr-349	512	89	principle	principle	NOUN
ftr-349	512	90	or	or	CCONJ
ftr-349	512	91	as	as	ADP
ftr-349	512	92	ad	ad	NOUN
ftr-349	512	93	-	-	PUNCT
ftr-349	512	94	hoc	hoc	ADJ
ftr-349	512	95	responses	response	NOUN
ftr-349	512	96	to	to	ADP
ftr-349	512	97	industry	industry	NOUN
ftr-349	512	98	pleas	plea	NOUN
ftr-349	512	99	for	for	ADP
ftr-349	512	100	a	a	DET
ftr-349	512	101	competitive	competitive	ADJ
ftr-349	512	102	international	international	ADJ
ftr-349	512	103	tax	tax	NOUN
ftr-349	512	104	environment	environment	NOUN
ftr-349	512	105	,	,	PUNCT
ftr-349	512	106	these	these	DET
ftr-349	512	107	regulations	regulation	NOUN
ftr-349	512	108	63	63	NUM
ftr-349	512	109	.	.	PUNCT
ftr-349	513	1	see	see	VERB
ftr-349	513	2	supra	supra	PROPN
ftr-349	513	3	note	note	PROPN
ftr-349	513	4	6	6	NUM
ftr-349	513	5	(	(	PUNCT
ftr-349	513	6	discussing	discuss	VERB
ftr-349	513	7	oecd	oecd	PROPN
ftr-349	513	8	guidelines	guideline	NOUN
ftr-349	513	9	.	.	PUNCT
ftr-349	513	10	)	)	PUNCT
ftr-349	513	11	.	.	PUNCT
ftr-349	514	1	64	64	NUM
ftr-349	514	2	.	.	PUNCT
ftr-349	515	1	see	see	VERB
ftr-349	515	2	office	office	NOUN
ftr-349	515	3	of	of	ADP
ftr-349	515	4	tax	tax	NOUN
ftr-349	515	5	policy	policy	NOUN
ftr-349	515	6	,	,	PUNCT
ftr-349	515	7	department	department	NOUN
ftr-349	515	8	of	of	ADP
ftr-349	515	9	the	the	DET
ftr-349	515	10	treasury	treasury	NOUN
ftr-349	515	11	the	the	DET
ftr-349	515	12	deferral	deferral	NOUN
ftr-349	515	13	of	of	ADP
ftr-349	515	14	income	income	NOUN
ftr-349	515	15	earned	earn	VERB
ftr-349	515	16	through	through	ADP
ftr-349	515	17	u.s	u.s	PROPN
ftr-349	515	18	.	.	PROPN
ftr-349	515	19	controlled	control	VERB
ftr-349	515	20	foreign	foreign	ADJ
ftr-349	515	21	corporations	corporation	NOUN
ftr-349	515	22	:	:	PUNCT
ftr-349	515	23	a	a	DET
ftr-349	515	24	policy	policy	NOUN
ftr-349	515	25	study	study	NOUN
ftr-349	515	26	119	119	NUM
ftr-349	515	27	(	(	PUNCT
ftr-349	515	28	2000	2000	NUM
ftr-349	515	29	)	)	PUNCT
ftr-349	515	30	.	.	PUNCT
ftr-349	516	1	65	65	NUM
ftr-349	516	2	.	.	PUNCT
ftr-349	517	1	see	see	VERB
ftr-349	517	2	,	,	PUNCT
ftr-349	517	3	e.g.	e.g.	ADV
ftr-349	517	4	,	,	PUNCT
ftr-349	517	5	national	national	ADJ
ftr-349	517	6	foreign	foreign	ADJ
ftr-349	517	7	trade	trade	NOUN
ftr-349	517	8	council	council	NOUN
ftr-349	517	9	,	,	PUNCT
ftr-349	517	10	addressing	address	VERB
ftr-349	517	11	offshore	offshore	ADJ
ftr-349	517	12	tax	tax	NOUN
ftr-349	517	13	avoidance	avoidance	NOUN
ftr-349	517	14	without	without	ADP
ftr-349	517	15	harming	harm	VERB
ftr-349	517	16	the	the	DET
ftr-349	517	17	international	international	ADJ
ftr-349	517	18	competitiveness	competitiveness	NOUN
ftr-349	517	19	of	of	ADP
ftr-349	517	20	u.s	u.s	PROPN
ftr-349	517	21	.	.	PROPN
ftr-349	517	22	businesses	business	NOUN
ftr-349	517	23	1	1	NUM
ftr-349	517	24	(	(	PUNCT
ftr-349	517	25	warning	warn	VERB
ftr-349	517	26	u.s	u.s	PROPN
ftr-349	517	27	.	.	PROPN
ftr-349	517	28	policymakers	policymaker	NOUN
ftr-349	517	29	to	to	PART
ftr-349	517	30	evaluate	evaluate	VERB
ftr-349	517	31	all	all	DET
ftr-349	517	32	international	international	ADJ
ftr-349	517	33	tax	tax	NOUN
ftr-349	517	34	reforms	reform	NOUN
ftr-349	517	35	in	in	ADP
ftr-349	517	36	light	light	NOUN
ftr-349	517	37	of	of	ADP
ftr-349	517	38	competitiveness	competitiveness	NOUN
ftr-349	517	39	)	)	PUNCT
ftr-349	517	40	.	.	PUNCT
ftr-349	518	1	66	66	NUM
ftr-349	518	2	.	.	PUNCT
ftr-349	519	1	the	the	DET
ftr-349	519	2	best	good	ADJ
ftr-349	519	3	example	example	NOUN
ftr-349	519	4	of	of	ADP
ftr-349	519	5	this	this	DET
ftr-349	519	6	mutual	mutual	ADJ
ftr-349	519	7	incomprehension	incomprehension	NOUN
ftr-349	519	8	was	be	AUX
ftr-349	519	9	the	the	DET
ftr-349	519	10	promulgation	promulgation	NOUN
ftr-349	519	11	of	of	ADP
ftr-349	519	12	,	,	PUNCT
ftr-349	519	13	and	and	CCONJ
ftr-349	519	14	reaction	reaction	NOUN
ftr-349	519	15	to	to	PART
ftr-349	519	16	,	,	PUNCT
ftr-349	519	17	notice	notice	VERB
ftr-349	519	18	98	98	NUM
ftr-349	519	19	-	-	SYM
ftr-349	519	20	11	11	NUM
ftr-349	519	21	,	,	PUNCT
ftr-349	519	22	1998	1998	NUM
ftr-349	519	23	-	-	SYM
ftr-349	519	24	1	1	NUM
ftr-349	519	25	c.b	c.b	PROPN
ftr-349	519	26	.	.	PROPN
ftr-349	519	27	433	433	NUM
ftr-349	519	28	.	.	PUNCT
ftr-349	520	1	notice	notice	VERB
ftr-349	520	2	98	98	NUM
ftr-349	520	3	-	-	SYM
ftr-349	520	4	11	11	NUM
ftr-349	520	5	provided	provide	VERB
ftr-349	520	6	that	that	SCONJ
ftr-349	520	7	regulations	regulation	NOUN
ftr-349	520	8	would	would	AUX
ftr-349	520	9	be	be	AUX
ftr-349	520	10	proposed	propose	VERB
ftr-349	520	11	to	to	PART
ftr-349	520	12	prevent	prevent	VERB
ftr-349	520	13	taxpayers	taxpayer	NOUN
ftr-349	520	14	from	from	ADP
ftr-349	520	15	utilizing	utilize	VERB
ftr-349	520	16	hybrid	hybrid	ADJ
ftr-349	520	17	branch	branch	NOUN
ftr-349	520	18	arrangements	arrangement	NOUN
ftr-349	520	19	to	to	PART
ftr-349	520	20	reduce	reduce	VERB
ftr-349	520	21	foreign	foreign	ADJ
ftr-349	520	22	tax	tax	NOUN
ftr-349	520	23	while	while	SCONJ
ftr-349	520	24	avoiding	avoid	VERB
ftr-349	520	25	the	the	DET
ftr-349	520	26	corresponding	correspond	VERB
ftr-349	520	27	creation	creation	NOUN
ftr-349	520	28	of	of	ADP
ftr-349	520	29	subpart	subpart	PROPN
ftr-349	520	30	f	f	PROPN
ftr-349	520	31	income	income	NOUN
ftr-349	520	32	.	.	PUNCT
ftr-349	521	1	the	the	DET
ftr-349	521	2	notice	notice	NOUN
ftr-349	521	3	achieved	achieve	VERB
ftr-349	521	4	instant	instant	ADJ
ftr-349	521	5	notoriety	notoriety	NOUN
ftr-349	521	6	,	,	PUNCT
ftr-349	521	7	and	and	CCONJ
ftr-349	521	8	no	no	DET
ftr-349	521	9	such	such	ADJ
ftr-349	521	10	regulations	regulation	NOUN
ftr-349	521	11	ever	ever	ADV
ftr-349	521	12	were	be	AUX
ftr-349	521	13	issued	issue	VERB
ftr-349	521	14	.	.	PUNCT
ftr-349	522	1	67	67	NUM
ftr-349	522	2	.	.	PUNCT
ftr-349	523	1	treas	treas	PROPN
ftr-349	523	2	.	.	PUNCT
ftr-349	524	1	reg	reg	PROPN
ftr-349	524	2	.	.	PUNCT
ftr-349	525	1	§	§	PROPN
ftr-349	525	2	301.7701	301.7701	NUM
ftr-349	525	3	-	-	SYM
ftr-349	525	4	3	3	NUM
ftr-349	525	5	.	.	NUM
ftr-349	525	6	2001	2001	NUM
ftr-349	525	7	]	]	PUNCT
ftr-349	525	8	stateless	stateless	NOUN
ftr-349	525	9	income	income	NOUN
ftr-349	525	10	731	731	NUM
ftr-349	525	11	substantially	substantially	ADV
ftr-349	525	12	vitiated	vitiate	VERB
ftr-349	525	13	the	the	DET
ftr-349	525	14	scope	scope	NOUN
ftr-349	525	15	of	of	ADP
ftr-349	525	16	subpart	subpart	NOUN
ftr-349	525	17	f	f	PROPN
ftr-349	525	18	as	as	ADP
ftr-349	525	19	a	a	DET
ftr-349	525	20	guardian	guardian	NOUN
ftr-349	525	21	against	against	ADP
ftr-349	525	22	stateless	stateless	NOUN
ftr-349	525	23	income	income	NOUN
ftr-349	525	24	generating	generating	NOUN
ftr-349	525	25	techniques	technique	NOUN
ftr-349	525	26	.	.	PUNCT
ftr-349	526	1	68	68	NUM
ftr-349	526	2	the	the	DET
ftr-349	526	3	check	check	VERB
ftr-349	526	4	-	-	PUNCT
ftr-349	526	5	the	the	DET
ftr-349	526	6	-	-	PUNCT
ftr-349	526	7	box	box	NOUN
ftr-349	526	8	regulations	regulation	NOUN
ftr-349	526	9	permitted	permit	VERB
ftr-349	526	10	u.s	u.s	PROPN
ftr-349	526	11	.	.	PROPN
ftr-349	526	12	firms	firm	NOUN
ftr-349	526	13	effectively	effectively	ADV
ftr-349	526	14	to	to	PART
ftr-349	526	15	avoid	avoid	VERB
ftr-349	526	16	the	the	DET
ftr-349	526	17	strictures	stricture	NOUN
ftr-349	526	18	of	of	ADP
ftr-349	526	19	subpart	subpart	NOUN
ftr-349	526	20	f	f	NOUN
ftr-349	526	21	in	in	ADP
ftr-349	526	22	many	many	ADJ
ftr-349	526	23	instances	instance	NOUN
ftr-349	526	24	by	by	ADP
ftr-349	526	25	electing	elect	VERB
ftr-349	526	26	,	,	PUNCT
ftr-349	526	27	solely	solely	ADV
ftr-349	526	28	for	for	ADP
ftr-349	526	29	u.s	u.s	PROPN
ftr-349	526	30	.	.	PROPN
ftr-349	526	31	tax	tax	NOUN
ftr-349	526	32	purposes	purpose	NOUN
ftr-349	526	33	,	,	PUNCT
ftr-349	526	34	to	to	PART
ftr-349	526	35	treat	treat	VERB
ftr-349	526	36	a	a	DET
ftr-349	526	37	foreign	foreign	ADJ
ftr-349	526	38	corporate	corporate	ADJ
ftr-349	526	39	subsidiary	subsidiary	NOUN
ftr-349	526	40	as	as	ADP
ftr-349	526	41	a	a	DET
ftr-349	526	42	tax	tax	NOUN
ftr-349	526	43	-	-	PUNCT
ftr-349	526	44	transparent	transparent	ADJ
ftr-349	526	45	vehicle	vehicle	NOUN
ftr-349	526	46	,	,	PUNCT
ftr-349	526	47	rather	rather	ADV
ftr-349	526	48	than	than	ADP
ftr-349	526	49	a	a	DET
ftr-349	526	50	separate	separate	ADJ
ftr-349	526	51	taxable	taxable	ADJ
ftr-349	526	52	entity	entity	NOUN
ftr-349	526	53	to	to	PART
ftr-349	526	54	which	which	PRON
ftr-349	526	55	the	the	DET
ftr-349	526	56	rules	rule	NOUN
ftr-349	526	57	of	of	ADP
ftr-349	526	58	subpart	subpart	NOUN
ftr-349	526	59	f	f	PROPN
ftr-349	526	60	might	might	AUX
ftr-349	526	61	apply	apply	VERB
ftr-349	526	62	.	.	PUNCT
ftr-349	527	1	when	when	SCONJ
ftr-349	527	2	a	a	DET
ftr-349	527	3	check	check	NOUN
ftr-349	527	4	-	-	PUNCT
ftr-349	527	5	the	the	DET
ftr-349	527	6	-	-	PUNCT
ftr-349	527	7	box	box	NOUN
ftr-349	527	8	election	election	NOUN
ftr-349	527	9	is	be	AUX
ftr-349	527	10	made	make	VERB
ftr-349	527	11	in	in	ADP
ftr-349	527	12	respect	respect	NOUN
ftr-349	527	13	of	of	ADP
ftr-349	527	14	a	a	DET
ftr-349	527	15	whollyowned	whollyowne	VERB
ftr-349	527	16	subsidiary	subsidiary	NOUN
ftr-349	527	17	,	,	PUNCT
ftr-349	527	18	the	the	DET
ftr-349	527	19	subsidiary	subsidiary	NOUN
ftr-349	527	20	is	be	AUX
ftr-349	527	21	referred	refer	VERB
ftr-349	527	22	to	to	ADP
ftr-349	527	23	as	as	ADP
ftr-349	527	24	a	a	DET
ftr-349	527	25	“	"	PUNCT
ftr-349	527	26	disregarded	disregarded	ADJ
ftr-349	527	27	entity	entity	NOUN
ftr-349	527	28	,	,	PUNCT
ftr-349	527	29	”	"	PUNCT
ftr-349	527	30	because	because	SCONJ
ftr-349	527	31	its	its	PRON
ftr-349	527	32	separate	separate	ADJ
ftr-349	527	33	juridical	juridical	ADJ
ftr-349	527	34	status	status	NOUN
ftr-349	527	35	is	be	AUX
ftr-349	527	36	ignored	ignore	VERB
ftr-349	527	37	for	for	ADP
ftr-349	527	38	all	all	DET
ftr-349	527	39	u.s	u.s	PROPN
ftr-349	527	40	.	.	PROPN
ftr-349	527	41	tax	tax	NOUN
ftr-349	527	42	purposes	purpose	NOUN
ftr-349	527	43	.	.	PUNCT
ftr-349	528	1	instead	instead	ADV
ftr-349	528	2	,	,	PUNCT
ftr-349	528	3	the	the	DET
ftr-349	528	4	subsidiary	subsidiary	NOUN
ftr-349	528	5	is	be	AUX
ftr-349	528	6	treated	treat	VERB
ftr-349	528	7	as	as	ADP
ftr-349	528	8	an	an	DET
ftr-349	528	9	extension	extension	NOUN
ftr-349	528	10	of	of	ADP
ftr-349	528	11	its	its	PRON
ftr-349	528	12	sole	sole	ADJ
ftr-349	528	13	corporate	corporate	ADJ
ftr-349	528	14	owner	owner	NOUN
ftr-349	528	15	.	.	PUNCT
ftr-349	529	1	to	to	PART
ftr-349	529	2	take	take	VERB
ftr-349	529	3	one	one	NUM
ftr-349	529	4	common	common	ADJ
ftr-349	529	5	fact	fact	NOUN
ftr-349	529	6	pattern	pattern	NOUN
ftr-349	529	7	,	,	PUNCT
ftr-349	529	8	imagine	imagine	VERB
ftr-349	529	9	that	that	SCONJ
ftr-349	529	10	a	a	DET
ftr-349	529	11	u.s	u.s	PROPN
ftr-349	529	12	.	.	PROPN
ftr-349	529	13	multinational	multinational	ADJ
ftr-349	529	14	enterprise	enterprise	NOUN
ftr-349	529	15	owns	own	VERB
ftr-349	529	16	an	an	DET
ftr-349	529	17	irish	irish	ADJ
ftr-349	529	18	first	first	ADJ
ftr-349	529	19	-	-	PUNCT
ftr-349	529	20	tier	tier	NOUN
ftr-349	529	21	subsidiary	subsidiary	NOUN
ftr-349	529	22	,	,	PUNCT
ftr-349	529	23	which	which	PRON
ftr-349	529	24	in	in	ADP
ftr-349	529	25	turn	turn	NOUN
ftr-349	529	26	owns	own	VERB
ftr-349	529	27	a	a	DET
ftr-349	529	28	french	french	ADJ
ftr-349	529	29	second	second	ADJ
ftr-349	529	30	-	-	PUNCT
ftr-349	529	31	tier	tier	NOUN
ftr-349	529	32	subsidiary	subsidiary	NOUN
ftr-349	529	33	.	.	PUNCT
ftr-349	530	1	the	the	DET
ftr-349	530	2	u.s	u.s	PROPN
ftr-349	530	3	.	.	PROPN
ftr-349	530	4	parent	parent	PROPN
ftr-349	530	5	company	company	NOUN
ftr-349	530	6	“	"	PUNCT
ftr-349	530	7	checks	check	VERB
ftr-349	530	8	the	the	DET
ftr-349	530	9	box	box	NOUN
ftr-349	530	10	”	"	PUNCT
ftr-349	530	11	in	in	ADP
ftr-349	530	12	respect	respect	NOUN
ftr-349	530	13	of	of	ADP
ftr-349	530	14	the	the	DET
ftr-349	530	15	french	french	ADJ
ftr-349	530	16	subsidiary	subsidiary	NOUN
ftr-349	530	17	,	,	PUNCT
ftr-349	530	18	which	which	PRON
ftr-349	530	19	thereupon	thereupon	ADV
ftr-349	530	20	becomes	become	VERB
ftr-349	530	21	entirely	entirely	ADV
ftr-349	530	22	disregarded	disregarded	ADJ
ftr-349	530	23	for	for	ADP
ftr-349	530	24	u.s	u.s	PROPN
ftr-349	530	25	.	.	PROPN
ftr-349	530	26	tax	tax	NOUN
ftr-349	530	27	purposes	purpose	NOUN
ftr-349	530	28	,	,	PUNCT
ftr-349	530	29	but	but	CCONJ
ftr-349	530	30	not	not	PART
ftr-349	530	31	for	for	ADP
ftr-349	530	32	irish	irish	ADJ
ftr-349	530	33	or	or	CCONJ
ftr-349	530	34	french	french	ADJ
ftr-349	530	35	tax	tax	NOUN
ftr-349	530	36	purposes	purpose	NOUN
ftr-349	530	37	.	.	PUNCT
ftr-349	531	1	now	now	ADV
ftr-349	531	2	the	the	DET
ftr-349	531	3	irish	irish	ADJ
ftr-349	531	4	first	first	ADJ
ftr-349	531	5	-	-	PUNCT
ftr-349	531	6	tier	tier	NOUN
ftr-349	531	7	subsidiary	subsidiary	NOUN
ftr-349	531	8	lends	lend	VERB
ftr-349	531	9	money	money	NOUN
ftr-349	531	10	to	to	ADP
ftr-349	531	11	its	its	PRON
ftr-349	531	12	french	french	ADJ
ftr-349	531	13	subsidiary	subsidiary	NOUN
ftr-349	531	14	.	.	PUNCT
ftr-349	532	1	for	for	ADP
ftr-349	532	2	irish	irish	ADJ
ftr-349	532	3	and	and	CCONJ
ftr-349	532	4	french	french	ADJ
ftr-349	532	5	tax	tax	NOUN
ftr-349	532	6	purposes	purpose	NOUN
ftr-349	532	7	,	,	PUNCT
ftr-349	532	8	the	the	DET
ftr-349	532	9	interest	interest	NOUN
ftr-349	532	10	expense	expense	NOUN
ftr-349	532	11	in	in	ADP
ftr-349	532	12	france	france	PROPN
ftr-349	532	13	and	and	CCONJ
ftr-349	532	14	the	the	DET
ftr-349	532	15	interest	interest	NOUN
ftr-349	532	16	income	income	NOUN
ftr-349	532	17	in	in	ADP
ftr-349	532	18	ireland	ireland	PROPN
ftr-349	532	19	are	be	AUX
ftr-349	532	20	treated	treat	VERB
ftr-349	532	21	as	as	ADP
ftr-349	532	22	real	real	ADJ
ftr-349	532	23	,	,	PUNCT
ftr-349	532	24	with	with	ADP
ftr-349	532	25	the	the	DET
ftr-349	532	26	result	result	NOUN
ftr-349	532	27	that	that	SCONJ
ftr-349	532	28	french	french	ADJ
ftr-349	532	29	business	business	NOUN
ftr-349	532	30	income	income	NOUN
ftr-349	532	31	is	be	AUX
ftr-349	532	32	now	now	ADV
ftr-349	532	33	taxed	tax	VERB
ftr-349	532	34	to	to	ADP
ftr-349	532	35	that	that	DET
ftr-349	532	36	extent	extent	NOUN
ftr-349	532	37	at	at	ADP
ftr-349	532	38	irish	irish	ADJ
ftr-349	532	39	rates	rate	NOUN
ftr-349	532	40	.	.	PUNCT
ftr-349	533	1	for	for	ADP
ftr-349	533	2	u.s	u.s	PROPN
ftr-349	533	3	.	.	PROPN
ftr-349	533	4	purposes	purpose	NOUN
ftr-349	533	5	,	,	PUNCT
ftr-349	533	6	however	however	ADV
ftr-349	533	7	,	,	PUNCT
ftr-349	533	8	there	there	PRON
ftr-349	533	9	is	be	VERB
ftr-349	533	10	only	only	ADV
ftr-349	533	11	one	one	NUM
ftr-349	533	12	company	company	NOUN
ftr-349	533	13	—	—	PUNCT
ftr-349	533	14	an	an	DET
ftr-349	533	15	irish	irish	ADJ
ftr-349	533	16	subsidiary	subsidiary	NOUN
ftr-349	533	17	with	with	ADP
ftr-349	533	18	branch	branch	NOUN
ftr-349	533	19	operations	operation	NOUN
ftr-349	533	20	in	in	ADP
ftr-349	533	21	france	france	PROPN
ftr-349	533	22	—	—	PUNCT
ftr-349	533	23	and	and	CCONJ
ftr-349	533	24	transactions	transaction	NOUN
ftr-349	533	25	between	between	ADP
ftr-349	533	26	a	a	DET
ftr-349	533	27	branch	branch	NOUN
ftr-349	533	28	and	and	CCONJ
ftr-349	533	29	its	its	PRON
ftr-349	533	30	home	home	NOUN
ftr-349	533	31	office	office	NOUN
ftr-349	533	32	are	be	AUX
ftr-349	533	33	generally	generally	ADV
ftr-349	533	34	ignored	ignore	VERB
ftr-349	533	35	for	for	ADP
ftr-349	533	36	u.s	u.s	PROPN
ftr-349	533	37	.	.	PROPN
ftr-349	533	38	tax	tax	NOUN
ftr-349	533	39	purposes	purpose	NOUN
ftr-349	533	40	.	.	PUNCT
ftr-349	534	1	as	as	ADP
ftr-349	534	2	a	a	DET
ftr-349	534	3	result	result	NOUN
ftr-349	534	4	,	,	PUNCT
ftr-349	534	5	subpart	subpart	PROPN
ftr-349	534	6	f	f	PROPN
ftr-349	534	7	income	income	NOUN
ftr-349	534	8	can	can	AUX
ftr-349	534	9	not	not	PART
ftr-349	534	10	arise	arise	VERB
ftr-349	534	11	.	.	PUNCT
ftr-349	535	1	altshuler	altshuler	NOUN
ftr-349	535	2	and	and	CCONJ
ftr-349	535	3	grubert	grubert	NOUN
ftr-349	535	4	have	have	AUX
ftr-349	535	5	found	find	VERB
ftr-349	535	6	a	a	DET
ftr-349	535	7	pronounced	pronounced	ADJ
ftr-349	535	8	change	change	NOUN
ftr-349	535	9	in	in	ADP
ftr-349	535	10	the	the	DET
ftr-349	535	11	effective	effective	ADJ
ftr-349	535	12	foreign	foreign	ADJ
ftr-349	535	13	tax	tax	NOUN
ftr-349	535	14	rates	rate	NOUN
ftr-349	535	15	of	of	ADP
ftr-349	535	16	u.s	u.s	PROPN
ftr-349	535	17	.	.	PROPN
ftr-349	535	18	multinational	multinational	ADJ
ftr-349	535	19	firms	firm	NOUN
ftr-349	535	20	after	after	ADP
ftr-349	535	21	1996	1996	NUM
ftr-349	535	22	,	,	PUNCT
ftr-349	535	23	which	which	PRON
ftr-349	535	24	they	they	PRON
ftr-349	535	25	plausibly	plausibly	ADV
ftr-349	535	26	ascribe	ascribe	VERB
ftr-349	535	27	to	to	ADP
ftr-349	535	28	the	the	DET
ftr-349	535	29	effects	effect	NOUN
ftr-349	535	30	of	of	ADP
ftr-349	535	31	check	check	NOUN
ftr-349	535	32	-	-	PUNCT
ftr-349	535	33	the	the	DET
ftr-349	535	34	-	-	PUNCT
ftr-349	535	35	box	box	NOUN
ftr-349	535	36	tax	tax	NOUN
ftr-349	535	37	planning.69	planning.69	NOUN
ftr-349	535	38	more	more	ADV
ftr-349	535	39	recently	recently	ADV
ftr-349	535	40	,	,	PUNCT
ftr-349	535	41	grubert	grubert	NOUN
ftr-349	535	42	’s	’s	PART
ftr-349	535	43	review	review	NOUN
ftr-349	535	44	of	of	ADP
ftr-349	535	45	nonpublic	nonpublic	ADJ
ftr-349	535	46	treasury	treasury	NOUN
ftr-349	535	47	files	file	NOUN
ftr-349	535	48	shows	show	VERB
ftr-349	535	49	a	a	DET
ftr-349	535	50	decline	decline	NOUN
ftr-349	535	51	in	in	ADP
ftr-349	535	52	those	those	DET
ftr-349	535	53	effective	effective	ADJ
ftr-349	535	54	foreign	foreign	ADJ
ftr-349	535	55	tax	tax	NOUN
ftr-349	535	56	rates	rate	NOUN
ftr-349	535	57	of	of	ADP
ftr-349	535	58	five	five	NUM
ftr-349	535	59	percentage	percentage	NOUN
ftr-349	535	60	points	point	NOUN
ftr-349	535	61	from	from	ADP
ftr-349	535	62	1996	1996	NUM
ftr-349	535	63	to	to	ADP
ftr-349	535	64	2004	2004	NUM
ftr-349	535	65	.	.	PUNCT
ftr-349	536	1	while	while	SCONJ
ftr-349	536	2	some	some	PRON
ftr-349	536	3	of	of	ADP
ftr-349	536	4	that	that	DET
ftr-349	536	5	decline	decline	NOUN
ftr-349	536	6	is	be	AUX
ftr-349	536	7	attributable	attributable	ADJ
ftr-349	536	8	to	to	ADP
ftr-349	536	9	reductions	reduction	NOUN
ftr-349	536	10	in	in	ADP
ftr-349	536	11	statutory	statutory	ADJ
ftr-349	536	12	rates	rate	NOUN
ftr-349	536	13	in	in	ADP
ftr-349	536	14	some	some	DET
ftr-349	536	15	countries	country	NOUN
ftr-349	536	16	,	,	PUNCT
ftr-349	536	17	a	a	DET
ftr-349	536	18	significant	significant	ADJ
ftr-349	536	19	fraction	fraction	NOUN
ftr-349	536	20	represents	represent	VERB
ftr-349	536	21	the	the	DET
ftr-349	536	22	migration	migration	NOUN
ftr-349	536	23	of	of	ADP
ftr-349	536	24	stateless	stateless	NOUN
ftr-349	536	25	68	68	NUM
ftr-349	536	26	.	.	PUNCT
ftr-349	537	1	see	see	VERB
ftr-349	537	2	lokken	lokken	PROPN
ftr-349	537	3	,	,	PUNCT
ftr-349	537	4	whatever	whatever	PRON
ftr-349	537	5	happened	happen	VERB
ftr-349	537	6	to	to	PART
ftr-349	537	7	subpart	subpart	VERB
ftr-349	537	8	f	f	PROPN
ftr-349	537	9	,	,	PUNCT
ftr-349	537	10	supra	supra	PROPN
ftr-349	537	11	note	note	PROPN
ftr-349	537	12	36	36	NUM
ftr-349	537	13	,	,	PUNCT
ftr-349	537	14	at	at	ADP
ftr-349	537	15	209	209	NUM
ftr-349	537	16	(	(	PUNCT
ftr-349	537	17	“	"	PUNCT
ftr-349	537	18	as	as	ADP
ftr-349	537	19	a	a	DET
ftr-349	537	20	result	result	NOUN
ftr-349	537	21	of	of	ADP
ftr-349	537	22	these	these	DET
ftr-349	537	23	devices	device	NOUN
ftr-349	537	24	,	,	PUNCT
ftr-349	537	25	subpart	subpart	PROPN
ftr-349	537	26	f	f	PROPN
ftr-349	537	27	has	have	AUX
ftr-349	537	28	fallen	fall	VERB
ftr-349	537	29	increasingly	increasingly	ADV
ftr-349	537	30	short	short	ADJ
ftr-349	537	31	of	of	ADP
ftr-349	537	32	the	the	DET
ftr-349	537	33	goal	goal	NOUN
ftr-349	537	34	of	of	ADP
ftr-349	537	35	curbing	curb	VERB
ftr-349	537	36	tax	tax	NOUN
ftr-349	537	37	haven	haven	NOUN
ftr-349	537	38	sheltering	shelter	VERB
ftr-349	537	39	.	.	PUNCT
ftr-349	537	40	”	"	PUNCT
ftr-349	537	41	)	)	PUNCT
ftr-349	537	42	;	;	PUNCT
ftr-349	537	43	see	see	VERB
ftr-349	537	44	also	also	ADV
ftr-349	537	45	martin	martin	PROPN
ftr-349	537	46	j.	j.	PROPN
ftr-349	537	47	mcmahon	mcmahon	PROPN
ftr-349	537	48	jr	jr	PROPN
ftr-349	537	49	.	.	PROPN
ftr-349	537	50	,	,	PUNCT
ftr-349	537	51	economic	economic	ADJ
ftr-349	537	52	substance	substance	NOUN
ftr-349	537	53	,	,	PUNCT
ftr-349	537	54	purposive	purposive	ADJ
ftr-349	537	55	activity	activity	NOUN
ftr-349	537	56	,	,	PUNCT
ftr-349	537	57	and	and	CCONJ
ftr-349	537	58	corporate	corporate	ADJ
ftr-349	537	59	tax	tax	NOUN
ftr-349	537	60	shelters	shelter	NOUN
ftr-349	537	61	,	,	PUNCT
ftr-349	537	62	94	94	NUM
ftr-349	537	63	tax	tax	NOUN
ftr-349	537	64	notes	note	NOUN
ftr-349	537	65	1017	1017	NUM
ftr-349	537	66	(	(	PUNCT
ftr-349	537	67	2002	2002	NUM
ftr-349	537	68	)	)	PUNCT
ftr-349	537	69	.	.	PUNCT
ftr-349	538	1	69	69	NUM
ftr-349	538	2	.	.	PUNCT
ftr-349	539	1	rosanne	rosanne	PROPN
ftr-349	539	2	altshuler	altshuler	PROPN
ftr-349	539	3	&	&	CCONJ
ftr-349	539	4	harry	harry	PROPN
ftr-349	539	5	grubert	grubert	PROPN
ftr-349	539	6	,	,	PUNCT
ftr-349	539	7	the	the	DET
ftr-349	539	8	three	three	NUM
ftr-349	539	9	parties	party	NOUN
ftr-349	539	10	in	in	ADP
ftr-349	539	11	the	the	DET
ftr-349	539	12	race	race	NOUN
ftr-349	539	13	to	to	ADP
ftr-349	539	14	the	the	DET
ftr-349	539	15	bottom	bottom	NOUN
ftr-349	539	16	:	:	PUNCT
ftr-349	539	17	host	host	NOUN
ftr-349	539	18	governments	government	NOUN
ftr-349	539	19	,	,	PUNCT
ftr-349	539	20	home	home	NOUN
ftr-349	539	21	governments	government	NOUN
ftr-349	539	22	and	and	CCONJ
ftr-349	539	23	multinational	multinational	ADJ
ftr-349	539	24	companies	company	NOUN
ftr-349	539	25	,	,	PUNCT
ftr-349	539	26	7	7	NUM
ftr-349	539	27	fla	fla	NOUN
ftr-349	539	28	.	.	PUNCT
ftr-349	540	1	tax	tax	PROPN
ftr-349	540	2	rev	rev	PROPN
ftr-349	540	3	.	.	PROPN
ftr-349	540	4	153	153	NUM
ftr-349	540	5	(	(	PUNCT
ftr-349	540	6	2005	2005	NUM
ftr-349	540	7	)	)	PUNCT
ftr-349	541	1	[	[	X
ftr-349	541	2	hereinafter	hereinafter	NOUN
ftr-349	541	3	altshuler	altshuler	NOUN
ftr-349	541	4	&	&	CCONJ
ftr-349	541	5	grubert	grubert	PROPN
ftr-349	541	6	,	,	PUNCT
ftr-349	541	7	the	the	DET
ftr-349	541	8	three	three	NUM
ftr-349	541	9	parties	party	NOUN
ftr-349	541	10	in	in	ADP
ftr-349	541	11	the	the	DET
ftr-349	541	12	race	race	NOUN
ftr-349	541	13	to	to	ADP
ftr-349	541	14	the	the	DET
ftr-349	541	15	bottom	bottom	NOUN
ftr-349	541	16	]	]	X
ftr-349	541	17	.	.	PUNCT
ftr-349	542	1	altshuler	altshuler	PROPN
ftr-349	542	2	and	and	CCONJ
ftr-349	542	3	grubert	grubert	NOUN
ftr-349	542	4	found	find	VERB
ftr-349	542	5	that	that	SCONJ
ftr-349	542	6	from	from	ADP
ftr-349	542	7	a	a	DET
ftr-349	542	8	period	period	NOUN
ftr-349	542	9	after	after	ADP
ftr-349	542	10	1997	1997	NUM
ftr-349	542	11	,	,	PUNCT
ftr-349	542	12	when	when	SCONJ
ftr-349	542	13	“	"	PUNCT
ftr-349	542	14	check	check	VERB
ftr-349	542	15	-	-	PUNCT
ftr-349	542	16	the	the	DET
ftr-349	542	17	-	-	PUNCT
ftr-349	542	18	box	box	NOUN
ftr-349	542	19	”	"	PUNCT
ftr-349	542	20	was	be	AUX
ftr-349	542	21	implemented	implement	VERB
ftr-349	542	22	,	,	PUNCT
ftr-349	542	23	to	to	ADP
ftr-349	542	24	2002	2002	NUM
ftr-349	542	25	,	,	PUNCT
ftr-349	542	26	intercompany	intercompany	NOUN
ftr-349	542	27	equity	equity	NOUN
ftr-349	542	28	income	income	NOUN
ftr-349	542	29	rose	rise	VERB
ftr-349	542	30	from	from	ADP
ftr-349	542	31	$	$	SYM
ftr-349	542	32	40.7	40.7	NUM
ftr-349	542	33	billion	billion	NUM
ftr-349	542	34	to	to	PART
ftr-349	542	35	$	$	SYM
ftr-349	542	36	120.8	120.8	NUM
ftr-349	542	37	billion	billion	NUM
ftr-349	542	38	,	,	PUNCT
ftr-349	542	39	and	and	CCONJ
ftr-349	542	40	that	that	SCONJ
ftr-349	542	41	in	in	ADP
ftr-349	542	42	the	the	DET
ftr-349	542	43	same	same	ADJ
ftr-349	542	44	period	period	NOUN
ftr-349	542	45	there	there	PRON
ftr-349	542	46	was	be	VERB
ftr-349	542	47	almost	almost	ADV
ftr-349	542	48	100	100	NUM
ftr-349	542	49	percent	percent	NOUN
ftr-349	542	50	growth	growth	NOUN
ftr-349	542	51	in	in	ADP
ftr-349	542	52	the	the	DET
ftr-349	542	53	equity	equity	NOUN
ftr-349	542	54	income	income	NOUN
ftr-349	542	55	of	of	ADP
ftr-349	542	56	foreign	foreign	ADJ
ftr-349	542	57	affiliates	affiliate	NOUN
ftr-349	542	58	of	of	ADP
ftr-349	542	59	u.s	u.s	PROPN
ftr-349	542	60	.	.	PROPN
ftr-349	542	61	firms	firm	NOUN
ftr-349	542	62	in	in	ADP
ftr-349	542	63	seven	seven	NUM
ftr-349	542	64	major	major	ADJ
ftr-349	542	65	low	low	ADJ
ftr-349	542	66	-	-	PUNCT
ftr-349	542	67	tax	tax	NOUN
ftr-349	542	68	countries	country	NOUN
ftr-349	542	69	(	(	PUNCT
ftr-349	542	70	bermuda	bermuda	PROPN
ftr-349	542	71	,	,	PUNCT
ftr-349	542	72	cayman	cayman	PROPN
ftr-349	542	73	islands	islands	PROPN
ftr-349	542	74	,	,	PUNCT
ftr-349	542	75	ireland	ireland	PROPN
ftr-349	542	76	,	,	PUNCT
ftr-349	542	77	singapore	singapore	PROPN
ftr-349	542	78	,	,	PUNCT
ftr-349	542	79	the	the	DET
ftr-349	542	80	netherlands	netherlands	PROPN
ftr-349	542	81	,	,	PUNCT
ftr-349	542	82	luxembourg	luxembourg	PROPN
ftr-349	542	83	,	,	PUNCT
ftr-349	542	84	and	and	CCONJ
ftr-349	542	85	switzerland	switzerland	PROPN
ftr-349	542	86	)	)	PUNCT
ftr-349	542	87	.	.	PUNCT
ftr-349	543	1	i	i	PRON
ftr-349	543	2	d.	d.	PROPN
ftr-349	543	3	at	at	ADP
ftr-349	543	4	170	170	NUM
ftr-349	543	5	.	.	PUNCT
ftr-349	544	1	732	732	NUM
ftr-349	544	2	florida	florida	PROPN
ftr-349	544	3	tax	tax	NOUN
ftr-349	544	4	review	review	NOUN
ftr-349	544	5	[	[	X
ftr-349	544	6	vol	vol	NOUN
ftr-349	544	7	.	.	PUNCT
ftr-349	545	1	11:9	11:9	NUM
ftr-349	545	2	income	income	NOUN
ftr-349	545	3	to	to	ADP
ftr-349	545	4	low	low	ADJ
ftr-349	545	5	-	-	PUNCT
ftr-349	545	6	tax	tax	NOUN
ftr-349	545	7	jurisdictions	jurisdiction	NOUN
ftr-349	545	8	without	without	ADP
ftr-349	545	9	subpart	subpart	PROPN
ftr-349	545	10	f	f	PROPN
ftr-349	545	11	consequences	consequence	NOUN
ftr-349	545	12	through	through	ADP
ftr-349	545	13	the	the	DET
ftr-349	545	14	use	use	NOUN
ftr-349	545	15	of	of	ADP
ftr-349	545	16	check	check	NOUN
ftr-349	545	17	-	-	PUNCT
ftr-349	545	18	the	the	DET
ftr-349	545	19	-	-	PUNCT
ftr-349	545	20	box	box	NOUN
ftr-349	545	21	tax	tax	NOUN
ftr-349	545	22	planning	planning	NOUN
ftr-349	545	23	.	.	PUNCT
ftr-349	546	1	stateless	stateless	NOUN
ftr-349	546	2	income	income	NOUN
ftr-349	546	3	generation	generation	NOUN
ftr-349	546	4	through	through	ADP
ftr-349	546	5	income	income	NOUN
ftr-349	546	6	stripping	stripping	NOUN
ftr-349	546	7	was	be	AUX
ftr-349	546	8	further	far	ADV
ftr-349	546	9	nurtured	nurture	VERB
ftr-349	546	10	by	by	ADP
ftr-349	546	11	congress	congress	PROPN
ftr-349	546	12	,	,	PUNCT
ftr-349	546	13	which	which	PRON
ftr-349	546	14	in	in	ADP
ftr-349	546	15	2004	2004	NUM
ftr-349	546	16	enacted	enact	VERB
ftr-349	546	17	section	section	NOUN
ftr-349	546	18	954(c)(6	954(c)(6	NUM
ftr-349	546	19	)	)	PUNCT
ftr-349	546	20	of	of	ADP
ftr-349	546	21	the	the	DET
ftr-349	546	22	internal	internal	ADJ
ftr-349	546	23	revenue	revenue	NOUN
ftr-349	546	24	code	code	NOUN
ftr-349	546	25	.	.	PUNCT
ftr-349	547	1	this	this	DET
ftr-349	547	2	provision	provision	NOUN
ftr-349	547	3	largely	largely	ADV
ftr-349	547	4	vitiated	vitiate	VERB
ftr-349	547	5	any	any	DET
ftr-349	547	6	remaining	remain	VERB
ftr-349	547	7	vitality	vitality	NOUN
ftr-349	547	8	in	in	ADP
ftr-349	547	9	subpart	subpart	PROPN
ftr-349	547	10	f	f	PROPN
ftr-349	547	11	’s	’s	PART
ftr-349	547	12	role	role	NOUN
ftr-349	547	13	as	as	ADP
ftr-349	547	14	a	a	DET
ftr-349	547	15	guardian	guardian	NOUN
ftr-349	547	16	against	against	ADP
ftr-349	547	17	stateless	stateless	NOUN
ftr-349	547	18	income	income	NOUN
ftr-349	547	19	planning	planning	NOUN
ftr-349	547	20	,	,	PUNCT
ftr-349	547	21	because	because	SCONJ
ftr-349	547	22	it	it	PRON
ftr-349	547	23	turned	turn	VERB
ftr-349	547	24	off	off	ADP
ftr-349	547	25	the	the	DET
ftr-349	547	26	application	application	NOUN
ftr-349	547	27	of	of	ADP
ftr-349	547	28	subpart	subpart	NOUN
ftr-349	547	29	f	f	PROPN
ftr-349	547	30	when	when	SCONJ
ftr-349	547	31	one	one	NUM
ftr-349	547	32	controlled	control	VERB
ftr-349	547	33	foreign	foreign	ADJ
ftr-349	547	34	corporation	corporation	NOUN
ftr-349	547	35	pays	pay	VERB
ftr-349	547	36	deductible	deductible	ADJ
ftr-349	547	37	interest	interest	NOUN
ftr-349	547	38	,	,	PUNCT
ftr-349	547	39	royalties	royalty	NOUN
ftr-349	547	40	,	,	PUNCT
ftr-349	547	41	or	or	CCONJ
ftr-349	547	42	rents	rent	NOUN
ftr-349	547	43	to	to	ADP
ftr-349	547	44	another	another	PRON
ftr-349	547	45	,	,	PUNCT
ftr-349	547	46	so	so	ADV
ftr-349	547	47	long	long	ADV
ftr-349	547	48	as	as	SCONJ
ftr-349	547	49	the	the	DET
ftr-349	547	50	first	first	ADJ
ftr-349	547	51	subsidiary	subsidiary	NOUN
ftr-349	547	52	’s	’s	PART
ftr-349	547	53	payments	payment	NOUN
ftr-349	547	54	are	be	AUX
ftr-349	547	55	derived	derive	VERB
ftr-349	547	56	from	from	ADP
ftr-349	547	57	active	active	ADJ
ftr-349	547	58	business	business	NOUN
ftr-349	547	59	income	income	NOUN
ftr-349	547	60	.	.	PUNCT
ftr-349	548	1	this	this	DET
ftr-349	548	2	“	"	PUNCT
ftr-349	548	3	pass	pass	VERB
ftr-349	548	4	-	-	PUNCT
ftr-349	548	5	through	through	NOUN
ftr-349	548	6	”	"	PUNCT
ftr-349	548	7	rule	rule	NOUN
ftr-349	548	8	was	be	AUX
ftr-349	548	9	enacted	enact	VERB
ftr-349	548	10	in	in	ADP
ftr-349	548	11	temporary	temporary	ADJ
ftr-349	548	12	form	form	NOUN
ftr-349	548	13	(	(	PUNCT
ftr-349	548	14	and	and	CCONJ
ftr-349	548	15	as	as	SCONJ
ftr-349	548	16	extended	extend	VERB
ftr-349	548	17	in	in	ADP
ftr-349	548	18	2010	2010	NUM
ftr-349	548	19	,	,	PUNCT
ftr-349	548	20	is	be	AUX
ftr-349	548	21	scheduled	schedule	VERB
ftr-349	548	22	to	to	PART
ftr-349	548	23	expire	expire	VERB
ftr-349	548	24	after	after	ADP
ftr-349	548	25	2011	2011	NUM
ftr-349	548	26	)	)	PUNCT
ftr-349	548	27	,	,	PUNCT
ftr-349	548	28	which	which	PRON
ftr-349	548	29	has	have	AUX
ftr-349	548	30	limited	limit	VERB
ftr-349	548	31	its	its	PRON
ftr-349	548	32	attractiveness	attractiveness	NOUN
ftr-349	548	33	as	as	ADP
ftr-349	548	34	a	a	DET
ftr-349	548	35	planning	planning	NOUN
ftr-349	548	36	tool	tool	NOUN
ftr-349	548	37	when	when	SCONJ
ftr-349	548	38	compared	compare	VERB
ftr-349	548	39	to	to	ADP
ftr-349	548	40	the	the	DET
ftr-349	548	41	check	check	VERB
ftr-349	548	42	-	-	PUNCT
ftr-349	548	43	the	the	DET
ftr-349	548	44	-	-	PUNCT
ftr-349	548	45	box	box	NOUN
ftr-349	548	46	regulations	regulation	NOUN
ftr-349	548	47	,	,	PUNCT
ftr-349	548	48	but	but	CCONJ
ftr-349	548	49	there	there	PRON
ftr-349	548	50	are	be	VERB
ftr-349	548	51	important	important	ADJ
ftr-349	548	52	instances	instance	NOUN
ftr-349	548	53	in	in	ADP
ftr-349	548	54	which	which	PRON
ftr-349	548	55	section	section	NOUN
ftr-349	548	56	954(c)(6	954(c)(6	NUM
ftr-349	548	57	)	)	PUNCT
ftr-349	548	58	extends	extend	VERB
ftr-349	548	59	the	the	DET
ftr-349	548	60	reach	reach	NOUN
ftr-349	548	61	of	of	ADP
ftr-349	548	62	stateless	stateless	NOUN
ftr-349	548	63	income	income	NOUN
ftr-349	548	64	tax	tax	NOUN
ftr-349	548	65	planning	planning	NOUN
ftr-349	548	66	opportunities	opportunity	NOUN
ftr-349	548	67	.	.	PUNCT
ftr-349	549	1	section	section	NOUN
ftr-349	549	2	954(c)(6	954(c)(6	NUM
ftr-349	549	3	)	)	PUNCT
ftr-349	549	4	’s	’s	PART
ftr-349	549	5	enactment	enactment	NOUN
ftr-349	549	6	is	be	AUX
ftr-349	549	7	too	too	ADV
ftr-349	549	8	recent	recent	ADJ
ftr-349	549	9	for	for	ADP
ftr-349	549	10	its	its	PRON
ftr-349	549	11	impact	impact	NOUN
ftr-349	549	12	to	to	PART
ftr-349	549	13	appear	appear	VERB
ftr-349	549	14	in	in	ADP
ftr-349	549	15	the	the	DET
ftr-349	549	16	data	datum	NOUN
ftr-349	549	17	.	.	PUNCT
ftr-349	550	1	a	a	DET
ftr-349	550	2	third	third	ADJ
ftr-349	550	3	example	example	NOUN
ftr-349	550	4	of	of	ADP
ftr-349	550	5	a	a	DET
ftr-349	550	6	recent	recent	ADJ
ftr-349	550	7	administrative	administrative	ADJ
ftr-349	550	8	or	or	CCONJ
ftr-349	550	9	legislative	legislative	ADJ
ftr-349	550	10	change	change	NOUN
ftr-349	550	11	that	that	PRON
ftr-349	550	12	has	have	AUX
ftr-349	550	13	had	have	VERB
ftr-349	550	14	the	the	DET
ftr-349	550	15	effect	effect	NOUN
ftr-349	550	16	of	of	ADP
ftr-349	550	17	facilitating	facilitate	VERB
ftr-349	550	18	business	business	NOUN
ftr-349	550	19	earnings	earning	NOUN
ftr-349	550	20	stripping	strip	VERB
ftr-349	550	21	by	by	ADP
ftr-349	550	22	u.s	u.s	PROPN
ftr-349	550	23	.	.	PROPN
ftr-349	550	24	multinational	multinational	ADJ
ftr-349	550	25	firms	firm	NOUN
ftr-349	550	26	is	be	AUX
ftr-349	550	27	the	the	DET
ftr-349	550	28	adoption	adoption	NOUN
ftr-349	550	29	of	of	ADP
ftr-349	550	30	revised	revised	ADJ
ftr-349	550	31	“	"	PUNCT
ftr-349	550	32	dual	dual	ADJ
ftr-349	550	33	consolidated	consolidated	ADJ
ftr-349	550	34	loss	loss	NOUN
ftr-349	550	35	”	"	PUNCT
ftr-349	550	36	regulations	regulation	NOUN
ftr-349	550	37	in	in	ADP
ftr-349	550	38	2007.70	2007.70	NUM
ftr-349	550	39	this	this	DET
ftr-349	550	40	exotic	exotic	ADJ
ftr-349	550	41	corner	corner	NOUN
ftr-349	550	42	of	of	ADP
ftr-349	550	43	the	the	DET
ftr-349	550	44	tax	tax	NOUN
ftr-349	550	45	law	law	NOUN
ftr-349	550	46	aims	aim	VERB
ftr-349	550	47	to	to	PART
ftr-349	550	48	limit	limit	VERB
ftr-349	550	49	the	the	DET
ftr-349	550	50	ability	ability	NOUN
ftr-349	550	51	of	of	ADP
ftr-349	550	52	u.s	u.s	PROPN
ftr-349	550	53	.	.	PROPN
ftr-349	550	54	firms	firm	NOUN
ftr-349	550	55	to	to	PART
ftr-349	550	56	“	"	PUNCT
ftr-349	550	57	double	double	ADJ
ftr-349	550	58	dip	dip	NOUN
ftr-349	550	59	,	,	PUNCT
ftr-349	550	60	”	"	PUNCT
ftr-349	550	61	by	by	ADP
ftr-349	550	62	claiming	claim	VERB
ftr-349	550	63	the	the	DET
ftr-349	550	64	same	same	ADJ
ftr-349	550	65	deduction	deduction	NOUN
ftr-349	550	66	in	in	ADP
ftr-349	550	67	two	two	NUM
ftr-349	550	68	different	different	ADJ
ftr-349	550	69	countries	country	NOUN
ftr-349	550	70	,	,	PUNCT
ftr-349	550	71	if	if	SCONJ
ftr-349	550	72	by	by	ADP
ftr-349	550	73	doing	do	VERB
ftr-349	550	74	so	so	ADV
ftr-349	550	75	the	the	DET
ftr-349	550	76	deduction	deduction	NOUN
ftr-349	550	77	is	be	AUX
ftr-349	550	78	made	make	VERB
ftr-349	550	79	available	available	ADJ
ftr-349	550	80	to	to	ADP
ftr-349	550	81	other	other	ADJ
ftr-349	550	82	companies	company	NOUN
ftr-349	550	83	(	(	PUNCT
ftr-349	550	84	whether	whether	SCONJ
ftr-349	550	85	related	related	ADJ
ftr-349	550	86	or	or	CCONJ
ftr-349	550	87	not	not	PART
ftr-349	550	88	)	)	PUNCT
ftr-349	550	89	.	.	PUNCT
ftr-349	551	1	for	for	ADP
ftr-349	551	2	example	example	NOUN
ftr-349	551	3	,	,	PUNCT
ftr-349	551	4	imagine	imagine	VERB
ftr-349	551	5	that	that	SCONJ
ftr-349	551	6	a	a	DET
ftr-349	551	7	u.s	u.s	PROPN
ftr-349	551	8	.	.	PROPN
ftr-349	551	9	firm	firm	PROPN
ftr-349	551	10	owns	own	VERB
ftr-349	551	11	a	a	DET
ftr-349	551	12	first	first	ADJ
ftr-349	551	13	-	-	PUNCT
ftr-349	551	14	tier	tier	NOUN
ftr-349	551	15	subsidiary	subsidiary	NOUN
ftr-349	551	16	that	that	PRON
ftr-349	551	17	is	be	AUX
ftr-349	551	18	treated	treat	VERB
ftr-349	551	19	as	as	ADP
ftr-349	551	20	a	a	DET
ftr-349	551	21	u.s	u.s	PROPN
ftr-349	551	22	.	.	PROPN
ftr-349	551	23	corporation	corporation	NOUN
ftr-349	551	24	under	under	ADP
ftr-349	551	25	u.s	u.s	PROPN
ftr-349	551	26	.	.	PROPN
ftr-349	551	27	rules	rule	NOUN
ftr-349	551	28	,	,	PUNCT
ftr-349	551	29	but	but	CCONJ
ftr-349	551	30	a	a	DET
ftr-349	551	31	french	french	ADJ
ftr-349	551	32	corporation	corporation	NOUN
ftr-349	551	33	under	under	ADP
ftr-349	551	34	french	french	ADJ
ftr-349	551	35	rules	rule	NOUN
ftr-349	551	36	,	,	PUNCT
ftr-349	551	37	and	and	CCONJ
ftr-349	551	38	that	that	SCONJ
ftr-349	551	39	the	the	DET
ftr-349	551	40	subsidiary	subsidiary	NOUN
ftr-349	551	41	in	in	ADP
ftr-349	551	42	turn	turn	NOUN
ftr-349	551	43	is	be	AUX
ftr-349	551	44	the	the	DET
ftr-349	551	45	parent	parent	NOUN
ftr-349	551	46	of	of	ADP
ftr-349	551	47	a	a	DET
ftr-349	551	48	french	french	ADJ
ftr-349	551	49	consolidated	consolidated	ADJ
ftr-349	551	50	group	group	NOUN
ftr-349	551	51	.	.	PUNCT
ftr-349	552	1	further	far	ADV
ftr-349	552	2	assume	assume	VERB
ftr-349	552	3	that	that	SCONJ
ftr-349	552	4	the	the	DET
ftr-349	552	5	subsidiary	subsidiary	NOUN
ftr-349	552	6	incurs	incur	VERB
ftr-349	552	7	a	a	DET
ftr-349	552	8	loss	loss	NOUN
ftr-349	552	9	.	.	PUNCT
ftr-349	553	1	the	the	DET
ftr-349	553	2	dual	dual	ADJ
ftr-349	553	3	consolidated	consolidated	ADJ
ftr-349	553	4	loss	loss	NOUN
ftr-349	553	5	regulations	regulation	NOUN
ftr-349	553	6	would	would	AUX
ftr-349	553	7	prevent	prevent	VERB
ftr-349	553	8	the	the	DET
ftr-349	553	9	u.s	u.s	PROPN
ftr-349	553	10	.	.	PROPN
ftr-349	553	11	group	group	NOUN
ftr-349	553	12	from	from	ADP
ftr-349	553	13	claiming	claim	VERB
ftr-349	553	14	that	that	DET
ftr-349	553	15	loss	loss	NOUN
ftr-349	553	16	on	on	ADP
ftr-349	553	17	the	the	DET
ftr-349	553	18	u.s	u.s	PROPN
ftr-349	553	19	.	.	PROPN
ftr-349	553	20	consolidated	consolidated	ADJ
ftr-349	553	21	tax	tax	NOUN
ftr-349	553	22	return	return	NOUN
ftr-349	553	23	and	and	CCONJ
ftr-349	553	24	also	also	ADV
ftr-349	553	25	using	use	VERB
ftr-349	553	26	the	the	DET
ftr-349	553	27	loss	loss	NOUN
ftr-349	553	28	to	to	PART
ftr-349	553	29	shelter	shelter	VERB
ftr-349	553	30	the	the	DET
ftr-349	553	31	income	income	NOUN
ftr-349	553	32	of	of	ADP
ftr-349	553	33	lower	low	ADJ
ftr-349	553	34	-	-	PUNCT
ftr-349	553	35	tier	tier	NOUN
ftr-349	553	36	french	french	ADJ
ftr-349	553	37	subsidiaries	subsidiary	NOUN
ftr-349	553	38	from	from	ADP
ftr-349	553	39	french	french	ADJ
ftr-349	553	40	income	income	NOUN
ftr-349	553	41	tax	tax	NOUN
ftr-349	553	42	.	.	PUNCT
ftr-349	554	1	the	the	DET
ftr-349	554	2	2007	2007	NUM
ftr-349	554	3	revisions	revision	NOUN
ftr-349	554	4	to	to	ADP
ftr-349	554	5	the	the	DET
ftr-349	554	6	detailed	detailed	ADJ
ftr-349	554	7	treasury	treasury	NOUN
ftr-349	554	8	regulations	regulation	NOUN
ftr-349	554	9	that	that	PRON
ftr-349	554	10	articulate	articulate	VERB
ftr-349	554	11	these	these	DET
ftr-349	554	12	rules	rule	NOUN
ftr-349	554	13	provided	provide	VERB
ftr-349	554	14	for	for	ADP
ftr-349	554	15	the	the	DET
ftr-349	554	16	first	first	ADJ
ftr-349	554	17	time	time	NOUN
ftr-349	554	18	clear	clear	ADJ
ftr-349	554	19	guidance	guidance	NOUN
ftr-349	554	20	that	that	SCONJ
ftr-349	554	21	interest	interest	NOUN
ftr-349	554	22	paid	pay	VERB
ftr-349	554	23	between	between	ADP
ftr-349	554	24	a	a	DET
ftr-349	554	25	check	check	NOUN
ftr-349	554	26	-	-	PUNCT
ftr-349	554	27	the	the	DET
ftr-349	554	28	-	-	PUNCT
ftr-349	554	29	box	box	NOUN
ftr-349	554	30	disregarded	disregarded	ADJ
ftr-349	554	31	entity	entity	NOUN
ftr-349	554	32	and	and	CCONJ
ftr-349	554	33	its	its	PRON
ftr-349	554	34	parent	parent	NOUN
ftr-349	554	35	could	could	AUX
ftr-349	554	36	not	not	PART
ftr-349	554	37	give	give	VERB
ftr-349	554	38	rise	rise	NOUN
ftr-349	554	39	to	to	ADP
ftr-349	554	40	a	a	DET
ftr-349	554	41	prohibited	prohibit	VERB
ftr-349	554	42	dual	dual	ADJ
ftr-349	554	43	consolidated	consolidated	ADJ
ftr-349	554	44	loss	loss	NOUN
ftr-349	554	45	,	,	PUNCT
ftr-349	554	46	even	even	ADV
ftr-349	554	47	though	though	SCONJ
ftr-349	554	48	that	that	DET
ftr-349	554	49	loss	loss	NOUN
ftr-349	554	50	was	be	AUX
ftr-349	554	51	deducted	deduct	VERB
ftr-349	554	52	against	against	ADP
ftr-349	554	53	the	the	DET
ftr-349	554	54	income	income	NOUN
ftr-349	554	55	of	of	ADP
ftr-349	554	56	two	two	NUM
ftr-349	554	57	consolidated	consolidated	ADJ
ftr-349	554	58	groups	group	NOUN
ftr-349	554	59	.	.	PUNCT
ftr-349	555	1	for	for	ADP
ftr-349	555	2	example	example	NOUN
ftr-349	555	3	,	,	PUNCT
ftr-349	555	4	imagine	imagine	VERB
ftr-349	555	5	that	that	SCONJ
ftr-349	555	6	in	in	ADP
ftr-349	555	7	the	the	DET
ftr-349	555	8	example	example	NOUN
ftr-349	555	9	above	above	ADP
ftr-349	555	10	the	the	DET
ftr-349	555	11	u.s	u.s	PROPN
ftr-349	555	12	.	.	PROPN
ftr-349	555	13	parent	parent	NOUN
ftr-349	555	14	company	company	NOUN
ftr-349	555	15	borrows	borrow	VERB
ftr-349	555	16	funds	fund	NOUN
ftr-349	555	17	from	from	ADP
ftr-349	555	18	third	third	ADJ
ftr-349	555	19	parties	party	NOUN
ftr-349	555	20	and	and	CCONJ
ftr-349	555	21	then	then	ADV
ftr-349	555	22	lends	lend	VERB
ftr-349	555	23	those	those	DET
ftr-349	555	24	funds	fund	NOUN
ftr-349	555	25	to	to	ADP
ftr-349	555	26	its	its	PRON
ftr-349	555	27	french	french	ADJ
ftr-349	555	28	first	first	ADJ
ftr-349	555	29	tier	tier	NOUN
ftr-349	555	30	subsidiary	subsidiary	NOUN
ftr-349	555	31	,	,	PUNCT
ftr-349	555	32	which	which	PRON
ftr-349	555	33	is	be	AUX
ftr-349	555	34	now	now	ADV
ftr-349	555	35	a	a	DET
ftr-349	555	36	check	check	VERB
ftr-349	555	37	-	-	PUNCT
ftr-349	555	38	the	the	DET
ftr-349	555	39	-	-	PUNCT
ftr-349	555	40	box	box	NOUN
ftr-349	555	41	disregarded	disregarded	ADJ
ftr-349	555	42	entity	entity	NOUN
ftr-349	555	43	.	.	PUNCT
ftr-349	556	1	by	by	ADP
ftr-349	556	2	virtue	virtue	NOUN
ftr-349	556	3	of	of	ADP
ftr-349	556	4	this	this	DET
ftr-349	556	5	interest	interest	NOUN
ftr-349	556	6	expense	expense	NOUN
ftr-349	556	7	,	,	PUNCT
ftr-349	556	8	the	the	DET
ftr-349	556	9	french	french	ADJ
ftr-349	556	10	subsidiary	subsidiary	NOUN
ftr-349	556	11	operates	operate	VERB
ftr-349	556	12	at	at	ADP
ftr-349	556	13	a	a	DET
ftr-349	556	14	loss	loss	NOUN
ftr-349	556	15	,	,	PUNCT
ftr-349	556	16	which	which	PRON
ftr-349	556	17	it	it	PRON
ftr-349	556	18	applies	apply	VERB
ftr-349	556	19	against	against	ADP
ftr-349	556	20	the	the	DET
ftr-349	556	21	income	income	NOUN
ftr-349	556	22	of	of	ADP
ftr-349	556	23	its	its	PRON
ftr-349	556	24	lower	low	ADJ
ftr-349	556	25	-	-	PUNCT
ftr-349	556	26	tier	tier	NOUN
ftr-349	556	27	subsidiaries	subsidiary	NOUN
ftr-349	556	28	for	for	ADP
ftr-349	556	29	french	french	ADJ
ftr-349	556	30	tax	tax	NOUN
ftr-349	556	31	purposes	purpose	NOUN
ftr-349	556	32	.	.	PUNCT
ftr-349	557	1	one	one	NUM
ftr-349	557	2	third	third	ADJ
ftr-349	557	3	-	-	PUNCT
ftr-349	557	4	party	party	NOUN
ftr-349	557	5	borrowing	borrowing	NOUN
ftr-349	557	6	has	have	AUX
ftr-349	557	7	now	now	ADV
ftr-349	557	8	been	be	AUX
ftr-349	557	9	deducted	deduct	VERB
ftr-349	557	10	inside	inside	ADP
ftr-349	557	11	two	two	NUM
ftr-349	557	12	consolidated	consolidated	ADJ
ftr-349	557	13	groups	group	NOUN
ftr-349	557	14	.	.	PUNCT
ftr-349	558	1	although	although	SCONJ
ftr-349	558	2	the	the	DET
ftr-349	558	3	statute	statute	NOUN
ftr-349	558	4	and	and	CCONJ
ftr-349	558	5	prior	prior	ADJ
ftr-349	558	6	history	history	NOUN
ftr-349	558	7	of	of	ADP
ftr-349	558	8	the	the	DET
ftr-349	558	9	regulations	regulation	NOUN
ftr-349	558	10	could	could	AUX
ftr-349	558	11	have	have	AUX
ftr-349	558	12	supported	support	VERB
ftr-349	558	13	the	the	DET
ftr-349	558	14	opposite	opposite	ADJ
ftr-349	558	15	conclusion	conclusion	NOUN
ftr-349	558	16	,	,	PUNCT
ftr-349	558	17	the	the	DET
ftr-349	558	18	2007	2007	NUM
ftr-349	558	19	regulations	regulation	NOUN
ftr-349	558	20	expressly	expressly	ADV
ftr-349	558	21	70	70	NUM
ftr-349	558	22	.	.	PUNCT
ftr-349	559	1	treas	treas	PROPN
ftr-349	559	2	.	.	PUNCT
ftr-349	560	1	reg	reg	PROPN
ftr-349	560	2	.	.	PUNCT
ftr-349	561	1	§	§	PROPN
ftr-349	561	2	1.1503(d)-1	1.1503(d)-1	NUM
ftr-349	561	3	to	to	ADP
ftr-349	561	4	-8	-8	NUM
ftr-349	561	5	.	.	PUNCT
ftr-349	562	1	2001	2001	NUM
ftr-349	562	2	]	]	PUNCT
ftr-349	562	3	stateless	stateless	NOUN
ftr-349	562	4	income	income	NOUN
ftr-349	562	5	733	733	NUM
ftr-349	562	6	condoned	condone	VERB
ftr-349	562	7	this	this	DET
ftr-349	562	8	form	form	NOUN
ftr-349	562	9	of	of	ADP
ftr-349	562	10	earnings	earning	NOUN
ftr-349	562	11	stripping	strip	VERB
ftr-349	562	12	.	.	PUNCT
ftr-349	563	1	again	again	ADV
ftr-349	563	2	,	,	PUNCT
ftr-349	563	3	not	not	PART
ftr-349	563	4	enough	enough	ADJ
ftr-349	563	5	time	time	NOUN
ftr-349	563	6	has	have	AUX
ftr-349	563	7	passed	pass	VERB
ftr-349	563	8	for	for	ADP
ftr-349	563	9	the	the	DET
ftr-349	563	10	effect	effect	NOUN
ftr-349	563	11	of	of	ADP
ftr-349	563	12	these	these	DET
ftr-349	563	13	new	new	ADJ
ftr-349	563	14	regulations	regulation	NOUN
ftr-349	563	15	to	to	PART
ftr-349	563	16	be	be	AUX
ftr-349	563	17	visible	visible	ADJ
ftr-349	563	18	in	in	ADP
ftr-349	563	19	the	the	DET
ftr-349	563	20	treasury	treasury	NOUN
ftr-349	563	21	data	data	NOUN
ftr-349	563	22	files	file	NOUN
ftr-349	563	23	.	.	PUNCT
ftr-349	564	1	2	2	X
ftr-349	564	2	.	.	X
ftr-349	564	3	transfer	transfer	NOUN
ftr-349	564	4	pricing	pricing	NOUN
ftr-349	564	5	a	a	DET
ftr-349	564	6	great	great	ADJ
ftr-349	564	7	many	many	ADJ
ftr-349	564	8	studies	study	NOUN
ftr-349	564	9	have	have	AUX
ftr-349	564	10	found	find	VERB
ftr-349	564	11	that	that	SCONJ
ftr-349	564	12	taxpayers	taxpayer	NOUN
ftr-349	564	13	both	both	CCONJ
ftr-349	564	14	within	within	ADP
ftr-349	564	15	and	and	CCONJ
ftr-349	564	16	without	without	ADP
ftr-349	564	17	the	the	DET
ftr-349	564	18	united	united	PROPN
ftr-349	564	19	states	states	PROPN
ftr-349	564	20	have	have	AUX
ftr-349	564	21	relied	rely	VERB
ftr-349	564	22	on	on	ADP
ftr-349	564	23	transfer	transfer	NOUN
ftr-349	564	24	pricing	pricing	NOUN
ftr-349	564	25	strategies	strategy	NOUN
ftr-349	564	26	(	(	PUNCT
ftr-349	564	27	the	the	DET
ftr-349	564	28	prices	price	NOUN
ftr-349	564	29	at	at	ADP
ftr-349	564	30	which	which	PRON
ftr-349	564	31	intragroup	intragroup	NOUN
ftr-349	564	32	transactions	transaction	NOUN
ftr-349	564	33	are	be	AUX
ftr-349	564	34	effected	effect	VERB
ftr-349	564	35	)	)	PUNCT
ftr-349	564	36	to	to	PART
ftr-349	564	37	generate	generate	VERB
ftr-349	564	38	stateless	stateless	NOUN
ftr-349	564	39	income.71	income.71	NOUN
ftr-349	564	40	to	to	PART
ftr-349	564	41	take	take	VERB
ftr-349	564	42	one	one	NUM
ftr-349	564	43	favorite	favorite	ADJ
ftr-349	564	44	example	example	NOUN
ftr-349	564	45	,	,	PUNCT
ftr-349	564	46	grubert	grubert	NOUN
ftr-349	564	47	and	and	CCONJ
ftr-349	564	48	altshuler	altshuler	NOUN
ftr-349	564	49	found	find	VERB
ftr-349	564	50	that	that	SCONJ
ftr-349	564	51	in	in	ADP
ftr-349	564	52	2002	2002	NUM
ftr-349	564	53	foreign	foreign	ADJ
ftr-349	564	54	manufacturing	manufacturing	NOUN
ftr-349	564	55	subsidiaries	subsidiary	NOUN
ftr-349	564	56	of	of	ADP
ftr-349	564	57	u.s	u.s	PROPN
ftr-349	564	58	.	.	PROPN
ftr-349	564	59	firms	firm	NOUN
ftr-349	564	60	operating	operate	VERB
ftr-349	564	61	in	in	ADP
ftr-349	564	62	ireland	ireland	PROPN
ftr-349	564	63	(	(	PUNCT
ftr-349	564	64	a	a	DET
ftr-349	564	65	lowtax	lowtax	NOUN
ftr-349	564	66	country	country	NOUN
ftr-349	564	67	with	with	ADP
ftr-349	564	68	the	the	DET
ftr-349	564	69	powerful	powerful	ADJ
ftr-349	564	70	additional	additional	ADJ
ftr-349	564	71	attraction	attraction	NOUN
ftr-349	564	72	of	of	ADP
ftr-349	564	73	being	be	AUX
ftr-349	564	74	a	a	DET
ftr-349	564	75	member	member	NOUN
ftr-349	564	76	of	of	ADP
ftr-349	564	77	the	the	DET
ftr-349	564	78	european	european	PROPN
ftr-349	564	79	union	union	PROPN
ftr-349	564	80	)	)	PUNCT
ftr-349	564	81	were	be	AUX
ftr-349	564	82	almost	almost	ADV
ftr-349	564	83	three	three	NUM
ftr-349	564	84	times	time	NOUN
ftr-349	564	85	as	as	ADV
ftr-349	564	86	profitable	profitable	ADJ
ftr-349	564	87	in	in	ADP
ftr-349	564	88	proportion	proportion	NOUN
ftr-349	564	89	to	to	ADP
ftr-349	564	90	their	their	PRON
ftr-349	564	91	sales	sale	NOUN
ftr-349	564	92	as	as	SCONJ
ftr-349	564	93	was	be	AUX
ftr-349	564	94	the	the	DET
ftr-349	564	95	mean	mean	NOUN
ftr-349	564	96	of	of	ADP
ftr-349	564	97	all	all	DET
ftr-349	564	98	such	such	ADJ
ftr-349	564	99	foreign	foreign	ADJ
ftr-349	564	100	manufacturing	manufacturing	NOUN
ftr-349	564	101	subsidiaries.72	subsidiaries.72	NOUN
ftr-349	564	102	as	as	SCONJ
ftr-349	564	103	i	i	PRON
ftr-349	564	104	have	have	AUX
ftr-349	564	105	observed	observe	VERB
ftr-349	564	106	elsewhere	elsewhere	ADV
ftr-349	564	107	,	,	PUNCT
ftr-349	564	108	it	it	PRON
ftr-349	564	109	can	can	AUX
ftr-349	564	110	not	not	PART
ftr-349	564	111	be	be	AUX
ftr-349	564	112	simply	simply	ADV
ftr-349	564	113	the	the	DET
ftr-349	564	114	luck	luck	NOUN
ftr-349	564	115	of	of	ADP
ftr-349	564	116	the	the	DET
ftr-349	564	117	irish	irish	NOUN
ftr-349	564	118	that	that	PRON
ftr-349	564	119	explains	explain	VERB
ftr-349	564	120	the	the	DET
ftr-349	564	121	extraordinary	extraordinary	ADJ
ftr-349	564	122	profitability	profitability	NOUN
ftr-349	564	123	of	of	ADP
ftr-349	564	124	irish	irish	ADJ
ftr-349	564	125	members	member	NOUN
ftr-349	564	126	of	of	ADP
ftr-349	564	127	worldwide	worldwide	ADJ
ftr-349	564	128	groups.73	groups.73	NOUN
ftr-349	564	129	transfer	transfer	NOUN
ftr-349	564	130	pricing	pricing	NOUN
ftr-349	564	131	strategies	strategy	NOUN
ftr-349	564	132	are	be	AUX
ftr-349	564	133	particularly	particularly	ADV
ftr-349	564	134	effective	effective	ADJ
ftr-349	564	135	because	because	SCONJ
ftr-349	564	136	of	of	ADP
ftr-349	564	137	the	the	DET
ftr-349	564	138	central	central	ADJ
ftr-349	564	139	role	role	NOUN
ftr-349	564	140	of	of	ADP
ftr-349	564	141	high	high	ADJ
ftr-349	564	142	-	-	PUNCT
ftr-349	564	143	value	value	NOUN
ftr-349	564	144	unique	unique	ADJ
ftr-349	564	145	intangible	intangible	ADJ
ftr-349	564	146	assets	asset	NOUN
ftr-349	564	147	as	as	ADP
ftr-349	564	148	profit	profit	NOUN
ftr-349	564	149	drivers	driver	NOUN
ftr-349	564	150	for	for	ADP
ftr-349	564	151	71	71	NUM
ftr-349	564	152	.	.	PUNCT
ftr-349	565	1	representative	representative	ADJ
ftr-349	565	2	works	work	NOUN
ftr-349	565	3	include	include	VERB
ftr-349	565	4	:	:	PUNCT
ftr-349	565	5	jct	jct	ADJ
ftr-349	565	6	,	,	PUNCT
ftr-349	565	7	income	income	NOUN
ftr-349	565	8	shifting	shift	VERB
ftr-349	565	9	and	and	CCONJ
ftr-349	565	10	transfer	transfer	NOUN
ftr-349	565	11	pricing	pricing	NOUN
ftr-349	565	12	,	,	PUNCT
ftr-349	565	13	supra	supra	PROPN
ftr-349	565	14	note	note	PROPN
ftr-349	565	15	14	14	NUM
ftr-349	565	16	;	;	PUNCT
ftr-349	565	17	brauner	brauner	NOUN
ftr-349	565	18	,	,	PUNCT
ftr-349	565	19	value	value	NOUN
ftr-349	565	20	in	in	ADP
ftr-349	565	21	the	the	DET
ftr-349	565	22	eye	eye	NOUN
ftr-349	565	23	of	of	ADP
ftr-349	565	24	the	the	DET
ftr-349	565	25	beholder	beholder	NOUN
ftr-349	565	26	,	,	PUNCT
ftr-349	565	27	supra	supra	PROPN
ftr-349	565	28	note	note	PROPN
ftr-349	565	29	6	6	NUM
ftr-349	565	30	;	;	PUNCT
ftr-349	565	31	kimberly	kimberly	PROPN
ftr-349	565	32	a.	a.	PROPN
ftr-349	565	33	clausing	clausing	PROPN
ftr-349	565	34	,	,	PUNCT
ftr-349	565	35	the	the	DET
ftr-349	565	36	revenue	revenue	NOUN
ftr-349	565	37	effects	effect	NOUN
ftr-349	565	38	of	of	ADP
ftr-349	565	39	multinational	multinational	ADJ
ftr-349	565	40	firm	firm	ADJ
ftr-349	565	41	income	income	NOUN
ftr-349	565	42	shifting	shifting	NOUN
ftr-349	565	43	,	,	PUNCT
ftr-349	565	44	130	130	NUM
ftr-349	565	45	tax	tax	NOUN
ftr-349	565	46	notes	note	NOUN
ftr-349	565	47	1580	1580	NUM
ftr-349	565	48	(	(	PUNCT
ftr-349	565	49	march	march	PROPN
ftr-349	565	50	28	28	NUM
ftr-349	565	51	,	,	PUNCT
ftr-349	565	52	2011	2011	NUM
ftr-349	565	53	)	)	PUNCT
ftr-349	566	1	[	[	X
ftr-349	566	2	hereinafter	hereinafter	NOUN
ftr-349	566	3	clausing	clausing	NOUN
ftr-349	566	4	,	,	PUNCT
ftr-349	566	5	revenue	revenue	NOUN
ftr-349	566	6	effects	effect	NOUN
ftr-349	566	7	]	]	PUNCT
ftr-349	566	8	;	;	PUNCT
ftr-349	566	9	mihir	mihir	PROPN
ftr-349	566	10	a.	a.	PROPN
ftr-349	566	11	desai	desai	PROPN
ftr-349	566	12	,	,	PUNCT
ftr-349	566	13	new	new	ADJ
ftr-349	566	14	foundations	foundation	NOUN
ftr-349	566	15	for	for	ADP
ftr-349	566	16	taxing	tax	VERB
ftr-349	566	17	multinational	multinational	ADJ
ftr-349	566	18	corporations	corporation	NOUN
ftr-349	566	19	(	(	PUNCT
ftr-349	566	20	nov	nov	PROPN
ftr-349	566	21	.	.	PROPN
ftr-349	566	22	15	15	NUM
ftr-349	566	23	,	,	PUNCT
ftr-349	566	24	2003	2003	NUM
ftr-349	566	25	)	)	PUNCT
ftr-349	566	26	(	(	PUNCT
ftr-349	566	27	unpublished	unpublished	ADJ
ftr-349	566	28	manuscript	manuscript	NOUN
ftr-349	566	29	,	,	PUNCT
ftr-349	566	30	http://papers.ssrn.com/sol3/papers.cfm?abstract	http://papers.ssrn.com/sol3/papers.cfm?abstract	PROPN
ftr-349	566	31	_	_	SYM
ftr-349	566	32	id=483802	id=483802	NOUN
ftr-349	566	33	)	)	PUNCT
ftr-349	566	34	;	;	PUNCT
ftr-349	566	35	grubert	grubert	NOUN
ftr-349	566	36	&	&	CCONJ
ftr-349	566	37	altshuler	altshuler	PROPN
ftr-349	566	38	,	,	PUNCT
ftr-349	566	39	corporate	corporate	ADJ
ftr-349	566	40	taxes	taxis	NOUN
ftr-349	566	41	in	in	ADP
ftr-349	566	42	the	the	DET
ftr-349	566	43	world	world	NOUN
ftr-349	566	44	economy	economy	NOUN
ftr-349	566	45	,	,	PUNCT
ftr-349	566	46	supra	supra	PROPN
ftr-349	566	47	note	note	PROPN
ftr-349	566	48	27	27	NUM
ftr-349	566	49	;	;	PUNCT
ftr-349	566	50	harry	harry	NOUN
ftr-349	566	51	grubert	grubert	PROPN
ftr-349	566	52	,	,	PUNCT
ftr-349	566	53	intangible	intangible	ADJ
ftr-349	566	54	income	income	NOUN
ftr-349	566	55	,	,	PUNCT
ftr-349	566	56	intercompany	intercompany	NOUN
ftr-349	566	57	transactions	transaction	NOUN
ftr-349	566	58	,	,	PUNCT
ftr-349	566	59	income	income	NOUN
ftr-349	566	60	shifting	shifting	NOUN
ftr-349	566	61	,	,	PUNCT
ftr-349	566	62	and	and	CCONJ
ftr-349	566	63	the	the	DET
ftr-349	566	64	choice	choice	NOUN
ftr-349	566	65	of	of	ADP
ftr-349	566	66	location	location	NOUN
ftr-349	566	67	,	,	PUNCT
ftr-349	566	68	56	56	NUM
ftr-349	566	69	nat’l	nat’l	NOUN
ftr-349	566	70	tax	tax	NOUN
ftr-349	566	71	j.	j.	PROPN
ftr-349	566	72	221	221	NUM
ftr-349	566	73	(	(	PUNCT
ftr-349	566	74	2003	2003	NUM
ftr-349	566	75	)	)	PUNCT
ftr-349	567	1	[	[	X
ftr-349	567	2	hereinafter	hereinafter	NOUN
ftr-349	567	3	grubert	grubert	NOUN
ftr-349	567	4	,	,	PUNCT
ftr-349	567	5	intangible	intangible	ADJ
ftr-349	567	6	income	income	NOUN
ftr-349	567	7	]	]	PUNCT
ftr-349	567	8	;	;	PUNCT
ftr-349	567	9	michael	michael	PROPN
ftr-349	567	10	p.	p.	PROPN
ftr-349	567	11	devereux	devereux	PROPN
ftr-349	567	12	&	&	CCONJ
ftr-349	567	13	christian	christian	PROPN
ftr-349	567	14	keuschnigg	keuschnigg	PROPN
ftr-349	567	15	,	,	PUNCT
ftr-349	567	16	the	the	DET
ftr-349	567	17	distorting	distort	VERB
ftr-349	567	18	arm	arm	NOUN
ftr-349	567	19	’s	’s	PART
ftr-349	567	20	length	length	NOUN
ftr-349	567	21	principle	principle	NOUN
ftr-349	567	22	in	in	ADP
ftr-349	567	23	international	international	ADJ
ftr-349	567	24	transfer	transfer	NOUN
ftr-349	567	25	pricing	pricing	NOUN
ftr-349	567	26	(	(	PUNCT
ftr-349	567	27	apr	apr	PROPN
ftr-349	567	28	.	.	PROPN
ftr-349	567	29	20	20	NUM
ftr-349	567	30	,	,	PUNCT
ftr-349	567	31	2008	2008	NUM
ftr-349	567	32	)	)	PUNCT
ftr-349	567	33	,	,	PUNCT
ftr-349	567	34	(	(	PUNCT
ftr-349	567	35	unpublished	unpublished	ADJ
ftr-349	567	36	papers	paper	NOUN
ftr-349	567	37	)	)	PUNCT
ftr-349	567	38	,	,	PUNCT
ftr-349	567	39	(	(	PUNCT
ftr-349	567	40	http://www.sbs.ox.ac.uk/centres/tax/symposia/documents/	http://www.sbs.ox.ac.uk/centres/tax/symposia/documents/	NOUN
ftr-349	567	41	2008	2008	NUM
ftr-349	567	42	/	/	SYM
ftr-349	567	43	keuschniggalp.pdf	keuschniggalp.pdf	PROPN
ftr-349	567	44	,	,	PUNCT
ftr-349	567	45	oxford	oxford	PROPN
ftr-349	567	46	university	university	PROPN
ftr-349	567	47	centre	centre	NOUN
ftr-349	567	48	for	for	ADP
ftr-349	567	49	business	business	NOUN
ftr-349	567	50	taxation	taxation	NOUN
ftr-349	567	51	)	)	PUNCT
ftr-349	567	52	;	;	PUNCT
ftr-349	567	53	martin	martin	PROPN
ftr-349	567	54	a.	a.	PROPN
ftr-349	567	55	sullivan	sullivan	PROPN
ftr-349	567	56	,	,	PUNCT
ftr-349	567	57	transfer	transfer	NOUN
ftr-349	567	58	pricing	pricing	NOUN
ftr-349	567	59	costs	cost	NOUN
ftr-349	567	60	u.s	u.s	PROPN
ftr-349	567	61	.	.	PROPN
ftr-349	567	62	at	at	ADV
ftr-349	567	63	least	least	ADV
ftr-349	567	64	$	$	SYM
ftr-349	567	65	28	28	NUM
ftr-349	567	66	billion	billion	NUM
ftr-349	567	67	,	,	PUNCT
ftr-349	567	68	126	126	NUM
ftr-349	567	69	tax	tax	NOUN
ftr-349	567	70	notes	note	NOUN
ftr-349	567	71	,	,	PUNCT
ftr-349	567	72	1439	1439	NUM
ftr-349	567	73	(	(	PUNCT
ftr-349	567	74	2010	2010	NUM
ftr-349	567	75	)	)	PUNCT
ftr-349	567	76	;	;	PUNCT
ftr-349	567	77	martin	martin	PROPN
ftr-349	567	78	a.	a.	PROPN
ftr-349	567	79	sullivan	sullivan	PROPN
ftr-349	567	80	,	,	PUNCT
ftr-349	567	81	u.s	u.s	PROPN
ftr-349	567	82	.	.	PROPN
ftr-349	567	83	multinationals	multinational	NOUN
ftr-349	567	84	paying	pay	VERB
ftr-349	567	85	less	less	ADJ
ftr-349	567	86	foreign	foreign	ADJ
ftr-349	567	87	tax	tax	NOUN
ftr-349	567	88	,	,	PUNCT
ftr-349	567	89	118	118	NUM
ftr-349	567	90	tax	tax	NOUN
ftr-349	567	91	notes	note	NOUN
ftr-349	567	92	1177	1177	NUM
ftr-349	567	93	(	(	PUNCT
ftr-349	567	94	2008	2008	NUM
ftr-349	567	95	)	)	PUNCT
ftr-349	567	96	;	;	PUNCT
ftr-349	567	97	martin	martin	PROPN
ftr-349	567	98	a.	a.	PROPN
ftr-349	567	99	sullivan	sullivan	PROPN
ftr-349	567	100	,	,	PUNCT
ftr-349	567	101	u.s	u.s	PROPN
ftr-349	567	102	.	.	PROPN
ftr-349	567	103	multinationals	multinational	NOUN
ftr-349	567	104	shifting	shift	VERB
ftr-349	567	105	profits	profit	NOUN
ftr-349	567	106	out	out	ADP
ftr-349	567	107	of	of	ADP
ftr-349	567	108	the	the	DET
ftr-349	567	109	united	united	PROPN
ftr-349	567	110	states	states	PROPN
ftr-349	567	111	,	,	PUNCT
ftr-349	567	112	118	118	NUM
ftr-349	567	113	tax	tax	NOUN
ftr-349	567	114	notes	note	NOUN
ftr-349	567	115	1078	1078	NUM
ftr-349	567	116	(	(	PUNCT
ftr-349	567	117	2008	2008	NUM
ftr-349	567	118	)	)	PUNCT
ftr-349	567	119	;	;	PUNCT
ftr-349	567	120	hearing	hear	VERB
ftr-349	567	121	on	on	ADP
ftr-349	567	122	transfer	transfer	NOUN
ftr-349	567	123	pricing	pricing	NOUN
ftr-349	567	124	issues	issue	NOUN
ftr-349	567	125	before	before	ADP
ftr-349	567	126	the	the	DET
ftr-349	567	127	h.	h.	PROPN
ftr-349	567	128	comm	comm	NOUN
ftr-349	567	129	.	.	PUNCT
ftr-349	568	1	on	on	ADP
ftr-349	568	2	ways	way	NOUN
ftr-349	568	3	and	and	CCONJ
ftr-349	568	4	means	mean	NOUN
ftr-349	568	5	,	,	PUNCT
ftr-349	568	6	111th	111th	ADJ
ftr-349	568	7	cong	cong	NOUN
ftr-349	568	8	.	.	PUNCT
ftr-349	569	1	(	(	PUNCT
ftr-349	569	2	testimony	testimony	NOUN
ftr-349	569	3	of	of	ADP
ftr-349	569	4	thomas	thomas	PROPN
ftr-349	569	5	a.	a.	PROPN
ftr-349	569	6	barthold	barthold	PROPN
ftr-349	569	7	,	,	PUNCT
ftr-349	569	8	chief	chief	NOUN
ftr-349	569	9	of	of	ADP
ftr-349	569	10	staff	staff	NOUN
ftr-349	569	11	,	,	PUNCT
ftr-349	569	12	joint	joint	ADJ
ftr-349	569	13	comm	comm	NOUN
ftr-349	569	14	.	.	PUNCT
ftr-349	570	1	on	on	ADP
ftr-349	570	2	tax’n	tax’n	NUM
ftr-349	570	3	)	)	PUNCT
ftr-349	570	4	,	,	PUNCT
ftr-349	570	5	http://jct.gov.publications	http://jct.gov.publication	NOUN
ftr-349	570	6	.	.	PUNCT
ftr-349	570	7	html?fanc	html?fanc	NOUN
ftr-349	570	8	=	=	NOUN
ftr-349	570	9	startdown&id-3693	startdown&id-3693	NOUN
ftr-349	570	10	.	.	PUNCT
ftr-349	571	1	72	72	NUM
ftr-349	571	2	.	.	PUNCT
ftr-349	571	3	grubert	grubert	PROPN
ftr-349	571	4	&	&	CCONJ
ftr-349	571	5	altshuler	altshuler	PROPN
ftr-349	571	6	,	,	PUNCT
ftr-349	571	7	corporate	corporate	ADJ
ftr-349	571	8	taxes	taxis	NOUN
ftr-349	571	9	in	in	ADP
ftr-349	571	10	the	the	DET
ftr-349	571	11	world	world	NOUN
ftr-349	571	12	economy	economy	NOUN
ftr-349	571	13	,	,	PUNCT
ftr-349	571	14	supra	supra	PROPN
ftr-349	571	15	note	note	PROPN
ftr-349	571	16	27	27	NUM
ftr-349	571	17	,	,	PUNCT
ftr-349	571	18	at	at	ADP
ftr-349	571	19	322–23	322–23	PROPN
ftr-349	571	20	.	.	PUNCT
ftr-349	572	1	the	the	DET
ftr-349	572	2	european	european	PROPN
ftr-349	572	3	union	union	PROPN
ftr-349	572	4	’s	’s	PART
ftr-349	572	5	core	core	PROPN
ftr-349	572	6	member	member	NOUN
ftr-349	572	7	tax	tax	NOUN
ftr-349	572	8	rate	rate	NOUN
ftr-349	572	9	is	be	AUX
ftr-349	572	10	now	now	ADV
ftr-349	572	11	around	around	ADV
ftr-349	572	12	30	30	NUM
ftr-349	572	13	percent	percent	NOUN
ftr-349	572	14	.	.	PUNCT
ftr-349	573	1	while	while	SCONJ
ftr-349	573	2	the	the	DET
ftr-349	573	3	2002	2002	NUM
ftr-349	573	4	treasury	treasury	NOUN
ftr-349	573	5	files	file	NOUN
ftr-349	573	6	indicate	indicate	VERB
ftr-349	573	7	that	that	SCONJ
ftr-349	573	8	the	the	DET
ftr-349	573	9	average	average	ADJ
ftr-349	573	10	statutory	statutory	ADJ
ftr-349	573	11	tax	tax	NOUN
ftr-349	573	12	rate	rate	NOUN
ftr-349	573	13	for	for	ADP
ftr-349	573	14	u.s	u.s	PROPN
ftr-349	573	15	.	.	PROPN
ftr-349	573	16	manufacturing	manufacturing	NOUN
ftr-349	573	17	subsidiaries	subsidiary	NOUN
ftr-349	573	18	abroad	abroad	ADV
ftr-349	573	19	is	be	AUX
ftr-349	573	20	about	about	ADV
ftr-349	573	21	29	29	NUM
ftr-349	573	22	percent	percent	NOUN
ftr-349	573	23	,	,	PUNCT
ftr-349	573	24	their	their	PRON
ftr-349	573	25	effective	effective	ADJ
ftr-349	573	26	tax	tax	NOUN
ftr-349	573	27	rate	rate	NOUN
ftr-349	573	28	on	on	ADP
ftr-349	573	29	net	net	ADJ
ftr-349	573	30	income	income	NOUN
ftr-349	573	31	is	be	AUX
ftr-349	573	32	only	only	ADV
ftr-349	573	33	about	about	ADV
ftr-349	573	34	16	16	NUM
ftr-349	573	35	percent	percent	NOUN
ftr-349	573	36	.	.	PUNCT
ftr-349	574	1	73	73	NUM
ftr-349	574	2	.	.	PUNCT
ftr-349	575	1	kleinbard	kleinbard	ADJ
ftr-349	575	2	,	,	PUNCT
ftr-349	575	3	territorial	territorial	ADJ
ftr-349	575	4	taxation	taxation	NOUN
ftr-349	575	5	,	,	PUNCT
ftr-349	575	6	supra	supra	PROPN
ftr-349	575	7	note	note	NOUN
ftr-349	575	8	1	1	NUM
ftr-349	575	9	,	,	PUNCT
ftr-349	575	10	at	at	ADP
ftr-349	575	11	551–54	551–54	NUM
ftr-349	575	12	.	.	PUNCT
ftr-349	575	13	http://www/	http://www/	PROPN
ftr-349	575	14	734	734	NUM
ftr-349	575	15	florida	florida	PROPN
ftr-349	575	16	tax	tax	NOUN
ftr-349	575	17	review	review	NOUN
ftr-349	576	1	[	[	X
ftr-349	576	2	vol	vol	NOUN
ftr-349	576	3	.	.	PUNCT
ftr-349	577	1	11:9	11:9	NOUN
ftr-349	577	2	multinational	multinational	ADJ
ftr-349	577	3	firms.74	firms.74	NOUN
ftr-349	577	4	indeed	indeed	ADV
ftr-349	577	5	,	,	PUNCT
ftr-349	577	6	desai	desai	PROPN
ftr-349	577	7	and	and	CCONJ
ftr-349	577	8	hines	hine	NOUN
ftr-349	577	9	lay	lie	VERB
ftr-349	577	10	out	out	ADP
ftr-349	577	11	a	a	DET
ftr-349	577	12	persuasive	persuasive	ADJ
ftr-349	577	13	case	case	NOUN
ftr-349	577	14	that	that	SCONJ
ftr-349	577	15	the	the	DET
ftr-349	577	16	theory	theory	NOUN
ftr-349	577	17	of	of	ADP
ftr-349	577	18	the	the	DET
ftr-349	577	19	multinational	multinational	ADJ
ftr-349	577	20	firm	firm	NOUN
ftr-349	577	21	can	can	AUX
ftr-349	577	22	in	in	ADP
ftr-349	577	23	large	large	ADJ
ftr-349	577	24	measure	measure	NOUN
ftr-349	577	25	be	be	AUX
ftr-349	577	26	explained	explain	VERB
ftr-349	577	27	by	by	ADP
ftr-349	577	28	its	its	PRON
ftr-349	577	29	role	role	NOUN
ftr-349	577	30	as	as	ADP
ftr-349	577	31	a	a	DET
ftr-349	577	32	platform	platform	NOUN
ftr-349	577	33	from	from	ADP
ftr-349	577	34	which	which	PRON
ftr-349	577	35	to	to	PART
ftr-349	577	36	exploit	exploit	VERB
ftr-349	577	37	unique	unique	ADJ
ftr-349	577	38	global	global	ADJ
ftr-349	577	39	intangibles.75	intangibles.75	NOUN
ftr-349	577	40	almost	almost	ADV
ftr-349	577	41	by	by	ADP
ftr-349	577	42	definition	definition	NOUN
ftr-349	577	43	,	,	PUNCT
ftr-349	577	44	it	it	PRON
ftr-349	577	45	is	be	AUX
ftr-349	577	46	very	very	ADV
ftr-349	577	47	difficult	difficult	ADJ
ftr-349	577	48	to	to	PART
ftr-349	577	49	validate	validate	VERB
ftr-349	577	50	the	the	DET
ftr-349	577	51	pricing	pricing	NOUN
ftr-349	577	52	of	of	ADP
ftr-349	577	53	intragroup	intragroup	NOUN
ftr-349	577	54	licenses	license	NOUN
ftr-349	577	55	or	or	CCONJ
ftr-349	577	56	other	other	ADJ
ftr-349	577	57	contracts	contract	NOUN
ftr-349	577	58	involving	involve	VERB
ftr-349	577	59	these	these	DET
ftr-349	577	60	unique	unique	ADJ
ftr-349	577	61	assets	asset	NOUN
ftr-349	577	62	.	.	PUNCT
ftr-349	578	1	moreover	moreover	ADV
ftr-349	578	2	,	,	PUNCT
ftr-349	578	3	arm’s	arm’s	NUM
ftr-349	578	4	-	-	PUNCT
ftr-349	578	5	length	length	NOUN
ftr-349	578	6	principles	principle	NOUN
ftr-349	578	7	simply	simply	ADV
ftr-349	578	8	do	do	AUX
ftr-349	578	9	not	not	PART
ftr-349	578	10	address	address	VERB
ftr-349	578	11	the	the	DET
ftr-349	578	12	allocation	allocation	NOUN
ftr-349	578	13	of	of	ADP
ftr-349	578	14	group	group	NOUN
ftr-349	578	15	income	income	NOUN
ftr-349	578	16	attributable	attributable	ADJ
ftr-349	578	17	to	to	ADP
ftr-349	578	18	the	the	DET
ftr-349	578	19	synergies	synergy	NOUN
ftr-349	578	20	that	that	PRON
ftr-349	578	21	explain	explain	VERB
ftr-349	578	22	the	the	DET
ftr-349	578	23	reason	reason	NOUN
ftr-349	578	24	for	for	ADP
ftr-349	578	25	the	the	DET
ftr-349	578	26	group	group	NOUN
ftr-349	578	27	’s	’s	PART
ftr-349	578	28	existence	existence	NOUN
ftr-349	578	29	in	in	ADP
ftr-349	578	30	the	the	DET
ftr-349	578	31	first	first	ADJ
ftr-349	578	32	place	place	NOUN
ftr-349	578	33	.	.	PUNCT
ftr-349	579	1	transfer	transfer	NOUN
ftr-349	579	2	pricing	pricing	NOUN
ftr-349	579	3	strategies	strategy	NOUN
ftr-349	579	4	are	be	AUX
ftr-349	579	5	particularly	particularly	ADV
ftr-349	579	6	important	important	ADJ
ftr-349	579	7	for	for	ADP
ftr-349	579	8	u.s	u.s	PROPN
ftr-349	579	9	.	.	PROPN
ftr-349	579	10	firms	firm	NOUN
ftr-349	579	11	that	that	PRON
ftr-349	579	12	seek	seek	VERB
ftr-349	579	13	to	to	PART
ftr-349	579	14	generate	generate	VERB
ftr-349	579	15	stateless	stateless	NOUN
ftr-349	579	16	income	income	NOUN
ftr-349	579	17	by	by	ADP
ftr-349	579	18	shifting	shift	VERB
ftr-349	579	19	profits	profit	NOUN
ftr-349	579	20	from	from	ADP
ftr-349	579	21	the	the	DET
ftr-349	579	22	united	united	PROPN
ftr-349	579	23	states	states	PROPN
ftr-349	579	24	(	(	PUNCT
ftr-349	579	25	as	as	SCONJ
ftr-349	579	26	opposed	oppose	VERB
ftr-349	579	27	to	to	ADP
ftr-349	579	28	a	a	DET
ftr-349	579	29	high	high	ADJ
ftr-349	579	30	-	-	PUNCT
ftr-349	579	31	tax	tax	NOUN
ftr-349	579	32	foreign	foreign	ADJ
ftr-349	579	33	jurisdiction	jurisdiction	NOUN
ftr-349	579	34	)	)	PUNCT
ftr-349	579	35	to	to	ADP
ftr-349	579	36	a	a	DET
ftr-349	579	37	low	low	ADJ
ftr-349	579	38	-	-	PUNCT
ftr-349	579	39	tax	tax	NOUN
ftr-349	579	40	foreign	foreign	ADJ
ftr-349	579	41	country	country	NOUN
ftr-349	579	42	.	.	PUNCT
ftr-349	580	1	the	the	DET
ftr-349	580	2	interest	interest	NOUN
ftr-349	580	3	stripping	strip	VERB
ftr-349	580	4	strategy	strategy	NOUN
ftr-349	580	5	outlined	outline	VERB
ftr-349	580	6	earlier	early	ADV
ftr-349	580	7	,	,	PUNCT
ftr-349	580	8	for	for	ADP
ftr-349	580	9	example	example	NOUN
ftr-349	580	10	,	,	PUNCT
ftr-349	580	11	does	do	AUX
ftr-349	580	12	not	not	PART
ftr-349	580	13	work	work	VERB
ftr-349	580	14	to	to	PART
ftr-349	580	15	strip	strip	VERB
ftr-349	580	16	income	income	NOUN
ftr-349	580	17	of	of	ADP
ftr-349	580	18	a	a	DET
ftr-349	580	19	u.s	u.s	PROPN
ftr-349	580	20	.	.	PROPN
ftr-349	580	21	firm	firm	NOUN
ftr-349	580	22	to	to	ADP
ftr-349	580	23	a	a	DET
ftr-349	580	24	low	low	ADJ
ftr-349	580	25	-	-	PUNCT
ftr-349	580	26	tax	tax	NOUN
ftr-349	580	27	offshore	offshore	ADJ
ftr-349	580	28	affiliate	affiliate	NOUN
ftr-349	580	29	,	,	PUNCT
ftr-349	580	30	by	by	ADP
ftr-349	580	31	virtue	virtue	NOUN
ftr-349	580	32	of	of	ADP
ftr-349	580	33	a	a	DET
ftr-349	580	34	number	number	NOUN
ftr-349	580	35	of	of	ADP
ftr-349	580	36	subpart	subpart	NOUN
ftr-349	580	37	f	f	PROPN
ftr-349	580	38	rules	rule	NOUN
ftr-349	580	39	designed	design	VERB
ftr-349	580	40	to	to	PART
ftr-349	580	41	protect	protect	VERB
ftr-349	580	42	the	the	DET
ftr-349	580	43	u.s	u.s	PROPN
ftr-349	580	44	.	.	PROPN
ftr-349	580	45	tax	tax	NOUN
ftr-349	580	46	base	base	NOUN
ftr-349	580	47	in	in	ADP
ftr-349	580	48	those	those	DET
ftr-349	580	49	circumstances	circumstance	NOUN
ftr-349	580	50	.	.	PUNCT
ftr-349	581	1	transfer	transfer	NOUN
ftr-349	581	2	prices	price	NOUN
ftr-349	581	3	,	,	PUNCT
ftr-349	581	4	of	of	ADP
ftr-349	581	5	course	course	NOUN
ftr-349	581	6	,	,	PUNCT
ftr-349	581	7	are	be	AUX
ftr-349	581	8	subject	subject	ADJ
ftr-349	581	9	to	to	ADP
ftr-349	581	10	scrutiny	scrutiny	NOUN
ftr-349	581	11	under	under	ADP
ftr-349	581	12	the	the	DET
ftr-349	581	13	arm’s	arm’s	NUM
ftr-349	581	14	-	-	PUNCT
ftr-349	581	15	length	length	NOUN
ftr-349	581	16	principle	principle	NOUN
ftr-349	581	17	,	,	PUNCT
ftr-349	581	18	but	but	CCONJ
ftr-349	581	19	once	once	ADV
ftr-349	581	20	a	a	DET
ftr-349	581	21	high	high	ADJ
ftr-349	581	22	-	-	PUNCT
ftr-349	581	23	value	value	NOUN
ftr-349	581	24	intangible	intangible	NOUN
ftr-349	581	25	is	be	AUX
ftr-349	581	26	transferred	transfer	VERB
ftr-349	581	27	outside	outside	ADP
ftr-349	581	28	the	the	DET
ftr-349	581	29	united	united	PROPN
ftr-349	581	30	states	states	PROPN
ftr-349	581	31	(	(	PUNCT
ftr-349	581	32	including	include	VERB
ftr-349	581	33	through	through	ADP
ftr-349	581	34	a	a	DET
ftr-349	581	35	license	license	NOUN
ftr-349	581	36	that	that	PRON
ftr-349	581	37	does	do	AUX
ftr-349	581	38	not	not	PART
ftr-349	581	39	fully	fully	ADV
ftr-349	581	40	compensate	compensate	VERB
ftr-349	581	41	the	the	DET
ftr-349	581	42	u.s	u.s	PROPN
ftr-349	581	43	.	.	PROPN
ftr-349	581	44	owner	owner	PROPN
ftr-349	581	45	)	)	PUNCT
ftr-349	581	46	,	,	PUNCT
ftr-349	581	47	the	the	DET
ftr-349	581	48	foreign	foreign	ADJ
ftr-349	581	49	owner	owner	NOUN
ftr-349	581	50	or	or	CCONJ
ftr-349	581	51	licensee	licensee	NOUN
ftr-349	581	52	generally	generally	ADV
ftr-349	581	53	can	can	AUX
ftr-349	581	54	exploit	exploit	VERB
ftr-349	581	55	the	the	DET
ftr-349	581	56	intangible	intangible	ADJ
ftr-349	581	57	without	without	ADP
ftr-349	581	58	triggering	trigger	VERB
ftr-349	581	59	subpart	subpart	NOUN
ftr-349	581	60	f	f	PROPN
ftr-349	581	61	income	income	NOUN
ftr-349	581	62	.	.	PUNCT
ftr-349	582	1	the	the	DET
ftr-349	582	2	foreign	foreign	ADJ
ftr-349	582	3	affiliate	affiliate	NOUN
ftr-349	582	4	that	that	PRON
ftr-349	582	5	controls	control	VERB
ftr-349	582	6	the	the	DET
ftr-349	582	7	intangible	intangible	NOUN
ftr-349	582	8	can	can	AUX
ftr-349	582	9	exploit	exploit	VERB
ftr-349	582	10	it	it	PRON
ftr-349	582	11	through	through	ADP
ftr-349	582	12	licensing	licensing	NOUN
ftr-349	582	13	to	to	ADP
ftr-349	582	14	affiliates	affiliate	NOUN
ftr-349	582	15	in	in	ADP
ftr-349	582	16	high	high	ADJ
ftr-349	582	17	-	-	PUNCT
ftr-349	582	18	tax	tax	NOUN
ftr-349	582	19	foreign	foreign	ADJ
ftr-349	582	20	countries	country	NOUN
ftr-349	582	21	with	with	ADP
ftr-349	582	22	the	the	DET
ftr-349	582	23	business	business	NOUN
ftr-349	582	24	earnings	earning	NOUN
ftr-349	582	25	stripping	strip	VERB
ftr-349	582	26	consequences	consequence	NOUN
ftr-349	582	27	outlined	outline	VERB
ftr-349	582	28	earlier	early	ADV
ftr-349	582	29	.	.	PUNCT
ftr-349	583	1	alternatively	alternatively	ADV
ftr-349	583	2	,	,	PUNCT
ftr-349	583	3	in	in	ADP
ftr-349	583	4	some	some	DET
ftr-349	583	5	cases	case	NOUN
ftr-349	583	6	,	,	PUNCT
ftr-349	583	7	such	such	ADJ
ftr-349	583	8	as	as	ADP
ftr-349	583	9	pharmaceutical	pharmaceutical	NOUN
ftr-349	583	10	manufacturing	manufacturing	NOUN
ftr-349	583	11	or	or	CCONJ
ftr-349	583	12	retail	retail	ADJ
ftr-349	583	13	sales	sale	NOUN
ftr-349	583	14	of	of	ADP
ftr-349	583	15	computer	computer	NOUN
ftr-349	583	16	software	software	NOUN
ftr-349	583	17	,	,	PUNCT
ftr-349	583	18	the	the	DET
ftr-349	583	19	low	low	ADJ
ftr-349	583	20	-	-	PUNCT
ftr-349	583	21	tax	tax	NOUN
ftr-349	583	22	affiliate	affiliate	NOUN
ftr-349	583	23	can	can	AUX
ftr-349	583	24	employ	employ	VERB
ftr-349	583	25	the	the	DET
ftr-349	583	26	intangible	intangible	NOUN
ftr-349	583	27	to	to	PART
ftr-349	583	28	manufacture	manufacture	VERB
ftr-349	583	29	a	a	DET
ftr-349	583	30	product	product	NOUN
ftr-349	583	31	for	for	ADP
ftr-349	583	32	resale	resale	NOUN
ftr-349	583	33	to	to	ADP
ftr-349	583	34	affiliates	affiliate	NOUN
ftr-349	583	35	located	locate	VERB
ftr-349	583	36	in	in	ADP
ftr-349	583	37	other	other	ADJ
ftr-349	583	38	jurisdictions	jurisdiction	NOUN
ftr-349	583	39	.	.	PUNCT
ftr-349	584	1	74	74	NUM
ftr-349	584	2	.	.	PUNCT
ftr-349	585	1	for	for	ADP
ftr-349	585	2	recent	recent	ADJ
ftr-349	585	3	news	news	NOUN
ftr-349	585	4	stories	story	NOUN
ftr-349	585	5	outlining	outline	VERB
ftr-349	585	6	transfer	transfer	NOUN
ftr-349	585	7	pricing	pricing	NOUN
ftr-349	585	8	strategems	strategem	NOUN
ftr-349	585	9	involving	involve	VERB
ftr-349	585	10	both	both	PRON
ftr-349	585	11	u.s	u.s	PROPN
ftr-349	585	12	.	.	PROPN
ftr-349	585	13	tax	tax	NOUN
ftr-349	585	14	avoidance	avoidance	NOUN
ftr-349	585	15	and	and	CCONJ
ftr-349	585	16	stateless	stateless	NOUN
ftr-349	585	17	income	income	NOUN
ftr-349	585	18	planning	planning	NOUN
ftr-349	585	19	,	,	PUNCT
ftr-349	585	20	see	see	VERB
ftr-349	585	21	drucker	drucker	NOUN
ftr-349	585	22	,	,	PUNCT
ftr-349	585	23	google	google	PROPN
ftr-349	585	24	2.4	2.4	NUM
ftr-349	585	25	%	%	NOUN
ftr-349	585	26	rate	rate	NOUN
ftr-349	585	27	,	,	PUNCT
ftr-349	585	28	supra	supra	PROPN
ftr-349	585	29	note	note	PROPN
ftr-349	585	30	11	11	NUM
ftr-349	585	31	;	;	PUNCT
ftr-349	585	32	martin	martin	PROPN
ftr-349	585	33	a.	a.	PROPN
ftr-349	585	34	sullivan	sullivan	PROPN
ftr-349	585	35	,	,	PUNCT
ftr-349	585	36	microsoft	microsoft	PROPN
ftr-349	585	37	moving	move	VERB
ftr-349	585	38	profits	profit	NOUN
ftr-349	585	39	,	,	PUNCT
ftr-349	585	40	not	not	PART
ftr-349	585	41	jobs	job	NOUN
ftr-349	585	42	,	,	PUNCT
ftr-349	585	43	out	out	ADP
ftr-349	585	44	of	of	ADP
ftr-349	585	45	the	the	DET
ftr-349	585	46	u.s	u.s	PROPN
ftr-349	585	47	.	.	PROPN
ftr-349	585	48	,	,	PUNCT
ftr-349	585	49	129	129	NUM
ftr-349	585	50	tax	tax	NOUN
ftr-349	585	51	notes	note	NOUN
ftr-349	585	52	271	271	NUM
ftr-349	585	53	(	(	PUNCT
ftr-349	585	54	2010	2010	NUM
ftr-349	585	55	)	)	PUNCT
ftr-349	585	56	;	;	PUNCT
ftr-349	585	57	jesse	jesse	PROPN
ftr-349	585	58	drucker	drucker	PROPN
ftr-349	585	59	,	,	PUNCT
ftr-349	585	60	u.s	u.s	PROPN
ftr-349	585	61	.	.	PROPN
ftr-349	585	62	companies	company	NOUN
ftr-349	585	63	dodge	dodge	VERB
ftr-349	585	64	$	$	SYM
ftr-349	585	65	60	60	NUM
ftr-349	585	66	billion	billion	NUM
ftr-349	585	67	in	in	ADP
ftr-349	585	68	taxes	taxis	NOUN
ftr-349	585	69	with	with	ADP
ftr-349	585	70	global	global	ADJ
ftr-349	585	71	odyssey	odyssey	PROPN
ftr-349	585	72	,	,	PUNCT
ftr-349	585	73	bloomberg	bloomberg	PROPN
ftr-349	585	74	,	,	PUNCT
ftr-349	585	75	may	may	AUX
ftr-349	585	76	13	13	NUM
ftr-349	585	77	,	,	PUNCT
ftr-349	585	78	2010	2010	NUM
ftr-349	585	79	,	,	PUNCT
ftr-349	585	80	http://www.bloomberg.com/news/2010-05-13/american-companies-dodge-60billion-in-taxes-even-tea-party-would-condemn.html	http://www.bloomberg.com/news/2010-05-13/american-companies-dodge-60billion-in-taxes-even-tea-party-would-condemn.html	PROPN
ftr-349	585	81	;	;	PUNCT
ftr-349	585	82	peter	peter	PROPN
ftr-349	585	83	cohn	cohn	PROPN
ftr-349	585	84	,	,	PUNCT
ftr-349	585	85	are	be	AUX
ftr-349	585	86	multinationals	multinational	NOUN
ftr-349	585	87	evading	evade	VERB
ftr-349	585	88	taxes	taxis	NOUN
ftr-349	585	89	?	?	PUNCT
ftr-349	585	90	,	,	PUNCT
ftr-349	585	91	national	national	ADJ
ftr-349	585	92	journal	journal	PROPN
ftr-349	585	93	,	,	PUNCT
ftr-349	585	94	sept	sept	PROPN
ftr-349	585	95	.	.	PROPN
ftr-349	585	96	4	4	NUM
ftr-349	585	97	,	,	PUNCT
ftr-349	585	98	2010	2010	NUM
ftr-349	585	99	at	at	ADP
ftr-349	585	100	13	13	NUM
ftr-349	585	101	;	;	PUNCT
ftr-349	585	102	simon	simon	PROPN
ftr-349	585	103	bowers	bowers	PROPN
ftr-349	585	104	,	,	PUNCT
ftr-349	585	105	google	google	PROPN
ftr-349	585	106	’s	’s	PART
ftr-349	585	107	subsidiaries	subsidiary	NOUN
ftr-349	585	108	allow	allow	VERB
ftr-349	585	109	company	company	NOUN
ftr-349	585	110	to	to	PART
ftr-349	585	111	avoid	avoid	VERB
ftr-349	585	112	£	£	SYM
ftr-349	585	113	450	450	NUM
ftr-349	585	114	m	m	NOUN
ftr-349	585	115	tax	tax	NOUN
ftr-349	585	116	on	on	ADP
ftr-349	585	117	uk	uk	PROPN
ftr-349	585	118	advertising	advertising	PROPN
ftr-349	585	119	,	,	PUNCT
ftr-349	585	120	guardian	guardian	NOUN
ftr-349	585	121	,	,	PUNCT
ftr-349	585	122	dec	dec	PROPN
ftr-349	585	123	.	.	PROPN
ftr-349	585	124	20	20	NUM
ftr-349	585	125	,	,	PUNCT
ftr-349	585	126	2009	2009	NUM
ftr-349	585	127	;	;	PUNCT
ftr-349	585	128	terry	terry	PROPN
ftr-349	585	129	macalister	macalister	PROPN
ftr-349	585	130	,	,	PUNCT
ftr-349	585	131	google	google	PROPN
ftr-349	585	132	is	be	AUX
ftr-349	585	133	accused	accuse	VERB
ftr-349	585	134	of	of	ADP
ftr-349	585	135	uk	uk	PROPN
ftr-349	585	136	tax	tax	NOUN
ftr-349	585	137	avoidance	avoidance	NOUN
ftr-349	585	138	,	,	PUNCT
ftr-349	585	139	guardian	guardian	NOUN
ftr-349	585	140	,	,	PUNCT
ftr-349	585	141	apr	apr	PROPN
ftr-349	585	142	.	.	PROPN
ftr-349	585	143	20	20	NUM
ftr-349	585	144	,	,	PUNCT
ftr-349	585	145	2009	2009	NUM
ftr-349	585	146	;	;	PUNCT
ftr-349	585	147	prem	prem	PROPN
ftr-349	585	148	sikka	sikka	NOUN
ftr-349	585	149	,	,	PUNCT
ftr-349	585	150	op	op	NOUN
ftr-349	585	151	-	-	PUNCT
ftr-349	585	152	ed	ed	NOUN
ftr-349	585	153	.	.	PUNCT
ftr-349	585	154	,	,	PUNCT
ftr-349	585	155	shifting	shift	VERB
ftr-349	585	156	profits	profit	NOUN
ftr-349	585	157	across	across	ADP
ftr-349	585	158	borders	border	NOUN
ftr-349	585	159	,	,	PUNCT
ftr-349	585	160	guardian	guardian	PROPN
ftr-349	585	161	,	,	PUNCT
ftr-349	585	162	feb	feb	PROPN
ftr-349	585	163	.	.	PROPN
ftr-349	585	164	12	12	NUM
ftr-349	585	165	,	,	PUNCT
ftr-349	585	166	2009	2009	NUM
ftr-349	585	167	;	;	PUNCT
ftr-349	585	168	glenn	glenn	PROPN
ftr-349	585	169	r.	r.	PROPN
ftr-349	585	170	simpson	simpson	PROPN
ftr-349	585	171	,	,	PUNCT
ftr-349	585	172	wearing	wear	VERB
ftr-349	585	173	of	of	ADP
ftr-349	585	174	the	the	DET
ftr-349	585	175	green	green	NOUN
ftr-349	585	176	:	:	PUNCT
ftr-349	585	177	irish	irish	ADJ
ftr-349	585	178	subsidiary	subsidiary	NOUN
ftr-349	585	179	lets	let	VERB
ftr-349	585	180	microsoft	microsoft	PROPN
ftr-349	585	181	slash	slash	VERB
ftr-349	585	182	taxes	taxis	NOUN
ftr-349	585	183	in	in	ADP
ftr-349	585	184	u.s	u.s	PROPN
ftr-349	585	185	.	.	PROPN
ftr-349	585	186	and	and	CCONJ
ftr-349	585	187	europe	europe	PROPN
ftr-349	585	188	,	,	PUNCT
ftr-349	585	189	wall	wall	PROPN
ftr-349	585	190	st	st	PROPN
ftr-349	585	191	.	.	PROPN
ftr-349	585	192	j.	j.	PROPN
ftr-349	585	193	,	,	PUNCT
ftr-349	585	194	nov	nov	PROPN
ftr-349	585	195	.	.	PROPN
ftr-349	585	196	7	7	NUM
ftr-349	585	197	,	,	PUNCT
ftr-349	585	198	2005	2005	NUM
ftr-349	585	199	,	,	PUNCT
ftr-349	585	200	at	at	ADP
ftr-349	585	201	a1	a1	NOUN
ftr-349	585	202	.	.	PROPN
ftr-349	586	1	75	75	NUM
ftr-349	586	2	.	.	PUNCT
ftr-349	587	1	mihir	mihir	PROPN
ftr-349	587	2	a.	a.	PROPN
ftr-349	587	3	desai	desai	PROPN
ftr-349	587	4	&	&	CCONJ
ftr-349	587	5	james	james	PROPN
ftr-349	587	6	r.	r.	PROPN
ftr-349	587	7	hines	hines	PROPN
ftr-349	587	8	jr	jr	PROPN
ftr-349	587	9	.	.	PROPN
ftr-349	587	10	,	,	PUNCT
ftr-349	587	11	evaluating	evaluate	VERB
ftr-349	587	12	international	international	ADJ
ftr-349	587	13	tax	tax	NOUN
ftr-349	587	14	reform	reform	NOUN
ftr-349	587	15	,	,	PUNCT
ftr-349	587	16	56	56	NUM
ftr-349	587	17	nat’l	nat’l	NOUN
ftr-349	587	18	tax	tax	NOUN
ftr-349	587	19	j.	j.	PROPN
ftr-349	587	20	487	487	NUM
ftr-349	587	21	,	,	PUNCT
ftr-349	587	22	at	at	ADP
ftr-349	587	23	488–89	488–89	NUM
ftr-349	587	24	(	(	PUNCT
ftr-349	587	25	“	"	PUNCT
ftr-349	587	26	[	[	X
ftr-349	587	27	m]ultinational	m]ultinational	ADJ
ftr-349	587	28	firms	firm	NOUN
ftr-349	587	29	are	be	AUX
ftr-349	587	30	thought	think	VERB
ftr-349	587	31	to	to	PART
ftr-349	587	32	engage	engage	VERB
ftr-349	587	33	in	in	ADP
ftr-349	587	34	foreign	foreign	ADJ
ftr-349	587	35	direct	direct	ADJ
ftr-349	587	36	investment	investment	NOUN
ftr-349	587	37	when	when	SCONJ
ftr-349	587	38	ownership	ownership	NOUN
ftr-349	587	39	confers	confer	NOUN
ftr-349	587	40	specific	specific	ADJ
ftr-349	587	41	advantages	advantage	NOUN
ftr-349	587	42	relative	relative	ADJ
ftr-349	587	43	to	to	ADP
ftr-349	587	44	arms	arm	NOUN
ftr-349	587	45	-	-	PUNCT
ftr-349	587	46	length	length	NOUN
ftr-349	587	47	relationships	relationship	NOUN
ftr-349	587	48	,	,	PUNCT
ftr-349	587	49	so	so	SCONJ
ftr-349	587	50	activities	activity	NOUN
ftr-349	587	51	are	be	AUX
ftr-349	587	52	most	most	ADV
ftr-349	587	53	profitably	profitably	ADV
ftr-349	587	54	undertaken	undertake	VERB
ftr-349	587	55	within	within	ADP
ftr-349	587	56	the	the	DET
ftr-349	587	57	firm	firm	NOUN
ftr-349	587	58	.	.	PUNCT
ftr-349	587	59	”	"	PUNCT
ftr-349	587	60	)	)	PUNCT
ftr-349	587	61	;	;	PUNCT
ftr-349	587	62	vann	vann	PROPN
ftr-349	587	63	,	,	PUNCT
ftr-349	587	64	hard	hard	ADV
ftr-349	587	65	-	-	PUNCT
ftr-349	587	66	boiled	boil	VERB
ftr-349	587	67	wonderland	wonderland	NOUN
ftr-349	587	68	,	,	PUNCT
ftr-349	587	69	supra	supra	PROPN
ftr-349	587	70	note	note	NOUN
ftr-349	587	71	4	4	NUM
ftr-349	587	72	,	,	PUNCT
ftr-349	587	73	at	at	ADP
ftr-349	587	74	293–99	293–99	NUM
ftr-349	587	75	.	.	PUNCT
ftr-349	588	1	2001	2001	NUM
ftr-349	588	2	]	]	PUNCT
ftr-349	588	3	stateless	stateless	NOUN
ftr-349	588	4	income	income	NOUN
ftr-349	588	5	735	735	NUM
ftr-349	588	6	while	while	SCONJ
ftr-349	588	7	the	the	DET
ftr-349	588	8	data	datum	NOUN
ftr-349	588	9	showing	show	VERB
ftr-349	588	10	the	the	DET
ftr-349	588	11	effects	effect	NOUN
ftr-349	588	12	of	of	ADP
ftr-349	588	13	transfer	transfer	NOUN
ftr-349	588	14	pricing	pricing	NOUN
ftr-349	588	15	strategies	strategy	NOUN
ftr-349	588	16	are	be	AUX
ftr-349	588	17	clear	clear	ADJ
ftr-349	588	18	,	,	PUNCT
ftr-349	588	19	convincing	convincing	ADJ
ftr-349	588	20	,	,	PUNCT
ftr-349	588	21	and	and	CCONJ
ftr-349	588	22	generally	generally	ADV
ftr-349	588	23	accepted	accept	VERB
ftr-349	588	24	,	,	PUNCT
ftr-349	588	25	it	it	PRON
ftr-349	588	26	is	be	AUX
ftr-349	588	27	helpful	helpful	ADJ
ftr-349	588	28	to	to	PART
ftr-349	588	29	break	break	VERB
ftr-349	588	30	these	these	DET
ftr-349	588	31	strategies	strategy	NOUN
ftr-349	588	32	into	into	ADP
ftr-349	588	33	three	three	NUM
ftr-349	588	34	logically	logically	ADV
ftr-349	588	35	distinct	distinct	ADJ
ftr-349	588	36	categories	category	NOUN
ftr-349	588	37	.	.	PUNCT
ftr-349	589	1	the	the	DET
ftr-349	589	2	first	first	ADJ
ftr-349	589	3	is	be	AUX
ftr-349	589	4	the	the	DET
ftr-349	589	5	aggressive	aggressive	ADJ
ftr-349	589	6	use	use	NOUN
ftr-349	589	7	of	of	ADP
ftr-349	589	8	“	"	PUNCT
ftr-349	589	9	cost	cost	NOUN
ftr-349	589	10	sharing	sharing	NOUN
ftr-349	589	11	”	"	PUNCT
ftr-349	589	12	arrangements.76	arrangements.76	PROPN
ftr-349	589	13	under	under	ADP
ftr-349	589	14	this	this	DET
ftr-349	589	15	strategy	strategy	NOUN
ftr-349	589	16	,	,	PUNCT
ftr-349	589	17	one	one	NUM
ftr-349	589	18	affiliate	affiliate	NOUN
ftr-349	589	19	(	(	PUNCT
ftr-349	589	20	invariably	invariably	ADV
ftr-349	589	21	located	locate	VERB
ftr-349	589	22	in	in	ADP
ftr-349	589	23	a	a	DET
ftr-349	589	24	low	low	ADJ
ftr-349	589	25	tax	tax	NOUN
ftr-349	589	26	jurisdiction	jurisdiction	NOUN
ftr-349	589	27	)	)	PUNCT
ftr-349	589	28	agrees	agree	VERB
ftr-349	589	29	to	to	PART
ftr-349	589	30	shoulder	shoulder	VERB
ftr-349	589	31	a	a	DET
ftr-349	589	32	portion	portion	NOUN
ftr-349	589	33	of	of	ADP
ftr-349	589	34	the	the	DET
ftr-349	589	35	development	development	NOUN
ftr-349	589	36	costs	cost	NOUN
ftr-349	589	37	of	of	ADP
ftr-349	589	38	a	a	DET
ftr-349	589	39	new	new	ADJ
ftr-349	589	40	intangible	intangible	ADJ
ftr-349	589	41	asset	asset	NOUN
ftr-349	589	42	(	(	PUNCT
ftr-349	589	43	which	which	PRON
ftr-349	589	44	in	in	ADP
ftr-349	589	45	turn	turn	NOUN
ftr-349	589	46	often	often	ADV
ftr-349	589	47	is	be	AUX
ftr-349	589	48	an	an	DET
ftr-349	589	49	extension	extension	NOUN
ftr-349	589	50	of	of	ADP
ftr-349	589	51	some	some	DET
ftr-349	589	52	kind	kind	NOUN
ftr-349	589	53	of	of	ADP
ftr-349	589	54	an	an	DET
ftr-349	589	55	existing	exist	VERB
ftr-349	589	56	intangible	intangible	NOUN
ftr-349	589	57	)	)	PUNCT
ftr-349	589	58	,	,	PUNCT
ftr-349	589	59	and	and	CCONJ
ftr-349	589	60	in	in	ADP
ftr-349	589	61	return	return	NOUN
ftr-349	589	62	receives	receive	VERB
ftr-349	589	63	the	the	DET
ftr-349	589	64	exclusive	exclusive	ADJ
ftr-349	589	65	royalty	royalty	NOUN
ftr-349	589	66	-	-	PUNCT
ftr-349	589	67	free	free	ADJ
ftr-349	589	68	use	use	NOUN
ftr-349	589	69	of	of	ADP
ftr-349	589	70	the	the	DET
ftr-349	589	71	resulting	result	VERB
ftr-349	589	72	asset	asset	NOUN
ftr-349	589	73	in	in	ADP
ftr-349	589	74	the	the	DET
ftr-349	589	75	affiliate	affiliate	NOUN
ftr-349	589	76	’s	’s	PART
ftr-349	589	77	assigned	assign	VERB
ftr-349	589	78	geographic	geographic	ADJ
ftr-349	589	79	territory	territory	NOUN
ftr-349	589	80	.	.	PUNCT
ftr-349	590	1	so	so	ADV
ftr-349	590	2	,	,	PUNCT
ftr-349	590	3	for	for	ADP
ftr-349	590	4	example	example	NOUN
ftr-349	590	5	,	,	PUNCT
ftr-349	590	6	an	an	DET
ftr-349	590	7	irish	irish	ADJ
ftr-349	590	8	subsidiary	subsidiary	NOUN
ftr-349	590	9	of	of	ADP
ftr-349	590	10	a	a	DET
ftr-349	590	11	u.s	u.s	PROPN
ftr-349	590	12	.	.	PROPN
ftr-349	590	13	firm	firm	NOUN
ftr-349	590	14	might	might	AUX
ftr-349	590	15	agree	agree	VERB
ftr-349	590	16	to	to	PART
ftr-349	590	17	assume	assume	VERB
ftr-349	590	18	a	a	DET
ftr-349	590	19	portion	portion	NOUN
ftr-349	590	20	of	of	ADP
ftr-349	590	21	the	the	DET
ftr-349	590	22	cost	cost	NOUN
ftr-349	590	23	of	of	ADP
ftr-349	590	24	testing	testing	NOUN
ftr-349	590	25	and	and	CCONJ
ftr-349	590	26	bringing	bring	VERB
ftr-349	590	27	to	to	PART
ftr-349	590	28	market	market	VERB
ftr-349	590	29	an	an	DET
ftr-349	590	30	existing	exist	VERB
ftr-349	590	31	ethical	ethical	ADJ
ftr-349	590	32	pharmaceutical	pharmaceutical	NOUN
ftr-349	590	33	compound	compound	NOUN
ftr-349	590	34	for	for	ADP
ftr-349	590	35	a	a	DET
ftr-349	590	36	new	new	ADJ
ftr-349	590	37	indication	indication	NOUN
ftr-349	590	38	;	;	PUNCT
ftr-349	590	39	the	the	DET
ftr-349	590	40	portion	portion	NOUN
ftr-349	590	41	assumed	assume	VERB
ftr-349	590	42	would	would	AUX
ftr-349	590	43	be	be	AUX
ftr-349	590	44	designed	design	VERB
ftr-349	590	45	to	to	PART
ftr-349	590	46	reflect	reflect	VERB
ftr-349	590	47	the	the	DET
ftr-349	590	48	potential	potential	ADJ
ftr-349	590	49	value	value	NOUN
ftr-349	590	50	of	of	ADP
ftr-349	590	51	a	a	DET
ftr-349	590	52	successful	successful	ADJ
ftr-349	590	53	product	product	NOUN
ftr-349	590	54	in	in	ADP
ftr-349	590	55	the	the	DET
ftr-349	590	56	eu	eu	PROPN
ftr-349	590	57	,	,	PUNCT
ftr-349	590	58	as	as	SCONJ
ftr-349	590	59	compared	compare	VERB
ftr-349	590	60	to	to	ADP
ftr-349	590	61	the	the	DET
ftr-349	590	62	rest	rest	NOUN
ftr-349	590	63	of	of	ADP
ftr-349	590	64	the	the	DET
ftr-349	590	65	world	world	NOUN
ftr-349	590	66	.	.	PUNCT
ftr-349	591	1	cost	cost	NOUN
ftr-349	591	2	sharing	sharing	NOUN
ftr-349	591	3	and	and	CCONJ
ftr-349	591	4	check	check	VERB
ftr-349	591	5	-	-	PUNCT
ftr-349	591	6	the	the	DET
ftr-349	591	7	-	-	PUNCT
ftr-349	591	8	box	box	NOUN
ftr-349	591	9	strategies	strategy	NOUN
ftr-349	591	10	are	be	AUX
ftr-349	591	11	synergistic	synergistic	ADJ
ftr-349	591	12	,	,	PUNCT
ftr-349	591	13	because	because	SCONJ
ftr-349	591	14	a	a	DET
ftr-349	591	15	foreign	foreign	ADJ
ftr-349	591	16	subsidiary	subsidiary	NOUN
ftr-349	591	17	that	that	PRON
ftr-349	591	18	acquires	acquire	VERB
ftr-349	591	19	region	region	NOUN
ftr-349	591	20	-	-	PUNCT
ftr-349	591	21	wide	wide	ADJ
ftr-349	591	22	ownership	ownership	NOUN
ftr-349	591	23	of	of	ADP
ftr-349	591	24	an	an	DET
ftr-349	591	25	intangible	intangible	NOUN
ftr-349	591	26	through	through	ADP
ftr-349	591	27	a	a	DET
ftr-349	591	28	cost	cost	NOUN
ftr-349	591	29	sharing	sharing	NOUN
ftr-349	591	30	arrangement	arrangement	NOUN
ftr-349	591	31	can	can	AUX
ftr-349	591	32	in	in	ADP
ftr-349	591	33	turn	turn	NOUN
ftr-349	591	34	license	license	VERB
ftr-349	591	35	the	the	DET
ftr-349	591	36	intangible	intangible	NOUN
ftr-349	591	37	to	to	ADP
ftr-349	591	38	other	other	ADJ
ftr-349	591	39	affiliates	affiliate	NOUN
ftr-349	591	40	in	in	ADP
ftr-349	591	41	the	the	DET
ftr-349	591	42	region	region	NOUN
ftr-349	591	43	without	without	ADP
ftr-349	591	44	triggering	trigger	VERB
ftr-349	591	45	subpart	subpart	PROPN
ftr-349	591	46	f	f	PROPN
ftr-349	591	47	income	income	NOUN
ftr-349	591	48	if	if	SCONJ
ftr-349	591	49	those	those	DET
ftr-349	591	50	affiliates	affiliate	NOUN
ftr-349	591	51	are	be	AUX
ftr-349	591	52	disregarded	disregarded	ADJ
ftr-349	591	53	appendages	appendage	NOUN
ftr-349	591	54	of	of	ADP
ftr-349	591	55	the	the	DET
ftr-349	591	56	intangibles	intangible	NOUN
ftr-349	591	57	owner	owner	NOUN
ftr-349	591	58	for	for	ADP
ftr-349	591	59	u.s	u.s	PROPN
ftr-349	591	60	.	.	PROPN
ftr-349	591	61	tax	tax	NOUN
ftr-349	591	62	purposes.77	purposes.77	ADJ
ftr-349	591	63	researchers	researcher	NOUN
ftr-349	591	64	have	have	AUX
ftr-349	591	65	identified	identify	VERB
ftr-349	591	66	cost	cost	NOUN
ftr-349	591	67	sharing	sharing	NOUN
ftr-349	591	68	as	as	ADP
ftr-349	591	69	a	a	DET
ftr-349	591	70	significant	significant	ADJ
ftr-349	591	71	contributor	contributor	NOUN
ftr-349	591	72	to	to	ADP
ftr-349	591	73	noneconomic	noneconomic	ADJ
ftr-349	591	74	transfer	transfer	NOUN
ftr-349	591	75	pricing	pricing	NOUN
ftr-349	591	76	outcomes.78	outcomes.78	NOUN
ftr-349	591	77	it	it	PRON
ftr-349	591	78	will	will	AUX
ftr-349	591	79	not	not	PART
ftr-349	591	80	surprise	surprise	VERB
ftr-349	591	81	many	many	ADJ
ftr-349	591	82	readers	reader	NOUN
ftr-349	591	83	to	to	PART
ftr-349	591	84	learn	learn	VERB
ftr-349	591	85	that	that	DET
ftr-349	591	86	low	low	ADJ
ftr-349	591	87	-	-	PUNCT
ftr-349	591	88	tax	tax	NOUN
ftr-349	591	89	affiliates	affiliate	NOUN
ftr-349	591	90	that	that	PRON
ftr-349	591	91	enter	enter	VERB
ftr-349	591	92	into	into	ADP
ftr-349	591	93	cost	cost	NOUN
ftr-349	591	94	sharing	sharing	NOUN
ftr-349	591	95	agreements	agreement	NOUN
ftr-349	591	96	with	with	ADP
ftr-349	591	97	their	their	PRON
ftr-349	591	98	high	high	ADJ
ftr-349	591	99	-	-	PUNCT
ftr-349	591	100	tax	tax	NOUN
ftr-349	591	101	parent	parent	NOUN
ftr-349	591	102	companies	company	NOUN
ftr-349	591	103	rarely	rarely	ADV
ftr-349	591	104	are	be	AUX
ftr-349	591	105	saddled	saddle	VERB
ftr-349	591	106	with	with	ADP
ftr-349	591	107	money	money	NOUN
ftr-349	591	108	-	-	PUNCT
ftr-349	591	109	losing	lose	VERB
ftr-349	591	110	projects.79	projects.79	NOUN
ftr-349	591	111	this	this	DET
ftr-349	591	112	factual	factual	ADJ
ftr-349	591	113	skewing	skewing	NOUN
ftr-349	591	114	of	of	ADP
ftr-349	591	115	outcomes	outcome	NOUN
ftr-349	591	116	is	be	AUX
ftr-349	591	117	one	one	NUM
ftr-349	591	118	important	important	ADJ
ftr-349	591	119	reason	reason	NOUN
ftr-349	591	120	for	for	ADP
ftr-349	591	121	the	the	DET
ftr-349	591	122	disparities	disparity	NOUN
ftr-349	591	123	across	across	ADP
ftr-349	591	124	affiliate	affiliate	NOUN
ftr-349	591	125	incomes	income	NOUN
ftr-349	591	126	that	that	PRON
ftr-349	591	127	are	be	AUX
ftr-349	591	128	observed	observe	VERB
ftr-349	591	129	.	.	PUNCT
ftr-349	592	1	just	just	ADV
ftr-349	592	2	as	as	ADV
ftr-349	592	3	remarkably	remarkably	ADV
ftr-349	592	4	,	,	PUNCT
ftr-349	592	5	the	the	DET
ftr-349	592	6	money	money	NOUN
ftr-349	592	7	risked	risk	VERB
ftr-349	592	8	by	by	ADP
ftr-349	592	9	the	the	DET
ftr-349	592	10	low	low	ADJ
ftr-349	592	11	-	-	PUNCT
ftr-349	592	12	tax	tax	NOUN
ftr-349	592	13	subsidiary	subsidiary	NOUN
ftr-349	592	14	is	be	AUX
ftr-349	592	15	simply	simply	ADV
ftr-349	592	16	supplied	supply	VERB
ftr-349	592	17	as	as	ADP
ftr-349	592	18	a	a	DET
ftr-349	592	19	capital	capital	NOUN
ftr-349	592	20	contribution	contribution	NOUN
ftr-349	592	21	by	by	ADP
ftr-349	592	22	the	the	DET
ftr-349	592	23	parent.80	parent.80	NOUN
ftr-349	592	24	the	the	DET
ftr-349	592	25	risk	risk	NOUN
ftr-349	592	26	sharing	sharing	NOUN
ftr-349	592	27	on	on	ADP
ftr-349	592	28	76	76	NUM
ftr-349	592	29	.	.	PUNCT
ftr-349	593	1	see	see	VERB
ftr-349	593	2	brauner	brauner	NOUN
ftr-349	593	3	,	,	PUNCT
ftr-349	593	4	cost	cost	NOUN
ftr-349	593	5	sharing	sharing	NOUN
ftr-349	593	6	,	,	PUNCT
ftr-349	593	7	supra	supra	PROPN
ftr-349	593	8	note	note	NOUN
ftr-349	593	9	9	9	NUM
ftr-349	593	10	;	;	PUNCT
ftr-349	593	11	jct	jct	ADJ
ftr-349	593	12	,	,	PUNCT
ftr-349	593	13	income	income	NOUN
ftr-349	593	14	shifting	shift	VERB
ftr-349	593	15	and	and	CCONJ
ftr-349	593	16	transfer	transfer	NOUN
ftr-349	593	17	pricing	pricing	NOUN
ftr-349	593	18	,	,	PUNCT
ftr-349	593	19	supra	supra	PROPN
ftr-349	593	20	note	note	PROPN
ftr-349	593	21	14	14	NUM
ftr-349	593	22	,	,	PUNCT
ftr-349	593	23	at	at	ADP
ftr-349	593	24	25	25	NUM
ftr-349	593	25	-	-	SYM
ftr-349	593	26	29	29	NUM
ftr-349	593	27	,	,	PUNCT
ftr-349	593	28	111–14	111–14	NUM
ftr-349	593	29	.	.	PUNCT
ftr-349	594	1	77	77	NUM
ftr-349	594	2	.	.	PUNCT
ftr-349	595	1	see	see	VERB
ftr-349	595	2	grubert	grubert	NOUN
ftr-349	595	3	,	,	PUNCT
ftr-349	595	4	foreign	foreign	ADJ
ftr-349	595	5	taxes	taxis	NOUN
ftr-349	595	6	and	and	CCONJ
ftr-349	595	7	domestic	domestic	ADJ
ftr-349	595	8	income	income	NOUN
ftr-349	595	9	,	,	PUNCT
ftr-349	595	10	supra	supra	PROPN
ftr-349	595	11	note	note	NOUN
ftr-349	595	12	9	9	NUM
ftr-349	595	13	;	;	PUNCT
ftr-349	595	14	supra	supra	ADJ
ftr-349	595	15	note	note	NOUN
ftr-349	595	16	10	10	NUM
ftr-349	595	17	,	,	PUNCT
ftr-349	595	18	12	12	NUM
ftr-349	595	19	.	.	PUNCT
ftr-349	595	20	78	78	NUM
ftr-349	595	21	.	.	PUNCT
ftr-349	596	1	see	see	VERB
ftr-349	596	2	brauner	brauner	NOUN
ftr-349	596	3	,	,	PUNCT
ftr-349	596	4	cost	cost	NOUN
ftr-349	596	5	sharing	sharing	NOUN
ftr-349	596	6	,	,	PUNCT
ftr-349	596	7	supra	supra	PROPN
ftr-349	596	8	note	note	NOUN
ftr-349	596	9	9	9	NUM
ftr-349	596	10	;	;	PUNCT
ftr-349	596	11	jct	jct	ADJ
ftr-349	596	12	,	,	PUNCT
ftr-349	596	13	income	income	NOUN
ftr-349	596	14	shifting	shift	VERB
ftr-349	596	15	and	and	CCONJ
ftr-349	596	16	transfer	transfer	NOUN
ftr-349	596	17	pricing	pricing	NOUN
ftr-349	596	18	,	,	PUNCT
ftr-349	596	19	supra	supra	PROPN
ftr-349	596	20	note	note	PROPN
ftr-349	596	21	14	14	NUM
ftr-349	596	22	;	;	PUNCT
ftr-349	597	1	clausing	clause	VERB
ftr-349	597	2	,	,	PUNCT
ftr-349	597	3	revenue	revenue	NOUN
ftr-349	597	4	effects	effect	NOUN
ftr-349	597	5	,	,	PUNCT
ftr-349	597	6	supra	supra	PROPN
ftr-349	597	7	note	note	NOUN
ftr-349	597	8	71	71	NUM
ftr-349	597	9	,	,	PUNCT
ftr-349	597	10	at	at	ADP
ftr-349	597	11	705	705	NUM
ftr-349	597	12	;	;	PUNCT
ftr-349	597	13	grubert	grubert	ADJ
ftr-349	597	14	,	,	PUNCT
ftr-349	597	15	intangible	intangible	ADJ
ftr-349	597	16	income	income	NOUN
ftr-349	597	17	,	,	PUNCT
ftr-349	597	18	supra	supra	PROPN
ftr-349	597	19	note	note	NOUN
ftr-349	597	20	71	71	NUM
ftr-349	597	21	(	(	PUNCT
ftr-349	597	22	finding	find	VERB
ftr-349	597	23	that	that	DET
ftr-349	597	24	income	income	NOUN
ftr-349	597	25	derived	derive	VERB
ftr-349	597	26	from	from	ADP
ftr-349	597	27	r&d	r&d	NOUN
ftr-349	597	28	intangibles	intangible	NOUN
ftr-349	597	29	account	account	VERB
ftr-349	597	30	for	for	ADP
ftr-349	597	31	about	about	ADV
ftr-349	597	32	half	half	DET
ftr-349	597	33	the	the	DET
ftr-349	597	34	income	income	NOUN
ftr-349	597	35	shifted	shift	VERB
ftr-349	597	36	from	from	ADP
ftr-349	597	37	high	high	ADJ
ftr-349	597	38	-	-	PUNCT
ftr-349	597	39	tax	tax	NOUN
ftr-349	597	40	to	to	ADP
ftr-349	597	41	low	low	ADJ
ftr-349	597	42	-	-	PUNCT
ftr-349	597	43	tax	tax	NOUN
ftr-349	597	44	countries	country	NOUN
ftr-349	597	45	,	,	PUNCT
ftr-349	597	46	and	and	CCONJ
ftr-349	597	47	that	that	SCONJ
ftr-349	597	48	subsidiaries	subsidiary	NOUN
ftr-349	597	49	undertake	undertake	VERB
ftr-349	597	50	a	a	DET
ftr-349	597	51	large	large	ADJ
ftr-349	597	52	number	number	NOUN
ftr-349	597	53	of	of	ADP
ftr-349	597	54	transactions	transaction	NOUN
ftr-349	597	55	,	,	PUNCT
ftr-349	597	56	thus	thus	ADV
ftr-349	597	57	increasing	increase	VERB
ftr-349	597	58	the	the	DET
ftr-349	597	59	opportunities	opportunity	NOUN
ftr-349	597	60	to	to	PART
ftr-349	597	61	shift	shift	VERB
ftr-349	597	62	income	income	NOUN
ftr-349	597	63	)	)	PUNCT
ftr-349	597	64	;	;	PUNCT
ftr-349	597	65	julie	julie	PROPN
ftr-349	597	66	roin	roin	PROPN
ftr-349	597	67	,	,	PUNCT
ftr-349	597	68	can	can	AUX
ftr-349	597	69	the	the	DET
ftr-349	597	70	income	income	NOUN
ftr-349	597	71	tax	tax	NOUN
ftr-349	597	72	be	be	AUX
ftr-349	597	73	saved	save	VERB
ftr-349	597	74	?	?	PUNCT
ftr-349	598	1	the	the	DET
ftr-349	598	2	promise	promise	NOUN
ftr-349	598	3	and	and	CCONJ
ftr-349	598	4	pitfalls	pitfall	NOUN
ftr-349	598	5	of	of	ADP
ftr-349	598	6	adopting	adopt	VERB
ftr-349	598	7	worldwide	worldwide	ADV
ftr-349	598	8	formulary	formulary	ADJ
ftr-349	598	9	apportionment	apportionment	NOUN
ftr-349	598	10	,	,	PUNCT
ftr-349	598	11	61	61	NUM
ftr-349	598	12	,	,	PUNCT
ftr-349	598	13	171–75	171–75	NUM
ftr-349	598	14	,	,	PUNCT
ftr-349	598	15	182–85	182–85	NUM
ftr-349	598	16	(	(	PUNCT
ftr-349	598	17	2008	2008	NUM
ftr-349	598	18	)	)	PUNCT
ftr-349	598	19	.	.	PUNCT
ftr-349	599	1	79	79	NUM
ftr-349	599	2	.	.	PUNCT
ftr-349	600	1	the	the	DET
ftr-349	600	2	famous	famous	ADJ
ftr-349	600	3	counterexample	counterexample	NOUN
ftr-349	600	4	that	that	PRON
ftr-349	600	5	proves	prove	VERB
ftr-349	600	6	the	the	DET
ftr-349	600	7	rule	rule	NOUN
ftr-349	600	8	is	be	AUX
ftr-349	600	9	xerox	xerox	PROPN
ftr-349	600	10	corporation	corporation	NOUN
ftr-349	600	11	.	.	PUNCT
ftr-349	601	1	john	john	PROPN
ftr-349	601	2	mulligan	mulligan	PROPN
ftr-349	601	3	,	,	PUNCT
ftr-349	601	4	how	how	SCONJ
ftr-349	601	5	ireland	ireland	NOUN
ftr-349	601	6	almost	almost	ADV
ftr-349	601	7	ruined	ruin	VERB
ftr-349	601	8	the	the	DET
ftr-349	601	9	photocopier	photocopier	NOUN
ftr-349	601	10	king	king	NOUN
ftr-349	601	11	,	,	PUNCT
ftr-349	601	12	[	[	X
ftr-349	601	13	irish	irish	X
ftr-349	601	14	]	]	X
ftr-349	601	15	sunday	sunday	PROPN
ftr-349	601	16	trib	trib	PROPN
ftr-349	601	17	.	.	PUNCT
ftr-349	602	1	(	(	PUNCT
ftr-349	602	2	apr	apr	PROPN
ftr-349	602	3	.	.	PROPN
ftr-349	602	4	22	22	NUM
ftr-349	602	5	,	,	PUNCT
ftr-349	602	6	2001	2001	NUM
ftr-349	602	7	)	)	PUNCT
ftr-349	602	8	,	,	PUNCT
ftr-349	602	9	http://www.tribune.ie/article/2001/apr/22/how-ireland-almostruined-the-photocopier-king/.	http://www.tribune.ie/article/2001/apr/22/how-ireland-almostruined-the-photocopier-king/.	PROPN
ftr-349	602	10	80	80	NUM
ftr-349	602	11	.	.	PUNCT
ftr-349	603	1	newly	newly	ADV
ftr-349	603	2	-	-	PUNCT
ftr-349	603	3	revised	revise	VERB
ftr-349	603	4	cost	cost	NOUN
ftr-349	603	5	sharing	sharing	NOUN
ftr-349	603	6	regulations	regulation	NOUN
ftr-349	603	7	seek	seek	VERB
ftr-349	603	8	to	to	PART
ftr-349	603	9	minimize	minimize	VERB
ftr-349	603	10	the	the	DET
ftr-349	603	11	advantages	advantage	NOUN
ftr-349	603	12	of	of	ADP
ftr-349	603	13	the	the	DET
ftr-349	603	14	baldest	baldest	NOUN
ftr-349	603	15	of	of	ADP
ftr-349	603	16	such	such	ADJ
ftr-349	603	17	arrangements	arrangement	NOUN
ftr-349	603	18	;	;	PUNCT
ftr-349	603	19	whether	whether	SCONJ
ftr-349	603	20	the	the	DET
ftr-349	603	21	new	new	ADJ
ftr-349	603	22	regulations	regulation	NOUN
ftr-349	603	23	will	will	AUX
ftr-349	603	24	prove	prove	VERB
ftr-349	603	25	736	736	NUM
ftr-349	603	26	florida	florida	PROPN
ftr-349	603	27	tax	tax	NOUN
ftr-349	603	28	review	review	NOUN
ftr-349	603	29	[	[	X
ftr-349	603	30	vol	vol	NOUN
ftr-349	603	31	.	.	PUNCT
ftr-349	604	1	11:9	11:9	NOUN
ftr-349	604	2	which	which	PRON
ftr-349	604	3	cost	cost	VERB
ftr-349	604	4	sharing	sharing	NOUN
ftr-349	604	5	rules	rule	NOUN
ftr-349	604	6	are	be	AUX
ftr-349	604	7	predicated	predicate	VERB
ftr-349	604	8	thus	thus	ADV
ftr-349	604	9	is	be	AUX
ftr-349	604	10	no	no	PRON
ftr-349	604	11	more	more	ADV
ftr-349	604	12	meaningful	meaningful	ADJ
ftr-349	604	13	than	than	SCONJ
ftr-349	604	14	if	if	SCONJ
ftr-349	604	15	the	the	DET
ftr-349	604	16	parent	parent	NOUN
ftr-349	604	17	company	company	NOUN
ftr-349	604	18	were	be	AUX
ftr-349	604	19	to	to	PART
ftr-349	604	20	pay	pay	VERB
ftr-349	604	21	“	"	PUNCT
ftr-349	604	22	insurance	insurance	NOUN
ftr-349	604	23	”	"	PUNCT
ftr-349	604	24	premiums	premium	NOUN
ftr-349	604	25	to	to	ADP
ftr-349	604	26	a	a	DET
ftr-349	604	27	subsidiary	subsidiary	NOUN
ftr-349	604	28	whose	whose	DET
ftr-349	604	29	only	only	ADJ
ftr-349	604	30	insurance	insurance	NOUN
ftr-349	604	31	customer	customer	NOUN
ftr-349	604	32	was	be	AUX
ftr-349	604	33	the	the	DET
ftr-349	604	34	parent	parent	NOUN
ftr-349	604	35	.	.	PUNCT
ftr-349	605	1	but	but	CCONJ
ftr-349	605	2	in	in	ADP
ftr-349	605	3	the	the	DET
ftr-349	605	4	latter	latter	ADJ
ftr-349	605	5	case	case	NOUN
ftr-349	605	6	,	,	PUNCT
ftr-349	605	7	courts	court	NOUN
ftr-349	605	8	have	have	AUX
ftr-349	605	9	long	long	ADV
ftr-349	605	10	recognized	recognize	VERB
ftr-349	605	11	that	that	SCONJ
ftr-349	605	12	such	such	ADJ
ftr-349	605	13	“	"	PUNCT
ftr-349	605	14	insurance	insurance	NOUN
ftr-349	605	15	”	"	PUNCT
ftr-349	605	16	arrangements	arrangement	NOUN
ftr-349	605	17	do	do	AUX
ftr-349	605	18	not	not	PART
ftr-349	605	19	in	in	ADP
ftr-349	605	20	fact	fact	NOUN
ftr-349	605	21	shift	shift	NOUN
ftr-349	605	22	risk	risk	NOUN
ftr-349	605	23	from	from	ADP
ftr-349	605	24	the	the	DET
ftr-349	605	25	parent	parent	NOUN
ftr-349	605	26	company	company	NOUN
ftr-349	605	27	,	,	PUNCT
ftr-349	605	28	and	and	CCONJ
ftr-349	605	29	therefore	therefore	ADV
ftr-349	605	30	do	do	AUX
ftr-349	605	31	not	not	PART
ftr-349	605	32	accomplish	accomplish	VERB
ftr-349	605	33	the	the	DET
ftr-349	605	34	economic	economic	ADJ
ftr-349	605	35	purpose	purpose	NOUN
ftr-349	605	36	of	of	ADP
ftr-349	605	37	insurance	insurance	NOUN
ftr-349	605	38	in	in	ADP
ftr-349	605	39	the	the	DET
ftr-349	605	40	first	first	ADJ
ftr-349	605	41	place	place	NOUN
ftr-349	605	42	;	;	PUNCT
ftr-349	605	43	the	the	DET
ftr-349	605	44	resulting	result	VERB
ftr-349	605	45	premiums	premium	NOUN
ftr-349	605	46	accordingly	accordingly	ADV
ftr-349	605	47	are	be	AUX
ftr-349	605	48	not	not	PART
ftr-349	605	49	deductible.81	deductible.81	VERB
ftr-349	605	50	the	the	DET
ftr-349	605	51	second	second	ADJ
ftr-349	605	52	cluster	cluster	NOUN
ftr-349	605	53	of	of	ADP
ftr-349	605	54	transfer	transfer	NOUN
ftr-349	605	55	pricing	pricing	NOUN
ftr-349	605	56	strategies	strategy	NOUN
ftr-349	605	57	that	that	PRON
ftr-349	605	58	firms	firm	NOUN
ftr-349	605	59	rely	rely	VERB
ftr-349	605	60	on	on	ADP
ftr-349	605	61	to	to	PART
ftr-349	605	62	generate	generate	VERB
ftr-349	605	63	stateless	stateless	NOUN
ftr-349	605	64	income	income	NOUN
ftr-349	605	65	is	be	AUX
ftr-349	605	66	simply	simply	ADV
ftr-349	605	67	aggressive	aggressive	ADJ
ftr-349	605	68	contractual	contractual	ADJ
ftr-349	605	69	terms.82	terms.82	NOUN
ftr-349	605	70	in	in	ADP
ftr-349	605	71	a	a	DET
ftr-349	605	72	world	world	NOUN
ftr-349	605	73	where	where	SCONJ
ftr-349	605	74	licenses	license	NOUN
ftr-349	605	75	of	of	ADP
ftr-349	605	76	high	high	ADJ
ftr-349	605	77	-	-	PUNCT
ftr-349	605	78	value	value	NOUN
ftr-349	605	79	internally	internally	ADV
ftr-349	605	80	-	-	PUNCT
ftr-349	605	81	created	create	VERB
ftr-349	605	82	intangibles	intangible	NOUN
ftr-349	605	83	have	have	VERB
ftr-349	605	84	no	no	DET
ftr-349	605	85	observable	observable	ADJ
ftr-349	605	86	market	market	NOUN
ftr-349	605	87	value	value	NOUN
ftr-349	605	88	and	and	CCONJ
ftr-349	605	89	where	where	SCONJ
ftr-349	605	90	the	the	DET
ftr-349	605	91	arm’s	arm’s	NUM
ftr-349	605	92	-	-	PUNCT
ftr-349	605	93	length	length	NOUN
ftr-349	605	94	principle	principle	NOUN
ftr-349	605	95	itself	itself	PRON
ftr-349	605	96	fails	fail	VERB
ftr-349	605	97	to	to	PART
ftr-349	605	98	assign	assign	VERB
ftr-349	605	99	the	the	DET
ftr-349	605	100	synergies	synergy	NOUN
ftr-349	605	101	created	create	VERB
ftr-349	605	102	by	by	ADP
ftr-349	605	103	operating	operate	VERB
ftr-349	605	104	as	as	ADP
ftr-349	605	105	a	a	DET
ftr-349	605	106	multinational	multinational	ADJ
ftr-349	605	107	enterprise	enterprise	NOUN
ftr-349	605	108	,	,	PUNCT
ftr-349	605	109	firms	firm	NOUN
ftr-349	605	110	can	can	AUX
ftr-349	605	111	be	be	AUX
ftr-349	605	112	expected	expect	VERB
ftr-349	605	113	to	to	PART
ftr-349	605	114	adopt	adopt	VERB
ftr-349	605	115	intragroup	intragroup	ADV
ftr-349	605	116	contractual	contractual	ADJ
ftr-349	605	117	terms	term	NOUN
ftr-349	605	118	that	that	PRON
ftr-349	605	119	favor	favor	VERB
ftr-349	605	120	low	low	ADJ
ftr-349	605	121	-	-	PUNCT
ftr-349	605	122	taxed	tax	VERB
ftr-349	605	123	affiliates	affiliate	NOUN
ftr-349	605	124	.	.	PUNCT
ftr-349	606	1	the	the	DET
ftr-349	606	2	u.s	u.s	PROPN
ftr-349	606	3	.	.	PROPN
ftr-349	606	4	internal	internal	ADJ
ftr-349	606	5	revenue	revenue	NOUN
ftr-349	606	6	service	service	NOUN
ftr-349	606	7	in	in	ADP
ftr-349	606	8	particular	particular	ADJ
ftr-349	606	9	has	have	AUX
ftr-349	606	10	recognized	recognize	VERB
ftr-349	606	11	and	and	CCONJ
ftr-349	606	12	struggled	struggle	VERB
ftr-349	606	13	with	with	ADP
ftr-349	606	14	this	this	DET
ftr-349	606	15	problem	problem	NOUN
ftr-349	606	16	,	,	PUNCT
ftr-349	606	17	both	both	PRON
ftr-349	606	18	in	in	ADP
ftr-349	606	19	administrative	administrative	ADJ
ftr-349	606	20	regulations	regulation	NOUN
ftr-349	606	21	and	and	CCONJ
ftr-349	606	22	through	through	ADP
ftr-349	606	23	litigation	litigation	NOUN
ftr-349	606	24	,	,	PUNCT
ftr-349	606	25	but	but	CCONJ
ftr-349	606	26	every	every	DET
ftr-349	606	27	case	case	NOUN
ftr-349	606	28	it	it	PRON
ftr-349	606	29	brings	bring	VERB
ftr-349	606	30	is	be	AUX
ftr-349	606	31	a	a	DET
ftr-349	606	32	multimillion	multimillion	ADJ
ftr-349	606	33	dollar	dollar	NOUN
ftr-349	606	34	commitment	commitment	NOUN
ftr-349	606	35	of	of	ADP
ftr-349	606	36	time	time	NOUN
ftr-349	606	37	and	and	CCONJ
ftr-349	606	38	resources	resource	NOUN
ftr-349	606	39	,	,	PUNCT
ftr-349	606	40	and	and	CCONJ
ftr-349	606	41	success	success	NOUN
ftr-349	606	42	is	be	AUX
ftr-349	606	43	not	not	PART
ftr-349	606	44	assured.83	assured.83	ADV
ftr-349	606	45	aggressively	aggressively	ADV
ftr-349	606	46	low	low	ADJ
ftr-349	606	47	buy	buy	NOUN
ftr-349	606	48	-	-	PUNCT
ftr-349	606	49	in	in	ADP
ftr-349	606	50	payments	payment	NOUN
ftr-349	606	51	in	in	ADP
ftr-349	606	52	cost	cost	NOUN
ftr-349	606	53	sharing	sharing	NOUN
ftr-349	606	54	agreements	agreement	NOUN
ftr-349	606	55	or	or	CCONJ
ftr-349	606	56	in	in	ADP
ftr-349	606	57	contractual	contractual	ADJ
ftr-349	606	58	license	license	NOUN
ftr-349	606	59	terms	term	NOUN
ftr-349	607	1	can	can	AUX
ftr-349	607	2	be	be	AUX
ftr-349	607	3	described	describe	VERB
ftr-349	607	4	as	as	ADP
ftr-349	607	5	simply	simply	ADV
ftr-349	607	6	a	a	DET
ftr-349	607	7	question	question	NOUN
ftr-349	607	8	of	of	ADP
ftr-349	607	9	getting	get	VERB
ftr-349	607	10	the	the	DET
ftr-349	607	11	transfer	transfer	NOUN
ftr-349	607	12	price	price	NOUN
ftr-349	607	13	“	"	PUNCT
ftr-349	607	14	right	right	ADJ
ftr-349	607	15	,	,	PUNCT
ftr-349	607	16	”	"	PUNCT
ftr-349	607	17	but	but	CCONJ
ftr-349	607	18	the	the	DET
ftr-349	607	19	data	datum	NOUN
ftr-349	607	20	all	all	DET
ftr-349	607	21	point	point	NOUN
ftr-349	607	22	to	to	ADP
ftr-349	607	23	the	the	DET
ftr-349	607	24	fact	fact	NOUN
ftr-349	607	25	that	that	SCONJ
ftr-349	607	26	the	the	DET
ftr-349	607	27	internal	internal	ADJ
ftr-349	607	28	revenue	revenue	NOUN
ftr-349	607	29	service	service	NOUN
ftr-349	607	30	,	,	PUNCT
ftr-349	607	31	despite	despite	SCONJ
ftr-349	607	32	years	year	NOUN
ftr-349	607	33	of	of	ADP
ftr-349	607	34	effort	effort	NOUN
ftr-349	607	35	,	,	PUNCT
ftr-349	607	36	has	have	AUX
ftr-349	607	37	largely	largely	ADV
ftr-349	607	38	lost	lose	VERB
ftr-349	607	39	the	the	DET
ftr-349	607	40	battle.84	battle.84	NOUN
ftr-349	607	41	profits	profit	NOUN
ftr-349	607	42	of	of	ADP
ftr-349	607	43	low	low	ADV
ftr-349	607	44	-	-	PUNCT
ftr-349	607	45	taxed	tax	VERB
ftr-349	607	46	foreign	foreign	ADJ
ftr-349	607	47	subsidiaries	subsidiary	NOUN
ftr-349	607	48	are	be	AUX
ftr-349	607	49	systematically	systematically	ADV
ftr-349	607	50	greater	great	ADJ
ftr-349	607	51	than	than	ADP
ftr-349	607	52	profits	profit	NOUN
ftr-349	607	53	of	of	ADP
ftr-349	607	54	u.s	u.s	PROPN
ftr-349	607	55	.	.	PROPN
ftr-349	607	56	or	or	CCONJ
ftr-349	607	57	high	high	ADV
ftr-349	607	58	-	-	PUNCT
ftr-349	607	59	taxed	tax	VERB
ftr-349	607	60	foreign	foreign	ADJ
ftr-349	607	61	siblings	sibling	NOUN
ftr-349	607	62	,	,	PUNCT
ftr-349	607	63	for	for	ADP
ftr-349	607	64	reasons	reason	NOUN
ftr-349	607	65	inexplicable	inexplicable	ADJ
ftr-349	607	66	except	except	SCONJ
ftr-349	607	67	by	by	ADP
ftr-349	607	68	reference	reference	NOUN
ftr-349	607	69	to	to	ADP
ftr-349	607	70	widespread	widespread	ADJ
ftr-349	607	71	transfer	transfer	NOUN
ftr-349	607	72	pricing	pricing	NOUN
ftr-349	607	73	gaming	gaming	NOUN
ftr-349	607	74	.	.	PUNCT
ftr-349	608	1	the	the	DET
ftr-349	608	2	third	third	ADJ
ftr-349	608	3	logical	logical	ADJ
ftr-349	608	4	group	group	NOUN
ftr-349	608	5	of	of	ADP
ftr-349	608	6	transfer	transfer	NOUN
ftr-349	608	7	pricing	pricing	NOUN
ftr-349	608	8	strategies	strategy	NOUN
ftr-349	608	9	to	to	PART
ftr-349	608	10	generate	generate	VERB
ftr-349	608	11	stateless	stateless	NOUN
ftr-349	608	12	income	income	NOUN
ftr-349	608	13	is	be	AUX
ftr-349	608	14	the	the	DET
ftr-349	608	15	case	case	NOUN
ftr-349	608	16	of	of	ADP
ftr-349	608	17	a	a	DET
ftr-349	608	18	pure	pure	ADJ
ftr-349	608	19	business	business	NOUN
ftr-349	608	20	opportunity.85	opportunity.85	NOUN
ftr-349	608	21	a	a	DET
ftr-349	608	22	multinational	multinational	ADJ
ftr-349	608	23	efficacious	efficacious	ADJ
ftr-349	608	24	remains	remain	NOUN
ftr-349	608	25	to	to	PART
ftr-349	608	26	be	be	AUX
ftr-349	608	27	seen	see	VERB
ftr-349	608	28	.	.	PUNCT
ftr-349	609	1	for	for	ADP
ftr-349	609	2	a	a	DET
ftr-349	609	3	politely	politely	ADV
ftr-349	609	4	skeptical	skeptical	ADJ
ftr-349	609	5	view	view	NOUN
ftr-349	609	6	,	,	PUNCT
ftr-349	609	7	see	see	VERB
ftr-349	609	8	hearing	hearing	NOUN
ftr-349	609	9	before	before	ADP
ftr-349	609	10	the	the	DET
ftr-349	609	11	h.	h.	PROPN
ftr-349	609	12	ways	way	NOUN
ftr-349	609	13	and	and	CCONJ
ftr-349	609	14	means	mean	VERB
ftr-349	609	15	comm	comm	NOUN
ftr-349	609	16	.	.	PUNCT
ftr-349	610	1	,	,	PUNCT
ftr-349	610	2	111th	111th	ADJ
ftr-349	610	3	cong	cong	NOUN
ftr-349	610	4	.	.	PUNCT
ftr-349	611	1	(	(	PUNCT
ftr-349	611	2	testimony	testimony	NOUN
ftr-349	611	3	of	of	ADP
ftr-349	611	4	r.	r.	PROPN
ftr-349	611	5	william	william	PROPN
ftr-349	611	6	morgan	morgan	PROPN
ftr-349	611	7	,	,	PUNCT
ftr-349	611	8	managing	managing	NOUN
ftr-349	611	9	director	director	NOUN
ftr-349	611	10	,	,	PUNCT
ftr-349	611	11	horst	horst	PROPN
ftr-349	611	12	frisch	frisch	AUX
ftr-349	611	13	incorporated	incorporate	VERB
ftr-349	611	14	)	)	PUNCT
ftr-349	611	15	(	(	PUNCT
ftr-349	611	16	2010	2010	NUM
ftr-349	611	17	)	)	PUNCT
ftr-349	611	18	.	.	PUNCT
ftr-349	612	1	[	[	X
ftr-349	612	2	hereinafter	hereinafter	NOUN
ftr-349	612	3	morgan	morgan	PROPN
ftr-349	612	4	testimony	testimony	NOUN
ftr-349	612	5	]	]	PUNCT
ftr-349	612	6	81	81	NUM
ftr-349	612	7	.	.	PUNCT
ftr-349	613	1	see	see	VERB
ftr-349	613	2	,	,	PUNCT
ftr-349	613	3	e.g.	e.g.	ADV
ftr-349	613	4	,	,	PUNCT
ftr-349	613	5	humana	humana	PROPN
ftr-349	613	6	,	,	PUNCT
ftr-349	613	7	inc	inc	PROPN
ftr-349	613	8	.	.	PROPN
ftr-349	614	1	v.	v.	PROPN
ftr-349	614	2	commissioner	commissioner	NOUN
ftr-349	614	3	,	,	PUNCT
ftr-349	614	4	881	881	NUM
ftr-349	614	5	f.2d	f.2d	SYM
ftr-349	614	6	247	247	NUM
ftr-349	614	7	(	(	PUNCT
ftr-349	614	8	6th	6th	ADJ
ftr-349	614	9	cir	cir	NOUN
ftr-349	614	10	.	.	PROPN
ftr-349	614	11	1989	1989	NUM
ftr-349	614	12	)	)	PUNCT
ftr-349	614	13	.	.	PUNCT
ftr-349	615	1	82	82	NUM
ftr-349	615	2	.	.	PUNCT
ftr-349	616	1	jct	jct	PROPN
ftr-349	616	2	,	,	PUNCT
ftr-349	616	3	income	income	NOUN
ftr-349	616	4	shifting	shift	VERB
ftr-349	616	5	and	and	CCONJ
ftr-349	616	6	transfer	transfer	NOUN
ftr-349	616	7	pricing	pricing	NOUN
ftr-349	616	8	,	,	PUNCT
ftr-349	616	9	supra	supra	PROPN
ftr-349	616	10	note	note	PROPN
ftr-349	616	11	14	14	NUM
ftr-349	616	12	,	,	PUNCT
ftr-349	616	13	at	at	ADP
ftr-349	616	14	77	77	NUM
ftr-349	616	15	–	–	SYM
ftr-349	616	16	83	83	NUM
ftr-349	616	17	(	(	PUNCT
ftr-349	616	18	delta	delta	NOUN
ftr-349	616	19	company	company	NOUN
ftr-349	616	20	example	example	NOUN
ftr-349	616	21	)	)	PUNCT
ftr-349	616	22	.	.	PUNCT
ftr-349	617	1	83	83	NUM
ftr-349	617	2	.	.	PUNCT
ftr-349	618	1	see	see	VERB
ftr-349	618	2	veritas	veritas	PROPN
ftr-349	618	3	software	software	PROPN
ftr-349	618	4	corp	corp	PROPN
ftr-349	618	5	.	.	PROPN
ftr-349	618	6	et	et	PROPN
ftr-349	618	7	al	al	PROPN
ftr-349	618	8	.	.	PUNCT
ftr-349	619	1	(	(	PUNCT
ftr-349	619	2	symantec	symantec	NOUN
ftr-349	619	3	)	)	PUNCT
ftr-349	620	1	v.	v.	ADP
ftr-349	620	2	commissioner	commissioner	NOUN
ftr-349	620	3	,	,	PUNCT
ftr-349	620	4	133	133	NUM
ftr-349	620	5	t.c	t.c	PROPN
ftr-349	620	6	.	.	PROPN
ftr-349	620	7	297	297	NUM
ftr-349	620	8	(	(	PUNCT
ftr-349	620	9	2009	2009	NUM
ftr-349	620	10	)	)	PUNCT
ftr-349	620	11	(	(	PUNCT
ftr-349	620	12	cost	cost	NOUN
ftr-349	620	13	sharing	sharing	NOUN
ftr-349	620	14	arrangement	arrangement	NOUN
ftr-349	620	15	between	between	ADP
ftr-349	620	16	veritas	verita	NOUN
ftr-349	620	17	software	software	NOUN
ftr-349	620	18	and	and	CCONJ
ftr-349	620	19	its	its	PRON
ftr-349	620	20	irish	irish	ADJ
ftr-349	620	21	subsidiary	subsidiary	NOUN
ftr-349	620	22	in	in	ADP
ftr-349	620	23	which	which	PRON
ftr-349	620	24	veritas	verita	NOUN
ftr-349	620	25	assigned	assign	VERB
ftr-349	620	26	all	all	DET
ftr-349	620	27	its	its	PRON
ftr-349	620	28	existing	exist	VERB
ftr-349	620	29	intangibles	intangible	NOUN
ftr-349	620	30	to	to	ADP
ftr-349	620	31	its	its	PRON
ftr-349	620	32	subsidiary	subsidiary	NOUN
ftr-349	620	33	in	in	ADP
ftr-349	620	34	return	return	NOUN
ftr-349	620	35	for	for	ADP
ftr-349	620	36	royalties	royalty	NOUN
ftr-349	620	37	and	and	CCONJ
ftr-349	620	38	a	a	DET
ftr-349	620	39	buy	buy	VERB
ftr-349	620	40	-	-	PUNCT
ftr-349	620	41	in	in	ADP
ftr-349	620	42	payment	payment	NOUN
ftr-349	620	43	of	of	ADP
ftr-349	620	44	$	$	SYM
ftr-349	620	45	118	118	NUM
ftr-349	620	46	million	million	NUM
ftr-349	620	47	between	between	ADP
ftr-349	620	48	the	the	DET
ftr-349	620	49	two	two	NUM
ftr-349	620	50	was	be	AUX
ftr-349	620	51	an	an	DET
ftr-349	620	52	arm’s	arm’s	NUM
ftr-349	620	53	-	-	PUNCT
ftr-349	620	54	length	length	NOUN
ftr-349	620	55	transaction	transaction	NOUN
ftr-349	620	56	)	)	PUNCT
ftr-349	620	57	;	;	PUNCT
ftr-349	621	1	morgan	morgan	PROPN
ftr-349	621	2	testimony	testimony	NOUN
ftr-349	621	3	,	,	PUNCT
ftr-349	621	4	supra	supra	PROPN
ftr-349	621	5	note	note	NOUN
ftr-349	621	6	80	80	NUM
ftr-349	621	7	.	.	PUNCT
ftr-349	621	8	84	84	NUM
ftr-349	621	9	.	.	PUNCT
ftr-349	622	1	see	see	VERB
ftr-349	622	2	supra	supra	PROPN
ftr-349	622	3	note	note	PROPN
ftr-349	622	4	75	75	NUM
ftr-349	622	5	,	,	PUNCT
ftr-349	622	6	76	76	NUM
ftr-349	622	7	.	.	PUNCT
ftr-349	623	1	see	see	VERB
ftr-349	623	2	also	also	ADV
ftr-349	623	3	jct	jct	ADJ
ftr-349	623	4	,	,	PUNCT
ftr-349	623	5	income	income	NOUN
ftr-349	623	6	shifting	shift	VERB
ftr-349	623	7	and	and	CCONJ
ftr-349	623	8	transfer	transfer	NOUN
ftr-349	623	9	pricing	pricing	NOUN
ftr-349	623	10	,	,	PUNCT
ftr-349	623	11	supra	supra	PROPN
ftr-349	623	12	note	note	PROPN
ftr-349	623	13	14	14	NUM
ftr-349	623	14	;	;	PUNCT
ftr-349	623	15	kleinbard	kleinbard	ADJ
ftr-349	623	16	,	,	PUNCT
ftr-349	623	17	territorial	territorial	ADJ
ftr-349	623	18	taxation	taxation	NOUN
ftr-349	623	19	,	,	PUNCT
ftr-349	623	20	supra	supra	PROPN
ftr-349	623	21	note	note	NOUN
ftr-349	623	22	1	1	NUM
ftr-349	623	23	,	,	PUNCT
ftr-349	623	24	at	at	ADP
ftr-349	623	25	552–55	552–55	NUM
ftr-349	623	26	.	.	PUNCT
ftr-349	623	27	85	85	NUM
ftr-349	623	28	.	.	PUNCT
ftr-349	624	1	see	see	VERB
ftr-349	624	2	hospital	hospital	PROPN
ftr-349	624	3	corp	corp	PROPN
ftr-349	624	4	.	.	PROPN
ftr-349	624	5	of	of	ADP
ftr-349	624	6	am	be	AUX
ftr-349	624	7	.	.	PUNCT
ftr-349	625	1	v.	v.	ADP
ftr-349	625	2	commissioner	commissioner	NOUN
ftr-349	625	3	,	,	PUNCT
ftr-349	625	4	81	81	NUM
ftr-349	625	5	t.c	t.c	PROPN
ftr-349	625	6	.	.	PROPN
ftr-349	625	7	520	520	NUM
ftr-349	625	8	(	(	PUNCT
ftr-349	625	9	1983	1983	NUM
ftr-349	625	10	)	)	PUNCT
ftr-349	625	11	.	.	PUNCT
ftr-349	626	1	absent	absent	ADJ
ftr-349	626	2	a	a	DET
ftr-349	626	3	finding	finding	NOUN
ftr-349	626	4	that	that	SCONJ
ftr-349	626	5	the	the	DET
ftr-349	626	6	arrangement	arrangement	NOUN
ftr-349	626	7	lacks	lack	VERB
ftr-349	626	8	a	a	DET
ftr-349	626	9	business	business	NOUN
ftr-349	626	10	purpose	purpose	NOUN
ftr-349	626	11	,	,	PUNCT
ftr-349	626	12	the	the	DET
ftr-349	626	13	current	current	ADJ
ftr-349	626	14	rules	rule	NOUN
ftr-349	626	15	only	only	ADV
ftr-349	626	16	allow	allow	VERB
ftr-349	626	17	for	for	ADP
ftr-349	626	18	price	price	NOUN
ftr-349	626	19	adjustment	adjustment	NOUN
ftr-349	626	20	of	of	ADP
ftr-349	626	21	the	the	DET
ftr-349	626	22	transaction	transaction	NOUN
ftr-349	626	23	,	,	PUNCT
ftr-349	626	24	and	and	CCONJ
ftr-349	626	25	not	not	PART
ftr-349	626	26	its	its	PRON
ftr-349	626	27	complete	complete	ADJ
ftr-349	626	28	disregard	disregard	NOUN
ftr-349	626	29	.	.	PUNCT
ftr-349	627	1	see	see	VERB
ftr-349	627	2	sheppard	sheppard	NOUN
ftr-349	627	3	,	,	PUNCT
ftr-349	627	4	tax	tax	NOUN
ftr-349	627	5	officials	official	NOUN
ftr-349	627	6	,	,	PUNCT
ftr-349	627	7	supra	supra	PROPN
ftr-349	627	8	note	note	NOUN
ftr-349	627	9	7	7	NUM
ftr-349	627	10	.	.	SYM
ftr-349	627	11	2001	2001	NUM
ftr-349	627	12	]	]	PUNCT
ftr-349	627	13	stateless	stateless	NOUN
ftr-349	627	14	income	income	NOUN
ftr-349	627	15	737	737	NUM
ftr-349	627	16	group	group	NOUN
ftr-349	627	17	often	often	ADV
ftr-349	627	18	is	be	AUX
ftr-349	627	19	in	in	ADP
ftr-349	627	20	a	a	DET
ftr-349	627	21	position	position	NOUN
ftr-349	627	22	to	to	PART
ftr-349	627	23	exploit	exploit	VERB
ftr-349	627	24	a	a	DET
ftr-349	627	25	special	special	ADJ
ftr-349	627	26	business	business	NOUN
ftr-349	627	27	opportunity	opportunity	NOUN
ftr-349	627	28	in	in	ADP
ftr-349	627	29	circumstances	circumstance	NOUN
ftr-349	627	30	in	in	ADP
ftr-349	627	31	which	which	PRON
ftr-349	627	32	the	the	DET
ftr-349	627	33	group	group	NOUN
ftr-349	627	34	is	be	AUX
ftr-349	627	35	reasonably	reasonably	ADV
ftr-349	627	36	confident	confident	ADJ
ftr-349	627	37	that	that	SCONJ
ftr-349	627	38	the	the	DET
ftr-349	627	39	project	project	NOUN
ftr-349	627	40	will	will	AUX
ftr-349	627	41	be	be	AUX
ftr-349	627	42	very	very	ADV
ftr-349	627	43	profitable	profitable	ADJ
ftr-349	627	44	;	;	PUNCT
ftr-349	627	45	in	in	ADP
ftr-349	627	46	such	such	ADJ
ftr-349	627	47	circumstances	circumstance	NOUN
ftr-349	627	48	,	,	PUNCT
ftr-349	627	49	it	it	PRON
ftr-349	627	50	frequently	frequently	ADV
ftr-349	627	51	is	be	AUX
ftr-349	627	52	the	the	DET
ftr-349	627	53	case	case	NOUN
ftr-349	627	54	that	that	SCONJ
ftr-349	627	55	relevant	relevant	ADJ
ftr-349	627	56	transfer	transfer	NOUN
ftr-349	627	57	pricing	pricing	NOUN
ftr-349	627	58	statutes	statute	NOUN
ftr-349	627	59	will	will	AUX
ftr-349	627	60	not	not	PART
ftr-349	627	61	treat	treat	VERB
ftr-349	627	62	the	the	DET
ftr-349	627	63	assignment	assignment	NOUN
ftr-349	627	64	of	of	ADP
ftr-349	627	65	that	that	DET
ftr-349	627	66	opportunity	opportunity	NOUN
ftr-349	627	67	at	at	ADP
ftr-349	627	68	the	the	DET
ftr-349	627	69	very	very	ADJ
ftr-349	627	70	outset	outset	NOUN
ftr-349	627	71	of	of	ADP
ftr-349	627	72	the	the	DET
ftr-349	627	73	project	project	NOUN
ftr-349	627	74	to	to	ADP
ftr-349	627	75	a	a	DET
ftr-349	627	76	low	low	ADV
ftr-349	627	77	-	-	PUNCT
ftr-349	627	78	taxed	tax	VERB
ftr-349	627	79	affiliate	affiliate	NOUN
ftr-349	627	80	as	as	SCONJ
ftr-349	627	81	an	an	DET
ftr-349	627	82	intragroup	intragroup	NOUN
ftr-349	627	83	transfer	transfer	NOUN
ftr-349	627	84	of	of	ADP
ftr-349	627	85	any	any	DET
ftr-349	627	86	asset	asset	NOUN
ftr-349	627	87	to	to	PART
ftr-349	627	88	which	which	PRON
ftr-349	627	89	transfer	transfer	NOUN
ftr-349	627	90	pricing	pricing	NOUN
ftr-349	627	91	principles	principle	NOUN
ftr-349	627	92	might	might	AUX
ftr-349	627	93	be	be	AUX
ftr-349	627	94	applied	apply	VERB
ftr-349	627	95	at	at	ADP
ftr-349	627	96	all.86	all.86	ADJ
ftr-349	627	97	unlike	unlike	ADP
ftr-349	627	98	the	the	DET
ftr-349	627	99	first	first	ADJ
ftr-349	627	100	two	two	NUM
ftr-349	627	101	instances	instance	NOUN
ftr-349	627	102	of	of	ADP
ftr-349	627	103	transfer	transfer	NOUN
ftr-349	627	104	pricing	pricing	NOUN
ftr-349	627	105	issues	issue	NOUN
ftr-349	627	106	,	,	PUNCT
ftr-349	627	107	this	this	PRON
ftr-349	627	108	is	be	AUX
ftr-349	627	109	a	a	DET
ftr-349	627	110	conceptual	conceptual	ADJ
ftr-349	627	111	limitation	limitation	NOUN
ftr-349	627	112	in	in	ADP
ftr-349	627	113	the	the	DET
ftr-349	627	114	application	application	NOUN
ftr-349	627	115	of	of	ADP
ftr-349	627	116	transfer	transfer	NOUN
ftr-349	627	117	pricing	pricing	NOUN
ftr-349	627	118	principles	principle	NOUN
ftr-349	627	119	.	.	PUNCT
ftr-349	628	1	3	3	X
ftr-349	628	2	.	.	X
ftr-349	628	3	legal	legal	ADJ
ftr-349	628	4	system	system	NOUN
ftr-349	628	5	arbitrage	arbitrage	NOUN
ftr-349	628	6	a	a	DET
ftr-349	628	7	third	third	ADJ
ftr-349	628	8	standard	standard	ADJ
ftr-349	628	9	tool	tool	NOUN
ftr-349	628	10	in	in	ADP
ftr-349	628	11	stateless	stateless	NOUN
ftr-349	628	12	income	income	NOUN
ftr-349	628	13	planning	planning	NOUN
ftr-349	628	14	is	be	AUX
ftr-349	628	15	the	the	DET
ftr-349	628	16	arbitrage	arbitrage	NOUN
ftr-349	628	17	of	of	ADP
ftr-349	628	18	different	different	ADJ
ftr-349	628	19	legal	legal	ADJ
ftr-349	628	20	systems	system	NOUN
ftr-349	628	21	.	.	PUNCT
ftr-349	629	1	for	for	ADP
ftr-349	629	2	example	example	NOUN
ftr-349	629	3	,	,	PUNCT
ftr-349	629	4	an	an	DET
ftr-349	629	5	instrument	instrument	NOUN
ftr-349	629	6	might	might	AUX
ftr-349	629	7	be	be	AUX
ftr-349	629	8	treated	treat	VERB
ftr-349	629	9	as	as	ADP
ftr-349	629	10	taxdeductible	taxdeductible	ADJ
ftr-349	629	11	debt	debt	NOUN
ftr-349	629	12	in	in	ADP
ftr-349	629	13	one	one	NUM
ftr-349	629	14	jurisdiction	jurisdiction	NOUN
ftr-349	629	15	,	,	PUNCT
ftr-349	629	16	but	but	CCONJ
ftr-349	629	17	as	as	ADP
ftr-349	629	18	equity	equity	NOUN
ftr-349	629	19	in	in	ADP
ftr-349	629	20	the	the	DET
ftr-349	629	21	hands	hand	NOUN
ftr-349	629	22	of	of	ADP
ftr-349	629	23	the	the	DET
ftr-349	629	24	investor	investor	NOUN
ftr-349	629	25	from	from	ADP
ftr-349	629	26	the	the	DET
ftr-349	629	27	perspective	perspective	NOUN
ftr-349	629	28	of	of	ADP
ftr-349	629	29	the	the	DET
ftr-349	629	30	latter	latter	ADJ
ftr-349	629	31	’s	’s	PART
ftr-349	629	32	jurisdiction	jurisdiction	NOUN
ftr-349	629	33	.	.	PUNCT
ftr-349	630	1	more	more	ADV
ftr-349	630	2	commonly	commonly	ADV
ftr-349	630	3	,	,	PUNCT
ftr-349	630	4	the	the	DET
ftr-349	630	5	u.s	u.s	PROPN
ftr-349	630	6	.	.	PROPN
ftr-349	630	7	“	"	PUNCT
ftr-349	630	8	check	check	VERB
ftr-349	630	9	-	-	PUNCT
ftr-349	630	10	the	the	DET
ftr-349	630	11	-	-	PUNCT
ftr-349	630	12	box	box	NOUN
ftr-349	630	13	”	"	PUNCT
ftr-349	630	14	regulations	regulation	NOUN
ftr-349	630	15	described	describe	VERB
ftr-349	630	16	earlier	early	ADJ
ftr-349	630	17	permit	permit	NOUN
ftr-349	630	18	firms	firm	NOUN
ftr-349	630	19	to	to	PART
ftr-349	630	20	present	present	VERB
ftr-349	630	21	their	their	PRON
ftr-349	630	22	operations	operation	NOUN
ftr-349	630	23	as	as	SCONJ
ftr-349	630	24	conducted	conduct	VERB
ftr-349	630	25	by	by	ADP
ftr-349	630	26	one	one	NUM
ftr-349	630	27	entity	entity	NOUN
ftr-349	630	28	for	for	ADP
ftr-349	630	29	non	non	ADJ
ftr-349	630	30	-	-	ADJ
ftr-349	630	31	u.s	u.s	ADJ
ftr-349	630	32	.	.	PROPN
ftr-349	630	33	tax	tax	NOUN
ftr-349	630	34	purposes	purpose	NOUN
ftr-349	630	35	,	,	PUNCT
ftr-349	630	36	but	but	CCONJ
ftr-349	630	37	by	by	ADP
ftr-349	630	38	another	another	PRON
ftr-349	630	39	under	under	ADP
ftr-349	630	40	u.s	u.s	PROPN
ftr-349	630	41	.	.	PROPN
ftr-349	630	42	tax	tax	NOUN
ftr-349	630	43	principles	principle	NOUN
ftr-349	630	44	.	.	PUNCT
ftr-349	631	1	c.	c.	NOUN
ftr-349	631	2	how	how	SCONJ
ftr-349	631	3	large	large	ADJ
ftr-349	631	4	is	be	AUX
ftr-349	631	5	stateless	stateless	NOUN
ftr-349	631	6	income	income	NOUN
ftr-349	631	7	?	?	PUNCT
ftr-349	632	1	there	there	PRON
ftr-349	632	2	is	be	VERB
ftr-349	632	3	strong	strong	ADJ
ftr-349	632	4	evidence	evidence	NOUN
ftr-349	632	5	that	that	SCONJ
ftr-349	632	6	multinational	multinational	ADJ
ftr-349	632	7	firms	firm	NOUN
ftr-349	632	8	substantially	substantially	ADV
ftr-349	632	9	reduce	reduce	VERB
ftr-349	632	10	their	their	PRON
ftr-349	632	11	aggregate	aggregate	ADJ
ftr-349	632	12	worldwide	worldwide	ADJ
ftr-349	632	13	tax	tax	NOUN
ftr-349	632	14	burdens	burden	NOUN
ftr-349	632	15	through	through	ADP
ftr-349	632	16	stateless	stateless	NOUN
ftr-349	632	17	income	income	NOUN
ftr-349	632	18	planning	planning	NOUN
ftr-349	632	19	.	.	PUNCT
ftr-349	633	1	in	in	ADP
ftr-349	633	2	light	light	NOUN
ftr-349	633	3	of	of	ADP
ftr-349	633	4	the	the	DET
ftr-349	633	5	obviousness	obviousness	NOUN
ftr-349	633	6	of	of	ADP
ftr-349	633	7	the	the	DET
ftr-349	633	8	assertion	assertion	NOUN
ftr-349	633	9	to	to	ADP
ftr-349	633	10	anyone	anyone	PRON
ftr-349	633	11	working	work	VERB
ftr-349	633	12	in	in	ADP
ftr-349	633	13	the	the	DET
ftr-349	633	14	field	field	NOUN
ftr-349	633	15	,	,	PUNCT
ftr-349	633	16	this	this	DET
ftr-349	633	17	subsection	subsection	NOUN
ftr-349	633	18	only	only	ADV
ftr-349	633	19	briefly	briefly	ADV
ftr-349	633	20	reviews	review	VERB
ftr-349	633	21	some	some	PRON
ftr-349	633	22	of	of	ADP
ftr-349	633	23	that	that	DET
ftr-349	633	24	evidence	evidence	NOUN
ftr-349	633	25	,	,	PUNCT
ftr-349	633	26	looking	look	VERB
ftr-349	633	27	at	at	ADP
ftr-349	633	28	both	both	DET
ftr-349	633	29	“	"	PUNCT
ftr-349	633	30	cash	cash	NOUN
ftr-349	633	31	”	"	PUNCT
ftr-349	633	32	tax	tax	NOUN
ftr-349	633	33	liabilities	liability	NOUN
ftr-349	633	34	(	(	PUNCT
ftr-349	633	35	that	that	PRON
ftr-349	633	36	is	is	ADV
ftr-349	633	37	,	,	PUNCT
ftr-349	633	38	the	the	DET
ftr-349	633	39	tax	tax	NOUN
ftr-349	633	40	liabilities	liability	NOUN
ftr-349	633	41	shown	show	VERB
ftr-349	633	42	as	as	ADP
ftr-349	633	43	due	due	ADJ
ftr-349	633	44	on	on	ADP
ftr-349	633	45	the	the	DET
ftr-349	633	46	taxpayer	taxpayer	NOUN
ftr-349	633	47	’s	’s	PART
ftr-349	633	48	actual	actual	ADJ
ftr-349	633	49	tax	tax	NOUN
ftr-349	633	50	returns	return	NOUN
ftr-349	633	51	)	)	PUNCT
ftr-349	633	52	and	and	CCONJ
ftr-349	633	53	financial	financial	ADJ
ftr-349	633	54	accounting	accounting	NOUN
ftr-349	633	55	data	datum	NOUN
ftr-349	633	56	.	.	PUNCT
ftr-349	634	1	the	the	DET
ftr-349	634	2	conclusion	conclusion	NOUN
ftr-349	634	3	is	be	AUX
ftr-349	634	4	that	that	SCONJ
ftr-349	634	5	the	the	DET
ftr-349	634	6	evidence	evidence	NOUN
ftr-349	634	7	strongly	strongly	ADV
ftr-349	634	8	implies	imply	VERB
ftr-349	634	9	that	that	SCONJ
ftr-349	634	10	u.s	u.s	PROPN
ftr-349	634	11	.	.	PROPN
ftr-349	634	12	firms	firm	NOUN
ftr-349	634	13	are	be	AUX
ftr-349	634	14	operating	operate	VERB
ftr-349	634	15	in	in	ADP
ftr-349	634	16	a	a	DET
ftr-349	634	17	tax	tax	NOUN
ftr-349	634	18	environment	environment	NOUN
ftr-349	634	19	not	not	PART
ftr-349	634	20	very	very	ADV
ftr-349	634	21	different	different	ADJ
ftr-349	634	22	from	from	ADP
ftr-349	634	23	that	that	PRON
ftr-349	634	24	of	of	ADP
ftr-349	634	25	foreign	foreign	ADJ
ftr-349	634	26	competitors	competitor	NOUN
ftr-349	634	27	in	in	ADP
ftr-349	634	28	territorial	territorial	ADJ
ftr-349	634	29	tax	tax	NOUN
ftr-349	634	30	systems	system	NOUN
ftr-349	634	31	.	.	PUNCT
ftr-349	635	1	1	1	X
ftr-349	635	2	.	.	X
ftr-349	635	3	cash	cash	NOUN
ftr-349	635	4	tax	tax	NOUN
ftr-349	635	5	liabilities	liability	NOUN
ftr-349	635	6	the	the	DET
ftr-349	635	7	actual	actual	ADJ
ftr-349	635	8	tax	tax	NOUN
ftr-349	635	9	liabilities	liability	NOUN
ftr-349	635	10	of	of	ADP
ftr-349	635	11	u.s	u.s	PROPN
ftr-349	635	12	.	.	PROPN
ftr-349	635	13	multinational	multinational	ADJ
ftr-349	635	14	firms	firm	NOUN
ftr-349	635	15	are	be	AUX
ftr-349	635	16	confidential	confidential	ADJ
ftr-349	635	17	,	,	PUNCT
ftr-349	635	18	because	because	SCONJ
ftr-349	635	19	corporate	corporate	ADJ
ftr-349	635	20	tax	tax	NOUN
ftr-349	635	21	returns	return	NOUN
ftr-349	635	22	,	,	PUNCT
ftr-349	635	23	like	like	ADP
ftr-349	635	24	individual	individual	ADJ
ftr-349	635	25	ones	one	NOUN
ftr-349	635	26	,	,	PUNCT
ftr-349	635	27	are	be	AUX
ftr-349	635	28	not	not	PART
ftr-349	635	29	released	release	VERB
ftr-349	635	30	to	to	ADP
ftr-349	635	31	the	the	DET
ftr-349	635	32	public.87	public.87	NOUN
ftr-349	635	33	fortunately	fortunately	ADV
ftr-349	635	34	,	,	PUNCT
ftr-349	635	35	the	the	DET
ftr-349	635	36	internal	internal	ADJ
ftr-349	635	37	revenue	revenue	NOUN
ftr-349	635	38	service	service	NOUN
ftr-349	635	39	statistics	statistic	NOUN
ftr-349	635	40	of	of	ADP
ftr-349	635	41	information	information	NOUN
ftr-349	635	42	86	86	NUM
ftr-349	635	43	.	.	PUNCT
ftr-349	636	1	see	see	VERB
ftr-349	636	2	supra	supra	PROPN
ftr-349	636	3	note	note	PROPN
ftr-349	636	4	7	7	NUM
ftr-349	636	5	.	.	PUNCT
ftr-349	636	6	when	when	SCONJ
ftr-349	636	7	the	the	DET
ftr-349	636	8	oecd	oecd	PROPN
ftr-349	636	9	invited	invite	VERB
ftr-349	636	10	commentary	commentary	NOUN
ftr-349	636	11	on	on	ADP
ftr-349	636	12	its	its	PRON
ftr-349	636	13	newly	newly	ADV
ftr-349	636	14	issued	issue	VERB
ftr-349	636	15	oecd	oecd	PROPN
ftr-349	636	16	guidelines	guideline	NOUN
ftr-349	636	17	,	,	PUNCT
ftr-349	636	18	many	many	ADJ
ftr-349	636	19	organizations	organization	NOUN
ftr-349	636	20	argued	argue	VERB
ftr-349	636	21	that	that	SCONJ
ftr-349	636	22	such	such	ADJ
ftr-349	636	23	business	business	NOUN
ftr-349	636	24	opportunities	opportunity	NOUN
ftr-349	636	25	were	be	AUX
ftr-349	636	26	potentially	potentially	ADV
ftr-349	636	27	outside	outside	ADP
ftr-349	636	28	the	the	DET
ftr-349	636	29	scope	scope	NOUN
ftr-349	636	30	of	of	ADP
ftr-349	636	31	transfer	transfer	NOUN
ftr-349	636	32	pricing	pricing	NOUN
ftr-349	636	33	.	.	PUNCT
ftr-349	637	1	see	see	VERB
ftr-349	637	2	letter	letter	NOUN
ftr-349	637	3	from	from	ADP
ftr-349	637	4	pricewaterhousecoopers	pricewaterhousecooper	NOUN
ftr-349	637	5	to	to	ADP
ftr-349	637	6	jeffrey	jeffrey	PROPN
ftr-349	637	7	owens	owens	PROPN
ftr-349	637	8	,	,	PUNCT
ftr-349	637	9	director	director	NOUN
ftr-349	637	10	oecd	oecd	PROPN
ftr-349	637	11	centre	centre	PROPN
ftr-349	637	12	for	for	ADP
ftr-349	637	13	tax	tax	NOUN
ftr-349	637	14	policy	policy	NOUN
ftr-349	637	15	and	and	CCONJ
ftr-349	637	16	administration	administration	NOUN
ftr-349	637	17	(	(	PUNCT
ftr-349	637	18	sept	sept	PROPN
ftr-349	637	19	.	.	PROPN
ftr-349	637	20	2	2	NUM
ftr-349	637	21	,	,	PUNCT
ftr-349	637	22	2010	2010	NUM
ftr-349	637	23	)	)	PUNCT
ftr-349	637	24	,	,	PUNCT
ftr-349	637	25	www.oecd.org/dataoecd/52/7/46043673.pdf	www.oecd.org/dataoecd/52/7/46043673.pdf	PROPN
ftr-349	637	26	.	.	PUNCT
ftr-349	638	1	87	87	NUM
ftr-349	638	2	.	.	PUNCT
ftr-349	639	1	u.s	u.s	PROPN
ftr-349	639	2	.	.	PROPN
ftr-349	639	3	gaap	gaap	PROPN
ftr-349	639	4	accounting	accounting	NOUN
ftr-349	639	5	requires	require	VERB
ftr-349	639	6	companies	company	NOUN
ftr-349	639	7	to	to	PART
ftr-349	639	8	set	set	VERB
ftr-349	639	9	out	out	ADP
ftr-349	639	10	their	their	PRON
ftr-349	639	11	cash	cash	NOUN
ftr-349	639	12	tax	tax	NOUN
ftr-349	639	13	payments	payment	NOUN
ftr-349	639	14	in	in	ADP
ftr-349	639	15	a	a	DET
ftr-349	639	16	year	year	NOUN
ftr-349	639	17	,	,	PUNCT
ftr-349	639	18	but	but	CCONJ
ftr-349	639	19	those	those	DET
ftr-349	639	20	payments	payment	NOUN
ftr-349	639	21	are	be	AUX
ftr-349	639	22	an	an	DET
ftr-349	639	23	undisclosed	undisclosed	ADJ
ftr-349	639	24	amalgam	amalgam	NOUN
ftr-349	639	25	of	of	ADP
ftr-349	639	26	estimated	estimate	VERB
ftr-349	639	27	tax	tax	NOUN
ftr-349	639	28	payments	payment	NOUN
ftr-349	639	29	for	for	ADP
ftr-349	639	30	the	the	DET
ftr-349	639	31	current	current	ADJ
ftr-349	639	32	year	year	NOUN
ftr-349	639	33	,	,	PUNCT
ftr-349	639	34	final	final	ADJ
ftr-349	639	35	payments	payment	NOUN
ftr-349	639	36	for	for	ADP
ftr-349	639	37	the	the	DET
ftr-349	639	38	preceding	precede	VERB
ftr-349	639	39	year	year	NOUN
ftr-349	639	40	,	,	PUNCT
ftr-349	639	41	payments	payment	NOUN
ftr-349	639	42	or	or	CCONJ
ftr-349	639	43	738	738	NUM
ftr-349	639	44	florida	florida	PROPN
ftr-349	639	45	tax	tax	NOUN
ftr-349	639	46	review	review	NOUN
ftr-349	640	1	[	[	X
ftr-349	640	2	vol	vol	NOUN
ftr-349	640	3	.	.	PUNCT
ftr-349	641	1	11:9	11:9	NOUN
ftr-349	641	2	division	division	NOUN
ftr-349	641	3	publishes	publish	VERB
ftr-349	641	4	tax	tax	NOUN
ftr-349	641	5	data	datum	NOUN
ftr-349	641	6	on	on	ADP
ftr-349	641	7	controlled	control	VERB
ftr-349	641	8	foreign	foreign	ADJ
ftr-349	641	9	corporations	corporation	NOUN
ftr-349	641	10	biennially	biennially	ADV
ftr-349	641	11	;	;	PUNCT
ftr-349	641	12	the	the	DET
ftr-349	641	13	presentation	presentation	NOUN
ftr-349	641	14	includes	include	VERB
ftr-349	641	15	the	the	DET
ftr-349	641	16	aggregate	aggregate	ADJ
ftr-349	641	17	“	"	PUNCT
ftr-349	641	18	earnings	earning	NOUN
ftr-349	641	19	and	and	CCONJ
ftr-349	641	20	profits	profit	NOUN
ftr-349	641	21	”	"	PUNCT
ftr-349	641	22	of	of	ADP
ftr-349	641	23	all	all	DET
ftr-349	641	24	controlled	control	VERB
ftr-349	641	25	foreign	foreign	ADJ
ftr-349	641	26	corporations	corporation	NOUN
ftr-349	641	27	having	have	VERB
ftr-349	641	28	positive	positive	ADJ
ftr-349	641	29	earnings	earning	NOUN
ftr-349	641	30	and	and	CCONJ
ftr-349	641	31	profits	profit	NOUN
ftr-349	641	32	for	for	ADP
ftr-349	641	33	the	the	DET
ftr-349	641	34	year	year	NOUN
ftr-349	641	35	in	in	ADP
ftr-349	641	36	question	question	NOUN
ftr-349	641	37	,	,	PUNCT
ftr-349	641	38	and	and	CCONJ
ftr-349	641	39	the	the	DET
ftr-349	641	40	foreign	foreign	ADJ
ftr-349	641	41	income	income	NOUN
ftr-349	641	42	taxes	taxis	NOUN
ftr-349	641	43	paid	pay	VERB
ftr-349	641	44	or	or	CCONJ
ftr-349	641	45	accrued	accrue	VERB
ftr-349	641	46	by	by	ADP
ftr-349	641	47	these	these	DET
ftr-349	641	48	profitable	profitable	ADJ
ftr-349	641	49	foreign	foreign	ADJ
ftr-349	641	50	companies	company	NOUN
ftr-349	641	51	in	in	ADP
ftr-349	641	52	respect	respect	NOUN
ftr-349	641	53	of	of	ADP
ftr-349	641	54	that	that	DET
ftr-349	641	55	year	year	NOUN
ftr-349	641	56	.	.	PUNCT
ftr-349	642	1	88	88	NUM
ftr-349	642	2	the	the	DET
ftr-349	642	3	term	term	NOUN
ftr-349	642	4	“	"	PUNCT
ftr-349	642	5	earnings	earning	NOUN
ftr-349	642	6	and	and	CCONJ
ftr-349	642	7	profits	profit	NOUN
ftr-349	642	8	”	"	PUNCT
ftr-349	642	9	is	be	AUX
ftr-349	642	10	a	a	DET
ftr-349	642	11	technical	technical	ADJ
ftr-349	642	12	tax	tax	NOUN
ftr-349	642	13	term	term	NOUN
ftr-349	642	14	of	of	ADP
ftr-349	642	15	art	art	NOUN
ftr-349	642	16	,	,	PUNCT
ftr-349	642	17	and	and	CCONJ
ftr-349	642	18	for	for	ADP
ftr-349	642	19	this	this	DET
ftr-349	642	20	purpose	purpose	NOUN
ftr-349	642	21	can	can	AUX
ftr-349	642	22	be	be	AUX
ftr-349	642	23	understood	understand	VERB
ftr-349	642	24	as	as	ADP
ftr-349	642	25	a	a	DET
ftr-349	642	26	measure	measure	NOUN
ftr-349	642	27	of	of	ADP
ftr-349	642	28	income	income	NOUN
ftr-349	642	29	calculated	calculate	VERB
ftr-349	642	30	using	use	VERB
ftr-349	642	31	fundamental	fundamental	ADJ
ftr-349	642	32	tax	tax	NOUN
ftr-349	642	33	norms	norm	NOUN
ftr-349	642	34	like	like	ADP
ftr-349	642	35	the	the	DET
ftr-349	642	36	realization	realization	NOUN
ftr-349	642	37	principle	principle	NOUN
ftr-349	642	38	,	,	PUNCT
ftr-349	642	39	but	but	CCONJ
ftr-349	642	40	with	with	ADP
ftr-349	642	41	more	more	ADJ
ftr-349	642	42	economic	economic	ADJ
ftr-349	642	43	measures	measure	NOUN
ftr-349	642	44	of	of	ADP
ftr-349	642	45	key	key	ADJ
ftr-349	642	46	items	item	NOUN
ftr-349	642	47	(	(	PUNCT
ftr-349	642	48	such	such	ADJ
ftr-349	642	49	as	as	ADP
ftr-349	642	50	depreciation	depreciation	NOUN
ftr-349	642	51	)	)	PUNCT
ftr-349	642	52	than	than	SCONJ
ftr-349	642	53	would	would	AUX
ftr-349	642	54	apply	apply	VERB
ftr-349	642	55	for	for	ADP
ftr-349	642	56	purposes	purpose	NOUN
ftr-349	642	57	of	of	ADP
ftr-349	642	58	calculating	calculate	VERB
ftr-349	642	59	taxable	taxable	ADJ
ftr-349	642	60	income	income	NOUN
ftr-349	642	61	for	for	ADP
ftr-349	642	62	a	a	DET
ftr-349	642	63	domestic	domestic	ADJ
ftr-349	642	64	income	income	NOUN
ftr-349	642	65	tax	tax	NOUN
ftr-349	642	66	return	return	NOUN
ftr-349	642	67	.	.	PUNCT
ftr-349	643	1	in	in	ADP
ftr-349	643	2	2006	2006	NUM
ftr-349	643	3	(	(	PUNCT
ftr-349	643	4	the	the	DET
ftr-349	643	5	most	most	ADV
ftr-349	643	6	recent	recent	ADJ
ftr-349	643	7	year	year	NOUN
ftr-349	643	8	for	for	ADP
ftr-349	643	9	which	which	PRON
ftr-349	643	10	such	such	ADJ
ftr-349	643	11	data	datum	NOUN
ftr-349	643	12	have	have	AUX
ftr-349	643	13	been	be	AUX
ftr-349	643	14	released	release	VERB
ftr-349	643	15	)	)	PUNCT
ftr-349	643	16	,	,	PUNCT
ftr-349	643	17	the	the	DET
ftr-349	643	18	internal	internal	ADJ
ftr-349	643	19	revenue	revenue	NOUN
ftr-349	643	20	service	service	NOUN
ftr-349	643	21	statistics	statistic	NOUN
ftr-349	643	22	of	of	ADP
ftr-349	643	23	information	information	NOUN
ftr-349	643	24	division	division	NOUN
ftr-349	643	25	’s	’s	PART
ftr-349	643	26	public	public	ADJ
ftr-349	643	27	data	datum	NOUN
ftr-349	643	28	show	show	VERB
ftr-349	643	29	that	that	SCONJ
ftr-349	643	30	controlled	control	VERB
ftr-349	643	31	foreign	foreign	ADJ
ftr-349	643	32	corporations	corporation	NOUN
ftr-349	643	33	with	with	ADP
ftr-349	643	34	positive	positive	ADJ
ftr-349	643	35	earnings	earning	NOUN
ftr-349	643	36	in	in	ADP
ftr-349	643	37	that	that	DET
ftr-349	643	38	year	year	NOUN
ftr-349	643	39	had	have	VERB
ftr-349	643	40	earnings	earning	NOUN
ftr-349	643	41	and	and	CCONJ
ftr-349	643	42	profits	profit	NOUN
ftr-349	643	43	(	(	PUNCT
ftr-349	643	44	before	before	ADP
ftr-349	643	45	taxes	taxis	NOUN
ftr-349	643	46	)	)	PUNCT
ftr-349	643	47	of	of	ADP
ftr-349	643	48	$	$	SYM
ftr-349	643	49	587.8	587.8	NUM
ftr-349	643	50	billion	billion	NUM
ftr-349	643	51	.	.	PUNCT
ftr-349	644	1	those	those	DET
ftr-349	644	2	firms	firm	NOUN
ftr-349	644	3	paid	pay	VERB
ftr-349	644	4	or	or	CCONJ
ftr-349	644	5	accrued	accrue	VERB
ftr-349	644	6	foreign	foreign	ADJ
ftr-349	644	7	income	income	NOUN
ftr-349	644	8	taxes	taxis	NOUN
ftr-349	644	9	of	of	ADP
ftr-349	644	10	$	$	SYM
ftr-349	644	11	96.6	96.6	NUM
ftr-349	644	12	billion	billion	NUM
ftr-349	644	13	in	in	ADP
ftr-349	644	14	respect	respect	NOUN
ftr-349	644	15	of	of	ADP
ftr-349	644	16	that	that	DET
ftr-349	644	17	year.89	year.89	PROPN
ftr-349	644	18	these	these	DET
ftr-349	644	19	data	datum	NOUN
ftr-349	644	20	therefore	therefore	ADV
ftr-349	644	21	suggest	suggest	VERB
ftr-349	644	22	that	that	SCONJ
ftr-349	644	23	u.s.-controlled	u.s.-controlle	VERB
ftr-349	644	24	foreign	foreign	ADJ
ftr-349	644	25	corporations	corporation	NOUN
ftr-349	644	26	actually	actually	ADV
ftr-349	644	27	paid	pay	VERB
ftr-349	644	28	or	or	CCONJ
ftr-349	644	29	accrued	accrue	VERB
ftr-349	644	30	foreign	foreign	ADJ
ftr-349	644	31	taxes	taxis	NOUN
ftr-349	644	32	in	in	ADP
ftr-349	644	33	respect	respect	NOUN
ftr-349	644	34	of	of	ADP
ftr-349	644	35	their	their	PRON
ftr-349	644	36	2006	2006	NUM
ftr-349	644	37	economic	economic	ADJ
ftr-349	644	38	income	income	NOUN
ftr-349	644	39	at	at	ADP
ftr-349	644	40	an	an	DET
ftr-349	644	41	effective	effective	ADJ
ftr-349	644	42	rate	rate	NOUN
ftr-349	644	43	of	of	ADP
ftr-349	644	44	16.4	16.4	NUM
ftr-349	644	45	percent	percent	NOUN
ftr-349	644	46	.	.	PUNCT
ftr-349	645	1	the	the	DET
ftr-349	645	2	same	same	ADJ
ftr-349	645	3	figure	figure	NOUN
ftr-349	645	4	for	for	ADP
ftr-349	645	5	2004	2004	NUM
ftr-349	645	6	was	be	AUX
ftr-349	645	7	comparable	comparable	ADJ
ftr-349	645	8	,	,	PUNCT
ftr-349	645	9	at	at	ADP
ftr-349	645	10	15.7	15.7	NUM
ftr-349	645	11	percent	percent	NOUN
ftr-349	645	12	.	.	PUNCT
ftr-349	646	1	in	in	ADP
ftr-349	646	2	a	a	DET
ftr-349	646	3	very	very	ADV
ftr-349	646	4	recent	recent	ADJ
ftr-349	646	5	study	study	NOUN
ftr-349	646	6	relying	rely	VERB
ftr-349	646	7	on	on	ADP
ftr-349	646	8	treasury	treasury	PROPN
ftr-349	646	9	nonpublic	nonpublic	PROPN
ftr-349	646	10	data	datum	NOUN
ftr-349	646	11	,	,	PUNCT
ftr-349	646	12	grubert	grubert	NOUN
ftr-349	646	13	studied	study	VERB
ftr-349	646	14	754	754	NUM
ftr-349	646	15	large	large	ADJ
ftr-349	646	16	nonfinancial	nonfinancial	ADJ
ftr-349	646	17	u.s	u.s	PROPN
ftr-349	646	18	.	.	PROPN
ftr-349	646	19	multinational	multinational	ADJ
ftr-349	646	20	corporations	corporation	NOUN
ftr-349	646	21	and	and	CCONJ
ftr-349	646	22	111	111	NUM
ftr-349	646	23	financial	financial	ADJ
ftr-349	646	24	ones	one	NOUN
ftr-349	646	25	for	for	ADP
ftr-349	646	26	which	which	PRON
ftr-349	646	27	data	datum	NOUN
ftr-349	646	28	were	be	AUX
ftr-349	646	29	available	available	ADJ
ftr-349	646	30	for	for	ADP
ftr-349	646	31	both	both	DET
ftr-349	646	32	1996	1996	NUM
ftr-349	646	33	and	and	CCONJ
ftr-349	646	34	2004	2004	NUM
ftr-349	646	35	;	;	PUNCT
ftr-349	646	36	this	this	DET
ftr-349	646	37	population	population	NOUN
ftr-349	646	38	represented	represent	VERB
ftr-349	646	39	about	about	ADV
ftr-349	646	40	80	80	NUM
ftr-349	646	41	percent	percent	NOUN
ftr-349	646	42	of	of	ADP
ftr-349	646	43	all	all	DET
ftr-349	646	44	the	the	DET
ftr-349	646	45	foreign	foreign	ADJ
ftr-349	646	46	income	income	NOUN
ftr-349	646	47	of	of	ADP
ftr-349	646	48	u.s.based	u.s.based	ADJ
ftr-349	646	49	multinationals	multinational	NOUN
ftr-349	646	50	in	in	ADP
ftr-349	646	51	the	the	DET
ftr-349	646	52	later	later	ADJ
ftr-349	646	53	year.90	year.90	NOUN
ftr-349	646	54	grubert	grubert	NOUN
ftr-349	646	55	reported	report	VERB
ftr-349	646	56	that	that	SCONJ
ftr-349	646	57	the	the	DET
ftr-349	646	58	effective	effective	ADJ
ftr-349	646	59	foreign	foreign	ADJ
ftr-349	646	60	tax	tax	NOUN
ftr-349	646	61	rate	rate	NOUN
ftr-349	646	62	of	of	ADP
ftr-349	646	63	the	the	DET
ftr-349	646	64	foreign	foreign	ADJ
ftr-349	646	65	subsidiaries	subsidiary	NOUN
ftr-349	646	66	of	of	ADP
ftr-349	646	67	these	these	DET
ftr-349	646	68	firms	firm	NOUN
ftr-349	646	69	was	be	AUX
ftr-349	646	70	21.3	21.3	NUM
ftr-349	646	71	percent	percent	NOUN
ftr-349	646	72	in	in	ADP
ftr-349	646	73	1996	1996	NUM
ftr-349	646	74	;	;	PUNCT
ftr-349	646	75	that	that	DET
ftr-349	646	76	same	same	ADJ
ftr-349	646	77	figure	figure	NOUN
ftr-349	646	78	fell	fall	VERB
ftr-349	646	79	to	to	ADP
ftr-349	646	80	15.9	15.9	NUM
ftr-349	646	81	percent	percent	NOUN
ftr-349	646	82	in	in	ADP
ftr-349	646	83	2004.91	2004.91	NUM
ftr-349	646	84	(	(	PUNCT
ftr-349	646	85	this	this	PRON
ftr-349	646	86	of	of	ADP
ftr-349	646	87	course	course	NOUN
ftr-349	646	88	accords	accord	NOUN
ftr-349	646	89	with	with	ADP
ftr-349	646	90	the	the	DET
ftr-349	646	91	2004	2004	NUM
ftr-349	646	92	and	and	CCONJ
ftr-349	646	93	2006	2006	NUM
ftr-349	646	94	statistics	statistic	NOUN
ftr-349	646	95	of	of	ADP
ftr-349	646	96	information	information	NOUN
ftr-349	646	97	data	datum	NOUN
ftr-349	646	98	on	on	ADP
ftr-349	646	99	the	the	DET
ftr-349	646	100	larger	large	ADJ
ftr-349	646	101	universe	universe	NOUN
ftr-349	646	102	of	of	ADP
ftr-349	646	103	all	all	DET
ftr-349	646	104	u.s.-controlled	u.s.-controlled	ADJ
ftr-349	646	105	foreign	foreign	ADJ
ftr-349	646	106	corporations	corporation	NOUN
ftr-349	646	107	summarized	summarize	VERB
ftr-349	646	108	in	in	ADP
ftr-349	646	109	the	the	DET
ftr-349	646	110	preceding	precede	VERB
ftr-349	646	111	refunds	refund	NOUN
ftr-349	646	112	received	receive	VERB
ftr-349	646	113	as	as	ADP
ftr-349	646	114	a	a	DET
ftr-349	646	115	result	result	NOUN
ftr-349	646	116	of	of	ADP
ftr-349	646	117	audit	audit	NOUN
ftr-349	646	118	settlements	settlement	NOUN
ftr-349	646	119	,	,	PUNCT
ftr-349	646	120	and	and	CCONJ
ftr-349	646	121	similar	similar	ADJ
ftr-349	646	122	factors	factor	NOUN
ftr-349	646	123	.	.	PUNCT
ftr-349	647	1	the	the	DET
ftr-349	647	2	net	net	ADJ
ftr-349	647	3	amount	amount	NOUN
ftr-349	647	4	shown	show	VERB
ftr-349	647	5	in	in	ADP
ftr-349	647	6	the	the	DET
ftr-349	647	7	financial	financial	ADJ
ftr-349	647	8	statement	statement	NOUN
ftr-349	647	9	therefore	therefore	ADV
ftr-349	647	10	does	do	AUX
ftr-349	647	11	not	not	PART
ftr-349	647	12	correspond	correspond	VERB
ftr-349	647	13	to	to	ADP
ftr-349	647	14	a	a	DET
ftr-349	647	15	firm	firm	NOUN
ftr-349	647	16	’s	’s	PART
ftr-349	647	17	income	income	NOUN
ftr-349	647	18	tax	tax	NOUN
ftr-349	647	19	liability	liability	NOUN
ftr-349	647	20	in	in	ADP
ftr-349	647	21	respect	respect	NOUN
ftr-349	647	22	of	of	ADP
ftr-349	647	23	that	that	DET
ftr-349	647	24	year	year	NOUN
ftr-349	647	25	.	.	PUNCT
ftr-349	648	1	88	88	NUM
ftr-349	648	2	.	.	PUNCT
ftr-349	649	1	for	for	ADP
ftr-349	649	2	greater	great	ADJ
ftr-349	649	3	detail	detail	NOUN
ftr-349	649	4	on	on	ADP
ftr-349	649	5	the	the	DET
ftr-349	649	6	calculation	calculation	NOUN
ftr-349	649	7	of	of	ADP
ftr-349	649	8	this	this	DET
ftr-349	649	9	information	information	NOUN
ftr-349	649	10	,	,	PUNCT
ftr-349	649	11	see	see	VERB
ftr-349	649	12	lee	lee	PROPN
ftr-349	649	13	mahoney	mahoney	PROPN
ftr-349	649	14	&	&	CCONJ
ftr-349	649	15	randy	randy	PROPN
ftr-349	649	16	miller	miller	PROPN
ftr-349	649	17	,	,	PUNCT
ftr-349	649	18	controlled	control	VERB
ftr-349	649	19	foreign	foreign	ADJ
ftr-349	649	20	corporations	corporation	NOUN
ftr-349	649	21	,	,	PUNCT
ftr-349	649	22	2004	2004	NUM
ftr-349	649	23	,	,	PUNCT
ftr-349	649	24	irs	irs	PROPN
ftr-349	649	25	statistics	statistic	NOUN
ftr-349	649	26	of	of	ADP
ftr-349	649	27	information	information	NOUN
ftr-349	649	28	bulletin	bulletin	NOUN
ftr-349	649	29	,	,	PUNCT
ftr-349	649	30	summer	summer	NOUN
ftr-349	649	31	2008	2008	NUM
ftr-349	649	32	,	,	PUNCT
ftr-349	649	33	49	49	NUM
ftr-349	649	34	,	,	PUNCT
ftr-349	649	35	58–59	58–59	NOUN
ftr-349	649	36	.	.	PUNCT
ftr-349	650	1	(	(	PUNCT
ftr-349	650	2	the	the	DET
ftr-349	650	3	biennial	biennial	ADJ
ftr-349	650	4	article	article	NOUN
ftr-349	650	5	for	for	ADP
ftr-349	650	6	2006	2006	NUM
ftr-349	650	7	has	have	AUX
ftr-349	650	8	not	not	PART
ftr-349	650	9	yet	yet	ADV
ftr-349	650	10	been	be	AUX
ftr-349	650	11	published	publish	VERB
ftr-349	650	12	,	,	PUNCT
ftr-349	650	13	but	but	CCONJ
ftr-349	650	14	the	the	DET
ftr-349	650	15	data	datum	NOUN
ftr-349	650	16	have	have	AUX
ftr-349	650	17	been	be	AUX
ftr-349	650	18	posted	post	VERB
ftr-349	650	19	to	to	ADP
ftr-349	650	20	the	the	DET
ftr-349	650	21	statistics	statistic	NOUN
ftr-349	650	22	of	of	ADP
ftr-349	650	23	information	information	NOUN
ftr-349	650	24	’s	’s	PART
ftr-349	650	25	website	website	NOUN
ftr-349	650	26	.	.	PUNCT
ftr-349	650	27	)	)	PUNCT
ftr-349	651	1	89	89	NUM
ftr-349	651	2	.	.	PUNCT
ftr-349	652	1	technically	technically	ADV
ftr-349	652	2	,	,	PUNCT
ftr-349	652	3	these	these	DET
ftr-349	652	4	taxes	taxis	NOUN
ftr-349	652	5	include	include	VERB
ftr-349	652	6	taxes	taxis	NOUN
ftr-349	652	7	paid	pay	VERB
ftr-349	652	8	to	to	ADP
ftr-349	652	9	u.s	u.s	PROPN
ftr-349	652	10	.	.	PROPN
ftr-349	652	11	possessions	possession	NOUN
ftr-349	652	12	.	.	PUNCT
ftr-349	653	1	i	i	PRON
ftr-349	653	2	d.	d.	PROPN
ftr-349	653	3	at	at	ADP
ftr-349	653	4	59	59	NUM
ftr-349	653	5	.	.	PUNCT
ftr-349	653	6	90	90	NUM
ftr-349	653	7	.	.	PUNCT
ftr-349	654	1	harry	harry	PROPN
ftr-349	654	2	grubert	grubert	PROPN
ftr-349	654	3	,	,	PUNCT
ftr-349	654	4	foreign	foreign	ADJ
ftr-349	654	5	taxes	taxis	NOUN
ftr-349	654	6	,	,	PUNCT
ftr-349	654	7	domestic	domestic	ADJ
ftr-349	654	8	income	income	NOUN
ftr-349	654	9	,	,	PUNCT
ftr-349	654	10	and	and	CCONJ
ftr-349	654	11	the	the	DET
ftr-349	654	12	jump	jump	NOUN
ftr-349	654	13	in	in	ADP
ftr-349	654	14	the	the	DET
ftr-349	654	15	share	share	NOUN
ftr-349	654	16	of	of	ADP
ftr-349	654	17	multinational	multinational	ADJ
ftr-349	654	18	company	company	NOUN
ftr-349	654	19	income	income	NOUN
ftr-349	654	20	abroad	abroad	ADV
ftr-349	654	21	:	:	PUNCT
ftr-349	655	1	sales	sale	NOUN
ftr-349	655	2	are	be	AUX
ftr-349	655	3	n’t	not	PART
ftr-349	655	4	being	be	AUX
ftr-349	655	5	globalized	globalize	VERB
ftr-349	655	6	,	,	PUNCT
ftr-349	655	7	only	only	ADV
ftr-349	655	8	profits	profit	NOUN
ftr-349	655	9	11	11	NUM
ftr-349	655	10	(	(	PUNCT
ftr-349	655	11	oxford	oxford	PROPN
ftr-349	655	12	univ	univ	PROPN
ftr-349	655	13	.	.	PUNCT
ftr-349	656	1	centre	centre	PROPN
ftr-349	656	2	for	for	ADP
ftr-349	656	3	bus	bus	NOUN
ftr-349	656	4	.	.	PUNCT
ftr-349	657	1	tax’n	tax’n	NUM
ftr-349	657	2	,	,	PUNCT
ftr-349	657	3	working	work	VERB
ftr-349	657	4	paper	paper	NOUN
ftr-349	657	5	wp09/26	wp09/26	NOUN
ftr-349	657	6	)	)	PUNCT
ftr-349	657	7	,	,	PUNCT
ftr-349	657	8	http://www.sbs.ox.ac.uk/centres/tax/papers/pages/paperwp0926.aspx	http://www.sbs.ox.ac.uk/centres/tax/papers/pages/paperwp0926.aspx	NUM
ftr-349	658	1	[	[	X
ftr-349	658	2	hereinafter	hereinafter	NOUN
ftr-349	658	3	grubert	grubert	NOUN
ftr-349	658	4	,	,	PUNCT
ftr-349	658	5	foreign	foreign	ADJ
ftr-349	658	6	taxes	taxis	NOUN
ftr-349	658	7	and	and	CCONJ
ftr-349	658	8	domestic	domestic	ADJ
ftr-349	658	9	income	income	NOUN
ftr-349	658	10	,	,	PUNCT
ftr-349	658	11	working	work	VERB
ftr-349	658	12	paper	paper	NOUN
ftr-349	658	13	]	]	PUNCT
ftr-349	658	14	.	.	PUNCT
ftr-349	659	1	91	91	NUM
ftr-349	659	2	.	.	PUNCT
ftr-349	660	1	i	i	PRON
ftr-349	660	2	d.	d.	PROPN
ftr-349	660	3	at	at	ADP
ftr-349	660	4	appendix	appendix	ADJ
ftr-349	660	5	table	table	NOUN
ftr-349	660	6	.	.	PUNCT
ftr-349	661	1	2001	2001	NUM
ftr-349	661	2	]	]	PUNCT
ftr-349	661	3	stateless	stateless	NOUN
ftr-349	661	4	income	income	NOUN
ftr-349	661	5	739	739	NUM
ftr-349	661	6	paragraph	paragraph	NOUN
ftr-349	661	7	.	.	PUNCT
ftr-349	661	8	)	)	PUNCT
ftr-349	662	1	to	to	PART
ftr-349	662	2	put	put	VERB
ftr-349	662	3	that	that	DET
ftr-349	662	4	15.9	15.9	NUM
ftr-349	662	5	percent	percent	NOUN
ftr-349	662	6	effective	effective	ADJ
ftr-349	662	7	foreign	foreign	ADJ
ftr-349	662	8	tax	tax	NOUN
ftr-349	662	9	rate	rate	NOUN
ftr-349	662	10	in	in	ADP
ftr-349	662	11	context	context	NOUN
ftr-349	662	12	,	,	PUNCT
ftr-349	662	13	the	the	DET
ftr-349	662	14	government	government	NOUN
ftr-349	662	15	accountability	accountability	NOUN
ftr-349	662	16	office	office	NOUN
ftr-349	662	17	calculated	calculate	VERB
ftr-349	662	18	that	that	SCONJ
ftr-349	662	19	for	for	ADP
ftr-349	662	20	2004	2004	NUM
ftr-349	662	21	the	the	DET
ftr-349	662	22	weighted	weight	VERB
ftr-349	662	23	average	average	ADJ
ftr-349	662	24	u.s	u.s	PROPN
ftr-349	662	25	.	.	PROPN
ftr-349	662	26	domestic	domestic	ADJ
ftr-349	662	27	effective	effective	ADJ
ftr-349	662	28	tax	tax	NOUN
ftr-349	662	29	rate	rate	NOUN
ftr-349	662	30	for	for	ADP
ftr-349	662	31	large	large	ADJ
ftr-349	662	32	profitable	profitable	ADJ
ftr-349	662	33	u.s	u.s	PROPN
ftr-349	662	34	.	.	PROPN
ftr-349	662	35	corporations	corporation	NOUN
ftr-349	662	36	was	be	AUX
ftr-349	662	37	25.1	25.1	NUM
ftr-349	662	38	percent	percent	NOUN
ftr-349	662	39	;	;	PUNCT
ftr-349	662	40	the	the	DET
ftr-349	662	41	median	median	NOUN
ftr-349	662	42	stood	stand	VERB
ftr-349	662	43	at	at	ADP
ftr-349	662	44	31.8	31.8	NUM
ftr-349	662	45	percent.92	percent.92	NOUN
ftr-349	662	46	as	as	SCONJ
ftr-349	662	47	described	describe	VERB
ftr-349	662	48	in	in	ADP
ftr-349	662	49	the	the	DET
ftr-349	662	50	next	next	ADJ
ftr-349	662	51	subsection	subsection	NOUN
ftr-349	662	52	,	,	PUNCT
ftr-349	662	53	financial	financial	ADJ
ftr-349	662	54	accounting	accounting	NOUN
ftr-349	662	55	data	datum	NOUN
ftr-349	662	56	suggest	suggest	VERB
ftr-349	662	57	that	that	SCONJ
ftr-349	662	58	these	these	DET
ftr-349	662	59	low	low	ADJ
ftr-349	662	60	tax	tax	NOUN
ftr-349	662	61	rates	rate	NOUN
ftr-349	662	62	are	be	AUX
ftr-349	662	63	not	not	PART
ftr-349	662	64	shared	share	VERB
ftr-349	662	65	universally	universally	ADV
ftr-349	662	66	by	by	ADP
ftr-349	662	67	all	all	DET
ftr-349	662	68	u.s	u.s	PROPN
ftr-349	662	69	.	.	PROPN
ftr-349	662	70	multinationals	multinational	NOUN
ftr-349	662	71	,	,	PUNCT
ftr-349	662	72	but	but	CCONJ
ftr-349	662	73	rather	rather	ADV
ftr-349	662	74	are	be	AUX
ftr-349	662	75	concentrated	concentrate	VERB
ftr-349	662	76	in	in	ADP
ftr-349	662	77	some	some	DET
ftr-349	662	78	sectors	sector	NOUN
ftr-349	662	79	,	,	PUNCT
ftr-349	662	80	such	such	ADJ
ftr-349	662	81	as	as	ADP
ftr-349	662	82	technology	technology	NOUN
ftr-349	662	83	and	and	CCONJ
ftr-349	662	84	pharmaceutical	pharmaceutical	NOUN
ftr-349	662	85	manufacturing	manufacturing	NOUN
ftr-349	662	86	.	.	PUNCT
ftr-349	663	1	this	this	PRON
ftr-349	663	2	in	in	ADP
ftr-349	663	3	turns	turn	NOUN
ftr-349	663	4	suggests	suggest	VERB
ftr-349	663	5	that	that	SCONJ
ftr-349	663	6	the	the	DET
ftr-349	663	7	foreign	foreign	ADJ
ftr-349	663	8	tax	tax	NOUN
ftr-349	663	9	rates	rate	NOUN
ftr-349	663	10	enjoyed	enjoy	VERB
ftr-349	663	11	by	by	ADP
ftr-349	663	12	controlled	control	VERB
ftr-349	663	13	foreign	foreign	ADJ
ftr-349	663	14	corporations	corporation	NOUN
ftr-349	663	15	in	in	ADP
ftr-349	663	16	these	these	DET
ftr-349	663	17	industries	industry	NOUN
ftr-349	663	18	often	often	ADV
ftr-349	663	19	must	must	AUX
ftr-349	663	20	be	be	AUX
ftr-349	663	21	materially	materially	ADV
ftr-349	663	22	lower	low	ADJ
ftr-349	663	23	than	than	ADP
ftr-349	663	24	the	the	DET
ftr-349	663	25	16	16	NUM
ftr-349	663	26	percent	percent	NOUN
ftr-349	663	27	average	average	ADJ
ftr-349	663	28	effective	effective	ADJ
ftr-349	663	29	tax	tax	NOUN
ftr-349	663	30	rate	rate	NOUN
ftr-349	663	31	.	.	PUNCT
ftr-349	664	1	for	for	ADP
ftr-349	664	2	example	example	NOUN
ftr-349	664	3	,	,	PUNCT
ftr-349	664	4	microsoft	microsoft	PROPN
ftr-349	664	5	corporation	corporation	PROPN
ftr-349	664	6	’s	’s	PART
ftr-349	664	7	financial	financial	ADJ
ftr-349	664	8	statements	statement	NOUN
ftr-349	664	9	in	in	ADP
ftr-349	664	10	its	its	PRON
ftr-349	664	11	2010	2010	NUM
ftr-349	664	12	annual	annual	ADJ
ftr-349	664	13	report	report	NOUN
ftr-349	664	14	indicated	indicate	VERB
ftr-349	664	15	that	that	SCONJ
ftr-349	664	16	the	the	DET
ftr-349	664	17	company	company	NOUN
ftr-349	664	18	has	have	VERB
ftr-349	664	19	$	$	SYM
ftr-349	664	20	29.5	29.5	NUM
ftr-349	664	21	billion	billion	NUM
ftr-349	664	22	in	in	ADP
ftr-349	664	23	“	"	PUNCT
ftr-349	664	24	permanently	permanently	ADV
ftr-349	664	25	reinvested	reinveste	VERB
ftr-349	664	26	earnings	earning	NOUN
ftr-349	664	27	”	"	PUNCT
ftr-349	664	28	outside	outside	ADP
ftr-349	664	29	the	the	DET
ftr-349	664	30	united	united	PROPN
ftr-349	664	31	states	states	PROPN
ftr-349	664	32	(	(	PUNCT
ftr-349	664	33	that	that	PRON
ftr-349	664	34	is	is	ADV
ftr-349	664	35	,	,	PUNCT
ftr-349	664	36	after	after	SCONJ
ftr-349	664	37	foreign	foreign	ADJ
ftr-349	664	38	-	-	PUNCT
ftr-349	664	39	tax	tax	NOUN
ftr-349	664	40	earnings	earning	NOUN
ftr-349	664	41	of	of	ADP
ftr-349	664	42	foreign	foreign	ADJ
ftr-349	664	43	subsidiaries	subsidiary	NOUN
ftr-349	664	44	that	that	PRON
ftr-349	664	45	microsoft	microsoft	PROPN
ftr-349	664	46	does	do	AUX
ftr-349	664	47	not	not	PART
ftr-349	664	48	currently	currently	ADV
ftr-349	664	49	intend	intend	VERB
ftr-349	664	50	to	to	PART
ftr-349	664	51	repatriate	repatriate	VERB
ftr-349	664	52	to	to	ADP
ftr-349	664	53	the	the	DET
ftr-349	664	54	united	united	PROPN
ftr-349	664	55	states).93	states).93	PROPN
ftr-349	664	56	microsoft	microsoft	PROPN
ftr-349	664	57	also	also	ADV
ftr-349	664	58	noted	note	VERB
ftr-349	664	59	that	that	SCONJ
ftr-349	664	60	the	the	DET
ftr-349	664	61	tax	tax	NOUN
ftr-349	664	62	cost	cost	NOUN
ftr-349	664	63	of	of	ADP
ftr-349	664	64	repatriating	repatriate	VERB
ftr-349	664	65	those	those	DET
ftr-349	664	66	earnings	earning	NOUN
ftr-349	664	67	to	to	ADP
ftr-349	664	68	the	the	DET
ftr-349	664	69	united	united	PROPN
ftr-349	664	70	states	states	PROPN
ftr-349	664	71	would	would	AUX
ftr-349	664	72	be	be	AUX
ftr-349	664	73	$	$	SYM
ftr-349	664	74	9.2	9.2	NUM
ftr-349	664	75	billion.94	billion.94	NOUN
ftr-349	664	76	these	these	DET
ftr-349	664	77	numbers	number	NOUN
ftr-349	664	78	suggest	suggest	VERB
ftr-349	664	79	that	that	SCONJ
ftr-349	664	80	microsoft	microsoft	PROPN
ftr-349	664	81	’s	’s	PART
ftr-349	664	82	permanently	permanently	ADV
ftr-349	664	83	reinvested	reinveste	VERB
ftr-349	664	84	foreign	foreign	ADJ
ftr-349	664	85	earnings	earning	NOUN
ftr-349	664	86	enjoyed	enjoy	VERB
ftr-349	664	87	an	an	DET
ftr-349	664	88	effective	effective	ADJ
ftr-349	664	89	foreign	foreign	ADJ
ftr-349	664	90	income	income	NOUN
ftr-349	664	91	tax	tax	NOUN
ftr-349	664	92	rate	rate	NOUN
ftr-349	664	93	in	in	ADP
ftr-349	664	94	the	the	DET
ftr-349	664	95	neighborhood	neighborhood	NOUN
ftr-349	664	96	of	of	ADP
ftr-349	664	97	4	4	NUM
ftr-349	664	98	percent.95	percent.95	NOUN
ftr-349	664	99	as	as	ADP
ftr-349	664	100	another	another	DET
ftr-349	664	101	example	example	NOUN
ftr-349	664	102	,	,	PUNCT
ftr-349	664	103	largely	largely	ADV
ftr-349	664	104	by	by	ADP
ftr-349	664	105	virtue	virtue	NOUN
ftr-349	664	106	of	of	ADP
ftr-349	664	107	the	the	DET
ftr-349	664	108	double	double	ADJ
ftr-349	664	109	irish	irish	ADJ
ftr-349	664	110	dutch	dutch	ADJ
ftr-349	664	111	sandwich	sandwich	NOUN
ftr-349	664	112	structure	structure	NOUN
ftr-349	664	113	described	describe	VERB
ftr-349	664	114	above	above	ADV
ftr-349	664	115	,	,	PUNCT
ftr-349	664	116	google	google	PROPN
ftr-349	664	117	inc	inc	PROPN
ftr-349	664	118	.	.	PROPN
ftr-349	664	119	’s	’s	PART
ftr-349	664	120	2009	2009	NUM
ftr-349	664	121	financial	financial	ADJ
ftr-349	664	122	statements	statement	NOUN
ftr-349	664	123	imply	imply	VERB
ftr-349	664	124	that	that	PRON
ftr-349	664	125	google	google	PROPN
ftr-349	664	126	paid	pay	VERB
ftr-349	664	127	an	an	DET
ftr-349	664	128	effective	effective	ADJ
ftr-349	664	129	tax	tax	NOUN
ftr-349	664	130	rate	rate	NOUN
ftr-349	664	131	on	on	ADP
ftr-349	664	132	its	its	PRON
ftr-349	664	133	foreign	foreign	ADJ
ftr-349	664	134	income	income	NOUN
ftr-349	664	135	of	of	ADP
ftr-349	664	136	roughly	roughly	ADV
ftr-349	664	137	2.4	2.4	NUM
ftr-349	664	138	percent.96	percent.96	NOUN
ftr-349	664	139	as	as	ADP
ftr-349	664	140	one	one	NUM
ftr-349	664	141	final	final	ADJ
ftr-349	664	142	example	example	NOUN
ftr-349	664	143	,	,	PUNCT
ftr-349	664	144	the	the	DET
ftr-349	664	145	pharmaceutical	pharmaceutical	ADJ
ftr-349	664	146	firm	firm	NOUN
ftr-349	664	147	92	92	NUM
ftr-349	664	148	.	.	PUNCT
ftr-349	665	1	u.s	u.s	PROPN
ftr-349	665	2	.	.	PROPN
ftr-349	665	3	gov’t	gov’t	PROPN
ftr-349	665	4	accountability	accountability	NOUN
ftr-349	665	5	office	office	NOUN
ftr-349	665	6	,	,	PUNCT
ftr-349	665	7	gao-08	gao-08	NOUN
ftr-349	665	8	-	-	SYM
ftr-349	665	9	950	950	NUM
ftr-349	665	10	,	,	PUNCT
ftr-349	665	11	u.s	u.s	PROPN
ftr-349	665	12	.	.	PROPN
ftr-349	665	13	multinational	multinational	ADJ
ftr-349	665	14	corporations	corporation	NOUN
ftr-349	665	15	:	:	PUNCT
ftr-349	665	16	effective	effective	ADJ
ftr-349	665	17	tax	tax	NOUN
ftr-349	665	18	rates	rate	NOUN
ftr-349	665	19	are	be	AUX
ftr-349	665	20	correlated	correlate	VERB
ftr-349	665	21	with	with	ADP
ftr-349	665	22	where	where	SCONJ
ftr-349	665	23	income	income	NOUN
ftr-349	665	24	is	be	AUX
ftr-349	665	25	reported	report	VERB
ftr-349	665	26	12	12	NUM
ftr-349	665	27	(	(	PUNCT
ftr-349	665	28	2008	2008	NUM
ftr-349	665	29	)	)	PUNCT
ftr-349	665	30	.	.	PUNCT
ftr-349	666	1	93	93	NUM
ftr-349	666	2	.	.	PUNCT
ftr-349	667	1	microsoft	microsoft	PROPN
ftr-349	667	2	corporation	corporation	PROPN
ftr-349	667	3	,	,	PUNCT
ftr-349	667	4	2010	2010	NUM
ftr-349	667	5	annual	annual	ADJ
ftr-349	667	6	report	report	NOUN
ftr-349	667	7	,	,	PUNCT
ftr-349	667	8	p.	p.	NOUN
ftr-349	667	9	59	59	NUM
ftr-349	667	10	http://www.microsoft.com/investor/reports/ar10/10k_dl_dow.html	http://www.microsoft.com/investor/reports/ar10/10k_dl_dow.html	NOUN
ftr-349	667	11	.	.	PUNCT
ftr-349	668	1	the	the	DET
ftr-349	668	2	next	next	ADJ
ftr-349	668	3	subsection	subsection	NOUN
ftr-349	668	4	describes	describe	VERB
ftr-349	668	5	the	the	DET
ftr-349	668	6	concept	concept	NOUN
ftr-349	668	7	of	of	ADP
ftr-349	668	8	“	"	PUNCT
ftr-349	668	9	permanently	permanently	ADV
ftr-349	668	10	reinvested	reinveste	VERB
ftr-349	668	11	earnings	earning	NOUN
ftr-349	668	12	”	"	PUNCT
ftr-349	668	13	in	in	ADP
ftr-349	668	14	more	more	ADJ
ftr-349	668	15	detail	detail	NOUN
ftr-349	668	16	.	.	PUNCT
ftr-349	669	1	94	94	NUM
ftr-349	669	2	.	.	PUNCT
ftr-349	670	1	i	i	PRON
ftr-349	670	2	d.	d.	VERB
ftr-349	670	3	some	some	PRON
ftr-349	670	4	of	of	ADP
ftr-349	670	5	this	this	DET
ftr-349	670	6	$	$	SYM
ftr-349	670	7	9.2	9.2	NUM
ftr-349	670	8	billion	billion	NUM
ftr-349	670	9	repatriation	repatriation	NOUN
ftr-349	670	10	tax	tax	NOUN
ftr-349	670	11	cost	cost	NOUN
ftr-349	670	12	might	might	AUX
ftr-349	670	13	be	be	AUX
ftr-349	670	14	attributable	attributable	ADJ
ftr-349	670	15	to	to	ADP
ftr-349	670	16	foreign	foreign	ADJ
ftr-349	670	17	withholding	withholding	NOUN
ftr-349	670	18	taxes	taxis	NOUN
ftr-349	670	19	,	,	PUNCT
ftr-349	670	20	but	but	CCONJ
ftr-349	670	21	those	those	DET
ftr-349	670	22	taxes	taxis	NOUN
ftr-349	670	23	in	in	ADP
ftr-349	670	24	turn	turn	NOUN
ftr-349	670	25	ordinarily	ordinarily	ADV
ftr-349	670	26	are	be	AUX
ftr-349	670	27	fully	fully	ADV
ftr-349	670	28	creditable	creditable	ADJ
ftr-349	670	29	in	in	ADP
ftr-349	670	30	the	the	DET
ftr-349	670	31	united	united	PROPN
ftr-349	670	32	states	states	PROPN
ftr-349	670	33	;	;	PUNCT
ftr-349	670	34	as	as	ADP
ftr-349	670	35	a	a	DET
ftr-349	670	36	result	result	NOUN
ftr-349	670	37	,	,	PUNCT
ftr-349	670	38	the	the	DET
ftr-349	670	39	division	division	NOUN
ftr-349	670	40	of	of	ADP
ftr-349	670	41	the	the	DET
ftr-349	670	42	repatriation	repatriation	NOUN
ftr-349	670	43	tax	tax	NOUN
ftr-349	670	44	cost	cost	NOUN
ftr-349	670	45	between	between	ADP
ftr-349	670	46	foreign	foreign	ADJ
ftr-349	670	47	withholding	withholding	NOUN
ftr-349	670	48	tax	tax	NOUN
ftr-349	670	49	and	and	CCONJ
ftr-349	670	50	u.s	u.s	PROPN
ftr-349	670	51	.	.	PROPN
ftr-349	670	52	residual	residual	ADJ
ftr-349	670	53	income	income	NOUN
ftr-349	670	54	tax	tax	NOUN
ftr-349	670	55	does	do	AUX
ftr-349	670	56	not	not	PART
ftr-349	670	57	affect	affect	VERB
ftr-349	670	58	the	the	DET
ftr-349	670	59	calculation	calculation	NOUN
ftr-349	670	60	summarized	summarize	VERB
ftr-349	670	61	in	in	ADP
ftr-349	670	62	the	the	DET
ftr-349	670	63	following	follow	VERB
ftr-349	670	64	sentence	sentence	NOUN
ftr-349	670	65	in	in	ADP
ftr-349	670	66	the	the	DET
ftr-349	670	67	text	text	NOUN
ftr-349	670	68	.	.	PUNCT
ftr-349	671	1	95	95	NUM
ftr-349	671	2	.	.	PUNCT
ftr-349	672	1	9.2/29.5	9.2/29.5	NUM
ftr-349	672	2	=	=	SYM
ftr-349	672	3	31	31	NUM
ftr-349	672	4	percent	percent	NOUN
ftr-349	672	5	,	,	PUNCT
ftr-349	672	6	implying	imply	VERB
ftr-349	672	7	that	that	SCONJ
ftr-349	672	8	foreign	foreign	ADJ
ftr-349	672	9	tax	tax	NOUN
ftr-349	672	10	credits	credit	NOUN
ftr-349	672	11	associated	associate	VERB
ftr-349	672	12	with	with	ADP
ftr-349	672	13	the	the	DET
ftr-349	672	14	repatriation	repatriation	NOUN
ftr-349	672	15	of	of	ADP
ftr-349	672	16	all	all	DET
ftr-349	672	17	permanently	permanently	ADV
ftr-349	672	18	reinvested	reinveste	VERB
ftr-349	672	19	earnings	earning	NOUN
ftr-349	672	20	would	would	AUX
ftr-349	672	21	amount	amount	VERB
ftr-349	672	22	to	to	ADP
ftr-349	672	23	only	only	ADV
ftr-349	672	24	about	about	ADV
ftr-349	672	25	four	four	NUM
ftr-349	672	26	percentage	percentage	NOUN
ftr-349	672	27	points	point	NOUN
ftr-349	672	28	.	.	PUNCT
ftr-349	673	1	96	96	X
ftr-349	673	2	.	.	PUNCT
ftr-349	674	1	see	see	VERB
ftr-349	674	2	drucker	drucker	NOUN
ftr-349	674	3	,	,	PUNCT
ftr-349	674	4	google	google	PROPN
ftr-349	674	5	2.4	2.4	NUM
ftr-349	674	6	%	%	NOUN
ftr-349	674	7	rate	rate	NOUN
ftr-349	674	8	,	,	PUNCT
ftr-349	674	9	supra	supra	PROPN
ftr-349	674	10	note	note	NOUN
ftr-349	674	11	11	11	NUM
ftr-349	674	12	.	.	PUNCT
ftr-349	675	1	the	the	DET
ftr-349	675	2	2.4	2.4	NUM
ftr-349	675	3	percent	percent	NOUN
ftr-349	675	4	figure	figure	NOUN
ftr-349	675	5	technically	technically	ADV
ftr-349	675	6	relies	rely	VERB
ftr-349	675	7	on	on	ADP
ftr-349	675	8	financial	financial	ADJ
ftr-349	675	9	accounting	accounting	NOUN
ftr-349	675	10	data	datum	NOUN
ftr-349	675	11	,	,	PUNCT
ftr-349	675	12	because	because	SCONJ
ftr-349	675	13	that	that	PRON
ftr-349	675	14	is	be	AUX
ftr-349	675	15	all	all	DET
ftr-349	675	16	the	the	DET
ftr-349	675	17	public	public	ADJ
ftr-349	675	18	information	information	NOUN
ftr-349	675	19	that	that	PRON
ftr-349	675	20	is	be	AUX
ftr-349	675	21	available	available	ADJ
ftr-349	675	22	.	.	PUNCT
ftr-349	676	1	the	the	DET
ftr-349	676	2	author	author	NOUN
ftr-349	676	3	appears	appear	VERB
ftr-349	676	4	to	to	PART
ftr-349	676	5	have	have	AUX
ftr-349	676	6	calculated	calculate	VERB
ftr-349	676	7	the	the	DET
ftr-349	676	8	figure	figure	NOUN
ftr-349	676	9	as	as	SCONJ
ftr-349	676	10	follows	follow	VERB
ftr-349	676	11	.	.	PUNCT
ftr-349	677	1	note	note	VERB
ftr-349	677	2	14	14	NUM
ftr-349	677	3	to	to	ADP
ftr-349	677	4	google	google	PROPN
ftr-349	677	5	’s	’s	PART
ftr-349	677	6	2009	2009	NUM
ftr-349	677	7	consolidated	consolidated	ADJ
ftr-349	677	8	financial	financial	ADJ
ftr-349	677	9	statements	statement	NOUN
ftr-349	677	10	attached	attach	VERB
ftr-349	677	11	to	to	ADP
ftr-349	677	12	its	its	PRON
ftr-349	677	13	2009	2009	NUM
ftr-349	677	14	form	form	NOUN
ftr-349	677	15	10	10	NUM
ftr-349	677	16	-	-	PUNCT
ftr-349	677	17	k	k	NOUN
ftr-349	677	18	set	set	VERB
ftr-349	677	19	out	out	ADP
ftr-349	677	20	the	the	DET
ftr-349	677	21	firm	firm	NOUN
ftr-349	677	22	’s	’s	PART
ftr-349	677	23	income	income	NOUN
ftr-349	677	24	from	from	ADP
ftr-349	677	25	foreign	foreign	ADJ
ftr-349	677	26	operations	operation	NOUN
ftr-349	677	27	and	and	CCONJ
ftr-349	677	28	its	its	PRON
ftr-349	677	29	provisions	provision	NOUN
ftr-349	677	30	for	for	ADP
ftr-349	677	31	foreign	foreign	ADJ
ftr-349	677	32	income	income	NOUN
ftr-349	677	33	taxes	taxis	NOUN
ftr-349	677	34	(	(	PUNCT
ftr-349	677	35	see	see	VERB
ftr-349	677	36	google	google	PROPN
ftr-349	677	37	,	,	PUNCT
ftr-349	677	38	2009	2009	NUM
ftr-349	677	39	annual	annual	ADJ
ftr-349	677	40	report	report	NOUN
ftr-349	677	41	,	,	PUNCT
ftr-349	677	42	http://investor.google	http://investor.google	PROPN
ftr-349	677	43	.	.	PUNCT
ftr-349	678	1	com	com	NOUN
ftr-349	678	2	/	/	SYM
ftr-349	678	3	documents/2009_google_annual_report.html	documents/2009_google_annual_report.html	NOUN
ftr-349	678	4	)	)	PUNCT
ftr-349	678	5	.	.	PUNCT
ftr-349	679	1	the	the	DET
ftr-349	679	2	author	author	NOUN
ftr-349	679	3	apparently	apparently	ADV
ftr-349	679	4	took	take	VERB
ftr-349	679	5	as	as	ADP
ftr-349	679	6	740	740	NUM
ftr-349	679	7	florida	florida	PROPN
ftr-349	679	8	tax	tax	NOUN
ftr-349	679	9	review	review	NOUN
ftr-349	680	1	[	[	X
ftr-349	680	2	vol	vol	NOUN
ftr-349	680	3	.	.	PUNCT
ftr-349	681	1	11:9	11:9	NUM
ftr-349	681	2	johnson	johnson	PROPN
ftr-349	681	3	&	&	CCONJ
ftr-349	681	4	johnson	johnson	PROPN
ftr-349	681	5	reported	report	VERB
ftr-349	681	6	in	in	ADP
ftr-349	681	7	its	its	PRON
ftr-349	681	8	public	public	ADJ
ftr-349	681	9	financial	financial	ADJ
ftr-349	681	10	statements	statement	NOUN
ftr-349	681	11	for	for	ADP
ftr-349	681	12	2007	2007	NUM
ftr-349	681	13	that	that	SCONJ
ftr-349	681	14	its	its	PRON
ftr-349	681	15	operations	operation	NOUN
ftr-349	681	16	in	in	ADP
ftr-349	681	17	ireland	ireland	PROPN
ftr-349	681	18	and	and	CCONJ
ftr-349	681	19	puerto	puerto	PROPN
ftr-349	681	20	rico	rico	PROPN
ftr-349	681	21	alone	alone	ADV
ftr-349	681	22	reduced	reduce	VERB
ftr-349	681	23	its	its	PRON
ftr-349	681	24	financial	financial	ADJ
ftr-349	681	25	accounting	accounting	NOUN
ftr-349	681	26	provision	provision	NOUN
ftr-349	681	27	for	for	ADP
ftr-349	681	28	income	income	NOUN
ftr-349	681	29	taxes	taxis	NOUN
ftr-349	681	30	from	from	ADP
ftr-349	681	31	the	the	DET
ftr-349	681	32	statutory	statutory	ADJ
ftr-349	681	33	rate	rate	NOUN
ftr-349	681	34	of	of	ADP
ftr-349	681	35	35	35	NUM
ftr-349	681	36	percent	percent	NOUN
ftr-349	681	37	to	to	ADP
ftr-349	681	38	26.2	26.2	NUM
ftr-349	681	39	percent.97	percent.97	NOUN
ftr-349	681	40	that	that	PRON
ftr-349	681	41	is	be	AUX
ftr-349	681	42	,	,	PUNCT
ftr-349	681	43	income	income	NOUN
ftr-349	681	44	reported	report	VERB
ftr-349	681	45	for	for	ADP
ftr-349	681	46	tax	tax	NOUN
ftr-349	681	47	purposes	purpose	NOUN
ftr-349	681	48	in	in	ADP
ftr-349	681	49	ireland	ireland	PROPN
ftr-349	681	50	and	and	CCONJ
ftr-349	681	51	puerto	puerto	PROPN
ftr-349	681	52	rico	rico	PROPN
ftr-349	681	53	was	be	AUX
ftr-349	681	54	so	so	ADV
ftr-349	681	55	large	large	ADJ
ftr-349	681	56	as	as	SCONJ
ftr-349	681	57	to	to	PART
ftr-349	681	58	reduce	reduce	VERB
ftr-349	681	59	the	the	DET
ftr-349	681	60	worldwide	worldwide	ADJ
ftr-349	681	61	financial	financial	ADJ
ftr-349	681	62	accounting	accounting	NOUN
ftr-349	681	63	tax	tax	NOUN
ftr-349	681	64	provision	provision	NOUN
ftr-349	681	65	of	of	ADP
ftr-349	681	66	johnson	johnson	PROPN
ftr-349	681	67	&	&	CCONJ
ftr-349	681	68	johnson	johnson	PROPN
ftr-349	681	69	by	by	ADP
ftr-349	681	70	8.8	8.8	NUM
ftr-349	681	71	percentage	percentage	NOUN
ftr-349	681	72	points	point	NOUN
ftr-349	681	73	.	.	PUNCT
ftr-349	682	1	readers	reader	NOUN
ftr-349	682	2	will	will	AUX
ftr-349	682	3	appreciate	appreciate	VERB
ftr-349	682	4	that	that	SCONJ
ftr-349	682	5	this	this	DET
ftr-349	682	6	reduction	reduction	NOUN
ftr-349	682	7	in	in	ADP
ftr-349	682	8	worldwide	worldwide	ADJ
ftr-349	682	9	tax	tax	NOUN
ftr-349	682	10	costs	cost	NOUN
ftr-349	682	11	(	(	PUNCT
ftr-349	682	12	as	as	SCONJ
ftr-349	682	13	measured	measure	VERB
ftr-349	682	14	for	for	ADP
ftr-349	682	15	financial	financial	ADJ
ftr-349	682	16	statement	statement	NOUN
ftr-349	682	17	purposes	purpose	NOUN
ftr-349	682	18	)	)	PUNCT
ftr-349	682	19	is	be	AUX
ftr-349	682	20	not	not	PART
ftr-349	682	21	proportionate	proportionate	ADJ
ftr-349	682	22	to	to	ADP
ftr-349	682	23	the	the	DET
ftr-349	682	24	relative	relative	ADJ
ftr-349	682	25	size	size	NOUN
ftr-349	682	26	of	of	ADP
ftr-349	682	27	the	the	DET
ftr-349	682	28	irish	irish	ADJ
ftr-349	682	29	and	and	CCONJ
ftr-349	682	30	puerto	puerto	ADJ
ftr-349	682	31	rican	rican	ADJ
ftr-349	682	32	pharmaceutical	pharmaceutical	ADJ
ftr-349	682	33	markets	market	NOUN
ftr-349	682	34	in	in	ADP
ftr-349	682	35	comparison	comparison	NOUN
ftr-349	682	36	to	to	ADP
ftr-349	682	37	those	those	PRON
ftr-349	682	38	of	of	ADP
ftr-349	682	39	all	all	DET
ftr-349	682	40	the	the	DET
ftr-349	682	41	markets	market	NOUN
ftr-349	682	42	in	in	ADP
ftr-349	682	43	which	which	PRON
ftr-349	682	44	johnson	johnson	PROPN
ftr-349	682	45	&	&	CCONJ
ftr-349	682	46	johnson	johnson	PROPN
ftr-349	682	47	operates	operate	VERB
ftr-349	682	48	.	.	PUNCT
ftr-349	683	1	these	these	DET
ftr-349	683	2	extraordinarily	extraordinarily	ADV
ftr-349	683	3	low	low	ADJ
ftr-349	683	4	effective	effective	ADJ
ftr-349	683	5	foreign	foreign	ADJ
ftr-349	683	6	income	income	NOUN
ftr-349	683	7	tax	tax	NOUN
ftr-349	683	8	rates	rate	NOUN
ftr-349	683	9	theoretically	theoretically	ADV
ftr-349	683	10	could	could	AUX
ftr-349	683	11	be	be	AUX
ftr-349	683	12	explained	explain	VERB
ftr-349	683	13	if	if	SCONJ
ftr-349	683	14	most	most	ADJ
ftr-349	683	15	countries	country	NOUN
ftr-349	683	16	had	have	VERB
ftr-349	683	17	commensurately	commensurately	ADV
ftr-349	683	18	low	low	ADJ
ftr-349	683	19	statutory	statutory	ADJ
ftr-349	683	20	corporate	corporate	ADJ
ftr-349	683	21	income	income	NOUN
ftr-349	683	22	tax	tax	NOUN
ftr-349	683	23	rates	rate	NOUN
ftr-349	683	24	.	.	PUNCT
ftr-349	684	1	but	but	CCONJ
ftr-349	684	2	that	that	PRON
ftr-349	684	3	is	be	AUX
ftr-349	684	4	a	a	DET
ftr-349	684	5	false	false	ADJ
ftr-349	684	6	hypothesis	hypothesis	NOUN
ftr-349	684	7	.	.	PUNCT
ftr-349	685	1	the	the	DET
ftr-349	685	2	unweighted	unweighted	ADJ
ftr-349	685	3	average	average	NOUN
ftr-349	685	4	of	of	ADP
ftr-349	685	5	the	the	DET
ftr-349	685	6	maximum	maximum	ADJ
ftr-349	685	7	statutory	statutory	ADJ
ftr-349	685	8	corporate	corporate	ADJ
ftr-349	685	9	income	income	NOUN
ftr-349	685	10	tax	tax	NOUN
ftr-349	685	11	rates	rate	NOUN
ftr-349	685	12	of	of	ADP
ftr-349	685	13	member	member	NOUN
ftr-349	685	14	states	state	NOUN
ftr-349	685	15	of	of	ADP
ftr-349	685	16	the	the	DET
ftr-349	685	17	oecd	oecd	PROPN
ftr-349	685	18	in	in	ADP
ftr-349	685	19	2006	2006	NUM
ftr-349	685	20	was	be	AUX
ftr-349	685	21	just	just	ADV
ftr-349	685	22	about	about	ADV
ftr-349	685	23	28	28	NUM
ftr-349	685	24	percent	percent	NOUN
ftr-349	685	25	(	(	PUNCT
ftr-349	685	26	25.6	25.6	NUM
ftr-349	685	27	percent	percent	NOUN
ftr-349	685	28	in	in	ADP
ftr-349	685	29	2010	2010	NUM
ftr-349	685	30	,	,	PUNCT
ftr-349	685	31	excluding	exclude	VERB
ftr-349	685	32	in	in	ADP
ftr-349	685	33	this	this	DET
ftr-349	685	34	case	case	NOUN
ftr-349	685	35	the	the	DET
ftr-349	685	36	united	united	PROPN
ftr-349	685	37	states).98	states).98	PROPN
ftr-349	685	38	and	and	CCONJ
ftr-349	685	39	working	work	VERB
ftr-349	685	40	with	with	ADP
ftr-349	685	41	firmspecific	firmspecific	ADJ
ftr-349	685	42	confidential	confidential	ADJ
ftr-349	685	43	u.s	u.s	PROPN
ftr-349	685	44	.	.	PROPN
ftr-349	685	45	treasury	treasury	PROPN
ftr-349	685	46	data	data	PROPN
ftr-349	685	47	,	,	PUNCT
ftr-349	685	48	treasury	treasury	PROPN
ftr-349	685	49	department	department	PROPN
ftr-349	685	50	economist	economist	PROPN
ftr-349	685	51	harry	harry	PROPN
ftr-349	685	52	grubert	grubert	PROPN
ftr-349	685	53	and	and	CCONJ
ftr-349	685	54	professor	professor	PROPN
ftr-349	685	55	rosanne	rosanne	PROPN
ftr-349	685	56	altshuler	altshuler	NOUN
ftr-349	685	57	calculated	calculate	VERB
ftr-349	685	58	that	that	SCONJ
ftr-349	685	59	for	for	ADP
ftr-349	685	60	the	the	DET
ftr-349	685	61	year	year	NOUN
ftr-349	685	62	2002	2002	NUM
ftr-349	685	63	u.s	u.s	PROPN
ftr-349	685	64	.	.	PROPN
ftr-349	685	65	multinational	multinational	ADJ
ftr-349	685	66	firms	firm	NOUN
ftr-349	685	67	faced	face	VERB
ftr-349	685	68	an	an	DET
ftr-349	685	69	average	average	ADJ
ftr-349	685	70	foreign	foreign	ADJ
ftr-349	685	71	statutory	statutory	ADJ
ftr-349	685	72	tax	tax	NOUN
ftr-349	685	73	rate	rate	NOUN
ftr-349	685	74	of	of	ADP
ftr-349	685	75	29	29	NUM
ftr-349	685	76	percent	percent	NOUN
ftr-349	685	77	,	,	PUNCT
ftr-349	685	78	weighted	weight	VERB
ftr-349	685	79	by	by	ADP
ftr-349	685	80	the	the	DET
ftr-349	685	81	firms	firm	NOUN
ftr-349	685	82	’	'	PUNCT
ftr-349	685	83	foreign	foreign	ADJ
ftr-349	685	84	incomes.99	incomes.99	NOUN
ftr-349	685	85	as	as	ADP
ftr-349	685	86	another	another	DET
ftr-349	685	87	example	example	NOUN
ftr-349	685	88	,	,	PUNCT
ftr-349	685	89	koninklijke	koninklijke	PROPN
ftr-349	685	90	philips	philips	PROPN
ftr-349	685	91	electronics	electronics	PROPN
ftr-349	685	92	n.v	n.v	PROPN
ftr-349	685	93	(	(	PUNCT
ftr-349	685	94	philips	philip	NOUN
ftr-349	685	95	)	)	PUNCT
ftr-349	685	96	,	,	PUNCT
ftr-349	685	97	a	a	DET
ftr-349	685	98	major	major	ADJ
ftr-349	685	99	dutch	dutch	ADJ
ftr-349	685	100	multinational	multinational	ADJ
ftr-349	685	101	industrial	industrial	ADJ
ftr-349	685	102	group	group	NOUN
ftr-349	685	103	,	,	PUNCT
ftr-349	685	104	reported	report	VERB
ftr-349	685	105	in	in	ADP
ftr-349	685	106	its	its	PRON
ftr-349	685	107	2007	2007	NUM
ftr-349	685	108	annual	annual	ADJ
ftr-349	685	109	report	report	NOUN
ftr-349	685	110	that	that	SCONJ
ftr-349	685	111	the	the	DET
ftr-349	685	112	weighted	weight	VERB
ftr-349	685	113	average	average	NOUN
ftr-349	685	114	his	his	PRON
ftr-349	685	115	numerator	numerator	NOUN
ftr-349	685	116	the	the	DET
ftr-349	685	117	total	total	ADJ
ftr-349	685	118	financial	financial	ADJ
ftr-349	685	119	accounting	accounting	NOUN
ftr-349	685	120	tax	tax	NOUN
ftr-349	685	121	provision	provision	NOUN
ftr-349	685	122	(	(	PUNCT
ftr-349	685	123	current	current	ADJ
ftr-349	685	124	and	and	CCONJ
ftr-349	685	125	deferred	defer	VERB
ftr-349	685	126	)	)	PUNCT
ftr-349	685	127	for	for	ADP
ftr-349	685	128	foreign	foreign	ADJ
ftr-349	685	129	taxes	taxis	NOUN
ftr-349	685	130	for	for	ADP
ftr-349	685	131	the	the	DET
ftr-349	685	132	three	three	NUM
ftr-349	685	133	-	-	PUNCT
ftr-349	685	134	year	year	NOUN
ftr-349	685	135	period	period	NOUN
ftr-349	685	136	2007	2007	NUM
ftr-349	685	137	-	-	SYM
ftr-349	685	138	09	09	NUM
ftr-349	685	139	,	,	PUNCT
ftr-349	685	140	and	and	CCONJ
ftr-349	685	141	took	take	VERB
ftr-349	685	142	as	as	ADP
ftr-349	685	143	his	his	PRON
ftr-349	685	144	denominator	denominator	NOUN
ftr-349	685	145	the	the	DET
ftr-349	685	146	firm	firm	NOUN
ftr-349	685	147	’s	’s	PART
ftr-349	685	148	total	total	NOUN
ftr-349	685	149	from	from	ADP
ftr-349	685	150	foreign	foreign	ADJ
ftr-349	685	151	operations	operation	NOUN
ftr-349	685	152	for	for	ADP
ftr-349	685	153	the	the	DET
ftr-349	685	154	same	same	ADJ
ftr-349	685	155	three	three	NUM
ftr-349	685	156	-	-	PUNCT
ftr-349	685	157	year	year	NOUN
ftr-349	685	158	period	period	NOUN
ftr-349	685	159	.	.	PUNCT
ftr-349	686	1	it	it	PRON
ftr-349	686	2	is	be	AUX
ftr-349	686	3	possible	possible	ADJ
ftr-349	686	4	of	of	ADP
ftr-349	686	5	course	course	NOUN
ftr-349	686	6	that	that	SCONJ
ftr-349	686	7	there	there	PRON
ftr-349	686	8	can	can	AUX
ftr-349	686	9	be	be	AUX
ftr-349	686	10	significant	significant	ADJ
ftr-349	686	11	differences	difference	NOUN
ftr-349	686	12	between	between	ADP
ftr-349	686	13	gaap	gaap	PROPN
ftr-349	686	14	accounting	accounting	NOUN
ftr-349	686	15	determinations	determination	NOUN
ftr-349	686	16	of	of	ADP
ftr-349	686	17	what	what	PRON
ftr-349	686	18	constitutes	constitute	VERB
ftr-349	686	19	income	income	NOUN
ftr-349	686	20	from	from	ADP
ftr-349	686	21	foreign	foreign	ADJ
ftr-349	686	22	operations	operation	NOUN
ftr-349	686	23	and	and	CCONJ
ftr-349	686	24	the	the	DET
ftr-349	686	25	income	income	NOUN
ftr-349	686	26	that	that	PRON
ftr-349	686	27	a	a	DET
ftr-349	686	28	u.s	u.s	PROPN
ftr-349	686	29	.	.	PROPN
ftr-349	686	30	multinational	multinational	ADJ
ftr-349	686	31	firm	firm	NOUN
ftr-349	686	32	actually	actually	ADV
ftr-349	686	33	treats	treat	VERB
ftr-349	686	34	as	as	ADP
ftr-349	686	35	income	income	NOUN
ftr-349	686	36	includible	includible	NOUN
ftr-349	686	37	on	on	ADP
ftr-349	686	38	the	the	DET
ftr-349	686	39	tax	tax	NOUN
ftr-349	686	40	returns	return	NOUN
ftr-349	686	41	of	of	ADP
ftr-349	686	42	its	its	PRON
ftr-349	686	43	foreign	foreign	ADJ
ftr-349	686	44	subsidiaries	subsidiary	NOUN
ftr-349	686	45	.	.	PUNCT
ftr-349	687	1	97	97	NUM
ftr-349	687	2	.	.	PUNCT
ftr-349	688	1	johnson	johnson	PROPN
ftr-349	688	2	&	&	CCONJ
ftr-349	688	3	johnson	johnson	PROPN
ftr-349	688	4	,	,	PUNCT
ftr-349	688	5	2007	2007	NUM
ftr-349	688	6	annual	annual	ADJ
ftr-349	688	7	report	report	NOUN
ftr-349	688	8	,	,	PUNCT
ftr-349	688	9	p.	p.	NOUN
ftr-349	688	10	56	56	NUM
ftr-349	688	11	,	,	PUNCT
ftr-349	688	12	http://files.shareholder	http://files.shareholder	PROPN
ftr-349	688	13	.	.	PUNCT
ftr-349	688	14	com	com	NOUN
ftr-349	688	15	/	/	SYM
ftr-349	688	16	downloads	download	NOUN
ftr-349	688	17	/	/	SYM
ftr-349	688	18	jnj/1275963148x0x171267/057640f8	jnj/1275963148x0x171267/057640f8	PROPN
ftr-349	688	19	-	-	PUNCT
ftr-349	688	20	b2c0	b2c0	PROPN
ftr-349	688	21	-	-	PUNCT
ftr-349	688	22	4b0f-9f54	4b0f-9f54	NOUN
ftr-349	688	23	-	-	PUNCT
ftr-349	688	24	7a24a	7a24a	NUM
ftr-349	688	25	553c3ce/2007ar.pdf	553c3ce/2007ar.pdf	NUM
ftr-349	688	26	.	.	PUNCT
ftr-349	689	1	at	at	ADP
ftr-349	689	2	year	year	NOUN
ftr-349	689	3	end	end	NOUN
ftr-349	689	4	2007	2007	NUM
ftr-349	689	5	johnson	johnson	PROPN
ftr-349	689	6	&	&	CCONJ
ftr-349	689	7	johnson	johnson	PROPN
ftr-349	689	8	’s	’s	PART
ftr-349	689	9	permanently	permanently	ADV
ftr-349	689	10	reinvested	reinveste	VERB
ftr-349	689	11	earnings	earning	NOUN
ftr-349	689	12	totalled	total	VERB
ftr-349	689	13	$	$	SYM
ftr-349	689	14	24.2	24.2	NUM
ftr-349	689	15	billion	billion	NUM
ftr-349	689	16	.	.	PUNCT
ftr-349	690	1	98	98	NUM
ftr-349	690	2	.	.	PUNCT
ftr-349	691	1	oecd	oecd	PROPN
ftr-349	691	2	,	,	PUNCT
ftr-349	691	3	oecd	oecd	PROPN
ftr-349	691	4	in	in	ADP
ftr-349	691	5	figures	figure	NOUN
ftr-349	691	6	2009	2009	NUM
ftr-349	691	7	58	58	NUM
ftr-349	691	8	(	(	PUNCT
ftr-349	691	9	oecd	oecd	PROPN
ftr-349	691	10	publishing	publishing	NOUN
ftr-349	691	11	)	)	PUNCT
ftr-349	691	12	(	(	PUNCT
ftr-349	691	13	2009	2009	NUM
ftr-349	691	14	)	)	PUNCT
ftr-349	691	15	,	,	PUNCT
ftr-349	691	16	table	table	NOUN
ftr-349	691	17	of	of	ADP
ftr-349	691	18	2006	2006	NUM
ftr-349	691	19	comparative	comparative	ADJ
ftr-349	691	20	income	income	NOUN
ftr-349	691	21	tax	tax	NOUN
ftr-349	691	22	rates	rate	NOUN
ftr-349	691	23	(	(	PUNCT
ftr-349	691	24	28.1	28.1	NUM
ftr-349	691	25	percent	percent	NOUN
ftr-349	691	26	oecd	oecd	PROPN
ftr-349	691	27	simple	simple	ADJ
ftr-349	691	28	average	average	NOUN
ftr-349	691	29	of	of	ADP
ftr-349	691	30	maximum	maximum	ADJ
ftr-349	691	31	corporate	corporate	ADJ
ftr-349	691	32	statutory	statutory	ADJ
ftr-349	691	33	rates	rate	NOUN
ftr-349	691	34	,	,	PUNCT
ftr-349	691	35	including	include	VERB
ftr-349	691	36	subnational	subnational	ADJ
ftr-349	691	37	taxes	taxis	NOUN
ftr-349	691	38	on	on	ADP
ftr-349	691	39	corporate	corporate	ADJ
ftr-349	691	40	income	income	NOUN
ftr-349	691	41	)	)	PUNCT
ftr-349	691	42	.	.	PUNCT
ftr-349	692	1	99	99	NUM
ftr-349	692	2	.	.	PUNCT
ftr-349	693	1	see	see	VERB
ftr-349	693	2	harry	harry	PROPN
ftr-349	693	3	grubert	grubert	PROPN
ftr-349	693	4	&	&	CCONJ
ftr-349	693	5	rosanne	rosanne	PROPN
ftr-349	693	6	altshuler	altshuler	PROPN
ftr-349	693	7	,	,	PUNCT
ftr-349	693	8	corporate	corporate	ADJ
ftr-349	693	9	taxes	taxis	NOUN
ftr-349	693	10	in	in	ADP
ftr-349	693	11	the	the	DET
ftr-349	693	12	world	world	NOUN
ftr-349	693	13	economy	economy	NOUN
ftr-349	693	14	:	:	PUNCT
ftr-349	693	15	reforming	reform	VERB
ftr-349	693	16	the	the	DET
ftr-349	693	17	taxation	taxation	NOUN
ftr-349	693	18	of	of	ADP
ftr-349	693	19	cross	cross	ADJ
ftr-349	693	20	-	-	ADJ
ftr-349	693	21	border	border	ADJ
ftr-349	693	22	income	income	NOUN
ftr-349	693	23	322–23	322–23	PROPN
ftr-349	693	24	(	(	PUNCT
ftr-349	693	25	rutgers	rutgers	PROPN
ftr-349	693	26	univ	univ	PROPN
ftr-349	693	27	.	.	PROPN
ftr-349	693	28	,	,	PUNCT
ftr-349	693	29	dept	dept	PROPN
ftr-349	693	30	.	.	PROPN
ftr-349	693	31	of	of	ADP
ftr-349	693	32	econ	econ	PROPN
ftr-349	693	33	.	.	PUNCT
ftr-349	694	1	working	work	VERB
ftr-349	694	2	paper	paper	PROPN
ftr-349	694	3	no	no	INTJ
ftr-349	694	4	.	.	PUNCT
ftr-349	694	5	2006	2006	NUM
ftr-349	694	6	-	-	SYM
ftr-349	694	7	26	26	NUM
ftr-349	694	8	)	)	PUNCT
ftr-349	694	9	,	,	PUNCT
ftr-349	694	10	ftp://snde.rutgers.edu/rutgers/wp/	ftp://snde.rutgers.edu/rutgers/wp/	PROPN
ftr-349	694	11	2006-26.pdf	2006-26.pdf	NUM
ftr-349	694	12	(	(	PUNCT
ftr-349	694	13	29	29	NUM
ftr-349	694	14	percent	percent	NOUN
ftr-349	694	15	effective	effective	ADJ
ftr-349	694	16	statutory	statutory	ADJ
ftr-349	694	17	rate	rate	NOUN
ftr-349	694	18	for	for	ADP
ftr-349	694	19	foreign	foreign	ADJ
ftr-349	694	20	subsidiaries	subsidiary	NOUN
ftr-349	694	21	in	in	ADP
ftr-349	694	22	2003	2003	NUM
ftr-349	694	23	)	)	PUNCT
ftr-349	694	24	.	.	PUNCT
ftr-349	695	1	see	see	VERB
ftr-349	695	2	infra	infra	NOUN
ftr-349	695	3	,	,	PUNCT
ftr-349	695	4	text	text	NOUN
ftr-349	695	5	at	at	ADP
ftr-349	695	6	notes	note	NOUN
ftr-349	695	7	127	127	NUM
ftr-349	695	8	-	-	SYM
ftr-349	695	9	130	130	NUM
ftr-349	695	10	for	for	ADP
ftr-349	695	11	2010	2010	NUM
ftr-349	695	12	figures	figure	NOUN
ftr-349	695	13	and	and	CCONJ
ftr-349	695	14	discussion	discussion	NOUN
ftr-349	695	15	.	.	PUNCT
ftr-349	696	1	2001	2001	NUM
ftr-349	696	2	]	]	PUNCT
ftr-349	696	3	stateless	stateless	NOUN
ftr-349	696	4	income	income	NOUN
ftr-349	696	5	741	741	NUM
ftr-349	696	6	statutory	statutory	ADJ
ftr-349	696	7	tax	tax	NOUN
ftr-349	696	8	rate	rate	NOUN
ftr-349	696	9	of	of	ADP
ftr-349	696	10	all	all	DET
ftr-349	696	11	the	the	DET
ftr-349	696	12	jurisdictions	jurisdiction	NOUN
ftr-349	696	13	in	in	ADP
ftr-349	696	14	which	which	PRON
ftr-349	696	15	it	it	PRON
ftr-349	696	16	did	do	VERB
ftr-349	696	17	business	business	NOUN
ftr-349	696	18	was	be	AUX
ftr-349	696	19	26.9	26.9	NUM
ftr-349	696	20	percent.100	percent.100	NOUN
ftr-349	696	21	some	some	PRON
ftr-349	696	22	of	of	ADP
ftr-349	696	23	the	the	DET
ftr-349	696	24	difference	difference	NOUN
ftr-349	696	25	between	between	ADP
ftr-349	696	26	statutory	statutory	ADJ
ftr-349	696	27	and	and	CCONJ
ftr-349	696	28	effective	effective	ADJ
ftr-349	696	29	tax	tax	NOUN
ftr-349	696	30	rates	rate	NOUN
ftr-349	696	31	can	can	AUX
ftr-349	696	32	be	be	AUX
ftr-349	696	33	explained	explain	VERB
ftr-349	696	34	by	by	ADP
ftr-349	696	35	tax	tax	NOUN
ftr-349	696	36	preferences	preference	NOUN
ftr-349	696	37	like	like	ADP
ftr-349	696	38	accelerated	accelerate	VERB
ftr-349	696	39	depreciation	depreciation	NOUN
ftr-349	696	40	,	,	PUNCT
ftr-349	696	41	but	but	CCONJ
ftr-349	696	42	it	it	PRON
ftr-349	696	43	is	be	AUX
ftr-349	696	44	highly	highly	ADV
ftr-349	696	45	improbable	improbable	ADJ
ftr-349	696	46	that	that	SCONJ
ftr-349	696	47	most	most	ADJ
ftr-349	696	48	can	can	AUX
ftr-349	696	49	be	be	AUX
ftr-349	696	50	.	.	PUNCT
ftr-349	697	1	to	to	ADP
ftr-349	697	2	the	the	DET
ftr-349	697	3	contrary	contrary	NOUN
ftr-349	697	4	,	,	PUNCT
ftr-349	697	5	the	the	DET
ftr-349	697	6	general	general	ADJ
ftr-349	697	7	trend	trend	NOUN
ftr-349	697	8	in	in	ADP
ftr-349	697	9	corporate	corporate	ADJ
ftr-349	697	10	tax	tax	NOUN
ftr-349	697	11	systems	system	NOUN
ftr-349	697	12	for	for	ADP
ftr-349	697	13	many	many	ADJ
ftr-349	697	14	years	year	NOUN
ftr-349	697	15	has	have	AUX
ftr-349	697	16	been	be	AUX
ftr-349	697	17	lower	low	ADJ
ftr-349	697	18	statutory	statutory	ADJ
ftr-349	697	19	rates	rate	NOUN
ftr-349	697	20	combined	combine	VERB
ftr-349	697	21	with	with	ADP
ftr-349	697	22	broader	broad	ADJ
ftr-349	697	23	bases	basis	NOUN
ftr-349	697	24	,	,	PUNCT
ftr-349	697	25	which	which	PRON
ftr-349	697	26	operate	operate	VERB
ftr-349	697	27	to	to	PART
ftr-349	697	28	reduce	reduce	VERB
ftr-349	697	29	the	the	DET
ftr-349	697	30	value	value	NOUN
ftr-349	697	31	of	of	ADP
ftr-349	697	32	tax	tax	NOUN
ftr-349	697	33	preferences.101	preferences.101	NOUN
ftr-349	697	34	and	and	CCONJ
ftr-349	697	35	the	the	DET
ftr-349	697	36	oecd	oecd	PROPN
ftr-349	697	37	’s	’s	PART
ftr-349	697	38	annual	annual	ADJ
ftr-349	697	39	statistical	statistical	ADJ
ftr-349	697	40	survey	survey	NOUN
ftr-349	697	41	shows	show	VERB
ftr-349	697	42	that	that	SCONJ
ftr-349	697	43	,	,	PUNCT
ftr-349	697	44	when	when	SCONJ
ftr-349	697	45	comparing	compare	VERB
ftr-349	697	46	1995	1995	NUM
ftr-349	697	47	to	to	ADP
ftr-349	697	48	2005	2005	NUM
ftr-349	697	49	,	,	PUNCT
ftr-349	697	50	corporate	corporate	ADJ
ftr-349	697	51	tax	tax	NOUN
ftr-349	697	52	revenues	revenue	NOUN
ftr-349	697	53	rose	rise	VERB
ftr-349	697	54	on	on	ADP
ftr-349	697	55	average	average	ADJ
ftr-349	697	56	across	across	ADP
ftr-349	697	57	the	the	DET
ftr-349	697	58	oecd	oecd	PROPN
ftr-349	697	59	member	member	NOUN
ftr-349	697	60	states	state	NOUN
ftr-349	697	61	,	,	PUNCT
ftr-349	697	62	both	both	CCONJ
ftr-349	697	63	as	as	ADP
ftr-349	697	64	a	a	DET
ftr-349	697	65	fraction	fraction	NOUN
ftr-349	697	66	of	of	ADP
ftr-349	697	67	country	country	NOUN
ftr-349	697	68	gdp	gdp	NOUN
ftr-349	697	69	and	and	CCONJ
ftr-349	697	70	as	as	ADP
ftr-349	697	71	a	a	DET
ftr-349	697	72	fraction	fraction	NOUN
ftr-349	697	73	of	of	ADP
ftr-349	697	74	country	country	NOUN
ftr-349	697	75	tax	tax	NOUN
ftr-349	697	76	revenues.102	revenues.102	NOUN
ftr-349	697	77	it	it	PRON
ftr-349	697	78	is	be	AUX
ftr-349	697	79	stateless	stateless	NOUN
ftr-349	697	80	income	income	NOUN
ftr-349	697	81	tax	tax	NOUN
ftr-349	697	82	planning	planning	NOUN
ftr-349	697	83	that	that	PRON
ftr-349	697	84	explains	explain	VERB
ftr-349	697	85	the	the	DET
ftr-349	697	86	success	success	NOUN
ftr-349	697	87	of	of	ADP
ftr-349	697	88	u.s	u.s	PROPN
ftr-349	697	89	.	.	PROPN
ftr-349	697	90	firms	firm	NOUN
ftr-349	697	91	in	in	ADP
ftr-349	697	92	reducing	reduce	VERB
ftr-349	697	93	their	their	PRON
ftr-349	697	94	average	average	ADJ
ftr-349	697	95	effective	effective	ADJ
ftr-349	697	96	foreign	foreign	ADJ
ftr-349	697	97	income	income	NOUN
ftr-349	697	98	tax	tax	NOUN
ftr-349	697	99	rate	rate	NOUN
ftr-349	697	100	in	in	ADP
ftr-349	697	101	the	the	DET
ftr-349	697	102	20022006	20022006	NUM
ftr-349	697	103	period	period	NOUN
ftr-349	697	104	to	to	ADP
ftr-349	697	105	the	the	DET
ftr-349	697	106	neighborhood	neighborhood	NOUN
ftr-349	697	107	of	of	ADP
ftr-349	697	108	16	16	NUM
ftr-349	697	109	percent	percent	NOUN
ftr-349	697	110	,	,	PUNCT
ftr-349	697	111	and	and	CCONJ
ftr-349	697	112	particularly	particularly	ADV
ftr-349	697	113	adroit	adroit	ADJ
ftr-349	697	114	firms	firm	NOUN
ftr-349	697	115	in	in	ADP
ftr-349	697	116	reducing	reduce	VERB
ftr-349	697	117	it	it	PRON
ftr-349	697	118	to	to	ADP
ftr-349	697	119	single	single	ADJ
ftr-349	697	120	digits	digit	NOUN
ftr-349	697	121	.	.	PUNCT
ftr-349	698	1	there	there	PRON
ftr-349	698	2	also	also	ADV
ftr-349	698	3	is	be	AUX
ftr-349	698	4	strong	strong	ADJ
ftr-349	698	5	circumstantial	circumstantial	ADJ
ftr-349	698	6	evidence	evidence	NOUN
ftr-349	698	7	of	of	ADP
ftr-349	698	8	stateless	stateless	NOUN
ftr-349	698	9	income	income	NOUN
ftr-349	698	10	tax	tax	NOUN
ftr-349	698	11	planning	planning	NOUN
ftr-349	698	12	in	in	ADP
ftr-349	698	13	the	the	DET
ftr-349	698	14	extraordinary	extraordinary	ADJ
ftr-349	698	15	magnitude	magnitude	NOUN
ftr-349	698	16	of	of	ADP
ftr-349	698	17	interest	interest	NOUN
ftr-349	698	18	and	and	CCONJ
ftr-349	698	19	royalty	royalty	NOUN
ftr-349	698	20	payments	payment	NOUN
ftr-349	698	21	made	make	VERB
ftr-349	698	22	by	by	ADP
ftr-349	698	23	u.s	u.s	PROPN
ftr-349	698	24	.	.	PROPN
ftr-349	698	25	firms	firm	NOUN
ftr-349	698	26	’	'	PUNCT
ftr-349	698	27	foreign	foreign	ADJ
ftr-349	698	28	subsidiaries	subsidiary	NOUN
ftr-349	698	29	(	(	PUNCT
ftr-349	698	30	technically	technically	ADV
ftr-349	698	31	,	,	PUNCT
ftr-349	698	32	controlled	control	VERB
ftr-349	698	33	foreign	foreign	ADJ
ftr-349	698	34	corporations	corporation	NOUN
ftr-349	698	35	)	)	PUNCT
ftr-349	698	36	to	to	ADP
ftr-349	698	37	other	other	ADJ
ftr-349	698	38	foreign	foreign	ADJ
ftr-349	698	39	subsidiaries	subsidiary	NOUN
ftr-349	698	40	.	.	PUNCT
ftr-349	699	1	table	table	NOUN
ftr-349	699	2	1	1	NUM
ftr-349	699	3	sets	set	VERB
ftr-349	699	4	out	out	ADP
ftr-349	699	5	the	the	DET
ftr-349	699	6	relevant	relevant	ADJ
ftr-349	699	7	data	datum	NOUN
ftr-349	699	8	for	for	ADP
ftr-349	699	9	2004	2004	NUM
ftr-349	699	10	and	and	CCONJ
ftr-349	699	11	2006	2006	NUM
ftr-349	699	12	(	(	PUNCT
ftr-349	699	13	the	the	DET
ftr-349	699	14	most	most	ADV
ftr-349	699	15	recent	recent	ADJ
ftr-349	699	16	year	year	NOUN
ftr-349	699	17	for	for	ADP
ftr-349	699	18	which	which	PRON
ftr-349	699	19	data	datum	NOUN
ftr-349	699	20	are	be	AUX
ftr-349	699	21	available	available	ADJ
ftr-349	699	22	)	)	PUNCT
ftr-349	699	23	,	,	PUNCT
ftr-349	699	24	as	as	SCONJ
ftr-349	699	25	prepared	prepare	VERB
ftr-349	699	26	by	by	ADP
ftr-349	699	27	the	the	DET
ftr-349	699	28	internal	internal	ADJ
ftr-349	699	29	revenue	revenue	NOUN
ftr-349	699	30	service	service	NOUN
ftr-349	699	31	statistics	statistic	NOUN
ftr-349	699	32	of	of	ADP
ftr-349	699	33	information	information	NOUN
ftr-349	699	34	division	division	NOUN
ftr-349	699	35	:	:	PUNCT
ftr-349	700	1	100	100	NUM
ftr-349	700	2	.	.	PUNCT
ftr-349	701	1	koninklijke	koninklijke	PROPN
ftr-349	701	2	philips	philips	PROPN
ftr-349	701	3	electronics	electronics	PROPN
ftr-349	701	4	n.v	n.v	PROPN
ftr-349	701	5	.	.	PROPN
ftr-349	701	6	,	,	PUNCT
ftr-349	701	7	2007	2007	NUM
ftr-349	701	8	annual	annual	ADJ
ftr-349	701	9	report	report	NOUN
ftr-349	701	10	,	,	PUNCT
ftr-349	701	11	note	note	VERB
ftr-349	701	12	6	6	NUM
ftr-349	701	13	to	to	ADP
ftr-349	701	14	us	us	PROPN
ftr-349	701	15	gaap	gaap	PROPN
ftr-349	701	16	financial	financial	ADJ
ftr-349	701	17	statements	statement	NOUN
ftr-349	701	18	&	&	CCONJ
ftr-349	701	19	note	note	VERB
ftr-349	701	20	42	42	NUM
ftr-349	701	21	to	to	ADP
ftr-349	701	22	ifrs	ifrs	ADJ
ftr-349	701	23	financial	financial	ADJ
ftr-349	701	24	statements	statement	NOUN
ftr-349	701	25	,	,	PUNCT
ftr-349	701	26	http://xbrl.rienks.biz/company/annualreport/koninklijke_philips_electronics_n.v./2	http://xbrl.rienks.biz/company/annualreport/koninklijke_philips_electronics_n.v./2	PROPN
ftr-349	701	27	007	007	NUM
ftr-349	701	28	.	.	PUNCT
ftr-349	702	1	the	the	DET
ftr-349	702	2	text	text	NOUN
ftr-349	702	3	returns	return	NOUN
ftr-349	702	4	to	to	ADP
ftr-349	702	5	philips	philip	NOUN
ftr-349	702	6	at	at	ADP
ftr-349	702	7	[	[	X
ftr-349	702	8	text	text	NOUN
ftr-349	702	9	at	at	ADP
ftr-349	702	10	note	note	NOUN
ftr-349	702	11	119	119	NUM
ftr-349	702	12	]	]	PUNCT
ftr-349	702	13	,	,	PUNCT
ftr-349	702	14	where	where	SCONJ
ftr-349	702	15	its	its	PRON
ftr-349	702	16	financial	financial	ADJ
ftr-349	702	17	statements	statement	NOUN
ftr-349	702	18	are	be	AUX
ftr-349	702	19	compared	compare	VERB
ftr-349	702	20	to	to	ADP
ftr-349	702	21	those	those	PRON
ftr-349	702	22	of	of	ADP
ftr-349	702	23	a	a	DET
ftr-349	702	24	u.s	u.s	PROPN
ftr-349	702	25	.	.	PROPN
ftr-349	702	26	competitor	competitor	NOUN
ftr-349	702	27	,	,	PUNCT
ftr-349	702	28	general	general	ADJ
ftr-349	702	29	electric	electric	ADJ
ftr-349	702	30	company	company	NOUN
ftr-349	702	31	.	.	PUNCT
ftr-349	703	1	101	101	NUM
ftr-349	703	2	.	.	PUNCT
ftr-349	704	1	johannes	johannes	PROPN
ftr-349	704	2	becker	becker	PROPN
ftr-349	704	3	&	&	CCONJ
ftr-349	704	4	clemens	clemens	PROPN
ftr-349	704	5	fuest	fu	ADJ
ftr-349	704	6	,	,	PUNCT
ftr-349	704	7	optimal	optimal	ADJ
ftr-349	704	8	tax	tax	NOUN
ftr-349	704	9	policy	policy	NOUN
ftr-349	704	10	when	when	SCONJ
ftr-349	704	11	firms	firm	NOUN
ftr-349	704	12	are	be	AUX
ftr-349	704	13	internationally	internationally	ADV
ftr-349	704	14	mobile	mobile	ADJ
ftr-349	704	15	,	,	PUNCT
ftr-349	704	16	(	(	PUNCT
ftr-349	704	17	oxford	oxford	PROPN
ftr-349	704	18	univ	univ	PROPN
ftr-349	704	19	.	.	PUNCT
ftr-349	705	1	centre	centre	PROPN
ftr-349	705	2	for	for	ADP
ftr-349	705	3	business	business	NOUN
ftr-349	705	4	tax’n	tax’n	NUM
ftr-349	705	5	,	,	PUNCT
ftr-349	705	6	working	work	VERB
ftr-349	705	7	paper	paper	NOUN
ftr-349	705	8	no	no	INTJ
ftr-349	705	9	.	.	PUNCT
ftr-349	706	1	09/07	09/07	NUM
ftr-349	706	2	)	)	PUNCT
ftr-349	706	3	,	,	PUNCT
ftr-349	707	1	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=863484	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=863484	PROPN
ftr-349	707	2	.	.	PROPN
ftr-349	707	3	becker	becker	PROPN
ftr-349	707	4	and	and	CCONJ
ftr-349	707	5	fuest	fu	ADJ
ftr-349	707	6	suggest	suggest	VERB
ftr-349	707	7	that	that	SCONJ
ftr-349	707	8	the	the	DET
ftr-349	707	9	optimal	optimal	ADJ
ftr-349	707	10	tax	tax	NOUN
ftr-349	707	11	strategy	strategy	NOUN
ftr-349	707	12	to	to	PART
ftr-349	707	13	address	address	VERB
ftr-349	707	14	the	the	DET
ftr-349	707	15	increasing	increase	VERB
ftr-349	707	16	mobility	mobility	NOUN
ftr-349	707	17	of	of	ADP
ftr-349	707	18	international	international	ADJ
ftr-349	707	19	firms	firm	NOUN
ftr-349	707	20	is	be	AUX
ftr-349	707	21	a	a	DET
ftr-349	707	22	tax	tax	NOUN
ftr-349	707	23	rate	rate	NOUN
ftr-349	707	24	cut	cut	NOUN
ftr-349	707	25	coupled	couple	VERB
ftr-349	707	26	with	with	ADP
ftr-349	707	27	a	a	DET
ftr-349	707	28	broadened	broaden	VERB
ftr-349	707	29	base	base	NOUN
ftr-349	707	30	.	.	PUNCT
ftr-349	708	1	102	102	NUM
ftr-349	708	2	.	.	PUNCT
ftr-349	709	1	oecd	oecd	PROPN
ftr-349	709	2	2008	2008	NUM
ftr-349	709	3	revenue	revenue	NOUN
ftr-349	709	4	statistics	statistic	NOUN
ftr-349	709	5	,	,	PUNCT
ftr-349	709	6	tables	table	VERB
ftr-349	709	7	12	12	NUM
ftr-349	709	8	and	and	CCONJ
ftr-349	709	9	13	13	NUM
ftr-349	709	10	.	.	PUNCT
ftr-349	710	1	http://www.oecdilibrary.org/taxation/revenue-statistics-2008_rev_stats-2008-en-fr	http://www.oecdilibrary.org/taxation/revenue-statistics-2008_rev_stats-2008-en-fr	PROPN
ftr-349	710	2	.	.	PUNCT
ftr-349	711	1	the	the	DET
ftr-349	711	2	figures	figure	NOUN
ftr-349	711	3	are	be	AUX
ftr-349	711	4	unweighted	unweighted	ADJ
ftr-349	711	5	averages	average	NOUN
ftr-349	711	6	.	.	PUNCT
ftr-349	712	1	in	in	ADP
ftr-349	712	2	most	most	ADJ
ftr-349	712	3	large	large	ADJ
ftr-349	712	4	economies	economy	NOUN
ftr-349	712	5	foreign	foreign	ADV
ftr-349	712	6	-	-	PUNCT
ftr-349	712	7	owned	own	VERB
ftr-349	712	8	domestic	domestic	ADJ
ftr-349	712	9	firms	firm	NOUN
ftr-349	712	10	are	be	AUX
ftr-349	712	11	a	a	DET
ftr-349	712	12	minority	minority	NOUN
ftr-349	712	13	of	of	ADP
ftr-349	712	14	the	the	DET
ftr-349	712	15	local	local	ADJ
ftr-349	712	16	economy	economy	NOUN
ftr-349	712	17	.	.	PUNCT
ftr-349	713	1	as	as	ADP
ftr-349	713	2	result	result	NOUN
ftr-349	713	3	,	,	PUNCT
ftr-349	713	4	these	these	DET
ftr-349	713	5	rising	rise	VERB
ftr-349	713	6	corporate	corporate	ADJ
ftr-349	713	7	tax	tax	NOUN
ftr-349	713	8	revenues	revenue	NOUN
ftr-349	713	9	can	can	AUX
ftr-349	713	10	be	be	AUX
ftr-349	713	11	explained	explain	VERB
ftr-349	713	12	by	by	ADP
ftr-349	713	13	increasing	increase	VERB
ftr-349	713	14	profitability	profitability	NOUN
ftr-349	713	15	of	of	ADP
ftr-349	713	16	domestically	domestically	ADV
ftr-349	713	17	–	–	PUNCT
ftr-349	713	18	owned	own	VERB
ftr-349	713	19	firms	firm	NOUN
ftr-349	713	20	,	,	PUNCT
ftr-349	713	21	or	or	CCONJ
ftr-349	713	22	increasing	increase	VERB
ftr-349	713	23	effective	effective	ADJ
ftr-349	713	24	tax	tax	NOUN
ftr-349	713	25	rates	rate	NOUN
ftr-349	713	26	on	on	ADP
ftr-349	713	27	them	they	PRON
ftr-349	713	28	.	.	PUNCT
ftr-349	714	1	http://xbrl.rienks.biz/company/annualreport/koninklijke_philips_electronics_n.v./2007	http://xbrl.rienks.biz/company/annualreport/koninklijke_philips_electronics_n.v./2007	X
ftr-349	714	2	http://xbrl.rienks.biz/company/annualreport/koninklijke_philips_electronics_n.v./2007	http://xbrl.rienks.biz/company/annualreport/koninklijke_philips_electronics_n.v./2007	PROPN
ftr-349	714	3	742	742	NUM
ftr-349	714	4	florida	florida	PROPN
ftr-349	714	5	tax	tax	NOUN
ftr-349	714	6	review	review	NOUN
ftr-349	715	1	[	[	X
ftr-349	715	2	vol	vol	NOUN
ftr-349	715	3	.	.	PUNCT
ftr-349	716	1	11:9	11:9	NUM
ftr-349	716	2	table	table	NOUN
ftr-349	716	3	1	1	NUM
ftr-349	716	4	:	:	PUNCT
ftr-349	716	5	royalty	royalty	NOUN
ftr-349	716	6	and	and	CCONJ
ftr-349	716	7	interest	interest	NOUN
ftr-349	716	8	paid	pay	VERB
ftr-349	716	9	by	by	ADP
ftr-349	716	10	controlled	control	VERB
ftr-349	716	11	foreign	foreign	ADJ
ftr-349	716	12	corporations103	corporations103	PROPN
ftr-349	716	13	rents	rent	NOUN
ftr-349	716	14	,	,	PUNCT
ftr-349	716	15	royalties	royalty	NOUN
ftr-349	716	16	&	&	CCONJ
ftr-349	716	17	license	license	NOUN
ftr-349	716	18	fees	fee	NOUN
ftr-349	716	19	interest	interest	NOUN
ftr-349	716	20	year	year	NOUN
ftr-349	716	21	paid	pay	VERB
ftr-349	716	22	to	to	ADP
ftr-349	716	23	us	we	PRON
ftr-349	716	24	related	relate	VERB
ftr-349	716	25	parties	party	NOUN
ftr-349	716	26	paid	pay	VERB
ftr-349	716	27	cfc	cfc	PROPN
ftr-349	716	28	to	to	ADP
ftr-349	716	29	cfc	cfc	PROPN
ftr-349	716	30	paid	pay	VERB
ftr-349	716	31	to	to	ADP
ftr-349	716	32	us	we	PRON
ftr-349	716	33	related	relate	VERB
ftr-349	716	34	parties	party	NOUN
ftr-349	716	35	paid	pay	VERB
ftr-349	716	36	cfc	cfc	PROPN
ftr-349	716	37	to	to	ADP
ftr-349	716	38	cfc	cfc	PROPN
ftr-349	716	39	2004	2004	NUM
ftr-349	716	40	$	$	SYM
ftr-349	716	41	59,275,141,484	59,275,141,484	NUM
ftr-349	716	42	$	$	SYM
ftr-349	716	43	13,489,657,755	13,489,657,755	NUM
ftr-349	716	44	$	$	SYM
ftr-349	716	45	12,419,547,764	12,419,547,764	NUM
ftr-349	716	46	$	$	SYM
ftr-349	716	47	42,039,808,030	42,039,808,030	NUM
ftr-349	716	48	2006	2006	NUM
ftr-349	716	49	$	$	SYM
ftr-349	716	50	66,719,388,821	66,719,388,821	NUM
ftr-349	716	51	$	$	SYM
ftr-349	716	52	12,659,524,687	12,659,524,687	NUM
ftr-349	716	53	$	$	SYM
ftr-349	716	54	25,139,162,746	25,139,162,746	NUM
ftr-349	716	55	$	$	SYM
ftr-349	716	56	67,012,282,063	67,012,282,063	NUM
ftr-349	716	57	as	as	SCONJ
ftr-349	716	58	can	can	AUX
ftr-349	716	59	be	be	AUX
ftr-349	716	60	seen	see	VERB
ftr-349	716	61	,	,	PUNCT
ftr-349	716	62	in	in	ADP
ftr-349	716	63	2006	2006	NUM
ftr-349	716	64	controlled	control	VERB
ftr-349	716	65	foreign	foreign	ADJ
ftr-349	716	66	corporations	corporation	NOUN
ftr-349	716	67	of	of	ADP
ftr-349	716	68	u.s	u.s	PROPN
ftr-349	716	69	.	.	PROPN
ftr-349	716	70	parent	parent	NOUN
ftr-349	716	71	firms	firm	NOUN
ftr-349	716	72	made	make	VERB
ftr-349	716	73	approximately	approximately	ADV
ftr-349	716	74	$	$	SYM
ftr-349	716	75	80	80	NUM
ftr-349	716	76	billion	billion	NUM
ftr-349	716	77	in	in	ADP
ftr-349	716	78	(	(	PUNCT
ftr-349	716	79	presumptively	presumptively	ADV
ftr-349	716	80	)	)	PUNCT
ftr-349	716	81	deductible	deductible	ADJ
ftr-349	716	82	royalty	royalty	NOUN
ftr-349	716	83	and	and	CCONJ
ftr-349	716	84	interest	interest	NOUN
ftr-349	716	85	payments	payment	NOUN
ftr-349	716	86	to	to	ADP
ftr-349	716	87	other	other	ADJ
ftr-349	716	88	controlled	control	VERB
ftr-349	716	89	foreign	foreign	ADJ
ftr-349	716	90	corporations	corporation	NOUN
ftr-349	716	91	.	.	PUNCT
ftr-349	717	1	and	and	CCONJ
ftr-349	717	2	this	this	DET
ftr-349	717	3	sum	sum	NOUN
ftr-349	717	4	in	in	ADP
ftr-349	717	5	turn	turn	NOUN
ftr-349	717	6	vastly	vastly	ADV
ftr-349	717	7	understates	understate	VERB
ftr-349	717	8	the	the	DET
ftr-349	717	9	actual	actual	ADJ
ftr-349	717	10	quantity	quantity	NOUN
ftr-349	717	11	of	of	ADP
ftr-349	717	12	such	such	ADJ
ftr-349	717	13	payments	payment	NOUN
ftr-349	717	14	,	,	PUNCT
ftr-349	717	15	because	because	SCONJ
ftr-349	717	16	it	it	PRON
ftr-349	717	17	completely	completely	ADV
ftr-349	717	18	ignores	ignore	VERB
ftr-349	717	19	payments	payment	NOUN
ftr-349	717	20	by	by	ADP
ftr-349	717	21	a	a	DET
ftr-349	717	22	“	"	PUNCT
ftr-349	717	23	disregarded	disregarded	ADJ
ftr-349	717	24	entity	entity	NOUN
ftr-349	717	25	”	"	PUNCT
ftr-349	717	26	—	—	PUNCT
ftr-349	717	27	a	a	DET
ftr-349	717	28	subsidiary	subsidiary	NOUN
ftr-349	717	29	of	of	ADP
ftr-349	717	30	a	a	DET
ftr-349	717	31	controlled	control	VERB
ftr-349	717	32	foreign	foreign	ADJ
ftr-349	717	33	corporation	corporation	NOUN
ftr-349	717	34	that	that	PRON
ftr-349	717	35	for	for	SCONJ
ftr-349	717	36	u.s	u.s	PROPN
ftr-349	717	37	.	.	PROPN
ftr-349	717	38	tax	tax	NOUN
ftr-349	717	39	purposes	purpose	NOUN
ftr-349	717	40	is	be	AUX
ftr-349	717	41	treated	treat	VERB
ftr-349	717	42	as	as	ADP
ftr-349	717	43	having	have	VERB
ftr-349	717	44	no	no	DET
ftr-349	717	45	separate	separate	ADJ
ftr-349	717	46	juridical	juridical	ADJ
ftr-349	717	47	existence	existence	NOUN
ftr-349	717	48	,	,	PUNCT
ftr-349	717	49	but	but	CCONJ
ftr-349	717	50	which	which	PRON
ftr-349	717	51	is	be	AUX
ftr-349	717	52	very	very	ADV
ftr-349	717	53	much	much	ADV
ftr-349	717	54	alive	alive	ADJ
ftr-349	717	55	and	and	CCONJ
ftr-349	717	56	counted	count	VERB
ftr-349	717	57	as	as	ADP
ftr-349	717	58	a	a	DET
ftr-349	717	59	company	company	NOUN
ftr-349	717	60	for	for	ADP
ftr-349	717	61	local	local	ADJ
ftr-349	717	62	tax	tax	NOUN
ftr-349	717	63	purposes	purpose	NOUN
ftr-349	717	64	.	.	PUNCT
ftr-349	718	1	the	the	DET
ftr-349	718	2	google	google	PROPN
ftr-349	718	3	facts	fact	NOUN
ftr-349	718	4	described	describe	VERB
ftr-349	718	5	earlier	early	ADV
ftr-349	718	6	are	be	AUX
ftr-349	718	7	a	a	DET
ftr-349	718	8	real	real	ADJ
ftr-349	718	9	life	life	NOUN
ftr-349	718	10	example	example	NOUN
ftr-349	718	11	of	of	ADP
ftr-349	718	12	enormous	enormous	ADJ
ftr-349	718	13	(	(	PUNCT
ftr-349	718	14	presumably	presumably	ADV
ftr-349	718	15	,	,	PUNCT
ftr-349	718	16	multi	multi	ADJ
ftr-349	718	17	-	-	ADJ
ftr-349	718	18	billion	billion	NUM
ftr-349	718	19	dollar	dollar	NOUN
ftr-349	718	20	)	)	PUNCT
ftr-349	718	21	royalty	royalty	NOUN
ftr-349	718	22	streams	stream	NOUN
ftr-349	718	23	among	among	ADP
ftr-349	718	24	foreign	foreign	ADJ
ftr-349	718	25	affiliates	affiliate	NOUN
ftr-349	718	26	of	of	ADP
ftr-349	718	27	a	a	DET
ftr-349	718	28	u.s	u.s	PROPN
ftr-349	718	29	.	.	PROPN
ftr-349	718	30	multinational	multinational	ADJ
ftr-349	718	31	group	group	NOUN
ftr-349	718	32	that	that	PRON
ftr-349	718	33	work	work	VERB
ftr-349	718	34	to	to	PART
ftr-349	718	35	accomplish	accomplish	VERB
ftr-349	718	36	stateless	stateless	NOUN
ftr-349	718	37	income	income	NOUN
ftr-349	718	38	goals	goal	NOUN
ftr-349	718	39	but	but	CCONJ
ftr-349	718	40	that	that	PRON
ftr-349	718	41	are	be	AUX
ftr-349	718	42	invisible	invisible	ADJ
ftr-349	718	43	for	for	ADP
ftr-349	718	44	u.s	u.s	PROPN
ftr-349	718	45	.	.	PROPN
ftr-349	718	46	tax	tax	NOUN
ftr-349	718	47	purposes	purpose	NOUN
ftr-349	718	48	.	.	PUNCT
ftr-349	719	1	as	as	ADP
ftr-349	719	2	another	another	DET
ftr-349	719	3	example	example	NOUN
ftr-349	719	4	,	,	PUNCT
ftr-349	719	5	if	if	SCONJ
ftr-349	719	6	an	an	DET
ftr-349	719	7	irish	irish	PROPN
ftr-349	719	8	controlled	control	VERB
ftr-349	719	9	foreign	foreign	ADJ
ftr-349	719	10	corporation	corporation	NOUN
ftr-349	719	11	owned	own	VERB
ftr-349	719	12	100	100	NUM
ftr-349	719	13	percent	percent	NOUN
ftr-349	719	14	of	of	ADP
ftr-349	719	15	a	a	DET
ftr-349	719	16	german	german	ADJ
ftr-349	719	17	second	second	ADJ
ftr-349	719	18	-	-	PUNCT
ftr-349	719	19	tier	tier	NOUN
ftr-349	719	20	subsidiary	subsidiary	NOUN
ftr-349	719	21	and	and	CCONJ
ftr-349	719	22	“	"	PUNCT
ftr-349	719	23	checked	check	VERB
ftr-349	719	24	the	the	DET
ftr-349	719	25	box	box	NOUN
ftr-349	719	26	”	"	PUNCT
ftr-349	719	27	with	with	ADP
ftr-349	719	28	respect	respect	NOUN
ftr-349	719	29	to	to	ADP
ftr-349	719	30	the	the	DET
ftr-349	719	31	german	german	ADJ
ftr-349	719	32	entity	entity	NOUN
ftr-349	719	33	,	,	PUNCT
ftr-349	719	34	for	for	ADP
ftr-349	719	35	u.s	u.s	PROPN
ftr-349	719	36	.	.	PROPN
ftr-349	719	37	tax	tax	NOUN
ftr-349	719	38	purposes	purpose	NOUN
ftr-349	719	39	the	the	DET
ftr-349	719	40	separate	separate	ADJ
ftr-349	719	41	existence	existence	NOUN
ftr-349	719	42	of	of	ADP
ftr-349	719	43	the	the	DET
ftr-349	719	44	german	german	ADJ
ftr-349	719	45	company	company	NOUN
ftr-349	719	46	would	would	AUX
ftr-349	719	47	terminate	terminate	VERB
ftr-349	719	48	and	and	CCONJ
ftr-349	719	49	the	the	DET
ftr-349	719	50	irish	irish	ADJ
ftr-349	719	51	corporation	corporation	NOUN
ftr-349	719	52	in	in	ADP
ftr-349	719	53	turn	turn	NOUN
ftr-349	719	54	would	would	AUX
ftr-349	719	55	be	be	AUX
ftr-349	719	56	viewed	view	VERB
ftr-349	719	57	as	as	ADP
ftr-349	719	58	directly	directly	ADV
ftr-349	719	59	engaged	engage	VERB
ftr-349	719	60	in	in	ADP
ftr-349	719	61	business	business	NOUN
ftr-349	719	62	in	in	ADP
ftr-349	719	63	germany	germany	PROPN
ftr-349	719	64	through	through	ADP
ftr-349	719	65	a	a	DET
ftr-349	719	66	branch	branch	NOUN
ftr-349	719	67	operation	operation	NOUN
ftr-349	719	68	.	.	PUNCT
ftr-349	720	1	when	when	SCONJ
ftr-349	720	2	the	the	DET
ftr-349	720	3	german	german	ADJ
ftr-349	720	4	company	company	NOUN
ftr-349	720	5	paid	pay	VERB
ftr-349	720	6	interest	interest	NOUN
ftr-349	720	7	or	or	CCONJ
ftr-349	720	8	royalties	royalty	NOUN
ftr-349	720	9	to	to	ADP
ftr-349	720	10	its	its	PRON
ftr-349	720	11	irish	irish	ADJ
ftr-349	720	12	parent	parent	NOUN
ftr-349	720	13	,	,	PUNCT
ftr-349	720	14	those	those	DET
ftr-349	720	15	payments	payment	NOUN
ftr-349	720	16	generally	generally	ADV
ftr-349	720	17	would	would	AUX
ftr-349	720	18	be	be	AUX
ftr-349	720	19	deductible	deductible	ADJ
ftr-349	720	20	for	for	ADP
ftr-349	720	21	german	german	ADJ
ftr-349	720	22	tax	tax	NOUN
ftr-349	720	23	purposes	purpose	NOUN
ftr-349	720	24	(	(	PUNCT
ftr-349	720	25	the	the	DET
ftr-349	720	26	relevant	relevant	ADJ
ftr-349	720	27	inquiry	inquiry	NOUN
ftr-349	720	28	for	for	ADP
ftr-349	720	29	stateless	stateless	NOUN
ftr-349	720	30	income	income	NOUN
ftr-349	720	31	purposes	purpose	NOUN
ftr-349	720	32	)	)	PUNCT
ftr-349	720	33	,	,	PUNCT
ftr-349	720	34	but	but	CCONJ
ftr-349	720	35	would	would	AUX
ftr-349	720	36	be	be	AUX
ftr-349	720	37	invisible	invisible	ADJ
ftr-349	720	38	in	in	ADP
ftr-349	720	39	the	the	DET
ftr-349	720	40	data	datum	NOUN
ftr-349	720	41	collected	collect	VERB
ftr-349	720	42	by	by	ADP
ftr-349	720	43	the	the	DET
ftr-349	720	44	internal	internal	ADJ
ftr-349	720	45	revenue	revenue	NOUN
ftr-349	720	46	service	service	NOUN
ftr-349	720	47	and	and	CCONJ
ftr-349	720	48	summarized	summarize	VERB
ftr-349	720	49	above	above	ADV
ftr-349	720	50	.	.	PUNCT
ftr-349	721	1	the	the	DET
ftr-349	721	2	other	other	ADJ
ftr-349	721	3	factor	factor	NOUN
ftr-349	721	4	pointing	pointing	NOUN
ftr-349	721	5	to	to	ADP
ftr-349	721	6	widespread	widespread	ADJ
ftr-349	721	7	stateless	stateless	NOUN
ftr-349	721	8	income	income	NOUN
ftr-349	721	9	tax	tax	NOUN
ftr-349	721	10	planning	planning	NOUN
ftr-349	721	11	is	be	AUX
ftr-349	721	12	the	the	DET
ftr-349	721	13	often	often	ADV
ftr-349	721	14	-	-	PUNCT
ftr-349	721	15	observed	observe	VERB
ftr-349	721	16	importance	importance	NOUN
ftr-349	721	17	of	of	ADP
ftr-349	721	18	a	a	DET
ftr-349	721	19	handful	handful	NOUN
ftr-349	721	20	of	of	ADP
ftr-349	721	21	very	very	ADV
ftr-349	721	22	low	low	ADJ
ftr-349	721	23	-	-	PUNCT
ftr-349	721	24	tax	tax	NOUN
ftr-349	721	25	jurisdictions	jurisdiction	NOUN
ftr-349	721	26	,	,	PUNCT
ftr-349	721	27	such	such	ADJ
ftr-349	721	28	as	as	ADP
ftr-349	721	29	ireland	ireland	PROPN
ftr-349	721	30	,	,	PUNCT
ftr-349	721	31	singapore	singapore	PROPN
ftr-349	721	32	,	,	PUNCT
ftr-349	721	33	switzerland	switzerland	PROPN
ftr-349	721	34	,	,	PUNCT
ftr-349	721	35	bermuda	bermuda	PROPN
ftr-349	721	36	,	,	PUNCT
ftr-349	721	37	and	and	CCONJ
ftr-349	721	38	the	the	DET
ftr-349	721	39	cayman	cayman	NOUN
ftr-349	721	40	islands	island	VERB
ftr-349	721	41	in	in	ADP
ftr-349	721	42	explaining	explain	VERB
ftr-349	721	43	the	the	DET
ftr-349	721	44	foreign	foreign	ADJ
ftr-349	721	45	effective	effective	ADJ
ftr-349	721	46	corporate	corporate	ADJ
ftr-349	721	47	income	income	NOUN
ftr-349	721	48	tax	tax	NOUN
ftr-349	721	49	rates	rate	NOUN
ftr-349	721	50	of	of	ADP
ftr-349	721	51	u.s	u.s	PROPN
ftr-349	721	52	.	.	PROPN
ftr-349	721	53	firms.104	firms.104	PROPN
ftr-349	721	54	this	this	DET
ftr-349	721	55	concentration	concentration	NOUN
ftr-349	721	56	of	of	ADP
ftr-349	721	57	u.s	u.s	PROPN
ftr-349	721	58	.	.	PROPN
ftr-349	721	59	multinational	multinational	ADJ
ftr-349	721	60	firms	firm	NOUN
ftr-349	721	61	’	'	PUNCT
ftr-349	721	62	103	103	NUM
ftr-349	721	63	.	.	PUNCT
ftr-349	722	1	electronic	electronic	ADJ
ftr-349	722	2	communication	communication	NOUN
ftr-349	722	3	from	from	ADP
ftr-349	722	4	the	the	DET
ftr-349	722	5	u.s	u.s	PROPN
ftr-349	722	6	.	.	PROPN
ftr-349	722	7	internal	internal	PROPN
ftr-349	722	8	revenue	revenue	NOUN
ftr-349	722	9	service	service	NOUN
ftr-349	722	10	,	,	PUNCT
ftr-349	722	11	statistics	statistic	NOUN
ftr-349	722	12	of	of	ADP
ftr-349	722	13	information	information	NOUN
ftr-349	722	14	division	division	NOUN
ftr-349	722	15	(	(	PUNCT
ftr-349	722	16	sept	sept	PROPN
ftr-349	722	17	.	.	PROPN
ftr-349	722	18	27	27	NUM
ftr-349	722	19	,	,	PUNCT
ftr-349	722	20	2010	2010	NUM
ftr-349	722	21	)	)	PUNCT
ftr-349	722	22	(	(	PUNCT
ftr-349	722	23	on	on	ADP
ftr-349	722	24	file	file	NOUN
ftr-349	722	25	with	with	ADP
ftr-349	722	26	the	the	DET
ftr-349	722	27	author	author	NOUN
ftr-349	722	28	)	)	PUNCT
ftr-349	722	29	.	.	PUNCT
ftr-349	723	1	104	104	NUM
ftr-349	723	2	.	.	PUNCT
ftr-349	724	1	clausing	clausing	NOUN
ftr-349	724	2	,	,	PUNCT
ftr-349	724	3	revenue	revenue	NOUN
ftr-349	724	4	effects	effect	NOUN
ftr-349	724	5	,	,	PUNCT
ftr-349	724	6	supra	supra	PROPN
ftr-349	724	7	note	note	NOUN
ftr-349	724	8	71	71	NUM
ftr-349	724	9	(	(	PUNCT
ftr-349	724	10	showing	show	VERB
ftr-349	724	11	importance	importance	NOUN
ftr-349	724	12	of	of	ADP
ftr-349	724	13	ireland	ireland	PROPN
ftr-349	724	14	,	,	PUNCT
ftr-349	724	15	luxembourg	luxembourg	PROPN
ftr-349	724	16	,	,	PUNCT
ftr-349	724	17	bermuda	bermuda	PROPN
ftr-349	724	18	,	,	PUNCT
ftr-349	724	19	switzerland	switzerland	PROPN
ftr-349	724	20	and	and	CCONJ
ftr-349	724	21	other	other	ADJ
ftr-349	724	22	low	low	ADJ
ftr-349	724	23	-	-	PUNCT
ftr-349	724	24	tax	tax	NOUN
ftr-349	724	25	countries	country	NOUN
ftr-349	724	26	as	as	ADP
ftr-349	724	27	the	the	DET
ftr-349	724	28	situs	situs	PROPN
ftr-349	724	29	of	of	ADP
ftr-349	724	30	u.s.-domiciled	u.s.-domiciled	ADJ
ftr-349	724	31	multinational	multinational	ADJ
ftr-349	724	32	firms	firm	NOUN
ftr-349	724	33	’	’	PART
ftr-349	724	34	profits	profit	NOUN
ftr-349	724	35	)	)	PUNCT
ftr-349	724	36	;	;	PUNCT
ftr-349	725	1	martin	martin	PROPN
ftr-349	725	2	sullivan	sullivan	PROPN
ftr-349	725	3	,	,	PUNCT
ftr-349	725	4	extraordinary	extraordinary	ADJ
ftr-349	725	5	profitability	profitability	NOUN
ftr-349	725	6	in	in	ADP
ftr-349	725	7	low	low	ADJ
ftr-349	725	8	-	-	PUNCT
ftr-349	725	9	tax	tax	NOUN
ftr-349	725	10	countries	country	NOUN
ftr-349	725	11	,	,	PUNCT
ftr-349	725	12	120	120	NUM
ftr-349	725	13	tax	tax	NOUN
ftr-349	725	14	notes	note	NOUN
ftr-349	725	15	724	724	NUM
ftr-349	725	16	(	(	PUNCT
ftr-349	725	17	august	august	PROPN
ftr-349	725	18	25	25	NUM
ftr-349	725	19	,	,	PUNCT
ftr-349	725	20	2008	2008	NUM
ftr-349	725	21	)	)	PUNCT
ftr-349	725	22	(	(	PUNCT
ftr-349	725	23	“	"	PUNCT
ftr-349	725	24	lowtax	lowtax	PROPN
ftr-349	725	25	ireland	ireland	PROPN
ftr-349	725	26	is	be	AUX
ftr-349	725	27	particularly	particularly	ADV
ftr-349	725	28	prone	prone	ADJ
ftr-349	725	29	to	to	ADP
ftr-349	725	30	high	high	ADJ
ftr-349	725	31	profitability	profitability	NOUN
ftr-349	725	32	.	.	PUNCT
ftr-349	725	33	”	"	PUNCT
ftr-349	725	34	)	)	PUNCT
ftr-349	725	35	;	;	PUNCT
ftr-349	725	36	martin	martin	PROPN
ftr-349	725	37	sullivan	sullivan	PROPN
ftr-349	725	38	,	,	PUNCT
ftr-349	725	39	u.s	u.s	PROPN
ftr-349	725	40	.	.	PROPN
ftr-349	725	41	2001	2001	NUM
ftr-349	725	42	]	]	PUNCT
ftr-349	725	43	stateless	stateless	NOUN
ftr-349	725	44	income	income	NOUN
ftr-349	725	45	743	743	NUM
ftr-349	725	46	reported	report	VERB
ftr-349	725	47	incomes	income	NOUN
ftr-349	725	48	in	in	ADP
ftr-349	725	49	a	a	DET
ftr-349	725	50	handful	handful	NOUN
ftr-349	725	51	of	of	ADP
ftr-349	725	52	relatively	relatively	ADV
ftr-349	725	53	small	small	ADJ
ftr-349	725	54	foreign	foreign	ADJ
ftr-349	725	55	economies	economy	NOUN
ftr-349	725	56	whose	whose	DET
ftr-349	725	57	only	only	ADJ
ftr-349	725	58	common	common	ADJ
ftr-349	725	59	feature	feature	NOUN
ftr-349	725	60	is	be	AUX
ftr-349	725	61	their	their	PRON
ftr-349	725	62	low	low	ADJ
ftr-349	725	63	tax	tax	NOUN
ftr-349	725	64	rates	rate	NOUN
ftr-349	725	65	belies	belie	VERB
ftr-349	725	66	the	the	DET
ftr-349	725	67	notion	notion	NOUN
ftr-349	725	68	that	that	SCONJ
ftr-349	725	69	u.s	u.s	PROPN
ftr-349	725	70	.	.	PROPN
ftr-349	725	71	firms	firm	NOUN
ftr-349	725	72	’	'	PUNCT
ftr-349	725	73	low	low	ADJ
ftr-349	725	74	effective	effective	ADJ
ftr-349	725	75	foreign	foreign	ADJ
ftr-349	725	76	tax	tax	NOUN
ftr-349	725	77	rates	rate	NOUN
ftr-349	725	78	in	in	ADP
ftr-349	725	79	the	the	DET
ftr-349	725	80	2002	2002	NUM
ftr-349	725	81	-	-	SYM
ftr-349	725	82	06	06	NUM
ftr-349	725	83	period	period	NOUN
ftr-349	725	84	were	be	AUX
ftr-349	725	85	attributable	attributable	ADJ
ftr-349	725	86	simply	simply	ADV
ftr-349	725	87	to	to	ADP
ftr-349	725	88	tax	tax	NOUN
ftr-349	725	89	preferences	preference	NOUN
ftr-349	725	90	that	that	PRON
ftr-349	725	91	were	be	AUX
ftr-349	725	92	generally	generally	ADV
ftr-349	725	93	available	available	ADJ
ftr-349	725	94	in	in	ADP
ftr-349	725	95	high	high	ADJ
ftr-349	725	96	-	-	PUNCT
ftr-349	725	97	tax	tax	NOUN
ftr-349	725	98	countries	country	NOUN
ftr-349	725	99	.	.	PUNCT
ftr-349	726	1	harry	harry	PROPN
ftr-349	726	2	grubert	grubert	PROPN
ftr-349	726	3	’s	’s	PART
ftr-349	726	4	most	most	ADV
ftr-349	726	5	recent	recent	ADJ
ftr-349	726	6	paper	paper	NOUN
ftr-349	726	7	is	be	AUX
ftr-349	726	8	not	not	PART
ftr-349	726	9	an	an	DET
ftr-349	726	10	inquiry	inquiry	NOUN
ftr-349	726	11	into	into	ADP
ftr-349	726	12	the	the	DET
ftr-349	726	13	constituent	constituent	ADJ
ftr-349	726	14	parts	part	NOUN
ftr-349	726	15	of	of	ADP
ftr-349	726	16	stateless	stateless	NOUN
ftr-349	726	17	income	income	NOUN
ftr-349	726	18	as	as	ADP
ftr-349	726	19	such	such	ADJ
ftr-349	726	20	;	;	PUNCT
ftr-349	726	21	instead	instead	ADV
ftr-349	726	22	,	,	PUNCT
ftr-349	726	23	it	it	PRON
ftr-349	726	24	studies	study	VERB
ftr-349	726	25	the	the	DET
ftr-349	726	26	factors	factor	NOUN
ftr-349	726	27	that	that	PRON
ftr-349	726	28	explain	explain	VERB
ftr-349	726	29	the	the	DET
ftr-349	726	30	surge	surge	NOUN
ftr-349	726	31	in	in	ADP
ftr-349	726	32	the	the	DET
ftr-349	726	33	foreign	foreign	ADJ
ftr-349	726	34	share	share	NOUN
ftr-349	726	35	of	of	ADP
ftr-349	726	36	the	the	DET
ftr-349	726	37	worldwide	worldwide	ADJ
ftr-349	726	38	income	income	NOUN
ftr-349	726	39	of	of	ADP
ftr-349	726	40	u.s	u.s	PROPN
ftr-349	726	41	.	.	PROPN
ftr-349	726	42	multinationals	multinational	NOUN
ftr-349	726	43	from	from	ADP
ftr-349	726	44	1996	1996	NUM
ftr-349	726	45	(	(	PUNCT
ftr-349	726	46	when	when	SCONJ
ftr-349	726	47	the	the	DET
ftr-349	726	48	foreign	foreign	ADJ
ftr-349	726	49	share	share	NOUN
ftr-349	726	50	of	of	ADP
ftr-349	726	51	worldwide	worldwide	ADJ
ftr-349	726	52	income	income	NOUN
ftr-349	726	53	of	of	ADP
ftr-349	726	54	u.s	u.s	PROPN
ftr-349	726	55	.	.	PROPN
ftr-349	726	56	firms	firm	NOUN
ftr-349	726	57	stood	stand	VERB
ftr-349	726	58	at	at	ADP
ftr-349	726	59	37.1	37.1	NUM
ftr-349	726	60	percent	percent	NOUN
ftr-349	726	61	)	)	PUNCT
ftr-349	726	62	to	to	ADP
ftr-349	726	63	2004	2004	NUM
ftr-349	726	64	(	(	PUNCT
ftr-349	726	65	when	when	SCONJ
ftr-349	726	66	the	the	DET
ftr-349	726	67	foreign	foreign	ADJ
ftr-349	726	68	share	share	NOUN
ftr-349	726	69	reached	reach	VERB
ftr-349	726	70	51.1	51.1	NUM
ftr-349	726	71	percent).105	percent).105	NOUN
ftr-349	726	72	nonetheless	nonetheless	ADV
ftr-349	726	73	,	,	PUNCT
ftr-349	726	74	in	in	ADP
ftr-349	726	75	the	the	DET
ftr-349	726	76	course	course	NOUN
ftr-349	726	77	of	of	ADP
ftr-349	726	78	his	his	PRON
ftr-349	726	79	analysis	analysis	NOUN
ftr-349	726	80	,	,	PUNCT
ftr-349	726	81	grubert	grubert	NOUN
ftr-349	726	82	identifies	identify	VERB
ftr-349	726	83	several	several	ADJ
ftr-349	726	84	themes	theme	NOUN
ftr-349	726	85	consistent	consistent	ADJ
ftr-349	726	86	with	with	ADP
ftr-349	726	87	the	the	DET
ftr-349	726	88	pervasive	pervasive	ADJ
ftr-349	726	89	presence	presence	NOUN
ftr-349	726	90	of	of	ADP
ftr-349	726	91	stateless	stateless	NOUN
ftr-349	726	92	income	income	NOUN
ftr-349	726	93	tax	tax	NOUN
ftr-349	726	94	planning	planning	NOUN
ftr-349	726	95	in	in	ADP
ftr-349	726	96	general	general	ADJ
ftr-349	726	97	.	.	PUNCT
ftr-349	727	1	for	for	ADP
ftr-349	727	2	example	example	NOUN
ftr-349	727	3	,	,	PUNCT
ftr-349	727	4	grubert	grubert	NOUN
ftr-349	727	5	attributes	attribute	VERB
ftr-349	727	6	about	about	ADV
ftr-349	727	7	2	2	NUM
ftr-349	727	8	percentage	percentage	NOUN
ftr-349	727	9	points	point	NOUN
ftr-349	727	10	of	of	ADP
ftr-349	727	11	the	the	DET
ftr-349	727	12	5.4	5.4	NUM
ftr-349	727	13	percentage	percentage	NOUN
ftr-349	727	14	point	point	NOUN
ftr-349	727	15	decline	decline	NOUN
ftr-349	727	16	in	in	ADP
ftr-349	727	17	foreign	foreign	ADJ
ftr-349	727	18	effective	effective	ADJ
ftr-349	727	19	tax	tax	NOUN
ftr-349	727	20	rates	rate	NOUN
ftr-349	727	21	from	from	ADP
ftr-349	727	22	1996	1996	NUM
ftr-349	727	23	to	to	ADP
ftr-349	727	24	2004	2004	NUM
ftr-349	727	25	to	to	ADP
ftr-349	727	26	the	the	DET
ftr-349	727	27	implementation	implementation	NOUN
ftr-349	727	28	of	of	ADP
ftr-349	727	29	check	check	NOUN
ftr-349	727	30	-	-	PUNCT
ftr-349	727	31	the	the	DET
ftr-349	727	32	-	-	PUNCT
ftr-349	727	33	box	box	NOUN
ftr-349	727	34	strategies.106	strategies.106	PROPN
ftr-349	727	35	and	and	CCONJ
ftr-349	727	36	more	more	ADV
ftr-349	727	37	generally	generally	ADV
ftr-349	727	38	,	,	PUNCT
ftr-349	727	39	he	he	PRON
ftr-349	727	40	finds	find	VERB
ftr-349	727	41	evidence	evidence	NOUN
ftr-349	727	42	that	that	SCONJ
ftr-349	727	43	lower	low	ADJ
ftr-349	727	44	tax	tax	NOUN
ftr-349	727	45	rates	rate	NOUN
ftr-349	727	46	abroad	abroad	ADV
ftr-349	727	47	are	be	AUX
ftr-349	727	48	positively	positively	ADV
ftr-349	727	49	correlated	correlate	VERB
ftr-349	727	50	not	not	PART
ftr-349	727	51	only	only	ADV
ftr-349	727	52	with	with	ADP
ftr-349	727	53	a	a	DET
ftr-349	727	54	larger	large	ADJ
ftr-349	727	55	foreign	foreign	ADJ
ftr-349	727	56	portion	portion	NOUN
ftr-349	727	57	of	of	ADP
ftr-349	727	58	a	a	DET
ftr-349	727	59	firm	firm	NOUN
ftr-349	727	60	’s	’s	PART
ftr-349	727	61	worldwide	worldwide	ADJ
ftr-349	727	62	income	income	NOUN
ftr-349	727	63	,	,	PUNCT
ftr-349	727	64	but	but	CCONJ
ftr-349	727	65	also	also	ADV
ftr-349	727	66	with	with	ADP
ftr-349	727	67	higher	high	ADJ
ftr-349	727	68	profit	profit	NOUN
ftr-349	727	69	margins	margin	NOUN
ftr-349	727	70	on	on	ADP
ftr-349	727	71	sales	sale	NOUN
ftr-349	727	72	abroad	abroad	ADV
ftr-349	727	73	,	,	PUNCT
ftr-349	727	74	and	and	CCONJ
ftr-349	727	75	lower	low	ADJ
ftr-349	727	76	profit	profit	NOUN
ftr-349	727	77	margins	margin	NOUN
ftr-349	727	78	domestically.107	domestically.107	VERB
ftr-349	727	79	the	the	DET
ftr-349	727	80	fruits	fruit	NOUN
ftr-349	727	81	of	of	ADP
ftr-349	727	82	stateless	stateless	NOUN
ftr-349	727	83	income	income	NOUN
ftr-349	727	84	tax	tax	NOUN
ftr-349	727	85	planning	planning	NOUN
ftr-349	727	86	are	be	AUX
ftr-349	727	87	that	that	SCONJ
ftr-349	727	88	by	by	ADP
ftr-349	727	89	mid-2011	mid-2011	ADJ
ftr-349	727	90	foreign	foreign	ADJ
ftr-349	727	91	subsidiaries	subsidiary	NOUN
ftr-349	727	92	of	of	ADP
ftr-349	727	93	u.s	u.s	PROPN
ftr-349	727	94	.	.	PROPN
ftr-349	727	95	firms	firm	NOUN
ftr-349	727	96	held	hold	VERB
ftr-349	727	97	about	about	ADV
ftr-349	727	98	$	$	SYM
ftr-349	727	99	1.4	1.4	NUM
ftr-349	727	100	trillion	trillion	NUM
ftr-349	727	101	in	in	ADP
ftr-349	727	102	retained	retain	VERB
ftr-349	727	103	lowtaxed	lowtaxed	ADJ
ftr-349	727	104	earnings	earning	NOUN
ftr-349	727	105	(	(	PUNCT
ftr-349	727	106	net	net	NOUN
ftr-349	727	107	of	of	ADP
ftr-349	727	108	the	the	DET
ftr-349	727	109	$	$	SYM
ftr-349	727	110	312	312	NUM
ftr-349	727	111	billion	billion	NUM
ftr-349	727	112	in	in	ADP
ftr-349	727	113	special	special	ADJ
ftr-349	727	114	dividends	dividend	NOUN
ftr-349	727	115	that	that	PRON
ftr-349	727	116	qualified	qualify	VERB
ftr-349	727	117	for	for	ADP
ftr-349	727	118	the	the	DET
ftr-349	727	119	one	one	NUM
ftr-349	727	120	-	-	PUNCT
ftr-349	727	121	year	year	NOUN
ftr-349	727	122	repatriation	repatriation	NOUN
ftr-349	727	123	holiday	holiday	NOUN
ftr-349	727	124	afforded	afford	VERB
ftr-349	727	125	by	by	ADP
ftr-349	727	126	section	section	NOUN
ftr-349	727	127	965	965	NUM
ftr-349	727	128	of	of	ADP
ftr-349	727	129	the	the	DET
ftr-349	727	130	internal	internal	ADJ
ftr-349	727	131	revenue	revenue	NOUN
ftr-349	727	132	code).108	code).108	VERB
ftr-349	727	133	to	to	ADP
ftr-349	727	134	the	the	DET
ftr-349	727	135	same	same	ADJ
ftr-349	727	136	effect	effect	NOUN
ftr-349	727	137	,	,	PUNCT
ftr-349	727	138	grubert	grubert	NOUN
ftr-349	727	139	,	,	PUNCT
ftr-349	727	140	in	in	ADP
ftr-349	727	141	the	the	DET
ftr-349	727	142	recent	recent	ADJ
ftr-349	727	143	study	study	NOUN
ftr-349	727	144	summarized	summarize	VERB
ftr-349	727	145	earlier	early	ADV
ftr-349	727	146	,	,	PUNCT
ftr-349	727	147	found	find	VERB
ftr-349	727	148	that	that	SCONJ
ftr-349	727	149	,	,	PUNCT
ftr-349	727	150	from	from	ADP
ftr-349	727	151	1996	1996	NUM
ftr-349	727	152	to	to	ADP
ftr-349	727	153	2004	2004	NUM
ftr-349	727	154	(	(	PUNCT
ftr-349	727	155	i.e.	i.e.	X
ftr-349	727	156	,	,	PUNCT
ftr-349	727	157	in	in	ADP
ftr-349	727	158	the	the	DET
ftr-349	727	159	period	period	NOUN
ftr-349	727	160	immediately	immediately	ADV
ftr-349	727	161	preceding	precede	VERB
ftr-349	727	162	the	the	DET
ftr-349	727	163	one	one	NUM
ftr-349	727	164	-	-	PUNCT
ftr-349	727	165	time	time	NOUN
ftr-349	727	166	repatriation	repatriation	NOUN
ftr-349	727	167	tax	tax	NOUN
ftr-349	727	168	holiday	holiday	NOUN
ftr-349	727	169	)	)	PUNCT
ftr-349	727	170	,	,	PUNCT
ftr-349	727	171	the	the	DET
ftr-349	727	172	share	share	NOUN
ftr-349	727	173	of	of	ADP
ftr-349	727	174	multinationals	multinational	NOUN
ftr-349	727	175	shifting	shift	VERB
ftr-349	727	176	profits	profit	NOUN
ftr-349	727	177	out	out	ADP
ftr-349	727	178	of	of	ADP
ftr-349	727	179	the	the	DET
ftr-349	727	180	united	united	PROPN
ftr-349	727	181	states	states	PROPN
ftr-349	727	182	,	,	PUNCT
ftr-349	727	183	tax	tax	NOUN
ftr-349	727	184	notes	note	NOUN
ftr-349	727	185	,	,	PUNCT
ftr-349	727	186	march	march	PROPN
ftr-349	727	187	10	10	NUM
ftr-349	727	188	,	,	PUNCT
ftr-349	727	189	2008	2008	NUM
ftr-349	727	190	;	;	PUNCT
ftr-349	727	191	martin	martin	PROPN
ftr-349	727	192	sullivan	sullivan	PROPN
ftr-349	727	193	,	,	PUNCT
ftr-349	727	194	a	a	DET
ftr-349	727	195	challenge	challenge	NOUN
ftr-349	727	196	to	to	ADP
ftr-349	727	197	conventional	conventional	ADJ
ftr-349	727	198	tax	tax	NOUN
ftr-349	727	199	wisdom	wisdom	NOUN
ftr-349	727	200	,	,	PUNCT
ftr-349	727	201	44	44	NUM
ftr-349	727	202	tax	tax	NOUN
ftr-349	727	203	notes	note	NOUN
ftr-349	727	204	int’l	int’l	NOUN
ftr-349	727	205	841	841	NUM
ftr-349	727	206	(	(	PUNCT
ftr-349	727	207	dec	dec	PROPN
ftr-349	727	208	.	.	PROPN
ftr-349	727	209	11	11	NUM
ftr-349	727	210	,	,	PUNCT
ftr-349	727	211	2006	2006	NUM
ftr-349	727	212	)	)	PUNCT
ftr-349	727	213	(	(	PUNCT
ftr-349	727	214	30	30	NUM
ftr-349	727	215	percent	percent	NOUN
ftr-349	727	216	of	of	ADP
ftr-349	727	217	the	the	DET
ftr-349	727	218	pre	pre	ADJ
ftr-349	727	219	-	-	ADJ
ftr-349	727	220	tax	tax	ADJ
ftr-349	727	221	profits	profit	NOUN
ftr-349	727	222	of	of	ADP
ftr-349	727	223	foreign	foreign	ADJ
ftr-349	727	224	affiliates	affiliate	NOUN
ftr-349	727	225	of	of	ADP
ftr-349	727	226	u.s	u.s	PROPN
ftr-349	727	227	.	.	PROPN
ftr-349	727	228	firms	firm	NOUN
ftr-349	727	229	were	be	AUX
ftr-349	727	230	located	locate	VERB
ftr-349	727	231	in	in	ADP
ftr-349	727	232	very	very	ADV
ftr-349	727	233	low	low	ADJ
ftr-349	727	234	-	-	PUNCT
ftr-349	727	235	tax	tax	NOUN
ftr-349	727	236	countries	country	NOUN
ftr-349	727	237	,	,	PUNCT
ftr-349	727	238	a	a	DET
ftr-349	727	239	figure	figure	NOUN
ftr-349	727	240	greatly	greatly	ADV
ftr-349	727	241	disproportionate	disproportionate	ADJ
ftr-349	727	242	to	to	ADP
ftr-349	727	243	employment	employment	NOUN
ftr-349	727	244	or	or	CCONJ
ftr-349	727	245	physical	physical	ADJ
ftr-349	727	246	capital	capital	NOUN
ftr-349	727	247	there	there	ADV
ftr-349	727	248	)	)	PUNCT
ftr-349	727	249	;	;	PUNCT
ftr-349	727	250	altshuler	altshuler	PROPN
ftr-349	727	251	&	&	CCONJ
ftr-349	727	252	grubert	grubert	PROPN
ftr-349	727	253	,	,	PUNCT
ftr-349	727	254	the	the	DET
ftr-349	727	255	three	three	NUM
ftr-349	727	256	parties	party	NOUN
ftr-349	727	257	in	in	ADP
ftr-349	727	258	the	the	DET
ftr-349	727	259	race	race	NOUN
ftr-349	727	260	to	to	ADP
ftr-349	727	261	the	the	DET
ftr-349	727	262	bottom	bottom	NOUN
ftr-349	727	263	,	,	PUNCT
ftr-349	727	264	supra	supra	PROPN
ftr-349	727	265	note	note	NOUN
ftr-349	727	266	69	69	NUM
ftr-349	727	267	,	,	PUNCT
ftr-349	727	268	at	at	ADP
ftr-349	727	269	170	170	NUM
ftr-349	727	270	,	,	PUNCT
ftr-349	727	271	182	182	NUM
ftr-349	727	272	(	(	PUNCT
ftr-349	727	273	finding	find	VERB
ftr-349	727	274	that	that	SCONJ
ftr-349	727	275	from	from	ADP
ftr-349	727	276	1997	1997	NUM
ftr-349	727	277	to	to	ADP
ftr-349	727	278	2002	2002	NUM
ftr-349	727	279	there	there	PRON
ftr-349	727	280	was	be	VERB
ftr-349	727	281	almost	almost	ADV
ftr-349	727	282	100	100	NUM
ftr-349	727	283	percent	percent	NOUN
ftr-349	727	284	growth	growth	NOUN
ftr-349	727	285	in	in	ADP
ftr-349	727	286	the	the	DET
ftr-349	727	287	income	income	NOUN
ftr-349	727	288	of	of	ADP
ftr-349	727	289	foreign	foreign	ADJ
ftr-349	727	290	affiliates	affiliate	NOUN
ftr-349	727	291	of	of	ADP
ftr-349	727	292	u.s	u.s	PROPN
ftr-349	727	293	.	.	PROPN
ftr-349	727	294	parent	parent	NOUN
ftr-349	727	295	companies	company	NOUN
ftr-349	727	296	in	in	ADP
ftr-349	727	297	seven	seven	NUM
ftr-349	727	298	major	major	ADJ
ftr-349	727	299	low	low	ADJ
ftr-349	727	300	-	-	PUNCT
ftr-349	727	301	tax	tax	NOUN
ftr-349	727	302	countries	country	NOUN
ftr-349	727	303	(	(	PUNCT
ftr-349	727	304	bermuda	bermuda	PROPN
ftr-349	727	305	,	,	PUNCT
ftr-349	727	306	cayman	cayman	PROPN
ftr-349	727	307	islands	islands	PROPN
ftr-349	727	308	,	,	PUNCT
ftr-349	727	309	ireland	ireland	PROPN
ftr-349	727	310	,	,	PUNCT
ftr-349	727	311	singapore	singapore	PROPN
ftr-349	727	312	,	,	PUNCT
ftr-349	727	313	the	the	DET
ftr-349	727	314	netherlands	netherlands	PROPN
ftr-349	727	315	,	,	PUNCT
ftr-349	727	316	luxembourg	luxembourg	PROPN
ftr-349	727	317	,	,	PUNCT
ftr-349	727	318	and	and	CCONJ
ftr-349	727	319	switzerland	switzerland	PROPN
ftr-349	727	320	)	)	PUNCT
ftr-349	727	321	,	,	PUNCT
ftr-349	727	322	and	and	CCONJ
ftr-349	727	323	that	that	SCONJ
ftr-349	727	324	this	this	DET
ftr-349	727	325	income	income	NOUN
ftr-349	727	326	represented	represent	VERB
ftr-349	727	327	roughly	roughly	ADV
ftr-349	727	328	40	40	NUM
ftr-349	727	329	percent	percent	NOUN
ftr-349	727	330	of	of	ADP
ftr-349	727	331	worldwide	worldwide	ADJ
ftr-349	727	332	income	income	NOUN
ftr-349	727	333	from	from	ADP
ftr-349	727	334	equity	equity	NOUN
ftr-349	727	335	investments	investment	NOUN
ftr-349	727	336	)	)	PUNCT
ftr-349	727	337	.	.	PUNCT
ftr-349	728	1	105	105	NUM
ftr-349	728	2	.	.	PUNCT
ftr-349	728	3	grubert	grubert	NOUN
ftr-349	728	4	,	,	PUNCT
ftr-349	728	5	foreign	foreign	ADJ
ftr-349	728	6	taxes	taxis	NOUN
ftr-349	728	7	and	and	CCONJ
ftr-349	728	8	domestic	domestic	ADJ
ftr-349	728	9	income	income	NOUN
ftr-349	728	10	,	,	PUNCT
ftr-349	728	11	working	working	NOUN
ftr-349	728	12	paper	paper	NOUN
ftr-349	728	13	,	,	PUNCT
ftr-349	728	14	supra	supra	PROPN
ftr-349	728	15	note	note	NOUN
ftr-349	728	16	90	90	NUM
ftr-349	728	17	,	,	PUNCT
ftr-349	728	18	at	at	ADP
ftr-349	728	19	10	10	NUM
ftr-349	728	20	,	,	PUNCT
ftr-349	728	21	12	12	NUM
ftr-349	728	22	.	.	NOUN
ftr-349	728	23	106	106	NUM
ftr-349	728	24	.	.	PUNCT
ftr-349	729	1	i	i	PRON
ftr-349	729	2	d.	d.	PROPN
ftr-349	729	3	107	107	NUM
ftr-349	729	4	.	.	PUNCT
ftr-349	730	1	i	i	PRON
ftr-349	730	2	d.	d.	PROPN
ftr-349	730	3	at	at	ADP
ftr-349	730	4	19	19	NUM
ftr-349	730	5	-	-	SYM
ftr-349	730	6	20	20	NUM
ftr-349	730	7	.	.	PUNCT
ftr-349	731	1	as	as	ADP
ftr-349	731	2	a	a	DET
ftr-349	731	3	result	result	NOUN
ftr-349	731	4	,	,	PUNCT
ftr-349	731	5	“	"	PUNCT
ftr-349	731	6	not	not	PART
ftr-349	731	7	only	only	ADV
ftr-349	731	8	do	do	AUX
ftr-349	731	9	companies	company	NOUN
ftr-349	731	10	shift	shift	VERB
ftr-349	731	11	income	income	NOUN
ftr-349	731	12	from	from	ADP
ftr-349	731	13	high	high	ADJ
ftr-349	731	14	tax	tax	NOUN
ftr-349	731	15	foreign	foreign	ADJ
ftr-349	731	16	countries	country	NOUN
ftr-349	731	17	to	to	ADP
ftr-349	731	18	low	low	ADJ
ftr-349	731	19	tax	tax	NOUN
ftr-349	731	20	foreign	foreign	ADJ
ftr-349	731	21	countries	country	NOUN
ftr-349	731	22	but	but	CCONJ
ftr-349	731	23	also	also	ADV
ftr-349	731	24	from	from	ADP
ftr-349	731	25	the	the	DET
ftr-349	731	26	united	united	PROPN
ftr-349	731	27	states	states	PROPN
ftr-349	731	28	abroad	abroad	ADV
ftr-349	731	29	.	.	PUNCT
ftr-349	731	30	”	"	PUNCT
ftr-349	732	1	108	108	NUM
ftr-349	732	2	.	.	PUNCT
ftr-349	733	1	j.p	j.p	PROPN
ftr-349	733	2	.	.	PROPN
ftr-349	733	3	morgan	morgan	PROPN
ftr-349	733	4	&	&	CCONJ
ftr-349	733	5	co.	co.	PROPN
ftr-349	733	6	,	,	PUNCT
ftr-349	733	7	north	north	PROPN
ftr-349	733	8	american	american	PROPN
ftr-349	733	9	equity	equity	PROPN
ftr-349	733	10	research	research	PROPN
ftr-349	733	11	,	,	PUNCT
ftr-349	733	12	u.s	u.s	PROPN
ftr-349	733	13	.	.	PROPN
ftr-349	733	14	equity	equity	NOUN
ftr-349	733	15	strategy	strategy	NOUN
ftr-349	733	16	flash	flash	NOUN
ftr-349	733	17	(	(	PUNCT
ftr-349	733	18	june	june	PROPN
ftr-349	733	19	27	27	NUM
ftr-349	733	20	,	,	PUNCT
ftr-349	733	21	2011	2011	NUM
ftr-349	733	22	)	)	PUNCT
ftr-349	733	23	.	.	PUNCT
ftr-349	734	1	744	744	NUM
ftr-349	734	2	florida	florida	PROPN
ftr-349	734	3	tax	tax	NOUN
ftr-349	734	4	review	review	NOUN
ftr-349	734	5	[	[	X
ftr-349	734	6	vol	vol	NOUN
ftr-349	734	7	.	.	PUNCT
ftr-349	735	1	11:9	11:9	NUM
ftr-349	735	2	u.s	u.s	PROPN
ftr-349	735	3	.	.	PROPN
ftr-349	735	4	firms	firm	NOUN
ftr-349	735	5	’	'	PUNCT
ftr-349	735	6	worldwide	worldwide	ADJ
ftr-349	735	7	income	income	NOUN
ftr-349	735	8	that	that	PRON
ftr-349	735	9	was	be	AUX
ftr-349	735	10	retained	retain	VERB
ftr-349	735	11	by	by	ADP
ftr-349	735	12	foreign	foreign	ADJ
ftr-349	735	13	subsidiaries	subsidiary	NOUN
ftr-349	735	14	each	each	DET
ftr-349	735	15	year	year	NOUN
ftr-349	735	16	climbed	climb	VERB
ftr-349	735	17	from	from	ADP
ftr-349	735	18	17.4	17.4	NUM
ftr-349	735	19	percent	percent	NOUN
ftr-349	735	20	to	to	ADP
ftr-349	735	21	31.4	31.4	NUM
ftr-349	735	22	percent.109	percent.109	ADJ
ftr-349	735	23	2	2	NUM
ftr-349	735	24	.	.	PUNCT
ftr-349	735	25	financial	financial	ADJ
ftr-349	735	26	accounting	accounting	NOUN
ftr-349	735	27	evidence	evidence	NOUN
ftr-349	735	28	in	in	ADP
ftr-349	735	29	a	a	DET
ftr-349	735	30	very	very	ADV
ftr-349	735	31	real	real	ADJ
ftr-349	735	32	sense	sense	NOUN
ftr-349	735	33	,	,	PUNCT
ftr-349	735	34	current	current	ADJ
ftr-349	735	35	cash	cash	NOUN
ftr-349	735	36	tax	tax	NOUN
ftr-349	735	37	liabilities	liability	NOUN
ftr-349	735	38	are	be	AUX
ftr-349	735	39	not	not	PART
ftr-349	735	40	as	as	ADV
ftr-349	735	41	important	important	ADJ
ftr-349	735	42	to	to	ADP
ftr-349	735	43	a	a	DET
ftr-349	735	44	firm	firm	NOUN
ftr-349	735	45	as	as	SCONJ
ftr-349	735	46	are	be	AUX
ftr-349	735	47	its	its	PRON
ftr-349	735	48	audited	audit	VERB
ftr-349	735	49	financial	financial	ADJ
ftr-349	735	50	accounting	accounting	NOUN
ftr-349	735	51	statement	statement	NOUN
ftr-349	735	52	provisions	provision	NOUN
ftr-349	735	53	for	for	ADP
ftr-349	735	54	taxes	taxis	NOUN
ftr-349	735	55	,	,	PUNCT
ftr-349	735	56	because	because	SCONJ
ftr-349	735	57	u.s	u.s	PROPN
ftr-349	735	58	.	.	PROPN
ftr-349	735	59	generally	generally	ADV
ftr-349	735	60	accepted	accept	VERB
ftr-349	735	61	accounting	accounting	NOUN
ftr-349	735	62	principles	principle	NOUN
ftr-349	735	63	(	(	PUNCT
ftr-349	735	64	gaap	gaap	PROPN
ftr-349	735	65	)	)	PUNCT
ftr-349	735	66	are	be	AUX
ftr-349	735	67	the	the	DET
ftr-349	735	68	lens	lens	NOUN
ftr-349	735	69	through	through	ADP
ftr-349	735	70	which	which	PRON
ftr-349	735	71	investors	investor	NOUN
ftr-349	735	72	judge	judge	VERB
ftr-349	735	73	public	public	ADJ
ftr-349	735	74	firms.110	firms.110	PROPN
ftr-349	735	75	indeed	indeed	ADV
ftr-349	735	76	,	,	PUNCT
ftr-349	735	77	investors	investor	NOUN
ftr-349	735	78	have	have	VERB
ftr-349	735	79	little	little	ADJ
ftr-349	735	80	choice	choice	NOUN
ftr-349	735	81	in	in	ADP
ftr-349	735	82	the	the	DET
ftr-349	735	83	matter	matter	NOUN
ftr-349	735	84	.	.	PUNCT
ftr-349	736	1	a	a	DET
ftr-349	736	2	firm	firm	NOUN
ftr-349	736	3	’s	’s	PART
ftr-349	736	4	u.s	u.s	PROPN
ftr-349	736	5	.	.	PROPN
ftr-349	736	6	corporate	corporate	ADJ
ftr-349	736	7	income	income	NOUN
ftr-349	736	8	tax	tax	NOUN
ftr-349	736	9	return	return	NOUN
ftr-349	736	10	is	be	AUX
ftr-349	736	11	confidential	confidential	ADJ
ftr-349	736	12	,	,	PUNCT
ftr-349	736	13	while	while	SCONJ
ftr-349	736	14	gaap	gaap	ADJ
ftr-349	736	15	financial	financial	ADJ
ftr-349	736	16	statements	statement	NOUN
ftr-349	736	17	of	of	ADP
ftr-349	736	18	publicly	publicly	ADV
ftr-349	736	19	-	-	PUNCT
ftr-349	736	20	held	hold	VERB
ftr-349	736	21	firms	firm	NOUN
ftr-349	736	22	of	of	ADP
ftr-349	736	23	course	course	NOUN
ftr-349	736	24	are	be	AUX
ftr-349	736	25	not	not	PART
ftr-349	736	26	.	.	PUNCT
ftr-349	737	1	and	and	CCONJ
ftr-349	737	2	here	here	ADV
ftr-349	737	3	again	again	ADV
ftr-349	737	4	one	one	NUM
ftr-349	737	5	sees	see	VERB
ftr-349	737	6	evidence	evidence	NOUN
ftr-349	737	7	that	that	SCONJ
ftr-349	737	8	u.s	u.s	PROPN
ftr-349	737	9	.	.	PROPN
ftr-349	737	10	multinational	multinational	ADJ
ftr-349	737	11	firms	firm	NOUN
ftr-349	737	12	enjoy	enjoy	VERB
ftr-349	737	13	very	very	ADV
ftr-349	737	14	low	low	ADJ
ftr-349	737	15	effective	effective	ADJ
ftr-349	737	16	foreign	foreign	ADJ
ftr-349	737	17	tax	tax	NOUN
ftr-349	737	18	rates	rate	NOUN
ftr-349	737	19	that	that	PRON
ftr-349	737	20	can	can	AUX
ftr-349	737	21	logically	logically	ADV
ftr-349	737	22	be	be	AUX
ftr-349	737	23	explained	explain	VERB
ftr-349	737	24	only	only	ADV
ftr-349	737	25	through	through	ADP
ftr-349	737	26	stateless	stateless	NOUN
ftr-349	737	27	income	income	NOUN
ftr-349	737	28	tax	tax	NOUN
ftr-349	737	29	planning	planning	NOUN
ftr-349	737	30	.	.	PUNCT
ftr-349	738	1	u.s	u.s	PROPN
ftr-349	738	2	.	.	PROPN
ftr-349	738	3	gaap	gaap	PROPN
ftr-349	738	4	accounting	account	VERB
ftr-349	738	5	for	for	ADP
ftr-349	738	6	taxes	taxis	NOUN
ftr-349	738	7	is	be	AUX
ftr-349	738	8	an	an	DET
ftr-349	738	9	odd	odd	ADJ
ftr-349	738	10	mixture	mixture	NOUN
ftr-349	738	11	of	of	ADP
ftr-349	738	12	different	different	ADJ
ftr-349	738	13	concepts.111	concepts.111	NOUN
ftr-349	738	14	very	very	ADV
ftr-349	738	15	generally	generally	ADV
ftr-349	738	16	,	,	PUNCT
ftr-349	738	17	the	the	DET
ftr-349	738	18	idea	idea	NOUN
ftr-349	738	19	behind	behind	ADP
ftr-349	738	20	the	the	DET
ftr-349	738	21	tax	tax	NOUN
ftr-349	738	22	reconciliation	reconciliation	NOUN
ftr-349	738	23	table	table	NOUN
ftr-349	738	24	in	in	ADP
ftr-349	738	25	a	a	DET
ftr-349	738	26	firm	firm	NOUN
ftr-349	738	27	’s	’s	PART
ftr-349	738	28	tax	tax	NOUN
ftr-349	738	29	footnote	footnote	NOUN
ftr-349	738	30	to	to	ADP
ftr-349	738	31	its	its	PRON
ftr-349	738	32	financial	financial	ADJ
ftr-349	738	33	statement	statement	NOUN
ftr-349	738	34	is	be	AUX
ftr-349	738	35	to	to	PART
ftr-349	738	36	calculate	calculate	VERB
ftr-349	738	37	a	a	DET
ftr-349	738	38	hypothetical	hypothetical	ADJ
ftr-349	738	39	tax	tax	NOUN
ftr-349	738	40	burden	burden	NOUN
ftr-349	738	41	equal	equal	ADJ
ftr-349	738	42	to	to	ADP
ftr-349	738	43	the	the	DET
ftr-349	738	44	u.s	u.s	PROPN
ftr-349	738	45	.	.	PROPN
ftr-349	738	46	statutory	statutory	ADJ
ftr-349	738	47	rate	rate	NOUN
ftr-349	738	48	(	(	PUNCT
ftr-349	738	49	35	35	NUM
ftr-349	738	50	percent	percent	NOUN
ftr-349	738	51	)	)	PUNCT
ftr-349	738	52	applied	apply	VERB
ftr-349	738	53	to	to	ADP
ftr-349	738	54	gaap	gaap	NOUN
ftr-349	738	55	(	(	PUNCT
ftr-349	738	56	not	not	PART
ftr-349	738	57	tax	tax	NOUN
ftr-349	738	58	)	)	PUNCT
ftr-349	738	59	measures	measure	NOUN
ftr-349	738	60	of	of	ADP
ftr-349	738	61	the	the	DET
ftr-349	738	62	firm	firm	NOUN
ftr-349	738	63	’s	’s	PART
ftr-349	738	64	income	income	NOUN
ftr-349	738	65	.	.	PUNCT
ftr-349	739	1	differences	difference	NOUN
ftr-349	739	2	between	between	ADP
ftr-349	739	3	the	the	DET
ftr-349	739	4	actual	actual	ADJ
ftr-349	739	5	u.s	u.s	PROPN
ftr-349	739	6	.	.	PROPN
ftr-349	739	7	tax	tax	NOUN
ftr-349	739	8	burden	burden	NOUN
ftr-349	739	9	and	and	CCONJ
ftr-349	739	10	the	the	DET
ftr-349	739	11	hypothetical	hypothetical	ADJ
ftr-349	739	12	gaap	gaap	NOUN
ftr-349	739	13	figure	figure	NOUN
ftr-349	739	14	must	must	AUX
ftr-349	739	15	be	be	AUX
ftr-349	739	16	accounted	account	VERB
ftr-349	739	17	for	for	ADP
ftr-349	739	18	,	,	PUNCT
ftr-349	739	19	either	either	CCONJ
ftr-349	739	20	as	as	ADP
ftr-349	739	21	temporary	temporary	ADJ
ftr-349	739	22	differences	difference	NOUN
ftr-349	739	23	(	(	PUNCT
ftr-349	739	24	e.g.	e.g.	ADV
ftr-349	739	25	,	,	PUNCT
ftr-349	739	26	differences	difference	NOUN
ftr-349	739	27	in	in	ADP
ftr-349	739	28	depreciation	depreciation	NOUN
ftr-349	739	29	accounting	accounting	NOUN
ftr-349	739	30	conventions	convention	NOUN
ftr-349	739	31	)	)	PUNCT
ftr-349	739	32	or	or	CCONJ
ftr-349	739	33	as	as	ADP
ftr-349	739	34	permanent	permanent	ADJ
ftr-349	739	35	differences	difference	NOUN
ftr-349	739	36	(	(	PUNCT
ftr-349	739	37	e.g.	e.g.	ADV
ftr-349	739	38	,	,	PUNCT
ftr-349	739	39	irreversible	irreversible	ADJ
ftr-349	739	40	differences	difference	NOUN
ftr-349	739	41	between	between	ADP
ftr-349	739	42	the	the	DET
ftr-349	739	43	gaap	gaap	NOUN
ftr-349	739	44	and	and	CCONJ
ftr-349	739	45	tax	tax	NOUN
ftr-349	739	46	accounting	accounting	NOUN
ftr-349	739	47	measures	measure	NOUN
ftr-349	739	48	of	of	ADP
ftr-349	739	49	income	income	NOUN
ftr-349	739	50	,	,	PUNCT
ftr-349	739	51	such	such	ADJ
ftr-349	739	52	as	as	ADP
ftr-349	739	53	taxexempt	taxexempt	ADJ
ftr-349	739	54	bond	bond	NOUN
ftr-349	739	55	interest	interest	NOUN
ftr-349	739	56	income	income	NOUN
ftr-349	739	57	)	)	PUNCT
ftr-349	739	58	.	.	PUNCT
ftr-349	740	1	financial	financial	ADJ
ftr-349	740	2	accounting	accounting	NOUN
ftr-349	740	3	further	far	ADV
ftr-349	740	4	assumes	assume	VERB
ftr-349	740	5	that	that	SCONJ
ftr-349	740	6	temporary	temporary	ADJ
ftr-349	740	7	timing	timing	NOUN
ftr-349	740	8	differences	difference	NOUN
ftr-349	740	9	between	between	ADP
ftr-349	740	10	income	income	NOUN
ftr-349	740	11	as	as	SCONJ
ftr-349	740	12	measured	measure	VERB
ftr-349	740	13	for	for	ADP
ftr-349	740	14	gaap	gaap	NOUN
ftr-349	740	15	and	and	CCONJ
ftr-349	740	16	tax	tax	NOUN
ftr-349	740	17	law	law	NOUN
ftr-349	740	18	purposes	purpose	NOUN
ftr-349	740	19	will	will	AUX
ftr-349	740	20	reverse	reverse	VERB
ftr-349	740	21	at	at	ADP
ftr-349	740	22	the	the	DET
ftr-349	740	23	statutory	statutory	ADJ
ftr-349	740	24	rate	rate	NOUN
ftr-349	740	25	;	;	PUNCT
ftr-349	740	26	these	these	DET
ftr-349	740	27	temporary	temporary	ADJ
ftr-349	740	28	differences	difference	NOUN
ftr-349	740	29	multiplied	multiply	VERB
ftr-349	740	30	by	by	ADP
ftr-349	740	31	the	the	DET
ftr-349	740	32	statutory	statutory	ADJ
ftr-349	740	33	tax	tax	NOUN
ftr-349	740	34	rate	rate	NOUN
ftr-349	740	35	give	give	VERB
ftr-349	740	36	rise	rise	NOUN
ftr-349	740	37	to	to	ADP
ftr-349	740	38	a	a	DET
ftr-349	740	39	“	"	PUNCT
ftr-349	740	40	deferred	deferred	ADJ
ftr-349	740	41	tax	tax	NOUN
ftr-349	740	42	asset	asset	NOUN
ftr-349	740	43	”	"	PUNCT
ftr-349	740	44	when	when	SCONJ
ftr-349	740	45	gaap	gaap	PROPN
ftr-349	740	46	timing	timing	NOUN
ftr-349	740	47	benefits	benefit	NOUN
ftr-349	740	48	run	run	VERB
ftr-349	740	49	ahead	ahead	ADV
ftr-349	740	50	of	of	ADP
ftr-349	740	51	the	the	DET
ftr-349	740	52	tax	tax	NOUN
ftr-349	740	53	law	law	NOUN
ftr-349	740	54	and	and	CCONJ
ftr-349	740	55	a	a	DET
ftr-349	740	56	“	"	PUNCT
ftr-349	740	57	deferred	deferred	ADJ
ftr-349	740	58	tax	tax	NOUN
ftr-349	740	59	liability	liability	NOUN
ftr-349	740	60	”	"	PUNCT
ftr-349	740	61	in	in	ADP
ftr-349	740	62	the	the	DET
ftr-349	740	63	converse	converse	NOUN
ftr-349	740	64	case	case	NOUN
ftr-349	740	65	.	.	PUNCT
ftr-349	741	1	permanent	permanent	ADJ
ftr-349	741	2	differences	difference	NOUN
ftr-349	741	3	,	,	PUNCT
ftr-349	741	4	however	however	ADV
ftr-349	741	5	,	,	PUNCT
ftr-349	741	6	are	be	AUX
ftr-349	741	7	109	109	NUM
ftr-349	741	8	.	.	PUNCT
ftr-349	742	1	grubert	grubert	NOUN
ftr-349	742	2	,	,	PUNCT
ftr-349	742	3	foreign	foreign	ADJ
ftr-349	742	4	taxes	taxis	NOUN
ftr-349	742	5	and	and	CCONJ
ftr-349	742	6	domestic	domestic	ADJ
ftr-349	742	7	income	income	NOUN
ftr-349	742	8	,	,	PUNCT
ftr-349	742	9	supra	supra	PROPN
ftr-349	742	10	note	note	NOUN
ftr-349	742	11	9	9	NUM
ftr-349	742	12	,	,	PUNCT
ftr-349	742	13	at	at	ADP
ftr-349	742	14	2	2	NUM
ftr-349	742	15	.	.	NOUN
ftr-349	742	16	110	110	NUM
ftr-349	742	17	.	.	PUNCT
ftr-349	743	1	john	john	PROPN
ftr-349	743	2	r.	r.	PROPN
ftr-349	743	3	graham	graham	PROPN
ftr-349	743	4	,	,	PUNCT
ftr-349	743	5	michelle	michelle	PROPN
ftr-349	743	6	hanlon	hanlon	PROPN
ftr-349	743	7	&	&	CCONJ
ftr-349	743	8	terry	terry	PROPN
ftr-349	743	9	shevlin	shevlin	PROPN
ftr-349	743	10	,	,	PUNCT
ftr-349	743	11	real	real	ADJ
ftr-349	743	12	effects	effect	NOUN
ftr-349	743	13	of	of	ADP
ftr-349	743	14	accounting	accounting	NOUN
ftr-349	743	15	rules	rule	NOUN
ftr-349	743	16	:	:	PUNCT
ftr-349	743	17	evidence	evidence	NOUN
ftr-349	743	18	from	from	ADP
ftr-349	743	19	multinational	multinational	ADJ
ftr-349	743	20	firms	firm	NOUN
ftr-349	743	21	’	’	PART
ftr-349	743	22	investment	investment	NOUN
ftr-349	743	23	location	location	NOUN
ftr-349	743	24	and	and	CCONJ
ftr-349	743	25	profit	profit	NOUN
ftr-349	743	26	repatriation	repatriation	NOUN
ftr-349	743	27	decisions	decision	NOUN
ftr-349	743	28	,	,	PUNCT
ftr-349	743	29	j.	j.	PROPN
ftr-349	743	30	acct	acct	PROPN
ftr-349	743	31	.	.	PUNCT
ftr-349	744	1	res	re	NOUN
ftr-349	744	2	.	.	PUNCT
ftr-349	745	1	(	(	PUNCT
ftr-349	745	2	forthcoming	forthcoming	ADJ
ftr-349	745	3	2011	2011	NUM
ftr-349	745	4	)	)	PUNCT
ftr-349	746	1	[	[	X
ftr-349	746	2	hereinafter	hereinafter	NOUN
ftr-349	746	3	braham	braham	PROPN
ftr-349	746	4	,	,	PUNCT
ftr-349	746	5	hanlon	hanlon	PROPN
ftr-349	746	6	&	&	CCONJ
ftr-349	746	7	shevlin	shevlin	PROPN
ftr-349	746	8	,	,	PUNCT
ftr-349	746	9	accounting	accounting	NOUN
ftr-349	746	10	rules	rule	NOUN
ftr-349	746	11	]	]	PUNCT
ftr-349	746	12	.	.	PUNCT
ftr-349	747	1	this	this	DET
ftr-349	747	2	article	article	NOUN
ftr-349	747	3	argues	argue	VERB
ftr-349	747	4	that	that	SCONJ
ftr-349	747	5	gaap	gaap	PROPN
ftr-349	747	6	accounting	account	VERB
ftr-349	747	7	for	for	ADP
ftr-349	747	8	taxes	taxis	NOUN
ftr-349	747	9	in	in	ADP
ftr-349	747	10	fact	fact	NOUN
ftr-349	747	11	dominate	dominate	VERB
ftr-349	747	12	cash	cash	NOUN
ftr-349	747	13	tax	tax	NOUN
ftr-349	747	14	costs	cost	NOUN
ftr-349	747	15	.	.	PUNCT
ftr-349	748	1	gaap	gaap	PROPN
ftr-349	748	2	accounting	accounting	NOUN
ftr-349	748	3	now	now	ADV
ftr-349	748	4	requires	require	VERB
ftr-349	748	5	firms	firm	NOUN
ftr-349	748	6	to	to	PART
ftr-349	748	7	set	set	VERB
ftr-349	748	8	out	out	ADP
ftr-349	748	9	their	their	PRON
ftr-349	748	10	cash	cash	NOUN
ftr-349	748	11	tax	tax	NOUN
ftr-349	748	12	payments	payment	NOUN
ftr-349	748	13	for	for	ADP
ftr-349	748	14	a	a	DET
ftr-349	748	15	year	year	NOUN
ftr-349	748	16	.	.	PUNCT
ftr-349	749	1	this	this	DET
ftr-349	749	2	category	category	NOUN
ftr-349	749	3	is	be	AUX
ftr-349	749	4	not	not	PART
ftr-349	749	5	the	the	DET
ftr-349	749	6	same	same	ADJ
ftr-349	749	7	as	as	ADP
ftr-349	749	8	the	the	DET
ftr-349	749	9	tax	tax	NOUN
ftr-349	749	10	liabilities	liability	NOUN
ftr-349	749	11	shown	show	VERB
ftr-349	749	12	as	as	ADP
ftr-349	749	13	due	due	ADJ
ftr-349	749	14	on	on	ADP
ftr-349	749	15	the	the	DET
ftr-349	749	16	firm	firm	NOUN
ftr-349	749	17	’s	’s	PART
ftr-349	749	18	tax	tax	NOUN
ftr-349	749	19	returns	return	NOUN
ftr-349	749	20	for	for	ADP
ftr-349	749	21	the	the	DET
ftr-349	749	22	year	year	NOUN
ftr-349	749	23	,	,	PUNCT
ftr-349	749	24	because	because	SCONJ
ftr-349	749	25	the	the	DET
ftr-349	749	26	financial	financial	ADJ
ftr-349	749	27	accounting	accounting	NOUN
ftr-349	749	28	category	category	NOUN
ftr-349	749	29	is	be	AUX
ftr-349	749	30	a	a	DET
ftr-349	749	31	simple	simple	ADJ
ftr-349	749	32	record	record	NOUN
ftr-349	749	33	of	of	ADP
ftr-349	749	34	cash	cash	NOUN
ftr-349	749	35	flows	flow	NOUN
ftr-349	749	36	:	:	PUNCT
ftr-349	749	37	tax	tax	NOUN
ftr-349	749	38	payments	payment	NOUN
ftr-349	749	39	in	in	ADP
ftr-349	749	40	respect	respect	NOUN
ftr-349	749	41	of	of	ADP
ftr-349	749	42	prior	prior	ADJ
ftr-349	749	43	years	year	NOUN
ftr-349	749	44	are	be	AUX
ftr-349	749	45	conflated	conflate	VERB
ftr-349	749	46	,	,	PUNCT
ftr-349	749	47	for	for	ADP
ftr-349	749	48	example	example	NOUN
ftr-349	749	49	,	,	PUNCT
ftr-349	749	50	with	with	ADP
ftr-349	749	51	estimated	estimate	VERB
ftr-349	749	52	payments	payment	NOUN
ftr-349	749	53	in	in	ADP
ftr-349	749	54	respect	respect	NOUN
ftr-349	749	55	of	of	ADP
ftr-349	749	56	the	the	DET
ftr-349	749	57	current	current	ADJ
ftr-349	749	58	year	year	NOUN
ftr-349	749	59	.	.	PUNCT
ftr-349	750	1	as	as	SCONJ
ftr-349	750	2	previously	previously	ADV
ftr-349	750	3	noted	note	VERB
ftr-349	750	4	,	,	PUNCT
ftr-349	750	5	this	this	DET
ftr-349	750	6	article	article	NOUN
ftr-349	750	7	uses	use	VERB
ftr-349	750	8	the	the	DET
ftr-349	750	9	phrase	phrase	NOUN
ftr-349	750	10	“	"	PUNCT
ftr-349	750	11	cash	cash	NOUN
ftr-349	750	12	”	"	PUNCT
ftr-349	750	13	taxes	taxis	NOUN
ftr-349	750	14	to	to	PART
ftr-349	750	15	mean	mean	VERB
ftr-349	750	16	the	the	DET
ftr-349	750	17	tax	tax	NOUN
ftr-349	750	18	liabilities	liability	NOUN
ftr-349	750	19	shown	show	VERB
ftr-349	750	20	as	as	ADP
ftr-349	750	21	due	due	ADJ
ftr-349	750	22	on	on	ADP
ftr-349	750	23	the	the	DET
ftr-349	750	24	taxpayer	taxpayer	NOUN
ftr-349	750	25	’s	’s	PART
ftr-349	750	26	tax	tax	NOUN
ftr-349	750	27	returns	return	NOUN
ftr-349	750	28	for	for	ADP
ftr-349	750	29	the	the	DET
ftr-349	750	30	year	year	NOUN
ftr-349	750	31	in	in	ADP
ftr-349	750	32	question	question	NOUN
ftr-349	750	33	.	.	PUNCT
ftr-349	751	1	111	111	NUM
ftr-349	751	2	.	.	PUNCT
ftr-349	751	3	see	see	VERB
ftr-349	751	4	i	i	PRON
ftr-349	751	5	d.	d.	PROPN
ftr-349	751	6	for	for	ADP
ftr-349	751	7	a	a	DET
ftr-349	751	8	more	more	ADV
ftr-349	751	9	detailed	detailed	ADJ
ftr-349	751	10	description	description	NOUN
ftr-349	751	11	of	of	ADP
ftr-349	751	12	gaap	gaap	PROPN
ftr-349	751	13	applicable	applicable	ADJ
ftr-349	751	14	to	to	ADP
ftr-349	751	15	taxes	taxis	NOUN
ftr-349	751	16	relating	relate	VERB
ftr-349	751	17	to	to	ADP
ftr-349	751	18	foreign	foreign	ADJ
ftr-349	751	19	earnings	earning	NOUN
ftr-349	751	20	.	.	PUNCT
ftr-349	752	1	2001	2001	NUM
ftr-349	752	2	]	]	PUNCT
ftr-349	752	3	stateless	stateless	NOUN
ftr-349	752	4	income	income	NOUN
ftr-349	752	5	745	745	NUM
ftr-349	752	6	reflected	reflect	VERB
ftr-349	752	7	simply	simply	ADV
ftr-349	752	8	as	as	ADP
ftr-349	752	9	a	a	DET
ftr-349	752	10	reduction	reduction	NOUN
ftr-349	752	11	in	in	ADP
ftr-349	752	12	the	the	DET
ftr-349	752	13	firm	firm	NOUN
ftr-349	752	14	’s	’s	PART
ftr-349	752	15	tax	tax	NOUN
ftr-349	752	16	expense	expense	NOUN
ftr-349	752	17	,	,	PUNCT
ftr-349	752	18	and	and	CCONJ
ftr-349	752	19	therefore	therefore	ADV
ftr-349	752	20	its	its	PRON
ftr-349	752	21	effective	effective	ADJ
ftr-349	752	22	tax	tax	NOUN
ftr-349	752	23	rate	rate	NOUN
ftr-349	752	24	.	.	PUNCT
ftr-349	753	1	in	in	ADP
ftr-349	753	2	particular	particular	ADJ
ftr-349	753	3	,	,	PUNCT
ftr-349	753	4	u.s	u.s	PROPN
ftr-349	753	5	.	.	PROPN
ftr-349	753	6	gaap	gaap	PROPN
ftr-349	753	7	does	do	AUX
ftr-349	753	8	not	not	PART
ftr-349	753	9	require	require	VERB
ftr-349	753	10	any	any	DET
ftr-349	753	11	deferred	deferred	ADJ
ftr-349	753	12	tax	tax	NOUN
ftr-349	753	13	liability	liability	NOUN
ftr-349	753	14	to	to	PART
ftr-349	753	15	be	be	AUX
ftr-349	753	16	established	establish	VERB
ftr-349	753	17	for	for	ADP
ftr-349	753	18	the	the	DET
ftr-349	753	19	contingent	contingent	ADJ
ftr-349	753	20	residual	residual	ADJ
ftr-349	753	21	u.s	u.s	PROPN
ftr-349	753	22	.	.	PROPN
ftr-349	753	23	tax	tax	NOUN
ftr-349	753	24	liability	liability	NOUN
ftr-349	753	25	that	that	PRON
ftr-349	753	26	might	might	AUX
ftr-349	753	27	be	be	AUX
ftr-349	753	28	incurred	incur	VERB
ftr-349	753	29	on	on	ADP
ftr-349	753	30	the	the	DET
ftr-349	753	31	repatriation	repatriation	NOUN
ftr-349	753	32	of	of	ADP
ftr-349	753	33	“	"	PUNCT
ftr-349	753	34	permanently	permanently	ADV
ftr-349	753	35	reinvested	reinveste	VERB
ftr-349	753	36	”	"	PUNCT
ftr-349	753	37	low	low	ADJ
ftr-349	753	38	-	-	PUNCT
ftr-349	753	39	tax	tax	NOUN
ftr-349	753	40	foreign	foreign	ADJ
ftr-349	753	41	earnings	earning	NOUN
ftr-349	753	42	.	.	PUNCT
ftr-349	754	1	a	a	DET
ftr-349	754	2	better	well	ADJ
ftr-349	754	3	term	term	NOUN
ftr-349	754	4	for	for	ADP
ftr-349	754	5	this	this	DET
ftr-349	754	6	amount	amount	NOUN
ftr-349	754	7	might	might	AUX
ftr-349	754	8	be	be	AUX
ftr-349	754	9	“	"	PUNCT
ftr-349	754	10	indefinitely	indefinitely	ADV
ftr-349	754	11	reinvested	reinveste	VERB
ftr-349	754	12	”	"	PUNCT
ftr-349	754	13	foreign	foreign	ADJ
ftr-349	754	14	earnings	earning	NOUN
ftr-349	754	15	.	.	PUNCT
ftr-349	755	1	so	so	ADV
ftr-349	755	2	long	long	ADV
ftr-349	755	3	as	as	SCONJ
ftr-349	755	4	a	a	DET
ftr-349	755	5	firm	firm	NOUN
ftr-349	755	6	can	can	AUX
ftr-349	755	7	demonstrate	demonstrate	VERB
ftr-349	755	8	that	that	SCONJ
ftr-349	755	9	it	it	PRON
ftr-349	755	10	has	have	VERB
ftr-349	755	11	no	no	DET
ftr-349	755	12	current	current	ADJ
ftr-349	755	13	plan	plan	NOUN
ftr-349	755	14	to	to	PART
ftr-349	755	15	repatriate	repatriate	VERB
ftr-349	755	16	foreign	foreign	ADJ
ftr-349	755	17	income	income	NOUN
ftr-349	755	18	and	and	CCONJ
ftr-349	755	19	does	do	AUX
ftr-349	755	20	not	not	PART
ftr-349	755	21	have	have	VERB
ftr-349	755	22	an	an	DET
ftr-349	755	23	identified	identify	VERB
ftr-349	755	24	need	need	NOUN
ftr-349	755	25	to	to	PART
ftr-349	755	26	do	do	AUX
ftr-349	755	27	so	so	ADV
ftr-349	755	28	,	,	PUNCT
ftr-349	755	29	it	it	PRON
ftr-349	755	30	need	need	AUX
ftr-349	755	31	not	not	PART
ftr-349	755	32	provide	provide	VERB
ftr-349	755	33	for	for	ADP
ftr-349	755	34	the	the	DET
ftr-349	755	35	potential	potential	ADJ
ftr-349	755	36	liability	liability	NOUN
ftr-349	755	37	for	for	ADP
ftr-349	755	38	doing	do	VERB
ftr-349	755	39	so	so	ADV
ftr-349	755	40	on	on	ADP
ftr-349	755	41	its	its	PRON
ftr-349	755	42	gaap	gaap	NOUN
ftr-349	755	43	financial	financial	NOUN
ftr-349	755	44	statements.112	statements.112	PROPN
ftr-349	755	45	this	this	PRON
ftr-349	755	46	means	mean	VERB
ftr-349	755	47	that	that	SCONJ
ftr-349	755	48	low	low	ADV
ftr-349	755	49	-	-	PUNCT
ftr-349	755	50	taxed	tax	VERB
ftr-349	755	51	“	"	PUNCT
ftr-349	755	52	permanently	permanently	ADV
ftr-349	755	53	reinvested	reinveste	VERB
ftr-349	755	54	”	"	PUNCT
ftr-349	755	55	earnings	earning	NOUN
ftr-349	755	56	bring	bring	VERB
ftr-349	755	57	down	down	ADP
ftr-349	755	58	a	a	DET
ftr-349	755	59	firm	firm	NOUN
ftr-349	755	60	’s	’s	PART
ftr-349	755	61	gaap	gaap	PROPN
ftr-349	755	62	tax	tax	NOUN
ftr-349	755	63	expense	expense	NOUN
ftr-349	755	64	.	.	PUNCT
ftr-349	756	1	it	it	PRON
ftr-349	756	2	also	also	ADV
ftr-349	756	3	means	mean	VERB
ftr-349	756	4	that	that	SCONJ
ftr-349	756	5	firms	firm	NOUN
ftr-349	756	6	that	that	PRON
ftr-349	756	7	defer	defer	VERB
ftr-349	756	8	the	the	DET
ftr-349	756	9	repatriation	repatriation	NOUN
ftr-349	756	10	of	of	ADP
ftr-349	756	11	active	active	ADJ
ftr-349	756	12	foreign	foreign	ADJ
ftr-349	756	13	earnings	earning	NOUN
ftr-349	756	14	are	be	AUX
ftr-349	756	15	not	not	PART
ftr-349	756	16	penalized	penalize	VERB
ftr-349	756	17	relative	relative	ADJ
ftr-349	756	18	to	to	ADP
ftr-349	756	19	competitors	competitor	NOUN
ftr-349	756	20	in	in	ADP
ftr-349	756	21	territorial	territorial	ADJ
ftr-349	756	22	systems	system	NOUN
ftr-349	756	23	,	,	PUNCT
ftr-349	756	24	when	when	SCONJ
ftr-349	756	25	viewed	view	VERB
ftr-349	756	26	through	through	ADP
ftr-349	756	27	the	the	DET
ftr-349	756	28	lens	lens	NOUN
ftr-349	756	29	through	through	ADP
ftr-349	756	30	which	which	PRON
ftr-349	756	31	investment	investment	NOUN
ftr-349	756	32	decisions	decision	NOUN
ftr-349	756	33	ordinarily	ordinarily	ADV
ftr-349	756	34	are	be	AUX
ftr-349	756	35	made	make	VERB
ftr-349	756	36	.	.	PUNCT
ftr-349	757	1	two	two	NUM
ftr-349	757	2	recent	recent	ADJ
ftr-349	757	3	complementary	complementary	ADJ
ftr-349	757	4	empirical	empirical	ADJ
ftr-349	757	5	studies	study	NOUN
ftr-349	757	6	confirm	confirm	VERB
ftr-349	757	7	the	the	DET
ftr-349	757	8	intuitive	intuitive	ADJ
ftr-349	757	9	heuristic	heuristic	NOUN
ftr-349	757	10	that	that	SCONJ
ftr-349	757	11	gaap	gaap	PROPN
ftr-349	757	12	accounting	account	VERB
ftr-349	757	13	for	for	ADP
ftr-349	757	14	taxes	taxis	NOUN
ftr-349	757	15	on	on	ADP
ftr-349	757	16	foreign	foreign	ADJ
ftr-349	757	17	earnings	earning	NOUN
ftr-349	757	18	dramatically	dramatically	ADV
ftr-349	757	19	affects	affect	VERB
ftr-349	757	20	the	the	DET
ftr-349	757	21	repatriation	repatriation	NOUN
ftr-349	757	22	decision	decision	NOUN
ftr-349	757	23	.	.	PUNCT
ftr-349	758	1	in	in	ADP
ftr-349	758	2	one	one	NUM
ftr-349	758	3	,	,	PUNCT
ftr-349	758	4	blouin	blouin	NOUN
ftr-349	758	5	,	,	PUNCT
ftr-349	758	6	krull	krull	PROPN
ftr-349	758	7	and	and	CCONJ
ftr-349	758	8	robinson	robinson	PROPN
ftr-349	758	9	,	,	PUNCT
ftr-349	758	10	working	work	VERB
ftr-349	758	11	with	with	ADP
ftr-349	758	12	confidential	confidential	ADJ
ftr-349	758	13	bureau	bureau	NOUN
ftr-349	758	14	of	of	ADP
ftr-349	758	15	economic	economic	ADJ
ftr-349	758	16	analysis	analysis	NOUN
ftr-349	758	17	data	datum	NOUN
ftr-349	758	18	,	,	PUNCT
ftr-349	758	19	conclude	conclude	VERB
ftr-349	758	20	that	that	SCONJ
ftr-349	758	21	“	"	PUNCT
ftr-349	758	22	our	our	PRON
ftr-349	758	23	empirical	empirical	ADJ
ftr-349	758	24	tests	test	NOUN
ftr-349	758	25	tell	tell	VERB
ftr-349	758	26	a	a	DET
ftr-349	758	27	consistent	consistent	ADJ
ftr-349	758	28	story	story	NOUN
ftr-349	758	29	;	;	PUNCT
ftr-349	758	30	[	[	X
ftr-349	758	31	gaap	gaap	NOUN
ftr-349	758	32	]	]	PUNCT
ftr-349	758	33	reporting	reporting	NOUN
ftr-349	758	34	incentives	incentive	NOUN
ftr-349	758	35	[	[	X
ftr-349	758	36	for	for	ADP
ftr-349	758	37	permanently	permanently	ADV
ftr-349	758	38	reinvested	reinveste	VERB
ftr-349	758	39	earnings	earning	NOUN
ftr-349	758	40	]	]	PUNCT
ftr-349	758	41	deter	deter	VERB
ftr-349	758	42	the	the	DET
ftr-349	758	43	repatriation	repatriation	NOUN
ftr-349	758	44	of	of	ADP
ftr-349	758	45	foreign	foreign	ADJ
ftr-349	758	46	earnings	earning	NOUN
ftr-349	758	47	.	.	PUNCT
ftr-349	759	1	”113	”113	PUNCT
ftr-349	759	2	in	in	ADP
ftr-349	759	3	the	the	DET
ftr-349	759	4	other	other	ADJ
ftr-349	759	5	,	,	PUNCT
ftr-349	759	6	graham	graham	PROPN
ftr-349	759	7	,	,	PUNCT
ftr-349	759	8	hanlon	hanlon	PROPN
ftr-349	759	9	and	and	CCONJ
ftr-349	759	10	shevlin	shevlin	PROPN
ftr-349	759	11	report	report	VERB
ftr-349	759	12	the	the	DET
ftr-349	759	13	results	result	NOUN
ftr-349	759	14	of	of	ADP
ftr-349	759	15	an	an	DET
ftr-349	759	16	extensive	extensive	ADJ
ftr-349	759	17	survey	survey	NOUN
ftr-349	759	18	of	of	ADP
ftr-349	759	19	firm	firm	ADJ
ftr-349	759	20	tax	tax	NOUN
ftr-349	759	21	executives	executive	NOUN
ftr-349	759	22	;	;	PUNCT
ftr-349	759	23	the	the	DET
ftr-349	759	24	authors	author	NOUN
ftr-349	759	25	conclude	conclude	VERB
ftr-349	759	26	that	that	SCONJ
ftr-349	759	27	“	"	PUNCT
ftr-349	759	28	the	the	DET
ftr-349	759	29	ability	ability	NOUN
ftr-349	759	30	to	to	PART
ftr-349	759	31	not	not	PART
ftr-349	759	32	recognize	recognize	VERB
ftr-349	759	33	the	the	DET
ftr-349	759	34	u.s	u.s	PROPN
ftr-349	759	35	.	.	PROPN
ftr-349	759	36	income	income	NOUN
ftr-349	759	37	tax	tax	NOUN
ftr-349	759	38	expense	expense	NOUN
ftr-349	759	39	on	on	ADP
ftr-349	759	40	foreign	foreign	ADJ
ftr-349	759	41	earning	earning	NOUN
ftr-349	759	42	in	in	ADP
ftr-349	759	43	financial	financial	ADJ
ftr-349	759	44	statements	statement	NOUN
ftr-349	759	45	.	.	PUNCT
ftr-349	759	46	.	.	PUNCT
ftr-349	760	1	.	.	PUNCT
ftr-349	761	1	is	be	AUX
ftr-349	761	2	an	an	DET
ftr-349	761	3	important	important	ADJ
ftr-349	761	4	consideration	consideration	NOUN
ftr-349	761	5	in	in	ADP
ftr-349	761	6	real	real	ADJ
ftr-349	761	7	corporate	corporate	ADJ
ftr-349	761	8	investment	investment	NOUN
ftr-349	761	9	decisions	decision	NOUN
ftr-349	761	10	regarding	regard	VERB
ftr-349	761	11	location	location	NOUN
ftr-349	761	12	of	of	ADP
ftr-349	761	13	operations	operation	NOUN
ftr-349	761	14	and	and	CCONJ
ftr-349	761	15	whether	whether	SCONJ
ftr-349	761	16	to	to	PART
ftr-349	761	17	repatriate	repatriate	VERB
ftr-349	761	18	foreign	foreign	ADJ
ftr-349	761	19	earnings	earning	NOUN
ftr-349	761	20	to	to	ADP
ftr-349	761	21	the	the	DET
ftr-349	761	22	u.s	u.s	PROPN
ftr-349	761	23	.	.	PROPN
ftr-349	761	24	or	or	CCONJ
ftr-349	761	25	reinvest	reinvest	VERB
ftr-349	761	26	the	the	DET
ftr-349	761	27	foreign	foreign	ADJ
ftr-349	761	28	earnings	earning	NOUN
ftr-349	761	29	overseas	overseas	ADV
ftr-349	761	30	.	.	PUNCT
ftr-349	761	31	”114	”114	PUNCT
ftr-349	762	1	some	some	DET
ftr-349	762	2	studies	study	NOUN
ftr-349	762	3	have	have	AUX
ftr-349	762	4	suggested	suggest	VERB
ftr-349	762	5	that	that	SCONJ
ftr-349	762	6	the	the	DET
ftr-349	762	7	market	market	NOUN
ftr-349	762	8	in	in	ADP
ftr-349	762	9	fact	fact	NOUN
ftr-349	762	10	discounts	discount	VERB
ftr-349	762	11	stock	stock	NOUN
ftr-349	762	12	prices	price	NOUN
ftr-349	762	13	for	for	ADP
ftr-349	762	14	the	the	DET
ftr-349	762	15	u.s	u.s	PROPN
ftr-349	762	16	.	.	PROPN
ftr-349	762	17	residual	residual	ADJ
ftr-349	762	18	tax	tax	NOUN
ftr-349	762	19	that	that	PRON
ftr-349	762	20	firms	firm	NOUN
ftr-349	762	21	actually	actually	ADV
ftr-349	762	22	disclose	disclose	VERB
ftr-349	762	23	in	in	ADP
ftr-349	762	24	their	their	PRON
ftr-349	762	25	financial	financial	ADJ
ftr-349	762	26	statements	statement	NOUN
ftr-349	762	27	as	as	ADP
ftr-349	762	28	estimates	estimate	NOUN
ftr-349	762	29	of	of	ADP
ftr-349	762	30	the	the	DET
ftr-349	762	31	cost	cost	NOUN
ftr-349	762	32	of	of	ADP
ftr-349	762	33	repatriating	repatriate	VERB
ftr-349	762	34	their	their	PRON
ftr-349	762	35	permanently	permanently	ADV
ftr-349	762	36	reinvested	reinveste	VERB
ftr-349	762	37	earnings.115	earnings.115	PROPN
ftr-349	762	38	even	even	ADV
ftr-349	762	39	if	if	SCONJ
ftr-349	762	40	the	the	DET
ftr-349	762	41	market	market	NOUN
ftr-349	762	42	does	do	AUX
ftr-349	762	43	discount	discount	VERB
ftr-349	762	44	these	these	DET
ftr-349	762	45	stocks	stock	NOUN
ftr-349	762	46	,	,	PUNCT
ftr-349	762	47	recent	recent	ADJ
ftr-349	762	48	112	112	NUM
ftr-349	762	49	.	.	PUNCT
ftr-349	763	1	a	a	DET
ftr-349	763	2	more	more	ADV
ftr-349	763	3	technical	technical	ADJ
ftr-349	763	4	description	description	NOUN
ftr-349	763	5	would	would	AUX
ftr-349	763	6	be	be	AUX
ftr-349	763	7	that	that	SCONJ
ftr-349	763	8	the	the	DET
ftr-349	763	9	facts	fact	NOUN
ftr-349	763	10	drive	drive	VERB
ftr-349	763	11	a	a	DET
ftr-349	763	12	required	require	VERB
ftr-349	763	13	financial	financial	ADJ
ftr-349	763	14	accounting	accounting	NOUN
ftr-349	763	15	result	result	NOUN
ftr-349	763	16	,	,	PUNCT
ftr-349	763	17	but	but	CCONJ
ftr-349	763	18	that	that	SCONJ
ftr-349	763	19	the	the	DET
ftr-349	763	20	company	company	NOUN
ftr-349	763	21	controls	control	VERB
ftr-349	763	22	the	the	DET
ftr-349	763	23	relevant	relevant	ADJ
ftr-349	763	24	facts	fact	NOUN
ftr-349	763	25	,	,	PUNCT
ftr-349	763	26	including	include	VERB
ftr-349	763	27	those	those	PRON
ftr-349	763	28	relating	relate	VERB
ftr-349	763	29	to	to	ADP
ftr-349	763	30	its	its	PRON
ftr-349	763	31	future	future	ADJ
ftr-349	763	32	plans	plan	NOUN
ftr-349	763	33	.	.	PUNCT
ftr-349	764	1	113	113	NUM
ftr-349	764	2	.	.	PUNCT
ftr-349	764	3	jennifer	jennifer	PROPN
ftr-349	764	4	l.	l.	PROPN
ftr-349	764	5	blouin	blouin	PROPN
ftr-349	764	6	,	,	PUNCT
ftr-349	764	7	linda	linda	PROPN
ftr-349	764	8	k.	k.	PROPN
ftr-349	764	9	krull	krull	PROPN
ftr-349	764	10	&	&	CCONJ
ftr-349	764	11	leslie	leslie	PROPN
ftr-349	764	12	a.	a.	PROPN
ftr-349	764	13	robinson	robinson	PROPN
ftr-349	764	14	,	,	PUNCT
ftr-349	764	15	is	be	AUX
ftr-349	764	16	u.s	u.s	PROPN
ftr-349	764	17	.	.	PROPN
ftr-349	764	18	multinational	multinational	ADJ
ftr-349	764	19	intra	intra	ADJ
ftr-349	764	20	-	-	ADJ
ftr-349	764	21	firm	firm	ADJ
ftr-349	764	22	dividend	dividend	NOUN
ftr-349	764	23	policy	policy	NOUN
ftr-349	764	24	influenced	influence	VERB
ftr-349	764	25	by	by	ADP
ftr-349	764	26	reporting	report	VERB
ftr-349	764	27	incentives	incentive	NOUN
ftr-349	764	28	?	?	PUNCT
ftr-349	765	1	6	6	NUM
ftr-349	765	2	(	(	PUNCT
ftr-349	765	3	tuck	tuck	NOUN
ftr-349	765	4	sch	sch	PROPN
ftr-349	765	5	.	.	PROPN
ftr-349	765	6	of	of	ADP
ftr-349	765	7	bus	bus	NOUN
ftr-349	765	8	.	.	PUNCT
ftr-349	766	1	working	work	VERB
ftr-349	766	2	paper	paper	PROPN
ftr-349	766	3	no	no	INTJ
ftr-349	766	4	.	.	PUNCT
ftr-349	766	5	2009	2009	NUM
ftr-349	766	6	-	-	SYM
ftr-349	766	7	68	68	NUM
ftr-349	766	8	)	)	PUNCT
ftr-349	766	9	,	,	PUNCT
ftr-349	766	10	http://ssrn.com/abstract=1468135	http://ssrn.com/abstract=1468135	PROPN
ftr-349	766	11	.	.	PUNCT
ftr-349	767	1	the	the	DET
ftr-349	767	2	authors	author	NOUN
ftr-349	767	3	also	also	ADV
ftr-349	767	4	find	find	VERB
ftr-349	767	5	that	that	SCONJ
ftr-349	767	6	public	public	ADJ
ftr-349	767	7	companies	company	NOUN
ftr-349	767	8	are	be	AUX
ftr-349	767	9	more	more	ADV
ftr-349	767	10	sensitive	sensitive	ADJ
ftr-349	767	11	to	to	ADP
ftr-349	767	12	the	the	DET
ftr-349	767	13	accounting	accounting	NOUN
ftr-349	767	14	benefits	benefit	NOUN
ftr-349	767	15	of	of	ADP
ftr-349	767	16	permanently	permanently	ADV
ftr-349	767	17	reinvested	reinveste	VERB
ftr-349	767	18	earnings	earning	NOUN
ftr-349	767	19	than	than	SCONJ
ftr-349	767	20	are	be	AUX
ftr-349	767	21	private	private	ADJ
ftr-349	767	22	firms	firm	NOUN
ftr-349	767	23	,	,	PUNCT
ftr-349	767	24	which	which	PRON
ftr-349	767	25	is	be	AUX
ftr-349	767	26	consistent	consistent	ADJ
ftr-349	767	27	with	with	ADP
ftr-349	767	28	the	the	DET
ftr-349	767	29	point	point	NOUN
ftr-349	767	30	made	make	VERB
ftr-349	767	31	earlier	early	ADV
ftr-349	767	32	in	in	ADP
ftr-349	767	33	the	the	DET
ftr-349	767	34	text	text	NOUN
ftr-349	767	35	that	that	SCONJ
ftr-349	767	36	financial	financial	ADJ
ftr-349	767	37	accounting	accounting	NOUN
ftr-349	767	38	is	be	AUX
ftr-349	767	39	the	the	DET
ftr-349	767	40	lens	lens	NOUN
ftr-349	767	41	through	through	ADP
ftr-349	767	42	which	which	PRON
ftr-349	767	43	stakeholders	stakeholder	NOUN
ftr-349	767	44	view	view	VERB
ftr-349	767	45	public	public	ADJ
ftr-349	767	46	firms	firm	NOUN
ftr-349	767	47	.	.	PUNCT
ftr-349	768	1	114	114	NUM
ftr-349	768	2	.	.	PUNCT
ftr-349	769	1	graham	graham	PROPN
ftr-349	769	2	,	,	PUNCT
ftr-349	769	3	hanlon	hanlon	PROPN
ftr-349	769	4	&	&	CCONJ
ftr-349	769	5	shevlin	shevlin	PROPN
ftr-349	769	6	,	,	PUNCT
ftr-349	769	7	accounting	accounting	NOUN
ftr-349	769	8	rules	rule	NOUN
ftr-349	769	9	,	,	PUNCT
ftr-349	769	10	supra	supra	PROPN
ftr-349	769	11	note	note	NOUN
ftr-349	769	12	110	110	NUM
ftr-349	769	13	,	,	PUNCT
ftr-349	769	14	at	at	ADP
ftr-349	769	15	3	3	NUM
ftr-349	769	16	.	.	NOUN
ftr-349	769	17	115	115	NUM
ftr-349	769	18	.	.	PUNCT
ftr-349	770	1	see	see	VERB
ftr-349	770	2	mark	mark	PROPN
ftr-349	770	3	bauman	bauman	PROPN
ftr-349	770	4	&	&	CCONJ
ftr-349	770	5	ken	ken	PROPN
ftr-349	770	6	shaw	shaw	PROPN
ftr-349	770	7	,	,	PUNCT
ftr-349	770	8	the	the	DET
ftr-349	770	9	usefulness	usefulness	NOUN
ftr-349	770	10	of	of	ADP
ftr-349	770	11	disclosures	disclosure	NOUN
ftr-349	770	12	of	of	ADP
ftr-349	770	13	untaxed	untaxed	ADJ
ftr-349	770	14	foreign	foreign	ADJ
ftr-349	770	15	earnings	earning	NOUN
ftr-349	770	16	in	in	ADP
ftr-349	770	17	firm	firm	ADJ
ftr-349	770	18	valuation	valuation	NOUN
ftr-349	770	19	,	,	PUNCT
ftr-349	770	20	30	30	NUM
ftr-349	770	21	j.	j.	PROPN
ftr-349	770	22	am	am	PROPN
ftr-349	770	23	.	.	PUNCT
ftr-349	771	1	tax	tax	NOUN
ftr-349	771	2	.	.	PUNCT
ftr-349	772	1	assoc	assoc	PROPN
ftr-349	772	2	.	.	PUNCT
ftr-349	773	1	53	53	NUM
ftr-349	773	2	(	(	PUNCT
ftr-349	773	3	2008	2008	NUM
ftr-349	773	4	)	)	PUNCT
ftr-349	773	5	746	746	NUM
ftr-349	773	6	florida	florida	PROPN
ftr-349	773	7	tax	tax	NOUN
ftr-349	773	8	review	review	NOUN
ftr-349	773	9	[	[	X
ftr-349	773	10	vol	vol	NOUN
ftr-349	773	11	.	.	PUNCT
ftr-349	774	1	11:9	11:9	NUM
ftr-349	774	2	corporate	corporate	ADJ
ftr-349	774	3	practice	practice	NOUN
ftr-349	774	4	seems	seem	VERB
ftr-349	774	5	to	to	PART
ftr-349	774	6	tilt	tilt	VERB
ftr-349	774	7	heavily	heavily	ADV
ftr-349	774	8	in	in	ADP
ftr-349	774	9	favor	favor	NOUN
ftr-349	774	10	of	of	ADP
ftr-349	774	11	not	not	PART
ftr-349	774	12	quantifying	quantify	VERB
ftr-349	774	13	estimated	estimate	VERB
ftr-349	774	14	repatriation	repatriation	NOUN
ftr-349	774	15	tax	tax	NOUN
ftr-349	774	16	costs	cost	NOUN
ftr-349	774	17	.	.	PUNCT
ftr-349	775	1	for	for	ADP
ftr-349	775	2	example	example	NOUN
ftr-349	775	3	,	,	PUNCT
ftr-349	775	4	out	out	ADP
ftr-349	775	5	of	of	ADP
ftr-349	775	6	the	the	DET
ftr-349	775	7	thirty	thirty	NUM
ftr-349	775	8	constituent	constituent	NOUN
ftr-349	775	9	members	member	NOUN
ftr-349	775	10	of	of	ADP
ftr-349	775	11	the	the	DET
ftr-349	775	12	2010	2010	NUM
ftr-349	775	13	dow	dow	PROPN
ftr-349	775	14	jones	jones	PROPN
ftr-349	775	15	industrial	industrial	PROPN
ftr-349	775	16	average	average	PROPN
ftr-349	775	17	,	,	PUNCT
ftr-349	775	18	only	only	ADV
ftr-349	775	19	three	three	NUM
ftr-349	775	20	disclosed	disclose	VERB
ftr-349	775	21	their	their	PRON
ftr-349	775	22	2007	2007	NUM
ftr-349	775	23	estimated	estimate	VERB
ftr-349	775	24	tax	tax	NOUN
ftr-349	775	25	costs	cost	NOUN
ftr-349	775	26	to	to	PART
ftr-349	775	27	repatriate	repatriate	VERB
ftr-349	775	28	their	their	PRON
ftr-349	775	29	permanently	permanently	ADV
ftr-349	775	30	reinvested	reinveste	VERB
ftr-349	775	31	earnings.116	earnings.116	ADV
ftr-349	775	32	in	in	ADP
ftr-349	775	33	sum	sum	NOUN
ftr-349	775	34	,	,	PUNCT
ftr-349	775	35	from	from	ADP
ftr-349	775	36	the	the	DET
ftr-349	775	37	perspective	perspective	NOUN
ftr-349	775	38	of	of	ADP
ftr-349	775	39	investors	investor	NOUN
ftr-349	775	40	,	,	PUNCT
ftr-349	775	41	the	the	DET
ftr-349	775	42	u.s	u.s	PROPN
ftr-349	775	43	.	.	PROPN
ftr-349	775	44	global	global	ADJ
ftr-349	775	45	tax	tax	NOUN
ftr-349	775	46	regime	regime	NOUN
ftr-349	775	47	often	often	ADV
ftr-349	775	48	operates	operate	VERB
ftr-349	775	49	much	much	ADJ
ftr-349	775	50	like	like	ADP
ftr-349	775	51	a	a	DET
ftr-349	775	52	territorial	territorial	ADJ
ftr-349	775	53	system	system	NOUN
ftr-349	775	54	.	.	PUNCT
ftr-349	776	1	for	for	ADP
ftr-349	776	2	example	example	NOUN
ftr-349	776	3	,	,	PUNCT
ftr-349	776	4	in	in	ADP
ftr-349	776	5	2007	2007	NUM
ftr-349	776	6	(	(	PUNCT
ftr-349	776	7	chosen	choose	VERB
ftr-349	776	8	as	as	ADP
ftr-349	776	9	the	the	DET
ftr-349	776	10	last	last	ADJ
ftr-349	776	11	year	year	NOUN
ftr-349	776	12	before	before	ADP
ftr-349	776	13	the	the	DET
ftr-349	776	14	current	current	ADJ
ftr-349	776	15	financial	financial	ADJ
ftr-349	776	16	crisis	crisis	NOUN
ftr-349	776	17	)	)	PUNCT
ftr-349	776	18	the	the	DET
ftr-349	776	19	effective	effective	ADJ
ftr-349	776	20	u.s	u.s	PROPN
ftr-349	776	21	.	.	PROPN
ftr-349	776	22	gaap	gaap	PROPN
ftr-349	776	23	tax	tax	NOUN
ftr-349	776	24	rate	rate	NOUN
ftr-349	776	25	for	for	ADP
ftr-349	776	26	the	the	DET
ftr-349	776	27	global	global	ADJ
ftr-349	776	28	operations	operation	NOUN
ftr-349	776	29	of	of	ADP
ftr-349	776	30	general	general	ADJ
ftr-349	776	31	electric	electric	ADJ
ftr-349	776	32	company	company	PROPN
ftr-349	776	33	(	(	PUNCT
ftr-349	776	34	ge	ge	PROPN
ftr-349	776	35	)	)	PUNCT
ftr-349	776	36	and	and	CCONJ
ftr-349	776	37	its	its	PRON
ftr-349	776	38	gaap	gaap	NOUN
ftr-349	776	39	-	-	PUNCT
ftr-349	776	40	consolidated	consolidate	VERB
ftr-349	776	41	subsidiaries	subsidiary	NOUN
ftr-349	776	42	was	be	AUX
ftr-349	776	43	15.1	15.1	NUM
ftr-349	776	44	percent.117	percent.117	NOUN
ftr-349	776	45	(	(	PUNCT
ftr-349	776	46	this	this	PRON
ftr-349	776	47	means	mean	VERB
ftr-349	776	48	,	,	PUNCT
ftr-349	776	49	of	of	ADP
ftr-349	776	50	course	course	NOUN
ftr-349	776	51	,	,	PUNCT
ftr-349	776	52	that	that	SCONJ
ftr-349	776	53	ge	ge	PROPN
ftr-349	776	54	’s	’s	PART
ftr-349	776	55	effective	effective	ADJ
ftr-349	776	56	foreign	foreign	ADJ
ftr-349	776	57	income	income	NOUN
ftr-349	776	58	tax	tax	NOUN
ftr-349	776	59	rate	rate	NOUN
ftr-349	776	60	for	for	ADP
ftr-349	776	61	the	the	DET
ftr-349	776	62	year	year	NOUN
ftr-349	776	63	was	be	AUX
ftr-349	776	64	far	far	ADV
ftr-349	776	65	lower	low	ADJ
ftr-349	776	66	,	,	PUNCT
ftr-349	776	67	as	as	SCONJ
ftr-349	776	68	the	the	DET
ftr-349	776	69	15.1	15.1	NUM
ftr-349	776	70	percent	percent	NOUN
ftr-349	776	71	figure	figure	NOUN
ftr-349	776	72	represents	represent	VERB
ftr-349	776	73	an	an	DET
ftr-349	776	74	average	average	NOUN
ftr-349	776	75	of	of	ADP
ftr-349	776	76	foreign	foreign	ADJ
ftr-349	776	77	and	and	CCONJ
ftr-349	776	78	u.s	u.s	PROPN
ftr-349	776	79	.	.	PROPN
ftr-349	776	80	income	income	NOUN
ftr-349	776	81	tax	tax	NOUN
ftr-349	776	82	rates	rate	NOUN
ftr-349	776	83	on	on	ADP
ftr-349	776	84	their	their	PRON
ftr-349	776	85	respective	respective	ADJ
ftr-349	776	86	proportions	proportion	NOUN
ftr-349	776	87	of	of	ADP
ftr-349	776	88	firm	firm	ADJ
ftr-349	776	89	income	income	NOUN
ftr-349	776	90	.	.	PUNCT
ftr-349	776	91	)	)	PUNCT
ftr-349	777	1	the	the	DET
ftr-349	777	2	non	non	NOUN
ftr-349	777	3	-	-	NOUN
ftr-349	777	4	inclusion	inclusion	NOUN
ftr-349	777	5	of	of	ADP
ftr-349	777	6	any	any	DET
ftr-349	777	7	gaap	gaap	NOUN
ftr-349	777	8	liability	liability	NOUN
ftr-349	777	9	for	for	ADP
ftr-349	777	10	u.s	u.s	PROPN
ftr-349	777	11	.	.	PROPN
ftr-349	777	12	taxes	taxis	NOUN
ftr-349	777	13	on	on	ADP
ftr-349	777	14	foreign	foreign	ADJ
ftr-349	777	15	operations	operation	NOUN
ftr-349	777	16	accounted	account	VERB
ftr-349	777	17	for	for	ADP
ftr-349	777	18	15.2	15.2	NUM
ftr-349	777	19	percentage	percentage	NOUN
ftr-349	777	20	points	point	NOUN
ftr-349	777	21	of	of	ADP
ftr-349	777	22	the	the	DET
ftr-349	777	23	difference	difference	NOUN
ftr-349	777	24	between	between	ADP
ftr-349	777	25	the	the	DET
ftr-349	777	26	statutory	statutory	ADJ
ftr-349	777	27	rate	rate	NOUN
ftr-349	777	28	of	of	ADP
ftr-349	777	29	35	35	NUM
ftr-349	777	30	percent	percent	NOUN
ftr-349	777	31	and	and	CCONJ
ftr-349	777	32	the	the	DET
ftr-349	777	33	reported	report	VERB
ftr-349	777	34	global	global	ADJ
ftr-349	777	35	tax	tax	NOUN
ftr-349	777	36	rate	rate	NOUN
ftr-349	777	37	of	of	ADP
ftr-349	777	38	15.1	15.1	NUM
ftr-349	777	39	percent.118	percent.118	VERB
ftr-349	777	40	by	by	ADP
ftr-349	777	41	way	way	NOUN
ftr-349	777	42	of	of	ADP
ftr-349	777	43	rough	rough	ADJ
ftr-349	777	44	comparison	comparison	NOUN
ftr-349	777	45	,	,	PUNCT
ftr-349	777	46	philips	philip	NOUN
ftr-349	777	47	,	,	PUNCT
ftr-349	777	48	which	which	PRON
ftr-349	777	49	is	be	AUX
ftr-349	777	50	domiciled	domicile	VERB
ftr-349	777	51	in	in	ADP
ftr-349	777	52	a	a	DET
ftr-349	777	53	territorial	territorial	ADJ
ftr-349	777	54	tax	tax	NOUN
ftr-349	777	55	country	country	NOUN
ftr-349	777	56	(	(	PUNCT
ftr-349	777	57	the	the	DET
ftr-349	777	58	netherlands	netherlands	PROPN
ftr-349	777	59	)	)	PUNCT
ftr-349	777	60	and	and	CCONJ
ftr-349	777	61	is	be	AUX
ftr-349	777	62	a	a	DET
ftr-349	777	63	competitor	competitor	NOUN
ftr-349	777	64	of	of	ADP
ftr-349	777	65	general	general	ADJ
ftr-349	777	66	electric	electric	NOUN
ftr-349	777	67	in	in	ADP
ftr-349	777	68	many	many	ADJ
ftr-349	777	69	markets	market	NOUN
ftr-349	777	70	,	,	PUNCT
ftr-349	777	71	prepares	prepare	VERB
ftr-349	777	72	its	its	PRON
ftr-349	777	73	financial	financial	ADJ
ftr-349	777	74	statements	statement	NOUN
ftr-349	777	75	under	under	ADP
ftr-349	777	76	both	both	CCONJ
ftr-349	777	77	u.s	u.s	PROPN
ftr-349	777	78	.	.	PROPN
ftr-349	777	79	gaap	gaap	PROPN
ftr-349	777	80	and	and	CCONJ
ftr-349	777	81	international	international	ADJ
ftr-349	777	82	financial	financial	ADJ
ftr-349	777	83	reporting	reporting	NOUN
ftr-349	777	84	standards	standard	NOUN
ftr-349	777	85	(	(	PUNCT
ftr-349	777	86	ifrs	ifrs	NOUN
ftr-349	777	87	)	)	PUNCT
ftr-349	777	88	.	.	PUNCT
ftr-349	778	1	as	as	SCONJ
ftr-349	778	2	previously	previously	ADV
ftr-349	778	3	noted	note	VERB
ftr-349	778	4	,	,	PUNCT
ftr-349	778	5	philips	philip	NOUN
ftr-349	778	6	reported	report	VERB
ftr-349	778	7	for	for	ADP
ftr-349	778	8	2007	2007	NUM
ftr-349	778	9	that	that	SCONJ
ftr-349	778	10	the	the	DET
ftr-349	778	11	weighted	weighted	ADJ
ftr-349	778	12	average	average	ADJ
ftr-349	778	13	statutory	statutory	ADJ
ftr-349	778	14	tax	tax	NOUN
ftr-349	778	15	rate	rate	NOUN
ftr-349	778	16	of	of	ADP
ftr-349	778	17	the	the	DET
ftr-349	778	18	jurisdictions	jurisdiction	NOUN
ftr-349	778	19	in	in	ADP
ftr-349	778	20	which	which	PRON
ftr-349	778	21	it	it	PRON
ftr-349	778	22	did	do	VERB
ftr-349	778	23	business	business	NOUN
ftr-349	778	24	was	be	AUX
ftr-349	778	25	26.9	26.9	NUM
ftr-349	778	26	percent	percent	NOUN
ftr-349	778	27	;	;	PUNCT
ftr-349	778	28	its	its	PRON
ftr-349	778	29	effective	effective	ADJ
ftr-349	778	30	financial	financial	ADJ
ftr-349	778	31	accounting	accounting	NOUN
ftr-349	778	32	tax	tax	NOUN
ftr-349	778	33	rate	rate	NOUN
ftr-349	778	34	for	for	ADP
ftr-349	778	35	the	the	DET
ftr-349	778	36	year	year	NOUN
ftr-349	778	37	was	be	AUX
ftr-349	778	38	13.9	13.9	NUM
ftr-349	778	39	percent	percent	NOUN
ftr-349	778	40	applying	apply	VERB
ftr-349	778	41	u.s	u.s	PROPN
ftr-349	778	42	.	.	PROPN
ftr-349	778	43	gaap	gaap	PROPN
ftr-349	778	44	,	,	PUNCT
ftr-349	778	45	and	and	CCONJ
ftr-349	778	46	11.1	11.1	NUM
ftr-349	778	47	percent	percent	NOUN
ftr-349	778	48	under	under	ADP
ftr-349	778	49	international	international	ADJ
ftr-349	778	50	financial	financial	NOUN
ftr-349	778	51	(	(	PUNCT
ftr-349	778	52	“	"	PUNCT
ftr-349	778	53	this	this	DET
ftr-349	778	54	result	result	NOUN
ftr-349	778	55	is	be	AUX
ftr-349	778	56	due	due	ADJ
ftr-349	778	57	to	to	ADP
ftr-349	778	58	estimated	estimate	VERB
ftr-349	778	59	repatriation	repatriation	NOUN
ftr-349	778	60	tax	tax	NOUN
ftr-349	778	61	amounts	amount	NOUN
ftr-349	778	62	exhibiting	exhibit	VERB
ftr-349	778	63	downward	downward	ADJ
ftr-349	778	64	bias	bias	NOUN
ftr-349	778	65	,	,	PUNCT
ftr-349	778	66	and	and	CCONJ
ftr-349	778	67	less	less	ADJ
ftr-349	778	68	accuracy	accuracy	NOUN
ftr-349	778	69	for	for	ADP
ftr-349	778	70	actual	actual	ADJ
ftr-349	778	71	repatriation	repatriation	NOUN
ftr-349	778	72	tax	tax	NOUN
ftr-349	778	73	effects	effect	NOUN
ftr-349	778	74	,	,	PUNCT
ftr-349	778	75	relative	relative	ADJ
ftr-349	778	76	to	to	ADP
ftr-349	778	77	firm	firm	NOUN
ftr-349	778	78	-	-	PUNCT
ftr-349	778	79	disclosed	disclose	VERB
ftr-349	778	80	repatriation	repatriation	NOUN
ftr-349	778	81	tax	tax	NOUN
ftr-349	778	82	amounts	amount	NOUN
ftr-349	778	83	”	"	PUNCT
ftr-349	778	84	)	)	PUNCT
ftr-349	778	85	;	;	PUNCT
ftr-349	779	1	julie	julie	PROPN
ftr-349	779	2	h.	h.	PROPN
ftr-349	779	3	collins	collins	PROPN
ftr-349	779	4	,	,	PUNCT
ftr-349	779	5	john	john	PROPN
ftr-349	779	6	r.m	r.m	PROPN
ftr-349	779	7	.	.	PROPN
ftr-349	779	8	hand	hand	PROPN
ftr-349	779	9	&	&	CCONJ
ftr-349	779	10	douglas	douglas	PROPN
ftr-349	779	11	a.	a.	PROPN
ftr-349	779	12	shackelford	shackelford	PROPN
ftr-349	779	13	,	,	PUNCT
ftr-349	779	14	international	international	ADJ
ftr-349	779	15	taxation	taxation	NOUN
ftr-349	779	16	and	and	CCONJ
ftr-349	779	17	multinational	multinational	ADJ
ftr-349	779	18	activity	activity	NOUN
ftr-349	779	19	143–172	143–172	NUM
ftr-349	779	20	(	(	PUNCT
ftr-349	779	21	james	james	PROPN
ftr-349	779	22	r.	r.	PROPN
ftr-349	779	23	hines	hines	PROPN
ftr-349	779	24	,	,	PUNCT
ftr-349	779	25	jr	jr	PROPN
ftr-349	779	26	.	.	PUNCT
ftr-349	780	1	ed	ed	NOUN
ftr-349	780	2	.	.	PROPN
ftr-349	780	3	2000	2000	NUM
ftr-349	780	4	)	)	PUNCT
ftr-349	780	5	.	.	PUNCT
ftr-349	781	1	bryant	bryant	PROPN
ftr-349	781	2	-	-	PUNCT
ftr-349	781	3	kutcher	kutcher	PROPN
ftr-349	781	4	,	,	PUNCT
ftr-349	781	5	eiler	eiler	NOUN
ftr-349	781	6	,	,	PUNCT
ftr-349	781	7	and	and	CCONJ
ftr-349	781	8	guenther	guenther	PROPN
ftr-349	781	9	also	also	ADV
ftr-349	781	10	found	find	VERB
ftr-349	781	11	evidence	evidence	NOUN
ftr-349	781	12	that	that	SCONJ
ftr-349	781	13	firms	firm	NOUN
ftr-349	781	14	’	'	PUNCT
ftr-349	781	15	stock	stock	NOUN
ftr-349	781	16	prices	price	NOUN
ftr-349	781	17	were	be	AUX
ftr-349	781	18	discounted	discount	VERB
ftr-349	781	19	for	for	ADP
ftr-349	781	20	disclosed	disclose	VERB
ftr-349	781	21	repatriation	repatriation	NOUN
ftr-349	781	22	tax	tax	NOUN
ftr-349	781	23	costs	cost	NOUN
ftr-349	781	24	,	,	PUNCT
ftr-349	781	25	but	but	CCONJ
ftr-349	781	26	only	only	ADV
ftr-349	781	27	if	if	SCONJ
ftr-349	781	28	those	those	DET
ftr-349	781	29	firms	firm	NOUN
ftr-349	781	30	also	also	ADV
ftr-349	781	31	had	have	AUX
ftr-349	781	32	accumulated	accumulate	VERB
ftr-349	781	33	high	high	ADJ
ftr-349	781	34	levels	level	NOUN
ftr-349	781	35	of	of	ADP
ftr-349	781	36	excess	excess	ADJ
ftr-349	781	37	foreign	foreign	ADJ
ftr-349	781	38	cash	cash	NOUN
ftr-349	781	39	,	,	PUNCT
ftr-349	781	40	presumably	presumably	ADV
ftr-349	781	41	in	in	ADP
ftr-349	781	42	an	an	DET
ftr-349	781	43	effort	effort	NOUN
ftr-349	781	44	to	to	PART
ftr-349	781	45	avoid	avoid	VERB
ftr-349	781	46	repatriation	repatriation	NOUN
ftr-349	781	47	taxes	taxis	NOUN
ftr-349	781	48	.	.	PUNCT
ftr-349	782	1	see	see	VERB
ftr-349	782	2	lisa	lisa	PROPN
ftr-349	782	3	bryant	bryant	PROPN
ftr-349	782	4	-	-	PUNCT
ftr-349	782	5	kutcher	kutcher	PROPN
ftr-349	782	6	,	,	PUNCT
ftr-349	782	7	lisa	lisa	PROPN
ftr-349	782	8	eiler	eiler	PROPN
ftr-349	782	9	&	&	CCONJ
ftr-349	782	10	david	david	PROPN
ftr-349	782	11	a.	a.	PROPN
ftr-349	782	12	guenther	guenther	PROPN
ftr-349	782	13	,	,	PUNCT
ftr-349	782	14	taxes	taxis	NOUN
ftr-349	782	15	and	and	CCONJ
ftr-349	782	16	financial	financial	ADJ
ftr-349	782	17	assets	asset	NOUN
ftr-349	782	18	:	:	PUNCT
ftr-349	782	19	valuing	value	VERB
ftr-349	782	20	permanently	permanently	ADV
ftr-349	782	21	reinvested	reinveste	VERB
ftr-349	782	22	foreign	foreign	ADJ
ftr-349	782	23	earnings	earning	NOUN
ftr-349	782	24	,	,	PUNCT
ftr-349	782	25	61	61	NUM
ftr-349	782	26	nat’l	nat’l	NOUN
ftr-349	782	27	tax	tax	NOUN
ftr-349	782	28	j.	j.	PROPN
ftr-349	782	29	699	699	PROPN
ftr-349	782	30	,	,	PUNCT
ftr-349	782	31	701	701	NUM
ftr-349	782	32	(	(	PUNCT
ftr-349	782	33	2008	2008	NUM
ftr-349	782	34	)	)	PUNCT
ftr-349	782	35	.	.	PUNCT
ftr-349	783	1	by	by	ADP
ftr-349	783	2	contrast	contrast	NOUN
ftr-349	783	3	,	,	PUNCT
ftr-349	783	4	at	at	ADV
ftr-349	783	5	least	least	ADV
ftr-349	783	6	one	one	NUM
ftr-349	783	7	study	study	NOUN
ftr-349	783	8	concludes	conclude	VERB
ftr-349	783	9	that	that	SCONJ
ftr-349	783	10	the	the	DET
ftr-349	783	11	market	market	NOUN
ftr-349	783	12	does	do	AUX
ftr-349	783	13	not	not	PART
ftr-349	783	14	discount	discount	VERB
ftr-349	783	15	stock	stock	NOUN
ftr-349	783	16	prices	price	NOUN
ftr-349	783	17	for	for	ADP
ftr-349	783	18	the	the	DET
ftr-349	783	19	unreported	unreported	ADJ
ftr-349	783	20	tax	tax	NOUN
ftr-349	783	21	liability	liability	NOUN
ftr-349	783	22	from	from	ADP
ftr-349	783	23	permanently	permanently	ADV
ftr-349	783	24	reinvested	reinveste	VERB
ftr-349	783	25	earnings	earning	NOUN
ftr-349	783	26	.	.	PUNCT
ftr-349	784	1	dan	dan	PROPN
ftr-349	784	2	dhaliwal	dhaliwal	PROPN
ftr-349	784	3	&	&	CCONJ
ftr-349	784	4	linda	linda	PROPN
ftr-349	784	5	krull	krull	PROPN
ftr-349	784	6	,	,	PUNCT
ftr-349	784	7	permanently	permanently	ADV
ftr-349	784	8	reinvested	reinveste	VERB
ftr-349	784	9	earnings	earning	NOUN
ftr-349	784	10	and	and	CCONJ
ftr-349	784	11	the	the	DET
ftr-349	784	12	valuation	valuation	NOUN
ftr-349	784	13	of	of	ADP
ftr-349	784	14	foreign	foreign	ADJ
ftr-349	784	15	subsidiary	subsidiary	NOUN
ftr-349	784	16	earnings	earning	NOUN
ftr-349	784	17	(	(	PUNCT
ftr-349	784	18	2006	2006	NUM
ftr-349	784	19	)	)	PUNCT
ftr-349	784	20	,	,	PUNCT
ftr-349	784	21	http://www.entrepreneur.com/tradejournals/	http://www.entrepreneur.com/tradejournals/	PRON
ftr-349	784	22	article/197721239.html	article/197721239.html	NOUN
ftr-349	784	23	(	(	PUNCT
ftr-349	784	24	last	last	ADJ
ftr-349	784	25	visited	visit	VERB
ftr-349	784	26	,	,	PUNCT
ftr-349	784	27	aug	aug	PROPN
ftr-349	784	28	.	.	PROPN
ftr-349	784	29	18	18	NUM
ftr-349	784	30	,	,	PUNCT
ftr-349	784	31	2011	2011	NUM
ftr-349	784	32	)	)	PUNCT
ftr-349	784	33	.	.	PUNCT
ftr-349	785	1	also	also	ADV
ftr-349	785	2	,	,	PUNCT
ftr-349	785	3	while	while	SCONJ
ftr-349	785	4	the	the	DET
ftr-349	785	5	collins	collin	NOUN
ftr-349	785	6	,	,	PUNCT
ftr-349	785	7	hand	hand	NOUN
ftr-349	785	8	,	,	PUNCT
ftr-349	785	9	and	and	CCONJ
ftr-349	785	10	shackelford	shackelford	PROPN
ftr-349	785	11	model	model	PROPN
ftr-349	785	12	,	,	PUNCT
ftr-349	785	13	for	for	ADP
ftr-349	785	14	example	example	NOUN
ftr-349	785	15	,	,	PUNCT
ftr-349	785	16	concludes	conclude	VERB
ftr-349	785	17	that	that	SCONJ
ftr-349	785	18	stock	stock	NOUN
ftr-349	785	19	prices	price	NOUN
ftr-349	785	20	are	be	AUX
ftr-349	785	21	negatively	negatively	ADV
ftr-349	785	22	affected	affect	VERB
ftr-349	785	23	by	by	ADP
ftr-349	785	24	disclosed	disclose	VERB
ftr-349	785	25	but	but	CCONJ
ftr-349	785	26	unquantified	unquantified	ADJ
ftr-349	785	27	tax	tax	NOUN
ftr-349	785	28	liabilities	liability	NOUN
ftr-349	785	29	,	,	PUNCT
ftr-349	785	30	it	it	PRON
ftr-349	785	31	does	do	AUX
ftr-349	785	32	not	not	PART
ftr-349	785	33	estimate	estimate	VERB
ftr-349	785	34	with	with	ADP
ftr-349	785	35	statistical	statistical	ADJ
ftr-349	785	36	significance	significance	NOUN
ftr-349	785	37	the	the	DET
ftr-349	785	38	size	size	NOUN
ftr-349	785	39	of	of	ADP
ftr-349	785	40	this	this	DET
ftr-349	785	41	effect	effect	NOUN
ftr-349	785	42	.	.	PUNCT
ftr-349	786	1	116	116	X
ftr-349	786	2	.	.	PUNCT
ftr-349	787	1	see	see	VERB
ftr-349	787	2	table	table	NOUN
ftr-349	787	3	2	2	NUM
ftr-349	787	4	,	,	PUNCT
ftr-349	787	5	infra	infra	NOUN
ftr-349	787	6	.	.	PUNCT
ftr-349	788	1	117	117	NUM
ftr-349	788	2	.	.	PUNCT
ftr-349	789	1	ge	ge	PROPN
ftr-349	789	2	,	,	PUNCT
ftr-349	789	3	2009	2009	NUM
ftr-349	789	4	annual	annual	ADJ
ftr-349	789	5	report	report	NOUN
ftr-349	789	6	,	,	PUNCT
ftr-349	789	7	p.	p.	NOUN
ftr-349	789	8	93	93	NUM
ftr-349	789	9	,	,	PUNCT
ftr-349	789	10	http://www.ge.com/ar2009	http://www.ge.com/ar2009	X
ftr-349	789	11	(	(	PUNCT
ftr-349	789	12	showing	show	VERB
ftr-349	789	13	2007	2007	NUM
ftr-349	789	14	as	as	ADV
ftr-349	789	15	well	well	ADV
ftr-349	789	16	as	as	ADP
ftr-349	789	17	2009	2009	NUM
ftr-349	789	18	effective	effective	ADJ
ftr-349	789	19	tax	tax	NOUN
ftr-349	789	20	rate	rate	NOUN
ftr-349	789	21	data	datum	NOUN
ftr-349	789	22	)	)	PUNCT
ftr-349	789	23	.	.	PUNCT
ftr-349	790	1	118	118	NUM
ftr-349	790	2	.	.	PUNCT
ftr-349	791	1	i	i	PRON
ftr-349	791	2	d.	d.	PROPN
ftr-349	791	3	http://www.ge.com/ar2009	http://www.ge.com/ar2009	X
ftr-349	791	4	2001	2001	NUM
ftr-349	791	5	]	]	PUNCT
ftr-349	791	6	stateless	stateless	NOUN
ftr-349	791	7	income	income	NOUN
ftr-349	791	8	747	747	NUM
ftr-349	791	9	reporting	reporting	NOUN
ftr-349	791	10	standards	standard	NOUN
ftr-349	791	11	(	(	PUNCT
ftr-349	791	12	ifrs).119	ifrs).119	PROPN
ftr-349	791	13	under	under	ADP
ftr-349	791	14	either	either	DET
ftr-349	791	15	accounting	accounting	NOUN
ftr-349	791	16	standard	standard	NOUN
ftr-349	791	17	,	,	PUNCT
ftr-349	791	18	the	the	DET
ftr-349	791	19	tax	tax	NOUN
ftr-349	791	20	cost	cost	NOUN
ftr-349	791	21	reported	report	VERB
ftr-349	791	22	to	to	ADP
ftr-349	791	23	investors	investor	NOUN
ftr-349	791	24	was	be	AUX
ftr-349	791	25	not	not	PART
ftr-349	791	26	dramatically	dramatically	ADV
ftr-349	791	27	different	different	ADJ
ftr-349	791	28	from	from	ADP
ftr-349	791	29	that	that	PRON
ftr-349	791	30	reported	report	VERB
ftr-349	791	31	by	by	ADP
ftr-349	791	32	ge.120	ge.120	PROPN
ftr-349	791	33	the	the	DET
ftr-349	791	34	substantial	substantial	ADJ
ftr-349	791	35	difference	difference	NOUN
ftr-349	791	36	under	under	ADP
ftr-349	791	37	either	either	DET
ftr-349	791	38	measure	measure	NOUN
ftr-349	791	39	between	between	ADP
ftr-349	791	40	philips	philip	NOUN
ftr-349	791	41	’	'	PUNCT
ftr-349	791	42	global	global	ADJ
ftr-349	791	43	weighted	weight	VERB
ftr-349	791	44	average	average	ADJ
ftr-349	791	45	statutory	statutory	ADJ
ftr-349	791	46	tax	tax	NOUN
ftr-349	791	47	rate	rate	NOUN
ftr-349	791	48	(	(	PUNCT
ftr-349	791	49	26.9	26.9	NUM
ftr-349	791	50	percent	percent	NOUN
ftr-349	791	51	)	)	PUNCT
ftr-349	791	52	and	and	CCONJ
ftr-349	791	53	its	its	PRON
ftr-349	791	54	financial	financial	ADJ
ftr-349	791	55	accounting	accounting	NOUN
ftr-349	791	56	provision	provision	NOUN
ftr-349	791	57	for	for	ADP
ftr-349	791	58	income	income	NOUN
ftr-349	791	59	taxes	taxis	NOUN
ftr-349	791	60	(	(	PUNCT
ftr-349	791	61	13.9	13.9	NUM
ftr-349	791	62	or	or	CCONJ
ftr-349	791	63	11.1	11.1	NUM
ftr-349	791	64	percent	percent	NOUN
ftr-349	791	65	)	)	PUNCT
ftr-349	791	66	also	also	ADV
ftr-349	791	67	is	be	AUX
ftr-349	791	68	consistent	consistent	ADJ
ftr-349	791	69	with	with	ADP
ftr-349	791	70	the	the	DET
ftr-349	791	71	fundamental	fundamental	ADJ
ftr-349	791	72	stateless	stateless	NOUN
ftr-349	791	73	income	income	NOUN
ftr-349	791	74	story	story	NOUN
ftr-349	791	75	that	that	PRON
ftr-349	791	76	this	this	DET
ftr-349	791	77	article	article	NOUN
ftr-349	791	78	addresses	address	VERB
ftr-349	791	79	.	.	PUNCT
ftr-349	792	1	an	an	DET
ftr-349	792	2	examination	examination	NOUN
ftr-349	792	3	of	of	ADP
ftr-349	792	4	the	the	DET
ftr-349	792	5	financial	financial	ADJ
ftr-349	792	6	accounting	accounting	NOUN
ftr-349	792	7	results	result	NOUN
ftr-349	792	8	of	of	ADP
ftr-349	792	9	a	a	DET
ftr-349	792	10	larger	large	ADJ
ftr-349	792	11	population	population	NOUN
ftr-349	792	12	of	of	ADP
ftr-349	792	13	major	major	ADJ
ftr-349	792	14	u.s	u.s	PROPN
ftr-349	792	15	.	.	PROPN
ftr-349	792	16	firms	firm	NOUN
ftr-349	792	17	shows	show	VERB
ftr-349	792	18	again	again	ADV
ftr-349	792	19	that	that	SCONJ
ftr-349	792	20	many	many	ADJ
ftr-349	792	21	appear	appear	VERB
ftr-349	792	22	to	to	PART
ftr-349	792	23	earn	earn	VERB
ftr-349	792	24	significant	significant	ADJ
ftr-349	792	25	stateless	stateless	NOUN
ftr-349	792	26	income	income	NOUN
ftr-349	792	27	,	,	PUNCT
ftr-349	792	28	sufficient	sufficient	ADJ
ftr-349	792	29	to	to	PART
ftr-349	792	30	drive	drive	VERB
ftr-349	792	31	down	down	ADP
ftr-349	792	32	their	their	PRON
ftr-349	792	33	worldwide	worldwide	ADJ
ftr-349	792	34	effective	effective	ADJ
ftr-349	792	35	tax	tax	NOUN
ftr-349	792	36	rates	rate	NOUN
ftr-349	792	37	by	by	ADP
ftr-349	792	38	a	a	DET
ftr-349	792	39	substantial	substantial	ADJ
ftr-349	792	40	amount	amount	NOUN
ftr-349	792	41	.	.	PUNCT
ftr-349	793	1	the	the	DET
ftr-349	793	2	following	follow	VERB
ftr-349	793	3	table	table	NOUN
ftr-349	793	4	(	(	PUNCT
ftr-349	793	5	table	table	NOUN
ftr-349	793	6	2	2	NUM
ftr-349	793	7	)	)	PUNCT
ftr-349	793	8	shows	show	VERB
ftr-349	793	9	the	the	DET
ftr-349	793	10	fiscal	fiscal	ADJ
ftr-349	793	11	year	year	NOUN
ftr-349	793	12	2007	2007	NUM
ftr-349	793	13	financial	financial	ADJ
ftr-349	793	14	statement	statement	NOUN
ftr-349	793	15	global	global	ADJ
ftr-349	793	16	effective	effective	ADJ
ftr-349	793	17	tax	tax	NOUN
ftr-349	793	18	rates	rate	NOUN
ftr-349	793	19	for	for	ADP
ftr-349	793	20	firms	firm	NOUN
ftr-349	793	21	that	that	SCONJ
ftr-349	793	22	in	in	ADP
ftr-349	793	23	2010	2010	NUM
ftr-349	793	24	were	be	AUX
ftr-349	793	25	constituents	constituent	NOUN
ftr-349	793	26	of	of	ADP
ftr-349	793	27	the	the	DET
ftr-349	793	28	dow	dow	PROPN
ftr-349	793	29	jones	jones	PROPN
ftr-349	793	30	industrial	industrial	PROPN
ftr-349	793	31	average	average	PROPN
ftr-349	793	32	.	.	PUNCT
ftr-349	794	1	(	(	PUNCT
ftr-349	794	2	2007	2007	NUM
ftr-349	794	3	was	be	AUX
ftr-349	794	4	chosen	choose	VERB
ftr-349	794	5	as	as	ADP
ftr-349	794	6	the	the	DET
ftr-349	794	7	last	last	ADJ
ftr-349	794	8	year	year	NOUN
ftr-349	794	9	not	not	PART
ftr-349	794	10	affected	affect	VERB
ftr-349	794	11	by	by	ADP
ftr-349	794	12	the	the	DET
ftr-349	794	13	recent	recent	ADJ
ftr-349	794	14	global	global	ADJ
ftr-349	794	15	economic	economic	ADJ
ftr-349	794	16	crisis	crisis	NOUN
ftr-349	794	17	.	.	PUNCT
ftr-349	794	18	)	)	PUNCT
ftr-349	795	1	the	the	DET
ftr-349	795	2	list	list	NOUN
ftr-349	795	3	of	of	ADP
ftr-349	795	4	constituent	constituent	NOUN
ftr-349	795	5	firms	firm	NOUN
ftr-349	795	6	includes	include	VERB
ftr-349	795	7	some	some	DET
ftr-349	795	8	companies	company	NOUN
ftr-349	795	9	whose	whose	DET
ftr-349	795	10	operations	operation	NOUN
ftr-349	795	11	are	be	AUX
ftr-349	795	12	primarily	primarily	ADV
ftr-349	795	13	domestic	domestic	ADJ
ftr-349	795	14	,	,	PUNCT
ftr-349	795	15	and	and	CCONJ
ftr-349	795	16	others	other	NOUN
ftr-349	795	17	(	(	PUNCT
ftr-349	795	18	the	the	DET
ftr-349	795	19	natural	natural	ADJ
ftr-349	795	20	resources	resource	NOUN
ftr-349	795	21	firms	firm	NOUN
ftr-349	795	22	)	)	PUNCT
ftr-349	795	23	for	for	ADP
ftr-349	795	24	which	which	PRON
ftr-349	795	25	foreign	foreign	ADJ
ftr-349	795	26	taxes	taxis	NOUN
ftr-349	795	27	are	be	AUX
ftr-349	795	28	both	both	ADV
ftr-349	795	29	extraordinarily	extraordinarily	ADV
ftr-349	795	30	high	high	ADJ
ftr-349	795	31	and	and	CCONJ
ftr-349	795	32	a	a	DET
ftr-349	795	33	substitute	substitute	NOUN
ftr-349	795	34	for	for	ADP
ftr-349	795	35	royalties	royalty	NOUN
ftr-349	795	36	to	to	ADP
ftr-349	795	37	the	the	DET
ftr-349	795	38	sovereigns	sovereign	NOUN
ftr-349	795	39	in	in	ADP
ftr-349	795	40	which	which	PRON
ftr-349	795	41	they	they	PRON
ftr-349	795	42	operate	operate	VERB
ftr-349	795	43	.	.	PUNCT
ftr-349	796	1	column	column	NOUN
ftr-349	796	2	3	3	NUM
ftr-349	796	3	lists	list	VERB
ftr-349	796	4	the	the	DET
ftr-349	796	5	contributions	contribution	NOUN
ftr-349	796	6	of	of	ADP
ftr-349	796	7	permanently	permanently	ADV
ftr-349	796	8	reinvested	reinveste	VERB
ftr-349	796	9	earnings	earning	NOUN
ftr-349	796	10	to	to	ADP
ftr-349	796	11	that	that	DET
ftr-349	796	12	effective	effective	ADJ
ftr-349	796	13	tax	tax	NOUN
ftr-349	796	14	rate	rate	NOUN
ftr-349	796	15	;	;	PUNCT
ftr-349	796	16	like	like	ADP
ftr-349	796	17	the	the	DET
ftr-349	796	18	second	second	ADJ
ftr-349	796	19	column	column	NOUN
ftr-349	796	20	,	,	PUNCT
ftr-349	796	21	these	these	DET
ftr-349	796	22	figures	figure	NOUN
ftr-349	796	23	are	be	AUX
ftr-349	796	24	calculated	calculate	VERB
ftr-349	796	25	by	by	ADP
ftr-349	796	26	each	each	DET
ftr-349	796	27	firm	firm	NOUN
ftr-349	796	28	and	and	CCONJ
ftr-349	796	29	reported	report	VERB
ftr-349	796	30	in	in	ADP
ftr-349	796	31	the	the	DET
ftr-349	796	32	notes	note	NOUN
ftr-349	796	33	to	to	ADP
ftr-349	796	34	its	its	PRON
ftr-349	796	35	financial	financial	ADJ
ftr-349	796	36	statements	statement	NOUN
ftr-349	796	37	.	.	PUNCT
ftr-349	797	1	very	very	ADV
ftr-349	797	2	generally	generally	ADV
ftr-349	797	3	,	,	PUNCT
ftr-349	797	4	column	column	NOUN
ftr-349	797	5	3	3	NUM
ftr-349	797	6	represents	represent	VERB
ftr-349	797	7	each	each	DET
ftr-349	797	8	firm	firm	NOUN
ftr-349	797	9	’s	’s	PART
ftr-349	797	10	calculations	calculation	NOUN
ftr-349	797	11	of	of	ADP
ftr-349	797	12	the	the	DET
ftr-349	797	13	effect	effect	NOUN
ftr-349	797	14	of	of	ADP
ftr-349	797	15	all	all	DET
ftr-349	797	16	the	the	DET
ftr-349	797	17	factors	factor	NOUN
ftr-349	797	18	that	that	PRON
ftr-349	797	19	are	be	AUX
ftr-349	797	20	reflected	reflect	VERB
ftr-349	797	21	in	in	ADP
ftr-349	797	22	the	the	DET
ftr-349	797	23	effective	effective	ADJ
ftr-349	797	24	tax	tax	NOUN
ftr-349	797	25	rate	rate	NOUN
ftr-349	797	26	associated	associate	VERB
ftr-349	797	27	with	with	ADP
ftr-349	797	28	its	its	PRON
ftr-349	797	29	permanently	permanently	ADV
ftr-349	797	30	reinvested	reinveste	VERB
ftr-349	797	31	earnings	earning	NOUN
ftr-349	797	32	on	on	ADP
ftr-349	797	33	the	the	DET
ftr-349	797	34	firm	firm	NOUN
ftr-349	797	35	’s	’s	PART
ftr-349	797	36	global	global	ADJ
ftr-349	797	37	reported	report	VERB
ftr-349	797	38	effective	effective	ADJ
ftr-349	797	39	tax	tax	NOUN
ftr-349	797	40	rate	rate	NOUN
ftr-349	797	41	.	.	PUNCT
ftr-349	798	1	those	those	DET
ftr-349	798	2	factors	factor	NOUN
ftr-349	798	3	include	include	VERB
ftr-349	798	4	differences	difference	NOUN
ftr-349	798	5	in	in	ADP
ftr-349	798	6	tax	tax	NOUN
ftr-349	798	7	rates	rate	NOUN
ftr-349	798	8	(	(	PUNCT
ftr-349	798	9	which	which	PRON
ftr-349	798	10	in	in	ADP
ftr-349	798	11	turn	turn	NOUN
ftr-349	798	12	are	be	AUX
ftr-349	798	13	attributable	attributable	ADJ
ftr-349	798	14	both	both	PRON
ftr-349	798	15	to	to	ADP
ftr-349	798	16	real	real	ADJ
ftr-349	798	17	operations	operation	NOUN
ftr-349	798	18	in	in	ADP
ftr-349	798	19	low	low	ADJ
ftr-349	798	20	-	-	PUNCT
ftr-349	798	21	tax	tax	NOUN
ftr-349	798	22	jurisdictions	jurisdiction	NOUN
ftr-349	798	23	and	and	CCONJ
ftr-349	798	24	to	to	ADP
ftr-349	798	25	stateless	stateless	NOUN
ftr-349	798	26	income	income	NOUN
ftr-349	798	27	tax	tax	NOUN
ftr-349	798	28	planning	planning	NOUN
ftr-349	798	29	)	)	PUNCT
ftr-349	798	30	,	,	PUNCT
ftr-349	798	31	but	but	CCONJ
ftr-349	798	32	also	also	ADV
ftr-349	798	33	other	other	ADJ
ftr-349	798	34	differences	difference	NOUN
ftr-349	798	35	between	between	ADP
ftr-349	798	36	u.s	u.s	PROPN
ftr-349	798	37	.	.	PROPN
ftr-349	798	38	gaap	gaap	PROPN
ftr-349	798	39	accounting	accounting	NOUN
ftr-349	798	40	and	and	CCONJ
ftr-349	798	41	the	the	DET
ftr-349	798	42	taxes	taxis	NOUN
ftr-349	798	43	actually	actually	ADV
ftr-349	798	44	scheduled	schedule	VERB
ftr-349	798	45	to	to	PART
ftr-349	798	46	be	be	AUX
ftr-349	798	47	collected	collect	VERB
ftr-349	798	48	on	on	ADP
ftr-349	798	49	the	the	DET
ftr-349	798	50	foreign	foreign	ADJ
ftr-349	798	51	operations	operation	NOUN
ftr-349	798	52	in	in	ADP
ftr-349	798	53	question	question	NOUN
ftr-349	798	54	(	(	PUNCT
ftr-349	798	55	for	for	ADP
ftr-349	798	56	example	example	NOUN
ftr-349	798	57	,	,	PUNCT
ftr-349	798	58	a	a	DET
ftr-349	798	59	tax	tax	NOUN
ftr-349	798	60	-	-	PUNCT
ftr-349	798	61	motivated	motivated	ADJ
ftr-349	798	62	“	"	PUNCT
ftr-349	798	63	foreign	foreign	ADJ
ftr-349	798	64	tax	tax	NOUN
ftr-349	798	65	credit	credit	NOUN
ftr-349	798	66	generator	generator	NOUN
ftr-349	798	67	”	"	PUNCT
ftr-349	798	68	transaction	transaction	NOUN
ftr-349	798	69	)	)	PUNCT
ftr-349	798	70	.	.	PUNCT
ftr-349	799	1	although	although	SCONJ
ftr-349	799	2	the	the	DET
ftr-349	799	3	data	datum	NOUN
ftr-349	799	4	presented	present	VERB
ftr-349	799	5	in	in	ADP
ftr-349	799	6	column	column	NOUN
ftr-349	799	7	3	3	NUM
ftr-349	799	8	technically	technically	ADV
ftr-349	799	9	include	include	VERB
ftr-349	799	10	factors	factor	NOUN
ftr-349	799	11	other	other	ADJ
ftr-349	799	12	than	than	ADP
ftr-349	799	13	the	the	DET
ftr-349	799	14	difference	difference	NOUN
ftr-349	799	15	between	between	ADP
ftr-349	799	16	the	the	DET
ftr-349	799	17	u.s	u.s	PROPN
ftr-349	799	18	.	.	PROPN
ftr-349	799	19	tax	tax	NOUN
ftr-349	799	20	rate	rate	NOUN
ftr-349	799	21	and	and	CCONJ
ftr-349	799	22	the	the	DET
ftr-349	799	23	tax	tax	NOUN
ftr-349	799	24	rates	rate	NOUN
ftr-349	799	25	that	that	PRON
ftr-349	799	26	a	a	DET
ftr-349	799	27	firm	firm	NOUN
ftr-349	799	28	actually	actually	ADV
ftr-349	799	29	enjoys	enjoy	VERB
ftr-349	799	30	on	on	ADP
ftr-349	799	31	foreign	foreign	ADJ
ftr-349	799	32	income	income	NOUN
ftr-349	799	33	,	,	PUNCT
ftr-349	799	34	it	it	PRON
ftr-349	799	35	is	be	AUX
ftr-349	799	36	realistic	realistic	ADJ
ftr-349	799	37	to	to	PART
ftr-349	799	38	assume	assume	VERB
ftr-349	799	39	that	that	SCONJ
ftr-349	799	40	the	the	DET
ftr-349	799	41	permanent	permanent	ADJ
ftr-349	799	42	differences	difference	NOUN
ftr-349	799	43	summarized	summarize	VERB
ftr-349	799	44	in	in	ADP
ftr-349	799	45	column	column	NOUN
ftr-349	799	46	3	3	NUM
ftr-349	799	47	do	do	AUX
ftr-349	799	48	in	in	ADP
ftr-349	799	49	fact	fact	NOUN
ftr-349	799	50	primarily	primarily	ADV
ftr-349	799	51	relate	relate	VERB
ftr-349	799	52	simply	simply	ADV
ftr-349	799	53	to	to	ADP
ftr-349	799	54	low	low	ADJ
ftr-349	799	55	foreign	foreign	ADJ
ftr-349	799	56	tax	tax	NOUN
ftr-349	799	57	rates.121	rates.121	NOUN
ftr-349	799	58	119	119	NUM
ftr-349	799	59	.	.	PUNCT
ftr-349	800	1	philips	philips	PROPN
ftr-349	800	2	2007	2007	NUM
ftr-349	800	3	annual	annual	ADJ
ftr-349	800	4	report	report	NOUN
ftr-349	800	5	,	,	PUNCT
ftr-349	800	6	pp	pp	ADP
ftr-349	800	7	.	.	PUNCT
ftr-349	800	8	155	155	NUM
ftr-349	800	9	,	,	PUNCT
ftr-349	800	10	219	219	NUM
ftr-349	800	11	,	,	PUNCT
ftr-349	800	12	http://xbrl.rienks.biz/	http://xbrl.rienks.biz/	NOUN
ftr-349	800	13	company	company	NOUN
ftr-349	800	14	/	/	SYM
ftr-349	800	15	annualreport	annualreport	NOUN
ftr-349	800	16	/	/	SYM
ftr-349	800	17	koninklijke_philips_electronics_n.v./2007	koninklijke_philips_electronics_n.v./2007	PROPN
ftr-349	800	18	.	.	PUNCT
ftr-349	801	1	120	120	NUM
ftr-349	801	2	.	.	PUNCT
ftr-349	802	1	the	the	DET
ftr-349	802	2	text	text	NOUN
ftr-349	802	3	,	,	PUNCT
ftr-349	802	4	of	of	ADP
ftr-349	802	5	course	course	NOUN
ftr-349	802	6	,	,	PUNCT
ftr-349	802	7	presents	present	VERB
ftr-349	802	8	one	one	NUM
ftr-349	802	9	year	year	NOUN
ftr-349	802	10	’s	’s	PART
ftr-349	802	11	comparison	comparison	NOUN
ftr-349	802	12	between	between	ADP
ftr-349	802	13	two	two	NUM
ftr-349	802	14	companies	company	NOUN
ftr-349	802	15	,	,	PUNCT
ftr-349	802	16	not	not	PART
ftr-349	802	17	a	a	DET
ftr-349	802	18	statistically	statistically	ADV
ftr-349	802	19	valid	valid	ADJ
ftr-349	802	20	sample	sample	NOUN
ftr-349	802	21	,	,	PUNCT
ftr-349	802	22	but	but	CCONJ
ftr-349	802	23	the	the	DET
ftr-349	802	24	point	point	NOUN
ftr-349	802	25	retains	retain	VERB
ftr-349	802	26	some	some	DET
ftr-349	802	27	illustrative	illustrative	ADJ
ftr-349	802	28	power	power	NOUN
ftr-349	802	29	of	of	ADP
ftr-349	802	30	the	the	DET
ftr-349	802	31	importance	importance	NOUN
ftr-349	802	32	of	of	ADP
ftr-349	802	33	“	"	PUNCT
ftr-349	802	34	permanently	permanently	ADV
ftr-349	802	35	reinvested	reinveste	VERB
ftr-349	802	36	”	"	PUNCT
ftr-349	802	37	foreign	foreign	ADJ
ftr-349	802	38	earnings	earning	NOUN
ftr-349	802	39	to	to	ADP
ftr-349	802	40	the	the	DET
ftr-349	802	41	reported	report	VERB
ftr-349	802	42	tax	tax	NOUN
ftr-349	802	43	liabilities	liability	NOUN
ftr-349	802	44	of	of	ADP
ftr-349	802	45	u.s	u.s	PROPN
ftr-349	802	46	.	.	PROPN
ftr-349	802	47	firms	firm	NOUN
ftr-349	802	48	.	.	PUNCT
ftr-349	803	1	121	121	NUM
ftr-349	803	2	.	.	PUNCT
ftr-349	804	1	to	to	PART
ftr-349	804	2	test	test	VERB
ftr-349	804	3	this	this	DET
ftr-349	804	4	intuition	intuition	NOUN
ftr-349	804	5	,	,	PUNCT
ftr-349	804	6	i	i	PRON
ftr-349	804	7	have	have	AUX
ftr-349	804	8	attempted	attempt	VERB
ftr-349	804	9	to	to	PART
ftr-349	804	10	isolate	isolate	VERB
ftr-349	804	11	in	in	ADP
ftr-349	804	12	very	very	ADV
ftr-349	804	13	approximate	approximate	ADJ
ftr-349	804	14	terms	term	NOUN
ftr-349	804	15	how	how	SCONJ
ftr-349	804	16	much	much	ADJ
ftr-349	804	17	of	of	ADP
ftr-349	804	18	column	column	NOUN
ftr-349	804	19	3	3	NUM
ftr-349	804	20	is	be	AUX
ftr-349	804	21	attributable	attributable	ADJ
ftr-349	804	22	to	to	ADP
ftr-349	804	23	firms	firm	NOUN
ftr-349	804	24	enjoying	enjoy	VERB
ftr-349	804	25	low	low	ADJ
ftr-349	804	26	tax	tax	NOUN
ftr-349	804	27	rates	rate	NOUN
ftr-349	804	28	on	on	ADP
ftr-349	804	29	their	their	PRON
ftr-349	804	30	permanently	permanently	ADV
ftr-349	804	31	reinvested	reinveste	VERB
ftr-349	804	32	income	income	NOUN
ftr-349	804	33	,	,	PUNCT
ftr-349	804	34	as	as	SCONJ
ftr-349	804	35	opposed	oppose	VERB
ftr-349	804	36	to	to	ADP
ftr-349	804	37	any	any	PRON
ftr-349	804	38	of	of	ADP
ftr-349	804	39	the	the	DET
ftr-349	804	40	other	other	ADJ
ftr-349	804	41	factors	factor	NOUN
ftr-349	804	42	that	that	PRON
ftr-349	804	43	firms	firm	NOUN
ftr-349	804	44	reflect	reflect	VERB
ftr-349	804	45	in	in	ADP
ftr-349	804	46	the	the	DET
ftr-349	804	47	data	datum	NOUN
ftr-349	804	48	presented	present	VERB
ftr-349	804	49	in	in	ADP
ftr-349	804	50	column	column	NOUN
ftr-349	804	51	3	3	NUM
ftr-349	804	52	.	.	PROPN
ftr-349	804	53	748	748	NUM
ftr-349	804	54	florida	florida	PROPN
ftr-349	804	55	tax	tax	NOUN
ftr-349	804	56	review	review	NOUN
ftr-349	804	57	[	[	X
ftr-349	804	58	vol	vol	NOUN
ftr-349	804	59	.	.	PUNCT
ftr-349	805	1	11:9	11:9	NUM
ftr-349	805	2	column	column	NOUN
ftr-349	805	3	4	4	NUM
ftr-349	805	4	lists	list	VERB
ftr-349	805	5	each	each	DET
ftr-349	805	6	firm	firm	NOUN
ftr-349	805	7	’s	’s	PART
ftr-349	805	8	accumulated	accumulate	VERB
ftr-349	805	9	permanently	permanently	ADV
ftr-349	805	10	reinvested	reinveste	VERB
ftr-349	805	11	earnings	earning	NOUN
ftr-349	805	12	at	at	ADP
ftr-349	805	13	the	the	DET
ftr-349	805	14	end	end	NOUN
ftr-349	805	15	of	of	ADP
ftr-349	805	16	2007	2007	NUM
ftr-349	805	17	.	.	PUNCT
ftr-349	806	1	column	column	NOUN
ftr-349	806	2	5	5	NUM
ftr-349	806	3	identifies	identify	VERB
ftr-349	806	4	those	those	DET
ftr-349	806	5	firms	firm	NOUN
ftr-349	806	6	that	that	PRON
ftr-349	806	7	provided	provide	VERB
ftr-349	806	8	an	an	DET
ftr-349	806	9	estimate	estimate	NOUN
ftr-349	806	10	of	of	ADP
ftr-349	806	11	the	the	DET
ftr-349	806	12	u.s	u.s	PROPN
ftr-349	806	13	.	.	PROPN
ftr-349	806	14	residual	residual	ADJ
ftr-349	806	15	tax	tax	NOUN
ftr-349	806	16	cost	cost	NOUN
ftr-349	806	17	of	of	ADP
ftr-349	806	18	repatriating	repatriate	VERB
ftr-349	806	19	their	their	PRON
ftr-349	806	20	permanently	permanently	ADV
ftr-349	806	21	reinvested	reinveste	VERB
ftr-349	806	22	earnings	earning	NOUN
ftr-349	806	23	,	,	PUNCT
ftr-349	806	24	along	along	ADP
ftr-349	806	25	with	with	ADP
ftr-349	806	26	their	their	PRON
ftr-349	806	27	estimate	estimate	NOUN
ftr-349	806	28	thereof	thereof	ADV
ftr-349	806	29	.	.	PUNCT
ftr-349	807	1	to	to	PART
ftr-349	807	2	do	do	VERB
ftr-349	807	3	so	so	ADV
ftr-349	807	4	,	,	PUNCT
ftr-349	807	5	i	i	PRON
ftr-349	807	6	first	first	ADV
ftr-349	807	7	estimated	estimate	VERB
ftr-349	807	8	the	the	DET
ftr-349	807	9	growth	growth	NOUN
ftr-349	807	10	in	in	ADP
ftr-349	807	11	current	current	ADJ
ftr-349	807	12	year	year	NOUN
ftr-349	807	13	permanently	permanently	ADV
ftr-349	807	14	reinvested	reinveste	VERB
ftr-349	807	15	earnings	earning	NOUN
ftr-349	807	16	for	for	ADP
ftr-349	807	17	firms	firm	NOUN
ftr-349	807	18	other	other	ADJ
ftr-349	807	19	than	than	ADP
ftr-349	807	20	financial	financial	ADJ
ftr-349	807	21	or	or	CCONJ
ftr-349	807	22	natural	natural	ADJ
ftr-349	807	23	resources	resource	NOUN
ftr-349	807	24	companies	company	NOUN
ftr-349	807	25	listed	list	VERB
ftr-349	807	26	in	in	ADP
ftr-349	807	27	table	table	NOUN
ftr-349	807	28	2	2	NUM
ftr-349	807	29	.	.	PUNCT
ftr-349	808	1	(	(	PUNCT
ftr-349	808	2	there	there	PRON
ftr-349	808	3	are	be	VERB
ftr-349	808	4	24	24	NUM
ftr-349	808	5	such	such	ADJ
ftr-349	808	6	firms	firm	NOUN
ftr-349	808	7	in	in	ADP
ftr-349	808	8	table	table	NOUN
ftr-349	808	9	2	2	NUM
ftr-349	808	10	for	for	ADP
ftr-349	808	11	which	which	PRON
ftr-349	808	12	the	the	DET
ftr-349	808	13	available	available	ADJ
ftr-349	808	14	disclosure	disclosure	NOUN
ftr-349	808	15	provided	provide	VERB
ftr-349	808	16	the	the	DET
ftr-349	808	17	necessary	necessary	ADJ
ftr-349	808	18	information	information	NOUN
ftr-349	808	19	.	.	PUNCT
ftr-349	808	20	)	)	PUNCT
ftr-349	809	1	since	since	SCONJ
ftr-349	809	2	actual	actual	ADJ
ftr-349	809	3	current	current	ADJ
ftr-349	809	4	year	year	NOUN
ftr-349	809	5	contributions	contribution	NOUN
ftr-349	809	6	to	to	ADP
ftr-349	809	7	permanently	permanently	ADV
ftr-349	809	8	reinvested	reinveste	VERB
ftr-349	809	9	earnings	earning	NOUN
ftr-349	809	10	are	be	AUX
ftr-349	809	11	not	not	PART
ftr-349	809	12	disclosed	disclose	VERB
ftr-349	809	13	,	,	PUNCT
ftr-349	809	14	i	i	PRON
ftr-349	809	15	estimated	estimate	VERB
ftr-349	809	16	the	the	DET
ftr-349	809	17	number	number	NOUN
ftr-349	809	18	by	by	ADP
ftr-349	809	19	comparing	compare	VERB
ftr-349	809	20	accumulated	accumulate	VERB
ftr-349	809	21	permanently	permanently	ADV
ftr-349	809	22	reinvested	reinveste	VERB
ftr-349	809	23	earnings	earning	NOUN
ftr-349	809	24	at	at	ADP
ftr-349	809	25	the	the	DET
ftr-349	809	26	end	end	NOUN
ftr-349	809	27	of	of	ADP
ftr-349	809	28	2006	2006	NUM
ftr-349	809	29	and	and	CCONJ
ftr-349	809	30	2007	2007	NUM
ftr-349	809	31	.	.	PUNCT
ftr-349	810	1	(	(	PUNCT
ftr-349	810	2	this	this	DET
ftr-349	810	3	calculation	calculation	NOUN
ftr-349	810	4	of	of	ADP
ftr-349	810	5	course	course	NOUN
ftr-349	810	6	is	be	AUX
ftr-349	810	7	inaccurate	inaccurate	ADJ
ftr-349	810	8	to	to	ADP
ftr-349	810	9	the	the	DET
ftr-349	810	10	extent	extent	NOUN
ftr-349	810	11	a	a	DET
ftr-349	810	12	firm	firm	NOUN
ftr-349	810	13	has	have	AUX
ftr-349	810	14	reclassified	reclassify	VERB
ftr-349	810	15	permanently	permanently	ADV
ftr-349	810	16	reinvested	reinveste	VERB
ftr-349	810	17	earnings	earning	NOUN
ftr-349	810	18	as	as	ADP
ftr-349	810	19	no	no	ADV
ftr-349	810	20	longer	long	ADV
ftr-349	810	21	permanently	permanently	ADV
ftr-349	810	22	reinvested	reinveste	VERB
ftr-349	810	23	,	,	PUNCT
ftr-349	810	24	or	or	CCONJ
ftr-349	810	25	vice	vice	NOUN
ftr-349	810	26	versa	versa	ADV
ftr-349	810	27	.	.	PUNCT
ftr-349	810	28	)	)	PUNCT
ftr-349	811	1	i	i	PRON
ftr-349	811	2	assumed	assume	VERB
ftr-349	811	3	that	that	SCONJ
ftr-349	811	4	those	those	DET
ftr-349	811	5	earnings	earning	NOUN
ftr-349	811	6	were	be	AUX
ftr-349	811	7	taxed	tax	VERB
ftr-349	811	8	at	at	ADP
ftr-349	811	9	a	a	DET
ftr-349	811	10	rate	rate	NOUN
ftr-349	811	11	of	of	ADP
ftr-349	811	12	16	16	NUM
ftr-349	811	13	percent	percent	NOUN
ftr-349	811	14	(	(	PUNCT
ftr-349	811	15	the	the	DET
ftr-349	811	16	average	average	ADJ
ftr-349	811	17	effective	effective	ADJ
ftr-349	811	18	foreign	foreign	ADJ
ftr-349	811	19	tax	tax	NOUN
ftr-349	811	20	rate	rate	NOUN
ftr-349	811	21	applicable	applicable	ADJ
ftr-349	811	22	to	to	AUX
ftr-349	811	23	u.s.-controlled	u.s.-controlle	VERB
ftr-349	811	24	foreign	foreign	ADJ
ftr-349	811	25	corporations	corporation	NOUN
ftr-349	811	26	in	in	ADP
ftr-349	811	27	2006	2006	NUM
ftr-349	811	28	)	)	PUNCT
ftr-349	811	29	;	;	PUNCT
ftr-349	811	30	that	that	PRON
ftr-349	811	31	assumption	assumption	NOUN
ftr-349	811	32	of	of	ADP
ftr-349	811	33	course	course	NOUN
ftr-349	811	34	likely	likely	ADV
ftr-349	811	35	is	be	AUX
ftr-349	811	36	wrong	wrong	ADJ
ftr-349	811	37	when	when	SCONJ
ftr-349	811	38	applied	apply	VERB
ftr-349	811	39	to	to	ADP
ftr-349	811	40	any	any	DET
ftr-349	811	41	individual	individual	ADJ
ftr-349	811	42	firm	firm	NOUN
ftr-349	811	43	,	,	PUNCT
ftr-349	811	44	but	but	CCONJ
ftr-349	811	45	should	should	AUX
ftr-349	811	46	be	be	AUX
ftr-349	811	47	roughly	roughly	ADV
ftr-349	811	48	accurate	accurate	ADJ
ftr-349	811	49	when	when	SCONJ
ftr-349	811	50	the	the	DET
ftr-349	811	51	results	result	NOUN
ftr-349	811	52	are	be	AUX
ftr-349	811	53	averaged	average	VERB
ftr-349	811	54	.	.	PUNCT
ftr-349	812	1	i	i	PRON
ftr-349	812	2	then	then	ADV
ftr-349	812	3	calculated	calculate	VERB
ftr-349	812	4	for	for	ADP
ftr-349	812	5	each	each	DET
ftr-349	812	6	such	such	ADJ
ftr-349	812	7	firm	firm	NOUN
ftr-349	812	8	the	the	DET
ftr-349	812	9	difference	difference	NOUN
ftr-349	812	10	between	between	ADP
ftr-349	812	11	(	(	PUNCT
ftr-349	812	12	i	i	NOUN
ftr-349	812	13	)	)	PUNCT
ftr-349	812	14	the	the	DET
ftr-349	812	15	u.s	u.s	PROPN
ftr-349	812	16	.	.	PROPN
ftr-349	812	17	statutory	statutory	ADJ
ftr-349	812	18	rate	rate	NOUN
ftr-349	812	19	of	of	ADP
ftr-349	812	20	35	35	NUM
ftr-349	812	21	percent	percent	NOUN
ftr-349	812	22	and	and	CCONJ
ftr-349	812	23	(	(	PUNCT
ftr-349	812	24	ii	ii	NOUN
ftr-349	812	25	)	)	PUNCT
ftr-349	812	26	that	that	SCONJ
ftr-349	812	27	16	16	NUM
ftr-349	812	28	percent	percent	NOUN
ftr-349	812	29	rate	rate	NOUN
ftr-349	812	30	,	,	PUNCT
ftr-349	812	31	each	each	PRON
ftr-349	812	32	applied	apply	VERB
ftr-349	812	33	to	to	ADP
ftr-349	812	34	the	the	DET
ftr-349	812	35	calculated	calculated	ADJ
ftr-349	812	36	approximation	approximation	NOUN
ftr-349	812	37	of	of	ADP
ftr-349	812	38	current	current	ADJ
ftr-349	812	39	year	year	NOUN
ftr-349	812	40	permanently	permanently	ADV
ftr-349	812	41	reinvested	reinveste	VERB
ftr-349	812	42	income	income	NOUN
ftr-349	812	43	,	,	PUNCT
ftr-349	812	44	and	and	CCONJ
ftr-349	812	45	expressed	express	VERB
ftr-349	812	46	the	the	DET
ftr-349	812	47	result	result	NOUN
ftr-349	812	48	as	as	ADP
ftr-349	812	49	a	a	DET
ftr-349	812	50	contribution	contribution	NOUN
ftr-349	812	51	in	in	ADP
ftr-349	812	52	percentage	percentage	NOUN
ftr-349	812	53	points	point	NOUN
ftr-349	812	54	.	.	PUNCT
ftr-349	813	1	the	the	DET
ftr-349	813	2	unweighted	unweighted	ADJ
ftr-349	813	3	average	average	NOUN
ftr-349	813	4	for	for	ADP
ftr-349	813	5	the	the	DET
ftr-349	813	6	24	24	NUM
ftr-349	813	7	selected	select	VERB
ftr-349	813	8	firms	firm	NOUN
ftr-349	813	9	of	of	ADP
ftr-349	813	10	the	the	DET
ftr-349	813	11	percentage	percentage	NOUN
ftr-349	813	12	point	point	NOUN
ftr-349	813	13	effect	effect	NOUN
ftr-349	813	14	on	on	ADP
ftr-349	813	15	their	their	PRON
ftr-349	813	16	effective	effective	ADJ
ftr-349	813	17	tax	tax	NOUN
ftr-349	813	18	rates	rate	NOUN
ftr-349	813	19	of	of	ADP
ftr-349	813	20	permanent	permanent	ADJ
ftr-349	813	21	differences	difference	NOUN
ftr-349	813	22	relating	relate	VERB
ftr-349	813	23	to	to	ADP
ftr-349	813	24	foreign	foreign	ADJ
ftr-349	813	25	income	income	NOUN
ftr-349	813	26	(	(	PUNCT
ftr-349	813	27	i.e.	i.e.	X
ftr-349	813	28	,	,	PUNCT
ftr-349	813	29	column	column	NOUN
ftr-349	813	30	3	3	NUM
ftr-349	813	31	)	)	PUNCT
ftr-349	813	32	was	be	AUX
ftr-349	813	33	7.8	7.8	NUM
ftr-349	813	34	percent	percent	NOUN
ftr-349	813	35	.	.	PUNCT
ftr-349	814	1	the	the	DET
ftr-349	814	2	unweighted	unweighted	ADJ
ftr-349	814	3	average	average	NOUN
ftr-349	814	4	of	of	ADP
ftr-349	814	5	the	the	DET
ftr-349	814	6	alternative	alternative	ADJ
ftr-349	814	7	estimate	estimate	NOUN
ftr-349	814	8	outlined	outline	VERB
ftr-349	814	9	above	above	ADV
ftr-349	814	10	was	be	AUX
ftr-349	814	11	7.5	7.5	NUM
ftr-349	814	12	percent	percent	NOUN
ftr-349	814	13	.	.	PUNCT
ftr-349	815	1	this	this	PRON
ftr-349	815	2	suggests	suggest	VERB
ftr-349	815	3	that	that	SCONJ
ftr-349	815	4	the	the	DET
ftr-349	815	5	intuition	intuition	NOUN
ftr-349	815	6	that	that	SCONJ
ftr-349	815	7	the	the	DET
ftr-349	815	8	bulk	bulk	NOUN
ftr-349	815	9	of	of	ADP
ftr-349	815	10	column	column	NOUN
ftr-349	815	11	3	3	NUM
ftr-349	815	12	relates	relate	VERB
ftr-349	815	13	simply	simply	ADV
ftr-349	815	14	to	to	PART
ftr-349	815	15	lower	lower	VERB
ftr-349	815	16	tax	tax	NOUN
ftr-349	815	17	rates	rate	NOUN
ftr-349	815	18	and	and	CCONJ
ftr-349	815	19	not	not	PART
ftr-349	815	20	to	to	PART
ftr-349	815	21	other	other	ADJ
ftr-349	815	22	more	more	ADV
ftr-349	815	23	exotic	exotic	ADJ
ftr-349	815	24	financial	financial	ADJ
ftr-349	815	25	accounting	accounting	NOUN
ftr-349	815	26	issues	issue	NOUN
ftr-349	815	27	is	be	AUX
ftr-349	815	28	reasonably	reasonably	ADV
ftr-349	815	29	accurate	accurate	ADJ
ftr-349	815	30	.	.	PUNCT
ftr-349	816	1	2001	2001	NUM
ftr-349	816	2	]	]	PUNCT
ftr-349	816	3	stateless	stateless	NOUN
ftr-349	816	4	income	income	NOUN
ftr-349	816	5	749	749	NUM
ftr-349	816	6	table	table	NOUN
ftr-349	816	7	2	2	NUM
ftr-349	816	8	:	:	PUNCT
ftr-349	816	9	effective	effective	ADJ
ftr-349	816	10	tax	tax	NOUN
ftr-349	816	11	rates	rate	NOUN
ftr-349	816	12	and	and	CCONJ
ftr-349	816	13	permanently	permanently	ADV
ftr-349	816	14	reinvested	reinveste	VERB
ftr-349	816	15	earnings	earning	NOUN
ftr-349	816	16	of	of	ADP
ftr-349	816	17	constituent	constituent	ADJ
ftr-349	816	18	firms	firm	NOUN
ftr-349	816	19	of	of	ADP
ftr-349	816	20	2010	2010	NUM
ftr-349	816	21	dow	dow	PROPN
ftr-349	816	22	jones	jones	PROPN
ftr-349	816	23	industrial	industrial	PROPN
ftr-349	816	24	average	average	NOUN
ftr-349	816	25	for	for	ADP
ftr-349	816	26	fiscal	fiscal	ADJ
ftr-349	816	27	years	year	NOUN
ftr-349	816	28	ending	end	VERB
ftr-349	816	29	in	in	ADP
ftr-349	816	30	2007	2007	NUM
ftr-349	816	31	(	(	PUNCT
ftr-349	816	32	1	1	NUM
ftr-349	816	33	)	)	PUNCT
ftr-349	816	34	(	(	PUNCT
ftr-349	816	35	2	2	NUM
ftr-349	816	36	)	)	PUNCT
ftr-349	816	37	(	(	PUNCT
ftr-349	816	38	3	3	X
ftr-349	816	39	)	)	PUNCT
ftr-349	816	40	(	(	PUNCT
ftr-349	816	41	4	4	NUM
ftr-349	816	42	)	)	PUNCT
ftr-349	816	43	(	(	PUNCT
ftr-349	816	44	5	5	X
ftr-349	816	45	)	)	PUNCT
ftr-349	816	46	company	company	NOUN
ftr-349	816	47	name	name	NOUN
ftr-349	816	48	etr	etr	PROPN
ftr-349	816	49	(	(	PUNCT
ftr-349	816	50	%	%	INTJ
ftr-349	816	51	)	)	PUNCT
ftr-349	816	52	percentage	percentage	NOUN
ftr-349	816	53	point	point	NOUN
ftr-349	816	54	effect	effect	NOUN
ftr-349	816	55	on	on	ADP
ftr-349	816	56	etr	etr	PROPN
ftr-349	816	57	of	of	ADP
ftr-349	816	58	permanent	permanent	ADJ
ftr-349	816	59	differences	difference	NOUN
ftr-349	816	60	relating	relate	VERB
ftr-349	816	61	to	to	ADP
ftr-349	816	62	foreign	foreign	ADJ
ftr-349	816	63	operations122	operations122	PROPN
ftr-349	816	64	accumulated	accumulate	VERB
ftr-349	816	65	pre	pre	X
ftr-349	816	66	(	(	PUNCT
ftr-349	816	67	in	in	ADP
ftr-349	816	68	billions	billion	NOUN
ftr-349	816	69	of	of	ADP
ftr-349	816	70	dollars	dollar	NOUN
ftr-349	816	71	)	)	PUNCT
ftr-349	816	72	disclosed	disclose	VERB
ftr-349	816	73	cost	cost	NOUN
ftr-349	816	74	to	to	PART
ftr-349	816	75	repatriate	repatriate	VERB
ftr-349	816	76	pre	pre	X
ftr-349	816	77	(	(	PUNCT
ftr-349	816	78	in	in	ADP
ftr-349	816	79	billions	billion	NOUN
ftr-349	816	80	)	)	PUNCT
ftr-349	816	81	3	3	NUM
ftr-349	816	82	m	m	NOUN
ftr-349	816	83	32.1	32.1	NUM
ftr-349	816	84	(	(	PUNCT
ftr-349	816	85	2.8	2.8	NUM
ftr-349	816	86	)	)	PUNCT
ftr-349	816	87	$	$	SYM
ftr-349	816	88	5.7	5.7	NUM
ftr-349	816	89	not	not	PART
ftr-349	816	90	provided	provide	VERB
ftr-349	816	91	alcoa	alcoa	PROPN
ftr-349	816	92	34.6	34.6	NUM
ftr-349	816	93	(	(	PUNCT
ftr-349	816	94	3.7	3.7	NUM
ftr-349	816	95	)	)	PUNCT
ftr-349	816	96	$	$	SYM
ftr-349	816	97	8.8	8.8	NUM
ftr-349	816	98	not	not	PART
ftr-349	816	99	provided	provide	VERB
ftr-349	816	100	american	american	PROPN
ftr-349	816	101	express	express	VERB
ftr-349	816	102	27.3	27.3	NUM
ftr-349	816	103	(	(	PUNCT
ftr-349	816	104	5.1	5.1	NUM
ftr-349	816	105	)	)	PUNCT
ftr-349	816	106	$	$	SYM
ftr-349	816	107	4.9	4.9	NUM
ftr-349	816	108	$	$	SYM
ftr-349	816	109	1.1	1.1	NUM
ftr-349	816	110	at&t	at&t	NOUN
ftr-349	816	111	34.4	34.4	NUM
ftr-349	816	112	(	(	PUNCT
ftr-349	816	113	0.0	0.0	NUM
ftr-349	816	114	)	)	PUNCT
ftr-349	816	115	immaterial	immaterial	ADJ
ftr-349	816	116	immaterial	immaterial	ADJ
ftr-349	816	117	bank	bank	NOUN
ftr-349	816	118	of	of	ADP
ftr-349	816	119	america	america	PROPN
ftr-349	816	120	28.4	28.4	NUM
ftr-349	816	121	(	(	PUNCT
ftr-349	816	122	2.3	2.3	NUM
ftr-349	816	123	)	)	PUNCT
ftr-349	816	124	$	$	SYM
ftr-349	816	125	5.8	5.8	NUM
ftr-349	816	126	$	$	SYM
ftr-349	816	127	0.9	0.9	NUM
ftr-349	816	128	boeing	boeing	NOUN
ftr-349	816	129	33.7	33.7	NUM
ftr-349	816	130	not	not	PART
ftr-349	816	131	provided	provide	VERB
ftr-349	816	132	not	not	PART
ftr-349	816	133	provided	provided	AUX
ftr-349	816	134	not	not	PART
ftr-349	816	135	provided	provide	VERB
ftr-349	816	136	caterpillar	caterpillar	ADJ
ftr-349	816	137	30.0	30.0	NUM
ftr-349	816	138	(	(	PUNCT
ftr-349	816	139	4.7	4.7	NUM
ftr-349	816	140	)	)	PUNCT
ftr-349	816	141	$	$	SYM
ftr-349	816	142	7	7	NUM
ftr-349	816	143	not	not	PART
ftr-349	816	144	provided	provide	VERB
ftr-349	816	145	chevron	chevron	NOUN
ftr-349	816	146	41.9	41.9	NUM
ftr-349	816	147	8.3	8.3	NUM
ftr-349	816	148	$	$	SYM
ftr-349	816	149	20.6	20.6	NUM
ftr-349	816	150	immaterial	immaterial	ADJ
ftr-349	816	151	cisco	cisco	NOUN
ftr-349	816	152	22.5	22.5	NUM
ftr-349	816	153	(	(	PUNCT
ftr-349	816	154	12.8	12.8	NUM
ftr-349	816	155	)	)	PUNCT
ftr-349	816	156	$	$	SYM
ftr-349	816	157	16.3	16.3	NUM
ftr-349	816	158	not	not	PART
ftr-349	816	159	provided	provide	VERB
ftr-349	816	160	coca	coca	PROPN
ftr-349	816	161	-	-	PUNCT
ftr-349	816	162	cola	cola	PROPN
ftr-349	816	163	24.0	24.0	NUM
ftr-349	816	164	(	(	PUNCT
ftr-349	816	165	10.8	10.8	NUM
ftr-349	816	166	)	)	PUNCT
ftr-349	816	167	$	$	SYM
ftr-349	816	168	11.9	11.9	NUM
ftr-349	816	169	not	not	PART
ftr-349	816	170	provided	provide	VERB
ftr-349	816	171	disney	disney	NOUN
ftr-349	816	172	37.2	37.2	NUM
ftr-349	816	173	(	(	PUNCT
ftr-349	816	174	0.5	0.5	NUM
ftr-349	816	175	)	)	PUNCT
ftr-349	816	176	immaterial	immaterial	ADJ
ftr-349	816	177	immaterial	immaterial	ADJ
ftr-349	816	178	dupont	dupont	NOUN
ftr-349	816	179	20.0	20.0	NUM
ftr-349	816	180	(	(	PUNCT
ftr-349	816	181	7.5	7.5	NUM
ftr-349	816	182	)	)	PUNCT
ftr-349	816	183	$	$	SYM
ftr-349	816	184	9.6	9.6	NUM
ftr-349	816	185	not	not	PART
ftr-349	816	186	provided	provide	VERB
ftr-349	816	187	exxon	exxon	PROPN
ftr-349	816	188	mobil	mobil	PROPN
ftr-349	816	189	44.4	44.4	NUM
ftr-349	816	190	10.4	10.4	NUM
ftr-349	816	191	$	$	SYM
ftr-349	816	192	56	56	NUM
ftr-349	816	193	immaterial	immaterial	ADJ
ftr-349	816	194	ge	ge	PROPN
ftr-349	816	195	15.5	15.5	NUM
ftr-349	816	196	(	(	PUNCT
ftr-349	816	197	15.7	15.7	NUM
ftr-349	816	198	)	)	PUNCT
ftr-349	816	199	$	$	SYM
ftr-349	816	200	62	62	NUM
ftr-349	816	201	not	not	PART
ftr-349	816	202	provided	provide	VERB
ftr-349	816	203	hewlettpackard	hewlettpackard	NOUN
ftr-349	816	204	20.8	20.8	NUM
ftr-349	816	205	(	(	PUNCT
ftr-349	816	206	13.2	13.2	NUM
ftr-349	816	207	)	)	PUNCT
ftr-349	816	208	$	$	SYM
ftr-349	816	209	7.7	7.7	NUM
ftr-349	816	210	not	not	PART
ftr-349	816	211	provided	provide	VERB
ftr-349	816	212	home	home	NOUN
ftr-349	816	213	depot	depot	NOUN
ftr-349	816	214	38.1	38.1	NUM
ftr-349	816	215	0.0	0.0	NUM
ftr-349	816	216	$	$	SYM
ftr-349	816	217	1.2	1.2	NUM
ftr-349	816	218	not	not	PART
ftr-349	816	219	provided	provide	VERB
ftr-349	816	220	ibm	ibm	PROPN
ftr-349	816	221	28	28	NUM
ftr-349	816	222	(	(	PUNCT
ftr-349	816	223	6.0	6.0	NUM
ftr-349	816	224	)	)	PUNCT
ftr-349	816	225	$	$	SYM
ftr-349	816	226	18.8	18.8	NUM
ftr-349	816	227	not	not	PART
ftr-349	816	228	provided	provide	VERB
ftr-349	816	229	intel	intel	PROPN
ftr-349	816	230	23.9	23.9	NUM
ftr-349	816	231	(	(	PUNCT
ftr-349	816	232	4.7	4.7	NUM
ftr-349	816	233	)	)	PUNCT
ftr-349	816	234	$	$	SYM
ftr-349	816	235	6.3	6.3	NUM
ftr-349	816	236	not	not	PART
ftr-349	816	237	provided	provide	VERB
ftr-349	816	238	johnson	johnson	PROPN
ftr-349	816	239	&	&	CCONJ
ftr-349	816	240	johnson	johnson	PROPN
ftr-349	816	241	20.4	20.4	NUM
ftr-349	816	242	(	(	PUNCT
ftr-349	816	243	18.0	18.0	NUM
ftr-349	816	244	)	)	PUNCT
ftr-349	816	245	$	$	SYM
ftr-349	816	246	24.2	24.2	NUM
ftr-349	816	247	not	not	PART
ftr-349	816	248	provided	provide	VERB
ftr-349	816	249	jpmorgan	jpmorgan	PROPN
ftr-349	816	250	chase	chase	PROPN
ftr-349	816	251	32.6	32.6	NUM
ftr-349	816	252	(	(	PUNCT
ftr-349	816	253	1.1	1.1	NUM
ftr-349	816	254	)	)	PUNCT
ftr-349	816	255	$	$	SYM
ftr-349	816	256	3.6	3.6	NUM
ftr-349	816	257	not	not	PART
ftr-349	816	258	provided	provide	VERB
ftr-349	816	259	kraft	kraft	NOUN
ftr-349	816	260	30.5	30.5	NUM
ftr-349	816	261	(	(	PUNCT
ftr-349	816	262	4.9	4.9	NUM
ftr-349	816	263	)	)	PUNCT
ftr-349	816	264	$	$	SYM
ftr-349	816	265	3.9	3.9	NUM
ftr-349	816	266	not	not	PART
ftr-349	816	267	provided	provide	VERB
ftr-349	816	268	mcdonald	mcdonald	PROPN
ftr-349	816	269	’s	’s	PART
ftr-349	816	270	34.6	34.6	NUM
ftr-349	816	271	(	(	PUNCT
ftr-349	816	272	7.5	7.5	NUM
ftr-349	816	273	)	)	PUNCT
ftr-349	816	274	$	$	SYM
ftr-349	816	275	6.7	6.7	NUM
ftr-349	816	276	not	not	PART
ftr-349	816	277	provided	provide	VERB
ftr-349	816	278	122	122	NUM
ftr-349	816	279	.	.	PUNCT
ftr-349	817	1	as	as	SCONJ
ftr-349	817	2	reported	report	VERB
ftr-349	817	3	by	by	ADP
ftr-349	817	4	firms	firm	NOUN
ftr-349	817	5	in	in	ADP
ftr-349	817	6	their	their	PRON
ftr-349	817	7	2007	2007	NUM
ftr-349	817	8	financial	financial	ADJ
ftr-349	817	9	statements	statement	NOUN
ftr-349	817	10	.	.	PUNCT
ftr-349	818	1	these	these	DET
ftr-349	818	2	figures	figure	NOUN
ftr-349	818	3	include	include	VERB
ftr-349	818	4	not	not	PART
ftr-349	818	5	only	only	ADV
ftr-349	818	6	the	the	DET
ftr-349	818	7	tax	tax	NOUN
ftr-349	818	8	savings	saving	NOUN
ftr-349	818	9	from	from	ADP
ftr-349	818	10	permanently	permanently	ADV
ftr-349	818	11	reinvested	reinveste	VERB
ftr-349	818	12	earnings	earning	NOUN
ftr-349	818	13	,	,	PUNCT
ftr-349	818	14	but	but	CCONJ
ftr-349	818	15	also	also	ADV
ftr-349	818	16	any	any	DET
ftr-349	818	17	other	other	ADJ
ftr-349	818	18	permanent	permanent	ADJ
ftr-349	818	19	benefit	benefit	NOUN
ftr-349	818	20	.	.	PUNCT
ftr-349	819	1	in	in	ADP
ftr-349	819	2	looking	look	VERB
ftr-349	819	3	at	at	ADP
ftr-349	819	4	these	these	DET
ftr-349	819	5	figures	figure	NOUN
ftr-349	819	6	,	,	PUNCT
ftr-349	819	7	it	it	PRON
ftr-349	819	8	is	be	AUX
ftr-349	819	9	important	important	ADJ
ftr-349	819	10	to	to	PART
ftr-349	819	11	remember	remember	VERB
ftr-349	819	12	that	that	SCONJ
ftr-349	819	13	if	if	SCONJ
ftr-349	819	14	,	,	PUNCT
ftr-349	819	15	for	for	ADP
ftr-349	819	16	example	example	NOUN
ftr-349	819	17	,	,	PUNCT
ftr-349	819	18	a	a	DET
ftr-349	819	19	u.s	u.s	PROPN
ftr-349	819	20	.	.	PROPN
ftr-349	819	21	firm	firm	PROPN
ftr-349	819	22	earns	earn	VERB
ftr-349	819	23	50	50	NUM
ftr-349	819	24	percent	percent	NOUN
ftr-349	819	25	of	of	ADP
ftr-349	819	26	its	its	PRON
ftr-349	819	27	pretax	pretax	ADJ
ftr-349	819	28	income	income	NOUN
ftr-349	819	29	domestically	domestically	ADV
ftr-349	819	30	,	,	PUNCT
ftr-349	819	31	and	and	CCONJ
ftr-349	819	32	records	record	VERB
ftr-349	819	33	a	a	DET
ftr-349	819	34	reduction	reduction	NOUN
ftr-349	819	35	in	in	ADP
ftr-349	819	36	its	its	PRON
ftr-349	819	37	global	global	ADJ
ftr-349	819	38	effective	effective	ADJ
ftr-349	819	39	tax	tax	NOUN
ftr-349	819	40	rate	rate	NOUN
ftr-349	819	41	of	of	ADP
ftr-349	819	42	6	6	NUM
ftr-349	819	43	percentage	percentage	NOUN
ftr-349	819	44	points	point	NOUN
ftr-349	819	45	,	,	PUNCT
ftr-349	819	46	in	in	ADP
ftr-349	819	47	reality	reality	NOUN
ftr-349	819	48	its	its	PRON
ftr-349	819	49	foreign	foreign	ADJ
ftr-349	819	50	effective	effective	ADJ
ftr-349	819	51	tax	tax	NOUN
ftr-349	819	52	burden	burden	NOUN
ftr-349	819	53	would	would	AUX
ftr-349	819	54	be	be	AUX
ftr-349	819	55	some	some	DET
ftr-349	819	56	12	12	NUM
ftr-349	819	57	percentage	percentage	NOUN
ftr-349	819	58	points	point	NOUN
ftr-349	819	59	below	below	ADP
ftr-349	819	60	the	the	DET
ftr-349	819	61	u.s	u.s	PROPN
ftr-349	819	62	.	.	PROPN
ftr-349	819	63	rate	rate	NOUN
ftr-349	819	64	.	.	PUNCT
ftr-349	820	1	750	750	NUM
ftr-349	820	2	florida	florida	PROPN
ftr-349	820	3	tax	tax	NOUN
ftr-349	820	4	review	review	NOUN
ftr-349	820	5	[	[	X
ftr-349	820	6	vol	vol	NOUN
ftr-349	820	7	.	.	PUNCT
ftr-349	821	1	11:9	11:9	NUM
ftr-349	821	2	merck	merck	PROPN
ftr-349	821	3	2.8	2.8	NUM
ftr-349	821	4	(	(	PUNCT
ftr-349	821	5	35.5	35.5	NUM
ftr-349	821	6	)	)	PUNCT
ftr-349	821	7	$	$	SYM
ftr-349	821	8	17.2	17.2	NUM
ftr-349	821	9	not	not	PART
ftr-349	821	10	provided	provide	VERB
ftr-349	821	11	microsoft	microsoft	PROPN
ftr-349	821	12	30.0	30.0	NUM
ftr-349	821	13	(	(	PUNCT
ftr-349	821	14	5.1	5.1	NUM
ftr-349	821	15	)	)	PUNCT
ftr-349	821	16	$	$	SYM
ftr-349	821	17	6.1	6.1	NUM
ftr-349	821	18	$	$	SYM
ftr-349	821	19	1.8	1.8	NUM
ftr-349	821	20	pfizer	pfizer	NOUN
ftr-349	821	21	11.0	11.0	NUM
ftr-349	821	22	(	(	PUNCT
ftr-349	821	23	21.6	21.6	NUM
ftr-349	821	24	)	)	PUNCT
ftr-349	821	25	$	$	SYM
ftr-349	821	26	60	60	NUM
ftr-349	821	27	not	not	PART
ftr-349	821	28	provided	provide	VERB
ftr-349	821	29	procter	procter	NOUN
ftr-349	821	30	&	&	CCONJ
ftr-349	821	31	gamble	gamble	VERB
ftr-349	821	32	29.7	29.7	NUM
ftr-349	821	33	(	(	PUNCT
ftr-349	821	34	4.3	4.3	NUM
ftr-349	821	35	)	)	PUNCT
ftr-349	821	36	$	$	SYM
ftr-349	821	37	17	17	NUM
ftr-349	821	38	not	not	PART
ftr-349	821	39	provided	provide	VERB
ftr-349	821	40	travelers	traveler	NOUN
ftr-349	821	41	26.0	26.0	NUM
ftr-349	821	42	(	(	PUNCT
ftr-349	821	43	0.0	0.0	NUM
ftr-349	821	44	)	)	PUNCT
ftr-349	821	45	$	$	SYM
ftr-349	821	46	0.4	0.4	NUM
ftr-349	821	47	not	not	PART
ftr-349	821	48	provided	provide	VERB
ftr-349	821	49	united	united	PROPN
ftr-349	821	50	technologies	technology	NOUN
ftr-349	821	51	28.8	28.8	NUM
ftr-349	821	52	(	(	PUNCT
ftr-349	821	53	5.2	5.2	NUM
ftr-349	821	54	)	)	PUNCT
ftr-349	821	55	not	not	PART
ftr-349	821	56	provided	provided	AUX
ftr-349	821	57	not	not	PART
ftr-349	821	58	provided	provide	VERB
ftr-349	821	59	verizon	verizon	PROPN
ftr-349	821	60	42.0	42.0	NUM
ftr-349	821	61	5.9	5.9	NUM
ftr-349	821	62	$	$	SYM
ftr-349	821	63	0.9	0.9	NUM
ftr-349	821	64	not	not	PART
ftr-349	821	65	provided	provide	VERB
ftr-349	821	66	wal	wal	PROPN
ftr-349	821	67	-	-	ADJ
ftr-349	821	68	mart	mart	PROPN
ftr-349	821	69	33.6	33.6	NUM
ftr-349	821	70	(	(	PUNCT
ftr-349	821	71	1.8	1.8	NUM
ftr-349	821	72	)	)	PUNCT
ftr-349	821	73	$	$	SYM
ftr-349	821	74	8.7	8.7	NUM
ftr-349	821	75	not	not	PART
ftr-349	821	76	provided	provide	VERB
ftr-349	821	77	unweighted	unweighted	ADJ
ftr-349	821	78	average	average	ADJ
ftr-349	821	79	28.6	28.6	NUM
ftr-349	821	80	(	(	PUNCT
ftr-349	821	81	5.9	5.9	NUM
ftr-349	821	82	)	)	PUNCT
ftr-349	821	83	the	the	DET
ftr-349	821	84	variability	variability	NOUN
ftr-349	821	85	in	in	ADP
ftr-349	821	86	effective	effective	ADJ
ftr-349	821	87	tax	tax	NOUN
ftr-349	821	88	rates	rate	NOUN
ftr-349	821	89	is	be	AUX
ftr-349	821	90	extraordinary	extraordinary	ADJ
ftr-349	821	91	,	,	PUNCT
ftr-349	821	92	but	but	CCONJ
ftr-349	821	93	not	not	PART
ftr-349	821	94	surprising	surprising	ADJ
ftr-349	821	95	to	to	ADP
ftr-349	821	96	specialists	specialist	NOUN
ftr-349	821	97	.	.	PUNCT
ftr-349	822	1	it	it	PRON
ftr-349	822	2	is	be	AUX
ftr-349	822	3	consistent	consistent	ADJ
ftr-349	822	4	with	with	ADP
ftr-349	822	5	a	a	DET
ftr-349	822	6	story	story	NOUN
ftr-349	822	7	in	in	ADP
ftr-349	822	8	which	which	PRON
ftr-349	822	9	firms	firm	NOUN
ftr-349	822	10	driven	drive	VERB
ftr-349	822	11	by	by	ADP
ftr-349	822	12	economic	economic	ADJ
ftr-349	822	13	rents	rent	NOUN
ftr-349	822	14	derived	derive	VERB
ftr-349	822	15	from	from	ADP
ftr-349	822	16	high	high	ADJ
ftr-349	822	17	-	-	PUNCT
ftr-349	822	18	value	value	NOUN
ftr-349	822	19	intangible	intangible	ADJ
ftr-349	822	20	assets	asset	NOUN
ftr-349	822	21	(	(	PUNCT
ftr-349	822	22	the	the	DET
ftr-349	822	23	pharmaceutical	pharmaceutical	ADJ
ftr-349	822	24	and	and	CCONJ
ftr-349	822	25	technology	technology	NOUN
ftr-349	822	26	companies	company	NOUN
ftr-349	822	27	,	,	PUNCT
ftr-349	822	28	for	for	ADP
ftr-349	822	29	example	example	NOUN
ftr-349	822	30	)	)	PUNCT
ftr-349	822	31	find	find	VERB
ftr-349	822	32	it	it	PRON
ftr-349	822	33	particularly	particularly	ADV
ftr-349	822	34	easy	easy	ADJ
ftr-349	822	35	to	to	PART
ftr-349	822	36	generate	generate	VERB
ftr-349	822	37	stateless	stateless	NOUN
ftr-349	822	38	income	income	NOUN
ftr-349	822	39	,	,	PUNCT
ftr-349	822	40	while	while	SCONJ
ftr-349	822	41	consumer	consumer	NOUN
ftr-349	822	42	firms	firm	NOUN
ftr-349	822	43	have	have	VERB
ftr-349	822	44	somewhat	somewhat	ADV
ftr-349	822	45	less	less	ADJ
ftr-349	822	46	ability	ability	NOUN
ftr-349	822	47	to	to	PART
ftr-349	822	48	do	do	AUX
ftr-349	822	49	so	so	ADV
ftr-349	822	50	,	,	PUNCT
ftr-349	822	51	and	and	CCONJ
ftr-349	822	52	natural	natural	ADJ
ftr-349	822	53	resources	resource	NOUN
ftr-349	822	54	firms	firm	NOUN
ftr-349	822	55	face	face	VERB
ftr-349	822	56	higher	high	ADJ
ftr-349	822	57	tax	tax	NOUN
ftr-349	822	58	rates	rate	NOUN
ftr-349	822	59	abroad	abroad	ADV
ftr-349	822	60	(	(	PUNCT
ftr-349	822	61	where	where	SCONJ
ftr-349	822	62	the	the	DET
ftr-349	822	63	bulk	bulk	NOUN
ftr-349	822	64	of	of	ADP
ftr-349	822	65	their	their	PRON
ftr-349	822	66	resource	resource	NOUN
ftr-349	822	67	extraction	extraction	NOUN
ftr-349	822	68	takes	take	VERB
ftr-349	822	69	place	place	NOUN
ftr-349	822	70	)	)	PUNCT
ftr-349	822	71	than	than	ADP
ftr-349	822	72	in	in	ADP
ftr-349	822	73	the	the	DET
ftr-349	822	74	united	united	PROPN
ftr-349	822	75	states	states	PROPN
ftr-349	822	76	.	.	PUNCT
ftr-349	823	1	iv	iv	X
ftr-349	823	2	.	.	PUNCT
ftr-349	823	3	implications	implication	NOUN
ftr-349	823	4	of	of	ADP
ftr-349	823	5	stateless	stateless	NOUN
ftr-349	823	6	income	income	NOUN
ftr-349	823	7	this	this	DET
ftr-349	823	8	section	section	NOUN
ftr-349	823	9	considers	consider	VERB
ftr-349	823	10	the	the	DET
ftr-349	823	11	immediate	immediate	ADJ
ftr-349	823	12	implications	implication	NOUN
ftr-349	823	13	of	of	ADP
ftr-349	823	14	a	a	DET
ftr-349	823	15	world	world	NOUN
ftr-349	823	16	imbued	imbue	VERB
ftr-349	823	17	with	with	ADP
ftr-349	823	18	stateless	stateless	NOUN
ftr-349	823	19	income	income	NOUN
ftr-349	823	20	for	for	ADP
ftr-349	823	21	current	current	ADJ
ftr-349	823	22	tax	tax	NOUN
ftr-349	823	23	systems	system	NOUN
ftr-349	823	24	for	for	ADP
ftr-349	823	25	taxing	tax	VERB
ftr-349	823	26	foreign	foreign	ADJ
ftr-349	823	27	direct	direct	ADJ
ftr-349	823	28	investment	investment	NOUN
ftr-349	823	29	.	.	PUNCT
ftr-349	824	1	the	the	DET
ftr-349	824	2	discussion	discussion	NOUN
ftr-349	824	3	emphasizes	emphasize	VERB
ftr-349	824	4	the	the	DET
ftr-349	824	5	united	united	PROPN
ftr-349	824	6	states	states	PROPN
ftr-349	824	7	,	,	PUNCT
ftr-349	824	8	but	but	CCONJ
ftr-349	824	9	attempts	attempt	NOUN
ftr-349	824	10	also	also	ADV
ftr-349	824	11	to	to	PART
ftr-349	824	12	identify	identify	VERB
ftr-349	824	13	issues	issue	NOUN
ftr-349	824	14	that	that	PRON
ftr-349	824	15	are	be	AUX
ftr-349	824	16	particularly	particularly	ADV
ftr-349	824	17	important	important	ADJ
ftr-349	824	18	for	for	ADP
ftr-349	824	19	territorial	territorial	ADJ
ftr-349	824	20	systems	system	NOUN
ftr-349	824	21	.	.	PUNCT
ftr-349	825	1	the	the	DET
ftr-349	825	2	companion	companion	NOUN
ftr-349	825	3	article	article	NOUN
ftr-349	825	4	,	,	PUNCT
ftr-349	825	5	the	the	DET
ftr-349	825	6	lessons	lesson	NOUN
ftr-349	825	7	of	of	ADP
ftr-349	825	8	stateless	stateless	NOUN
ftr-349	825	9	income	income	NOUN
ftr-349	825	10	,	,	PUNCT
ftr-349	825	11	extends	extend	VERB
ftr-349	825	12	this	this	DET
ftr-349	825	13	discussion	discussion	NOUN
ftr-349	825	14	along	along	ADP
ftr-349	825	15	two	two	NUM
ftr-349	825	16	margins	margin	NOUN
ftr-349	825	17	,	,	PUNCT
ftr-349	825	18	by	by	ADP
ftr-349	825	19	analyzing	analyze	VERB
ftr-349	825	20	what	what	PRON
ftr-349	825	21	the	the	DET
ftr-349	825	22	pervasive	pervasive	ADJ
ftr-349	825	23	presence	presence	NOUN
ftr-349	825	24	of	of	ADP
ftr-349	825	25	stateless	stateless	NOUN
ftr-349	825	26	income	income	NOUN
ftr-349	825	27	means	mean	NOUN
ftr-349	825	28	for	for	ADP
ftr-349	825	29	standard	standard	ADJ
ftr-349	825	30	efficiency	efficiency	NOUN
ftr-349	825	31	norms	norm	NOUN
ftr-349	825	32	by	by	ADP
ftr-349	825	33	which	which	PRON
ftr-349	825	34	international	international	ADJ
ftr-349	825	35	income	income	NOUN
ftr-349	825	36	tax	tax	NOUN
ftr-349	825	37	systems	system	NOUN
ftr-349	825	38	are	be	AUX
ftr-349	825	39	judged	judge	VERB
ftr-349	825	40	,	,	PUNCT
ftr-349	825	41	and	and	CCONJ
ftr-349	825	42	by	by	ADP
ftr-349	825	43	reviewing	review	VERB
ftr-349	825	44	how	how	SCONJ
ftr-349	825	45	those	those	DET
ftr-349	825	46	systems	system	NOUN
ftr-349	825	47	might	might	AUX
ftr-349	825	48	be	be	AUX
ftr-349	825	49	revised	revise	VERB
ftr-349	825	50	to	to	PART
ftr-349	825	51	be	be	AUX
ftr-349	825	52	more	more	ADV
ftr-349	825	53	robust	robust	ADJ
ftr-349	825	54	to	to	ADP
ftr-349	825	55	the	the	DET
ftr-349	825	56	corrosive	corrosive	ADJ
ftr-349	825	57	effects	effect	NOUN
ftr-349	825	58	of	of	ADP
ftr-349	825	59	stateless	stateless	NOUN
ftr-349	825	60	income	income	NOUN
ftr-349	825	61	.	.	PUNCT
ftr-349	826	1	a.	a.	NOUN
ftr-349	827	1	the	the	DET
ftr-349	827	2	fruitless	fruitless	ADJ
ftr-349	827	3	search	search	NOUN
ftr-349	827	4	for	for	ADP
ftr-349	827	5	source	source	NOUN
ftr-349	827	6	the	the	DET
ftr-349	827	7	global	global	ADJ
ftr-349	827	8	tax	tax	NOUN
ftr-349	827	9	norms	norm	NOUN
ftr-349	827	10	that	that	PRON
ftr-349	827	11	define	define	VERB
ftr-349	827	12	the	the	DET
ftr-349	827	13	geographic	geographic	ADJ
ftr-349	827	14	source	source	NOUN
ftr-349	827	15	of	of	ADP
ftr-349	827	16	income	income	NOUN
ftr-349	827	17	or	or	CCONJ
ftr-349	827	18	expense	expense	NOUN
ftr-349	827	19	are	be	AUX
ftr-349	827	20	largely	largely	ADV
ftr-349	827	21	artificial	artificial	ADJ
ftr-349	827	22	constructs.123	constructs.123	NOUN
ftr-349	827	23	is	be	AUX
ftr-349	827	24	interest	interest	NOUN
ftr-349	827	25	income	income	NOUN
ftr-349	827	26	earned	earn	VERB
ftr-349	827	27	and	and	CCONJ
ftr-349	827	28	123	123	NUM
ftr-349	827	29	.	.	PUNCT
ftr-349	828	1	see	see	VERB
ftr-349	828	2	,	,	PUNCT
ftr-349	828	3	e.g.	e.g.	ADV
ftr-349	828	4	,	,	PUNCT
ftr-349	828	5	wolfgang	wolfgang	PROPN
ftr-349	828	6	schön	schön	PROPN
ftr-349	828	7	,	,	PUNCT
ftr-349	828	8	international	international	ADJ
ftr-349	828	9	tax	tax	NOUN
ftr-349	828	10	coordination	coordination	NOUN
ftr-349	828	11	for	for	ADP
ftr-349	828	12	a	a	DET
ftr-349	828	13	second	second	ADV
ftr-349	828	14	-	-	PUNCT
ftr-349	828	15	best	good	ADJ
ftr-349	828	16	world	world	NOUN
ftr-349	828	17	(	(	PUNCT
ftr-349	828	18	part	part	NOUN
ftr-349	828	19	i	i	NOUN
ftr-349	828	20	)	)	PUNCT
ftr-349	828	21	,	,	PUNCT
ftr-349	828	22	1	1	NUM
ftr-349	828	23	world	world	NOUN
ftr-349	828	24	tax	tax	NOUN
ftr-349	828	25	j.	j.	PROPN
ftr-349	828	26	67	67	PROPN
ftr-349	828	27	,	,	PUNCT
ftr-349	828	28	68	68	NUM
ftr-349	828	29	(	(	PUNCT
ftr-349	828	30	2009	2009	NUM
ftr-349	828	31	)	)	PUNCT
ftr-349	828	32	(	(	PUNCT
ftr-349	828	33	“	"	PUNCT
ftr-349	828	34	[	[	X
ftr-349	828	35	t]he	t]he	ADV
ftr-349	828	36	whole	whole	ADJ
ftr-349	828	37	concept	concept	NOUN
ftr-349	828	38	of	of	ADP
ftr-349	828	39	‘	'	PUNCT
ftr-349	828	40	source	source	NOUN
ftr-349	828	41	’	'	PUNCT
ftr-349	828	42	has	have	AUX
ftr-349	828	43	become	become	VERB
ftr-349	828	44	less	less	ADV
ftr-349	828	45	and	and	CCONJ
ftr-349	828	46	less	less	ADV
ftr-349	828	47	meaningful	meaningful	ADJ
ftr-349	828	48	as	as	ADP
ftr-349	828	49	a	a	DET
ftr-349	828	50	starting	starting	NOUN
ftr-349	828	51	point	point	NOUN
ftr-349	828	52	for	for	ADP
ftr-349	828	53	international	international	ADJ
ftr-349	828	54	tax	tax	NOUN
ftr-349	828	55	allocation	allocation	NOUN
ftr-349	828	56	.	.	PUNCT
ftr-349	828	57	”	"	PUNCT
ftr-349	828	58	)	)	PUNCT
ftr-349	828	59	;	;	PUNCT
ftr-349	829	1	tim	tim	PROPN
ftr-349	829	2	edgar	edgar	PROPN
ftr-349	829	3	,	,	PUNCT
ftr-349	829	4	jonathan	jonathan	PROPN
ftr-349	829	5	farrar	farrar	PROPN
ftr-349	829	6	&	&	CCONJ
ftr-349	829	7	amin	amin	PROPN
ftr-349	829	8	mawani	mawani	PROPN
ftr-349	829	9	,	,	PUNCT
ftr-349	829	10	foreign	foreign	ADJ
ftr-349	829	11	direct	direct	ADJ
ftr-349	829	12	investment	investment	NOUN
ftr-349	829	13	,	,	PUNCT
ftr-349	829	14	thin	thin	ADJ
ftr-349	829	15	capitalization	capitalization	NOUN
ftr-349	829	16	,	,	PUNCT
ftr-349	829	17	and	and	CCONJ
ftr-349	829	18	the	the	DET
ftr-349	829	19	interest	interest	NOUN
ftr-349	829	20	expense	expense	NOUN
ftr-349	829	21	deduction	deduction	NOUN
ftr-349	829	22	:	:	PUNCT
ftr-349	829	23	a	a	DET
ftr-349	829	24	policy	policy	NOUN
ftr-349	829	25	2001	2001	NUM
ftr-349	829	26	]	]	PUNCT
ftr-349	829	27	stateless	stateless	NOUN
ftr-349	829	28	income	income	NOUN
ftr-349	829	29	751	751	NUM
ftr-349	829	30	taxed	tax	VERB
ftr-349	829	31	where	where	SCONJ
ftr-349	829	32	the	the	DET
ftr-349	829	33	lender	lender	NOUN
ftr-349	829	34	is	be	AUX
ftr-349	829	35	located	locate	VERB
ftr-349	829	36	and	and	CCONJ
ftr-349	829	37	capital	capital	NOUN
ftr-349	829	38	provided	provide	VERB
ftr-349	829	39	,	,	PUNCT
ftr-349	829	40	or	or	CCONJ
ftr-349	829	41	at	at	ADP
ftr-349	829	42	the	the	DET
ftr-349	829	43	location	location	NOUN
ftr-349	829	44	of	of	ADP
ftr-349	829	45	the	the	DET
ftr-349	829	46	borrower	borrower	NOUN
ftr-349	829	47	,	,	PUNCT
ftr-349	829	48	where	where	SCONJ
ftr-349	829	49	the	the	DET
ftr-349	829	50	capital	capital	NOUN
ftr-349	829	51	is	be	AUX
ftr-349	829	52	put	put	VERB
ftr-349	829	53	to	to	PART
ftr-349	829	54	use	use	VERB
ftr-349	829	55	?	?	PUNCT
ftr-349	830	1	the	the	DET
ftr-349	830	2	accepted	accepted	ADJ
ftr-349	830	3	norm	norm	NOUN
ftr-349	830	4	,	,	PUNCT
ftr-349	830	5	and	and	CCONJ
ftr-349	830	6	thus	thus	ADV
ftr-349	830	7	the	the	DET
ftr-349	830	8	general	general	ADJ
ftr-349	830	9	operating	operating	NOUN
ftr-349	830	10	rule	rule	NOUN
ftr-349	830	11	,	,	PUNCT
ftr-349	830	12	is	be	AUX
ftr-349	830	13	the	the	DET
ftr-349	830	14	former	former	ADJ
ftr-349	830	15	,	,	PUNCT
ftr-349	830	16	which	which	PRON
ftr-349	830	17	is	be	AUX
ftr-349	830	18	why	why	SCONJ
ftr-349	830	19	source	source	NOUN
ftr-349	830	20	countries	country	NOUN
ftr-349	830	21	typically	typically	ADV
ftr-349	830	22	give	give	VERB
ftr-349	830	23	deductions	deduction	NOUN
ftr-349	830	24	for	for	ADP
ftr-349	830	25	interest	interest	NOUN
ftr-349	830	26	paid	pay	VERB
ftr-349	830	27	to	to	PART
ftr-349	830	28	nonresident	nonresident	VERB
ftr-349	830	29	affiliates	affiliate	NOUN
ftr-349	830	30	of	of	ADP
ftr-349	830	31	a	a	DET
ftr-349	830	32	local	local	ADJ
ftr-349	830	33	firm	firm	NOUN
ftr-349	830	34	.	.	PUNCT
ftr-349	831	1	and	and	CCONJ
ftr-349	831	2	if	if	SCONJ
ftr-349	831	3	a	a	DET
ftr-349	831	4	u.s	u.s	PROPN
ftr-349	831	5	.	.	PROPN
ftr-349	831	6	parent	parent	NOUN
ftr-349	831	7	company	company	NOUN
ftr-349	831	8	borrows	borrow	VERB
ftr-349	831	9	externally	externally	ADV
ftr-349	831	10	but	but	CCONJ
ftr-349	831	11	then	then	ADV
ftr-349	831	12	contributes	contribute	VERB
ftr-349	831	13	those	those	DET
ftr-349	831	14	funds	fund	NOUN
ftr-349	831	15	to	to	ADP
ftr-349	831	16	the	the	DET
ftr-349	831	17	equity	equity	NOUN
ftr-349	831	18	of	of	ADP
ftr-349	831	19	a	a	DET
ftr-349	831	20	subsidiary	subsidiary	NOUN
ftr-349	831	21	,	,	PUNCT
ftr-349	831	22	should	should	AUX
ftr-349	831	23	the	the	DET
ftr-349	831	24	interest	interest	NOUN
ftr-349	831	25	deduction	deduction	NOUN
ftr-349	831	26	remain	remain	VERB
ftr-349	831	27	with	with	ADP
ftr-349	831	28	the	the	DET
ftr-349	831	29	u.s	u.s	PROPN
ftr-349	831	30	.	.	PROPN
ftr-349	831	31	parent	parent	NOUN
ftr-349	831	32	?	?	PUNCT
ftr-349	832	1	if	if	SCONJ
ftr-349	832	2	not	not	PART
ftr-349	832	3	,	,	PUNCT
ftr-349	832	4	how	how	SCONJ
ftr-349	832	5	should	should	AUX
ftr-349	832	6	the	the	DET
ftr-349	832	7	interest	interest	NOUN
ftr-349	832	8	expense	expense	NOUN
ftr-349	832	9	be	be	AUX
ftr-349	832	10	apportioned	apportion	VERB
ftr-349	832	11	among	among	ADP
ftr-349	832	12	members	member	NOUN
ftr-349	832	13	of	of	ADP
ftr-349	832	14	the	the	DET
ftr-349	832	15	group	group	NOUN
ftr-349	832	16	?	?	PUNCT
ftr-349	833	1	by	by	ADP
ftr-349	833	2	tracing	trace	VERB
ftr-349	833	3	?	?	PUNCT
ftr-349	834	1	by	by	ADP
ftr-349	834	2	a	a	DET
ftr-349	834	3	fungibility	fungibility	NOUN
ftr-349	834	4	standard	standard	NOUN
ftr-349	834	5	?	?	PUNCT
ftr-349	835	1	the	the	DET
ftr-349	835	2	artificiality	artificiality	NOUN
ftr-349	835	3	of	of	ADP
ftr-349	835	4	the	the	DET
ftr-349	835	5	global	global	ADJ
ftr-349	835	6	norms	norm	NOUN
ftr-349	835	7	that	that	PRON
ftr-349	835	8	define	define	VERB
ftr-349	835	9	the	the	DET
ftr-349	835	10	source	source	NOUN
ftr-349	835	11	of	of	ADP
ftr-349	835	12	income	income	NOUN
ftr-349	835	13	is	be	AUX
ftr-349	835	14	a	a	DET
ftr-349	835	15	well	well	ADV
ftr-349	835	16	-	-	PUNCT
ftr-349	835	17	known	know	VERB
ftr-349	835	18	problem	problem	NOUN
ftr-349	835	19	,	,	PUNCT
ftr-349	835	20	for	for	ADP
ftr-349	835	21	which	which	PRON
ftr-349	835	22	solutions	solution	NOUN
ftr-349	835	23	are	be	AUX
ftr-349	835	24	not	not	PART
ftr-349	835	25	obvious.124	obvious.124	ADJ
ftr-349	835	26	but	but	CCONJ
ftr-349	835	27	territorial	territorial	ADJ
ftr-349	835	28	tax	tax	NOUN
ftr-349	835	29	solutions	solution	NOUN
ftr-349	835	30	require	require	VERB
ftr-349	835	31	their	their	PRON
ftr-349	835	32	resolution	resolution	NOUN
ftr-349	835	33	,	,	PUNCT
ftr-349	835	34	because	because	SCONJ
ftr-349	835	35	the	the	DET
ftr-349	835	36	source	source	NOUN
ftr-349	835	37	rules	rule	VERB
ftr-349	835	38	that	that	PRON
ftr-349	835	39	are	be	AUX
ftr-349	835	40	adopted	adopt	VERB
ftr-349	835	41	determine	determine	VERB
ftr-349	835	42	the	the	DET
ftr-349	835	43	jurisdiction	jurisdiction	NOUN
ftr-349	835	44	with	with	ADP
ftr-349	835	45	the	the	DET
ftr-349	835	46	right	right	NOUN
ftr-349	835	47	to	to	PART
ftr-349	835	48	tax	tax	VERB
ftr-349	835	49	the	the	DET
ftr-349	835	50	income	income	NOUN
ftr-349	835	51	in	in	ADP
ftr-349	835	52	question	question	NOUN
ftr-349	835	53	.	.	PUNCT
ftr-349	836	1	source	source	NOUN
ftr-349	836	2	rules	rule	NOUN
ftr-349	836	3	thus	thus	ADV
ftr-349	836	4	are	be	AUX
ftr-349	836	5	central	central	ADJ
ftr-349	836	6	to	to	ADP
ftr-349	836	7	the	the	DET
ftr-349	836	8	entire	entire	ADJ
ftr-349	836	9	operation	operation	NOUN
ftr-349	836	10	of	of	ADP
ftr-349	836	11	territorial	territorial	ADJ
ftr-349	836	12	tax	tax	NOUN
ftr-349	836	13	systems	system	NOUN
ftr-349	836	14	.	.	PUNCT
ftr-349	837	1	source	source	NOUN
ftr-349	837	2	rules	rule	NOUN
ftr-349	837	3	also	also	ADV
ftr-349	837	4	are	be	AUX
ftr-349	837	5	important	important	ADJ
ftr-349	837	6	for	for	ADP
ftr-349	837	7	the	the	DET
ftr-349	837	8	current	current	ADJ
ftr-349	837	9	u.s	u.s	PROPN
ftr-349	837	10	.	.	PROPN
ftr-349	837	11	tax	tax	NOUN
ftr-349	837	12	system	system	NOUN
ftr-349	837	13	,	,	PUNCT
ftr-349	837	14	analysis	analysis	NOUN
ftr-349	837	15	,	,	PUNCT
ftr-349	837	16	56	56	NUM
ftr-349	837	17	can	can	NOUN
ftr-349	837	18	.	.	PUNCT
ftr-349	838	1	tax	tax	NOUN
ftr-349	838	2	j.	j.	PROPN
ftr-349	838	3	803	803	NUM
ftr-349	838	4	,	,	PUNCT
ftr-349	838	5	834–41	834–41	NUM
ftr-349	838	6	(	(	PUNCT
ftr-349	838	7	2008	2008	NUM
ftr-349	838	8	)	)	PUNCT
ftr-349	838	9	;	;	PUNCT
ftr-349	838	10	michael	michael	PROPN
ftr-349	838	11	j.	j.	PROPN
ftr-349	838	12	graetz	graetz	PROPN
ftr-349	838	13	,	,	PUNCT
ftr-349	838	14	a	a	DET
ftr-349	838	15	multilateral	multilateral	ADJ
ftr-349	838	16	solution	solution	NOUN
ftr-349	838	17	for	for	ADP
ftr-349	838	18	the	the	DET
ftr-349	838	19	income	income	NOUN
ftr-349	838	20	tax	tax	NOUN
ftr-349	838	21	treatment	treatment	NOUN
ftr-349	838	22	of	of	ADP
ftr-349	838	23	interest	interest	NOUN
ftr-349	838	24	expenses	expense	NOUN
ftr-349	838	25	,	,	PUNCT
ftr-349	838	26	62	62	NUM
ftr-349	838	27	bull	bull	NOUN
ftr-349	838	28	.	.	PUNCT
ftr-349	839	1	for	for	ADP
ftr-349	839	2	int’l	int’l	NUM
ftr-349	839	3	tax	tax	NOUN
ftr-349	839	4	.	.	PUNCT
ftr-349	839	5	486	486	NUM
ftr-349	839	6	,	,	PUNCT
ftr-349	839	7	489	489	NUM
ftr-349	839	8	(	(	PUNCT
ftr-349	839	9	2008	2008	NUM
ftr-349	839	10	)	)	PUNCT
ftr-349	840	1	[	[	X
ftr-349	840	2	hereinafter	hereinafter	NOUN
ftr-349	840	3	graetz	graetz	NOUN
ftr-349	840	4	,	,	PUNCT
ftr-349	840	5	a	a	DET
ftr-349	840	6	multilateral	multilateral	ADJ
ftr-349	840	7	solution	solution	NOUN
ftr-349	840	8	]	]	PUNCT
ftr-349	840	9	;	;	PUNCT
ftr-349	840	10	hugh	hugh	PROPN
ftr-349	840	11	j.	j.	PROPN
ftr-349	840	12	ault	ault	PROPN
ftr-349	840	13	&	&	CCONJ
ftr-349	840	14	david	david	PROPN
ftr-349	840	15	p.	p.	PROPN
ftr-349	840	16	bradford	bradford	PROPN
ftr-349	840	17	,	,	PUNCT
ftr-349	840	18	taxing	tax	VERB
ftr-349	840	19	international	international	ADJ
ftr-349	840	20	income	income	NOUN
ftr-349	840	21	:	:	PUNCT
ftr-349	840	22	an	an	DET
ftr-349	840	23	analysis	analysis	NOUN
ftr-349	840	24	of	of	ADP
ftr-349	840	25	the	the	DET
ftr-349	840	26	u.s	u.s	PROPN
ftr-349	840	27	.	.	PROPN
ftr-349	840	28	system	system	NOUN
ftr-349	840	29	and	and	CCONJ
ftr-349	840	30	its	its	PRON
ftr-349	840	31	economic	economic	ADJ
ftr-349	840	32	premises	premise	NOUN
ftr-349	840	33	,	,	PUNCT
ftr-349	840	34	in	in	ADP
ftr-349	840	35	taxation	taxation	NOUN
ftr-349	840	36	in	in	ADP
ftr-349	840	37	the	the	DET
ftr-349	840	38	global	global	ADJ
ftr-349	840	39	economy	economy	NOUN
ftr-349	840	40	11	11	NUM
ftr-349	840	41	(	(	PUNCT
ftr-349	840	42	assaf	assaf	PROPN
ftr-349	840	43	razin	razin	PROPN
ftr-349	840	44	&	&	CCONJ
ftr-349	840	45	joel	joel	PROPN
ftr-349	840	46	slemrod	slemrod	PROPN
ftr-349	840	47	,	,	PUNCT
ftr-349	840	48	eds	ed	NOUN
ftr-349	840	49	.	.	PROPN
ftr-349	840	50	1990	1990	NUM
ftr-349	840	51	)	)	PUNCT
ftr-349	840	52	.	.	PUNCT
ftr-349	841	1	when	when	SCONJ
ftr-349	841	2	referring	refer	VERB
ftr-349	841	3	to	to	ADP
ftr-349	841	4	the	the	DET
ftr-349	841	5	“	"	PUNCT
ftr-349	841	6	source	source	NOUN
ftr-349	841	7	”	"	PUNCT
ftr-349	841	8	of	of	ADP
ftr-349	841	9	income	income	NOUN
ftr-349	841	10	or	or	CCONJ
ftr-349	841	11	expense	expense	NOUN
ftr-349	841	12	,	,	PUNCT
ftr-349	841	13	the	the	DET
ftr-349	841	14	text	text	NOUN
ftr-349	841	15	is	be	AUX
ftr-349	841	16	describing	describe	VERB
ftr-349	841	17	where	where	SCONJ
ftr-349	841	18	that	that	DET
ftr-349	841	19	item	item	NOUN
ftr-349	841	20	is	be	AUX
ftr-349	841	21	includible	includible	ADJ
ftr-349	841	22	in	in	ADP
ftr-349	841	23	income	income	NOUN
ftr-349	841	24	or	or	CCONJ
ftr-349	841	25	deducted	deduct	VERB
ftr-349	841	26	.	.	PUNCT
ftr-349	842	1	if	if	SCONJ
ftr-349	842	2	a	a	DET
ftr-349	842	3	u.s	u.s	PROPN
ftr-349	842	4	.	.	PROPN
ftr-349	842	5	firm	firm	PROPN
ftr-349	842	6	lends	lend	VERB
ftr-349	842	7	funds	fund	NOUN
ftr-349	842	8	to	to	ADP
ftr-349	842	9	a	a	DET
ftr-349	842	10	foreign	foreign	ADJ
ftr-349	842	11	affiliate	affiliate	NOUN
ftr-349	842	12	,	,	PUNCT
ftr-349	842	13	the	the	DET
ftr-349	842	14	resulting	result	VERB
ftr-349	842	15	interest	interest	NOUN
ftr-349	842	16	income	income	NOUN
ftr-349	842	17	is	be	AUX
ftr-349	842	18	taxed	tax	VERB
ftr-349	842	19	in	in	ADP
ftr-349	842	20	the	the	DET
ftr-349	842	21	united	united	PROPN
ftr-349	842	22	states	states	PROPN
ftr-349	842	23	;	;	PUNCT
ftr-349	842	24	the	the	DET
ftr-349	842	25	fact	fact	NOUN
ftr-349	842	26	that	that	SCONJ
ftr-349	842	27	for	for	ADP
ftr-349	842	28	u.s	u.s	PROPN
ftr-349	842	29	.	.	PROPN
ftr-349	842	30	foreign	foreign	ADJ
ftr-349	842	31	tax	tax	NOUN
ftr-349	842	32	credit	credit	NOUN
ftr-349	842	33	purposes	purpose	NOUN
ftr-349	842	34	that	that	PRON
ftr-349	842	35	income	income	NOUN
ftr-349	842	36	is	be	AUX
ftr-349	842	37	described	describe	VERB
ftr-349	842	38	as	as	ADP
ftr-349	842	39	“	"	PUNCT
ftr-349	842	40	foreign	foreign	ADJ
ftr-349	842	41	source	source	NOUN
ftr-349	842	42	”	"	PUNCT
ftr-349	842	43	does	do	AUX
ftr-349	842	44	not	not	PART
ftr-349	842	45	alter	alter	VERB
ftr-349	842	46	where	where	SCONJ
ftr-349	842	47	it	it	PRON
ftr-349	842	48	is	be	AUX
ftr-349	842	49	taxed	tax	VERB
ftr-349	842	50	,	,	PUNCT
ftr-349	842	51	but	but	CCONJ
ftr-349	842	52	rather	rather	ADV
ftr-349	842	53	(	(	PUNCT
ftr-349	842	54	under	under	ADP
ftr-349	842	55	the	the	DET
ftr-349	842	56	unique	unique	ADJ
ftr-349	842	57	conceptual	conceptual	ADJ
ftr-349	842	58	confusions	confusion	NOUN
ftr-349	842	59	of	of	ADP
ftr-349	842	60	the	the	DET
ftr-349	842	61	current	current	ADJ
ftr-349	842	62	u.s	u.s	PROPN
ftr-349	842	63	.	.	PROPN
ftr-349	842	64	system	system	NOUN
ftr-349	842	65	)	)	PUNCT
ftr-349	842	66	simply	simply	ADV
ftr-349	842	67	makes	make	VERB
ftr-349	842	68	it	it	PRON
ftr-349	842	69	more	more	ADV
ftr-349	842	70	likely	likely	ADJ
ftr-349	842	71	that	that	SCONJ
ftr-349	842	72	the	the	DET
ftr-349	842	73	income	income	NOUN
ftr-349	842	74	will	will	AUX
ftr-349	842	75	be	be	AUX
ftr-349	842	76	sheltered	shelter	VERB
ftr-349	842	77	from	from	ADP
ftr-349	842	78	tax	tax	NOUN
ftr-349	842	79	anywhere	anywhere	ADV
ftr-349	842	80	in	in	ADP
ftr-349	842	81	the	the	DET
ftr-349	842	82	world	world	NOUN
ftr-349	842	83	through	through	ADP
ftr-349	842	84	the	the	DET
ftr-349	842	85	use	use	NOUN
ftr-349	842	86	of	of	ADP
ftr-349	842	87	the	the	DET
ftr-349	842	88	cross	cross	ADJ
ftr-349	842	89	-	-	ADJ
ftr-349	842	90	crediting	crediting	ADJ
ftr-349	842	91	techniques	technique	NOUN
ftr-349	842	92	described	describe	VERB
ftr-349	842	93	earlier	early	ADV
ftr-349	842	94	in	in	ADP
ftr-349	842	95	this	this	DET
ftr-349	842	96	article	article	NOUN
ftr-349	842	97	.	.	PUNCT
ftr-349	843	1	124	124	NUM
ftr-349	843	2	.	.	PUNCT
ftr-349	844	1	see	see	VERB
ftr-349	844	2	,	,	PUNCT
ftr-349	844	3	e.g.	e.g.	ADV
ftr-349	844	4	,	,	PUNCT
ftr-349	844	5	vann	vann	PROPN
ftr-349	844	6	,	,	PUNCT
ftr-349	844	7	hard	hard	ADJ
ftr-349	844	8	–	–	PUNCT
ftr-349	844	9	boiled	boil	VERB
ftr-349	844	10	wonderland	wonderland	NOUN
ftr-349	844	11	,	,	PUNCT
ftr-349	844	12	supra	supra	PROPN
ftr-349	844	13	note	note	NOUN
ftr-349	844	14	4	4	NUM
ftr-349	844	15	,	,	PUNCT
ftr-349	844	16	at	at	ADP
ftr-349	844	17	291	291	NUM
ftr-349	844	18	,	,	PUNCT
ftr-349	844	19	305	305	NUM
ftr-349	844	20	–	–	PUNCT
ftr-349	844	21	43	43	NUM
ftr-349	844	22	(	(	PUNCT
ftr-349	844	23	2010	2010	NUM
ftr-349	844	24	)	)	PUNCT
ftr-349	844	25	.	.	PUNCT
ftr-349	845	1	graetz	graetz	PROPN
ftr-349	845	2	,	,	PUNCT
ftr-349	845	3	a	a	DET
ftr-349	845	4	multilateral	multilateral	ADJ
ftr-349	845	5	solution	solution	NOUN
ftr-349	845	6	,	,	PUNCT
ftr-349	845	7	supra	supra	PROPN
ftr-349	845	8	note	note	NOUN
ftr-349	845	9	123	123	NUM
ftr-349	845	10	,	,	PUNCT
ftr-349	845	11	eloquently	eloquently	ADV
ftr-349	845	12	describes	describe	VERB
ftr-349	845	13	the	the	DET
ftr-349	845	14	artificiality	artificiality	NOUN
ftr-349	845	15	of	of	ADP
ftr-349	845	16	source	source	NOUN
ftr-349	845	17	rules	rule	NOUN
ftr-349	845	18	applicable	applicable	ADJ
ftr-349	845	19	to	to	ADP
ftr-349	845	20	locating	locate	VERB
ftr-349	845	21	the	the	DET
ftr-349	845	22	includibility	includibility	NOUN
ftr-349	845	23	or	or	CCONJ
ftr-349	845	24	deductibility	deductibility	NOUN
ftr-349	845	25	of	of	ADP
ftr-349	845	26	interest	interest	NOUN
ftr-349	845	27	,	,	PUNCT
ftr-349	845	28	and	and	CCONJ
ftr-349	845	29	then	then	ADV
ftr-349	845	30	recommends	recommend	VERB
ftr-349	845	31	in	in	ADP
ftr-349	845	32	effect	effect	NOUN
ftr-349	845	33	a	a	DET
ftr-349	845	34	global	global	ADJ
ftr-349	845	35	multilateral	multilateral	ADJ
ftr-349	845	36	treaty	treaty	NOUN
ftr-349	845	37	to	to	PART
ftr-349	845	38	apportion	apportion	VERB
ftr-349	845	39	interest	interest	NOUN
ftr-349	845	40	expense	expense	NOUN
ftr-349	845	41	on	on	ADP
ftr-349	845	42	pure	pure	ADJ
ftr-349	845	43	fungibility	fungibility	NOUN
ftr-349	845	44	of	of	ADP
ftr-349	845	45	assets	asset	NOUN
ftr-349	845	46	principles	principle	NOUN
ftr-349	845	47	to	to	ADP
ftr-349	845	48	all	all	DET
ftr-349	845	49	members	member	NOUN
ftr-349	845	50	of	of	ADP
ftr-349	845	51	an	an	DET
ftr-349	845	52	affiliated	affiliated	ADJ
ftr-349	845	53	group	group	NOUN
ftr-349	845	54	of	of	ADP
ftr-349	845	55	companies	company	NOUN
ftr-349	845	56	,	,	PUNCT
ftr-349	845	57	without	without	ADP
ftr-349	845	58	regard	regard	NOUN
ftr-349	845	59	to	to	ADP
ftr-349	845	60	the	the	DET
ftr-349	845	61	identity	identity	NOUN
ftr-349	845	62	of	of	ADP
ftr-349	845	63	the	the	DET
ftr-349	845	64	particular	particular	ADJ
ftr-349	845	65	affiliate	affiliate	NOUN
ftr-349	845	66	that	that	PRON
ftr-349	845	67	actually	actually	ADV
ftr-349	845	68	borrowed	borrow	VERB
ftr-349	845	69	the	the	DET
ftr-349	845	70	funds	fund	NOUN
ftr-349	845	71	.	.	PUNCT
ftr-349	846	1	another	another	DET
ftr-349	846	2	way	way	NOUN
ftr-349	846	3	of	of	ADP
ftr-349	846	4	looking	look	VERB
ftr-349	846	5	at	at	ADP
ftr-349	846	6	this	this	PRON
ftr-349	846	7	is	be	AUX
ftr-349	846	8	that	that	SCONJ
ftr-349	846	9	graetz	graetz	PROPN
ftr-349	846	10	proposes	propose	VERB
ftr-349	846	11	the	the	DET
ftr-349	846	12	worldwide	worldwide	ADJ
ftr-349	846	13	adoption	adoption	NOUN
ftr-349	846	14	of	of	ADP
ftr-349	846	15	a	a	DET
ftr-349	846	16	formulary	formulary	ADJ
ftr-349	846	17	income	income	NOUN
ftr-349	846	18	standard	standard	NOUN
ftr-349	846	19	,	,	PUNCT
ftr-349	846	20	but	but	CCONJ
ftr-349	846	21	applied	apply	VERB
ftr-349	846	22	only	only	ADV
ftr-349	846	23	to	to	ADP
ftr-349	846	24	interest	interest	NOUN
ftr-349	846	25	expense	expense	NOUN
ftr-349	846	26	.	.	PUNCT
ftr-349	847	1	such	such	DET
ftr-349	847	2	a	a	DET
ftr-349	847	3	solution	solution	NOUN
ftr-349	847	4	would	would	AUX
ftr-349	847	5	be	be	AUX
ftr-349	847	6	very	very	ADV
ftr-349	847	7	desirable	desirable	ADJ
ftr-349	847	8	,	,	PUNCT
ftr-349	847	9	but	but	CCONJ
ftr-349	847	10	if	if	SCONJ
ftr-349	847	11	one	one	PRON
ftr-349	847	12	is	be	AUX
ftr-349	847	13	going	go	VERB
ftr-349	847	14	to	to	PART
ftr-349	847	15	hypothesize	hypothesize	VERB
ftr-349	847	16	that	that	SCONJ
ftr-349	847	17	it	it	PRON
ftr-349	847	18	is	be	AUX
ftr-349	847	19	realistic	realistic	ADJ
ftr-349	847	20	,	,	PUNCT
ftr-349	847	21	why	why	SCONJ
ftr-349	847	22	not	not	PART
ftr-349	847	23	also	also	ADV
ftr-349	847	24	hypothesize	hypothesize	VERB
ftr-349	847	25	that	that	SCONJ
ftr-349	847	26	worldwide	worldwide	ADJ
ftr-349	847	27	agreement	agreement	NOUN
ftr-349	847	28	can	can	AUX
ftr-349	847	29	be	be	AUX
ftr-349	847	30	obtained	obtain	VERB
ftr-349	847	31	on	on	ADP
ftr-349	847	32	formulary	formulary	ADJ
ftr-349	847	33	apportionment	apportionment	NOUN
ftr-349	847	34	of	of	ADP
ftr-349	847	35	all	all	DET
ftr-349	847	36	components	component	NOUN
ftr-349	847	37	of	of	ADP
ftr-349	847	38	taxable	taxable	ADJ
ftr-349	847	39	income	income	NOUN
ftr-349	847	40	?	?	PUNCT
ftr-349	848	1	as	as	SCONJ
ftr-349	848	2	we	we	PRON
ftr-349	848	3	have	have	VERB
ftr-349	848	4	few	few	ADJ
ftr-349	848	5	examples	example	NOUN
ftr-349	848	6	today	today	NOUN
ftr-349	848	7	of	of	ADP
ftr-349	848	8	functional	functional	ADJ
ftr-349	848	9	multilateral	multilateral	ADJ
ftr-349	848	10	income	income	NOUN
ftr-349	848	11	tax	tax	NOUN
ftr-349	848	12	treaties	treaty	NOUN
ftr-349	848	13	outside	outside	ADP
ftr-349	848	14	the	the	DET
ftr-349	848	15	special	special	ADJ
ftr-349	848	16	(	(	PUNCT
ftr-349	848	17	and	and	CCONJ
ftr-349	848	18	limited	limited	ADJ
ftr-349	848	19	)	)	PUNCT
ftr-349	848	20	case	case	NOUN
ftr-349	848	21	of	of	ADP
ftr-349	848	22	the	the	DET
ftr-349	848	23	european	european	PROPN
ftr-349	848	24	union	union	PROPN
ftr-349	848	25	,	,	PUNCT
ftr-349	848	26	it	it	PRON
ftr-349	848	27	would	would	AUX
ftr-349	848	28	be	be	AUX
ftr-349	848	29	desirable	desirable	ADJ
ftr-349	848	30	to	to	PART
ftr-349	848	31	develop	develop	VERB
ftr-349	848	32	more	more	ADV
ftr-349	848	33	immediate	immediate	ADJ
ftr-349	848	34	solutions	solution	NOUN
ftr-349	848	35	that	that	PRON
ftr-349	848	36	look	look	VERB
ftr-349	848	37	to	to	ADP
ftr-349	848	38	unilateral	unilateral	ADJ
ftr-349	848	39	action	action	NOUN
ftr-349	848	40	.	.	PUNCT
ftr-349	849	1	752	752	NUM
ftr-349	849	2	florida	florida	PROPN
ftr-349	849	3	tax	tax	NOUN
ftr-349	849	4	review	review	NOUN
ftr-349	849	5	[	[	X
ftr-349	849	6	vol	vol	NOUN
ftr-349	849	7	.	.	PUNCT
ftr-349	849	8	11:9	11:9	NOUN
ftr-349	849	9	although	although	SCONJ
ftr-349	849	10	they	they	PRON
ftr-349	849	11	do	do	AUX
ftr-349	849	12	not	not	PART
ftr-349	849	13	play	play	VERB
ftr-349	849	14	quite	quite	DET
ftr-349	849	15	the	the	DET
ftr-349	849	16	same	same	ADJ
ftr-349	849	17	central	central	ADJ
ftr-349	849	18	role	role	NOUN
ftr-349	849	19	as	as	SCONJ
ftr-349	849	20	they	they	PRON
ftr-349	849	21	do	do	VERB
ftr-349	849	22	in	in	ADP
ftr-349	849	23	territorial	territorial	ADJ
ftr-349	849	24	regimes	regime	NOUN
ftr-349	849	25	,	,	PUNCT
ftr-349	849	26	because	because	SCONJ
ftr-349	849	27	source	source	NOUN
ftr-349	849	28	rules	rule	NOUN
ftr-349	849	29	drive	drive	VERB
ftr-349	849	30	the	the	DET
ftr-349	849	31	ability	ability	NOUN
ftr-349	849	32	of	of	ADP
ftr-349	849	33	a	a	DET
ftr-349	849	34	u.s	u.s	PROPN
ftr-349	849	35	.	.	PROPN
ftr-349	849	36	taxpayer	taxpayer	NOUN
ftr-349	849	37	to	to	PART
ftr-349	849	38	claim	claim	VERB
ftr-349	849	39	foreign	foreign	ADJ
ftr-349	849	40	tax	tax	NOUN
ftr-349	849	41	credits	credit	NOUN
ftr-349	849	42	.	.	PUNCT
ftr-349	850	1	stateless	stateless	NOUN
ftr-349	850	2	income	income	NOUN
ftr-349	850	3	tax	tax	NOUN
ftr-349	850	4	planning	planning	NOUN
ftr-349	850	5	compounds	compound	VERB
ftr-349	850	6	the	the	DET
ftr-349	850	7	meaninglessness	meaninglessness	NOUN
ftr-349	850	8	of	of	ADP
ftr-349	850	9	income	income	NOUN
ftr-349	850	10	tax	tax	NOUN
ftr-349	850	11	source	source	NOUN
ftr-349	850	12	rules	rule	NOUN
ftr-349	850	13	.	.	PUNCT
ftr-349	851	1	even	even	ADV
ftr-349	851	2	if	if	SCONJ
ftr-349	851	3	a	a	DET
ftr-349	851	4	multinational	multinational	ADJ
ftr-349	851	5	enterprise	enterprise	NOUN
ftr-349	851	6	’s	’s	PART
ftr-349	851	7	income	income	NOUN
ftr-349	851	8	is	be	AUX
ftr-349	851	9	sourced	source	VERB
ftr-349	851	10	in	in	ADP
ftr-349	851	11	the	the	DET
ftr-349	851	12	first	first	ADJ
ftr-349	851	13	instance	instance	NOUN
ftr-349	851	14	by	by	ADP
ftr-349	851	15	every	every	DET
ftr-349	851	16	country	country	NOUN
ftr-349	851	17	according	accord	VERB
ftr-349	851	18	to	to	ADP
ftr-349	851	19	some	some	DET
ftr-349	851	20	economically	economically	ADV
ftr-349	851	21	rational	rational	ADJ
ftr-349	851	22	set	set	NOUN
ftr-349	851	23	of	of	ADP
ftr-349	851	24	agreed	agree	VERB
ftr-349	851	25	-	-	PUNCT
ftr-349	851	26	upon	upon	ADP
ftr-349	851	27	principles	principle	NOUN
ftr-349	851	28	,	,	PUNCT
ftr-349	851	29	stateless	stateless	NOUN
ftr-349	851	30	income	income	NOUN
ftr-349	851	31	tax	tax	NOUN
ftr-349	851	32	planning	planning	NOUN
ftr-349	851	33	simply	simply	ADV
ftr-349	851	34	extracts	extract	VERB
ftr-349	851	35	the	the	DET
ftr-349	851	36	income	income	NOUN
ftr-349	851	37	from	from	ADP
ftr-349	851	38	the	the	DET
ftr-349	851	39	source	source	NOUN
ftr-349	851	40	country	country	NOUN
ftr-349	851	41	(	(	PUNCT
ftr-349	851	42	for	for	ADP
ftr-349	851	43	example	example	NOUN
ftr-349	851	44	,	,	PUNCT
ftr-349	851	45	through	through	ADP
ftr-349	851	46	deductible	deductible	ADJ
ftr-349	851	47	interest	interest	NOUN
ftr-349	851	48	,	,	PUNCT
ftr-349	851	49	royalty	royalty	NOUN
ftr-349	851	50	,	,	PUNCT
ftr-349	851	51	or	or	CCONJ
ftr-349	851	52	fee	fee	NOUN
ftr-349	851	53	payments	payment	NOUN
ftr-349	851	54	)	)	PUNCT
ftr-349	851	55	and	and	CCONJ
ftr-349	851	56	deposits	deposit	VERB
ftr-349	851	57	it	it	PRON
ftr-349	851	58	in	in	ADP
ftr-349	851	59	a	a	DET
ftr-349	851	60	taxfriendlier	taxfriendlier	NOUN
ftr-349	851	61	locale	locale	NOUN
ftr-349	851	62	.	.	PUNCT
ftr-349	852	1	for	for	ADP
ftr-349	852	2	example	example	NOUN
ftr-349	852	3	,	,	PUNCT
ftr-349	852	4	google	google	PROPN
ftr-349	852	5	’s	’s	PART
ftr-349	852	6	sales	sale	NOUN
ftr-349	852	7	to	to	ADP
ftr-349	852	8	german	german	ADJ
ftr-349	852	9	advertisers	advertiser	NOUN
ftr-349	852	10	are	be	AUX
ftr-349	852	11	deducted	deduct	VERB
ftr-349	852	12	by	by	ADP
ftr-349	852	13	those	those	DET
ftr-349	852	14	customers	customer	NOUN
ftr-349	852	15	on	on	ADP
ftr-349	852	16	their	their	PRON
ftr-349	852	17	german	german	ADJ
ftr-349	852	18	income	income	NOUN
ftr-349	852	19	tax	tax	NOUN
ftr-349	852	20	returns	return	NOUN
ftr-349	852	21	,	,	PUNCT
ftr-349	852	22	while	while	SCONJ
ftr-349	852	23	google	google	PROPN
ftr-349	852	24	ireland	ireland	PROPN
ftr-349	852	25	has	have	VERB
ftr-349	852	26	no	no	DET
ftr-349	852	27	permanent	permanent	ADJ
ftr-349	852	28	establishment	establishment	NOUN
ftr-349	852	29	in	in	ADP
ftr-349	852	30	germany	germany	PROPN
ftr-349	852	31	to	to	PART
ftr-349	852	32	which	which	PRON
ftr-349	852	33	that	that	DET
ftr-349	852	34	income	income	NOUN
ftr-349	852	35	is	be	AUX
ftr-349	852	36	attributable	attributable	ADJ
ftr-349	852	37	.	.	PUNCT
ftr-349	853	1	as	as	ADP
ftr-349	853	2	a	a	DET
ftr-349	853	3	result	result	NOUN
ftr-349	853	4	,	,	PUNCT
ftr-349	853	5	google	google	PROPN
ftr-349	853	6	’s	’s	PART
ftr-349	853	7	income	income	NOUN
ftr-349	853	8	derived	derive	VERB
ftr-349	853	9	from	from	ADP
ftr-349	853	10	providing	provide	VERB
ftr-349	853	11	advertising	advertising	NOUN
ftr-349	853	12	services	service	NOUN
ftr-349	853	13	in	in	ADP
ftr-349	853	14	germany	germany	PROPN
ftr-349	853	15	effectively	effectively	ADV
ftr-349	853	16	is	be	AUX
ftr-349	853	17	untaxed	untaxe	VERB
ftr-349	853	18	in	in	ADP
ftr-349	853	19	germany	germany	PROPN
ftr-349	853	20	.	.	PUNCT
ftr-349	854	1	that	that	DET
ftr-349	854	2	income	income	NOUN
ftr-349	854	3	is	be	AUX
ftr-349	854	4	sourced	source	VERB
ftr-349	854	5	in	in	ADP
ftr-349	854	6	the	the	DET
ftr-349	854	7	first	first	ADJ
ftr-349	854	8	instance	instance	NOUN
ftr-349	854	9	to	to	ADP
ftr-349	854	10	ireland	ireland	PROPN
ftr-349	854	11	,	,	PUNCT
ftr-349	854	12	as	as	ADP
ftr-349	854	13	the	the	DET
ftr-349	854	14	domicile	domicile	NOUN
ftr-349	854	15	of	of	ADP
ftr-349	854	16	the	the	DET
ftr-349	854	17	putative	putative	ADJ
ftr-349	854	18	owner	owner	NOUN
ftr-349	854	19	of	of	ADP
ftr-349	854	20	the	the	DET
ftr-349	854	21	intangible	intangible	ADJ
ftr-349	854	22	assets	asset	NOUN
ftr-349	854	23	that	that	PRON
ftr-349	854	24	give	give	VERB
ftr-349	854	25	rise	rise	NOUN
ftr-349	854	26	to	to	ADP
ftr-349	854	27	the	the	DET
ftr-349	854	28	advertising	advertising	NOUN
ftr-349	854	29	income	income	NOUN
ftr-349	854	30	.	.	PUNCT
ftr-349	855	1	but	but	CCONJ
ftr-349	855	2	then	then	ADV
ftr-349	855	3	,	,	PUNCT
ftr-349	855	4	in	in	ADP
ftr-349	855	5	a	a	DET
ftr-349	855	6	second	second	ADJ
ftr-349	855	7	step	step	NOUN
ftr-349	855	8	unrelated	unrelated	ADJ
ftr-349	855	9	to	to	ADP
ftr-349	855	10	the	the	DET
ftr-349	855	11	wisdom	wisdom	NOUN
ftr-349	855	12	of	of	ADP
ftr-349	855	13	the	the	DET
ftr-349	855	14	first	first	ADJ
ftr-349	855	15	-	-	PUNCT
ftr-349	855	16	level	level	NOUN
ftr-349	855	17	source	source	NOUN
ftr-349	855	18	rule	rule	NOUN
ftr-349	855	19	,	,	PUNCT
ftr-349	855	20	that	that	SCONJ
ftr-349	855	21	income	income	NOUN
ftr-349	855	22	migrates	migrate	VERB
ftr-349	855	23	to	to	ADP
ftr-349	855	24	bermuda	bermuda	NOUN
ftr-349	855	25	,	,	PUNCT
ftr-349	855	26	via	via	ADP
ftr-349	855	27	the	the	DET
ftr-349	855	28	double	double	ADJ
ftr-349	855	29	irish	irish	ADJ
ftr-349	855	30	dutch	dutch	ADJ
ftr-349	855	31	sandwich	sandwich	NOUN
ftr-349	855	32	mechanism	mechanism	NOUN
ftr-349	855	33	described	describe	VERB
ftr-349	855	34	earlier	early	ADV
ftr-349	855	35	.	.	PUNCT
ftr-349	856	1	the	the	DET
ftr-349	856	2	result	result	NOUN
ftr-349	856	3	is	be	AUX
ftr-349	856	4	that	that	SCONJ
ftr-349	856	5	in	in	ADP
ftr-349	856	6	a	a	DET
ftr-349	856	7	world	world	NOUN
ftr-349	856	8	imbued	imbue	VERB
ftr-349	856	9	with	with	ADP
ftr-349	856	10	stateless	stateless	NOUN
ftr-349	856	11	income	income	NOUN
ftr-349	856	12	tax	tax	NOUN
ftr-349	856	13	planning	planning	NOUN
ftr-349	856	14	,	,	PUNCT
ftr-349	856	15	there	there	PRON
ftr-349	856	16	can	can	AUX
ftr-349	856	17	be	be	AUX
ftr-349	856	18	no	no	DET
ftr-349	856	19	meaning	meaning	NOUN
ftr-349	856	20	at	at	ADV
ftr-349	856	21	all	all	ADV
ftr-349	856	22	to	to	PART
ftr-349	856	23	source	source	VERB
ftr-349	856	24	,	,	PUNCT
ftr-349	856	25	because	because	SCONJ
ftr-349	856	26	transactions	transaction	NOUN
ftr-349	856	27	one	one	NUM
ftr-349	856	28	or	or	CCONJ
ftr-349	856	29	more	more	ADJ
ftr-349	856	30	steps	step	NOUN
ftr-349	856	31	removed	remove	VERB
ftr-349	856	32	from	from	ADP
ftr-349	856	33	a	a	DET
ftr-349	856	34	firm	firm	NOUN
ftr-349	856	35	’s	’s	PART
ftr-349	856	36	original	original	ADJ
ftr-349	856	37	value	value	NOUN
ftr-349	856	38	-	-	PUNCT
ftr-349	856	39	adding	add	VERB
ftr-349	856	40	operation	operation	NOUN
ftr-349	856	41	serve	serve	VERB
ftr-349	856	42	to	to	PART
ftr-349	856	43	redirect	redirect	VERB
ftr-349	856	44	that	that	DET
ftr-349	856	45	income	income	NOUN
ftr-349	856	46	to	to	ADP
ftr-349	856	47	friendlier	friendly	ADJ
ftr-349	856	48	locales	locale	NOUN
ftr-349	856	49	.	.	PUNCT
ftr-349	857	1	the	the	DET
ftr-349	857	2	efforts	effort	NOUN
ftr-349	857	3	to	to	PART
ftr-349	857	4	date	date	NOUN
ftr-349	857	5	devoted	devoted	ADJ
ftr-349	857	6	to	to	ADP
ftr-349	857	7	clarifying	clarify	VERB
ftr-349	857	8	source	source	NOUN
ftr-349	857	9	rules	rule	NOUN
ftr-349	857	10	largely	largely	ADV
ftr-349	857	11	overlook	overlook	VERB
ftr-349	857	12	how	how	SCONJ
ftr-349	857	13	these	these	DET
ftr-349	857	14	second	second	ADJ
ftr-349	857	15	or	or	CCONJ
ftr-349	857	16	third	third	ADJ
ftr-349	857	17	step	step	NOUN
ftr-349	857	18	internal	internal	ADJ
ftr-349	857	19	transactions	transaction	NOUN
ftr-349	857	20	—	—	PUNCT
ftr-349	857	21	all	all	PRON
ftr-349	857	22	perfectly	perfectly	ADV
ftr-349	857	23	consistent	consistent	ADJ
ftr-349	857	24	with	with	ADP
ftr-349	857	25	arm’s	arm’s	NUM
ftr-349	857	26	-	-	PUNCT
ftr-349	857	27	length	length	NOUN
ftr-349	857	28	standards	standard	NOUN
ftr-349	857	29	and	and	CCONJ
ftr-349	857	30	other	other	ADJ
ftr-349	857	31	bedrock	bedrock	NOUN
ftr-349	857	32	global	global	ADJ
ftr-349	857	33	tax	tax	NOUN
ftr-349	857	34	norms	norm	NOUN
ftr-349	857	35	—	—	PUNCT
ftr-349	857	36	completely	completely	ADV
ftr-349	857	37	erode	erode	VERB
ftr-349	857	38	the	the	DET
ftr-349	857	39	value	value	NOUN
ftr-349	857	40	of	of	ADP
ftr-349	857	41	that	that	DET
ftr-349	857	42	work	work	NOUN
ftr-349	857	43	.	.	PUNCT
ftr-349	858	1	stateless	stateless	NOUN
ftr-349	858	2	income	income	NOUN
ftr-349	858	3	planning	planning	NOUN
ftr-349	858	4	thus	thus	ADV
ftr-349	858	5	poses	pose	VERB
ftr-349	858	6	dramatic	dramatic	ADJ
ftr-349	858	7	challenges	challenge	NOUN
ftr-349	858	8	for	for	ADP
ftr-349	858	9	the	the	DET
ftr-349	858	10	design	design	NOUN
ftr-349	858	11	of	of	ADP
ftr-349	858	12	international	international	ADJ
ftr-349	858	13	tax	tax	NOUN
ftr-349	858	14	systems.125	systems.125	DET
ftr-349	858	15	b.	b.	PROPN
ftr-349	858	16	capture	capture	NOUN
ftr-349	858	17	of	of	ADP
ftr-349	858	18	“	"	PUNCT
ftr-349	858	19	tax	tax	NOUN
ftr-349	858	20	rents	rent	NOUN
ftr-349	858	21	”	"	PUNCT
ftr-349	858	22	global	global	ADJ
ftr-349	858	23	capital	capital	NOUN
ftr-349	858	24	markets	market	NOUN
ftr-349	858	25	are	be	AUX
ftr-349	858	26	liquid	liquid	ADJ
ftr-349	858	27	and	and	CCONJ
ftr-349	858	28	efficient	efficient	ADJ
ftr-349	858	29	,	,	PUNCT
ftr-349	858	30	and	and	CCONJ
ftr-349	858	31	many	many	ADJ
ftr-349	858	32	countries	country	NOUN
ftr-349	858	33	have	have	AUX
ftr-349	858	34	eliminated	eliminate	VERB
ftr-349	858	35	or	or	CCONJ
ftr-349	858	36	greatly	greatly	ADV
ftr-349	858	37	scaled	scale	VERB
ftr-349	858	38	back	back	ADP
ftr-349	858	39	barriers	barrier	NOUN
ftr-349	858	40	to	to	ADP
ftr-349	858	41	foreign	foreign	ADJ
ftr-349	858	42	investment	investment	NOUN
ftr-349	858	43	in	in	ADP
ftr-349	858	44	their	their	PRON
ftr-349	858	45	local	local	ADJ
ftr-349	858	46	economies	economy	NOUN
ftr-349	858	47	.	.	PUNCT
ftr-349	859	1	moreover	moreover	ADV
ftr-349	859	2	,	,	PUNCT
ftr-349	859	3	for	for	ADP
ftr-349	859	4	most	most	ADJ
ftr-349	859	5	direct	direct	ADJ
ftr-349	859	6	and	and	CCONJ
ftr-349	859	7	portfolio	portfolio	NOUN
ftr-349	859	8	investment	investment	NOUN
ftr-349	859	9	,	,	PUNCT
ftr-349	859	10	source	source	NOUN
ftr-349	859	11	125	125	NUM
ftr-349	859	12	.	.	PUNCT
ftr-349	860	1	michael	michael	PROPN
ftr-349	860	2	devereux	devereux	PROPN
ftr-349	860	3	,	,	PUNCT
ftr-349	860	4	taxation	taxation	NOUN
ftr-349	860	5	of	of	ADP
ftr-349	860	6	outbound	outbound	ADJ
ftr-349	860	7	direct	direct	ADJ
ftr-349	860	8	investment	investment	NOUN
ftr-349	860	9	:	:	PUNCT
ftr-349	860	10	economic	economic	ADJ
ftr-349	860	11	principles	principle	NOUN
ftr-349	860	12	and	and	CCONJ
ftr-349	860	13	tax	tax	NOUN
ftr-349	860	14	policy	policy	NOUN
ftr-349	860	15	considerations	consideration	NOUN
ftr-349	860	16	,	,	PUNCT
ftr-349	860	17	24	24	NUM
ftr-349	860	18	oxford	oxford	PROPN
ftr-349	860	19	rev	rev	PROPN
ftr-349	860	20	.	.	PROPN
ftr-349	860	21	econ	econ	PROPN
ftr-349	860	22	.	.	PUNCT
ftr-349	860	23	pol’y	pol’y	NOUN
ftr-349	860	24	698	698	NUM
ftr-349	860	25	,	,	PUNCT
ftr-349	860	26	713	713	NUM
ftr-349	860	27	(	(	PUNCT
ftr-349	860	28	2008	2008	NUM
ftr-349	860	29	)	)	PUNCT
ftr-349	860	30	(	(	PUNCT
ftr-349	860	31	“	"	PUNCT
ftr-349	860	32	identifying	identify	VERB
ftr-349	860	33	where	where	SCONJ
ftr-349	860	34	profit	profit	NOUN
ftr-349	860	35	is	be	AUX
ftr-349	860	36	generated	generate	VERB
ftr-349	860	37	is	be	AUX
ftr-349	860	38	a	a	DET
ftr-349	860	39	fundamental	fundamental	ADJ
ftr-349	860	40	problem	problem	NOUN
ftr-349	860	41	of	of	ADP
ftr-349	860	42	conventional	conventional	ADJ
ftr-349	860	43	corporation	corporation	NOUN
ftr-349	860	44	taxes	taxis	NOUN
ftr-349	860	45	in	in	ADP
ftr-349	860	46	an	an	DET
ftr-349	860	47	international	international	ADJ
ftr-349	860	48	setting	setting	NOUN
ftr-349	860	49	.	.	PUNCT
ftr-349	861	1	in	in	ADP
ftr-349	861	2	some	some	DET
ftr-349	861	3	ways	way	NOUN
ftr-349	861	4	it	it	PRON
ftr-349	861	5	is	be	AUX
ftr-349	861	6	a	a	DET
ftr-349	861	7	problem	problem	NOUN
ftr-349	861	8	with	with	ADP
ftr-349	861	9	which	which	PRON
ftr-349	861	10	the	the	DET
ftr-349	861	11	world	world	NOUN
ftr-349	861	12	has	have	AUX
ftr-349	861	13	learned	learn	VERB
ftr-349	861	14	to	to	PART
ftr-349	861	15	live	live	VERB
ftr-349	861	16	,	,	PUNCT
ftr-349	861	17	even	even	ADV
ftr-349	861	18	though	though	SCONJ
ftr-349	861	19	allocating	allocate	VERB
ftr-349	861	20	profit	profit	NOUN
ftr-349	861	21	among	among	ADP
ftr-349	861	22	source	source	NOUN
ftr-349	861	23	countries	country	NOUN
ftr-349	861	24	is	be	AUX
ftr-349	861	25	in	in	ADP
ftr-349	861	26	practice	practice	NOUN
ftr-349	861	27	a	a	DET
ftr-349	861	28	source	source	NOUN
ftr-349	861	29	of	of	ADP
ftr-349	861	30	great	great	ADJ
ftr-349	861	31	complexity	complexity	NOUN
ftr-349	861	32	and	and	CCONJ
ftr-349	861	33	uncertainty	uncertainty	NOUN
ftr-349	861	34	.	.	PUNCT
ftr-349	862	1	but	but	CCONJ
ftr-349	862	2	this	this	DET
ftr-349	862	3	problem	problem	NOUN
ftr-349	862	4	is	be	AUX
ftr-349	862	5	not	not	PART
ftr-349	862	6	just	just	ADV
ftr-349	862	7	one	one	NUM
ftr-349	862	8	of	of	ADP
ftr-349	862	9	complexity	complexity	NOUN
ftr-349	862	10	and	and	CCONJ
ftr-349	862	11	uncertainty	uncertainty	NOUN
ftr-349	862	12	:	:	PUNCT
ftr-349	862	13	it	it	PRON
ftr-349	862	14	can	can	AUX
ftr-349	862	15	—	—	PUNCT
ftr-349	862	16	and	and	CCONJ
ftr-349	862	17	perhaps	perhaps	ADV
ftr-349	862	18	should	should	AUX
ftr-349	862	19	—	—	PUNCT
ftr-349	862	20	also	also	ADV
ftr-349	862	21	affect	affect	VERB
ftr-349	862	22	the	the	DET
ftr-349	862	23	fundamental	fundamental	ADJ
ftr-349	862	24	design	design	NOUN
ftr-349	862	25	of	of	ADP
ftr-349	862	26	the	the	DET
ftr-349	862	27	tax	tax	NOUN
ftr-349	862	28	system	system	NOUN
ftr-349	862	29	.	.	PUNCT
ftr-349	862	30	”	"	PUNCT
ftr-349	862	31	)	)	PUNCT
ftr-349	862	32	.	.	PUNCT
ftr-349	863	1	2001	2001	NUM
ftr-349	863	2	]	]	PUNCT
ftr-349	863	3	stateless	stateless	NOUN
ftr-349	863	4	income	income	NOUN
ftr-349	863	5	753	753	NUM
ftr-349	863	6	country	country	NOUN
ftr-349	863	7	net	net	ADJ
ftr-349	863	8	income	income	NOUN
ftr-349	863	9	tax	tax	NOUN
ftr-349	863	10	effectively	effectively	ADV
ftr-349	863	11	is	be	AUX
ftr-349	863	12	the	the	DET
ftr-349	863	13	final	final	ADJ
ftr-349	863	14	tax	tax	NOUN
ftr-349	863	15	on	on	ADP
ftr-349	863	16	cross	cross	ADJ
ftr-349	863	17	-	-	ADJ
ftr-349	863	18	border	border	ADJ
ftr-349	863	19	investment	investment	NOUN
ftr-349	863	20	income.126	income.126	NOUN
ftr-349	863	21	as	as	ADP
ftr-349	863	22	a	a	DET
ftr-349	863	23	result	result	NOUN
ftr-349	863	24	,	,	PUNCT
ftr-349	863	25	one	one	PRON
ftr-349	863	26	should	should	AUX
ftr-349	863	27	expect	expect	VERB
ftr-349	863	28	that	that	SCONJ
ftr-349	863	29	global	global	ADJ
ftr-349	863	30	after	after	ADP
ftr-349	863	31	-	-	PUNCT
ftr-349	863	32	tax	tax	NOUN
ftr-349	863	33	returns	return	NOUN
ftr-349	863	34	on	on	ADP
ftr-349	863	35	corporate	corporate	ADJ
ftr-349	863	36	marginal	marginal	ADJ
ftr-349	863	37	investments	investment	NOUN
ftr-349	863	38	will	will	AUX
ftr-349	863	39	converge	converge	VERB
ftr-349	863	40	,	,	PUNCT
ftr-349	863	41	because	because	SCONJ
ftr-349	863	42	foreign	foreign	ADJ
ftr-349	863	43	and	and	CCONJ
ftr-349	863	44	local	local	ADJ
ftr-349	863	45	investors	investor	NOUN
ftr-349	863	46	will	will	AUX
ftr-349	863	47	provide	provide	VERB
ftr-349	863	48	capital	capital	NOUN
ftr-349	863	49	to	to	ADP
ftr-349	863	50	those	those	DET
ftr-349	863	51	jurisdictions	jurisdiction	NOUN
ftr-349	863	52	where	where	SCONJ
ftr-349	863	53	after	after	ADP
ftr-349	863	54	-	-	PUNCT
ftr-349	863	55	tax	tax	NOUN
ftr-349	863	56	marginal	marginal	ADJ
ftr-349	863	57	returns	return	NOUN
ftr-349	863	58	exceed	exceed	VERB
ftr-349	863	59	world	world	NOUN
ftr-349	863	60	norms	norm	NOUN
ftr-349	863	61	,	,	PUNCT
ftr-349	863	62	and	and	CCONJ
ftr-349	863	63	will	will	AUX
ftr-349	863	64	withdraw	withdraw	VERB
ftr-349	863	65	capital	capital	NOUN
ftr-349	863	66	from	from	ADP
ftr-349	863	67	those	those	PRON
ftr-349	863	68	where	where	SCONJ
ftr-349	863	69	returns	return	NOUN
ftr-349	863	70	are	be	AUX
ftr-349	863	71	below	below	ADP
ftr-349	863	72	normal.127	normal.127	ADV
ftr-349	863	73	but	but	CCONJ
ftr-349	863	74	corporate	corporate	ADJ
ftr-349	863	75	income	income	NOUN
ftr-349	863	76	tax	tax	NOUN
ftr-349	863	77	rates	rate	NOUN
ftr-349	863	78	differ	differ	VERB
ftr-349	863	79	around	around	ADP
ftr-349	863	80	the	the	DET
ftr-349	863	81	world	world	NOUN
ftr-349	863	82	,	,	PUNCT
ftr-349	863	83	which	which	PRON
ftr-349	863	84	means	mean	VERB
ftr-349	863	85	that	that	SCONJ
ftr-349	863	86	pre	pre	ADJ
ftr-349	863	87	-	-	ADJ
ftr-349	863	88	tax	tax	ADJ
ftr-349	863	89	marginal	marginal	ADJ
ftr-349	863	90	returns	return	NOUN
ftr-349	863	91	necessarily	necessarily	ADV
ftr-349	863	92	must	must	AUX
ftr-349	863	93	differ	differ	VERB
ftr-349	863	94	if	if	SCONJ
ftr-349	863	95	after	after	ADP
ftr-349	863	96	-	-	PUNCT
ftr-349	863	97	tax	tax	NOUN
ftr-349	863	98	returns	return	NOUN
ftr-349	863	99	do	do	VERB
ftr-349	863	100	not	not	PART
ftr-349	863	101	.	.	PUNCT
ftr-349	864	1	stateless	stateless	NOUN
ftr-349	864	2	income	income	NOUN
ftr-349	864	3	tax	tax	NOUN
ftr-349	864	4	planning	planning	NOUN
ftr-349	864	5	offers	offer	VERB
ftr-349	864	6	multinational	multinational	ADJ
ftr-349	864	7	firms	firm	NOUN
ftr-349	864	8	,	,	PUNCT
ftr-349	864	9	but	but	CCONJ
ftr-349	864	10	not	not	PART
ftr-349	864	11	wholly	wholly	ADV
ftr-349	864	12	domestic	domestic	ADJ
ftr-349	864	13	ones	one	NOUN
ftr-349	864	14	,	,	PUNCT
ftr-349	864	15	the	the	DET
ftr-349	864	16	opportunity	opportunity	NOUN
ftr-349	864	17	to	to	PART
ftr-349	864	18	convert	convert	VERB
ftr-349	864	19	high	high	ADJ
ftr-349	864	20	-	-	PUNCT
ftr-349	864	21	tax	tax	NOUN
ftr-349	864	22	country	country	NOUN
ftr-349	864	23	pre	pre	ADJ
ftr-349	864	24	-	-	ADJ
ftr-349	864	25	tax	tax	ADJ
ftr-349	864	26	marginal	marginal	ADJ
ftr-349	864	27	returns	return	NOUN
ftr-349	864	28	into	into	ADP
ftr-349	864	29	low	low	ADJ
ftr-349	864	30	-	-	PUNCT
ftr-349	864	31	tax	tax	NOUN
ftr-349	864	32	country	country	NOUN
ftr-349	864	33	inframarginal	inframarginal	ADJ
ftr-349	864	34	returns	return	NOUN
ftr-349	864	35	,	,	PUNCT
ftr-349	864	36	by	by	ADP
ftr-349	864	37	redirecting	redirect	VERB
ftr-349	864	38	pre	pre	ADJ
ftr-349	864	39	-	-	ADJ
ftr-349	864	40	tax	tax	ADJ
ftr-349	864	41	income	income	NOUN
ftr-349	864	42	from	from	ADP
ftr-349	864	43	the	the	DET
ftr-349	864	44	high	high	ADJ
ftr-349	864	45	-	-	PUNCT
ftr-349	864	46	tax	tax	NOUN
ftr-349	864	47	country	country	NOUN
ftr-349	864	48	to	to	ADP
ftr-349	864	49	the	the	DET
ftr-349	864	50	low	low	ADJ
ftr-349	864	51	-	-	PUNCT
ftr-349	864	52	tax	tax	NOUN
ftr-349	864	53	one.128	one.128	NOUN
ftr-349	864	54	by	by	ADP
ftr-349	864	55	doing	do	VERB
ftr-349	864	56	so	so	ADV
ftr-349	864	57	,	,	PUNCT
ftr-349	864	58	126	126	NUM
ftr-349	864	59	.	.	PUNCT
ftr-349	865	1	this	this	DET
ftr-349	865	2	view	view	NOUN
ftr-349	865	3	is	be	AUX
ftr-349	865	4	consistent	consistent	ADJ
ftr-349	865	5	with	with	ADP
ftr-349	865	6	the	the	DET
ftr-349	865	7	facts	fact	NOUN
ftr-349	865	8	that	that	SCONJ
ftr-349	865	9	(	(	PUNCT
ftr-349	865	10	i	i	NOUN
ftr-349	865	11	)	)	PUNCT
ftr-349	865	12	there	there	PRON
ftr-349	865	13	does	do	AUX
ftr-349	865	14	not	not	PART
ftr-349	865	15	exist	exist	VERB
ftr-349	865	16	in	in	ADP
ftr-349	865	17	the	the	DET
ftr-349	865	18	world	world	NOUN
ftr-349	865	19	today	today	NOUN
ftr-349	865	20	any	any	DET
ftr-349	865	21	significant	significant	ADJ
ftr-349	865	22	example	example	NOUN
ftr-349	865	23	of	of	ADP
ftr-349	865	24	a	a	DET
ftr-349	865	25	true	true	ADJ
ftr-349	865	26	“	"	PUNCT
ftr-349	865	27	worldwide	worldwide	ADJ
ftr-349	865	28	”	"	PUNCT
ftr-349	865	29	foreign	foreign	ADJ
ftr-349	865	30	direct	direct	ADJ
ftr-349	865	31	investment	investment	NOUN
ftr-349	865	32	income	income	NOUN
ftr-349	865	33	tax	tax	NOUN
ftr-349	865	34	system	system	NOUN
ftr-349	865	35	(	(	PUNCT
ftr-349	865	36	in	in	ADP
ftr-349	865	37	which	which	PRON
ftr-349	865	38	active	active	ADJ
ftr-349	865	39	business	business	NOUN
ftr-349	865	40	income	income	NOUN
ftr-349	865	41	of	of	ADP
ftr-349	865	42	a	a	DET
ftr-349	865	43	foreign	foreign	ADJ
ftr-349	865	44	subsidiary	subsidiary	NOUN
ftr-349	865	45	is	be	AUX
ftr-349	865	46	taxed	tax	VERB
ftr-349	865	47	immediately	immediately	ADV
ftr-349	865	48	to	to	ADP
ftr-349	865	49	the	the	DET
ftr-349	865	50	parent	parent	NOUN
ftr-349	865	51	company	company	NOUN
ftr-349	865	52	)	)	PUNCT
ftr-349	865	53	,	,	PUNCT
ftr-349	865	54	(	(	PUNCT
ftr-349	865	55	ii	ii	NOUN
ftr-349	865	56	)	)	PUNCT
ftr-349	865	57	portfolio	portfolio	NOUN
ftr-349	865	58	investments	investment	NOUN
ftr-349	865	59	in	in	ADP
ftr-349	865	60	corporate	corporate	ADJ
ftr-349	865	61	firms	firm	NOUN
ftr-349	865	62	(	(	PUNCT
ftr-349	865	63	whether	whether	SCONJ
ftr-349	865	64	domestic	domestic	ADJ
ftr-349	865	65	or	or	CCONJ
ftr-349	865	66	cross	cross	ADJ
ftr-349	865	67	-	-	ADJ
ftr-349	865	68	border	border	NOUN
ftr-349	865	69	)	)	PUNCT
ftr-349	865	70	are	be	AUX
ftr-349	865	71	not	not	PART
ftr-349	865	72	taxed	tax	VERB
ftr-349	865	73	on	on	ADP
ftr-349	865	74	a	a	DET
ftr-349	865	75	pass	pass	VERB
ftr-349	865	76	-	-	PUNCT
ftr-349	865	77	through	through	ADP
ftr-349	865	78	basis	basis	NOUN
ftr-349	865	79	(	(	PUNCT
ftr-349	865	80	and	and	CCONJ
ftr-349	865	81	therefore	therefore	ADV
ftr-349	865	82	the	the	DET
ftr-349	865	83	income	income	NOUN
ftr-349	865	84	of	of	ADP
ftr-349	865	85	such	such	ADJ
ftr-349	865	86	firms	firm	NOUN
ftr-349	865	87	is	be	AUX
ftr-349	865	88	taxed	tax	VERB
ftr-349	865	89	only	only	ADV
ftr-349	865	90	on	on	ADP
ftr-349	865	91	a	a	DET
ftr-349	865	92	source	source	NOUN
ftr-349	865	93	basis	basis	NOUN
ftr-349	865	94	)	)	PUNCT
ftr-349	865	95	,	,	PUNCT
ftr-349	865	96	and	and	CCONJ
ftr-349	865	97	(	(	PUNCT
ftr-349	865	98	iii	iii	X
ftr-349	865	99	)	)	PUNCT
ftr-349	865	100	direct	direct	ADJ
ftr-349	865	101	investments	investment	NOUN
ftr-349	865	102	by	by	ADP
ftr-349	865	103	individuals	individual	NOUN
ftr-349	865	104	in	in	ADP
ftr-349	865	105	domestic	domestic	ADJ
ftr-349	865	106	firms	firm	NOUN
ftr-349	865	107	also	also	ADV
ftr-349	865	108	generally	generally	ADV
ftr-349	865	109	are	be	AUX
ftr-349	865	110	not	not	PART
ftr-349	865	111	taxed	tax	VERB
ftr-349	865	112	on	on	ADP
ftr-349	865	113	a	a	DET
ftr-349	865	114	passthrough	passthrough	NOUN
ftr-349	865	115	basis	basis	NOUN
ftr-349	865	116	.	.	PUNCT
ftr-349	866	1	in	in	ADP
ftr-349	866	2	theory	theory	NOUN
ftr-349	866	3	withholding	withholding	NOUN
ftr-349	866	4	taxes	taxis	NOUN
ftr-349	866	5	also	also	ADV
ftr-349	866	6	might	might	AUX
ftr-349	866	7	be	be	AUX
ftr-349	866	8	taken	take	VERB
ftr-349	866	9	into	into	ADP
ftr-349	866	10	account	account	NOUN
ftr-349	866	11	,	,	PUNCT
ftr-349	866	12	but	but	CCONJ
ftr-349	866	13	in	in	ADP
ftr-349	866	14	practice	practice	NOUN
ftr-349	866	15	withholding	withholding	NOUN
ftr-349	866	16	taxes	taxis	NOUN
ftr-349	866	17	often	often	ADV
ftr-349	866	18	are	be	AUX
ftr-349	866	19	eliminated	eliminate	VERB
ftr-349	866	20	or	or	CCONJ
ftr-349	866	21	greatly	greatly	ADV
ftr-349	866	22	reduced	reduce	VERB
ftr-349	866	23	by	by	ADP
ftr-349	866	24	treaties	treaty	NOUN
ftr-349	866	25	or	or	CCONJ
ftr-349	866	26	tax	tax	NOUN
ftr-349	866	27	planning	planning	NOUN
ftr-349	866	28	(	(	PUNCT
ftr-349	866	29	e.g.	e.g.	ADV
ftr-349	866	30	,	,	PUNCT
ftr-349	866	31	the	the	DET
ftr-349	866	32	use	use	NOUN
ftr-349	866	33	of	of	ADP
ftr-349	866	34	equity	equity	NOUN
ftr-349	866	35	derivative	derivative	ADJ
ftr-349	866	36	contracts	contract	NOUN
ftr-349	866	37	)	)	PUNCT
ftr-349	866	38	,	,	PUNCT
ftr-349	866	39	and	and	CCONJ
ftr-349	866	40	in	in	ADP
ftr-349	866	41	any	any	DET
ftr-349	866	42	event	event	NOUN
ftr-349	866	43	are	be	AUX
ftr-349	866	44	source	source	NOUN
ftr-349	866	45	rather	rather	ADV
ftr-349	866	46	than	than	ADP
ftr-349	866	47	residence	residence	NOUN
ftr-349	866	48	country	country	NOUN
ftr-349	866	49	burdens	burden	VERB
ftr-349	866	50	.	.	PUNCT
ftr-349	867	1	as	as	ADP
ftr-349	867	2	such	such	ADJ
ftr-349	867	3	,	,	PUNCT
ftr-349	867	4	they	they	PRON
ftr-349	867	5	simply	simply	ADV
ftr-349	867	6	add	add	VERB
ftr-349	867	7	to	to	ADP
ftr-349	867	8	the	the	DET
ftr-349	867	9	effective	effective	ADJ
ftr-349	867	10	tax	tax	NOUN
ftr-349	867	11	rate	rate	NOUN
ftr-349	867	12	imposed	impose	VERB
ftr-349	867	13	by	by	ADP
ftr-349	867	14	the	the	DET
ftr-349	867	15	source	source	NOUN
ftr-349	867	16	country	country	NOUN
ftr-349	867	17	.	.	PUNCT
ftr-349	868	1	127	127	NUM
ftr-349	868	2	.	.	PUNCT
ftr-349	869	1	the	the	DET
ftr-349	869	2	standard	standard	ADJ
ftr-349	869	3	view	view	NOUN
ftr-349	869	4	in	in	ADP
ftr-349	869	5	economics	economic	NOUN
ftr-349	869	6	presentations	presentation	NOUN
ftr-349	869	7	is	be	AUX
ftr-349	869	8	that	that	SCONJ
ftr-349	869	9	under	under	ADP
ftr-349	869	10	the	the	DET
ftr-349	869	11	conditions	condition	NOUN
ftr-349	869	12	suggested	suggest	VERB
ftr-349	869	13	by	by	ADP
ftr-349	869	14	the	the	DET
ftr-349	869	15	text	text	NOUN
ftr-349	869	16	,	,	PUNCT
ftr-349	869	17	net	net	ADJ
ftr-349	869	18	business	business	NOUN
ftr-349	869	19	income	income	NOUN
ftr-349	869	20	earns	earn	VERB
ftr-349	869	21	the	the	DET
ftr-349	869	22	same	same	ADJ
ftr-349	869	23	after	after	ADP
ftr-349	869	24	-	-	PUNCT
ftr-349	869	25	tax	tax	NOUN
ftr-349	869	26	(	(	PUNCT
ftr-349	869	27	not	not	PART
ftr-349	869	28	pre	pre	ADJ
ftr-349	869	29	-	-	NOUN
ftr-349	869	30	tax	tax	ADJ
ftr-349	869	31	)	)	PUNCT
ftr-349	869	32	risk	risk	NOUN
ftr-349	869	33	-	-	PUNCT
ftr-349	869	34	adjusted	adjust	VERB
ftr-349	869	35	returns	return	NOUN
ftr-349	869	36	around	around	ADP
ftr-349	869	37	the	the	DET
ftr-349	869	38	world	world	NOUN
ftr-349	869	39	.	.	PUNCT
ftr-349	870	1	see	see	VERB
ftr-349	870	2	,	,	PUNCT
ftr-349	870	3	e.g.	e.g.	ADV
ftr-349	870	4	,	,	PUNCT
ftr-349	870	5	george	george	PROPN
ftr-349	870	6	zodrow	zodrow	NOUN
ftr-349	870	7	,	,	PUNCT
ftr-349	870	8	capital	capital	NOUN
ftr-349	870	9	mobility	mobility	NOUN
ftr-349	870	10	and	and	CCONJ
ftr-349	870	11	capital	capital	NOUN
ftr-349	870	12	tax	tax	NOUN
ftr-349	870	13	competition	competition	NOUN
ftr-349	870	14	,	,	PUNCT
ftr-349	870	15	63	63	NUM
ftr-349	870	16	nat’l	nat’l	NOUN
ftr-349	870	17	tax	tax	NOUN
ftr-349	870	18	j.	j.	PROPN
ftr-349	870	19	865	865	NUM
ftr-349	870	20	,	,	PUNCT
ftr-349	870	21	881	881	NUM
ftr-349	870	22	(	(	PUNCT
ftr-349	870	23	2010	2010	NUM
ftr-349	870	24	)	)	PUNCT
ftr-349	870	25	;	;	PUNCT
ftr-349	870	26	fadi	fadi	PROPN
ftr-349	870	27	shaheen	shaheen	PROPN
ftr-349	870	28	,	,	PUNCT
ftr-349	870	29	international	international	ADJ
ftr-349	870	30	tax	tax	NOUN
ftr-349	870	31	neutrality	neutrality	NOUN
ftr-349	870	32	:	:	PUNCT
ftr-349	870	33	reconsiderations	reconsideration	NOUN
ftr-349	870	34	,	,	PUNCT
ftr-349	870	35	27	27	NUM
ftr-349	870	36	va	va	NOUN
ftr-349	870	37	.	.	PUNCT
ftr-349	870	38	tax	tax	PROPN
ftr-349	870	39	rev	rev	PROPN
ftr-349	870	40	.	.	PROPN
ftr-349	870	41	203	203	NUM
ftr-349	870	42	,	,	PUNCT
ftr-349	870	43	211	211	NUM
ftr-349	870	44	,	,	PUNCT
ftr-349	870	45	213–14	213–14	NOUN
ftr-349	870	46	(	(	PUNCT
ftr-349	870	47	2007	2007	NUM
ftr-349	870	48	)	)	PUNCT
ftr-349	870	49	.	.	PUNCT
ftr-349	871	1	these	these	DET
ftr-349	871	2	points	point	NOUN
ftr-349	871	3	are	be	AUX
ftr-349	871	4	developed	develop	VERB
ftr-349	871	5	at	at	ADP
ftr-349	871	6	greater	great	ADJ
ftr-349	871	7	length	length	NOUN
ftr-349	871	8	in	in	ADP
ftr-349	871	9	the	the	DET
ftr-349	871	10	companion	companion	NOUN
ftr-349	871	11	paper	paper	NOUN
ftr-349	871	12	,	,	PUNCT
ftr-349	871	13	the	the	DET
ftr-349	871	14	lessons	lesson	NOUN
ftr-349	871	15	of	of	ADP
ftr-349	871	16	stateless	stateless	NOUN
ftr-349	871	17	income	income	NOUN
ftr-349	871	18	,	,	PUNCT
ftr-349	871	19	at	at	ADP
ftr-349	871	20	sections	section	NOUN
ftr-349	871	21	iii.a	iii.a	PROPN
ftr-349	871	22	.	.	PROPN
ftr-349	871	23	and	and	CCONJ
ftr-349	871	24	c.	c.	PROPN
ftr-349	871	25	but	but	CCONJ
ftr-349	871	26	see	see	VERB
ftr-349	871	27	michael	michael	PROPN
ftr-349	871	28	knoll	knoll	PROPN
ftr-349	871	29	,	,	PUNCT
ftr-349	871	30	reconsidering	reconsider	VERB
ftr-349	871	31	international	international	ADJ
ftr-349	871	32	tax	tax	NOUN
ftr-349	871	33	neutrality	neutrality	NOUN
ftr-349	871	34	,	,	PUNCT
ftr-349	872	1	u.	u.	PROPN
ftr-349	872	2	penn	penn	PROPN
ftr-349	872	3	.	.	PUNCT
ftr-349	873	1	l.	l.	PROPN
ftr-349	873	2	school	school	PROPN
ftr-349	873	3	research	research	NOUN
ftr-349	873	4	paper	paper	NOUN
ftr-349	873	5	no	no	INTJ
ftr-349	873	6	.	.	PROPN
ftr-349	873	7	09	09	NUM
ftr-349	873	8	-	-	SYM
ftr-349	873	9	16	16	NUM
ftr-349	873	10	(	(	PUNCT
ftr-349	873	11	may	may	PROPN
ftr-349	873	12	2009	2009	NUM
ftr-349	873	13	)	)	PUNCT
ftr-349	873	14	,	,	PUNCT
ftr-349	873	15	http://ssrn.com/abstract=1407198	http://ssrn.com/abstract=1407198	PROPN
ftr-349	873	16	(	(	PUNCT
ftr-349	873	17	arguing	argue	VERB
ftr-349	873	18	from	from	ADP
ftr-349	873	19	counterfactual	counterfactual	ADJ
ftr-349	873	20	case	case	NOUN
ftr-349	873	21	of	of	ADP
ftr-349	873	22	true	true	ADJ
ftr-349	873	23	“	"	PUNCT
ftr-349	873	24	worldwide	worldwide	ADJ
ftr-349	873	25	”	"	PUNCT
ftr-349	873	26	taxation	taxation	NOUN
ftr-349	873	27	of	of	ADP
ftr-349	873	28	net	net	ADJ
ftr-349	873	29	business	business	NOUN
ftr-349	873	30	income	income	NOUN
ftr-349	873	31	)	)	PUNCT
ftr-349	873	32	.	.	PUNCT
ftr-349	874	1	128	128	NUM
ftr-349	874	2	.	.	PUNCT
ftr-349	875	1	it	it	PRON
ftr-349	875	2	might	might	AUX
ftr-349	875	3	be	be	AUX
ftr-349	875	4	argued	argue	VERB
ftr-349	875	5	that	that	SCONJ
ftr-349	875	6	multinational	multinational	ADJ
ftr-349	875	7	firms	firm	NOUN
ftr-349	875	8	are	be	AUX
ftr-349	875	9	so	so	ADV
ftr-349	875	10	successful	successful	ADJ
ftr-349	875	11	in	in	ADP
ftr-349	875	12	generating	generate	VERB
ftr-349	875	13	stateless	stateless	NOUN
ftr-349	875	14	income	income	NOUN
ftr-349	875	15	that	that	PRON
ftr-349	875	16	their	their	PRON
ftr-349	875	17	investment	investment	NOUN
ftr-349	875	18	behavior	behavior	NOUN
ftr-349	875	19	changes	change	VERB
ftr-349	875	20	global	global	ADJ
ftr-349	875	21	asset	asset	NOUN
ftr-349	875	22	prices	price	NOUN
ftr-349	875	23	,	,	PUNCT
ftr-349	875	24	by	by	ADP
ftr-349	875	25	bidding	bid	VERB
ftr-349	875	26	up	up	ADP
ftr-349	875	27	prices	price	NOUN
ftr-349	875	28	for	for	ADP
ftr-349	875	29	high	high	ADJ
ftr-349	875	30	-	-	PUNCT
ftr-349	875	31	tax	tax	NOUN
ftr-349	875	32	country	country	NOUN
ftr-349	875	33	assets	asset	NOUN
ftr-349	875	34	.	.	PUNCT
ftr-349	876	1	if	if	SCONJ
ftr-349	876	2	multinational	multinational	ADJ
ftr-349	876	3	firms	firm	NOUN
ftr-349	876	4	were	be	AUX
ftr-349	876	5	the	the	DET
ftr-349	876	6	price	price	NOUN
ftr-349	876	7	setters	setter	NOUN
ftr-349	876	8	in	in	ADP
ftr-349	876	9	corporate	corporate	ADJ
ftr-349	876	10	investments	investment	NOUN
ftr-349	876	11	around	around	ADP
ftr-349	876	12	the	the	DET
ftr-349	876	13	world	world	NOUN
ftr-349	876	14	,	,	PUNCT
ftr-349	876	15	and	and	CCONJ
ftr-349	876	16	they	they	PRON
ftr-349	876	17	in	in	ADP
ftr-349	876	18	turn	turn	NOUN
ftr-349	876	19	paid	pay	VERB
ftr-349	876	20	no	no	DET
ftr-349	876	21	tax	tax	NOUN
ftr-349	876	22	anywhere	anywhere	ADV
ftr-349	876	23	(	(	PUNCT
ftr-349	876	24	or	or	CCONJ
ftr-349	876	25	conversely	conversely	ADV
ftr-349	876	26	,	,	PUNCT
ftr-349	876	27	paid	pay	VERB
ftr-349	876	28	residence	residence	NOUN
ftr-349	876	29	-	-	PUNCT
ftr-349	876	30	country	country	NOUN
ftr-349	876	31	tax	tax	NOUN
ftr-349	876	32	on	on	ADP
ftr-349	876	33	everything	everything	PRON
ftr-349	876	34	)	)	PUNCT
ftr-349	876	35	,	,	PUNCT
ftr-349	876	36	then	then	ADV
ftr-349	876	37	one	one	PRON
ftr-349	876	38	might	might	AUX
ftr-349	876	39	see	see	VERB
ftr-349	876	40	convergence	convergence	NOUN
ftr-349	876	41	in	in	ADP
ftr-349	876	42	pre	pre	ADJ
ftr-349	876	43	-	-	NOUN
ftr-349	876	44	tax	tax	NOUN
ftr-349	876	45	rather	rather	ADV
ftr-349	876	46	than	than	ADP
ftr-349	876	47	after	after	ADP
ftr-349	876	48	-	-	PUNCT
ftr-349	876	49	tax	tax	NOUN
ftr-349	876	50	risk	risk	NOUN
ftr-349	876	51	-	-	PUNCT
ftr-349	876	52	adjusted	adjust	VERB
ftr-349	876	53	corporate	corporate	ADJ
ftr-349	876	54	net	net	ADJ
ftr-349	876	55	incomes	income	NOUN
ftr-349	876	56	(	(	PUNCT
ftr-349	876	57	just	just	ADV
ftr-349	876	58	as	as	SCONJ
ftr-349	876	59	should	should	AUX
ftr-349	876	60	be	be	AUX
ftr-349	876	61	true	true	ADJ
ftr-349	876	62	for	for	ADP
ftr-349	876	63	interest	interest	NOUN
ftr-349	876	64	income	income	NOUN
ftr-349	876	65	today	today	NOUN
ftr-349	876	66	)	)	PUNCT
ftr-349	876	67	.	.	PUNCT
ftr-349	877	1	this	this	DET
ftr-349	877	2	scenario	scenario	NOUN
ftr-349	877	3	seems	seem	VERB
ftr-349	877	4	implausible	implausible	ADJ
ftr-349	877	5	,	,	PUNCT
ftr-349	877	6	for	for	ADP
ftr-349	877	7	several	several	ADJ
ftr-349	877	8	reasons	reason	NOUN
ftr-349	877	9	.	.	PUNCT
ftr-349	878	1	first	first	ADV
ftr-349	878	2	,	,	PUNCT
ftr-349	878	3	all	all	DET
ftr-349	878	4	domestic	domestic	ADJ
ftr-349	878	5	investors	investor	NOUN
ftr-349	878	6	and	and	CCONJ
ftr-349	878	7	all	all	DET
ftr-349	878	8	portfolio	portfolio	NOUN
ftr-349	878	9	investors	investor	NOUN
ftr-349	878	10	(	(	PUNCT
ftr-349	878	11	whether	whether	SCONJ
ftr-349	878	12	domestic	domestic	ADJ
ftr-349	878	13	or	or	CCONJ
ftr-349	878	14	cross	cross	ADJ
ftr-349	878	15	-	-	ADJ
ftr-349	878	16	border	border	NOUN
ftr-349	878	17	)	)	PUNCT
ftr-349	878	18	are	be	AUX
ftr-349	878	19	postcorporate	postcorporate	ADJ
ftr-349	878	20	tax	tax	NOUN
ftr-349	878	21	investors	investor	NOUN
ftr-349	878	22	.	.	PUNCT
ftr-349	879	1	see	see	VERB
ftr-349	879	2	supra	supra	PROPN
ftr-349	879	3	note	note	PROPN
ftr-349	879	4	126	126	NUM
ftr-349	879	5	.	.	PUNCT
ftr-349	880	1	since	since	SCONJ
ftr-349	880	2	much	much	ADJ
ftr-349	880	3	cross	cross	ADJ
ftr-349	880	4	-	-	ADJ
ftr-349	880	5	border	border	ADJ
ftr-349	880	6	investment	investment	NOUN
ftr-349	880	7	today	today	NOUN
ftr-349	880	8	is	be	AUX
ftr-349	880	9	portfolio	portfolio	NOUN
ftr-349	880	10	investment	investment	NOUN
ftr-349	880	11	,	,	PUNCT
ftr-349	880	12	there	there	PRON
ftr-349	880	13	is	be	VERB
ftr-349	880	14	no	no	DET
ftr-349	880	15	particular	particular	ADJ
ftr-349	880	16	reason	reason	NOUN
ftr-349	880	17	to	to	PART
ftr-349	880	18	assume	assume	VERB
ftr-349	880	19	that	that	SCONJ
ftr-349	880	20	direct	direct	ADJ
ftr-349	880	21	754	754	NUM
ftr-349	880	22	florida	florida	PROPN
ftr-349	880	23	tax	tax	NOUN
ftr-349	880	24	review	review	NOUN
ftr-349	880	25	[	[	X
ftr-349	880	26	vol	vol	NOUN
ftr-349	880	27	.	.	PUNCT
ftr-349	881	1	11:9	11:9	NOUN
ftr-349	881	2	multinational	multinational	ADJ
ftr-349	881	3	firms	firm	NOUN
ftr-349	881	4	can	can	AUX
ftr-349	881	5	be	be	AUX
ftr-349	881	6	said	say	VERB
ftr-349	881	7	to	to	PART
ftr-349	881	8	capture	capture	VERB
ftr-349	881	9	“	"	PUNCT
ftr-349	881	10	tax	tax	NOUN
ftr-349	881	11	rents	rent	NOUN
ftr-349	881	12	.	.	PUNCT
ftr-349	881	13	”	"	PUNCT
ftr-349	882	1	their	their	PRON
ftr-349	882	2	inframarginal	inframarginal	ADJ
ftr-349	882	3	returns	return	NOUN
ftr-349	882	4	stem	stem	VERB
ftr-349	882	5	not	not	PART
ftr-349	882	6	from	from	ADP
ftr-349	882	7	some	some	DET
ftr-349	882	8	unique	unique	ADJ
ftr-349	882	9	high	high	ADJ
ftr-349	882	10	-	-	PUNCT
ftr-349	882	11	value	value	NOUN
ftr-349	882	12	asset	asset	NOUN
ftr-349	882	13	,	,	PUNCT
ftr-349	882	14	but	but	CCONJ
ftr-349	882	15	rather	rather	ADV
ftr-349	882	16	from	from	ADP
ftr-349	882	17	their	their	PRON
ftr-349	882	18	unique	unique	ADJ
ftr-349	882	19	status	status	NOUN
ftr-349	882	20	as	as	ADP
ftr-349	882	21	structurally	structurally	ADV
ftr-349	882	22	able	able	ADJ
ftr-349	882	23	to	to	PART
ftr-349	882	24	move	move	VERB
ftr-349	882	25	pretax	pretax	ADJ
ftr-349	882	26	income	income	NOUN
ftr-349	882	27	across	across	ADP
ftr-349	882	28	national	national	ADJ
ftr-349	882	29	borders	border	NOUN
ftr-349	882	30	.	.	PUNCT
ftr-349	883	1	for	for	ADP
ftr-349	883	2	example	example	NOUN
ftr-349	883	3	,	,	PUNCT
ftr-349	883	4	assume	assume	VERB
ftr-349	883	5	that	that	SCONJ
ftr-349	883	6	the	the	DET
ftr-349	883	7	united	united	PROPN
ftr-349	883	8	states	states	PROPN
ftr-349	883	9	has	have	VERB
ftr-349	883	10	a	a	DET
ftr-349	883	11	corporate	corporate	ADJ
ftr-349	883	12	tax	tax	NOUN
ftr-349	883	13	rate	rate	NOUN
ftr-349	883	14	of	of	ADP
ftr-349	883	15	35	35	NUM
ftr-349	883	16	percent	percent	NOUN
ftr-349	883	17	,	,	PUNCT
ftr-349	883	18	sylvania	sylvania	PROPN
ftr-349	883	19	’s	’s	PART
ftr-349	883	20	tax	tax	NOUN
ftr-349	883	21	rate	rate	NOUN
ftr-349	883	22	on	on	ADP
ftr-349	883	23	domestic	domestic	ADJ
ftr-349	883	24	income	income	NOUN
ftr-349	883	25	is	be	AUX
ftr-349	883	26	25	25	NUM
ftr-349	883	27	percent	percent	NOUN
ftr-349	883	28	,	,	PUNCT
ftr-349	883	29	and	and	CCONJ
ftr-349	883	30	freedonia	freedonia	NOUN
ftr-349	883	31	imposes	impose	VERB
ftr-349	883	32	a	a	DET
ftr-349	883	33	10	10	NUM
ftr-349	883	34	percent	percent	NOUN
ftr-349	883	35	tax	tax	NOUN
ftr-349	883	36	rate	rate	NOUN
ftr-349	883	37	on	on	ADP
ftr-349	883	38	domestic	domestic	ADJ
ftr-349	883	39	income	income	NOUN
ftr-349	883	40	.	.	PUNCT
ftr-349	884	1	moreover	moreover	ADV
ftr-349	884	2	,	,	PUNCT
ftr-349	884	3	capital	capital	NOUN
ftr-349	884	4	is	be	AUX
ftr-349	884	5	globally	globally	ADV
ftr-349	884	6	mobile	mobile	ADJ
ftr-349	884	7	,	,	PUNCT
ftr-349	884	8	and	and	CCONJ
ftr-349	884	9	capital	capital	NOUN
ftr-349	884	10	markets	market	NOUN
ftr-349	884	11	are	be	AUX
ftr-349	884	12	efficient	efficient	ADJ
ftr-349	884	13	.	.	PUNCT
ftr-349	885	1	as	as	ADP
ftr-349	885	2	a	a	DET
ftr-349	885	3	result	result	NOUN
ftr-349	885	4	,	,	PUNCT
ftr-349	885	5	after	after	ADP
ftr-349	885	6	-	-	PUNCT
ftr-349	885	7	tax	tax	NOUN
ftr-349	885	8	normal	normal	ADJ
ftr-349	885	9	returns	return	NOUN
ftr-349	885	10	on	on	ADP
ftr-349	885	11	capital	capital	NOUN
ftr-349	885	12	invested	invest	VERB
ftr-349	885	13	in	in	ADP
ftr-349	885	14	business	business	NOUN
ftr-349	885	15	firms	firm	NOUN
ftr-349	885	16	are	be	AUX
ftr-349	885	17	the	the	DET
ftr-349	885	18	same	same	ADJ
ftr-349	885	19	around	around	ADP
ftr-349	885	20	the	the	DET
ftr-349	885	21	world	world	NOUN
ftr-349	885	22	.	.	PUNCT
ftr-349	886	1	assume	assume	VERB
ftr-349	886	2	that	that	SCONJ
ftr-349	886	3	this	this	DET
ftr-349	886	4	global	global	ADJ
ftr-349	886	5	after	after	ADP
ftr-349	886	6	-	-	PUNCT
ftr-349	886	7	tax	tax	NOUN
ftr-349	886	8	rate	rate	NOUN
ftr-349	886	9	is	be	AUX
ftr-349	886	10	5	5	NUM
ftr-349	886	11	percent	percent	NOUN
ftr-349	886	12	.	.	PUNCT
ftr-349	887	1	what	what	PRON
ftr-349	887	2	this	this	PRON
ftr-349	887	3	implies	imply	VERB
ftr-349	887	4	is	be	AUX
ftr-349	887	5	that	that	SCONJ
ftr-349	887	6	pre	pre	ADJ
ftr-349	887	7	-	-	ADJ
ftr-349	887	8	tax	tax	ADJ
ftr-349	887	9	normal	normal	ADJ
ftr-349	887	10	corporate	corporate	ADJ
ftr-349	887	11	returns	return	NOUN
ftr-349	887	12	will	will	AUX
ftr-349	887	13	vary	vary	VERB
ftr-349	887	14	from	from	ADP
ftr-349	887	15	country	country	NOUN
ftr-349	887	16	to	to	ADP
ftr-349	887	17	country	country	NOUN
ftr-349	887	18	to	to	PART
ftr-349	887	19	reflect	reflect	VERB
ftr-349	887	20	differences	difference	NOUN
ftr-349	887	21	in	in	ADP
ftr-349	887	22	tax	tax	NOUN
ftr-349	887	23	burdens	burden	NOUN
ftr-349	887	24	.	.	PUNCT
ftr-349	888	1	pre	pre	ADJ
ftr-349	888	2	-	-	ADJ
ftr-349	888	3	tax	tax	ADJ
ftr-349	888	4	corporate	corporate	ADJ
ftr-349	888	5	returns	return	NOUN
ftr-349	888	6	in	in	ADP
ftr-349	888	7	the	the	DET
ftr-349	888	8	united	united	PROPN
ftr-349	888	9	states	states	PROPN
ftr-349	888	10	will	will	AUX
ftr-349	888	11	be	be	AUX
ftr-349	888	12	7.7	7.7	NUM
ftr-349	888	13	percent	percent	NOUN
ftr-349	888	14	,	,	PUNCT
ftr-349	888	15	while	while	SCONJ
ftr-349	888	16	in	in	ADP
ftr-349	888	17	sylvania	sylvania	NOUN
ftr-349	888	18	those	those	DET
ftr-349	888	19	returns	return	NOUN
ftr-349	888	20	will	will	AUX
ftr-349	888	21	be	be	AUX
ftr-349	888	22	6.67	6.67	NUM
ftr-349	888	23	percent	percent	NOUN
ftr-349	888	24	,	,	PUNCT
ftr-349	888	25	and	and	CCONJ
ftr-349	888	26	in	in	ADP
ftr-349	888	27	freedonia	freedonia	NOUN
ftr-349	888	28	5.56	5.56	NUM
ftr-349	888	29	percent	percent	NOUN
ftr-349	888	30	.	.	PUNCT
ftr-349	889	1	a	a	DET
ftr-349	889	2	u.s	u.s	PROPN
ftr-349	889	3	.	.	PROPN
ftr-349	889	4	firm	firm	NOUN
ftr-349	889	5	,	,	PUNCT
ftr-349	889	6	confronted	confront	VERB
ftr-349	889	7	with	with	ADP
ftr-349	889	8	earning	earn	VERB
ftr-349	889	9	a	a	DET
ftr-349	889	10	5	5	NUM
ftr-349	889	11	percent	percent	NOUN
ftr-349	889	12	after	after	ADP
ftr-349	889	13	-	-	PUNCT
ftr-349	889	14	tax	tax	NOUN
ftr-349	889	15	return	return	NOUN
ftr-349	889	16	on	on	ADP
ftr-349	889	17	a	a	DET
ftr-349	889	18	marginal	marginal	ADJ
ftr-349	889	19	investment	investment	NOUN
ftr-349	889	20	,	,	PUNCT
ftr-349	889	21	will	will	AUX
ftr-349	889	22	opt	opt	VERB
ftr-349	889	23	instead	instead	ADV
ftr-349	889	24	to	to	PART
ftr-349	889	25	invest	invest	VERB
ftr-349	889	26	,	,	PUNCT
ftr-349	889	27	not	not	PART
ftr-349	889	28	in	in	ADP
ftr-349	889	29	low	low	ADJ
ftr-349	889	30	-	-	PUNCT
ftr-349	889	31	tax	tax	NOUN
ftr-349	889	32	freedonia	freedonia	NOUN
ftr-349	889	33	,	,	PUNCT
ftr-349	889	34	but	but	CCONJ
ftr-349	889	35	rather	rather	ADV
ftr-349	889	36	in	in	ADP
ftr-349	889	37	high	high	ADJ
ftr-349	889	38	-	-	PUNCT
ftr-349	889	39	tax	tax	NOUN
ftr-349	889	40	sylvania	sylvania	NOUN
ftr-349	889	41	,	,	PUNCT
ftr-349	889	42	and	and	CCONJ
ftr-349	889	43	then	then	ADV
ftr-349	889	44	through	through	ADP
ftr-349	889	45	stateless	stateless	NOUN
ftr-349	889	46	income	income	NOUN
ftr-349	889	47	tax	tax	NOUN
ftr-349	889	48	planning	planning	NOUN
ftr-349	889	49	move	move	VERB
ftr-349	889	50	the	the	DET
ftr-349	889	51	sylvanian	sylvanian	ADJ
ftr-349	889	52	pre	pre	NOUN
ftr-349	889	53	-	-	NOUN
ftr-349	889	54	tax	tax	ADJ
ftr-349	889	55	6.67	6.67	NUM
ftr-349	889	56	percent	percent	NOUN
ftr-349	889	57	return	return	NOUN
ftr-349	889	58	to	to	ADP
ftr-349	889	59	freedonia	freedonia	NOUN
ftr-349	889	60	.	.	PUNCT
ftr-349	890	1	after	after	ADP
ftr-349	890	2	freedonian	freedonian	ADJ
ftr-349	890	3	income	income	NOUN
ftr-349	890	4	taxes	taxis	NOUN
ftr-349	890	5	on	on	ADP
ftr-349	890	6	that	that	DET
ftr-349	890	7	6.67	6.67	NUM
ftr-349	890	8	percent	percent	NOUN
ftr-349	890	9	marginal	marginal	ADJ
ftr-349	890	10	return	return	NOUN
ftr-349	890	11	,	,	PUNCT
ftr-349	890	12	the	the	DET
ftr-349	890	13	u.s	u.s	PROPN
ftr-349	890	14	.	.	PROPN
ftr-349	890	15	firm	firm	NOUN
ftr-349	890	16	will	will	AUX
ftr-349	890	17	enjoy	enjoy	VERB
ftr-349	890	18	an	an	DET
ftr-349	890	19	after	after	ADP
ftr-349	890	20	-	-	PUNCT
ftr-349	890	21	tax	tax	NOUN
ftr-349	890	22	marginal	marginal	ADJ
ftr-349	890	23	return	return	NOUN
ftr-349	890	24	of	of	ADP
ftr-349	890	25	6	6	NUM
ftr-349	890	26	percent	percent	NOUN
ftr-349	890	27	,	,	PUNCT
ftr-349	890	28	rather	rather	ADV
ftr-349	890	29	than	than	ADP
ftr-349	890	30	the	the	DET
ftr-349	890	31	global	global	ADJ
ftr-349	890	32	prevailing	prevail	VERB
ftr-349	890	33	5	5	NUM
ftr-349	890	34	percent	percent	NOUN
ftr-349	890	35	rate	rate	NOUN
ftr-349	890	36	.	.	PUNCT
ftr-349	891	1	the	the	DET
ftr-349	891	2	incremental	incremental	ADJ
ftr-349	891	3	1	1	NUM
ftr-349	891	4	percent	percent	NOUN
ftr-349	891	5	return	return	NOUN
ftr-349	891	6	that	that	PRON
ftr-349	891	7	comes	come	VERB
ftr-349	891	8	without	without	ADP
ftr-349	891	9	any	any	DET
ftr-349	891	10	incremental	incremental	ADJ
ftr-349	891	11	risk	risk	NOUN
ftr-349	891	12	is	be	AUX
ftr-349	891	13	an	an	DET
ftr-349	891	14	example	example	NOUN
ftr-349	891	15	of	of	ADP
ftr-349	891	16	tax	tax	NOUN
ftr-349	891	17	rents	rent	NOUN
ftr-349	891	18	.	.	PUNCT
ftr-349	892	1	at	at	ADV
ftr-349	892	2	least	least	ADJ
ftr-349	892	3	as	as	SCONJ
ftr-349	892	4	applied	apply	VERB
ftr-349	892	5	to	to	ADP
ftr-349	892	6	u.s.-domiciled	u.s.-domiciled	ADJ
ftr-349	892	7	companies	company	NOUN
ftr-349	892	8	,	,	PUNCT
ftr-349	892	9	tax	tax	NOUN
ftr-349	892	10	rents	rent	NOUN
ftr-349	892	11	are	be	AUX
ftr-349	892	12	easier	easy	ADJ
ftr-349	892	13	to	to	PART
ftr-349	892	14	harvest	harvest	VERB
ftr-349	892	15	from	from	ADP
ftr-349	892	16	foreign	foreign	ADJ
ftr-349	892	17	jurisdictions	jurisdiction	NOUN
ftr-349	892	18	than	than	SCONJ
ftr-349	892	19	they	they	PRON
ftr-349	892	20	are	be	AUX
ftr-349	892	21	from	from	ADP
ftr-349	892	22	a	a	DET
ftr-349	892	23	multinational	multinational	ADJ
ftr-349	892	24	firm	firm	NOUN
ftr-349	892	25	’s	’s	PART
ftr-349	892	26	own	own	ADJ
ftr-349	892	27	country	country	NOUN
ftr-349	892	28	of	of	ADP
ftr-349	892	29	residence.129	residence.129	PROPN
ftr-349	892	30	u.s	u.s	PROPN
ftr-349	892	31	.	.	PROPN
ftr-349	892	32	firms	firm	NOUN
ftr-349	892	33	thus	thus	ADV
ftr-349	892	34	prefer	prefer	VERB
ftr-349	892	35	investments	investment	NOUN
ftr-349	892	36	in	in	ADP
ftr-349	892	37	foreign	foreign	ADJ
ftr-349	892	38	investment	investment	NOUN
ftr-349	892	39	by	by	ADP
ftr-349	892	40	multinational	multinational	ADJ
ftr-349	892	41	firms	firm	NOUN
ftr-349	892	42	sets	set	VERB
ftr-349	892	43	asset	asset	NOUN
ftr-349	892	44	prices	price	NOUN
ftr-349	892	45	.	.	PUNCT
ftr-349	893	1	second	second	ADJ
ftr-349	893	2	,	,	PUNCT
ftr-349	893	3	not	not	PART
ftr-349	893	4	even	even	ADV
ftr-349	893	5	this	this	DET
ftr-349	893	6	paper	paper	NOUN
ftr-349	893	7	and	and	CCONJ
ftr-349	893	8	its	its	PRON
ftr-349	893	9	companion	companion	NOUN
ftr-349	893	10	argue	argue	VERB
ftr-349	893	11	that	that	SCONJ
ftr-349	893	12	all	all	DET
ftr-349	893	13	multinational	multinational	ADJ
ftr-349	893	14	firms	firm	NOUN
ftr-349	893	15	convert	convert	VERB
ftr-349	893	16	100	100	NUM
ftr-349	893	17	percent	percent	NOUN
ftr-349	893	18	of	of	ADP
ftr-349	893	19	cross	cross	ADJ
ftr-349	893	20	-	-	ADJ
ftr-349	893	21	border	border	ADJ
ftr-349	893	22	investment	investment	NOUN
ftr-349	893	23	income	income	NOUN
ftr-349	893	24	into	into	ADP
ftr-349	893	25	zero	zero	NUM
ftr-349	893	26	-	-	PUNCT
ftr-349	893	27	taxed	tax	VERB
ftr-349	893	28	returns	return	NOUN
ftr-349	893	29	.	.	PUNCT
ftr-349	894	1	third	third	ADJ
ftr-349	894	2	,	,	PUNCT
ftr-349	894	3	as	as	SCONJ
ftr-349	894	4	developed	develop	VERB
ftr-349	894	5	in	in	ADP
ftr-349	894	6	the	the	DET
ftr-349	894	7	lessons	lesson	NOUN
ftr-349	894	8	of	of	ADP
ftr-349	894	9	stateless	stateless	NOUN
ftr-349	894	10	income	income	NOUN
ftr-349	894	11	,	,	PUNCT
ftr-349	894	12	the	the	DET
ftr-349	894	13	ability	ability	NOUN
ftr-349	894	14	to	to	PART
ftr-349	894	15	generate	generate	VERB
ftr-349	894	16	stateless	stateless	NOUN
ftr-349	894	17	income	income	NOUN
ftr-349	894	18	is	be	AUX
ftr-349	894	19	a	a	DET
ftr-349	894	20	form	form	NOUN
ftr-349	894	21	of	of	ADP
ftr-349	894	22	“	"	PUNCT
ftr-349	894	23	status	status	NOUN
ftr-349	894	24	”	"	PUNCT
ftr-349	894	25	tax	tax	NOUN
ftr-349	894	26	arbitrage	arbitrage	NOUN
ftr-349	894	27	,	,	PUNCT
ftr-349	894	28	which	which	PRON
ftr-349	894	29	means	mean	VERB
ftr-349	894	30	that	that	SCONJ
ftr-349	894	31	it	it	PRON
ftr-349	894	32	is	be	AUX
ftr-349	894	33	an	an	DET
ftr-349	894	34	attribute	attribute	NOUN
ftr-349	894	35	available	available	ADJ
ftr-349	894	36	only	only	ADV
ftr-349	894	37	to	to	ADP
ftr-349	894	38	some	some	DET
ftr-349	894	39	investors	investor	NOUN
ftr-349	894	40	competing	compete	VERB
ftr-349	894	41	for	for	ADP
ftr-349	894	42	a	a	DET
ftr-349	894	43	particular	particular	ADJ
ftr-349	894	44	investment	investment	NOUN
ftr-349	894	45	.	.	PUNCT
ftr-349	895	1	(	(	PUNCT
ftr-349	895	2	indeed	indeed	ADV
ftr-349	895	3	,	,	PUNCT
ftr-349	895	4	as	as	SCONJ
ftr-349	895	5	effective	effective	ADJ
ftr-349	895	6	tax	tax	NOUN
ftr-349	895	7	rate	rate	NOUN
ftr-349	895	8	studies	study	NOUN
ftr-349	895	9	show	show	VERB
ftr-349	895	10	,	,	PUNCT
ftr-349	895	11	it	it	PRON
ftr-349	895	12	is	be	AUX
ftr-349	895	13	not	not	PART
ftr-349	895	14	even	even	ADV
ftr-349	895	15	a	a	DET
ftr-349	895	16	status	status	NOUN
ftr-349	895	17	equally	equally	ADV
ftr-349	895	18	distributed	distribute	VERB
ftr-349	895	19	among	among	ADP
ftr-349	895	20	all	all	DET
ftr-349	895	21	multinational	multinational	ADJ
ftr-349	895	22	firms	firm	NOUN
ftr-349	895	23	.	.	PUNCT
ftr-349	895	24	)	)	PUNCT
ftr-349	896	1	fourth	fourth	ADV
ftr-349	896	2	,	,	PUNCT
ftr-349	896	3	investment	investment	NOUN
ftr-349	896	4	opportunities	opportunity	NOUN
ftr-349	896	5	that	that	PRON
ftr-349	896	6	yield	yield	VERB
ftr-349	896	7	normal	normal	ADJ
ftr-349	896	8	returns	return	NOUN
ftr-349	896	9	often	often	ADV
ftr-349	896	10	are	be	AUX
ftr-349	896	11	relatively	relatively	ADV
ftr-349	896	12	fungible	fungible	ADJ
ftr-349	896	13	,	,	PUNCT
ftr-349	896	14	or	or	CCONJ
ftr-349	896	15	can	can	AUX
ftr-349	896	16	be	be	AUX
ftr-349	896	17	replicated	replicate	VERB
ftr-349	896	18	through	through	ADP
ftr-349	896	19	greenfield	greenfield	NOUN
ftr-349	896	20	construction	construction	NOUN
ftr-349	896	21	.	.	PUNCT
ftr-349	897	1	as	as	ADP
ftr-349	897	2	in	in	ADP
ftr-349	897	3	the	the	DET
ftr-349	897	4	domestic	domestic	ADJ
ftr-349	897	5	market	market	NOUN
ftr-349	897	6	for	for	ADP
ftr-349	897	7	municipal	municipal	ADJ
ftr-349	897	8	bonds	bond	NOUN
ftr-349	897	9	,	,	PUNCT
ftr-349	897	10	or	or	CCONJ
ftr-349	897	11	tax	tax	NOUN
ftr-349	897	12	shelters	shelter	NOUN
ftr-349	897	13	,	,	PUNCT
ftr-349	897	14	it	it	PRON
ftr-349	897	15	seems	seem	VERB
ftr-349	897	16	implausible	implausible	ADJ
ftr-349	897	17	to	to	PART
ftr-349	897	18	think	think	VERB
ftr-349	897	19	that	that	SCONJ
ftr-349	897	20	market	market	NOUN
ftr-349	897	21	forces	force	NOUN
ftr-349	897	22	by	by	ADP
ftr-349	897	23	themselves	themselves	PRON
ftr-349	897	24	would	would	AUX
ftr-349	897	25	be	be	AUX
ftr-349	897	26	sufficient	sufficient	ADJ
ftr-349	897	27	to	to	PART
ftr-349	897	28	vitiate	vitiate	VERB
ftr-349	897	29	the	the	DET
ftr-349	897	30	“	"	PUNCT
ftr-349	897	31	tax	tax	NOUN
ftr-349	897	32	rents	rent	NOUN
ftr-349	897	33	”	"	PUNCT
ftr-349	897	34	story	story	NOUN
ftr-349	897	35	developed	develop	VERB
ftr-349	897	36	in	in	ADP
ftr-349	897	37	the	the	DET
ftr-349	897	38	text	text	NOUN
ftr-349	897	39	.	.	PUNCT
ftr-349	898	1	129	129	NUM
ftr-349	898	2	.	.	PUNCT
ftr-349	899	1	for	for	ADP
ftr-349	899	2	example	example	NOUN
ftr-349	899	3	,	,	PUNCT
ftr-349	899	4	if	if	SCONJ
ftr-349	899	5	a	a	DET
ftr-349	899	6	u.s	u.s	PROPN
ftr-349	899	7	domestic	domestic	ADJ
ftr-349	899	8	affiliate	affiliate	NOUN
ftr-349	899	9	of	of	ADP
ftr-349	899	10	a	a	DET
ftr-349	899	11	u.s	u.s	PROPN
ftr-349	899	12	.	.	PROPN
ftr-349	899	13	multinational	multinational	ADJ
ftr-349	899	14	group	group	NOUN
ftr-349	899	15	pays	pay	VERB
ftr-349	899	16	interest	interest	NOUN
ftr-349	899	17	to	to	ADP
ftr-349	899	18	a	a	DET
ftr-349	899	19	foreign	foreign	ADJ
ftr-349	899	20	affiliate	affiliate	NOUN
ftr-349	899	21	,	,	PUNCT
ftr-349	899	22	that	that	DET
ftr-349	899	23	income	income	NOUN
ftr-349	899	24	will	will	AUX
ftr-349	899	25	constitute	constitute	VERB
ftr-349	899	26	subpart	subpart	NOUN
ftr-349	899	27	f	f	PROPN
ftr-349	899	28	income	income	NOUN
ftr-349	899	29	.	.	PUNCT
ftr-349	899	30	i.r.c	i.r.c	PROPN
ftr-349	899	31	.	.	PUNCT
ftr-349	900	1	§	§	PROPN
ftr-349	900	2	§	§	PROPN
ftr-349	900	3	954(a)(1	954(a)(1	NUM
ftr-349	900	4	)	)	PUNCT
ftr-349	900	5	,	,	PUNCT
ftr-349	900	6	(	(	PUNCT
ftr-349	900	7	c)(1)(a	c)(1)(a	X
ftr-349	900	8	)	)	PUNCT
ftr-349	900	9	.	.	PUNCT
ftr-349	901	1	when	when	SCONJ
ftr-349	901	2	a	a	DET
ftr-349	901	3	foreign	foreign	ADJ
ftr-349	901	4	affiliate	affiliate	NOUN
ftr-349	901	5	in	in	ADP
ftr-349	901	6	a	a	DET
ftr-349	901	7	high	high	ADJ
ftr-349	901	8	-	-	PUNCT
ftr-349	901	9	tax	tax	NOUN
ftr-349	901	10	jurisdiction	jurisdiction	NOUN
ftr-349	901	11	pays	pay	VERB
ftr-349	901	12	interest	interest	NOUN
ftr-349	901	13	out	out	ADP
ftr-349	901	14	of	of	ADP
ftr-349	901	15	active	active	ADJ
ftr-349	901	16	business	business	NOUN
ftr-349	901	17	earnings	earning	NOUN
ftr-349	901	18	to	to	ADP
ftr-349	901	19	an	an	DET
ftr-349	901	20	affiliate	affiliate	NOUN
ftr-349	901	21	in	in	ADP
ftr-349	901	22	a	a	DET
ftr-349	901	23	low	low	ADJ
ftr-349	901	24	-	-	PUNCT
ftr-349	901	25	tax	tax	NOUN
ftr-349	901	26	jurisdiction	jurisdiction	NOUN
ftr-349	901	27	,	,	PUNCT
ftr-349	901	28	that	that	SCONJ
ftr-349	901	29	interest	interest	NOUN
ftr-349	901	30	income	income	NOUN
ftr-349	901	31	is	be	AUX
ftr-349	901	32	not	not	PART
ftr-349	901	33	subpart	subpart	NOUN
ftr-349	901	34	f	f	PROPN
ftr-349	901	35	income	income	NOUN
ftr-349	901	36	,	,	PUNCT
ftr-349	901	37	by	by	ADP
ftr-349	901	38	virtue	virtue	NOUN
ftr-349	901	39	of	of	ADP
ftr-349	901	40	section	section	NOUN
ftr-349	901	41	954(c)(6	954(c)(6	NUM
ftr-349	901	42	)	)	PUNCT
ftr-349	901	43	,	,	PUNCT
ftr-349	901	44	which	which	PRON
ftr-349	901	45	specifically	specifically	ADV
ftr-349	901	46	excludes	exclude	VERB
ftr-349	901	47	from	from	ADP
ftr-349	901	48	subpart	subpart	PROPN
ftr-349	901	49	f	f	PROPN
ftr-349	901	50	income	income	NOUN
ftr-349	901	51	dividends	dividend	NOUN
ftr-349	901	52	,	,	PUNCT
ftr-349	901	53	interest	interest	NOUN
ftr-349	901	54	,	,	PUNCT
ftr-349	901	55	rents	rent	NOUN
ftr-349	901	56	,	,	PUNCT
ftr-349	901	57	and	and	CCONJ
ftr-349	901	58	royalties	royalty	NOUN
ftr-349	901	59	received	receive	VERB
ftr-349	901	60	or	or	CCONJ
ftr-349	901	61	accrued	accrue	VERB
ftr-349	901	62	from	from	ADP
ftr-349	901	63	a	a	DET
ftr-349	901	64	controlled	control	VERB
ftr-349	901	65	foreign	foreign	ADJ
ftr-349	901	66	corporation	corporation	NOUN
ftr-349	901	67	.	.	PUNCT
ftr-349	901	68	.	.	PUNCT
ftr-349	901	69	.	.	PUNCT
ftr-349	902	1	to	to	ADP
ftr-349	902	2	the	the	DET
ftr-349	902	3	extent	extent	NOUN
ftr-349	902	4	attributable	attributable	ADJ
ftr-349	902	5	or	or	CCONJ
ftr-349	902	6	properly	properly	ADV
ftr-349	902	7	allocable	allocable	ADJ
ftr-349	902	8	(	(	PUNCT
ftr-349	902	9	determined	determine	VERB
ftr-349	902	10	under	under	ADP
ftr-349	902	11	rules	rule	NOUN
ftr-349	902	12	similar	similar	ADJ
ftr-349	902	13	to	to	ADP
ftr-349	902	14	the	the	DET
ftr-349	902	15	rules	rule	NOUN
ftr-349	902	16	of	of	ADP
ftr-349	902	17	2001	2001	NUM
ftr-349	902	18	]	]	PUNCT
ftr-349	902	19	stateless	stateless	NOUN
ftr-349	902	20	income	income	NOUN
ftr-349	902	21	755	755	NUM
ftr-349	902	22	high	high	ADJ
ftr-349	902	23	-	-	PUNCT
ftr-349	902	24	tax	tax	NOUN
ftr-349	902	25	countries	country	NOUN
ftr-349	902	26	to	to	ADP
ftr-349	902	27	investments	investment	NOUN
ftr-349	902	28	in	in	ADP
ftr-349	902	29	the	the	DET
ftr-349	902	30	united	united	PROPN
ftr-349	902	31	states	states	PROPN
ftr-349	902	32	because	because	SCONJ
ftr-349	902	33	the	the	DET
ftr-349	902	34	former	former	ADJ
ftr-349	902	35	are	be	AUX
ftr-349	902	36	more	more	ADV
ftr-349	902	37	easily	easily	ADV
ftr-349	902	38	employed	employ	VERB
ftr-349	902	39	in	in	ADP
ftr-349	902	40	stateless	stateless	NOUN
ftr-349	902	41	income	income	NOUN
ftr-349	902	42	planning	planning	NOUN
ftr-349	902	43	.	.	PUNCT
ftr-349	903	1	the	the	DET
ftr-349	903	2	income	income	NOUN
ftr-349	903	3	already	already	ADV
ftr-349	903	4	is	be	AUX
ftr-349	903	5	foreign	foreign	ADJ
ftr-349	903	6	source	source	NOUN
ftr-349	903	7	,	,	PUNCT
ftr-349	903	8	and	and	CCONJ
ftr-349	903	9	straightforward	straightforward	ADJ
ftr-349	903	10	earnings	earning	NOUN
ftr-349	903	11	stripping	strip	VERB
ftr-349	903	12	technologies	technology	NOUN
ftr-349	903	13	that	that	PRON
ftr-349	903	14	are	be	AUX
ftr-349	903	15	unavailable	unavailable	ADJ
ftr-349	903	16	for	for	ADP
ftr-349	903	17	domestic	domestic	ADJ
ftr-349	903	18	income	income	NOUN
ftr-349	903	19	can	can	AUX
ftr-349	903	20	be	be	AUX
ftr-349	903	21	used	use	VERB
ftr-349	903	22	to	to	PART
ftr-349	903	23	move	move	VERB
ftr-349	903	24	that	that	DET
ftr-349	903	25	income	income	NOUN
ftr-349	903	26	to	to	ADP
ftr-349	903	27	a	a	DET
ftr-349	903	28	lowtax	lowtax	NOUN
ftr-349	903	29	affiliate.130	affiliate.130	VERB
ftr-349	903	30	the	the	DET
ftr-349	903	31	net	net	ADJ
ftr-349	903	32	effect	effect	NOUN
ftr-349	903	33	is	be	AUX
ftr-349	903	34	an	an	DET
ftr-349	903	35	odd	odd	ADJ
ftr-349	903	36	incentive	incentive	NOUN
ftr-349	903	37	for	for	SCONJ
ftr-349	903	38	u.s	u.s	PROPN
ftr-349	903	39	.	.	PROPN
ftr-349	903	40	firms	firm	NOUN
ftr-349	903	41	to	to	PART
ftr-349	903	42	invest	invest	VERB
ftr-349	903	43	in	in	ADP
ftr-349	903	44	high	high	ADJ
ftr-349	903	45	-	-	PUNCT
ftr-349	903	46	tax	tax	NOUN
ftr-349	903	47	foreign	foreign	ADJ
ftr-349	903	48	countries	country	NOUN
ftr-349	903	49	,	,	PUNCT
ftr-349	903	50	to	to	PART
ftr-349	903	51	provide	provide	VERB
ftr-349	903	52	the	the	DET
ftr-349	903	53	raw	raw	ADJ
ftr-349	903	54	feedstock	feedstock	NOUN
ftr-349	903	55	for	for	ADP
ftr-349	903	56	the	the	DET
ftr-349	903	57	stateless	stateless	NOUN
ftr-349	903	58	income	income	NOUN
ftr-349	903	59	generation	generation	NOUN
ftr-349	903	60	machine	machine	NOUN
ftr-349	903	61	to	to	PART
ftr-349	903	62	process	process	VERB
ftr-349	903	63	into	into	ADP
ftr-349	903	64	low	low	ADV
ftr-349	903	65	-	-	PUNCT
ftr-349	903	66	taxed	tax	VERB
ftr-349	903	67	permanently	permanently	ADV
ftr-349	903	68	reinvested	reinveste	VERB
ftr-349	903	69	earnings	earning	NOUN
ftr-349	903	70	.	.	PUNCT
ftr-349	904	1	the	the	DET
ftr-349	904	2	tax	tax	NOUN
ftr-349	904	3	rents	rent	NOUN
ftr-349	904	4	that	that	PRON
ftr-349	904	5	are	be	AUX
ftr-349	904	6	thereby	thereby	ADV
ftr-349	904	7	generated	generate	VERB
ftr-349	904	8	are	be	AUX
ftr-349	904	9	retained	retain	VERB
ftr-349	904	10	outside	outside	ADP
ftr-349	904	11	the	the	DET
ftr-349	904	12	united	united	PROPN
ftr-349	904	13	states	states	PROPN
ftr-349	904	14	,	,	PUNCT
ftr-349	904	15	to	to	PART
ftr-349	904	16	preserve	preserve	VERB
ftr-349	904	17	their	their	PRON
ftr-349	904	18	value	value	NOUN
ftr-349	904	19	.	.	PUNCT
ftr-349	905	1	this	this	DET
ftr-349	905	2	last	last	ADJ
ftr-349	905	3	point	point	NOUN
ftr-349	905	4	,	,	PUNCT
ftr-349	905	5	when	when	SCONJ
ftr-349	905	6	combined	combine	VERB
ftr-349	905	7	with	with	ADP
ftr-349	905	8	the	the	DET
ftr-349	905	9	arbitrage	arbitrage	NOUN
ftr-349	905	10	possibilities	possibility	NOUN
ftr-349	905	11	described	describe	VERB
ftr-349	905	12	in	in	ADP
ftr-349	905	13	the	the	DET
ftr-349	905	14	next	next	ADJ
ftr-349	905	15	subsection	subsection	NOUN
ftr-349	905	16	,	,	PUNCT
ftr-349	905	17	effectively	effectively	ADV
ftr-349	905	18	answers	answer	VERB
ftr-349	905	19	the	the	DET
ftr-349	905	20	question	question	NOUN
ftr-349	905	21	often	often	ADV
ftr-349	905	22	posed	pose	VERB
ftr-349	905	23	by	by	ADP
ftr-349	905	24	the	the	DET
ftr-349	905	25	private	private	ADJ
ftr-349	905	26	sector	sector	NOUN
ftr-349	905	27	as	as	ADP
ftr-349	905	28	to	to	ADP
ftr-349	905	29	why	why	SCONJ
ftr-349	905	30	the	the	DET
ftr-349	905	31	united	united	PROPN
ftr-349	905	32	states	states	PROPN
ftr-349	905	33	should	should	AUX
ftr-349	905	34	care	care	VERB
ftr-349	905	35	if	if	SCONJ
ftr-349	905	36	u.s.domiciled	u.s.domiciled	ADJ
ftr-349	905	37	multinational	multinational	ADJ
ftr-349	905	38	firms	firm	NOUN
ftr-349	905	39	minimize	minimize	VERB
ftr-349	905	40	their	their	PRON
ftr-349	905	41	foreign	foreign	ADJ
ftr-349	905	42	income	income	NOUN
ftr-349	905	43	tax	tax	NOUN
ftr-349	905	44	liabilities	liability	NOUN
ftr-349	905	45	.	.	PUNCT
ftr-349	906	1	the	the	DET
ftr-349	906	2	simple	simple	ADJ
ftr-349	906	3	answer	answer	NOUN
ftr-349	906	4	is	be	AUX
ftr-349	906	5	that	that	SCONJ
ftr-349	906	6	the	the	DET
ftr-349	906	7	pursuit	pursuit	NOUN
ftr-349	906	8	of	of	ADP
ftr-349	906	9	tax	tax	NOUN
ftr-349	906	10	rents	rent	NOUN
ftr-349	906	11	,	,	PUNCT
ftr-349	906	12	combined	combine	VERB
ftr-349	906	13	with	with	ADP
ftr-349	906	14	the	the	DET
ftr-349	906	15	erosion	erosion	NOUN
ftr-349	906	16	of	of	ADP
ftr-349	906	17	the	the	DET
ftr-349	906	18	domestic	domestic	ADJ
ftr-349	906	19	tax	tax	NOUN
ftr-349	906	20	base	base	NOUN
ftr-349	906	21	through	through	ADP
ftr-349	906	22	leverage	leverage	NOUN
ftr-349	906	23	,	,	PUNCT
ftr-349	906	24	leads	lead	VERB
ftr-349	906	25	to	to	ADP
ftr-349	906	26	both	both	CCONJ
ftr-349	906	27	distorted	distort	VERB
ftr-349	906	28	investment	investment	NOUN
ftr-349	906	29	decisions	decision	NOUN
ftr-349	906	30	by	by	ADP
ftr-349	906	31	domestic	domestic	ADJ
ftr-349	906	32	firms	firm	NOUN
ftr-349	906	33	and	and	CCONJ
ftr-349	906	34	sharply	sharply	ADV
ftr-349	906	35	reduced	reduce	VERB
ftr-349	906	36	domestic	domestic	ADJ
ftr-349	906	37	tax	tax	NOUN
ftr-349	906	38	revenue	revenue	NOUN
ftr-349	906	39	collections	collection	NOUN
ftr-349	906	40	.	.	PUNCT
ftr-349	907	1	the	the	DET
ftr-349	907	2	best	good	ADJ
ftr-349	907	3	counterargument	counterargument	NOUN
ftr-349	907	4	is	be	AUX
ftr-349	907	5	that	that	SCONJ
ftr-349	907	6	capital	capital	NOUN
ftr-349	907	7	,	,	PUNCT
ftr-349	907	8	like	like	ADP
ftr-349	907	9	nature	nature	NOUN
ftr-349	907	10	,	,	PUNCT
ftr-349	907	11	abhors	abhor	VERB
ftr-349	907	12	a	a	DET
ftr-349	907	13	vacuum	vacuum	NOUN
ftr-349	907	14	,	,	PUNCT
ftr-349	907	15	and	and	CCONJ
ftr-349	907	16	that	that	SCONJ
ftr-349	907	17	foreign	foreign	ADJ
ftr-349	907	18	investors	investor	NOUN
ftr-349	907	19	will	will	AUX
ftr-349	907	20	replace	replace	VERB
ftr-349	907	21	domestic	domestic	ADJ
ftr-349	907	22	firms	firm	NOUN
ftr-349	907	23	as	as	ADP
ftr-349	907	24	investors	investor	NOUN
ftr-349	907	25	in	in	ADP
ftr-349	907	26	the	the	DET
ftr-349	907	27	u.s	u.s	PROPN
ftr-349	907	28	.	.	PROPN
ftr-349	907	29	domestic	domestic	PROPN
ftr-349	907	30	markets.131	markets.131	PROPN
ftr-349	907	31	but	but	CCONJ
ftr-349	907	32	this	this	DET
ftr-349	907	33	argument	argument	NOUN
ftr-349	907	34	confuses	confuse	VERB
ftr-349	907	35	u.s	u.s	PROPN
ftr-349	907	36	.	.	PROPN
ftr-349	907	37	investment	investment	NOUN
ftr-349	907	38	with	with	ADP
ftr-349	907	39	u.s	u.s	PROPN
ftr-349	907	40	.	.	PROPN
ftr-349	907	41	taxable	taxable	ADJ
ftr-349	907	42	income.132	income.132	NOUN
ftr-349	907	43	to	to	ADP
ftr-349	907	44	a	a	DET
ftr-349	907	45	foreign	foreign	ADJ
ftr-349	907	46	-	-	PUNCT
ftr-349	907	47	domiciled	domicile	VERB
ftr-349	907	48	multinational	multinational	ADJ
ftr-349	907	49	firm	firm	NOUN
ftr-349	907	50	,	,	PUNCT
ftr-349	907	51	the	the	DET
ftr-349	907	52	subparagraphs	subparagraph	NOUN
ftr-349	907	53	(	(	PUNCT
ftr-349	907	54	c	c	NOUN
ftr-349	907	55	)	)	PUNCT
ftr-349	907	56	and	and	CCONJ
ftr-349	907	57	(	(	PUNCT
ftr-349	907	58	d	d	X
ftr-349	907	59	)	)	PUNCT
ftr-349	907	60	of	of	ADP
ftr-349	907	61	section	section	NOUN
ftr-349	907	62	904(d)(3	904(d)(3	NUM
ftr-349	907	63	)	)	PUNCT
ftr-349	907	64	)	)	PUNCT
ftr-349	907	65	to	to	PART
ftr-349	907	66	income	income	NOUN
ftr-349	907	67	of	of	ADP
ftr-349	907	68	the	the	DET
ftr-349	907	69	related	related	ADJ
ftr-349	907	70	person	person	NOUN
ftr-349	907	71	which	which	PRON
ftr-349	907	72	is	be	AUX
ftr-349	907	73	neither	neither	CCONJ
ftr-349	907	74	subpart	subpart	NOUN
ftr-349	907	75	f	f	PROPN
ftr-349	907	76	income	income	NOUN
ftr-349	907	77	nor	nor	CCONJ
ftr-349	907	78	income	income	NOUN
ftr-349	907	79	treated	treat	VERB
ftr-349	907	80	as	as	ADP
ftr-349	907	81	effectively	effectively	ADV
ftr-349	907	82	connected	connect	VERB
ftr-349	907	83	with	with	ADP
ftr-349	907	84	the	the	DET
ftr-349	907	85	conduct	conduct	NOUN
ftr-349	907	86	of	of	ADP
ftr-349	907	87	a	a	DET
ftr-349	907	88	trade	trade	NOUN
ftr-349	907	89	or	or	CCONJ
ftr-349	907	90	business	business	NOUN
ftr-349	907	91	in	in	ADP
ftr-349	907	92	the	the	DET
ftr-349	907	93	united	united	PROPN
ftr-349	907	94	states	states	PROPN
ftr-349	907	95	.	.	PUNCT
ftr-349	908	1	i.r.c	i.r.c	NOUN
ftr-349	908	2	.	.	PUNCT
ftr-349	909	1	§	§	PROPN
ftr-349	909	2	954(c)(6	954(c)(6	NUM
ftr-349	909	3	)	)	PUNCT
ftr-349	909	4	.	.	PUNCT
ftr-349	910	1	the	the	DET
ftr-349	910	2	section	section	NOUN
ftr-349	910	3	954(c)(6	954(c)(6	NUM
ftr-349	910	4	)	)	PUNCT
ftr-349	910	5	look	look	NOUN
ftr-349	910	6	-	-	PUNCT
ftr-349	910	7	through	through	ADP
ftr-349	910	8	provision	provision	NOUN
ftr-349	910	9	is	be	AUX
ftr-349	910	10	a	a	DET
ftr-349	910	11	temporary	temporary	ADJ
ftr-349	910	12	provision	provision	NOUN
ftr-349	910	13	that	that	PRON
ftr-349	910	14	recently	recently	ADV
ftr-349	910	15	was	be	AUX
ftr-349	910	16	extended	extend	VERB
ftr-349	910	17	through	through	ADP
ftr-349	910	18	2011	2011	NUM
ftr-349	910	19	.	.	PUNCT
ftr-349	911	1	130	130	NUM
ftr-349	911	2	.	.	PUNCT
ftr-349	912	1	for	for	ADP
ftr-349	912	2	example	example	NOUN
ftr-349	912	3	,	,	PUNCT
ftr-349	912	4	interest	interest	NOUN
ftr-349	912	5	income	income	NOUN
ftr-349	912	6	paid	pay	VERB
ftr-349	912	7	by	by	ADP
ftr-349	912	8	a	a	DET
ftr-349	912	9	u.s	u.s	PROPN
ftr-349	912	10	.	.	PROPN
ftr-349	912	11	affiliate	affiliate	NOUN
ftr-349	912	12	to	to	ADP
ftr-349	912	13	a	a	DET
ftr-349	912	14	controlled	control	VERB
ftr-349	912	15	foreign	foreign	ADJ
ftr-349	912	16	corporation	corporation	NOUN
ftr-349	912	17	may	may	AUX
ftr-349	912	18	be	be	AUX
ftr-349	912	19	subject	subject	ADJ
ftr-349	912	20	to	to	ADP
ftr-349	912	21	withholding	withhold	VERB
ftr-349	912	22	tax	tax	NOUN
ftr-349	912	23	in	in	ADP
ftr-349	912	24	the	the	DET
ftr-349	912	25	absence	absence	NOUN
ftr-349	912	26	of	of	ADP
ftr-349	912	27	tax	tax	NOUN
ftr-349	912	28	treaty	treaty	NOUN
ftr-349	912	29	protection	protection	NOUN
ftr-349	912	30	(	(	PUNCT
ftr-349	912	31	i.r.c	i.r.c	NOUN
ftr-349	912	32	.	.	PUNCT
ftr-349	913	1	§	§	PROPN
ftr-349	913	2	881(c)(3)(c	881(c)(3)(c	PROPN
ftr-349	913	3	)	)	PUNCT
ftr-349	913	4	)	)	PUNCT
ftr-349	913	5	,	,	PUNCT
ftr-349	913	6	and	and	CCONJ
ftr-349	913	7	in	in	ADP
ftr-349	913	8	any	any	DET
ftr-349	913	9	event	event	NOUN
ftr-349	913	10	gives	give	VERB
ftr-349	913	11	rise	rise	NOUN
ftr-349	913	12	to	to	ADP
ftr-349	913	13	u.s.-source	u.s.-source	NOUN
ftr-349	913	14	subpart	subpart	PROPN
ftr-349	913	15	f	f	PROPN
ftr-349	913	16	income	income	NOUN
ftr-349	913	17	,	,	PUNCT
ftr-349	913	18	usually	usually	ADV
ftr-349	913	19	as	as	ADP
ftr-349	913	20	foreign	foreign	ADJ
ftr-349	913	21	personal	personal	ADJ
ftr-349	913	22	holding	hold	VERB
ftr-349	913	23	company	company	NOUN
ftr-349	913	24	income	income	NOUN
ftr-349	913	25	(	(	PUNCT
ftr-349	913	26	i.rc	i.rc	PROPN
ftr-349	913	27	.	.	PROPN
ftr-349	913	28	§	§	PROPN
ftr-349	913	29	954(a)(1	954(a)(1	NUM
ftr-349	913	30	)	)	PUNCT
ftr-349	913	31	,	,	PUNCT
ftr-349	913	32	(	(	PUNCT
ftr-349	913	33	c	c	NOUN
ftr-349	913	34	)	)	PUNCT
ftr-349	913	35	)	)	PUNCT
ftr-349	913	36	,	,	PUNCT
ftr-349	913	37	or	or	CCONJ
ftr-349	913	38	alternatively	alternatively	ADV
ftr-349	913	39	as	as	ADP
ftr-349	913	40	an	an	DET
ftr-349	913	41	investment	investment	NOUN
ftr-349	913	42	in	in	ADP
ftr-349	913	43	u.s	u.s	PROPN
ftr-349	913	44	.	.	PROPN
ftr-349	913	45	property	property	NOUN
ftr-349	913	46	under	under	ADP
ftr-349	913	47	section	section	NOUN
ftr-349	913	48	956	956	NUM
ftr-349	913	49	)	)	PUNCT
ftr-349	913	50	foreign	foreign	ADJ
ftr-349	913	51	income	income	NOUN
ftr-349	913	52	taxes	taxis	NOUN
ftr-349	913	53	in	in	ADP
ftr-349	913	54	turn	turn	NOUN
ftr-349	913	55	are	be	AUX
ftr-349	913	56	not	not	PART
ftr-349	913	57	creditable	creditable	ADJ
ftr-349	913	58	against	against	ADP
ftr-349	913	59	u.s	u.s	PROPN
ftr-349	913	60	.	.	PROPN
ftr-349	913	61	source	source	NOUN
ftr-349	913	62	income	income	NOUN
ftr-349	913	63	.	.	PUNCT
ftr-349	914	1	moreover	moreover	ADV
ftr-349	914	2	,	,	PUNCT
ftr-349	914	3	“	"	PUNCT
ftr-349	914	4	check	check	VERB
ftr-349	914	5	-	-	PUNCT
ftr-349	914	6	the	the	DET
ftr-349	914	7	-	-	PUNCT
ftr-349	914	8	box	box	NOUN
ftr-349	914	9	”	"	PUNCT
ftr-349	914	10	tax	tax	NOUN
ftr-349	914	11	planning	planning	NOUN
ftr-349	914	12	is	be	AUX
ftr-349	914	13	generally	generally	ADV
ftr-349	914	14	not	not	PART
ftr-349	914	15	available	available	ADJ
ftr-349	914	16	to	to	PART
ftr-349	914	17	move	move	VERB
ftr-349	914	18	income	income	NOUN
ftr-349	914	19	from	from	ADP
ftr-349	914	20	a	a	DET
ftr-349	914	21	u.s	u.s	PROPN
ftr-349	914	22	.	.	PROPN
ftr-349	914	23	parent	parent	PROPN
ftr-349	914	24	group	group	NOUN
ftr-349	914	25	to	to	ADP
ftr-349	914	26	an	an	DET
ftr-349	914	27	offshore	offshore	ADJ
ftr-349	914	28	affiliate	affiliate	NOUN
ftr-349	914	29	.	.	PUNCT
ftr-349	915	1	none	none	NOUN
ftr-349	915	2	of	of	ADP
ftr-349	915	3	these	these	DET
ftr-349	915	4	limitations	limitation	NOUN
ftr-349	915	5	apply	apply	VERB
ftr-349	915	6	when	when	SCONJ
ftr-349	915	7	the	the	DET
ftr-349	915	8	income	income	NOUN
ftr-349	915	9	originally	originally	ADV
ftr-349	915	10	is	be	AUX
ftr-349	915	11	earned	earn	VERB
ftr-349	915	12	outside	outside	ADP
ftr-349	915	13	the	the	DET
ftr-349	915	14	united	united	PROPN
ftr-349	915	15	states	states	PROPN
ftr-349	915	16	.	.	PUNCT
ftr-349	916	1	131	131	X
ftr-349	916	2	.	.	PUNCT
ftr-349	917	1	for	for	ADP
ftr-349	917	2	a	a	DET
ftr-349	917	3	summary	summary	NOUN
ftr-349	917	4	of	of	ADP
ftr-349	917	5	the	the	DET
ftr-349	917	6	research	research	NOUN
ftr-349	917	7	underlying	underlie	VERB
ftr-349	917	8	this	this	DET
ftr-349	917	9	counterargument	counterargument	NOUN
ftr-349	917	10	,	,	PUNCT
ftr-349	917	11	see	see	VERB
ftr-349	917	12	james	james	PROPN
ftr-349	917	13	r.	r.	PROPN
ftr-349	917	14	hines	hines	PROPN
ftr-349	917	15	,	,	PUNCT
ftr-349	917	16	jr	jr	PROPN
ftr-349	917	17	.	.	PROPN
ftr-349	917	18	,	,	PUNCT
ftr-349	917	19	reconsidering	reconsider	VERB
ftr-349	917	20	the	the	DET
ftr-349	917	21	taxation	taxation	NOUN
ftr-349	917	22	of	of	ADP
ftr-349	917	23	foreign	foreign	ADJ
ftr-349	917	24	income	income	NOUN
ftr-349	917	25	,	,	PUNCT
ftr-349	917	26	62	62	NUM
ftr-349	917	27	tax	tax	NOUN
ftr-349	917	28	l.	l.	PROPN
ftr-349	917	29	rev	rev	PROPN
ftr-349	917	30	.	.	PROPN
ftr-349	917	31	269	269	NUM
ftr-349	917	32	,	,	PUNCT
ftr-349	917	33	280	280	NUM
ftr-349	917	34	(	(	PUNCT
ftr-349	917	35	2008	2008	NUM
ftr-349	917	36	-	-	SYM
ftr-349	917	37	2009	2009	NUM
ftr-349	917	38	)	)	PUNCT
ftr-349	918	1	[	[	X
ftr-349	918	2	hereinafter	hereinafter	NOUN
ftr-349	918	3	hines	hine	NOUN
ftr-349	918	4	,	,	PUNCT
ftr-349	918	5	reconsidering	reconsider	VERB
ftr-349	918	6	the	the	DET
ftr-349	918	7	taxation	taxation	NOUN
ftr-349	918	8	of	of	ADP
ftr-349	918	9	foreign	foreign	ADJ
ftr-349	918	10	income	income	NOUN
ftr-349	918	11	]	]	X
ftr-349	918	12	.	.	PUNCT
ftr-349	919	1	132	132	NUM
ftr-349	919	2	.	.	PUNCT
ftr-349	920	1	i	i	PRON
ftr-349	920	2	d.	d.	PROPN
ftr-349	920	3	at	at	ADP
ftr-349	920	4	278	278	NUM
ftr-349	920	5	(	(	PUNCT
ftr-349	920	6	“	"	PUNCT
ftr-349	920	7	to	to	ADP
ftr-349	920	8	a	a	DET
ftr-349	920	9	first	first	ADJ
ftr-349	920	10	approximation	approximation	NOUN
ftr-349	920	11	there	there	PRON
ftr-349	920	12	is	be	VERB
ftr-349	920	13	little	little	ADJ
ftr-349	920	14	effect	effect	NOUN
ftr-349	920	15	of	of	ADP
ftr-349	920	16	additional	additional	ADJ
ftr-349	920	17	foreign	foreign	ADJ
ftr-349	920	18	investment	investment	NOUN
ftr-349	920	19	on	on	ADP
ftr-349	920	20	domestic	domestic	ADJ
ftr-349	920	21	tax	tax	NOUN
ftr-349	920	22	revenue	revenue	NOUN
ftr-349	920	23	.	.	PUNCT
ftr-349	920	24	”	"	PUNCT
ftr-349	920	25	)	)	PUNCT
ftr-349	921	1	hines	hine	NOUN
ftr-349	921	2	offers	offer	VERB
ftr-349	921	3	no	no	DET
ftr-349	921	4	evidence	evidence	NOUN
ftr-349	921	5	in	in	ADP
ftr-349	921	6	support	support	NOUN
ftr-349	921	7	of	of	ADP
ftr-349	921	8	this	this	DET
ftr-349	921	9	assertion	assertion	NOUN
ftr-349	921	10	.	.	PUNCT
ftr-349	922	1	it	it	PRON
ftr-349	922	2	may	may	AUX
ftr-349	922	3	be	be	AUX
ftr-349	922	4	that	that	SCONJ
ftr-349	922	5	he	he	PRON
ftr-349	922	6	assumes	assume	VERB
ftr-349	922	7	that	that	SCONJ
ftr-349	922	8	investment	investment	NOUN
ftr-349	922	9	and	and	CCONJ
ftr-349	922	10	taxable	taxable	ADJ
ftr-349	922	11	income	income	NOUN
ftr-349	922	12	generally	generally	ADV
ftr-349	922	13	are	be	AUX
ftr-349	922	14	closely	closely	ADV
ftr-349	922	15	positively	positively	ADV
ftr-349	922	16	correlated	correlate	VERB
ftr-349	922	17	.	.	PUNCT
ftr-349	923	1	a	a	DET
ftr-349	923	2	principal	principal	ADJ
ftr-349	923	3	theme	theme	NOUN
ftr-349	923	4	of	of	ADP
ftr-349	923	5	this	this	DET
ftr-349	923	6	article	article	NOUN
ftr-349	923	7	,	,	PUNCT
ftr-349	923	8	by	by	ADP
ftr-349	923	9	contrast	contrast	NOUN
ftr-349	923	10	,	,	PUNCT
ftr-349	923	11	is	be	AUX
ftr-349	923	12	that	that	SCONJ
ftr-349	923	13	stateless	stateless	NOUN
ftr-349	923	14	income	income	NOUN
ftr-349	923	15	tax	tax	NOUN
ftr-349	923	16	planning	planning	NOUN
ftr-349	923	17	and	and	CCONJ
ftr-349	923	18	analogous	analogous	ADJ
ftr-349	923	19	strategies	strategy	NOUN
ftr-349	923	20	employed	employ	VERB
ftr-349	923	21	by	by	ADP
ftr-349	923	22	756	756	NUM
ftr-349	923	23	florida	florida	PROPN
ftr-349	923	24	tax	tax	NOUN
ftr-349	923	25	review	review	NOUN
ftr-349	923	26	[	[	X
ftr-349	923	27	vol	vol	NOUN
ftr-349	923	28	.	.	PUNCT
ftr-349	924	1	11:9	11:9	NUM
ftr-349	924	2	united	united	PROPN
ftr-349	924	3	states	states	PROPN
ftr-349	924	4	is	be	AUX
ftr-349	924	5	just	just	ADV
ftr-349	924	6	another	another	DET
ftr-349	924	7	source	source	NOUN
ftr-349	924	8	country	country	NOUN
ftr-349	924	9	,	,	PUNCT
ftr-349	924	10	and	and	CCONJ
ftr-349	924	11	a	a	DET
ftr-349	924	12	particularly	particularly	ADV
ftr-349	924	13	high	high	ADJ
ftr-349	924	14	-	-	PUNCT
ftr-349	924	15	tax	tax	NOUN
ftr-349	924	16	one	one	NUM
ftr-349	924	17	at	at	ADP
ftr-349	924	18	that	that	PRON
ftr-349	924	19	.	.	PUNCT
ftr-349	925	1	thus	thus	ADV
ftr-349	925	2	,	,	PUNCT
ftr-349	925	3	it	it	PRON
ftr-349	925	4	may	may	AUX
ftr-349	925	5	be	be	AUX
ftr-349	925	6	that	that	SCONJ
ftr-349	925	7	foreign	foreign	ADJ
ftr-349	925	8	multinational	multinational	ADJ
ftr-349	925	9	firms	firm	NOUN
ftr-349	925	10	replace	replace	VERB
ftr-349	925	11	any	any	DET
ftr-349	925	12	missing	missing	ADJ
ftr-349	925	13	u.s	u.s	PROPN
ftr-349	925	14	.	.	PROPN
ftr-349	925	15	investment	investment	NOUN
ftr-349	925	16	,	,	PUNCT
ftr-349	925	17	but	but	CCONJ
ftr-349	925	18	the	the	DET
ftr-349	925	19	empirical	empirical	ADJ
ftr-349	925	20	issue	issue	NOUN
ftr-349	925	21	goes	go	VERB
ftr-349	925	22	beyond	beyond	ADP
ftr-349	925	23	that	that	DET
ftr-349	925	24	question	question	NOUN
ftr-349	925	25	,	,	PUNCT
ftr-349	925	26	and	and	CCONJ
ftr-349	925	27	must	must	AUX
ftr-349	925	28	consider	consider	VERB
ftr-349	925	29	as	as	ADV
ftr-349	925	30	well	well	ADV
ftr-349	925	31	whether	whether	SCONJ
ftr-349	925	32	foreign	foreign	ADJ
ftr-349	925	33	firms	firm	NOUN
ftr-349	925	34	are	be	AUX
ftr-349	925	35	themselves	themselves	PRON
ftr-349	925	36	wholly	wholly	ADV
ftr-349	925	37	unschooled	unschooled	ADJ
ftr-349	925	38	in	in	ADP
ftr-349	925	39	u.s.-domiciled	u.s.-domiciled	ADJ
ftr-349	925	40	multinational	multinational	ADJ
ftr-349	925	41	groups	group	NOUN
ftr-349	925	42	in	in	ADP
ftr-349	925	43	respect	respect	NOUN
ftr-349	925	44	of	of	ADP
ftr-349	925	45	the	the	DET
ftr-349	925	46	u.s	u.s	PROPN
ftr-349	925	47	.	.	PROPN
ftr-349	925	48	tax	tax	NOUN
ftr-349	925	49	base	base	NOUN
ftr-349	925	50	have	have	VERB
ftr-349	925	51	substantially	substantially	ADV
ftr-349	925	52	disassociated	disassociate	VERB
ftr-349	925	53	investment	investment	NOUN
ftr-349	925	54	from	from	ADP
ftr-349	925	55	taxable	taxable	ADJ
ftr-349	925	56	income	income	NOUN
ftr-349	925	57	.	.	PUNCT
ftr-349	926	1	in	in	ADP
ftr-349	926	2	one	one	NUM
ftr-349	926	3	fairly	fairly	ADV
ftr-349	926	4	recent	recent	ADJ
ftr-349	926	5	study	study	NOUN
ftr-349	926	6	on	on	ADP
ftr-349	926	7	earnings	earning	NOUN
ftr-349	926	8	stripping	strip	VERB
ftr-349	926	9	the	the	DET
ftr-349	926	10	u.s	u.s	PROPN
ftr-349	926	11	.	.	PROPN
ftr-349	926	12	treasury	treasury	PROPN
ftr-349	926	13	department	department	PROPN
ftr-349	926	14	concluded	conclude	VERB
ftr-349	926	15	that	that	SCONJ
ftr-349	926	16	the	the	DET
ftr-349	926	17	evidence	evidence	NOUN
ftr-349	926	18	for	for	ADP
ftr-349	926	19	the	the	DET
ftr-349	926	20	proposition	proposition	NOUN
ftr-349	926	21	that	that	SCONJ
ftr-349	926	22	foreign	foreign	ADJ
ftr-349	926	23	-	-	PUNCT
ftr-349	926	24	controlled	control	VERB
ftr-349	926	25	domestic	domestic	ADJ
ftr-349	926	26	firms	firm	NOUN
ftr-349	926	27	systematically	systematically	ADV
ftr-349	926	28	stripped	strip	VERB
ftr-349	926	29	income	income	NOUN
ftr-349	926	30	out	out	ADP
ftr-349	926	31	of	of	ADP
ftr-349	926	32	the	the	DET
ftr-349	926	33	united	united	PROPN
ftr-349	926	34	states	states	PROPN
ftr-349	926	35	was	be	AUX
ftr-349	926	36	ambiguous	ambiguous	ADJ
ftr-349	926	37	.	.	PUNCT
ftr-349	927	1	u.s	u.s	PROPN
ftr-349	927	2	.	.	PROPN
ftr-349	927	3	dep’t	dep’t	PROPN
ftr-349	927	4	.	.	PUNCT
ftr-349	928	1	treas	treas	PROPN
ftr-349	928	2	.	.	PUNCT
ftr-349	928	3	,	,	PUNCT
ftr-349	928	4	report	report	VERB
ftr-349	928	5	to	to	ADP
ftr-349	928	6	the	the	DET
ftr-349	928	7	congress	congress	PROPN
ftr-349	928	8	on	on	ADP
ftr-349	928	9	earnings	earning	NOUN
ftr-349	928	10	stripping	stripping	NOUN
ftr-349	928	11	,	,	PUNCT
ftr-349	928	12	transfer	transfer	NOUN
ftr-349	928	13	pricing	pricing	NOUN
ftr-349	928	14	and	and	CCONJ
ftr-349	928	15	u.s	u.s	PROPN
ftr-349	928	16	.	.	PROPN
ftr-349	928	17	income	income	NOUN
ftr-349	928	18	tax	tax	NOUN
ftr-349	928	19	treaties	treaty	NOUN
ftr-349	928	20	,	,	PUNCT
ftr-349	928	21	at	at	ADP
ftr-349	928	22	3	3	NUM
ftr-349	928	23	(	(	PUNCT
ftr-349	928	24	nov	nov	PROPN
ftr-349	928	25	.	.	PROPN
ftr-349	928	26	2007	2007	NUM
ftr-349	928	27	)	)	PUNCT
ftr-349	928	28	.	.	PUNCT
ftr-349	929	1	(	(	PUNCT
ftr-349	929	2	“	"	PUNCT
ftr-349	929	3	as	as	SCONJ
ftr-349	929	4	discussed	discuss	VERB
ftr-349	929	5	below	below	ADV
ftr-349	929	6	,	,	PUNCT
ftr-349	929	7	it	it	PRON
ftr-349	929	8	is	be	AUX
ftr-349	929	9	not	not	PART
ftr-349	929	10	possible	possible	ADJ
ftr-349	929	11	to	to	PART
ftr-349	929	12	quantify	quantify	VERB
ftr-349	929	13	with	with	ADP
ftr-349	929	14	precision	precision	NOUN
ftr-349	929	15	the	the	DET
ftr-349	929	16	extent	extent	NOUN
ftr-349	929	17	of	of	ADP
ftr-349	929	18	earnings	earning	NOUN
ftr-349	929	19	stripping	strip	VERB
ftr-349	929	20	by	by	ADP
ftr-349	929	21	foreign	foreign	ADJ
ftr-349	929	22	-	-	PUNCT
ftr-349	929	23	controlled	control	VERB
ftr-349	929	24	domestic	domestic	ADJ
ftr-349	929	25	corporations	corporation	NOUN
ftr-349	929	26	generally	generally	ADV
ftr-349	929	27	.	.	PUNCT
ftr-349	930	1	however	however	ADV
ftr-349	930	2	,	,	PUNCT
ftr-349	930	3	there	there	PRON
ftr-349	930	4	is	be	VERB
ftr-349	930	5	strong	strong	ADJ
ftr-349	930	6	evidence	evidence	NOUN
ftr-349	930	7	of	of	ADP
ftr-349	930	8	earnings	earning	NOUN
ftr-349	930	9	stripping	strip	VERB
ftr-349	930	10	by	by	ADP
ftr-349	930	11	the	the	DET
ftr-349	930	12	subset	subset	NOUN
ftr-349	930	13	of	of	ADP
ftr-349	930	14	foreign	foreign	NOUN
ftr-349	930	15	-	-	PUNCT
ftr-349	930	16	controlled	control	VERB
ftr-349	930	17	domestic	domestic	ADJ
ftr-349	930	18	corporations	corporation	NOUN
ftr-349	930	19	consisting	consist	VERB
ftr-349	930	20	of	of	ADP
ftr-349	930	21	inverted	inverted	ADJ
ftr-349	930	22	corporations	corporation	NOUN
ftr-349	930	23	(	(	PUNCT
ftr-349	930	24	i.e.	i.e.	X
ftr-349	930	25	,	,	PUNCT
ftr-349	930	26	former	former	ADJ
ftr-349	930	27	u.s.-based	u.s.-based	ADJ
ftr-349	930	28	multinationals	multinational	NOUN
ftr-349	930	29	that	that	PRON
ftr-349	930	30	have	have	AUX
ftr-349	930	31	undergone	undergo	VERB
ftr-349	930	32	inversion	inversion	NOUN
ftr-349	930	33	transactions	transaction	NOUN
ftr-349	930	34	)	)	PUNCT
ftr-349	930	35	.	.	PUNCT
ftr-349	930	36	”	"	PUNCT
ftr-349	930	37	)	)	PUNCT
ftr-349	930	38	.	.	PUNCT
ftr-349	931	1	the	the	DET
ftr-349	931	2	treasury	treasury	PROPN
ftr-349	931	3	department	department	PROPN
ftr-349	931	4	study	study	NOUN
ftr-349	931	5	has	have	AUX
ftr-349	931	6	been	be	AUX
ftr-349	931	7	treated	treat	VERB
ftr-349	931	8	skeptically	skeptically	ADV
ftr-349	931	9	.	.	PUNCT
ftr-349	932	1	see	see	VERB
ftr-349	932	2	,	,	PUNCT
ftr-349	932	3	e.g.	e.g.	ADV
ftr-349	932	4	,	,	PUNCT
ftr-349	932	5	stephen	stephen	PROPN
ftr-349	932	6	e.	e.	PROPN
ftr-349	932	7	shay	shay	PROPN
ftr-349	932	8	,	,	PUNCT
ftr-349	932	9	ownership	ownership	NOUN
ftr-349	932	10	neutrality	neutrality	NOUN
ftr-349	932	11	and	and	CCONJ
ftr-349	932	12	practical	practical	ADJ
ftr-349	932	13	complications	complication	NOUN
ftr-349	932	14	,	,	PUNCT
ftr-349	932	15	62	62	NUM
ftr-349	932	16	tax	tax	NOUN
ftr-349	932	17	l.	l.	PROPN
ftr-349	932	18	rev	rev	PROPN
ftr-349	932	19	.	.	PROPN
ftr-349	932	20	317	317	NUM
ftr-349	932	21	,	,	PUNCT
ftr-349	932	22	322	322	NUM
ftr-349	932	23	(	(	PUNCT
ftr-349	932	24	2009	2009	NUM
ftr-349	932	25	)	)	PUNCT
ftr-349	932	26	.	.	PUNCT
ftr-349	933	1	its	its	PRON
ftr-349	933	2	conclusions	conclusion	NOUN
ftr-349	933	3	also	also	ADV
ftr-349	933	4	appear	appear	VERB
ftr-349	933	5	to	to	PART
ftr-349	933	6	be	be	AUX
ftr-349	933	7	at	at	ADV
ftr-349	933	8	least	least	ADJ
ftr-349	933	9	partially	partially	ADV
ftr-349	933	10	inconsistent	inconsistent	ADJ
ftr-349	933	11	with	with	ADP
ftr-349	933	12	those	those	PRON
ftr-349	933	13	reached	reach	VERB
ftr-349	933	14	in	in	ADP
ftr-349	933	15	a	a	DET
ftr-349	933	16	contemporaneous	contemporaneous	ADJ
ftr-349	933	17	report	report	NOUN
ftr-349	933	18	by	by	ADP
ftr-349	933	19	the	the	DET
ftr-349	933	20	general	general	ADJ
ftr-349	933	21	accountability	accountability	NOUN
ftr-349	933	22	office	office	NOUN
ftr-349	933	23	,	,	PUNCT
ftr-349	933	24	tax	tax	NOUN
ftr-349	933	25	administration	administration	NOUN
ftr-349	933	26	:	:	PUNCT
ftr-349	933	27	comparison	comparison	NOUN
ftr-349	933	28	of	of	ADP
ftr-349	933	29	the	the	DET
ftr-349	933	30	reported	report	VERB
ftr-349	933	31	tax	tax	NOUN
ftr-349	933	32	liabilities	liability	NOUN
ftr-349	933	33	of	of	ADP
ftr-349	933	34	foreign	foreign	ADJ
ftr-349	933	35	and	and	CCONJ
ftr-349	933	36	u.s.-controlled	u.s.-controlled	ADJ
ftr-349	933	37	corporations	corporation	NOUN
ftr-349	933	38	1998	1998	NUM
ftr-349	933	39	-	-	SYM
ftr-349	933	40	2005	2005	NUM
ftr-349	933	41	(	(	PUNCT
ftr-349	933	42	2008	2008	NUM
ftr-349	933	43	)	)	PUNCT
ftr-349	933	44	,	,	PUNCT
ftr-349	933	45	http://www.gao.gov/new	http://www.gao.gov/new	PROPN
ftr-349	933	46	.	.	PUNCT
ftr-349	934	1	items	item	NOUN
ftr-349	934	2	/	/	SYM
ftr-349	934	3	d08957.pdf	d08957.pdf	PROPN
ftr-349	934	4	.	.	PUNCT
ftr-349	935	1	(	(	PUNCT
ftr-349	935	2	“	"	PUNCT
ftr-349	935	3	fcdcs	fcdc	NOUN
ftr-349	935	4	reported	report	VERB
ftr-349	935	5	lower	low	ADJ
ftr-349	935	6	tax	tax	NOUN
ftr-349	935	7	liabilities	liability	NOUN
ftr-349	935	8	than	than	SCONJ
ftr-349	935	9	usccs	usccs	ADJ
ftr-349	935	10	by	by	ADP
ftr-349	935	11	most	most	ADJ
ftr-349	935	12	measures	measure	NOUN
ftr-349	935	13	shown	show	VERB
ftr-349	935	14	in	in	ADP
ftr-349	935	15	this	this	DET
ftr-349	935	16	report	report	NOUN
ftr-349	935	17	.	.	PUNCT
ftr-349	935	18	”	"	PUNCT
ftr-349	936	1	i	i	PRON
ftr-349	936	2	d.	d.	VERB
ftr-349	936	3	at	at	ADP
ftr-349	936	4	3	3	NUM
ftr-349	936	5	.	.	PUNCT
ftr-349	936	6	)	)	PUNCT
ftr-349	937	1	the	the	DET
ftr-349	937	2	gao	gao	PROPN
ftr-349	937	3	report	report	NOUN
ftr-349	937	4	acknowledges	acknowledge	VERB
ftr-349	937	5	,	,	PUNCT
ftr-349	937	6	however	however	ADV
ftr-349	937	7	,	,	PUNCT
ftr-349	937	8	that	that	SCONJ
ftr-349	937	9	there	there	PRON
ftr-349	937	10	are	be	VERB
ftr-349	937	11	several	several	ADJ
ftr-349	937	12	non	non	ADJ
ftr-349	937	13	-	-	ADJ
ftr-349	937	14	tax	tax	ADJ
ftr-349	937	15	related	relate	VERB
ftr-349	937	16	factors	factor	NOUN
ftr-349	937	17	,	,	PUNCT
ftr-349	937	18	such	such	ADJ
ftr-349	937	19	as	as	ADP
ftr-349	937	20	the	the	DET
ftr-349	937	21	average	average	ADJ
ftr-349	937	22	age	age	NOUN
ftr-349	937	23	of	of	ADP
ftr-349	937	24	foreign	foreign	ADJ
ftr-349	937	25	and	and	CCONJ
ftr-349	937	26	domestic	domestic	ADJ
ftr-349	937	27	-	-	PUNCT
ftr-349	937	28	controlled	control	VERB
ftr-349	937	29	domestic	domestic	ADJ
ftr-349	937	30	corporations	corporation	NOUN
ftr-349	937	31	,	,	PUNCT
ftr-349	937	32	that	that	PRON
ftr-349	937	33	might	might	AUX
ftr-349	937	34	explain	explain	VERB
ftr-349	937	35	some	some	PRON
ftr-349	937	36	of	of	ADP
ftr-349	937	37	the	the	DET
ftr-349	937	38	differences	difference	NOUN
ftr-349	937	39	in	in	ADP
ftr-349	937	40	results	result	NOUN
ftr-349	937	41	.	.	PUNCT
ftr-349	938	1	the	the	DET
ftr-349	938	2	treasury	treasury	PROPN
ftr-349	938	3	study	study	NOUN
ftr-349	938	4	can	can	AUX
ftr-349	938	5	be	be	AUX
ftr-349	938	6	criticized	criticize	VERB
ftr-349	938	7	as	as	ADP
ftr-349	938	8	having	having	AUX
ftr-349	938	9	taken	take	VERB
ftr-349	938	10	an	an	DET
ftr-349	938	11	excessively	excessively	ADV
ftr-349	938	12	narrow	narrow	ADJ
ftr-349	938	13	view	view	NOUN
ftr-349	938	14	of	of	ADP
ftr-349	938	15	earnings	earning	NOUN
ftr-349	938	16	stripping	strip	VERB
ftr-349	938	17	as	as	ADP
ftr-349	938	18	comprising	comprise	VERB
ftr-349	938	19	only	only	ADV
ftr-349	938	20	the	the	DET
ftr-349	938	21	excessive	excessive	ADJ
ftr-349	938	22	use	use	NOUN
ftr-349	938	23	of	of	ADP
ftr-349	938	24	deductible	deductible	ADJ
ftr-349	938	25	interest	interest	NOUN
ftr-349	938	26	.	.	PUNCT
ftr-349	939	1	see	see	VERB
ftr-349	939	2	,	,	PUNCT
ftr-349	939	3	e.g.	e.g.	ADV
ftr-349	939	4	,	,	PUNCT
ftr-349	939	5	the	the	DET
ftr-349	939	6	treasury	treasury	PROPN
ftr-349	939	7	study	study	NOUN
ftr-349	939	8	at	at	ADP
ftr-349	939	9	7	7	NUM
ftr-349	939	10	(	(	PUNCT
ftr-349	939	11	“	"	PUNCT
ftr-349	939	12	earnings	earning	NOUN
ftr-349	939	13	stripping	stripping	NOUN
ftr-349	939	14	usually	usually	ADV
ftr-349	939	15	refers	refer	VERB
ftr-349	939	16	to	to	ADP
ftr-349	939	17	the	the	DET
ftr-349	939	18	payment	payment	NOUN
ftr-349	939	19	of	of	ADP
ftr-349	939	20	excessive	excessive	ADJ
ftr-349	939	21	deductible	deductible	ADJ
ftr-349	939	22	interest	interest	NOUN
ftr-349	939	23	by	by	ADP
ftr-349	939	24	a	a	DET
ftr-349	939	25	u.s	u.s	PROPN
ftr-349	939	26	.	.	PROPN
ftr-349	939	27	corporation	corporation	NOUN
ftr-349	939	28	to	to	ADP
ftr-349	939	29	a	a	DET
ftr-349	939	30	related	related	ADJ
ftr-349	939	31	person	person	NOUN
ftr-349	939	32	when	when	SCONJ
ftr-349	939	33	such	such	ADJ
ftr-349	939	34	interest	interest	NOUN
ftr-349	939	35	is	be	AUX
ftr-349	939	36	tax	tax	NOUN
ftr-349	939	37	exempt	exempt	ADJ
ftr-349	939	38	(	(	PUNCT
ftr-349	939	39	or	or	CCONJ
ftr-349	939	40	partially	partially	ADV
ftr-349	939	41	tax	tax	NOUN
ftr-349	939	42	exempt	exempt	NOUN
ftr-349	939	43	)	)	PUNCT
ftr-349	939	44	in	in	ADP
ftr-349	939	45	the	the	DET
ftr-349	939	46	hands	hand	NOUN
ftr-349	939	47	of	of	ADP
ftr-349	939	48	the	the	DET
ftr-349	939	49	related	related	ADJ
ftr-349	939	50	person	person	NOUN
ftr-349	939	51	.	.	PUNCT
ftr-349	940	1	consequently	consequently	ADV
ftr-349	940	2	,	,	PUNCT
ftr-349	940	3	the	the	DET
ftr-349	940	4	treasury	treasury	PROPN
ftr-349	940	5	department	department	PROPN
ftr-349	940	6	has	have	AUX
ftr-349	940	7	[	[	X
ftr-349	940	8	studied	study	VERB
ftr-349	940	9	]	]	PUNCT
ftr-349	940	10	.	.	PUNCT
ftr-349	940	11	.	.	PUNCT
ftr-349	940	12	.	.	PUNCT
ftr-349	941	1	the	the	DET
ftr-349	941	2	shifting	shifting	NOUN
ftr-349	941	3	of	of	ADP
ftr-349	941	4	income	income	NOUN
ftr-349	941	5	of	of	ADP
ftr-349	941	6	domestic	domestic	ADJ
ftr-349	941	7	corporations	corporation	NOUN
ftr-349	941	8	offshore	offshore	ADV
ftr-349	941	9	through	through	ADP
ftr-349	941	10	related	relate	VERB
ftr-349	941	11	-	-	PUNCT
ftr-349	941	12	party	party	NOUN
ftr-349	941	13	debt	debt	NOUN
ftr-349	941	14	and	and	CCONJ
ftr-349	941	15	associated	associated	ADJ
ftr-349	941	16	interest	interest	NOUN
ftr-349	941	17	payments	payment	NOUN
ftr-349	941	18	.	.	PUNCT
ftr-349	941	19	”	"	PUNCT
ftr-349	941	20	)	)	PUNCT
ftr-349	941	21	.	.	PUNCT
ftr-349	942	1	this	this	PRON
ftr-349	942	2	would	would	AUX
ftr-349	942	3	ignore	ignore	VERB
ftr-349	942	4	,	,	PUNCT
ftr-349	942	5	for	for	ADP
ftr-349	942	6	example	example	NOUN
ftr-349	942	7	,	,	PUNCT
ftr-349	942	8	the	the	DET
ftr-349	942	9	entirely	entirely	ADV
ftr-349	942	10	straightforward	straightforward	ADJ
ftr-349	942	11	decision	decision	NOUN
ftr-349	942	12	of	of	ADP
ftr-349	942	13	a	a	DET
ftr-349	942	14	foreign	foreign	ADJ
ftr-349	942	15	acquiror	acquiror	NOUN
ftr-349	942	16	to	to	PART
ftr-349	942	17	keep	keep	VERB
ftr-349	942	18	its	its	PRON
ftr-349	942	19	valuable	valuable	ADJ
ftr-349	942	20	intangible	intangible	ADJ
ftr-349	942	21	assets	asset	NOUN
ftr-349	942	22	outside	outside	ADP
ftr-349	942	23	the	the	DET
ftr-349	942	24	united	united	PROPN
ftr-349	942	25	states	states	PROPN
ftr-349	942	26	and	and	CCONJ
ftr-349	942	27	to	to	PART
ftr-349	942	28	license	license	VERB
ftr-349	942	29	them	they	PRON
ftr-349	942	30	to	to	ADP
ftr-349	942	31	its	its	PRON
ftr-349	942	32	new	new	ADJ
ftr-349	942	33	u.s	u.s	PROPN
ftr-349	942	34	.	.	PROPN
ftr-349	942	35	subsidiary	subsidiary	NOUN
ftr-349	942	36	.	.	PUNCT
ftr-349	943	1	for	for	ADP
ftr-349	943	2	a	a	DET
ftr-349	943	3	more	more	ADV
ftr-349	943	4	complete	complete	ADJ
ftr-349	943	5	picture	picture	NOUN
ftr-349	943	6	of	of	ADP
ftr-349	943	7	the	the	DET
ftr-349	943	8	role	role	NOUN
ftr-349	943	9	of	of	ADP
ftr-349	943	10	interest	interest	NOUN
ftr-349	943	11	expense	expense	NOUN
ftr-349	943	12	in	in	ADP
ftr-349	943	13	the	the	DET
ftr-349	943	14	tax	tax	NOUN
ftr-349	943	15	liabilities	liability	NOUN
ftr-349	943	16	of	of	ADP
ftr-349	943	17	foreign	foreign	NOUN
ftr-349	943	18	-	-	PUNCT
ftr-349	943	19	controlled	control	VERB
ftr-349	943	20	domestic	domestic	ADJ
ftr-349	943	21	companies	company	NOUN
ftr-349	943	22	,	,	PUNCT
ftr-349	943	23	see	see	VERB
ftr-349	943	24	harry	harry	PROPN
ftr-349	943	25	grubert	grubert	PROPN
ftr-349	943	26	,	,	PUNCT
ftr-349	943	27	debt	debt	NOUN
ftr-349	943	28	and	and	CCONJ
ftr-349	943	29	the	the	DET
ftr-349	943	30	profitability	profitability	NOUN
ftr-349	943	31	of	of	ADP
ftr-349	943	32	foreign	foreign	NOUN
ftr-349	943	33	-	-	PUNCT
ftr-349	943	34	controlled	control	VERB
ftr-349	943	35	domestic	domestic	ADJ
ftr-349	943	36	corporations	corporation	NOUN
ftr-349	943	37	in	in	ADP
ftr-349	943	38	the	the	DET
ftr-349	943	39	united	united	PROPN
ftr-349	943	40	states	states	PROPN
ftr-349	943	41	(	(	PUNCT
ftr-349	943	42	u.s	u.s	PROPN
ftr-349	943	43	.	.	PROPN
ftr-349	943	44	dep’t	dep’t	PROPN
ftr-349	943	45	treas	treas	PROPN
ftr-349	943	46	.	.	PUNCT
ftr-349	944	1	ota	ota	PROPN
ftr-349	944	2	technical	technical	PROPN
ftr-349	944	3	working	working	PROPN
ftr-349	944	4	paper	paper	PROPN
ftr-349	944	5	no	no	INTJ
ftr-349	944	6	.	.	PROPN
ftr-349	944	7	1	1	NUM
ftr-349	944	8	,	,	PUNCT
ftr-349	944	9	2008	2008	NUM
ftr-349	944	10	)	)	PUNCT
ftr-349	944	11	(	(	PUNCT
ftr-349	944	12	finding	find	VERB
ftr-349	944	13	no	no	DET
ftr-349	944	14	evidence	evidence	NOUN
ftr-349	944	15	of	of	ADP
ftr-349	944	16	systematic	systematic	ADJ
ftr-349	944	17	earnings	earning	NOUN
ftr-349	944	18	stripping	strip	VERB
ftr-349	944	19	through	through	ADP
ftr-349	944	20	interest	interest	NOUN
ftr-349	944	21	deductions	deduction	NOUN
ftr-349	944	22	)	)	PUNCT
ftr-349	944	23	.	.	PUNCT
ftr-349	945	1	one	one	NUM
ftr-349	945	2	interesting	interesting	ADJ
ftr-349	945	3	observation	observation	NOUN
ftr-349	945	4	made	make	VERB
ftr-349	945	5	by	by	ADP
ftr-349	945	6	grubert	grubert	NOUN
ftr-349	945	7	is	be	AUX
ftr-349	945	8	that	that	SCONJ
ftr-349	945	9	his	his	PRON
ftr-349	945	10	“	"	PUNCT
ftr-349	945	11	control	control	NOUN
ftr-349	945	12	”	"	PUNCT
ftr-349	945	13	population	population	NOUN
ftr-349	945	14	comprised	comprise	VERB
ftr-349	945	15	u.s	u.s	PROPN
ftr-349	945	16	.	.	PROPN
ftr-349	945	17	multinational	multinational	ADJ
ftr-349	945	18	enterprises	enterprise	NOUN
ftr-349	945	19	.	.	PUNCT
ftr-349	946	1	i	i	PRON
ftr-349	946	2	d.	d.	PROPN
ftr-349	946	3	at	at	ADP
ftr-349	946	4	6	6	NUM
ftr-349	946	5	.	.	PUNCT
ftr-349	946	6	to	to	ADP
ftr-349	946	7	the	the	DET
ftr-349	946	8	extent	extent	NOUN
ftr-349	946	9	that	that	SCONJ
ftr-349	946	10	the	the	DET
ftr-349	946	11	control	control	NOUN
ftr-349	946	12	population	population	NOUN
ftr-349	946	13	were	be	AUX
ftr-349	946	14	themselves	themselves	PRON
ftr-349	946	15	enthusiastic	enthusiastic	ADJ
ftr-349	946	16	users	user	NOUN
ftr-349	946	17	of	of	ADP
ftr-349	946	18	earnings	earning	NOUN
ftr-349	946	19	stripping	strip	VERB
ftr-349	946	20	opportunities	opportunity	NOUN
ftr-349	946	21	,	,	PUNCT
ftr-349	946	22	the	the	DET
ftr-349	946	23	foreigncontrolled	foreigncontrolle	VERB
ftr-349	946	24	domestic	domestic	ADJ
ftr-349	946	25	companies	company	NOUN
ftr-349	946	26	studied	study	VERB
ftr-349	946	27	by	by	ADP
ftr-349	946	28	grubert	grubert	NOUN
ftr-349	946	29	could	could	AUX
ftr-349	946	30	appear	appear	VERB
ftr-349	946	31	normal	normal	ADJ
ftr-349	946	32	in	in	ADP
ftr-349	946	33	their	their	PRON
ftr-349	946	34	behavior	behavior	NOUN
ftr-349	946	35	,	,	PUNCT
ftr-349	946	36	while	while	SCONJ
ftr-349	946	37	in	in	ADP
ftr-349	946	38	fact	fact	NOUN
ftr-349	946	39	engaging	engage	VERB
ftr-349	946	40	heavily	heavily	ADV
ftr-349	946	41	in	in	ADP
ftr-349	946	42	earnings	earning	NOUN
ftr-349	946	43	stripping	stripping	NOUN
ftr-349	946	44	.	.	PUNCT
ftr-349	947	1	2001	2001	NUM
ftr-349	947	2	]	]	PUNCT
ftr-349	947	3	stateless	stateless	NOUN
ftr-349	947	4	income	income	NOUN
ftr-349	947	5	757	757	NUM
ftr-349	947	6	the	the	DET
ftr-349	947	7	arts	art	NOUN
ftr-349	947	8	of	of	ADP
ftr-349	947	9	stateless	stateless	NOUN
ftr-349	947	10	income	income	NOUN
ftr-349	947	11	planning	planning	NOUN
ftr-349	947	12	when	when	SCONJ
ftr-349	947	13	it	it	PRON
ftr-349	947	14	is	be	AUX
ftr-349	947	15	the	the	DET
ftr-349	947	16	united	united	PROPN
ftr-349	947	17	states	states	PROPN
ftr-349	947	18	that	that	PRON
ftr-349	947	19	is	be	AUX
ftr-349	947	20	the	the	DET
ftr-349	947	21	source	source	NOUN
ftr-349	947	22	country	country	NOUN
ftr-349	947	23	.	.	PUNCT
ftr-349	948	1	moreover	moreover	ADV
ftr-349	948	2	,	,	PUNCT
ftr-349	948	3	the	the	DET
ftr-349	948	4	same	same	ADJ
ftr-349	948	5	researchers	researcher	NOUN
ftr-349	948	6	who	who	PRON
ftr-349	948	7	argue	argue	VERB
ftr-349	948	8	that	that	SCONJ
ftr-349	948	9	foreign	foreign	ADJ
ftr-349	948	10	investment	investment	NOUN
ftr-349	948	11	into	into	ADP
ftr-349	948	12	the	the	DET
ftr-349	948	13	united	united	PROPN
ftr-349	948	14	states	states	PROPN
ftr-349	948	15	serves	serve	VERB
ftr-349	948	16	as	as	ADP
ftr-349	948	17	a	a	DET
ftr-349	948	18	substitute	substitute	NOUN
ftr-349	948	19	for	for	ADP
ftr-349	948	20	u.s	u.s	PROPN
ftr-349	948	21	.	.	PROPN
ftr-349	948	22	investment	investment	NOUN
ftr-349	948	23	that	that	PRON
ftr-349	948	24	has	have	AUX
ftr-349	948	25	moved	move	VERB
ftr-349	948	26	offshore	offshore	ADV
ftr-349	948	27	also	also	ADV
ftr-349	948	28	argue	argue	VERB
ftr-349	948	29	for	for	ADP
ftr-349	948	30	a	a	DET
ftr-349	948	31	positive	positive	ADJ
ftr-349	948	32	“	"	PUNCT
ftr-349	948	33	headquarters	headquarters	NOUN
ftr-349	948	34	”	"	PUNCT
ftr-349	948	35	effect	effect	NOUN
ftr-349	948	36	,	,	PUNCT
ftr-349	948	37	in	in	ADP
ftr-349	948	38	which	which	PRON
ftr-349	948	39	investment	investment	NOUN
ftr-349	948	40	by	by	ADP
ftr-349	948	41	a	a	DET
ftr-349	948	42	firm	firm	NOUN
ftr-349	948	43	generates	generate	VERB
ftr-349	948	44	investment	investment	NOUN
ftr-349	948	45	(	(	PUNCT
ftr-349	948	46	and	and	CCONJ
ftr-349	948	47	income	income	NOUN
ftr-349	948	48	)	)	PUNCT
ftr-349	948	49	associated	associate	VERB
ftr-349	948	50	with	with	ADP
ftr-349	948	51	its	its	PRON
ftr-349	948	52	headquarters	headquarters	NOUN
ftr-349	948	53	operations	operation	NOUN
ftr-349	948	54	in	in	ADP
ftr-349	948	55	addition	addition	NOUN
ftr-349	948	56	to	to	ADP
ftr-349	948	57	those	those	PRON
ftr-349	948	58	associated	associate	VERB
ftr-349	948	59	with	with	ADP
ftr-349	948	60	the	the	DET
ftr-349	948	61	incremental	incremental	ADJ
ftr-349	948	62	investment	investment	NOUN
ftr-349	948	63	itself.133	itself.133	NOUN
ftr-349	948	64	notwithstanding	notwithstanding	ADP
ftr-349	948	65	the	the	DET
ftr-349	948	66	existence	existence	NOUN
ftr-349	948	67	of	of	ADP
ftr-349	948	68	some	some	DET
ftr-349	948	69	statutory	statutory	ADJ
ftr-349	948	70	protections	protection	NOUN
ftr-349	948	71	against	against	ADP
ftr-349	948	72	earnings	earning	NOUN
ftr-349	948	73	stripping,134	stripping,134	NOUN
ftr-349	948	74	and	and	CCONJ
ftr-349	948	75	the	the	DET
ftr-349	948	76	ambiguous	ambiguous	ADJ
ftr-349	948	77	studies	study	NOUN
ftr-349	948	78	of	of	ADP
ftr-349	948	79	earnings	earning	NOUN
ftr-349	948	80	stripping	strip	VERB
ftr-349	948	81	through	through	ADP
ftr-349	948	82	internal	internal	ADJ
ftr-349	948	83	group	group	NOUN
ftr-349	948	84	leverage	leverage	NOUN
ftr-349	948	85	noted	note	VERB
ftr-349	948	86	immediately	immediately	ADV
ftr-349	948	87	above	above	ADV
ftr-349	948	88	,	,	PUNCT
ftr-349	948	89	there	there	PRON
ftr-349	948	90	thus	thus	ADV
ftr-349	948	91	are	be	AUX
ftr-349	948	92	good	good	ADJ
ftr-349	948	93	reasons	reason	NOUN
ftr-349	948	94	to	to	PART
ftr-349	948	95	believe	believe	VERB
ftr-349	948	96	that	that	SCONJ
ftr-349	948	97	the	the	DET
ftr-349	948	98	united	united	PROPN
ftr-349	948	99	states	states	PROPN
ftr-349	948	100	is	be	AUX
ftr-349	948	101	a	a	DET
ftr-349	948	102	net	net	ADJ
ftr-349	948	103	revenue	revenue	NOUN
ftr-349	948	104	loser	loser	NOUN
ftr-349	948	105	in	in	ADP
ftr-349	948	106	respect	respect	NOUN
ftr-349	948	107	of	of	ADP
ftr-349	948	108	cross	cross	ADJ
ftr-349	948	109	-	-	ADJ
ftr-349	948	110	border	border	ADJ
ftr-349	948	111	investment	investment	NOUN
ftr-349	948	112	flows	flow	VERB
ftr-349	948	113	.	.	PUNCT
ftr-349	949	1	its	its	PRON
ftr-349	949	2	tax	tax	NOUN
ftr-349	949	3	system	system	NOUN
ftr-349	949	4	encourages	encourage	VERB
ftr-349	949	5	domestic	domestic	ADJ
ftr-349	949	6	firms	firm	NOUN
ftr-349	949	7	to	to	PART
ftr-349	949	8	invest	invest	VERB
ftr-349	949	9	disproportionately	disproportionately	ADV
ftr-349	949	10	outside	outside	ADP
ftr-349	949	11	the	the	DET
ftr-349	949	12	united	united	PROPN
ftr-349	949	13	states	states	PROPN
ftr-349	949	14	,	,	PUNCT
ftr-349	949	15	and	and	CCONJ
ftr-349	949	16	(	(	PUNCT
ftr-349	949	17	as	as	SCONJ
ftr-349	949	18	the	the	DET
ftr-349	949	19	next	next	ADJ
ftr-349	949	20	subsection	subsection	NOUN
ftr-349	949	21	discusses	discuss	VERB
ftr-349	949	22	)	)	PUNCT
ftr-349	949	23	to	to	PART
ftr-349	949	24	finance	finance	VERB
ftr-349	949	25	domestic	domestic	ADJ
ftr-349	949	26	cash	cash	NOUN
ftr-349	949	27	flow	flow	NOUN
ftr-349	949	28	needs	need	VERB
ftr-349	949	29	through	through	ADP
ftr-349	949	30	u.s	u.s	PROPN
ftr-349	949	31	.	.	PROPN
ftr-349	949	32	borrowings	borrowing	NOUN
ftr-349	949	33	that	that	PRON
ftr-349	949	34	erode	erode	VERB
ftr-349	949	35	the	the	DET
ftr-349	949	36	u.s	u.s	PROPN
ftr-349	949	37	.	.	PROPN
ftr-349	949	38	tax	tax	NOUN
ftr-349	949	39	base	base	NOUN
ftr-349	949	40	.	.	PUNCT
ftr-349	950	1	the	the	DET
ftr-349	950	2	u.s	u.s	PROPN
ftr-349	950	3	.	.	PROPN
ftr-349	950	4	tax	tax	NOUN
ftr-349	950	5	base	base	NOUN
ftr-349	950	6	is	be	AUX
ftr-349	950	7	shifted	shift	VERB
ftr-349	950	8	outside	outside	ADP
ftr-349	950	9	the	the	DET
ftr-349	950	10	united	united	PROPN
ftr-349	950	11	states	states	PROPN
ftr-349	950	12	through	through	ADP
ftr-349	950	13	domestic	domestic	ADJ
ftr-349	950	14	leverage	leverage	NOUN
ftr-349	950	15	incurred	incur	VERB
ftr-349	950	16	to	to	PART
ftr-349	950	17	support	support	VERB
ftr-349	950	18	foreign	foreign	ADJ
ftr-349	950	19	earnings	earning	NOUN
ftr-349	950	20	,	,	PUNCT
ftr-349	950	21	genuine	genuine	ADJ
ftr-349	950	22	foreign	foreign	ADJ
ftr-349	950	23	earnings	earning	NOUN
ftr-349	950	24	in	in	ADP
ftr-349	950	25	turn	turn	NOUN
ftr-349	950	26	migrate	migrate	VERB
ftr-349	950	27	to	to	ADP
ftr-349	950	28	low	low	ADJ
ftr-349	950	29	-	-	PUNCT
ftr-349	950	30	tax	tax	NOUN
ftr-349	950	31	locales	locale	NOUN
ftr-349	950	32	,	,	PUNCT
ftr-349	950	33	and	and	CCONJ
ftr-349	950	34	those	those	DET
ftr-349	950	35	low	low	ADV
ftr-349	950	36	-	-	PUNCT
ftr-349	950	37	taxed	tax	VERB
ftr-349	950	38	foreign	foreign	ADJ
ftr-349	950	39	earnings	earning	NOUN
ftr-349	950	40	are	be	AUX
ftr-349	950	41	allowed	allow	VERB
ftr-349	950	42	to	to	PART
ftr-349	950	43	compound	compound	VERB
ftr-349	950	44	u.s.-tax	u.s.-tax	ADJ
ftr-349	950	45	free	free	ADJ
ftr-349	950	46	indefinitely	indefinitely	ADV
ftr-349	950	47	.	.	PUNCT
ftr-349	951	1	c.	c.	PROPN
ftr-349	951	2	domestic	domestic	ADJ
ftr-349	951	3	base	base	NOUN
ftr-349	951	4	erosion	erosion	NOUN
ftr-349	951	5	through	through	ADP
ftr-349	951	6	tax	tax	NOUN
ftr-349	951	7	arbitrage	arbitrage	NOUN
ftr-349	951	8	a	a	DET
ftr-349	951	9	u.s	u.s	PROPN
ftr-349	951	10	.	.	PROPN
ftr-349	951	11	firm	firm	PROPN
ftr-349	951	12	’s	’s	PART
ftr-349	951	13	stateless	stateless	NOUN
ftr-349	951	14	income	income	NOUN
ftr-349	951	15	tax	tax	NOUN
ftr-349	951	16	planning	planning	NOUN
ftr-349	951	17	yields	yield	VERB
ftr-349	951	18	inframarginal	inframarginal	ADJ
ftr-349	951	19	tax	tax	NOUN
ftr-349	951	20	rents	rent	NOUN
ftr-349	951	21	.	.	PUNCT
ftr-349	952	1	these	these	DET
ftr-349	952	2	rents	rent	NOUN
ftr-349	952	3	come	come	VERB
ftr-349	952	4	at	at	ADP
ftr-349	952	5	a	a	DET
ftr-349	952	6	contingent	contingent	ADJ
ftr-349	952	7	cost	cost	NOUN
ftr-349	952	8	,	,	PUNCT
ftr-349	952	9	however	however	ADV
ftr-349	952	10	:	:	PUNCT
ftr-349	952	11	they	they	PRON
ftr-349	952	12	can	can	AUX
ftr-349	952	13	be	be	AUX
ftr-349	952	14	enjoyed	enjoy	VERB
ftr-349	952	15	only	only	ADV
ftr-349	952	16	if	if	SCONJ
ftr-349	952	17	the	the	DET
ftr-349	952	18	earnings	earning	NOUN
ftr-349	952	19	are	be	AUX
ftr-349	952	20	retained	retain	VERB
ftr-349	952	21	outside	outside	ADP
ftr-349	952	22	the	the	DET
ftr-349	952	23	united	united	PROPN
ftr-349	952	24	states	states	PROPN
ftr-349	952	25	.	.	PUNCT
ftr-349	953	1	this	this	PRON
ftr-349	953	2	gives	give	VERB
ftr-349	953	3	rise	rise	NOUN
ftr-349	953	4	to	to	ADP
ftr-349	953	5	the	the	DET
ftr-349	953	6	“	"	PUNCT
ftr-349	953	7	lock	lock	NOUN
ftr-349	953	8	-	-	PUNCT
ftr-349	953	9	out	out	ADP
ftr-349	953	10	”	"	PUNCT
ftr-349	953	11	phenomenon	phenomenon	NOUN
ftr-349	953	12	discussed	discuss	VERB
ftr-349	953	13	below	below	ADV
ftr-349	953	14	.	.	PUNCT
ftr-349	954	1	at	at	ADP
ftr-349	954	2	the	the	DET
ftr-349	954	3	same	same	ADJ
ftr-349	954	4	time	time	NOUN
ftr-349	954	5	that	that	PRON
ftr-349	954	6	they	they	PRON
ftr-349	954	7	capture	capture	VERB
ftr-349	954	8	tax	tax	NOUN
ftr-349	954	9	rents	rent	NOUN
ftr-349	954	10	through	through	ADP
ftr-349	954	11	stateless	stateless	NOUN
ftr-349	954	12	income	income	NOUN
ftr-349	954	13	tax	tax	NOUN
ftr-349	954	14	planning	planning	NOUN
ftr-349	954	15	,	,	PUNCT
ftr-349	954	16	u.s	u.s	PROPN
ftr-349	954	17	.	.	PROPN
ftr-349	954	18	firms	firm	NOUN
ftr-349	954	19	finance	finance	VERB
ftr-349	954	20	much	much	ADJ
ftr-349	954	21	of	of	ADP
ftr-349	954	22	their	their	PRON
ftr-349	954	23	funding	funding	NOUN
ftr-349	954	24	needs	need	NOUN
ftr-349	954	25	(	(	PUNCT
ftr-349	954	26	including	include	VERB
ftr-349	954	27	dividends	dividend	NOUN
ftr-349	954	28	and	and	CCONJ
ftr-349	954	29	stock	stock	NOUN
ftr-349	954	30	repurchases	repurchase	NOUN
ftr-349	954	31	)	)	PUNCT
ftr-349	954	32	through	through	ADP
ftr-349	954	33	domestic	domestic	ADJ
ftr-349	954	34	u.s	u.s	PROPN
ftr-349	954	35	.	.	PROPN
ftr-349	954	36	borrowing	borrowing	NOUN
ftr-349	954	37	.	.	PUNCT
ftr-349	955	1	the	the	DET
ftr-349	955	2	resulting	result	VERB
ftr-349	955	3	interest	interest	NOUN
ftr-349	955	4	deductions	deduction	NOUN
ftr-349	955	5	erode	erode	VERB
ftr-349	955	6	the	the	DET
ftr-349	955	7	u.s	u.s	PROPN
ftr-349	955	8	.	.	PROPN
ftr-349	955	9	corporate	corporate	ADJ
ftr-349	955	10	tax	tax	NOUN
ftr-349	955	11	base	base	NOUN
ftr-349	955	12	through	through	ADP
ftr-349	955	13	a	a	DET
ftr-349	955	14	classic	classic	ADJ
ftr-349	955	15	tax	tax	NOUN
ftr-349	955	16	arbitrage	arbitrage	NOUN
ftr-349	955	17	operation	operation	NOUN
ftr-349	955	18	,	,	PUNCT
ftr-349	955	19	in	in	ADP
ftr-349	955	20	which	which	PRON
ftr-349	955	21	the	the	DET
ftr-349	955	22	returns	return	NOUN
ftr-349	955	23	on	on	ADP
ftr-349	955	24	offshore	offshore	ADJ
ftr-349	955	25	investments	investment	NOUN
ftr-349	955	26	fall	fall	VERB
ftr-349	955	27	outside	outside	ADP
ftr-349	955	28	the	the	DET
ftr-349	955	29	u.s	u.s	PROPN
ftr-349	955	30	.	.	PROPN
ftr-349	955	31	tax	tax	NOUN
ftr-349	955	32	net	net	NOUN
ftr-349	955	33	,	,	PUNCT
ftr-349	955	34	while	while	SCONJ
ftr-349	955	35	interest	interest	NOUN
ftr-349	955	36	expense	expense	NOUN
ftr-349	955	37	is	be	AUX
ftr-349	955	38	deducted	deduct	VERB
ftr-349	955	39	on	on	ADP
ftr-349	955	40	debt	debt	NOUN
ftr-349	955	41	that	that	PRON
ftr-349	955	42	arguably	arguably	ADV
ftr-349	955	43	would	would	AUX
ftr-349	955	44	not	not	PART
ftr-349	955	45	be	be	AUX
ftr-349	955	46	incurred	incur	VERB
ftr-349	955	47	if	if	SCONJ
ftr-349	955	48	those	those	DET
ftr-349	955	49	returns	return	NOUN
ftr-349	955	50	were	be	AUX
ftr-349	955	51	repatriated	repatriate	VERB
ftr-349	955	52	and	and	CCONJ
ftr-349	955	53	the	the	DET
ftr-349	955	54	income	income	NOUN
ftr-349	955	55	included	include	VERB
ftr-349	955	56	in	in	ADP
ftr-349	955	57	the	the	DET
ftr-349	955	58	u.s	u.s	PROPN
ftr-349	955	59	.	.	PROPN
ftr-349	955	60	tax	tax	NOUN
ftr-349	955	61	base	base	NOUN
ftr-349	955	62	.	.	PUNCT
ftr-349	956	1	as	as	SCONJ
ftr-349	956	2	the	the	DET
ftr-349	956	3	earlier	early	ADJ
ftr-349	956	4	example	example	NOUN
ftr-349	956	5	of	of	ADP
ftr-349	956	6	microsoft	microsoft	PROPN
ftr-349	956	7	corporation	corporation	PROPN
ftr-349	956	8	’s	’s	PART
ftr-349	956	9	recent	recent	ADJ
ftr-349	956	10	debt	debt	NOUN
ftr-349	956	11	financing	financing	NOUN
ftr-349	956	12	suggests	suggest	VERB
ftr-349	956	13	,	,	PUNCT
ftr-349	956	14	this	this	DET
ftr-349	956	15	arbitrage	arbitrage	NOUN
ftr-349	956	16	operation	operation	NOUN
ftr-349	956	17	is	be	AUX
ftr-349	956	18	not	not	PART
ftr-349	956	19	a	a	DET
ftr-349	956	20	theoretical	theoretical	ADJ
ftr-349	956	21	abstraction	abstraction	NOUN
ftr-349	956	22	.	.	PUNCT
ftr-349	957	1	133	133	NUM
ftr-349	957	2	.	.	PUNCT
ftr-349	958	1	see	see	VERB
ftr-349	958	2	,	,	PUNCT
ftr-349	958	3	e.g.	e.g.	ADV
ftr-349	958	4	,	,	PUNCT
ftr-349	958	5	mihir	mihir	PROPN
ftr-349	958	6	desai	desai	PROPN
ftr-349	958	7	,	,	PUNCT
ftr-349	958	8	c.	c.	PROPN
ftr-349	958	9	fritz	fritz	PROPN
ftr-349	958	10	foley	foley	PROPN
ftr-349	958	11	&	&	CCONJ
ftr-349	958	12	james	james	PROPN
ftr-349	958	13	r.	r.	PROPN
ftr-349	958	14	hines	hines	PROPN
ftr-349	958	15	jr	jr	PROPN
ftr-349	958	16	.	.	PROPN
ftr-349	958	17	,	,	PUNCT
ftr-349	958	18	domestic	domestic	ADJ
ftr-349	958	19	effects	effect	NOUN
ftr-349	958	20	of	of	ADP
ftr-349	958	21	the	the	DET
ftr-349	958	22	foreign	foreign	ADJ
ftr-349	958	23	activities	activity	NOUN
ftr-349	958	24	of	of	ADP
ftr-349	958	25	u.s	u.s	PROPN
ftr-349	958	26	.	.	PROPN
ftr-349	958	27	multinationals	multinational	NOUN
ftr-349	958	28	,	,	PUNCT
ftr-349	958	29	1	1	NUM
ftr-349	958	30	am	am	NOUN
ftr-349	958	31	.	.	PUNCT
ftr-349	959	1	econ	econ	PROPN
ftr-349	959	2	.	.	PUNCT
ftr-349	960	1	j.	j.	PROPN
ftr-349	960	2	econ	econ	PROPN
ftr-349	960	3	.	.	PUNCT
ftr-349	961	1	pol’y	pol’y	NOUN
ftr-349	961	2	181	181	NUM
ftr-349	961	3	(	(	PUNCT
ftr-349	961	4	2009	2009	NUM
ftr-349	961	5	)	)	PUNCT
ftr-349	961	6	(	(	PUNCT
ftr-349	961	7	10	10	NUM
ftr-349	961	8	percent	percent	NOUN
ftr-349	961	9	greater	great	ADJ
ftr-349	961	10	foreign	foreign	ADJ
ftr-349	961	11	investment	investment	NOUN
ftr-349	961	12	is	be	AUX
ftr-349	961	13	associated	associate	VERB
ftr-349	961	14	with	with	ADP
ftr-349	961	15	2.6	2.6	NUM
ftr-349	961	16	percent	percent	NOUN
ftr-349	961	17	greater	great	ADJ
ftr-349	961	18	domestic	domestic	ADJ
ftr-349	961	19	investment	investment	NOUN
ftr-349	961	20	)	)	PUNCT
ftr-349	961	21	.	.	PUNCT
ftr-349	962	1	134	134	NUM
ftr-349	962	2	.	.	PUNCT
ftr-349	962	3	see	see	VERB
ftr-349	962	4	i.r.c	i.r.c	NOUN
ftr-349	962	5	.	.	PUNCT
ftr-349	963	1	§	§	PROPN
ftr-349	963	2	163(j	163(j	PROPN
ftr-349	963	3	)	)	PUNCT
ftr-349	963	4	.	.	PUNCT
ftr-349	964	1	758	758	NUM
ftr-349	964	2	florida	florida	PROPN
ftr-349	964	3	tax	tax	NOUN
ftr-349	964	4	review	review	NOUN
ftr-349	964	5	[	[	X
ftr-349	964	6	vol	vol	NOUN
ftr-349	964	7	.	.	PUNCT
ftr-349	964	8	11:9	11:9	NOUN
ftr-349	964	9	as	as	SCONJ
ftr-349	964	10	described	describe	VERB
ftr-349	964	11	earlier	early	ADV
ftr-349	964	12	,	,	PUNCT
ftr-349	964	13	a	a	DET
ftr-349	964	14	few	few	ADJ
ftr-349	964	15	special	special	ADJ
ftr-349	964	16	rules	rule	NOUN
ftr-349	964	17	exist	exist	VERB
ftr-349	964	18	whose	whose	DET
ftr-349	964	19	nominal	nominal	ADJ
ftr-349	964	20	purpose	purpose	NOUN
ftr-349	964	21	it	it	PRON
ftr-349	964	22	is	be	AUX
ftr-349	964	23	to	to	PART
ftr-349	964	24	limit	limit	VERB
ftr-349	964	25	this	this	DET
ftr-349	964	26	arbitrage	arbitrage	NOUN
ftr-349	964	27	—	—	PUNCT
ftr-349	964	28	in	in	ADP
ftr-349	964	29	particular	particular	ADJ
ftr-349	964	30	,	,	PUNCT
ftr-349	964	31	those	those	PRON
ftr-349	964	32	that	that	PRON
ftr-349	964	33	treat	treat	VERB
ftr-349	964	34	a	a	DET
ftr-349	964	35	fraction	fraction	NOUN
ftr-349	964	36	of	of	ADP
ftr-349	964	37	u.s	u.s	PROPN
ftr-349	964	38	.	.	PROPN
ftr-349	964	39	interest	interest	NOUN
ftr-349	964	40	expense	expense	NOUN
ftr-349	964	41	as	as	ADP
ftr-349	964	42	a	a	DET
ftr-349	964	43	reduction	reduction	NOUN
ftr-349	964	44	in	in	ADP
ftr-349	964	45	foreign	foreign	ADJ
ftr-349	964	46	income	income	NOUN
ftr-349	964	47	.	.	PUNCT
ftr-349	965	1	by	by	ADP
ftr-349	965	2	doing	do	VERB
ftr-349	965	3	so	so	ADV
ftr-349	965	4	,	,	PUNCT
ftr-349	965	5	the	the	DET
ftr-349	965	6	limitation	limitation	NOUN
ftr-349	965	7	works	work	VERB
ftr-349	965	8	to	to	PART
ftr-349	965	9	increase	increase	VERB
ftr-349	965	10	a	a	DET
ftr-349	965	11	firm	firm	NOUN
ftr-349	965	12	’s	’s	PART
ftr-349	965	13	effective	effective	ADJ
ftr-349	965	14	foreign	foreign	ADJ
ftr-349	965	15	tax	tax	NOUN
ftr-349	965	16	rate	rate	NOUN
ftr-349	965	17	on	on	ADP
ftr-349	965	18	its	its	PRON
ftr-349	965	19	repatriated	repatriate	VERB
ftr-349	965	20	income	income	NOUN
ftr-349	965	21	,	,	PUNCT
ftr-349	965	22	thereby	thereby	ADV
ftr-349	965	23	making	make	VERB
ftr-349	965	24	it	it	PRON
ftr-349	965	25	more	more	ADV
ftr-349	965	26	difficult	difficult	ADJ
ftr-349	965	27	to	to	PART
ftr-349	965	28	claim	claim	VERB
ftr-349	965	29	foreign	foreign	ADJ
ftr-349	965	30	tax	tax	NOUN
ftr-349	965	31	credits	credit	NOUN
ftr-349	965	32	.	.	PUNCT
ftr-349	966	1	in	in	ADP
ftr-349	966	2	practice	practice	NOUN
ftr-349	966	3	,	,	PUNCT
ftr-349	966	4	however	however	ADV
ftr-349	966	5	,	,	PUNCT
ftr-349	966	6	this	this	DET
ftr-349	966	7	limitation	limitation	NOUN
ftr-349	966	8	often	often	ADV
ftr-349	966	9	does	do	AUX
ftr-349	966	10	not	not	PART
ftr-349	966	11	constrain	constrain	VERB
ftr-349	966	12	the	the	DET
ftr-349	966	13	full	full	ADJ
ftr-349	966	14	deductibility	deductibility	NOUN
ftr-349	966	15	of	of	ADP
ftr-349	966	16	u.s	u.s	PROPN
ftr-349	966	17	.	.	PROPN
ftr-349	966	18	interest	interest	NOUN
ftr-349	966	19	expenses	expense	NOUN
ftr-349	966	20	.	.	PUNCT
ftr-349	967	1	stateless	stateless	NOUN
ftr-349	967	2	income	income	NOUN
ftr-349	967	3	planning	planning	NOUN
ftr-349	967	4	in	in	ADP
ftr-349	967	5	general	general	ADJ
ftr-349	967	6	makes	make	VERB
ftr-349	967	7	current	current	ADJ
ftr-349	967	8	law	law	NOUN
ftr-349	967	9	’s	’s	PART
ftr-349	967	10	limitation	limitation	NOUN
ftr-349	967	11	less	less	ADV
ftr-349	967	12	effective	effective	ADJ
ftr-349	967	13	,	,	PUNCT
ftr-349	967	14	because	because	SCONJ
ftr-349	967	15	that	that	DET
ftr-349	967	16	planning	planning	NOUN
ftr-349	967	17	drives	drive	VERB
ftr-349	967	18	down	down	ADP
ftr-349	967	19	foreign	foreign	ADJ
ftr-349	967	20	effective	effective	ADJ
ftr-349	967	21	tax	tax	NOUN
ftr-349	967	22	rates	rate	NOUN
ftr-349	967	23	(	(	PUNCT
ftr-349	967	24	thereby	thereby	ADV
ftr-349	967	25	increasing	increase	VERB
ftr-349	967	26	a	a	DET
ftr-349	967	27	firm	firm	NOUN
ftr-349	967	28	’s	’s	PART
ftr-349	967	29	capacity	capacity	NOUN
ftr-349	967	30	to	to	PART
ftr-349	967	31	absorb	absorb	VERB
ftr-349	967	32	the	the	DET
ftr-349	967	33	operation	operation	NOUN
ftr-349	967	34	of	of	ADP
ftr-349	967	35	the	the	DET
ftr-349	967	36	limitation	limitation	NOUN
ftr-349	967	37	)	)	PUNCT
ftr-349	967	38	.	.	PUNCT
ftr-349	968	1	in	in	ADP
ftr-349	968	2	turn	turn	NOUN
ftr-349	968	3	,	,	PUNCT
ftr-349	968	4	the	the	DET
ftr-349	968	5	tax	tax	NOUN
ftr-349	968	6	director	director	NOUN
ftr-349	968	7	,	,	PUNCT
ftr-349	968	8	in	in	ADP
ftr-349	968	9	her	her	PRON
ftr-349	968	10	capacity	capacity	NOUN
ftr-349	968	11	as	as	ADP
ftr-349	968	12	master	master	NOUN
ftr-349	968	13	blender	blender	NOUN
ftr-349	968	14	of	of	ADP
ftr-349	968	15	the	the	DET
ftr-349	968	16	tax	tax	NOUN
ftr-349	968	17	distillery	distillery	NOUN
ftr-349	968	18	,	,	PUNCT
ftr-349	968	19	chooses	choose	VERB
ftr-349	968	20	which	which	DET
ftr-349	968	21	casks	cask	NOUN
ftr-349	968	22	of	of	ADP
ftr-349	968	23	foreign	foreign	ADJ
ftr-349	968	24	income	income	NOUN
ftr-349	968	25	to	to	PART
ftr-349	968	26	tap	tap	VERB
ftr-349	968	27	in	in	ADP
ftr-349	968	28	creating	create	VERB
ftr-349	968	29	her	her	PRON
ftr-349	968	30	annual	annual	ADJ
ftr-349	968	31	vintage	vintage	NOUN
ftr-349	968	32	of	of	ADP
ftr-349	968	33	repatriated	repatriate	VERB
ftr-349	968	34	income	income	NOUN
ftr-349	968	35	to	to	PART
ftr-349	968	36	take	take	VERB
ftr-349	968	37	this	this	DET
ftr-349	968	38	rule	rule	NOUN
ftr-349	968	39	into	into	ADP
ftr-349	968	40	account	account	NOUN
ftr-349	968	41	,	,	PUNCT
ftr-349	968	42	and	and	CCONJ
ftr-349	968	43	therefore	therefore	ADV
ftr-349	968	44	creates	create	VERB
ftr-349	968	45	a	a	DET
ftr-349	968	46	very	very	ADV
ftr-349	968	47	low	low	ADV
ftr-349	968	48	-	-	PUNCT
ftr-349	968	49	taxed	tax	VERB
ftr-349	968	50	repatriated	repatriate	VERB
ftr-349	968	51	foreign	foreign	ADJ
ftr-349	968	52	income	income	NOUN
ftr-349	968	53	blend	blend	NOUN
ftr-349	968	54	(	(	PUNCT
ftr-349	968	55	including	include	VERB
ftr-349	968	56	interest	interest	NOUN
ftr-349	968	57	and	and	CCONJ
ftr-349	968	58	royalty	royalty	NOUN
ftr-349	968	59	income	income	NOUN
ftr-349	968	60	)	)	PUNCT
ftr-349	968	61	that	that	PRON
ftr-349	968	62	has	have	VERB
ftr-349	968	63	capacity	capacity	NOUN
ftr-349	968	64	to	to	PART
ftr-349	968	65	absorb	absorb	VERB
ftr-349	968	66	the	the	DET
ftr-349	968	67	allocation	allocation	NOUN
ftr-349	968	68	of	of	ADP
ftr-349	968	69	u.s	u.s	PROPN
ftr-349	968	70	.	.	PROPN
ftr-349	968	71	expense.135	expense.135	NOUN
ftr-349	968	72	more	more	ADV
ftr-349	968	73	fundamentally	fundamentally	ADV
ftr-349	968	74	,	,	PUNCT
ftr-349	968	75	there	there	PRON
ftr-349	968	76	are	be	VERB
ftr-349	968	77	no	no	DET
ftr-349	968	78	practical	practical	ADJ
ftr-349	968	79	limits	limit	NOUN
ftr-349	968	80	beyond	beyond	ADP
ftr-349	968	81	those	those	PRON
ftr-349	968	82	imposed	impose	VERB
ftr-349	968	83	by	by	ADP
ftr-349	968	84	the	the	DET
ftr-349	968	85	marketplace	marketplace	NOUN
ftr-349	968	86	on	on	ADP
ftr-349	968	87	the	the	DET
ftr-349	968	88	amount	amount	NOUN
ftr-349	968	89	of	of	ADP
ftr-349	968	90	debt	debt	NOUN
ftr-349	968	91	a	a	DET
ftr-349	968	92	u.s	u.s	PROPN
ftr-349	968	93	.	.	PROPN
ftr-349	968	94	firm	firm	NOUN
ftr-349	968	95	can	can	AUX
ftr-349	968	96	issue	issue	VERB
ftr-349	968	97	to	to	ADP
ftr-349	968	98	third	third	ADJ
ftr-349	968	99	-	-	PUNCT
ftr-349	968	100	party	party	NOUN
ftr-349	968	101	investors	investor	NOUN
ftr-349	968	102	and	and	CCONJ
ftr-349	968	103	then	then	ADV
ftr-349	968	104	claim	claim	VERB
ftr-349	968	105	tax	tax	NOUN
ftr-349	968	106	deductions	deduction	NOUN
ftr-349	968	107	for	for	ADP
ftr-349	968	108	the	the	DET
ftr-349	968	109	resulting	result	VERB
ftr-349	968	110	interest	interest	NOUN
ftr-349	968	111	expense	expense	NOUN
ftr-349	968	112	.	.	PUNCT
ftr-349	969	1	moreover	moreover	ADV
ftr-349	969	2	,	,	PUNCT
ftr-349	969	3	there	there	PRON
ftr-349	969	4	is	be	VERB
ftr-349	969	5	no	no	DET
ftr-349	969	6	rule	rule	NOUN
ftr-349	969	7	of	of	ADP
ftr-349	969	8	current	current	ADJ
ftr-349	969	9	law	law	NOUN
ftr-349	969	10	that	that	PRON
ftr-349	969	11	directly	directly	ADV
ftr-349	969	12	disallows	disallow	VERB
ftr-349	969	13	or	or	CCONJ
ftr-349	969	14	defers	defer	VERB
ftr-349	969	15	otherwise	otherwise	ADV
ftr-349	969	16	-	-	PUNCT
ftr-349	969	17	deductible	deductible	VERB
ftr-349	969	18	domestic	domestic	ADJ
ftr-349	969	19	interest	interest	NOUN
ftr-349	969	20	expense	expense	NOUN
ftr-349	969	21	because	because	SCONJ
ftr-349	969	22	it	it	PRON
ftr-349	969	23	arises	arise	VERB
ftr-349	969	24	on	on	ADP
ftr-349	969	25	debt	debt	NOUN
ftr-349	969	26	that	that	PRON
ftr-349	969	27	arguably	arguably	ADV
ftr-349	969	28	was	be	AUX
ftr-349	969	29	incurred	incur	VERB
ftr-349	969	30	indirectly	indirectly	ADV
ftr-349	969	31	to	to	PART
ftr-349	969	32	repatriate	repatriate	VERB
ftr-349	969	33	low	low	ADJ
ftr-349	969	34	-	-	PUNCT
ftr-349	969	35	tax	tax	NOUN
ftr-349	969	36	foreign	foreign	ADJ
ftr-349	969	37	permanently	permanently	ADV
ftr-349	969	38	reinvested	reinveste	VERB
ftr-349	969	39	earnings	earning	NOUN
ftr-349	969	40	.	.	PUNCT
ftr-349	970	1	given	give	VERB
ftr-349	970	2	that	that	SCONJ
ftr-349	970	3	the	the	DET
ftr-349	970	4	united	united	PROPN
ftr-349	970	5	states	states	PROPN
ftr-349	970	6	has	have	AUX
ftr-349	970	7	high	high	ADJ
ftr-349	970	8	statutory	statutory	ADJ
ftr-349	970	9	corporate	corporate	ADJ
ftr-349	970	10	tax	tax	NOUN
ftr-349	970	11	rates	rate	NOUN
ftr-349	970	12	compared	compare	VERB
ftr-349	970	13	to	to	ADP
ftr-349	970	14	world	world	NOUN
ftr-349	970	15	norms	norm	NOUN
ftr-349	970	16	,	,	PUNCT
ftr-349	970	17	it	it	PRON
ftr-349	970	18	would	would	AUX
ftr-349	970	19	be	be	AUX
ftr-349	970	20	extraordinary	extraordinary	ADJ
ftr-349	970	21	to	to	PART
ftr-349	970	22	think	think	VERB
ftr-349	970	23	that	that	SCONJ
ftr-349	970	24	u.s	u.s	PROPN
ftr-349	970	25	.	.	PROPN
ftr-349	970	26	firms	firm	NOUN
ftr-349	970	27	,	,	PUNCT
ftr-349	970	28	having	having	AUX
ftr-349	970	29	successfully	successfully	ADV
ftr-349	970	30	captured	capture	VERB
ftr-349	970	31	tax	tax	NOUN
ftr-349	970	32	rents	rent	NOUN
ftr-349	970	33	through	through	ADP
ftr-349	970	34	the	the	DET
ftr-349	970	35	operation	operation	NOUN
ftr-349	970	36	of	of	ADP
ftr-349	970	37	their	their	PRON
ftr-349	970	38	stateless	stateless	NOUN
ftr-349	970	39	income	income	NOUN
ftr-349	970	40	generators	generator	NOUN
ftr-349	970	41	,	,	PUNCT
ftr-349	970	42	would	would	AUX
ftr-349	970	43	not	not	PART
ftr-349	970	44	complete	complete	VERB
ftr-349	970	45	the	the	DET
ftr-349	970	46	tax	tax	NOUN
ftr-349	970	47	minimization	minimization	NOUN
ftr-349	970	48	circle	circle	NOUN
ftr-349	970	49	by	by	ADP
ftr-349	970	50	funding	fund	VERB
ftr-349	970	51	their	their	PRON
ftr-349	970	52	global	global	ADJ
ftr-349	970	53	cash	cash	NOUN
ftr-349	970	54	needs	need	NOUN
ftr-349	970	55	through	through	ADP
ftr-349	970	56	u.s	u.s	PROPN
ftr-349	970	57	.	.	PROPN
ftr-349	970	58	domestic	domestic	ADJ
ftr-349	970	59	borrowings	borrowing	NOUN
ftr-349	970	60	.	.	PUNCT
ftr-349	971	1	as	as	ADP
ftr-349	971	2	an	an	DET
ftr-349	971	3	economic	economic	ADJ
ftr-349	971	4	matter	matter	NOUN
ftr-349	971	5	,	,	PUNCT
ftr-349	971	6	the	the	DET
ftr-349	971	7	consequence	consequence	NOUN
ftr-349	971	8	is	be	AUX
ftr-349	971	9	to	to	PART
ftr-349	971	10	turbocharge	turbocharge	VERB
ftr-349	971	11	the	the	DET
ftr-349	971	12	benefits	benefit	NOUN
ftr-349	971	13	of	of	ADP
ftr-349	971	14	stateless	stateless	NOUN
ftr-349	971	15	income	income	NOUN
ftr-349	971	16	tax	tax	NOUN
ftr-349	971	17	planning	planning	NOUN
ftr-349	971	18	by	by	ADP
ftr-349	971	19	migrating	migrate	VERB
ftr-349	971	20	(	(	PUNCT
ftr-349	971	21	through	through	ADP
ftr-349	971	22	domestic	domestic	ADJ
ftr-349	971	23	interest	interest	NOUN
ftr-349	971	24	deductions	deduction	NOUN
ftr-349	971	25	)	)	PUNCT
ftr-349	971	26	what	what	PRON
ftr-349	971	27	would	would	AUX
ftr-349	971	28	have	have	AUX
ftr-349	971	29	been	be	AUX
ftr-349	971	30	u.s	u.s	PROPN
ftr-349	971	31	.	.	PROPN
ftr-349	971	32	taxable	taxable	ADJ
ftr-349	971	33	income	income	NOUN
ftr-349	971	34	to	to	ADP
ftr-349	971	35	stateless	stateless	NOUN
ftr-349	971	36	status	status	NOUN
ftr-349	971	37	.	.	PUNCT
ftr-349	972	1	d.	d.	PROPN
ftr-349	972	2	competiveness	competiveness	PROPN
ftr-349	972	3	of	of	ADP
ftr-349	972	4	u.s	u.s	PROPN
ftr-349	972	5	.	.	PROPN
ftr-349	972	6	firms	firm	NOUN
ftr-349	972	7	:	:	PUNCT
ftr-349	972	8	statutory	statutory	ADJ
ftr-349	972	9	and	and	CCONJ
ftr-349	972	10	effective	effective	ADJ
ftr-349	972	11	tax	tax	NOUN
ftr-349	972	12	rates	rate	NOUN
ftr-349	972	13	the	the	DET
ftr-349	972	14	united	united	PROPN
ftr-349	972	15	states	states	PROPN
ftr-349	972	16	today	today	NOUN
ftr-349	972	17	has	have	AUX
ftr-349	972	18	(	(	PUNCT
ftr-349	972	19	or	or	CCONJ
ftr-349	972	20	at	at	ADP
ftr-349	972	21	least	least	ADJ
ftr-349	972	22	will	will	AUX
ftr-349	972	23	soon	soon	ADV
ftr-349	972	24	have	have	VERB
ftr-349	972	25	)	)	PUNCT
ftr-349	972	26	the	the	DET
ftr-349	972	27	highest	high	ADJ
ftr-349	972	28	federal	federal	ADJ
ftr-349	972	29	statutory	statutory	ADJ
ftr-349	972	30	corporate	corporate	ADJ
ftr-349	972	31	tax	tax	NOUN
ftr-349	972	32	rate	rate	NOUN
ftr-349	972	33	of	of	ADP
ftr-349	972	34	any	any	PRON
ftr-349	972	35	of	of	ADP
ftr-349	972	36	the	the	DET
ftr-349	972	37	world	world	NOUN
ftr-349	972	38	’s	’s	PART
ftr-349	972	39	largest	large	ADJ
ftr-349	972	40	economies.136	economies.136	NOUN
ftr-349	972	41	relying	rely	VERB
ftr-349	972	42	in	in	ADP
ftr-349	972	43	part	part	NOUN
ftr-349	972	44	on	on	ADP
ftr-349	972	45	this	this	DET
ftr-349	972	46	fact	fact	NOUN
ftr-349	972	47	,	,	PUNCT
ftr-349	972	48	and	and	CCONJ
ftr-349	972	49	in	in	ADP
ftr-349	972	50	part	part	NOUN
ftr-349	972	51	on	on	ADP
ftr-349	972	52	their	their	PRON
ftr-349	972	53	assertion	assertion	NOUN
ftr-349	972	54	that	that	SCONJ
ftr-349	972	55	135	135	NUM
ftr-349	972	56	.	.	PUNCT
ftr-349	973	1	james	james	PROPN
ftr-349	973	2	r.	r.	PROPN
ftr-349	973	3	hines	hines	PROPN
ftr-349	973	4	,	,	PUNCT
ftr-349	973	5	jr	jr	PROPN
ftr-349	973	6	.	.	PROPN
ftr-349	973	7	,	,	PUNCT
ftr-349	973	8	foreign	foreign	ADJ
ftr-349	973	9	income	income	NOUN
ftr-349	973	10	and	and	CCONJ
ftr-349	973	11	domestic	domestic	ADJ
ftr-349	973	12	deductions	deduction	NOUN
ftr-349	973	13	,	,	PUNCT
ftr-349	973	14	61	61	NUM
ftr-349	973	15	nat’l	nat’l	NOUN
ftr-349	973	16	tax	tax	NOUN
ftr-349	973	17	j.	j.	PROPN
ftr-349	973	18	461	461	PROPN
ftr-349	973	19	,	,	PUNCT
ftr-349	973	20	463–64	463–64	PROPN
ftr-349	973	21	(	(	PUNCT
ftr-349	973	22	2008	2008	NUM
ftr-349	973	23	)	)	PUNCT
ftr-349	973	24	(	(	PUNCT
ftr-349	973	25	“	"	PUNCT
ftr-349	973	26	taxpayers	taxpayer	NOUN
ftr-349	973	27	whose	whose	DET
ftr-349	973	28	foreign	foreign	ADJ
ftr-349	973	29	income	income	NOUN
ftr-349	973	30	is	be	AUX
ftr-349	973	31	lightly	lightly	ADV
ftr-349	973	32	taxed	tax	VERB
ftr-349	973	33	by	by	ADP
ftr-349	973	34	foreign	foreign	ADJ
ftr-349	973	35	governments	government	NOUN
ftr-349	973	36	,	,	PUNCT
ftr-349	973	37	and	and	CCONJ
ftr-349	973	38	who	who	PRON
ftr-349	973	39	,	,	PUNCT
ftr-349	973	40	therefore	therefore	ADV
ftr-349	973	41	,	,	PUNCT
ftr-349	973	42	owe	owe	VERB
ftr-349	973	43	residual	residual	ADJ
ftr-349	973	44	u.s	u.s	PROPN
ftr-349	973	45	.	.	PROPN
ftr-349	973	46	tax	tax	NOUN
ftr-349	973	47	on	on	ADP
ftr-349	973	48	that	that	DET
ftr-349	973	49	income	income	NOUN
ftr-349	973	50	,	,	PUNCT
ftr-349	973	51	receive	receive	VERB
ftr-349	973	52	the	the	DET
ftr-349	973	53	benefit	benefit	NOUN
ftr-349	973	54	of	of	ADP
ftr-349	973	55	full	full	ADJ
ftr-349	973	56	domestic	domestic	ADJ
ftr-349	973	57	deductibility	deductibility	NOUN
ftr-349	973	58	of	of	ADP
ftr-349	973	59	expenses	expense	NOUN
ftr-349	973	60	incurred	incur	VERB
ftr-349	973	61	in	in	ADP
ftr-349	973	62	the	the	DET
ftr-349	973	63	united	united	PROPN
ftr-349	973	64	states	states	PROPN
ftr-349	973	65	.	.	PUNCT
ftr-349	973	66	”	"	PUNCT
ftr-349	973	67	)	)	PUNCT
ftr-349	973	68	.	.	PUNCT
ftr-349	974	1	136	136	NUM
ftr-349	974	2	.	.	PUNCT
ftr-349	975	1	the	the	DET
ftr-349	975	2	government	government	NOUN
ftr-349	975	3	of	of	ADP
ftr-349	975	4	the	the	DET
ftr-349	975	5	previous	previous	ADJ
ftr-349	975	6	record	record	NOUN
ftr-349	975	7	holder	holder	NOUN
ftr-349	975	8	,	,	PUNCT
ftr-349	975	9	japan	japan	PROPN
ftr-349	975	10	,	,	PUNCT
ftr-349	975	11	had	have	AUX
ftr-349	975	12	announced	announce	VERB
ftr-349	975	13	plans	plan	NOUN
ftr-349	975	14	to	to	PART
ftr-349	975	15	reduce	reduce	VERB
ftr-349	975	16	its	its	PRON
ftr-349	975	17	national	national	ADJ
ftr-349	975	18	total	total	NOUN
ftr-349	975	19	(	(	PUNCT
ftr-349	975	20	central	central	ADJ
ftr-349	975	21	and	and	CCONJ
ftr-349	975	22	sub	sub	ADJ
ftr-349	975	23	-	-	ADJ
ftr-349	975	24	central	central	ADJ
ftr-349	975	25	government	government	NOUN
ftr-349	975	26	)	)	PUNCT
ftr-349	975	27	corporate	corporate	ADJ
ftr-349	975	28	tax	tax	NOUN
ftr-349	975	29	2001	2001	NUM
ftr-349	975	30	]	]	PUNCT
ftr-349	975	31	stateless	stateless	NOUN
ftr-349	975	32	income	income	NOUN
ftr-349	975	33	759	759	NUM
ftr-349	975	34	the	the	DET
ftr-349	975	35	united	united	PROPN
ftr-349	975	36	states	states	PROPN
ftr-349	975	37	imposes	impose	VERB
ftr-349	975	38	a	a	DET
ftr-349	975	39	worldwide	worldwide	ADJ
ftr-349	975	40	tax	tax	NOUN
ftr-349	975	41	on	on	ADP
ftr-349	975	42	the	the	DET
ftr-349	975	43	income	income	NOUN
ftr-349	975	44	of	of	ADP
ftr-349	975	45	u.s	u.s	PROPN
ftr-349	975	46	.	.	PROPN
ftr-349	975	47	multinational	multinational	ADJ
ftr-349	975	48	firms	firm	NOUN
ftr-349	975	49	,	,	PUNCT
ftr-349	975	50	many	many	ADJ
ftr-349	975	51	such	such	ADJ
ftr-349	975	52	enterprises	enterprise	NOUN
ftr-349	975	53	have	have	AUX
ftr-349	975	54	argued	argue	VERB
ftr-349	975	55	that	that	SCONJ
ftr-349	975	56	the	the	DET
ftr-349	975	57	current	current	ADJ
ftr-349	975	58	u.s	u.s	PROPN
ftr-349	975	59	.	.	PROPN
ftr-349	975	60	tax	tax	NOUN
ftr-349	975	61	system	system	NOUN
ftr-349	975	62	makes	make	VERB
ftr-349	975	63	them	they	PRON
ftr-349	975	64	uncompetitive	uncompetitive	ADJ
ftr-349	975	65	against	against	ADP
ftr-349	975	66	foreign	foreign	ADJ
ftr-349	975	67	multinationals	multinational	NOUN
ftr-349	975	68	operating	operate	VERB
ftr-349	975	69	with	with	ADP
ftr-349	975	70	territorial	territorial	ADJ
ftr-349	975	71	tax	tax	NOUN
ftr-349	975	72	regimes.137	regimes.137	NOUN
ftr-349	975	73	the	the	DET
ftr-349	975	74	data	data	NOUN
ftr-349	975	75	point	point	NOUN
ftr-349	975	76	in	in	ADP
ftr-349	975	77	a	a	DET
ftr-349	975	78	different	different	ADJ
ftr-349	975	79	direction	direction	NOUN
ftr-349	975	80	.	.	PUNCT
ftr-349	976	1	as	as	ADP
ftr-349	976	2	a	a	DET
ftr-349	976	3	preliminary	preliminary	ADJ
ftr-349	976	4	matter	matter	NOUN
ftr-349	976	5	,	,	PUNCT
ftr-349	976	6	the	the	DET
ftr-349	976	7	gap	gap	NOUN
ftr-349	976	8	between	between	ADP
ftr-349	976	9	u.s	u.s	PROPN
ftr-349	976	10	.	.	PROPN
ftr-349	976	11	and	and	CCONJ
ftr-349	976	12	world	world	NOUN
ftr-349	976	13	corporate	corporate	ADJ
ftr-349	976	14	tax	tax	NOUN
ftr-349	976	15	rate	rate	NOUN
ftr-349	976	16	norms	norm	NOUN
ftr-349	976	17	is	be	AUX
ftr-349	976	18	sometimes	sometimes	ADV
ftr-349	976	19	overstated	overstate	VERB
ftr-349	976	20	.	.	PUNCT
ftr-349	977	1	many	many	ADJ
ftr-349	977	2	analysts	analyst	NOUN
ftr-349	977	3	find	find	VERB
ftr-349	977	4	it	it	PRON
ftr-349	977	5	convenient	convenient	ADJ
ftr-349	977	6	to	to	PART
ftr-349	977	7	rely	rely	VERB
ftr-349	977	8	on	on	ADP
ftr-349	977	9	an	an	DET
ftr-349	977	10	annual	annual	ADJ
ftr-349	977	11	oecd	oecd	NOUN
ftr-349	977	12	dataset	dataset	NOUN
ftr-349	977	13	for	for	ADP
ftr-349	977	14	this	this	DET
ftr-349	977	15	purpose.138	purpose.138	NOUN
ftr-349	977	16	using	use	VERB
ftr-349	977	17	this	this	DET
ftr-349	977	18	source	source	NOUN
ftr-349	977	19	,	,	PUNCT
ftr-349	977	20	the	the	DET
ftr-349	977	21	simple	simple	ADJ
ftr-349	977	22	unweighted	unweighted	ADJ
ftr-349	977	23	average	average	NOUN
ftr-349	977	24	of	of	ADP
ftr-349	977	25	2010	2010	NUM
ftr-349	977	26	corporate	corporate	ADJ
ftr-349	977	27	tax	tax	NOUN
ftr-349	977	28	rates	rate	NOUN
ftr-349	977	29	among	among	ADP
ftr-349	977	30	the	the	DET
ftr-349	977	31	30	30	NUM
ftr-349	977	32	oecd	oecd	PROPN
ftr-349	977	33	countries	country	NOUN
ftr-349	977	34	,	,	PUNCT
ftr-349	977	35	excluding	exclude	VERB
ftr-349	977	36	the	the	DET
ftr-349	977	37	united	united	PROPN
ftr-349	977	38	states	states	PROPN
ftr-349	977	39	,	,	PUNCT
ftr-349	977	40	was	be	AUX
ftr-349	977	41	25.6	25.6	NUM
ftr-349	977	42	percent	percent	NOUN
ftr-349	977	43	.	.	PUNCT
ftr-349	978	1	this	this	DET
ftr-349	978	2	dataset	dataset	NOUN
ftr-349	978	3	must	must	AUX
ftr-349	978	4	be	be	AUX
ftr-349	978	5	applied	apply	VERB
ftr-349	978	6	with	with	ADP
ftr-349	978	7	caution	caution	NOUN
ftr-349	978	8	in	in	ADP
ftr-349	978	9	three	three	NUM
ftr-349	978	10	respects	respect	NOUN
ftr-349	978	11	.	.	PUNCT
ftr-349	979	1	first	first	ADV
ftr-349	979	2	,	,	PUNCT
ftr-349	979	3	the	the	DET
ftr-349	979	4	dataset	dataset	NOUN
ftr-349	979	5	includes	include	VERB
ftr-349	979	6	sub	sub	ADJ
ftr-349	979	7	-	-	ADJ
ftr-349	979	8	central	central	ADJ
ftr-349	979	9	government	government	NOUN
ftr-349	979	10	taxes	taxis	NOUN
ftr-349	979	11	on	on	ADP
ftr-349	979	12	corporate	corporate	ADJ
ftr-349	979	13	income	income	NOUN
ftr-349	979	14	;	;	PUNCT
ftr-349	979	15	this	this	PRON
ftr-349	979	16	explains	explain	VERB
ftr-349	979	17	why	why	SCONJ
ftr-349	979	18	the	the	DET
ftr-349	979	19	u.s	u.s	PROPN
ftr-349	979	20	.	.	PROPN
ftr-349	979	21	rate	rate	NOUN
ftr-349	979	22	is	be	AUX
ftr-349	979	23	described	describe	VERB
ftr-349	979	24	as	as	ADP
ftr-349	979	25	39.2	39.2	NUM
ftr-349	979	26	percent	percent	NOUN
ftr-349	979	27	.	.	PUNCT
ftr-349	980	1	it	it	PRON
ftr-349	980	2	is	be	AUX
ftr-349	980	3	appropriate	appropriate	ADJ
ftr-349	980	4	to	to	PART
ftr-349	980	5	include	include	VERB
ftr-349	980	6	sub	sub	ADJ
ftr-349	980	7	-	-	ADJ
ftr-349	980	8	central	central	ADJ
ftr-349	980	9	government	government	NOUN
ftr-349	980	10	taxes	taxis	NOUN
ftr-349	980	11	when	when	SCONJ
ftr-349	980	12	comparing	compare	VERB
ftr-349	980	13	the	the	DET
ftr-349	980	14	competitive	competitive	ADJ
ftr-349	980	15	tax	tax	NOUN
ftr-349	980	16	environment	environment	NOUN
ftr-349	980	17	of	of	ADP
ftr-349	980	18	u.s	u.s	PROPN
ftr-349	980	19	.	.	PROPN
ftr-349	980	20	domestic	domestic	ADJ
ftr-349	980	21	firms	firm	NOUN
ftr-349	980	22	to	to	ADP
ftr-349	980	23	foreign	foreign	ADJ
ftr-349	980	24	firms	firm	NOUN
ftr-349	980	25	,	,	PUNCT
ftr-349	980	26	or	or	CCONJ
ftr-349	980	27	when	when	SCONJ
ftr-349	980	28	measuring	measure	VERB
ftr-349	980	29	the	the	DET
ftr-349	980	30	foreign	foreign	ADJ
ftr-349	980	31	tax	tax	NOUN
ftr-349	980	32	burden	burden	NOUN
ftr-349	980	33	on	on	ADP
ftr-349	980	34	inbound	inbound	ADJ
ftr-349	980	35	investment	investment	NOUN
ftr-349	980	36	in	in	ADP
ftr-349	980	37	a	a	DET
ftr-349	980	38	particular	particular	ADJ
ftr-349	980	39	country	country	NOUN
ftr-349	980	40	,	,	PUNCT
ftr-349	980	41	but	but	CCONJ
ftr-349	980	42	it	it	PRON
ftr-349	980	43	is	be	AUX
ftr-349	980	44	not	not	PART
ftr-349	980	45	appropriate	appropriate	ADJ
ftr-349	980	46	to	to	PART
ftr-349	980	47	include	include	VERB
ftr-349	980	48	u.s	u.s	PROPN
ftr-349	980	49	.	.	PROPN
ftr-349	980	50	sub	sub	ADJ
ftr-349	980	51	-	-	ADJ
ftr-349	980	52	central	central	ADJ
ftr-349	980	53	government	government	NOUN
ftr-349	980	54	taxes	taxis	NOUN
ftr-349	980	55	when	when	SCONJ
ftr-349	980	56	measuring	measure	VERB
ftr-349	980	57	an	an	DET
ftr-349	980	58	actual	actual	ADJ
ftr-349	980	59	or	or	CCONJ
ftr-349	980	60	hypothetical	hypothetical	ADJ
ftr-349	980	61	u.s	u.s	PROPN
ftr-349	980	62	.	.	PROPN
ftr-349	980	63	statutory	statutory	ADJ
ftr-349	980	64	tax	tax	NOUN
ftr-349	980	65	burden	burden	NOUN
ftr-349	980	66	on	on	ADP
ftr-349	980	67	u.s.-domiciled	u.s.-domiciled	ADJ
ftr-349	980	68	multinational	multinational	ADJ
ftr-349	980	69	firms	firm	NOUN
ftr-349	980	70	contemplating	contemplate	VERB
ftr-349	980	71	an	an	DET
ftr-349	980	72	outbound	outbound	ADJ
ftr-349	980	73	investment	investment	NOUN
ftr-349	980	74	,	,	PUNCT
ftr-349	980	75	because	because	SCONJ
ftr-349	980	76	as	as	ADP
ftr-349	980	77	a	a	DET
ftr-349	980	78	general	general	ADJ
ftr-349	980	79	matter	matter	NOUN
ftr-349	980	80	foreign	foreign	ADJ
ftr-349	980	81	income	income	NOUN
ftr-349	980	82	is	be	AUX
ftr-349	980	83	not	not	PART
ftr-349	980	84	taxed	tax	VERB
ftr-349	980	85	by	by	ADP
ftr-349	980	86	the	the	DET
ftr-349	980	87	states	state	NOUN
ftr-349	980	88	of	of	ADP
ftr-349	980	89	the	the	DET
ftr-349	980	90	united	united	PROPN
ftr-349	980	91	states.139	states.139	PROPN
ftr-349	980	92	the	the	DET
ftr-349	980	93	right	right	ADJ
ftr-349	980	94	statutory	statutory	ADJ
ftr-349	980	95	rate	rate	NOUN
ftr-349	980	96	comparison	comparison	NOUN
ftr-349	980	97	in	in	ADP
ftr-349	980	98	that	that	DET
ftr-349	980	99	case	case	NOUN
ftr-349	980	100	is	be	AUX
ftr-349	980	101	the	the	DET
ftr-349	980	102	total	total	ADJ
ftr-349	980	103	rate	rate	NOUN
ftr-349	980	104	to	to	ADP
ftr-349	980	105	34.5	34.5	NUM
ftr-349	980	106	percent	percent	NOUN
ftr-349	980	107	on	on	ADP
ftr-349	980	108	april	april	PROPN
ftr-349	980	109	1	1	NUM
ftr-349	980	110	,	,	PUNCT
ftr-349	980	111	2011	2011	NUM
ftr-349	980	112	.	.	PUNCT
ftr-349	981	1	those	those	DET
ftr-349	981	2	plans	plan	NOUN
ftr-349	981	3	were	be	AUX
ftr-349	981	4	temporarily	temporarily	ADV
ftr-349	981	5	postponed	postpone	VERB
ftr-349	981	6	as	as	ADP
ftr-349	981	7	a	a	DET
ftr-349	981	8	result	result	NOUN
ftr-349	981	9	of	of	ADP
ftr-349	981	10	that	that	DET
ftr-349	981	11	country	country	NOUN
ftr-349	981	12	’s	’s	PART
ftr-349	981	13	devastating	devastating	ADJ
ftr-349	981	14	earthquake	earthquake	NOUN
ftr-349	981	15	in	in	ADP
ftr-349	981	16	march	march	PROPN
ftr-349	981	17	2011	2011	NUM
ftr-349	981	18	.	.	PUNCT
ftr-349	982	1	137	137	NUM
ftr-349	982	2	.	.	PUNCT
ftr-349	983	1	“	"	PUNCT
ftr-349	983	2	competitiveness	competitiveness	NOUN
ftr-349	983	3	”	"	PUNCT
ftr-349	983	4	is	be	AUX
ftr-349	983	5	not	not	PART
ftr-349	983	6	a	a	DET
ftr-349	983	7	concept	concept	NOUN
ftr-349	983	8	that	that	PRON
ftr-349	983	9	is	be	AUX
ftr-349	983	10	well	well	ADV
ftr-349	983	11	developed	develop	VERB
ftr-349	983	12	in	in	ADP
ftr-349	983	13	the	the	DET
ftr-349	983	14	economic	economic	ADJ
ftr-349	983	15	literature	literature	NOUN
ftr-349	983	16	.	.	PUNCT
ftr-349	984	1	for	for	ADP
ftr-349	984	2	two	two	NUM
ftr-349	984	3	recent	recent	ADJ
ftr-349	984	4	efforts	effort	NOUN
ftr-349	984	5	to	to	PART
ftr-349	984	6	situate	situate	VERB
ftr-349	984	7	the	the	DET
ftr-349	984	8	term	term	NOUN
ftr-349	984	9	more	more	ADV
ftr-349	984	10	firmly	firmly	ADV
ftr-349	984	11	in	in	ADP
ftr-349	984	12	economic	economic	ADJ
ftr-349	984	13	analysis	analysis	NOUN
ftr-349	984	14	,	,	PUNCT
ftr-349	984	15	see	see	VERB
ftr-349	984	16	eckhard	eckhard	PROPN
ftr-349	984	17	siggel	siggel	NOUN
ftr-349	984	18	,	,	PUNCT
ftr-349	984	19	international	international	ADJ
ftr-349	984	20	competitiveness	competitiveness	NOUN
ftr-349	984	21	and	and	CCONJ
ftr-349	984	22	comparative	comparative	ADJ
ftr-349	984	23	advantage	advantage	NOUN
ftr-349	984	24	:	:	PUNCT
ftr-349	984	25	a	a	DET
ftr-349	984	26	survey	survey	NOUN
ftr-349	984	27	and	and	CCONJ
ftr-349	984	28	a	a	DET
ftr-349	984	29	proposal	proposal	NOUN
ftr-349	984	30	for	for	ADP
ftr-349	984	31	measurement	measurement	NOUN
ftr-349	984	32	,	,	PUNCT
ftr-349	984	33	6	6	NUM
ftr-349	984	34	j.	j.	PROPN
ftr-349	984	35	indus	indus	PROPN
ftr-349	984	36	.	.	PUNCT
ftr-349	985	1	competition	competition	NOUN
ftr-349	985	2	&	&	CCONJ
ftr-349	985	3	trade	trade	PROPN
ftr-349	985	4	137	137	NUM
ftr-349	985	5	(	(	PUNCT
ftr-349	985	6	2006	2006	NUM
ftr-349	985	7	)	)	PUNCT
ftr-349	985	8	;	;	PUNCT
ftr-349	985	9	michael	michael	PROPN
ftr-349	985	10	knoll	knoll	PROPN
ftr-349	985	11	,	,	PUNCT
ftr-349	985	12	the	the	DET
ftr-349	985	13	corporate	corporate	ADJ
ftr-349	985	14	income	income	NOUN
ftr-349	985	15	tax	tax	NOUN
ftr-349	985	16	and	and	CCONJ
ftr-349	985	17	the	the	DET
ftr-349	985	18	competitiveness	competitiveness	NOUN
ftr-349	985	19	of	of	ADP
ftr-349	985	20	u.s	u.s	PROPN
ftr-349	985	21	.	.	PROPN
ftr-349	985	22	industries	industry	NOUN
ftr-349	985	23	,	,	PUNCT
ftr-349	985	24	63	63	NUM
ftr-349	985	25	tax	tax	NOUN
ftr-349	985	26	l.	l.	PROPN
ftr-349	985	27	rev	rev	PROPN
ftr-349	985	28	.	.	PROPN
ftr-349	985	29	771	771	NUM
ftr-349	985	30	(	(	PUNCT
ftr-349	985	31	2009	2009	NUM
ftr-349	985	32	)	)	PUNCT
ftr-349	985	33	.	.	PUNCT
ftr-349	986	1	michael	michael	PROPN
ftr-349	986	2	knoll	knoll	PROPN
ftr-349	986	3	kindly	kindly	ADV
ftr-349	986	4	called	call	VERB
ftr-349	986	5	the	the	DET
ftr-349	986	6	former	former	ADJ
ftr-349	986	7	paper	paper	NOUN
ftr-349	986	8	to	to	ADP
ftr-349	986	9	my	my	PRON
ftr-349	986	10	attention	attention	NOUN
ftr-349	986	11	.	.	PUNCT
ftr-349	987	1	u.s	u.s	PROPN
ftr-349	987	2	.	.	PROPN
ftr-349	987	3	multinational	multinational	ADJ
ftr-349	987	4	firms	firm	NOUN
ftr-349	987	5	can	can	AUX
ftr-349	987	6	fairly	fairly	ADV
ftr-349	987	7	be	be	AUX
ftr-349	987	8	said	say	VERB
ftr-349	987	9	not	not	PART
ftr-349	987	10	to	to	PART
ftr-349	987	11	be	be	AUX
ftr-349	987	12	deeply	deeply	ADV
ftr-349	987	13	troubled	trouble	VERB
ftr-349	987	14	by	by	ADP
ftr-349	987	15	any	any	DET
ftr-349	987	16	terminological	terminological	ADJ
ftr-349	987	17	ambiguity	ambiguity	NOUN
ftr-349	987	18	.	.	PUNCT
ftr-349	988	1	to	to	ADP
ftr-349	988	2	such	such	DET
ftr-349	988	3	a	a	DET
ftr-349	988	4	firm	firm	NOUN
ftr-349	988	5	,	,	PUNCT
ftr-349	988	6	an	an	DET
ftr-349	988	7	“	"	PUNCT
ftr-349	988	8	anticompetitive	anticompetitive	ADJ
ftr-349	988	9	”	"	PUNCT
ftr-349	988	10	measure	measure	NOUN
ftr-349	988	11	is	be	AUX
ftr-349	988	12	any	any	DET
ftr-349	988	13	cost	cost	NOUN
ftr-349	988	14	that	that	SCONJ
ftr-349	988	15	along	along	ADP
ftr-349	988	16	any	any	DET
ftr-349	988	17	dimension	dimension	NOUN
ftr-349	988	18	might	might	AUX
ftr-349	988	19	be	be	AUX
ftr-349	988	20	greater	great	ADJ
ftr-349	988	21	than	than	ADP
ftr-349	988	22	the	the	DET
ftr-349	988	23	comparable	comparable	ADJ
ftr-349	988	24	cost	cost	NOUN
ftr-349	988	25	faced	face	VERB
ftr-349	988	26	by	by	ADP
ftr-349	988	27	a	a	DET
ftr-349	988	28	firm	firm	NOUN
ftr-349	988	29	not	not	PART
ftr-349	988	30	domiciled	domicile	VERB
ftr-349	988	31	in	in	ADP
ftr-349	988	32	the	the	DET
ftr-349	988	33	united	united	PROPN
ftr-349	988	34	states	states	PROPN
ftr-349	988	35	.	.	PUNCT
ftr-349	989	1	as	as	ADP
ftr-349	989	2	an	an	DET
ftr-349	989	3	anecdotal	anecdotal	ADJ
ftr-349	989	4	matter	matter	NOUN
ftr-349	989	5	,	,	PUNCT
ftr-349	989	6	it	it	PRON
ftr-349	989	7	has	have	AUX
ftr-349	989	8	been	be	AUX
ftr-349	989	9	this	this	DET
ftr-349	989	10	author	author	NOUN
ftr-349	989	11	’s	’s	PART
ftr-349	989	12	experience	experience	NOUN
ftr-349	989	13	that	that	SCONJ
ftr-349	989	14	within	within	ADP
ftr-349	989	15	this	this	DET
ftr-349	989	16	framework	framework	NOUN
ftr-349	989	17	no	no	DET
ftr-349	989	18	quantum	quantum	NOUN
ftr-349	989	19	of	of	ADP
ftr-349	989	20	pro	pro	ADJ
ftr-349	989	21	-	-	ADJ
ftr-349	989	22	competitive	competitive	ADJ
ftr-349	989	23	factors	factor	NOUN
ftr-349	989	24	can	can	AUX
ftr-349	989	25	ever	ever	ADV
ftr-349	989	26	outweigh	outweigh	VERB
ftr-349	989	27	the	the	DET
ftr-349	989	28	damage	damage	NOUN
ftr-349	989	29	imagined	imagine	VERB
ftr-349	989	30	to	to	PART
ftr-349	989	31	be	be	AUX
ftr-349	989	32	done	do	VERB
ftr-349	989	33	by	by	ADP
ftr-349	989	34	a	a	DET
ftr-349	989	35	single	single	ADJ
ftr-349	989	36	anti	anti	ADJ
ftr-349	989	37	-	-	ADJ
ftr-349	989	38	competitive	competitive	ADJ
ftr-349	989	39	one	one	NUM
ftr-349	989	40	.	.	PUNCT
ftr-349	990	1	138	138	NUM
ftr-349	990	2	.	.	PUNCT
ftr-349	991	1	for	for	ADP
ftr-349	991	2	2010	2010	NUM
ftr-349	991	3	data	datum	NOUN
ftr-349	991	4	,	,	PUNCT
ftr-349	991	5	see	see	VERB
ftr-349	991	6	oecd	oecd	PROPN
ftr-349	991	7	tax	tax	NOUN
ftr-349	991	8	database	database	NOUN
ftr-349	991	9	,	,	PUNCT
ftr-349	991	10	corporate	corporate	ADJ
ftr-349	991	11	and	and	CCONJ
ftr-349	991	12	capital	capital	NOUN
ftr-349	991	13	income	income	NOUN
ftr-349	991	14	taxes	taxis	NOUN
ftr-349	991	15	,	,	PUNCT
ftr-349	991	16	table	table	NOUN
ftr-349	991	17	ii.1	ii.1	PROPN
ftr-349	991	18	,	,	PUNCT
ftr-349	991	19	http://www.oecd.org/document/60/0,3746,en_2649	http://www.oecd.org/document/60/0,3746,en_2649	X
ftr-349	991	20	_	_	NOUN
ftr-349	991	21	34897_1942460_1_1_1_1,00.html#c_corporatecaptial	34897_1942460_1_1_1_1,00.html#c_corporatecaptial	NUM
ftr-349	991	22	.	.	PUNCT
ftr-349	992	1	139	139	NUM
ftr-349	992	2	.	.	PUNCT
ftr-349	993	1	no	no	DET
ftr-349	993	2	state	state	NOUN
ftr-349	993	3	directly	directly	ADV
ftr-349	993	4	taxes	tax	VERB
ftr-349	993	5	foreign	foreign	ADJ
ftr-349	993	6	income	income	NOUN
ftr-349	993	7	under	under	ADP
ftr-349	993	8	its	its	PRON
ftr-349	993	9	general	general	ADJ
ftr-349	993	10	corporate	corporate	ADJ
ftr-349	993	11	income	income	NOUN
ftr-349	993	12	or	or	CCONJ
ftr-349	993	13	franchise	franchise	NOUN
ftr-349	993	14	tax	tax	NOUN
ftr-349	993	15	.	.	PUNCT
ftr-349	994	1	three	three	NUM
ftr-349	994	2	states	state	NOUN
ftr-349	994	3	(	(	PUNCT
ftr-349	994	4	idaho	idaho	PROPN
ftr-349	994	5	,	,	PUNCT
ftr-349	994	6	montana	montana	PROPN
ftr-349	994	7	and	and	CCONJ
ftr-349	994	8	north	north	PROPN
ftr-349	994	9	dakota	dakota	PROPN
ftr-349	994	10	)	)	PUNCT
ftr-349	994	11	require	require	VERB
ftr-349	994	12	global	global	ADJ
ftr-349	994	13	consolidation	consolidation	NOUN
ftr-349	994	14	and	and	CCONJ
ftr-349	994	15	apportionment	apportionment	NOUN
ftr-349	994	16	of	of	ADP
ftr-349	994	17	income	income	NOUN
ftr-349	994	18	;	;	PUNCT
ftr-349	994	19	if	if	SCONJ
ftr-349	994	20	firms	firm	NOUN
ftr-349	994	21	report	report	VERB
ftr-349	994	22	consistently	consistently	ADV
ftr-349	994	23	higher	high	ADJ
ftr-349	994	24	profits	profit	NOUN
ftr-349	994	25	on	on	ADP
ftr-349	994	26	a	a	DET
ftr-349	994	27	separate	separate	ADJ
ftr-349	994	28	company	company	NOUN
ftr-349	994	29	basis	basis	NOUN
ftr-349	994	30	outside	outside	ADP
ftr-349	994	31	the	the	DET
ftr-349	994	32	united	united	PROPN
ftr-349	994	33	states	states	PROPN
ftr-349	994	34	than	than	SCONJ
ftr-349	994	35	they	they	PRON
ftr-349	994	36	do	do	AUX
ftr-349	994	37	inside	inside	ADV
ftr-349	994	38	,	,	PUNCT
ftr-349	994	39	the	the	DET
ftr-349	994	40	effect	effect	NOUN
ftr-349	994	41	of	of	ADP
ftr-349	994	42	this	this	DET
ftr-349	994	43	rule	rule	NOUN
ftr-349	994	44	may	may	AUX
ftr-349	994	45	be	be	AUX
ftr-349	994	46	to	to	PART
ftr-349	994	47	increase	increase	VERB
ftr-349	994	48	firms	firm	NOUN
ftr-349	994	49	’	'	PUNCT
ftr-349	994	50	tax	tax	NOUN
ftr-349	994	51	liabilities	liability	NOUN
ftr-349	994	52	in	in	ADP
ftr-349	994	53	those	those	DET
ftr-349	994	54	states	state	NOUN
ftr-349	994	55	.	.	PUNCT
ftr-349	995	1	760	760	NUM
ftr-349	995	2	florida	florida	PROPN
ftr-349	995	3	tax	tax	NOUN
ftr-349	995	4	review	review	NOUN
ftr-349	995	5	[	[	X
ftr-349	995	6	vol	vol	NOUN
ftr-349	995	7	.	.	PUNCT
ftr-349	996	1	11:9	11:9	NUM
ftr-349	996	2	(	(	PUNCT
ftr-349	996	3	central	central	ADJ
ftr-349	996	4	and	and	CCONJ
ftr-349	996	5	sub	sub	ADJ
ftr-349	996	6	-	-	ADJ
ftr-349	996	7	central	central	ADJ
ftr-349	996	8	)	)	PUNCT
ftr-349	996	9	foreign	foreign	ADJ
ftr-349	996	10	tax	tax	NOUN
ftr-349	996	11	rate	rate	NOUN
ftr-349	996	12	to	to	ADP
ftr-349	996	13	the	the	DET
ftr-349	996	14	u.s	u.s	PROPN
ftr-349	996	15	.	.	PROPN
ftr-349	996	16	federal	federal	ADJ
ftr-349	996	17	statutory	statutory	ADJ
ftr-349	996	18	rate	rate	NOUN
ftr-349	996	19	(	(	PUNCT
ftr-349	996	20	35	35	NUM
ftr-349	996	21	percent	percent	NOUN
ftr-349	996	22	)	)	PUNCT
ftr-349	996	23	.	.	PUNCT
ftr-349	997	1	second	second	ADV
ftr-349	997	2	,	,	PUNCT
ftr-349	997	3	the	the	DET
ftr-349	997	4	simple	simple	ADJ
ftr-349	997	5	unweighted	unweighted	ADJ
ftr-349	997	6	average	average	NOUN
ftr-349	997	7	of	of	ADP
ftr-349	997	8	oecd	oecd	PROPN
ftr-349	997	9	statutory	statutory	ADJ
ftr-349	997	10	rates	rate	NOUN
ftr-349	997	11	mixes	mix	VERB
ftr-349	997	12	rates	rate	NOUN
ftr-349	997	13	imposed	impose	VERB
ftr-349	997	14	by	by	ADP
ftr-349	997	15	economies	economy	NOUN
ftr-349	997	16	of	of	ADP
ftr-349	997	17	greatly	greatly	ADV
ftr-349	997	18	disparate	disparate	ADJ
ftr-349	997	19	size	size	NOUN
ftr-349	997	20	;	;	PUNCT
ftr-349	997	21	in	in	ADP
ftr-349	997	22	general	general	ADJ
ftr-349	997	23	,	,	PUNCT
ftr-349	997	24	however	however	ADV
ftr-349	997	25	,	,	PUNCT
ftr-349	997	26	there	there	PRON
ftr-349	997	27	is	be	VERB
ftr-349	997	28	an	an	DET
ftr-349	997	29	inverse	inverse	NOUN
ftr-349	997	30	relationship	relationship	NOUN
ftr-349	997	31	between	between	ADP
ftr-349	997	32	the	the	DET
ftr-349	997	33	size	size	NOUN
ftr-349	997	34	of	of	ADP
ftr-349	997	35	an	an	DET
ftr-349	997	36	economy	economy	NOUN
ftr-349	997	37	and	and	CCONJ
ftr-349	997	38	its	its	PRON
ftr-349	997	39	corporate	corporate	ADJ
ftr-349	997	40	tax	tax	NOUN
ftr-349	997	41	rate	rate	NOUN
ftr-349	997	42	.	.	PUNCT
ftr-349	998	1	in	in	ADP
ftr-349	998	2	2010	2010	NUM
ftr-349	998	3	,	,	PUNCT
ftr-349	998	4	for	for	ADP
ftr-349	998	5	example	example	NOUN
ftr-349	998	6	,	,	PUNCT
ftr-349	998	7	the	the	DET
ftr-349	998	8	unweighted	unweighted	ADJ
ftr-349	998	9	average	average	NOUN
ftr-349	998	10	of	of	ADP
ftr-349	998	11	the	the	DET
ftr-349	998	12	five	five	NUM
ftr-349	998	13	largest	large	ADJ
ftr-349	998	14	oecd	oecd	ADJ
ftr-349	998	15	economies	economy	NOUN
ftr-349	998	16	other	other	ADJ
ftr-349	998	17	than	than	ADP
ftr-349	998	18	the	the	DET
ftr-349	998	19	united	united	PROPN
ftr-349	998	20	states	states	PROPN
ftr-349	998	21	was	be	AUX
ftr-349	998	22	roughly	roughly	ADV
ftr-349	998	23	32	32	NUM
ftr-349	998	24	percent	percent	NOUN
ftr-349	998	25	,	,	PUNCT
ftr-349	998	26	and	and	CCONJ
ftr-349	998	27	the	the	DET
ftr-349	998	28	unweighted	unweighted	ADJ
ftr-349	998	29	average	average	NOUN
ftr-349	998	30	of	of	ADP
ftr-349	998	31	the	the	DET
ftr-349	998	32	next	next	ADJ
ftr-349	998	33	six	six	NUM
ftr-349	998	34	economies	economy	NOUN
ftr-349	998	35	was	be	AUX
ftr-349	998	36	28	28	NUM
ftr-349	998	37	percent.140	percent.140	ADJ
ftr-349	998	38	giving	give	VERB
ftr-349	998	39	equal	equal	ADJ
ftr-349	998	40	weight	weight	NOUN
ftr-349	998	41	to	to	ADP
ftr-349	998	42	the	the	DET
ftr-349	998	43	smallest	small	ADJ
ftr-349	998	44	19	19	NUM
ftr-349	998	45	economies	economy	NOUN
ftr-349	998	46	(	(	PUNCT
ftr-349	998	47	where	where	SCONJ
ftr-349	998	48	u.s	u.s	PROPN
ftr-349	998	49	.	.	PROPN
ftr-349	998	50	firms	firm	NOUN
ftr-349	998	51	by	by	ADP
ftr-349	998	52	definition	definition	NOUN
ftr-349	998	53	face	face	VERB
ftr-349	998	54	smaller	small	ADJ
ftr-349	998	55	markets	market	NOUN
ftr-349	998	56	)	)	PUNCT
ftr-349	998	57	misstates	misstate	VERB
ftr-349	998	58	the	the	DET
ftr-349	998	59	tax	tax	NOUN
ftr-349	998	60	burdens	burden	NOUN
ftr-349	998	61	fairly	fairly	ADV
ftr-349	998	62	attributable	attributable	ADJ
ftr-349	998	63	to	to	ADP
ftr-349	998	64	a	a	DET
ftr-349	998	65	multinational	multinational	ADJ
ftr-349	998	66	firm	firm	NOUN
ftr-349	998	67	’s	’s	PART
ftr-349	998	68	global	global	ADJ
ftr-349	998	69	economic	economic	ADJ
ftr-349	998	70	opportunities	opportunity	NOUN
ftr-349	998	71	(	(	PUNCT
ftr-349	998	72	if	if	SCONJ
ftr-349	998	73	undistorted	undistorted	ADJ
ftr-349	998	74	by	by	ADP
ftr-349	998	75	stateless	stateless	NOUN
ftr-349	998	76	income	income	NOUN
ftr-349	998	77	planning	planning	NOUN
ftr-349	998	78	)	)	PUNCT
ftr-349	998	79	.	.	PUNCT
ftr-349	999	1	finally	finally	ADV
ftr-349	999	2	,	,	PUNCT
ftr-349	999	3	the	the	DET
ftr-349	999	4	oecd	oecd	PROPN
ftr-349	999	5	dataset	dataset	NOUN
ftr-349	999	6	does	do	AUX
ftr-349	999	7	not	not	PART
ftr-349	999	8	include	include	VERB
ftr-349	999	9	non	non	ADJ
ftr-349	999	10	-	-	ADJ
ftr-349	999	11	oecd	oecd	ADJ
ftr-349	999	12	countries	country	NOUN
ftr-349	999	13	,	,	PUNCT
ftr-349	999	14	in	in	ADP
ftr-349	999	15	particular	particular	ADJ
ftr-349	999	16	,	,	PUNCT
ftr-349	999	17	the	the	DET
ftr-349	999	18	“	"	PUNCT
ftr-349	999	19	brics	bric	NOUN
ftr-349	999	20	”	"	PUNCT
ftr-349	999	21	—	—	PUNCT
ftr-349	999	22	brazil	brazil	PROPN
ftr-349	999	23	,	,	PUNCT
ftr-349	999	24	russia	russia	PROPN
ftr-349	999	25	,	,	PUNCT
ftr-349	999	26	india	india	PROPN
ftr-349	999	27	and	and	CCONJ
ftr-349	999	28	the	the	DET
ftr-349	999	29	people	people	NOUN
ftr-349	999	30	’s	’s	PART
ftr-349	999	31	republic	republic	NOUN
ftr-349	999	32	of	of	ADP
ftr-349	999	33	china	china	PROPN
ftr-349	999	34	.	.	PUNCT
ftr-349	1000	1	these	these	PRON
ftr-349	1000	2	are	be	AUX
ftr-349	1000	3	very	very	ADV
ftr-349	1000	4	important	important	ADJ
ftr-349	1000	5	markets	market	NOUN
ftr-349	1000	6	,	,	PUNCT
ftr-349	1000	7	of	of	ADP
ftr-349	1000	8	course	course	NOUN
ftr-349	1000	9	.	.	PUNCT
ftr-349	1001	1	their	their	PRON
ftr-349	1001	2	2010	2010	NUM
ftr-349	1001	3	unweighted	unweighted	ADJ
ftr-349	1001	4	average	average	ADJ
ftr-349	1001	5	corporate	corporate	ADJ
ftr-349	1001	6	tax	tax	NOUN
ftr-349	1001	7	rate	rate	NOUN
ftr-349	1001	8	was	be	AUX
ftr-349	1001	9	28.25	28.25	NUM
ftr-349	1001	10	percent.141	percent.141	ADJ
ftr-349	1001	11	more	more	ADV
ftr-349	1001	12	fundamental	fundamental	ADJ
ftr-349	1001	13	to	to	ADP
ftr-349	1001	14	the	the	DET
ftr-349	1001	15	thrust	thrust	NOUN
ftr-349	1001	16	of	of	ADP
ftr-349	1001	17	this	this	DET
ftr-349	1001	18	article	article	NOUN
ftr-349	1001	19	,	,	PUNCT
ftr-349	1001	20	u.s.-domiciled	u.s.-domiciled	ADJ
ftr-349	1001	21	multinational	multinational	ADJ
ftr-349	1001	22	firms	firm	NOUN
ftr-349	1001	23	do	do	AUX
ftr-349	1001	24	not	not	PART
ftr-349	1001	25	in	in	ADP
ftr-349	1001	26	fact	fact	NOUN
ftr-349	1001	27	bear	bear	VERB
ftr-349	1001	28	a	a	DET
ftr-349	1001	29	35	35	NUM
ftr-349	1001	30	percent	percent	NOUN
ftr-349	1001	31	tax	tax	NOUN
ftr-349	1001	32	burden	burden	NOUN
ftr-349	1001	33	in	in	ADP
ftr-349	1001	34	respect	respect	NOUN
ftr-349	1001	35	of	of	ADP
ftr-349	1001	36	their	their	PRON
ftr-349	1001	37	non	non	ADJ
ftr-349	1001	38	-	-	ADJ
ftr-349	1001	39	u.s	u.s	PROPN
ftr-349	1001	40	.	.	PROPN
ftr-349	1001	41	income	income	NOUN
ftr-349	1001	42	.	.	PUNCT
ftr-349	1002	1	the	the	DET
ftr-349	1002	2	data	datum	NOUN
ftr-349	1002	3	summarized	summarize	VERB
ftr-349	1002	4	in	in	ADP
ftr-349	1002	5	section	section	NOUN
ftr-349	1002	6	ii	ii	PROPN
ftr-349	1002	7	suggest	suggest	VERB
ftr-349	1002	8	that	that	SCONJ
ftr-349	1002	9	residual	residual	ADJ
ftr-349	1002	10	u.s	u.s	PROPN
ftr-349	1002	11	.	.	PROPN
ftr-349	1002	12	tax	tax	NOUN
ftr-349	1002	13	today	today	NOUN
ftr-349	1002	14	is	be	AUX
ftr-349	1002	15	a	a	DET
ftr-349	1002	16	small	small	ADJ
ftr-349	1002	17	fraction	fraction	NOUN
ftr-349	1002	18	of	of	ADP
ftr-349	1002	19	total	total	ADJ
ftr-349	1002	20	foreign	foreign	ADJ
ftr-349	1002	21	earnings	earning	NOUN
ftr-349	1002	22	.	.	PUNCT
ftr-349	1003	1	the	the	DET
ftr-349	1003	2	data	datum	NOUN
ftr-349	1003	3	summarized	summarize	VERB
ftr-349	1003	4	in	in	ADP
ftr-349	1003	5	section	section	NOUN
ftr-349	1003	6	iii	iii	NUM
ftr-349	1003	7	in	in	ADP
ftr-349	1003	8	turn	turn	NOUN
ftr-349	1003	9	suggest	suggest	VERB
ftr-349	1003	10	that	that	SCONJ
ftr-349	1003	11	many	many	ADJ
ftr-349	1003	12	u.s	u.s	PROPN
ftr-349	1003	13	.	.	PROPN
ftr-349	1003	14	multinational	multinational	ADJ
ftr-349	1003	15	firms	firm	NOUN
ftr-349	1003	16	are	be	AUX
ftr-349	1003	17	able	able	ADJ
ftr-349	1003	18	to	to	PART
ftr-349	1003	19	employ	employ	VERB
ftr-349	1003	20	stateless	stateless	NOUN
ftr-349	1003	21	income	income	NOUN
ftr-349	1003	22	tax	tax	NOUN
ftr-349	1003	23	planning	planning	NOUN
ftr-349	1003	24	techniques	technique	NOUN
ftr-349	1003	25	to	to	PART
ftr-349	1003	26	drive	drive	VERB
ftr-349	1003	27	down	down	ADP
ftr-349	1003	28	their	their	PRON
ftr-349	1003	29	cash	cash	NOUN
ftr-349	1003	30	foreign	foreign	ADJ
ftr-349	1003	31	tax	tax	NOUN
ftr-349	1003	32	liabilities	liability	NOUN
ftr-349	1003	33	and	and	CCONJ
ftr-349	1003	34	their	their	PRON
ftr-349	1003	35	gaap	gaap	NOUN
ftr-349	1003	36	financial	financial	ADJ
ftr-349	1003	37	accounting	accounting	NOUN
ftr-349	1003	38	effective	effective	ADJ
ftr-349	1003	39	foreign	foreign	ADJ
ftr-349	1003	40	tax	tax	NOUN
ftr-349	1003	41	rates	rate	NOUN
ftr-349	1003	42	to	to	ADP
ftr-349	1003	43	levels	level	NOUN
ftr-349	1003	44	far	far	ADV
ftr-349	1003	45	below	below	ADP
ftr-349	1003	46	the	the	DET
ftr-349	1003	47	foreign	foreign	ADJ
ftr-349	1003	48	tax	tax	NOUN
ftr-349	1003	49	statutory	statutory	ADJ
ftr-349	1003	50	average	average	NOUN
ftr-349	1003	51	.	.	PUNCT
ftr-349	1004	1	taken	take	VERB
ftr-349	1004	2	together	together	ADV
ftr-349	1004	3	,	,	PUNCT
ftr-349	1004	4	these	these	DET
ftr-349	1004	5	data	datum	NOUN
ftr-349	1004	6	imply	imply	VERB
ftr-349	1004	7	that	that	SCONJ
ftr-349	1004	8	the	the	DET
ftr-349	1004	9	current	current	ADJ
ftr-349	1004	10	u.s	u.s	PROPN
ftr-349	1004	11	.	.	PROPN
ftr-349	1004	12	tax	tax	NOUN
ftr-349	1004	13	system	system	NOUN
ftr-349	1004	14	is	be	AUX
ftr-349	1004	15	not	not	PART
ftr-349	1004	16	a	a	DET
ftr-349	1004	17	direct	direct	ADJ
ftr-349	1004	18	competitive	competitive	ADJ
ftr-349	1004	19	burden	burden	NOUN
ftr-349	1004	20	on	on	ADP
ftr-349	1004	21	many	many	ADJ
ftr-349	1004	22	u.s	u.s	PROPN
ftr-349	1004	23	.	.	PROPN
ftr-349	1004	24	firms	firm	NOUN
ftr-349	1004	25	’	’	PART
ftr-349	1004	26	current	current	ADJ
ftr-349	1004	27	foreign	foreign	ADJ
ftr-349	1004	28	operations	operation	NOUN
ftr-349	1004	29	.	.	PUNCT
ftr-349	1005	1	instead	instead	ADV
ftr-349	1005	2	,	,	PUNCT
ftr-349	1005	3	the	the	DET
ftr-349	1005	4	data	datum	NOUN
ftr-349	1005	5	on	on	ADP
ftr-349	1005	6	cash	cash	NOUN
ftr-349	1005	7	u.s	u.s	PROPN
ftr-349	1005	8	.	.	PROPN
ftr-349	1005	9	tax	tax	NOUN
ftr-349	1005	10	liabilities	liability	NOUN
ftr-349	1005	11	,	,	PUNCT
ftr-349	1005	12	the	the	DET
ftr-349	1005	13	gaap	gaap	PROPN
ftr-349	1005	14	financial	financial	ADJ
ftr-349	1005	15	accounting	accounting	NOUN
ftr-349	1005	16	record	record	NOUN
ftr-349	1005	17	(	(	PUNCT
ftr-349	1005	18	which	which	PRON
ftr-349	1005	19	in	in	ADP
ftr-349	1005	20	turn	turn	NOUN
ftr-349	1005	21	is	be	AUX
ftr-349	1005	22	the	the	DET
ftr-349	1005	23	lens	lens	NOUN
ftr-349	1005	24	through	through	ADP
ftr-349	1005	25	which	which	PRON
ftr-349	1005	26	financial	financial	ADJ
ftr-349	1005	27	stakeholders	stakeholder	NOUN
ftr-349	1005	28	perceive	perceive	VERB
ftr-349	1005	29	a	a	DET
ftr-349	1005	30	company	company	NOUN
ftr-349	1005	31	)	)	PUNCT
ftr-349	1005	32	and	and	CCONJ
ftr-349	1005	33	the	the	DET
ftr-349	1005	34	experience	experience	NOUN
ftr-349	1005	35	of	of	ADP
ftr-349	1005	36	seasoned	seasoned	ADJ
ftr-349	1005	37	legal	legal	ADJ
ftr-349	1005	38	finally	finally	ADV
ftr-349	1005	39	,	,	PUNCT
ftr-349	1005	40	three	three	NUM
ftr-349	1005	41	states	state	NOUN
ftr-349	1005	42	(	(	PUNCT
ftr-349	1005	43	california	california	PROPN
ftr-349	1005	44	,	,	PUNCT
ftr-349	1005	45	utah	utah	PROPN
ftr-349	1005	46	and	and	CCONJ
ftr-349	1005	47	west	west	PROPN
ftr-349	1005	48	virginia	virginia	PROPN
ftr-349	1005	49	)	)	PUNCT
ftr-349	1005	50	permit	permit	VERB
ftr-349	1005	51	worldwide	worldwide	ADJ
ftr-349	1005	52	consolidation	consolidation	NOUN
ftr-349	1005	53	and	and	CCONJ
ftr-349	1005	54	apportionment	apportionment	NOUN
ftr-349	1005	55	at	at	ADP
ftr-349	1005	56	the	the	DET
ftr-349	1005	57	taxpayer	taxpayer	NOUN
ftr-349	1005	58	’s	’s	PART
ftr-349	1005	59	election	election	NOUN
ftr-349	1005	60	.	.	PUNCT
ftr-349	1006	1	140	140	NUM
ftr-349	1006	2	.	.	PUNCT
ftr-349	1007	1	author	author	NOUN
ftr-349	1007	2	’s	’s	PART
ftr-349	1007	3	calculations	calculation	NOUN
ftr-349	1007	4	from	from	ADP
ftr-349	1007	5	the	the	DET
ftr-349	1007	6	dataset	dataset	NOUN
ftr-349	1007	7	cited	cite	VERB
ftr-349	1007	8	supra	supra	PROPN
ftr-349	1007	9	note	note	PROPN
ftr-349	1007	10	127	127	NUM
ftr-349	1007	11	.	.	PUNCT
ftr-349	1008	1	the	the	DET
ftr-349	1008	2	five	five	NUM
ftr-349	1008	3	largest	large	ADJ
ftr-349	1008	4	economies	economy	NOUN
ftr-349	1008	5	ex	ex	NOUN
ftr-349	1008	6	-	-	PROPN
ftr-349	1008	7	usa	usa	ADJ
ftr-349	1008	8	comprise	comprise	PROPN
ftr-349	1008	9	:	:	PUNCT
ftr-349	1008	10	japan	japan	PROPN
ftr-349	1008	11	,	,	PUNCT
ftr-349	1008	12	germany	germany	PROPN
ftr-349	1008	13	,	,	PUNCT
ftr-349	1008	14	the	the	DET
ftr-349	1008	15	united	united	PROPN
ftr-349	1008	16	kingdom	kingdom	PROPN
ftr-349	1008	17	,	,	PUNCT
ftr-349	1008	18	france	france	PROPN
ftr-349	1008	19	and	and	CCONJ
ftr-349	1008	20	italy	italy	PROPN
ftr-349	1008	21	.	.	PUNCT
ftr-349	1009	1	the	the	DET
ftr-349	1009	2	next	next	ADJ
ftr-349	1009	3	six	six	NUM
ftr-349	1009	4	comprise	comprise	NOUN
ftr-349	1009	5	:	:	PUNCT
ftr-349	1009	6	canada	canada	PROPN
ftr-349	1009	7	,	,	PUNCT
ftr-349	1009	8	spain	spain	PROPN
ftr-349	1009	9	,	,	PUNCT
ftr-349	1009	10	korea	korea	PROPN
ftr-349	1009	11	,	,	PUNCT
ftr-349	1009	12	mexico	mexico	PROPN
ftr-349	1009	13	,	,	PUNCT
ftr-349	1009	14	australia	australia	PROPN
ftr-349	1009	15	and	and	CCONJ
ftr-349	1009	16	the	the	DET
ftr-349	1009	17	netherlands	netherlands	PROPN
ftr-349	1009	18	.	.	PUNCT
ftr-349	1010	1	see	see	VERB
ftr-349	1010	2	christopher	christopher	PROPN
ftr-349	1010	3	heady	heady	PROPN
ftr-349	1010	4	,	,	PUNCT
ftr-349	1010	5	directions	direction	NOUN
ftr-349	1010	6	in	in	ADP
ftr-349	1010	7	overseas	overseas	ADJ
ftr-349	1010	8	tax	tax	NOUN
ftr-349	1010	9	policy	policy	NOUN
ftr-349	1010	10	,	,	PUNCT
ftr-349	1010	11	in	in	ADP
ftr-349	1010	12	melbourne	melbourne	PROPN
ftr-349	1010	13	institute	institute	PROPN
ftr-349	1010	14	–	–	PUNCT
ftr-349	1010	15	australia	australia	PROPN
ftr-349	1010	16	’s	’s	PART
ftr-349	1010	17	future	future	ADJ
ftr-349	1010	18	tax	tax	NOUN
ftr-349	1010	19	and	and	CCONJ
ftr-349	1010	20	transfer	transfer	NOUN
ftr-349	1010	21	policy	policy	NOUN
ftr-349	1010	22	conference	conference	NOUN
ftr-349	1010	23	8	8	NUM
ftr-349	1010	24	,	,	PUNCT
ftr-349	1010	25	http://taxreview.treasury.gov.au/content/content.aspx?doc=html/conference_report.h	http://taxreview.treasury.gov.au/content/content.aspx?doc=html/conference_report.h	PROPN
ftr-349	1010	26	tm	tm	NOUN
ftr-349	1010	27	.	.	PROPN
ftr-349	1010	28	141	141	NUM
ftr-349	1010	29	.	.	PUNCT
ftr-349	1011	1	author	author	NOUN
ftr-349	1011	2	’s	’s	PART
ftr-349	1011	3	calculation	calculation	NOUN
ftr-349	1011	4	from	from	ADP
ftr-349	1011	5	data	datum	NOUN
ftr-349	1011	6	in	in	ADP
ftr-349	1011	7	kpmg	kpmg	PROPN
ftr-349	1011	8	corporate	corporate	ADJ
ftr-349	1011	9	and	and	CCONJ
ftr-349	1011	10	indirect	indirect	ADJ
ftr-349	1011	11	tax	tax	NOUN
ftr-349	1011	12	survey	survey	NOUN
ftr-349	1011	13	2010	2010	NUM
ftr-349	1011	14	,	,	PUNCT
ftr-349	1011	15	http://www.kpmg.com/lu/en/issuesandinsights/articlespulications/	http://www.kpmg.com/lu/en/issuesandinsights/articlespulications/	PROPN
ftr-349	1011	16	pages	page	NOUN
ftr-349	1011	17	/	/	SYM
ftr-349	1011	18	kpmg%27scorporateandindirecttaxratesurvey2010.aspx	kpmg%27scorporateandindirecttaxratesurvey2010.aspx	PROPN
ftr-349	1011	19	.	.	PUNCT
ftr-349	1012	1	the	the	DET
ftr-349	1012	2	author	author	NOUN
ftr-349	1012	3	’s	’s	PART
ftr-349	1012	4	calculation	calculation	NOUN
ftr-349	1012	5	employs	employ	VERB
ftr-349	1012	6	the	the	DET
ftr-349	1012	7	standard	standard	ADJ
ftr-349	1012	8	(	(	PUNCT
ftr-349	1012	9	nonpreferential	nonpreferential	ADJ
ftr-349	1012	10	regime	regime	NOUN
ftr-349	1012	11	)	)	PUNCT
ftr-349	1012	12	maximum	maximum	ADJ
ftr-349	1012	13	corporate	corporate	ADJ
ftr-349	1012	14	income	income	NOUN
ftr-349	1012	15	tax	tax	NOUN
ftr-349	1012	16	rate	rate	NOUN
ftr-349	1012	17	,	,	PUNCT
ftr-349	1012	18	which	which	PRON
ftr-349	1012	19	is	be	AUX
ftr-349	1012	20	consistent	consistent	ADJ
ftr-349	1012	21	with	with	ADP
ftr-349	1012	22	the	the	DET
ftr-349	1012	23	oecd	oecd	PROPN
ftr-349	1012	24	methodology	methodology	NOUN
ftr-349	1012	25	.	.	PUNCT
ftr-349	1013	1	2001	2001	NUM
ftr-349	1013	2	]	]	PUNCT
ftr-349	1013	3	stateless	stateless	NOUN
ftr-349	1013	4	income	income	NOUN
ftr-349	1013	5	761	761	NUM
ftr-349	1013	6	practitioners	practitioner	NOUN
ftr-349	1013	7	alike	alike	ADV
ftr-349	1013	8	all	all	DET
ftr-349	1013	9	point	point	NOUN
ftr-349	1013	10	to	to	ADP
ftr-349	1013	11	many	many	ADJ
ftr-349	1013	12	u.s	u.s	PROPN
ftr-349	1013	13	.	.	PROPN
ftr-349	1013	14	firms	firm	NOUN
ftr-349	1013	15	operating	operate	VERB
ftr-349	1013	16	in	in	ADP
ftr-349	1013	17	an	an	DET
ftr-349	1013	18	environment	environment	NOUN
ftr-349	1013	19	much	much	ADV
ftr-349	1013	20	closer	close	ADV
ftr-349	1013	21	in	in	ADP
ftr-349	1013	22	practice	practice	NOUN
ftr-349	1013	23	to	to	ADP
ftr-349	1013	24	territorial	territorial	ADJ
ftr-349	1013	25	systems	system	NOUN
ftr-349	1013	26	—	—	PUNCT
ftr-349	1013	27	indeed	indeed	ADV
ftr-349	1013	28	,	,	PUNCT
ftr-349	1013	29	superior	superior	ADJ
ftr-349	1013	30	to	to	ADP
ftr-349	1013	31	them	they	PRON
ftr-349	1013	32	in	in	ADP
ftr-349	1013	33	respect	respect	NOUN
ftr-349	1013	34	of	of	ADP
ftr-349	1013	35	intragroup	intragroup	NOUN
ftr-349	1013	36	interest	interest	NOUN
ftr-349	1013	37	,	,	PUNCT
ftr-349	1013	38	royalties	royalty	NOUN
ftr-349	1013	39	and	and	CCONJ
ftr-349	1013	40	license	license	NOUN
ftr-349	1013	41	fee	fee	NOUN
ftr-349	1013	42	income.142	income.142	NOUN
ftr-349	1013	43	in	in	ADP
ftr-349	1013	44	the	the	DET
ftr-349	1013	45	same	same	ADJ
ftr-349	1013	46	vein	vein	NOUN
ftr-349	1013	47	,	,	PUNCT
ftr-349	1013	48	grubert	grubert	NOUN
ftr-349	1013	49	’s	’s	PART
ftr-349	1013	50	recent	recent	ADJ
ftr-349	1013	51	study	study	NOUN
ftr-349	1013	52	of	of	ADP
ftr-349	1013	53	several	several	ADJ
ftr-349	1013	54	hundred	hundred	NUM
ftr-349	1013	55	u.s	u.s	PROPN
ftr-349	1013	56	.	.	PROPN
ftr-349	1013	57	multinational	multinational	ADJ
ftr-349	1013	58	firms	firm	NOUN
ftr-349	1013	59	,	,	PUNCT
ftr-349	1013	60	employing	employ	VERB
ftr-349	1013	61	nonpublic	nonpublic	ADJ
ftr-349	1013	62	treasury	treasury	PROPN
ftr-349	1013	63	data	data	PROPN
ftr-349	1013	64	,	,	PUNCT
ftr-349	1013	65	concludes	conclude	VERB
ftr-349	1013	66	that	that	SCONJ
ftr-349	1013	67	from	from	ADP
ftr-349	1013	68	1996	1996	NUM
ftr-349	1013	69	to	to	ADP
ftr-349	1013	70	2004	2004	NUM
ftr-349	1013	71	there	there	PRON
ftr-349	1013	72	was	be	VERB
ftr-349	1013	73	no	no	DET
ftr-349	1013	74	meaningful	meaningful	ADJ
ftr-349	1013	75	correlation	correlation	NOUN
ftr-349	1013	76	between	between	ADP
ftr-349	1013	77	lower	low	ADJ
ftr-349	1013	78	foreign	foreign	ADJ
ftr-349	1013	79	tax	tax	NOUN
ftr-349	1013	80	rates	rate	NOUN
ftr-349	1013	81	and	and	CCONJ
ftr-349	1013	82	the	the	DET
ftr-349	1013	83	growth	growth	NOUN
ftr-349	1013	84	rate	rate	NOUN
ftr-349	1013	85	of	of	ADP
ftr-349	1013	86	u.s	u.s	PROPN
ftr-349	1013	87	.	.	PROPN
ftr-349	1013	88	firms.143	firms.143	NOUN
ftr-349	1013	89	from	from	ADP
ftr-349	1013	90	this	this	PRON
ftr-349	1013	91	he	he	PRON
ftr-349	1013	92	concludes	conclude	VERB
ftr-349	1013	93	that	that	SCONJ
ftr-349	1013	94	“	"	PUNCT
ftr-349	1013	95	the	the	DET
ftr-349	1013	96	importance	importance	NOUN
ftr-349	1013	97	of	of	ADP
ftr-349	1013	98	low	low	ADJ
ftr-349	1013	99	taxes	taxis	NOUN
ftr-349	1013	100	on	on	ADP
ftr-349	1013	101	foreign	foreign	ADJ
ftr-349	1013	102	income	income	NOUN
ftr-349	1013	103	for	for	ADP
ftr-349	1013	104	u.s	u.s	PROPN
ftr-349	1013	105	.	.	PROPN
ftr-349	1013	106	‘	'	PUNCT
ftr-349	1013	107	competitiveness	competitiveness	NOUN
ftr-349	1013	108	’	'	PUNCT
ftr-349	1013	109	does	do	AUX
ftr-349	1013	110	not	not	PART
ftr-349	1013	111	,	,	PUNCT
ftr-349	1013	112	at	at	ADP
ftr-349	1013	113	least	least	ADJ
ftr-349	1013	114	on	on	ADP
ftr-349	1013	115	this	this	DET
ftr-349	1013	116	evidence	evidence	NOUN
ftr-349	1013	117	,	,	PUNCT
ftr-349	1013	118	have	have	VERB
ftr-349	1013	119	much	much	ADJ
ftr-349	1013	120	empirical	empirical	ADJ
ftr-349	1013	121	support	support	NOUN
ftr-349	1013	122	.	.	PUNCT
ftr-349	1013	123	”144	”144	PUNCT
ftr-349	1014	1	there	there	PRON
ftr-349	1014	2	is	be	VERB
ftr-349	1014	3	evidence	evidence	NOUN
ftr-349	1014	4	,	,	PUNCT
ftr-349	1014	5	however	however	ADV
ftr-349	1014	6	,	,	PUNCT
ftr-349	1014	7	particularly	particularly	ADV
ftr-349	1014	8	in	in	ADP
ftr-349	1014	9	the	the	DET
ftr-349	1014	10	public	public	ADJ
ftr-349	1014	11	financial	financial	ADJ
ftr-349	1014	12	statements	statement	NOUN
ftr-349	1014	13	of	of	ADP
ftr-349	1014	14	affected	affected	ADJ
ftr-349	1014	15	firms	firm	NOUN
ftr-349	1014	16	,	,	PUNCT
ftr-349	1014	17	that	that	SCONJ
ftr-349	1014	18	the	the	DET
ftr-349	1014	19	benefits	benefit	NOUN
ftr-349	1014	20	of	of	ADP
ftr-349	1014	21	stateless	stateless	NOUN
ftr-349	1014	22	income	income	NOUN
ftr-349	1014	23	tax	tax	NOUN
ftr-349	1014	24	planning	planning	NOUN
ftr-349	1014	25	are	be	AUX
ftr-349	1014	26	not	not	PART
ftr-349	1014	27	evenly	evenly	ADV
ftr-349	1014	28	distributed	distribute	VERB
ftr-349	1014	29	across	across	ADP
ftr-349	1014	30	u.s	u.s	PROPN
ftr-349	1014	31	.	.	PROPN
ftr-349	1014	32	industries	industry	NOUN
ftr-349	1014	33	.	.	PUNCT
ftr-349	1015	1	some	some	DET
ftr-349	1015	2	industries	industry	NOUN
ftr-349	1015	3	enjoy	enjoy	VERB
ftr-349	1015	4	extraordinarily	extraordinarily	ADV
ftr-349	1015	5	low	low	ADJ
ftr-349	1015	6	effective	effective	ADJ
ftr-349	1015	7	foreign	foreign	ADJ
ftr-349	1015	8	tax	tax	NOUN
ftr-349	1015	9	rates	rate	NOUN
ftr-349	1015	10	,	,	PUNCT
ftr-349	1015	11	while	while	SCONJ
ftr-349	1015	12	others	other	NOUN
ftr-349	1015	13	reap	reap	VERB
ftr-349	1015	14	more	more	ADV
ftr-349	1015	15	modest	modest	ADJ
ftr-349	1015	16	rewards	reward	NOUN
ftr-349	1015	17	.	.	PUNCT
ftr-349	1016	1	those	those	PRON
ftr-349	1016	2	in	in	ADP
ftr-349	1016	3	the	the	DET
ftr-349	1016	4	latter	latter	ADJ
ftr-349	1016	5	category	category	NOUN
ftr-349	1016	6	(	(	PUNCT
ftr-349	1016	7	for	for	ADP
ftr-349	1016	8	example	example	NOUN
ftr-349	1016	9	,	,	PUNCT
ftr-349	1016	10	services	service	NOUN
ftr-349	1016	11	and	and	CCONJ
ftr-349	1016	12	retail	retail	ADJ
ftr-349	1016	13	firms	firm	NOUN
ftr-349	1016	14	)	)	PUNCT
ftr-349	1016	15	have	have	VERB
ftr-349	1016	16	reason	reason	NOUN
ftr-349	1016	17	to	to	PART
ftr-349	1016	18	believe	believe	VERB
ftr-349	1016	19	that	that	SCONJ
ftr-349	1016	20	the	the	DET
ftr-349	1016	21	current	current	ADJ
ftr-349	1016	22	u.s	u.s	PROPN
ftr-349	1016	23	.	.	PROPN
ftr-349	1016	24	tax	tax	NOUN
ftr-349	1016	25	system	system	NOUN
ftr-349	1016	26	for	for	ADP
ftr-349	1016	27	foreign	foreign	ADJ
ftr-349	1016	28	direct	direct	ADJ
ftr-349	1016	29	investment	investment	NOUN
ftr-349	1016	30	is	be	AUX
ftr-349	1016	31	an	an	DET
ftr-349	1016	32	uncompetitive	uncompetitive	ADJ
ftr-349	1016	33	environment	environment	NOUN
ftr-349	1016	34	for	for	ADP
ftr-349	1016	35	them	they	PRON
ftr-349	1016	36	,	,	PUNCT
ftr-349	1016	37	if	if	SCONJ
ftr-349	1016	38	not	not	PART
ftr-349	1016	39	for	for	ADP
ftr-349	1016	40	other	other	ADJ
ftr-349	1016	41	u.s	u.s	PROPN
ftr-349	1016	42	.	.	PROPN
ftr-349	1016	43	multinational	multinational	ADJ
ftr-349	1016	44	firms	firm	NOUN
ftr-349	1016	45	.	.	PUNCT
ftr-349	1017	1	by	by	ADP
ftr-349	1017	2	contrast	contrast	NOUN
ftr-349	1017	3	,	,	PUNCT
ftr-349	1017	4	u.s	u.s	PROPN
ftr-349	1017	5	.	.	PROPN
ftr-349	1017	6	firms	firm	NOUN
ftr-349	1017	7	that	that	PRON
ftr-349	1017	8	do	do	AUX
ftr-349	1017	9	enjoy	enjoy	VERB
ftr-349	1017	10	the	the	DET
ftr-349	1017	11	benefits	benefit	NOUN
ftr-349	1017	12	of	of	ADP
ftr-349	1017	13	stateless	stateless	NOUN
ftr-349	1017	14	income	income	NOUN
ftr-349	1017	15	do	do	AUX
ftr-349	1017	16	not	not	PART
ftr-349	1017	17	suffer	suffer	VERB
ftr-349	1017	18	significant	significant	ADJ
ftr-349	1017	19	u.s	u.s	PROPN
ftr-349	1017	20	.	.	PROPN
ftr-349	1017	21	residual	residual	ADJ
ftr-349	1017	22	tax	tax	NOUN
ftr-349	1017	23	costs	cost	NOUN
ftr-349	1017	24	in	in	ADP
ftr-349	1017	25	the	the	DET
ftr-349	1017	26	aggregate	aggregate	NOUN
ftr-349	1017	27	on	on	ADP
ftr-349	1017	28	their	their	PRON
ftr-349	1017	29	regular	regular	ADJ
ftr-349	1017	30	course	course	NOUN
ftr-349	1017	31	repatriations	repatriation	NOUN
ftr-349	1017	32	of	of	ADP
ftr-349	1017	33	foreign	foreign	ADJ
ftr-349	1017	34	earnings	earning	NOUN
ftr-349	1017	35	.	.	PUNCT
ftr-349	1018	1	nor	nor	CCONJ
ftr-349	1018	2	do	do	AUX
ftr-349	1018	3	such	such	ADJ
ftr-349	1018	4	residual	residual	ADJ
ftr-349	1018	5	taxes	taxis	NOUN
ftr-349	1018	6	appear	appear	VERB
ftr-349	1018	7	measurably	measurably	ADV
ftr-349	1018	8	to	to	PART
ftr-349	1018	9	influence	influence	VERB
ftr-349	1018	10	the	the	DET
ftr-349	1018	11	thinking	thinking	NOUN
ftr-349	1018	12	of	of	ADP
ftr-349	1018	13	investors	investor	NOUN
ftr-349	1018	14	viewing	view	VERB
ftr-349	1018	15	a	a	DET
ftr-349	1018	16	u.s	u.s	PROPN
ftr-349	1018	17	.	.	PROPN
ftr-349	1018	18	firm	firm	NOUN
ftr-349	1018	19	through	through	ADP
ftr-349	1018	20	the	the	DET
ftr-349	1018	21	lens	lens	NOUN
ftr-349	1018	22	of	of	ADP
ftr-349	1018	23	gaap	gaap	PROPN
ftr-349	1018	24	accounting	accounting	NOUN
ftr-349	1018	25	.	.	PUNCT
ftr-349	1019	1	in	in	ADP
ftr-349	1019	2	sum	sum	NOUN
ftr-349	1019	3	,	,	PUNCT
ftr-349	1019	4	the	the	DET
ftr-349	1019	5	interactions	interaction	NOUN
ftr-349	1019	6	across	across	ADP
ftr-349	1019	7	the	the	DET
ftr-349	1019	8	different	different	ADJ
ftr-349	1019	9	components	component	NOUN
ftr-349	1019	10	of	of	ADP
ftr-349	1019	11	current	current	ADJ
ftr-349	1019	12	u.s	u.s	PROPN
ftr-349	1019	13	.	.	PROPN
ftr-349	1019	14	corporate	corporate	ADJ
ftr-349	1019	15	tax	tax	NOUN
ftr-349	1019	16	law	law	NOUN
ftr-349	1019	17	as	as	SCONJ
ftr-349	1019	18	applied	apply	VERB
ftr-349	1019	19	to	to	ADP
ftr-349	1019	20	foreign	foreign	ADJ
ftr-349	1019	21	direct	direct	ADJ
ftr-349	1019	22	investment	investment	NOUN
ftr-349	1019	23	offer	offer	NOUN
ftr-349	1019	24	sophisticated	sophisticated	ADJ
ftr-349	1019	25	multinational	multinational	ADJ
ftr-349	1019	26	taxpayers	taxpayer	NOUN
ftr-349	1019	27	,	,	PUNCT
ftr-349	1019	28	particularly	particularly	ADV
ftr-349	1019	29	(	(	PUNCT
ftr-349	1019	30	but	but	CCONJ
ftr-349	1019	31	not	not	PART
ftr-349	1019	32	exclusively	exclusively	ADV
ftr-349	1019	33	)	)	PUNCT
ftr-349	1019	34	those	those	PRON
ftr-349	1019	35	in	in	ADP
ftr-349	1019	36	intangibles	intangible	NOUN
ftr-349	1019	37	-	-	PUNCT
ftr-349	1019	38	driven	drive	VERB
ftr-349	1019	39	businesses	business	NOUN
ftr-349	1019	40	,	,	PUNCT
ftr-349	1019	41	the	the	DET
ftr-349	1019	42	opportunity	opportunity	NOUN
ftr-349	1019	43	to	to	PART
ftr-349	1019	44	earn	earn	VERB
ftr-349	1019	45	income	income	NOUN
ftr-349	1019	46	from	from	ADP
ftr-349	1019	47	foreign	foreign	ADJ
ftr-349	1019	48	operations	operation	NOUN
ftr-349	1019	49	that	that	PRON
ftr-349	1019	50	is	be	AUX
ftr-349	1019	51	taxed	tax	VERB
ftr-349	1019	52	no	no	PRON
ftr-349	1019	53	more	more	ADV
ftr-349	1019	54	heavily	heavily	ADV
ftr-349	1019	55	(	(	PUNCT
ftr-349	1019	56	and	and	CCONJ
ftr-349	1019	57	in	in	ADP
ftr-349	1019	58	some	some	DET
ftr-349	1019	59	cases	case	NOUN
ftr-349	1019	60	is	be	AUX
ftr-349	1019	61	taxed	tax	VERB
ftr-349	1019	62	more	more	ADV
ftr-349	1019	63	lightly	lightly	ADV
ftr-349	1019	64	)	)	PUNCT
ftr-349	1019	65	than	than	SCONJ
ftr-349	1019	66	is	be	AUX
ftr-349	1019	67	the	the	DET
ftr-349	1019	68	offshore	offshore	ADJ
ftr-349	1019	69	income	income	NOUN
ftr-349	1019	70	of	of	ADP
ftr-349	1019	71	territorial	territorial	ADJ
ftr-349	1019	72	-	-	PUNCT
ftr-349	1019	73	based	base	VERB
ftr-349	1019	74	competitors	competitor	NOUN
ftr-349	1019	75	.	.	PUNCT
ftr-349	1020	1	that	that	DET
ftr-349	1020	2	income	income	NOUN
ftr-349	1020	3	is	be	AUX
ftr-349	1020	4	just	just	ADV
ftr-349	1020	5	as	as	ADV
ftr-349	1020	6	susceptible	susceptible	ADJ
ftr-349	1020	7	of	of	ADP
ftr-349	1020	8	cash	cash	NOUN
ftr-349	1020	9	tax	tax	NOUN
ftr-349	1020	10	minimization	minimization	NOUN
ftr-349	1020	11	through	through	ADP
ftr-349	1020	12	stateless	stateless	NOUN
ftr-349	1020	13	income	income	NOUN
ftr-349	1020	14	tax	tax	NOUN
ftr-349	1020	15	planning	planning	NOUN
ftr-349	1020	16	as	as	SCONJ
ftr-349	1020	17	is	be	AUX
ftr-349	1020	18	the	the	DET
ftr-349	1020	19	foreign	foreign	ADJ
ftr-349	1020	20	income	income	NOUN
ftr-349	1020	21	of	of	ADP
ftr-349	1020	22	territorial	territorial	ADJ
ftr-349	1020	23	tax	tax	NOUN
ftr-349	1020	24	competitors	competitor	NOUN
ftr-349	1020	25	,	,	PUNCT
ftr-349	1020	26	and	and	CCONJ
ftr-349	1020	27	that	that	DET
ftr-349	1020	28	income	income	NOUN
ftr-349	1020	29	is	be	AUX
ftr-349	1020	30	reported	report	VERB
ftr-349	1020	31	to	to	ADP
ftr-349	1020	32	shareholders	shareholder	NOUN
ftr-349	1020	33	and	and	CCONJ
ftr-349	1020	34	other	other	ADJ
ftr-349	1020	35	stakeholders	stakeholder	NOUN
ftr-349	1020	36	through	through	ADP
ftr-349	1020	37	financial	financial	ADJ
ftr-349	1020	38	statements	statement	NOUN
ftr-349	1020	39	that	that	PRON
ftr-349	1020	40	portray	portray	VERB
ftr-349	1020	41	a	a	DET
ftr-349	1020	42	u.s	u.s	PROPN
ftr-349	1020	43	.	.	PROPN
ftr-349	1020	44	firm	firm	NOUN
ftr-349	1020	45	largely	largely	ADV
ftr-349	1020	46	as	as	SCONJ
ftr-349	1020	47	if	if	SCONJ
ftr-349	1020	48	it	it	PRON
ftr-349	1020	49	operated	operate	VERB
ftr-349	1020	50	under	under	ADP
ftr-349	1020	51	a	a	DET
ftr-349	1020	52	territorial	territorial	ADJ
ftr-349	1020	53	tax	tax	NOUN
ftr-349	1020	54	regime	regime	NOUN
ftr-349	1020	55	.	.	PUNCT
ftr-349	1021	1	some	some	DET
ftr-349	1021	2	u.s	u.s	PROPN
ftr-349	1021	3	.	.	PROPN
ftr-349	1021	4	multinational	multinational	ADJ
ftr-349	1021	5	firms	firm	NOUN
ftr-349	1021	6	have	have	VERB
ftr-349	1021	7	an	an	DET
ftr-349	1021	8	easier	easy	ADJ
ftr-349	1021	9	time	time	NOUN
ftr-349	1021	10	than	than	SCONJ
ftr-349	1021	11	do	do	VERB
ftr-349	1021	12	others	other	NOUN
ftr-349	1021	13	of	of	ADP
ftr-349	1021	14	generating	generate	VERB
ftr-349	1021	15	large	large	ADJ
ftr-349	1021	16	quantities	quantity	NOUN
ftr-349	1021	17	of	of	ADP
ftr-349	1021	18	stateless	stateless	NOUN
ftr-349	1021	19	income	income	NOUN
ftr-349	1021	20	by	by	ADP
ftr-349	1021	21	virtue	virtue	NOUN
ftr-349	1021	22	of	of	ADP
ftr-349	1021	23	their	their	PRON
ftr-349	1021	24	age	age	NOUN
ftr-349	1021	25	or	or	CCONJ
ftr-349	1021	26	industry	industry	NOUN
ftr-349	1021	27	,	,	PUNCT
ftr-349	1021	28	but	but	CCONJ
ftr-349	1021	29	the	the	DET
ftr-349	1021	30	example	example	NOUN
ftr-349	1021	31	of	of	ADP
ftr-349	1021	32	general	general	ADJ
ftr-349	1021	33	electric	electric	ADJ
ftr-349	1021	34	company	company	NOUN
ftr-349	1021	35	’s	’s	PART
ftr-349	1021	36	effective	effective	ADJ
ftr-349	1021	37	tax	tax	NOUN
ftr-349	1021	38	rate	rate	NOUN
ftr-349	1021	39	serves	serve	VERB
ftr-349	1021	40	as	as	ADP
ftr-349	1021	41	an	an	DET
ftr-349	1021	42	effective	effective	ADJ
ftr-349	1021	43	reminder	reminder	NOUN
ftr-349	1021	44	that	that	SCONJ
ftr-349	1021	45	those	those	DET
ftr-349	1021	46	firms	firm	NOUN
ftr-349	1021	47	that	that	PRON
ftr-349	1021	48	invest	invest	VERB
ftr-349	1021	49	heavily	heavily	ADV
ftr-349	1021	50	in	in	ADP
ftr-349	1021	51	142	142	NUM
ftr-349	1021	52	.	.	PUNCT
ftr-349	1022	1	the	the	DET
ftr-349	1022	2	author	author	NOUN
ftr-349	1022	3	counts	count	VERB
ftr-349	1022	4	himself	himself	PRON
ftr-349	1022	5	as	as	ADP
ftr-349	1022	6	a	a	DET
ftr-349	1022	7	seasoned	seasoned	ADJ
ftr-349	1022	8	,	,	PUNCT
ftr-349	1022	9	if	if	SCONJ
ftr-349	1022	10	now	now	ADV
ftr-349	1022	11	superannuated	superannuated	ADJ
ftr-349	1022	12	,	,	PUNCT
ftr-349	1022	13	practitioner	practitioner	NOUN
ftr-349	1022	14	,	,	PUNCT
ftr-349	1022	15	having	having	AUX
ftr-349	1022	16	practiced	practice	VERB
ftr-349	1022	17	in	in	ADP
ftr-349	1022	18	the	the	DET
ftr-349	1022	19	field	field	NOUN
ftr-349	1022	20	for	for	ADP
ftr-349	1022	21	30	30	NUM
ftr-349	1022	22	years	year	NOUN
ftr-349	1022	23	before	before	ADP
ftr-349	1022	24	graduating	graduate	VERB
ftr-349	1022	25	to	to	ADP
ftr-349	1022	26	a	a	DET
ftr-349	1022	27	more	more	ADV
ftr-349	1022	28	contemplative	contemplative	ADJ
ftr-349	1022	29	career	career	NOUN
ftr-349	1022	30	.	.	PUNCT
ftr-349	1023	1	see	see	VERB
ftr-349	1023	2	also	also	ADV
ftr-349	1023	3	j.	j.	PROPN
ftr-349	1023	4	clifton	clifton	PROPN
ftr-349	1023	5	fleming	fleming	PROPN
ftr-349	1023	6	jr	jr	PROPN
ftr-349	1023	7	.	.	PROPN
ftr-349	1023	8	,	,	PUNCT
ftr-349	1023	9	robert	robert	PROPN
ftr-349	1023	10	j.	j.	PROPN
ftr-349	1023	11	peroni	peroni	PROPN
ftr-349	1023	12	&	&	CCONJ
ftr-349	1023	13	stephen	stephen	PROPN
ftr-349	1023	14	e.	e.	PROPN
ftr-349	1023	15	shay	shay	PROPN
ftr-349	1023	16	,	,	PUNCT
ftr-349	1023	17	worse	bad	ADJ
ftr-349	1023	18	than	than	ADP
ftr-349	1023	19	exemption	exemption	NOUN
ftr-349	1023	20	.	.	PUNCT
ftr-349	1024	1	59	59	NUM
ftr-349	1024	2	emory	emory	PROPN
ftr-349	1024	3	l.	l.	PROPN
ftr-349	1024	4	j.	j.	PROPN
ftr-349	1024	5	79	79	NUM
ftr-349	1024	6	(	(	PUNCT
ftr-349	1024	7	2009	2009	NUM
ftr-349	1024	8	)	)	PUNCT
ftr-349	1024	9	.	.	PUNCT
ftr-349	1025	1	143	143	X
ftr-349	1025	2	.	.	PUNCT
ftr-349	1026	1	grubert	grubert	NOUN
ftr-349	1026	2	,	,	PUNCT
ftr-349	1026	3	foreign	foreign	ADJ
ftr-349	1026	4	taxes	taxis	NOUN
ftr-349	1026	5	and	and	CCONJ
ftr-349	1026	6	domestic	domestic	ADJ
ftr-349	1026	7	income	income	NOUN
ftr-349	1026	8	,	,	PUNCT
ftr-349	1026	9	supra	supra	PROPN
ftr-349	1026	10	note	note	NOUN
ftr-349	1026	11	9	9	NUM
ftr-349	1026	12	,	,	PUNCT
ftr-349	1026	13	at	at	ADP
ftr-349	1026	14	19	19	NUM
ftr-349	1026	15	.	.	PUNCT
ftr-349	1026	16	144	144	NUM
ftr-349	1026	17	.	.	PUNCT
ftr-349	1027	1	i	i	PRON
ftr-349	1027	2	d.	d.	PROPN
ftr-349	1027	3	762	762	NUM
ftr-349	1027	4	florida	florida	PROPN
ftr-349	1027	5	tax	tax	NOUN
ftr-349	1027	6	review	review	NOUN
ftr-349	1028	1	[	[	X
ftr-349	1028	2	vol	vol	NOUN
ftr-349	1028	3	.	.	PUNCT
ftr-349	1029	1	11:9	11:9	NUM
ftr-349	1029	2	stateless	stateless	NOUN
ftr-349	1029	3	income	income	NOUN
ftr-349	1029	4	tax	tax	NOUN
ftr-349	1029	5	technicians	technician	NOUN
ftr-349	1029	6	can	can	AUX
ftr-349	1029	7	achieve	achieve	VERB
ftr-349	1029	8	extraordinary	extraordinary	ADJ
ftr-349	1029	9	effective	effective	ADJ
ftr-349	1029	10	tax	tax	NOUN
ftr-349	1029	11	rate	rate	NOUN
ftr-349	1029	12	results	result	NOUN
ftr-349	1029	13	,	,	PUNCT
ftr-349	1029	14	and	and	CCONJ
ftr-349	1029	15	capture	capture	VERB
ftr-349	1029	16	tax	tax	NOUN
ftr-349	1029	17	rents	rent	NOUN
ftr-349	1029	18	along	along	ADP
ftr-349	1029	19	the	the	DET
ftr-349	1029	20	way.145	way.145	NOUN
ftr-349	1029	21	the	the	DET
ftr-349	1029	22	components	component	NOUN
ftr-349	1029	23	of	of	ADP
ftr-349	1029	24	u.s	u.s	PROPN
ftr-349	1029	25	.	.	PROPN
ftr-349	1029	26	law	law	NOUN
ftr-349	1029	27	that	that	PRON
ftr-349	1029	28	interact	interact	VERB
ftr-349	1029	29	with	with	ADP
ftr-349	1029	30	each	each	DET
ftr-349	1029	31	other	other	ADJ
ftr-349	1029	32	in	in	ADP
ftr-349	1029	33	ways	way	NOUN
ftr-349	1029	34	that	that	PRON
ftr-349	1029	35	can	can	AUX
ftr-349	1029	36	be	be	AUX
ftr-349	1029	37	manipulated	manipulate	VERB
ftr-349	1029	38	to	to	PART
ftr-349	1029	39	produce	produce	VERB
ftr-349	1029	40	territorial	territorial	ADJ
ftr-349	1029	41	-	-	PUNCT
ftr-349	1029	42	type	type	NOUN
ftr-349	1029	43	tax	tax	NOUN
ftr-349	1029	44	liabilities	liability	NOUN
ftr-349	1029	45	include	include	VERB
ftr-349	1029	46	deferral	deferral	ADJ
ftr-349	1029	47	,	,	PUNCT
ftr-349	1029	48	the	the	DET
ftr-349	1029	49	treatment	treatment	NOUN
ftr-349	1029	50	of	of	ADP
ftr-349	1029	51	each	each	DET
ftr-349	1029	52	foreign	foreign	ADJ
ftr-349	1029	53	subsidiary	subsidiary	NOUN
ftr-349	1029	54	as	as	ADP
ftr-349	1029	55	a	a	DET
ftr-349	1029	56	separate	separate	ADJ
ftr-349	1029	57	cask	cask	NOUN
ftr-349	1029	58	of	of	ADP
ftr-349	1029	59	income	income	NOUN
ftr-349	1029	60	and	and	CCONJ
ftr-349	1029	61	credits	credit	NOUN
ftr-349	1029	62	,	,	PUNCT
ftr-349	1029	63	foreign	foreign	ADJ
ftr-349	1029	64	tax	tax	NOUN
ftr-349	1029	65	credit	credit	NOUN
ftr-349	1029	66	blending	blend	VERB
ftr-349	1029	67	across	across	ADP
ftr-349	1029	68	intercompany	intercompany	NOUN
ftr-349	1029	69	royalties	royalty	NOUN
ftr-349	1029	70	and	and	CCONJ
ftr-349	1029	71	interest	interest	NOUN
ftr-349	1029	72	as	as	ADV
ftr-349	1029	73	well	well	ADV
ftr-349	1029	74	as	as	ADP
ftr-349	1029	75	dividends	dividend	NOUN
ftr-349	1029	76	,	,	PUNCT
ftr-349	1029	77	cost	cost	NOUN
ftr-349	1029	78	sharing	sharing	NOUN
ftr-349	1029	79	,	,	PUNCT
ftr-349	1029	80	check	check	VERB
ftr-349	1029	81	-	-	PUNCT
ftr-349	1029	82	the	the	DET
ftr-349	1029	83	-	-	PUNCT
ftr-349	1029	84	box	box	NOUN
ftr-349	1029	85	,	,	PUNCT
ftr-349	1029	86	and	and	CCONJ
ftr-349	1029	87	section	section	NOUN
ftr-349	1029	88	954(c)(6	954(c)(6	NUM
ftr-349	1029	89	)	)	PUNCT
ftr-349	1029	90	“	"	PUNCT
ftr-349	1029	91	look	look	VERB
ftr-349	1029	92	through	through	ADP
ftr-349	1029	93	”	"	PUNCT
ftr-349	1029	94	treatment	treatment	NOUN
ftr-349	1029	95	of	of	ADP
ftr-349	1029	96	interaffiliate	interaffiliate	ADJ
ftr-349	1029	97	deductible	deductible	ADJ
ftr-349	1029	98	payments	payment	NOUN
ftr-349	1029	99	.	.	PUNCT
ftr-349	1030	1	these	these	PRON
ftr-349	1030	2	interact	interact	VERB
ftr-349	1030	3	in	in	ADP
ftr-349	1030	4	turn	turn	NOUN
ftr-349	1030	5	in	in	ADP
ftr-349	1030	6	ways	way	NOUN
ftr-349	1030	7	favorable	favorable	ADJ
ftr-349	1030	8	to	to	ADP
ftr-349	1030	9	sophisticated	sophisticated	ADJ
ftr-349	1030	10	firms	firm	NOUN
ftr-349	1030	11	with	with	ADP
ftr-349	1030	12	global	global	ADJ
ftr-349	1030	13	international	international	ADJ
ftr-349	1030	14	tax	tax	NOUN
ftr-349	1030	15	norms	norm	NOUN
ftr-349	1030	16	like	like	ADP
ftr-349	1030	17	the	the	DET
ftr-349	1030	18	treatment	treatment	NOUN
ftr-349	1030	19	of	of	ADP
ftr-349	1030	20	a	a	DET
ftr-349	1030	21	subsidiary	subsidiary	NOUN
ftr-349	1030	22	as	as	ADP
ftr-349	1030	23	an	an	DET
ftr-349	1030	24	economic	economic	ADJ
ftr-349	1030	25	actor	actor	NOUN
ftr-349	1030	26	separate	separate	ADJ
ftr-349	1030	27	from	from	ADP
ftr-349	1030	28	its	its	PRON
ftr-349	1030	29	parent	parent	NOUN
ftr-349	1030	30	company	company	NOUN
ftr-349	1030	31	,	,	PUNCT
ftr-349	1030	32	the	the	DET
ftr-349	1030	33	honoring	honoring	NOUN
ftr-349	1030	34	of	of	ADP
ftr-349	1030	35	intragroup	intragroup	NOUN
ftr-349	1030	36	debt	debt	NOUN
ftr-349	1030	37	finance	finance	NOUN
ftr-349	1030	38	,	,	PUNCT
ftr-349	1030	39	and	and	CCONJ
ftr-349	1030	40	the	the	DET
ftr-349	1030	41	arm’s	arm’s	NUM
ftr-349	1030	42	-	-	PUNCT
ftr-349	1030	43	length	length	NOUN
ftr-349	1030	44	standard	standard	NOUN
ftr-349	1030	45	.	.	PUNCT
ftr-349	1031	1	e.	e.	PROPN
ftr-349	1031	2	competitiveness	competitiveness	PROPN
ftr-349	1031	3	of	of	ADP
ftr-349	1031	4	u.s	u.s	PROPN
ftr-349	1031	5	.	.	PROPN
ftr-349	1031	6	firms	firm	NOUN
ftr-349	1031	7	:	:	PUNCT
ftr-349	1031	8	lock	lock	NOUN
ftr-349	1031	9	-	-	PUNCT
ftr-349	1031	10	out	out	NOUN
ftr-349	1031	11	over	over	ADP
ftr-349	1031	12	the	the	DET
ftr-349	1031	13	last	last	ADJ
ftr-349	1031	14	several	several	ADJ
ftr-349	1031	15	years	year	NOUN
ftr-349	1031	16	,	,	PUNCT
ftr-349	1031	17	economists	economist	NOUN
ftr-349	1031	18	and	and	CCONJ
ftr-349	1031	19	tax	tax	NOUN
ftr-349	1031	20	law	law	NOUN
ftr-349	1031	21	specialists	specialist	NOUN
ftr-349	1031	22	have	have	AUX
ftr-349	1031	23	authored	author	VERB
ftr-349	1031	24	dozens	dozen	NOUN
ftr-349	1031	25	of	of	ADP
ftr-349	1031	26	articles	article	NOUN
ftr-349	1031	27	addressing	address	VERB
ftr-349	1031	28	how	how	SCONJ
ftr-349	1031	29	the	the	DET
ftr-349	1031	30	united	united	PROPN
ftr-349	1031	31	states	states	PROPN
ftr-349	1031	32	should	should	AUX
ftr-349	1031	33	tax	tax	VERB
ftr-349	1031	34	income	income	NOUN
ftr-349	1031	35	from	from	ADP
ftr-349	1031	36	foreign	foreign	ADJ
ftr-349	1031	37	direct	direct	ADJ
ftr-349	1031	38	investments	investment	NOUN
ftr-349	1031	39	.	.	PUNCT
ftr-349	1032	1	the	the	DET
ftr-349	1032	2	volume	volume	NOUN
ftr-349	1032	3	of	of	ADP
ftr-349	1032	4	literature	literature	NOUN
ftr-349	1032	5	is	be	AUX
ftr-349	1032	6	inexplicable	inexplicable	ADJ
ftr-349	1032	7	when	when	SCONJ
ftr-349	1032	8	viewed	view	VERB
ftr-349	1032	9	against	against	ADP
ftr-349	1032	10	the	the	DET
ftr-349	1032	11	trivial	trivial	ADJ
ftr-349	1032	12	tax	tax	NOUN
ftr-349	1032	13	collections	collection	NOUN
ftr-349	1032	14	currently	currently	ADV
ftr-349	1032	15	at	at	ADP
ftr-349	1032	16	issue	issue	NOUN
ftr-349	1032	17	and	and	CCONJ
ftr-349	1032	18	u.s	u.s	PROPN
ftr-349	1032	19	.	.	PROPN
ftr-349	1032	20	firms	firm	NOUN
ftr-349	1032	21	’	'	PUNCT
ftr-349	1032	22	success	success	NOUN
ftr-349	1032	23	in	in	ADP
ftr-349	1032	24	arranging	arrange	VERB
ftr-349	1032	25	their	their	PRON
ftr-349	1032	26	affairs	affair	NOUN
ftr-349	1032	27	to	to	PART
ftr-349	1032	28	operate	operate	VERB
ftr-349	1032	29	in	in	ADP
ftr-349	1032	30	a	a	DET
ftr-349	1032	31	quasiterritorial	quasiterritorial	ADJ
ftr-349	1032	32	tax	tax	NOUN
ftr-349	1032	33	environment	environment	NOUN
ftr-349	1032	34	.	.	PUNCT
ftr-349	1033	1	the	the	DET
ftr-349	1033	2	academic	academic	ADJ
ftr-349	1033	3	efforts	effort	NOUN
ftr-349	1033	4	,	,	PUNCT
ftr-349	1033	5	however	however	ADV
ftr-349	1033	6	,	,	PUNCT
ftr-349	1033	7	are	be	AUX
ftr-349	1033	8	not	not	PART
ftr-349	1033	9	necessarily	necessarily	ADV
ftr-349	1033	10	perverse	perverse	ADJ
ftr-349	1033	11	,	,	PUNCT
ftr-349	1033	12	if	if	SCONJ
ftr-349	1033	13	measured	measure	VERB
ftr-349	1033	14	against	against	ADP
ftr-349	1033	15	the	the	DET
ftr-349	1033	16	possible	possible	ADJ
ftr-349	1033	17	welfare	welfare	NOUN
ftr-349	1033	18	costs	cost	NOUN
ftr-349	1033	19	to	to	ADP
ftr-349	1033	20	the	the	DET
ftr-349	1033	21	country	country	NOUN
ftr-349	1033	22	of	of	ADP
ftr-349	1033	23	roughly	roughly	ADV
ftr-349	1033	24	$	$	SYM
ftr-349	1033	25	1.4	1.4	NUM
ftr-349	1033	26	trillion	trillion	NUM
ftr-349	1033	27	in	in	ADP
ftr-349	1033	28	offshore	offshore	ADJ
ftr-349	1033	29	permanently	permanently	ADV
ftr-349	1033	30	reinvested	reinveste	VERB
ftr-349	1033	31	earnings	earning	NOUN
ftr-349	1033	32	,	,	PUNCT
ftr-349	1033	33	some	some	DET
ftr-349	1033	34	significant	significant	ADJ
ftr-349	1033	35	portion	portion	NOUN
ftr-349	1033	36	of	of	ADP
ftr-349	1033	37	which	which	PRON
ftr-349	1033	38	is	be	AUX
ftr-349	1033	39	not	not	PART
ftr-349	1033	40	necessary	necessary	ADJ
ftr-349	1033	41	to	to	PART
ftr-349	1033	42	support	support	VERB
ftr-349	1033	43	firms	firm	NOUN
ftr-349	1033	44	’	'	PUNCT
ftr-349	1033	45	offshore	offshore	ADJ
ftr-349	1033	46	operations.146	operations.146	PROPN
ftr-349	1033	47	the	the	DET
ftr-349	1033	48	“	"	PUNCT
ftr-349	1033	49	lock	lock	NOUN
ftr-349	1033	50	-	-	PUNCT
ftr-349	1033	51	out	out	ADP
ftr-349	1033	52	”	"	PUNCT
ftr-349	1033	53	phenomenon	phenomenon	NOUN
ftr-349	1033	54	that	that	SCONJ
ftr-349	1033	55	current	current	ADJ
ftr-349	1033	56	law	law	NOUN
ftr-349	1033	57	engenders	engender	NOUN
ftr-349	1033	58	may	may	AUX
ftr-349	1033	59	burden	burden	VERB
ftr-349	1033	60	firm	firm	ADJ
ftr-349	1033	61	managers	manager	NOUN
ftr-349	1033	62	less	less	ADJ
ftr-349	1033	63	than	than	SCONJ
ftr-349	1033	64	they	they	PRON
ftr-349	1033	65	sometimes	sometimes	ADV
ftr-349	1033	66	maintain	maintain	VERB
ftr-349	1033	67	,	,	PUNCT
ftr-349	1033	68	but	but	CCONJ
ftr-349	1033	69	it	it	PRON
ftr-349	1033	70	and	and	CCONJ
ftr-349	1033	71	related	relate	VERB
ftr-349	1033	72	phenomena	phenomenon	NOUN
ftr-349	1033	73	can	can	AUX
ftr-349	1033	74	nonetheless	nonetheless	ADV
ftr-349	1033	75	have	have	VERB
ftr-349	1033	76	material	material	NOUN
ftr-349	1033	77	welfare	welfare	NOUN
ftr-349	1033	78	costs	cost	NOUN
ftr-349	1033	79	for	for	ADP
ftr-349	1033	80	the	the	DET
ftr-349	1033	81	united	united	PROPN
ftr-349	1033	82	states	states	PROPN
ftr-349	1033	83	.	.	PUNCT
ftr-349	1034	1	the	the	DET
ftr-349	1034	2	lock	lock	NOUN
ftr-349	1034	3	-	-	PUNCT
ftr-349	1034	4	out	out	ADP
ftr-349	1034	5	effect	effect	NOUN
ftr-349	1034	6	refers	refer	VERB
ftr-349	1034	7	to	to	ADP
ftr-349	1034	8	the	the	DET
ftr-349	1034	9	fact	fact	NOUN
ftr-349	1034	10	that	that	SCONJ
ftr-349	1034	11	a	a	DET
ftr-349	1034	12	firm	firm	NOUN
ftr-349	1034	13	’s	’s	PART
ftr-349	1034	14	benefits	benefit	NOUN
ftr-349	1034	15	from	from	ADP
ftr-349	1034	16	stateless	stateless	NOUN
ftr-349	1034	17	income	income	NOUN
ftr-349	1034	18	planning	planning	NOUN
ftr-349	1034	19	are	be	AUX
ftr-349	1034	20	contingent	contingent	ADJ
ftr-349	1034	21	upon	upon	SCONJ
ftr-349	1034	22	the	the	DET
ftr-349	1034	23	firm	firm	NOUN
ftr-349	1034	24	not	not	PART
ftr-349	1034	25	repatriating	repatriate	VERB
ftr-349	1034	26	more	more	ADJ
ftr-349	1034	27	foreign	foreign	ADJ
ftr-349	1034	28	earnings	earning	NOUN
ftr-349	1034	29	than	than	SCONJ
ftr-349	1034	30	its	its	PRON
ftr-349	1034	31	tax	tax	NOUN
ftr-349	1034	32	distillery	distillery	NOUN
ftr-349	1034	33	can	can	AUX
ftr-349	1034	34	process	process	VERB
ftr-349	1034	35	.	.	PUNCT
ftr-349	1035	1	because	because	SCONJ
ftr-349	1035	2	so	so	ADV
ftr-349	1035	3	many	many	ADJ
ftr-349	1035	4	u.s	u.s	PROPN
ftr-349	1035	5	.	.	PROPN
ftr-349	1035	6	firms	firm	NOUN
ftr-349	1035	7	have	have	AUX
ftr-349	1035	8	been	be	AUX
ftr-349	1035	9	so	so	ADV
ftr-349	1035	10	successful	successful	ADJ
ftr-349	1035	11	in	in	ADP
ftr-349	1035	12	developing	develop	VERB
ftr-349	1035	13	multibillion	multibillion	NOUN
ftr-349	1035	14	dollar	dollar	NOUN
ftr-349	1035	15	pools	pool	NOUN
ftr-349	1035	16	of	of	ADP
ftr-349	1035	17	lowtaxed	lowtaxed	ADJ
ftr-349	1035	18	foreign	foreign	ADJ
ftr-349	1035	19	permanently	permanently	ADV
ftr-349	1035	20	reinvested	reinveste	VERB
ftr-349	1035	21	earnings	earning	NOUN
ftr-349	1035	22	,	,	PUNCT
ftr-349	1035	23	those	those	DET
ftr-349	1035	24	firms	firm	NOUN
ftr-349	1035	25	in	in	ADP
ftr-349	1035	26	turn	turn	NOUN
ftr-349	1035	27	are	be	AUX
ftr-349	1035	28	compelled	compel	VERB
ftr-349	1035	29	as	as	ADP
ftr-349	1035	30	a	a	DET
ftr-349	1035	31	practical	practical	ADJ
ftr-349	1035	32	matter	matter	NOUN
ftr-349	1035	33	to	to	PART
ftr-349	1035	34	keep	keep	VERB
ftr-349	1035	35	a	a	DET
ftr-349	1035	36	large	large	ADJ
ftr-349	1035	37	percentage	percentage	NOUN
ftr-349	1035	38	of	of	ADP
ftr-349	1035	39	their	their	PRON
ftr-349	1035	40	foreign	foreign	ADJ
ftr-349	1035	41	earnings	earning	NOUN
ftr-349	1035	42	and	and	CCONJ
ftr-349	1035	43	cash	cash	NOUN
ftr-349	1035	44	outside	outside	ADP
ftr-349	1035	45	the	the	DET
ftr-349	1035	46	united	united	PROPN
ftr-349	1035	47	states	states	PROPN
ftr-349	1035	48	solely	solely	ADV
ftr-349	1035	49	to	to	PART
ftr-349	1035	50	avoid	avoid	VERB
ftr-349	1035	51	this	this	DET
ftr-349	1035	52	residual	residual	ADJ
ftr-349	1035	53	tax	tax	NOUN
ftr-349	1035	54	.	.	PUNCT
ftr-349	1036	1	for	for	ADP
ftr-349	1036	2	the	the	DET
ftr-349	1036	3	reasons	reason	NOUN
ftr-349	1036	4	described	describe	VERB
ftr-349	1036	5	in	in	ADP
ftr-349	1036	6	the	the	DET
ftr-349	1036	7	preceding	precede	VERB
ftr-349	1036	8	subsection	subsection	NOUN
ftr-349	1036	9	,	,	PUNCT
ftr-349	1036	10	the	the	DET
ftr-349	1036	11	real	real	ADJ
ftr-349	1036	12	tax	tax	NOUN
ftr-349	1036	13	issue	issue	NOUN
ftr-349	1036	14	for	for	ADP
ftr-349	1036	15	the	the	DET
ftr-349	1036	16	managers	manager	NOUN
ftr-349	1036	17	of	of	ADP
ftr-349	1036	18	those	those	DET
ftr-349	1036	19	u.s	u.s	PROPN
ftr-349	1036	20	.	.	PROPN
ftr-349	1036	21	multinational	multinational	ADJ
ftr-349	1036	22	firms	firm	NOUN
ftr-349	1036	23	that	that	PRON
ftr-349	1036	24	are	be	AUX
ftr-349	1036	25	able	able	ADJ
ftr-349	1036	26	to	to	PART
ftr-349	1036	27	145	145	NUM
ftr-349	1036	28	.	.	PUNCT
ftr-349	1037	1	see	see	VERB
ftr-349	1037	2	supra	supra	PROPN
ftr-349	1037	3	text	text	NOUN
ftr-349	1037	4	,	,	PUNCT
ftr-349	1037	5	at	at	ADP
ftr-349	1037	6	notes	note	NOUN
ftr-349	1037	7	112–13	112–13	NUM
ftr-349	1037	8	.	.	PUNCT
ftr-349	1037	9	146	146	NUM
ftr-349	1037	10	.	.	PUNCT
ftr-349	1038	1	in	in	ADP
ftr-349	1038	2	this	this	DET
ftr-349	1038	3	connection	connection	NOUN
ftr-349	1038	4	,	,	PUNCT
ftr-349	1038	5	recall	recall	VERB
ftr-349	1038	6	that	that	SCONJ
ftr-349	1038	7	u.s	u.s	PROPN
ftr-349	1038	8	.	.	PROPN
ftr-349	1038	9	firms	firm	NOUN
ftr-349	1038	10	repatriated	repatriate	VERB
ftr-349	1038	11	some	some	DET
ftr-349	1038	12	$	$	SYM
ftr-349	1038	13	312	312	NUM
ftr-349	1038	14	billion	billion	NUM
ftr-349	1038	15	in	in	ADP
ftr-349	1038	16	extraordinary	extraordinary	ADJ
ftr-349	1038	17	dividends	dividend	NOUN
ftr-349	1038	18	in	in	ADP
ftr-349	1038	19	response	response	NOUN
ftr-349	1038	20	to	to	ADP
ftr-349	1038	21	the	the	DET
ftr-349	1038	22	one	one	NUM
ftr-349	1038	23	-	-	PUNCT
ftr-349	1038	24	year	year	NOUN
ftr-349	1038	25	repatriation	repatriation	NOUN
ftr-349	1038	26	holiday	holiday	NOUN
ftr-349	1038	27	afforded	afford	VERB
ftr-349	1038	28	by	by	ADP
ftr-349	1038	29	section	section	NOUN
ftr-349	1038	30	965	965	NUM
ftr-349	1038	31	,	,	PUNCT
ftr-349	1038	32	at	at	ADP
ftr-349	1038	33	a	a	DET
ftr-349	1038	34	time	time	NOUN
ftr-349	1038	35	when	when	SCONJ
ftr-349	1038	36	total	total	ADJ
ftr-349	1038	37	permanently	permanently	ADV
ftr-349	1038	38	reinvested	reinveste	VERB
ftr-349	1038	39	earnings	earning	NOUN
ftr-349	1038	40	were	be	AUX
ftr-349	1038	41	much	much	ADV
ftr-349	1038	42	lower	low	ADJ
ftr-349	1038	43	than	than	ADP
ftr-349	1038	44	the	the	DET
ftr-349	1038	45	current	current	ADJ
ftr-349	1038	46	figure	figure	NOUN
ftr-349	1038	47	.	.	PUNCT
ftr-349	1039	1	2001	2001	NUM
ftr-349	1039	2	]	]	PUNCT
ftr-349	1039	3	stateless	stateless	NOUN
ftr-349	1039	4	income	income	NOUN
ftr-349	1039	5	763	763	NUM
ftr-349	1039	6	engage	engage	VERB
ftr-349	1039	7	in	in	ADP
ftr-349	1039	8	widespread	widespread	ADJ
ftr-349	1039	9	stateless	stateless	NOUN
ftr-349	1039	10	income	income	NOUN
ftr-349	1039	11	tax	tax	NOUN
ftr-349	1039	12	planning	planning	NOUN
ftr-349	1039	13	is	be	AUX
ftr-349	1039	14	not	not	PART
ftr-349	1039	15	current	current	ADJ
ftr-349	1039	16	u.s	u.s	PROPN
ftr-349	1039	17	.	.	PROPN
ftr-349	1039	18	taxation	taxation	NOUN
ftr-349	1039	19	of	of	ADP
ftr-349	1039	20	foreign	foreign	ADJ
ftr-349	1039	21	operations	operation	NOUN
ftr-349	1039	22	,	,	PUNCT
ftr-349	1039	23	or	or	CCONJ
ftr-349	1039	24	even	even	ADV
ftr-349	1039	25	current	current	ADJ
ftr-349	1039	26	u.s	u.s	PROPN
ftr-349	1039	27	.	.	PROPN
ftr-349	1039	28	taxation	taxation	NOUN
ftr-349	1039	29	of	of	ADP
ftr-349	1039	30	ordinary	ordinary	ADJ
ftr-349	1039	31	course	course	NOUN
ftr-349	1039	32	cash	cash	NOUN
ftr-349	1039	33	repatriations	repatriation	NOUN
ftr-349	1039	34	of	of	ADP
ftr-349	1039	35	low	low	ADV
ftr-349	1039	36	-	-	PUNCT
ftr-349	1039	37	taxed	tax	VERB
ftr-349	1039	38	foreign	foreign	ADJ
ftr-349	1039	39	source	source	NOUN
ftr-349	1039	40	income	income	NOUN
ftr-349	1039	41	;	;	PUNCT
ftr-349	1039	42	it	it	PRON
ftr-349	1039	43	is	be	AUX
ftr-349	1039	44	the	the	DET
ftr-349	1039	45	extraordinary	extraordinary	ADJ
ftr-349	1039	46	accumulation	accumulation	NOUN
ftr-349	1039	47	of	of	ADP
ftr-349	1039	48	profits	profit	NOUN
ftr-349	1039	49	and	and	CCONJ
ftr-349	1039	50	cash	cash	NOUN
ftr-349	1039	51	in	in	ADP
ftr-349	1039	52	foreign	foreign	ADJ
ftr-349	1039	53	subsidiaries	subsidiary	NOUN
ftr-349	1039	54	,	,	PUNCT
ftr-349	1039	55	and	and	CCONJ
ftr-349	1039	56	the	the	DET
ftr-349	1039	57	inability	inability	NOUN
ftr-349	1039	58	of	of	ADP
ftr-349	1039	59	most	most	ADJ
ftr-349	1039	60	firms	firm	NOUN
ftr-349	1039	61	’	’	PART
ftr-349	1039	62	tax	tax	NOUN
ftr-349	1039	63	resources	resource	NOUN
ftr-349	1039	64	to	to	PART
ftr-349	1039	65	absorb	absorb	VERB
ftr-349	1039	66	a	a	DET
ftr-349	1039	67	very	very	ADV
ftr-349	1039	68	large	large	ADJ
ftr-349	1039	69	repatriation	repatriation	NOUN
ftr-349	1039	70	dividend	dividend	NOUN
ftr-349	1039	71	.	.	PUNCT
ftr-349	1040	1	this	this	PRON
ftr-349	1040	2	distorts	distort	VERB
ftr-349	1040	3	behavior	behavior	NOUN
ftr-349	1040	4	(	(	PUNCT
ftr-349	1040	5	for	for	ADP
ftr-349	1040	6	example	example	NOUN
ftr-349	1040	7	,	,	PUNCT
ftr-349	1040	8	by	by	ADP
ftr-349	1040	9	encouraging	encourage	VERB
ftr-349	1040	10	firms	firm	NOUN
ftr-349	1040	11	to	to	PART
ftr-349	1040	12	borrow	borrow	VERB
ftr-349	1040	13	in	in	ADP
ftr-349	1040	14	the	the	DET
ftr-349	1040	15	united	united	PROPN
ftr-349	1040	16	states	states	PROPN
ftr-349	1040	17	and	and	CCONJ
ftr-349	1040	18	to	to	PART
ftr-349	1040	19	make	make	VERB
ftr-349	1040	20	relatively	relatively	ADV
ftr-349	1040	21	unproductive	unproductive	ADJ
ftr-349	1040	22	investments	investment	NOUN
ftr-349	1040	23	outside	outside	ADP
ftr-349	1040	24	the	the	DET
ftr-349	1040	25	united	united	PROPN
ftr-349	1040	26	states	states	PROPN
ftr-349	1040	27	)	)	PUNCT
ftr-349	1040	28	,	,	PUNCT
ftr-349	1040	29	and	and	CCONJ
ftr-349	1040	30	leads	lead	VERB
ftr-349	1040	31	to	to	ADP
ftr-349	1040	32	deadweight	deadweight	NOUN
ftr-349	1040	33	loss	loss	NOUN
ftr-349	1040	34	.	.	PUNCT
ftr-349	1041	1	a	a	DET
ftr-349	1041	2	recent	recent	ADJ
ftr-349	1041	3	business	business	NOUN
ftr-349	1041	4	news	news	NOUN
ftr-349	1041	5	story	story	NOUN
ftr-349	1041	6	illustrates	illustrate	VERB
ftr-349	1041	7	this	this	DET
ftr-349	1041	8	point	point	NOUN
ftr-349	1041	9	effectively	effectively	ADV
ftr-349	1041	10	.	.	PUNCT
ftr-349	1042	1	after	after	ADP
ftr-349	1042	2	suggesting	suggest	VERB
ftr-349	1042	3	(	(	PUNCT
ftr-349	1042	4	plausibly	plausibly	ADV
ftr-349	1042	5	,	,	PUNCT
ftr-349	1042	6	in	in	ADP
ftr-349	1042	7	the	the	DET
ftr-349	1042	8	experience	experience	NOUN
ftr-349	1042	9	of	of	ADP
ftr-349	1042	10	this	this	DET
ftr-349	1042	11	author	author	NOUN
ftr-349	1042	12	)	)	PUNCT
ftr-349	1042	13	that	that	SCONJ
ftr-349	1042	14	the	the	DET
ftr-349	1042	15	“	"	PUNCT
ftr-349	1042	16	lock	lock	NOUN
ftr-349	1042	17	-	-	PUNCT
ftr-349	1042	18	out	out	NOUN
ftr-349	1042	19	”	"	PUNCT
ftr-349	1042	20	effect	effect	NOUN
ftr-349	1042	21	drives	drive	VERB
ftr-349	1042	22	u.s	u.s	PROPN
ftr-349	1042	23	.	.	PROPN
ftr-349	1042	24	firms	firm	NOUN
ftr-349	1042	25	to	to	PART
ftr-349	1042	26	make	make	VERB
ftr-349	1042	27	foreign	foreign	ADJ
ftr-349	1042	28	acquisitions	acquisition	NOUN
ftr-349	1042	29	,	,	PUNCT
ftr-349	1042	30	simply	simply	ADV
ftr-349	1042	31	because	because	SCONJ
ftr-349	1042	32	they	they	PRON
ftr-349	1042	33	need	need	VERB
ftr-349	1042	34	some	some	DET
ftr-349	1042	35	use	use	NOUN
ftr-349	1042	36	for	for	ADP
ftr-349	1042	37	the	the	DET
ftr-349	1042	38	cash	cash	NOUN
ftr-349	1042	39	they	they	PRON
ftr-349	1042	40	have	have	AUX
ftr-349	1042	41	accumulated	accumulate	VERB
ftr-349	1042	42	outside	outside	ADP
ftr-349	1042	43	the	the	DET
ftr-349	1042	44	united	united	PROPN
ftr-349	1042	45	states	states	PROPN
ftr-349	1042	46	,	,	PUNCT
ftr-349	1042	47	it	it	PRON
ftr-349	1042	48	quotes	quote	VERB
ftr-349	1042	49	the	the	DET
ftr-349	1042	50	chief	chief	ADJ
ftr-349	1042	51	executive	executive	ADJ
ftr-349	1042	52	officer	officer	NOUN
ftr-349	1042	53	of	of	ADP
ftr-349	1042	54	cisco	cisco	PROPN
ftr-349	1042	55	systems	system	NOUN
ftr-349	1042	56	to	to	ADP
ftr-349	1042	57	the	the	DET
ftr-349	1042	58	effect	effect	NOUN
ftr-349	1042	59	that	that	SCONJ
ftr-349	1042	60	“	"	PUNCT
ftr-349	1042	61	cisco	cisco	PROPN
ftr-349	1042	62	has	have	AUX
ftr-349	1042	63	$	$	SYM
ftr-349	1042	64	30	30	NUM
ftr-349	1042	65	billion	billion	NUM
ftr-349	1042	66	of	of	ADP
ftr-349	1042	67	its	its	PRON
ftr-349	1042	68	$	$	SYM
ftr-349	1042	69	38	38	NUM
ftr-349	1042	70	billion	billion	NUM
ftr-349	1042	71	in	in	ADP
ftr-349	1042	72	cash	cash	NOUN
ftr-349	1042	73	parked	park	VERB
ftr-349	1042	74	abroad	abroad	ADV
ftr-349	1042	75	because	because	SCONJ
ftr-349	1042	76	of	of	ADP
ftr-349	1042	77	higher	high	ADJ
ftr-349	1042	78	u.s	u.s	PROPN
ftr-349	1042	79	.	.	PROPN
ftr-349	1042	80	taxes	taxis	NOUN
ftr-349	1042	81	.	.	PUNCT
ftr-349	1043	1	”147	”147	NOUN
ftr-349	1043	2	another	another	DET
ftr-349	1043	3	recent	recent	ADJ
ftr-349	1043	4	article	article	NOUN
ftr-349	1043	5	describes	describe	VERB
ftr-349	1043	6	how	how	SCONJ
ftr-349	1043	7	ebay	ebay	ADJ
ftr-349	1043	8	“	"	PUNCT
ftr-349	1043	9	has	have	VERB
ftr-349	1043	10	70	70	NUM
ftr-349	1043	11	percent	percent	NOUN
ftr-349	1043	12	of	of	ADP
ftr-349	1043	13	its	its	PRON
ftr-349	1043	14	cash	cash	NOUN
ftr-349	1043	15	outside	outside	ADP
ftr-349	1043	16	the	the	DET
ftr-349	1043	17	us	us	PROPN
ftr-349	1043	18	and	and	CCONJ
ftr-349	1043	19	[	[	X
ftr-349	1043	20	as	as	ADP
ftr-349	1043	21	a	a	DET
ftr-349	1043	22	result	result	NOUN
ftr-349	1043	23	]	]	PUNCT
ftr-349	1043	24	is	be	AUX
ftr-349	1043	25	hunting	hunt	VERB
ftr-349	1043	26	for	for	ADP
ftr-349	1043	27	acquisitions	acquisition	NOUN
ftr-349	1043	28	in	in	ADP
ftr-349	1043	29	europe	europe	PROPN
ftr-349	1043	30	.	.	PUNCT
ftr-349	1044	1	”148	”148	PUNCT
ftr-349	1044	2	in	in	ADP
ftr-349	1044	3	theory	theory	NOUN
ftr-349	1044	4	,	,	PUNCT
ftr-349	1044	5	the	the	DET
ftr-349	1044	6	lock	lock	NOUN
ftr-349	1044	7	-	-	PUNCT
ftr-349	1044	8	out	out	ADP
ftr-349	1044	9	phenomenon	phenomenon	NOUN
ftr-349	1044	10	could	could	AUX
ftr-349	1044	11	exist	exist	VERB
ftr-349	1044	12	without	without	ADP
ftr-349	1044	13	stateless	stateless	NOUN
ftr-349	1044	14	income	income	NOUN
ftr-349	1044	15	strategies	strategy	NOUN
ftr-349	1044	16	,	,	PUNCT
ftr-349	1044	17	for	for	ADP
ftr-349	1044	18	example	example	NOUN
ftr-349	1044	19	,	,	PUNCT
ftr-349	1044	20	if	if	SCONJ
ftr-349	1044	21	every	every	DET
ftr-349	1044	22	country	country	NOUN
ftr-349	1044	23	but	but	CCONJ
ftr-349	1044	24	the	the	DET
ftr-349	1044	25	united	united	PROPN
ftr-349	1044	26	states	states	PROPN
ftr-349	1044	27	had	have	AUX
ftr-349	1044	28	taxed	tax	VERB
ftr-349	1044	29	corporate	corporate	ADJ
ftr-349	1044	30	income	income	NOUN
ftr-349	1044	31	at	at	ADP
ftr-349	1044	32	rates	rate	NOUN
ftr-349	1044	33	comparable	comparable	ADJ
ftr-349	1044	34	to	to	ADP
ftr-349	1044	35	those	those	PRON
ftr-349	1044	36	of	of	ADP
ftr-349	1044	37	ireland	ireland	NOUN
ftr-349	1044	38	.	.	PUNCT
ftr-349	1045	1	in	in	ADP
ftr-349	1045	2	practice	practice	NOUN
ftr-349	1045	3	,	,	PUNCT
ftr-349	1045	4	however	however	ADV
ftr-349	1045	5	,	,	PUNCT
ftr-349	1045	6	the	the	DET
ftr-349	1045	7	profits	profit	NOUN
ftr-349	1045	8	recorded	record	VERB
ftr-349	1045	9	for	for	ADP
ftr-349	1045	10	tax	tax	NOUN
ftr-349	1045	11	purposes	purpose	NOUN
ftr-349	1045	12	in	in	ADP
ftr-349	1045	13	ireland	ireland	PROPN
ftr-349	1045	14	and	and	CCONJ
ftr-349	1045	15	similar	similar	ADJ
ftr-349	1045	16	countries	country	NOUN
ftr-349	1045	17	are	be	AUX
ftr-349	1045	18	wholly	wholly	ADV
ftr-349	1045	19	disproportionate	disproportionate	ADJ
ftr-349	1045	20	to	to	ADP
ftr-349	1045	21	the	the	DET
ftr-349	1045	22	size	size	NOUN
ftr-349	1045	23	of	of	ADP
ftr-349	1045	24	their	their	PRON
ftr-349	1045	25	economies	economy	NOUN
ftr-349	1045	26	,	,	PUNCT
ftr-349	1045	27	which	which	PRON
ftr-349	1045	28	suggests	suggest	VERB
ftr-349	1045	29	that	that	SCONJ
ftr-349	1045	30	the	the	DET
ftr-349	1045	31	lock	lock	NOUN
ftr-349	1045	32	-	-	PUNCT
ftr-349	1045	33	out	out	ADP
ftr-349	1045	34	phenomenon	phenomenon	NOUN
ftr-349	1045	35	in	in	ADP
ftr-349	1045	36	practice	practice	NOUN
ftr-349	1045	37	is	be	AUX
ftr-349	1045	38	closely	closely	ADV
ftr-349	1045	39	bound	bind	VERB
ftr-349	1045	40	with	with	ADP
ftr-349	1045	41	stateless	stateless	NOUN
ftr-349	1045	42	income	income	NOUN
ftr-349	1045	43	tax	tax	NOUN
ftr-349	1045	44	planning	planning	NOUN
ftr-349	1045	45	opportunities	opportunity	NOUN
ftr-349	1045	46	.	.	PUNCT
ftr-349	1046	1	one	one	NUM
ftr-349	1046	2	popular	popular	ADJ
ftr-349	1046	3	formulation	formulation	NOUN
ftr-349	1046	4	of	of	ADP
ftr-349	1046	5	the	the	DET
ftr-349	1046	6	deadweight	deadweight	NOUN
ftr-349	1046	7	loss	loss	NOUN
ftr-349	1046	8	attributable	attributable	ADJ
ftr-349	1046	9	to	to	ADP
ftr-349	1046	10	the	the	DET
ftr-349	1046	11	lock	lock	NOUN
ftr-349	1046	12	-	-	PUNCT
ftr-349	1046	13	out	out	ADP
ftr-349	1046	14	phenomenon	phenomenon	NOUN
ftr-349	1046	15	is	be	AUX
ftr-349	1046	16	that	that	SCONJ
ftr-349	1046	17	the	the	DET
ftr-349	1046	18	u.s	u.s	PROPN
ftr-349	1046	19	.	.	PROPN
ftr-349	1046	20	economy	economy	NOUN
ftr-349	1046	21	has	have	AUX
ftr-349	1046	22	been	be	AUX
ftr-349	1046	23	deprived	deprive	VERB
ftr-349	1046	24	of	of	ADP
ftr-349	1046	25	the	the	DET
ftr-349	1046	26	use	use	NOUN
ftr-349	1046	27	of	of	ADP
ftr-349	1046	28	u.s	u.s	PROPN
ftr-349	1046	29	.	.	PROPN
ftr-349	1046	30	firms	firm	NOUN
ftr-349	1046	31	’	'	PUNCT
ftr-349	1046	32	permanently	permanently	ADV
ftr-349	1046	33	reinvested	reinveste	VERB
ftr-349	1046	34	earnings	earning	NOUN
ftr-349	1046	35	,	,	PUNCT
ftr-349	1046	36	presumably	presumably	ADV
ftr-349	1046	37	to	to	ADP
ftr-349	1046	38	the	the	DET
ftr-349	1046	39	detriment	detriment	NOUN
ftr-349	1046	40	of	of	ADP
ftr-349	1046	41	job	job	NOUN
ftr-349	1046	42	creation	creation	NOUN
ftr-349	1046	43	and	and	CCONJ
ftr-349	1046	44	other	other	ADJ
ftr-349	1046	45	economic	economic	ADJ
ftr-349	1046	46	activity	activity	NOUN
ftr-349	1046	47	in	in	ADP
ftr-349	1046	48	the	the	DET
ftr-349	1046	49	united	united	PROPN
ftr-349	1046	50	states	states	PROPN
ftr-349	1046	51	.	.	PUNCT
ftr-349	1047	1	this	this	DET
ftr-349	1047	2	formulation	formulation	NOUN
ftr-349	1047	3	of	of	ADP
ftr-349	1047	4	the	the	DET
ftr-349	1047	5	problem	problem	NOUN
ftr-349	1047	6	is	be	AUX
ftr-349	1047	7	vastly	vastly	ADV
ftr-349	1047	8	overstated	overstate	VERB
ftr-349	1047	9	.	.	PUNCT
ftr-349	1048	1	to	to	ADP
ftr-349	1048	2	the	the	DET
ftr-349	1048	3	extent	extent	NOUN
ftr-349	1048	4	that	that	PRON
ftr-349	1048	5	permanently	permanently	ADV
ftr-349	1048	6	reinvested	reinveste	VERB
ftr-349	1048	7	earnings	earning	NOUN
ftr-349	1048	8	are	be	AUX
ftr-349	1048	9	held	hold	VERB
ftr-349	1048	10	in	in	ADP
ftr-349	1048	11	liquid	liquid	ADJ
ftr-349	1048	12	financial	financial	ADJ
ftr-349	1048	13	assets	asset	NOUN
ftr-349	1048	14	,	,	PUNCT
ftr-349	1048	15	those	those	DET
ftr-349	1048	16	assets	asset	NOUN
ftr-349	1048	17	are	be	AUX
ftr-349	1048	18	highly	highly	ADV
ftr-349	1048	19	likely	likely	ADJ
ftr-349	1048	20	to	to	PART
ftr-349	1048	21	take	take	VERB
ftr-349	1048	22	the	the	DET
ftr-349	1048	23	form	form	NOUN
ftr-349	1048	24	of	of	ADP
ftr-349	1048	25	u.s	u.s	PROPN
ftr-349	1048	26	.	.	PROPN
ftr-349	1048	27	dollar	dollar	NOUN
ftr-349	1048	28	denominated	denominate	VERB
ftr-349	1048	29	debt	debt	NOUN
ftr-349	1048	30	instruments	instrument	NOUN
ftr-349	1048	31	,	,	PUNCT
ftr-349	1048	32	such	such	ADJ
ftr-349	1048	33	as	as	ADP
ftr-349	1048	34	u.s	u.s	PROPN
ftr-349	1048	35	.	.	PROPN
ftr-349	1048	36	bank	bank	NOUN
ftr-349	1048	37	deposits	deposit	NOUN
ftr-349	1048	38	,	,	PUNCT
ftr-349	1048	39	u.s	u.s	PROPN
ftr-349	1048	40	.	.	PROPN
ftr-349	1048	41	commercial	commercial	ADJ
ftr-349	1048	42	paper	paper	NOUN
ftr-349	1048	43	,	,	PUNCT
ftr-349	1048	44	u.s	u.s	PROPN
ftr-349	1048	45	.	.	PROPN
ftr-349	1048	46	government	government	NOUN
ftr-349	1048	47	securities	security	NOUN
ftr-349	1048	48	and	and	CCONJ
ftr-349	1048	49	other	other	ADJ
ftr-349	1048	50	debt	debt	NOUN
ftr-349	1048	51	instruments	instrument	NOUN
ftr-349	1048	52	of	of	ADP
ftr-349	1048	53	u.s	u.s	PROPN
ftr-349	1048	54	.	.	PROPN
ftr-349	1048	55	obligors.149	obligors.149	NOUN
ftr-349	1048	56	the	the	DET
ftr-349	1048	57	reason	reason	NOUN
ftr-349	1048	58	simply	simply	ADV
ftr-349	1048	59	is	be	AUX
ftr-349	1048	60	that	that	SCONJ
ftr-349	1048	61	in	in	ADP
ftr-349	1048	62	each	each	DET
ftr-349	1048	63	case	case	NOUN
ftr-349	1048	64	the	the	DET
ftr-349	1048	65	u.s	u.s	PROPN
ftr-349	1048	66	.	.	PROPN
ftr-349	1048	67	parent	parent	NOUN
ftr-349	1048	68	company	company	NOUN
ftr-349	1048	69	relies	rely	VERB
ftr-349	1048	70	on	on	ADP
ftr-349	1048	71	the	the	DET
ftr-349	1048	72	u.s	u.s	PROPN
ftr-349	1048	73	.	.	PROPN
ftr-349	1048	74	dollar	dollar	NOUN
ftr-349	1048	75	as	as	ADP
ftr-349	1048	76	its	its	PRON
ftr-349	1048	77	functional	functional	ADJ
ftr-349	1048	78	currency	currency	NOUN
ftr-349	1048	79	for	for	ADP
ftr-349	1048	80	gaap	gaap	NOUN
ftr-349	1048	81	purposes	purpose	NOUN
ftr-349	1048	82	,	,	PUNCT
ftr-349	1048	83	and	and	CCONJ
ftr-349	1048	84	unhedged	unhedge	VERB
ftr-349	1048	85	147	147	NUM
ftr-349	1048	86	.	.	PUNCT
ftr-349	1049	1	serena	serena	PROPN
ftr-349	1049	2	saito	saito	PROPN
ftr-349	1049	3	,	,	PUNCT
ftr-349	1049	4	tech	tech	ADJ
ftr-349	1049	5	companies	company	NOUN
ftr-349	1049	6	go	go	VERB
ftr-349	1049	7	shopping	shop	VERB
ftr-349	1049	8	abroad	abroad	ADV
ftr-349	1049	9	,	,	PUNCT
ftr-349	1049	10	bloomberg	bloomberg	PROPN
ftr-349	1049	11	businessweek	businessweek	PROPN
ftr-349	1049	12	,	,	PUNCT
ftr-349	1049	13	sept	sept	PROPN
ftr-349	1049	14	.	.	PROPN
ftr-349	1049	15	2	2	NUM
ftr-349	1049	16	,	,	PUNCT
ftr-349	1049	17	2010	2010	NUM
ftr-349	1049	18	,	,	PUNCT
ftr-349	1049	19	http://www.businessweek.com/magazine/content/	http://www.businessweek.com/magazine/content/	PROPN
ftr-349	1049	20	10_37	10_37	NUM
ftr-349	1049	21	/	/	SYM
ftr-349	1049	22	b4194031986280.htm	b4194031986280.htm	PROPN
ftr-349	1049	23	.	.	PROPN
ftr-349	1049	24	148	148	NUM
ftr-349	1049	25	.	.	PUNCT
ftr-349	1050	1	richard	richard	PROPN
ftr-349	1050	2	waters	waters	PROPN
ftr-349	1050	3	,	,	PUNCT
ftr-349	1050	4	tax	tax	NOUN
ftr-349	1050	5	drives	drive	VERB
ftr-349	1050	6	us	us	PROPN
ftr-349	1050	7	tech	tech	NOUN
ftr-349	1050	8	groups	group	NOUN
ftr-349	1050	9	to	to	PART
ftr-349	1050	10	tap	tap	VERB
ftr-349	1050	11	debt	debt	NOUN
ftr-349	1050	12	,	,	PUNCT
ftr-349	1050	13	financial	financial	ADJ
ftr-349	1050	14	times	time	NOUN
ftr-349	1050	15	,	,	PUNCT
ftr-349	1050	16	february	february	PROPN
ftr-349	1050	17	7	7	NUM
ftr-349	1050	18	,	,	PUNCT
ftr-349	1050	19	2011	2011	NUM
ftr-349	1050	20	at	at	ADP
ftr-349	1050	21	15	15	NUM
ftr-349	1050	22	.	.	NOUN
ftr-349	1050	23	149	149	NUM
ftr-349	1050	24	.	.	PUNCT
ftr-349	1051	1	the	the	DET
ftr-349	1051	2	“	"	PUNCT
ftr-349	1051	3	investment	investment	NOUN
ftr-349	1051	4	in	in	ADP
ftr-349	1051	5	u.s	u.s	PROPN
ftr-349	1051	6	.	.	PROPN
ftr-349	1051	7	property	property	NOUN
ftr-349	1051	8	”	"	PUNCT
ftr-349	1051	9	rules	rule	NOUN
ftr-349	1051	10	of	of	ADP
ftr-349	1051	11	i.r.c	i.r.c	NOUN
ftr-349	1051	12	.	.	PUNCT
ftr-349	1052	1	§	§	PROPN
ftr-349	1052	2	956	956	NUM
ftr-349	1052	3	are	be	AUX
ftr-349	1052	4	not	not	PART
ftr-349	1052	5	implicated	implicate	VERB
ftr-349	1052	6	by	by	ADP
ftr-349	1052	7	the	the	DET
ftr-349	1052	8	acquisition	acquisition	NOUN
ftr-349	1052	9	of	of	ADP
ftr-349	1052	10	debt	debt	NOUN
ftr-349	1052	11	(	(	PUNCT
ftr-349	1052	12	or	or	CCONJ
ftr-349	1052	13	,	,	PUNCT
ftr-349	1052	14	for	for	ADP
ftr-349	1052	15	that	that	DET
ftr-349	1052	16	matter	matter	NOUN
ftr-349	1052	17	,	,	PUNCT
ftr-349	1052	18	equity	equity	NOUN
ftr-349	1052	19	)	)	PUNCT
ftr-349	1052	20	instruments	instrument	NOUN
ftr-349	1052	21	of	of	ADP
ftr-349	1052	22	unrelated	unrelated	ADJ
ftr-349	1052	23	u.s	u.s	PROPN
ftr-349	1052	24	.	.	PROPN
ftr-349	1052	25	corporations	corporation	NOUN
ftr-349	1052	26	.	.	PUNCT
ftr-349	1053	1	i.r.c	i.r.c	NOUN
ftr-349	1053	2	.	.	PUNCT
ftr-349	1054	1	§	§	PROPN
ftr-349	1054	2	956(c)(2)(f	956(c)(2)(f	NUM
ftr-349	1054	3	)	)	PUNCT
ftr-349	1054	4	.	.	PUNCT
ftr-349	1055	1	764	764	NUM
ftr-349	1055	2	florida	florida	PROPN
ftr-349	1055	3	tax	tax	NOUN
ftr-349	1055	4	review	review	NOUN
ftr-349	1055	5	[	[	X
ftr-349	1055	6	vol	vol	NOUN
ftr-349	1055	7	.	.	PUNCT
ftr-349	1056	1	11:9	11:9	NUM
ftr-349	1056	2	investments	investment	NOUN
ftr-349	1056	3	in	in	ADP
ftr-349	1056	4	other	other	ADJ
ftr-349	1056	5	currencies	currency	NOUN
ftr-349	1056	6	would	would	AUX
ftr-349	1056	7	expose	expose	VERB
ftr-349	1056	8	it	it	PRON
ftr-349	1056	9	to	to	ADP
ftr-349	1056	10	income	income	NOUN
ftr-349	1056	11	statement	statement	NOUN
ftr-349	1056	12	volatility	volatility	NOUN
ftr-349	1056	13	through	through	ADP
ftr-349	1056	14	exchange	exchange	NOUN
ftr-349	1056	15	rate	rate	NOUN
ftr-349	1056	16	fluctuations	fluctuation	NOUN
ftr-349	1056	17	.	.	PUNCT
ftr-349	1057	1	for	for	ADP
ftr-349	1057	2	this	this	DET
ftr-349	1057	3	reason	reason	NOUN
ftr-349	1057	4	,	,	PUNCT
ftr-349	1057	5	it	it	PRON
ftr-349	1057	6	can	can	AUX
ftr-349	1057	7	be	be	AUX
ftr-349	1057	8	expected	expect	VERB
ftr-349	1057	9	that	that	SCONJ
ftr-349	1057	10	a	a	DET
ftr-349	1057	11	large	large	ADJ
ftr-349	1057	12	fraction	fraction	NOUN
ftr-349	1057	13	of	of	ADP
ftr-349	1057	14	u.s	u.s	PROPN
ftr-349	1057	15	.	.	PROPN
ftr-349	1057	16	firms	firm	NOUN
ftr-349	1057	17	’	'	PUNCT
ftr-349	1057	18	liquid	liquid	ADJ
ftr-349	1057	19	permanently	permanently	ADV
ftr-349	1057	20	reinvested	reinveste	VERB
ftr-349	1057	21	earnings	earning	NOUN
ftr-349	1057	22	already	already	ADV
ftr-349	1057	23	is	be	AUX
ftr-349	1057	24	employed	employ	VERB
ftr-349	1057	25	in	in	ADP
ftr-349	1057	26	the	the	DET
ftr-349	1057	27	u.s	u.s	PROPN
ftr-349	1057	28	.	.	PROPN
ftr-349	1057	29	economy	economy	NOUN
ftr-349	1057	30	.	.	PUNCT
ftr-349	1058	1	other	other	ADJ
ftr-349	1058	2	measures	measure	NOUN
ftr-349	1058	3	of	of	ADP
ftr-349	1058	4	this	this	DET
ftr-349	1058	5	deadweight	deadweight	NOUN
ftr-349	1058	6	loss	loss	NOUN
ftr-349	1058	7	have	have	AUX
ftr-349	1058	8	been	be	AUX
ftr-349	1058	9	the	the	DET
ftr-349	1058	10	subject	subject	NOUN
ftr-349	1058	11	of	of	ADP
ftr-349	1058	12	spirited	spirited	ADJ
ftr-349	1058	13	debate.150	debate.150	NOUN
ftr-349	1058	14	without	without	ADP
ftr-349	1058	15	restating	restate	VERB
ftr-349	1058	16	all	all	PRON
ftr-349	1058	17	of	of	ADP
ftr-349	1058	18	that	that	DET
ftr-349	1058	19	dialog	dialog	NOUN
ftr-349	1058	20	,	,	PUNCT
ftr-349	1058	21	one	one	NUM
ftr-349	1058	22	practical	practical	ADJ
ftr-349	1058	23	mode	mode	NOUN
ftr-349	1058	24	of	of	ADP
ftr-349	1058	25	inquiry	inquiry	NOUN
ftr-349	1058	26	into	into	ADP
ftr-349	1058	27	whether	whether	SCONJ
ftr-349	1058	28	the	the	DET
ftr-349	1058	29	“	"	PUNCT
ftr-349	1058	30	lock	lock	NOUN
ftr-349	1058	31	-	-	PUNCT
ftr-349	1058	32	out	out	ADP
ftr-349	1058	33	”	"	PUNCT
ftr-349	1058	34	phenomenon	phenomenon	NOUN
ftr-349	1058	35	imposes	impose	VERB
ftr-349	1058	36	substantial	substantial	ADJ
ftr-349	1058	37	costs	cost	NOUN
ftr-349	1058	38	on	on	ADP
ftr-349	1058	39	u.s	u.s	PROPN
ftr-349	1058	40	.	.	PROPN
ftr-349	1058	41	firms	firm	NOUN
ftr-349	1058	42	from	from	ADP
ftr-349	1058	43	their	their	PRON
ftr-349	1058	44	own	own	ADJ
ftr-349	1058	45	perspective	perspective	NOUN
ftr-349	1058	46	is	be	AUX
ftr-349	1058	47	to	to	PART
ftr-349	1058	48	ask	ask	VERB
ftr-349	1058	49	whether	whether	SCONJ
ftr-349	1058	50	u.s	u.s	PROPN
ftr-349	1058	51	.	.	PROPN
ftr-349	1058	52	firms	firm	NOUN
ftr-349	1058	53	are	be	AUX
ftr-349	1058	54	capital	capital	NOUN
ftr-349	1058	55	constrained	constrain	VERB
ftr-349	1058	56	,	,	PUNCT
ftr-349	1058	57	by	by	ADP
ftr-349	1058	58	virtue	virtue	NOUN
ftr-349	1058	59	of	of	ADP
ftr-349	1058	60	needing	need	VERB
ftr-349	1058	61	to	to	PART
ftr-349	1058	62	satisfy	satisfy	VERB
ftr-349	1058	63	their	their	PRON
ftr-349	1058	64	funding	funding	NOUN
ftr-349	1058	65	needs	need	NOUN
ftr-349	1058	66	by	by	ADP
ftr-349	1058	67	particularly	particularly	ADV
ftr-349	1058	68	costly	costly	ADJ
ftr-349	1058	69	borrowing	borrowing	NOUN
ftr-349	1058	70	in	in	ADP
ftr-349	1058	71	the	the	DET
ftr-349	1058	72	united	united	PROPN
ftr-349	1058	73	states	states	PROPN
ftr-349	1058	74	,	,	PUNCT
ftr-349	1058	75	rather	rather	ADV
ftr-349	1058	76	than	than	ADP
ftr-349	1058	77	repatriating	repatriate	VERB
ftr-349	1058	78	cash	cash	NOUN
ftr-349	1058	79	from	from	ADP
ftr-349	1058	80	abroad	abroad	ADV
ftr-349	1058	81	.	.	PUNCT
ftr-349	1059	1	there	there	PRON
ftr-349	1059	2	is	be	VERB
ftr-349	1059	3	little	little	ADJ
ftr-349	1059	4	statistical	statistical	ADJ
ftr-349	1059	5	or	or	CCONJ
ftr-349	1059	6	anecdotal	anecdotal	ADJ
ftr-349	1059	7	evidence	evidence	NOUN
ftr-349	1059	8	to	to	PART
ftr-349	1059	9	support	support	VERB
ftr-349	1059	10	such	such	DET
ftr-349	1059	11	a	a	DET
ftr-349	1059	12	capital	capital	NOUN
ftr-349	1059	13	constraint	constraint	NOUN
ftr-349	1059	14	story	story	NOUN
ftr-349	1059	15	for	for	ADP
ftr-349	1059	16	the	the	DET
ftr-349	1059	17	major	major	ADJ
ftr-349	1059	18	u.s	u.s	PROPN
ftr-349	1059	19	.	.	PROPN
ftr-349	1059	20	multinational	multinational	ADJ
ftr-349	1059	21	firms	firm	NOUN
ftr-349	1059	22	that	that	PRON
ftr-349	1059	23	account	account	VERB
ftr-349	1059	24	for	for	ADP
ftr-349	1059	25	the	the	DET
ftr-349	1059	26	bulk	bulk	NOUN
ftr-349	1059	27	of	of	ADP
ftr-349	1059	28	u.s	u.s	PROPN
ftr-349	1059	29	.	.	PROPN
ftr-349	1059	30	firms	firm	NOUN
ftr-349	1059	31	’	'	PUNCT
ftr-349	1059	32	income	income	NOUN
ftr-349	1059	33	from	from	ADP
ftr-349	1059	34	foreign	foreign	ADJ
ftr-349	1059	35	direct	direct	ADJ
ftr-349	1059	36	investment.151	investment.151	NOUN
ftr-349	1059	37	many	many	ADJ
ftr-349	1059	38	large	large	ADJ
ftr-349	1059	39	firms	firm	NOUN
ftr-349	1059	40	with	with	ADP
ftr-349	1059	41	low	low	ADJ
ftr-349	1059	42	effective	effective	ADJ
ftr-349	1059	43	foreign	foreign	ADJ
ftr-349	1059	44	tax	tax	NOUN
ftr-349	1059	45	rates	rate	NOUN
ftr-349	1059	46	in	in	ADP
ftr-349	1059	47	fact	fact	NOUN
ftr-349	1059	48	have	have	VERB
ftr-349	1059	49	very	very	ADV
ftr-349	1059	50	low	low	ADJ
ftr-349	1059	51	debt	debt	NOUN
ftr-349	1059	52	-	-	PUNCT
ftr-349	1059	53	toassets	toasset	NOUN
ftr-349	1059	54	ratios	ratio	NOUN
ftr-349	1059	55	,	,	PUNCT
ftr-349	1059	56	or	or	CCONJ
ftr-349	1059	57	do	do	AUX
ftr-349	1059	58	not	not	PART
ftr-349	1059	59	need	need	VERB
ftr-349	1059	60	to	to	PART
ftr-349	1059	61	borrow	borrow	VERB
ftr-349	1059	62	at	at	ADP
ftr-349	1059	63	all.152	all.152	NOUN
ftr-349	1059	64	indeed	indeed	ADV
ftr-349	1059	65	,	,	PUNCT
ftr-349	1059	66	since	since	SCONJ
ftr-349	1059	67	contingent	contingent	ADJ
ftr-349	1059	68	residual	residual	ADJ
ftr-349	1059	69	u.s	u.s	PROPN
ftr-349	1059	70	.	.	PROPN
ftr-349	1059	71	taxes	taxis	NOUN
ftr-349	1059	72	on	on	ADP
ftr-349	1059	73	the	the	DET
ftr-349	1059	74	repatriation	repatriation	NOUN
ftr-349	1059	75	of	of	ADP
ftr-349	1059	76	“	"	PUNCT
ftr-349	1059	77	permanently	permanently	ADV
ftr-349	1059	78	reinvested	reinveste	VERB
ftr-349	1059	79	”	"	PUNCT
ftr-349	1059	80	earnings	earning	NOUN
ftr-349	1059	81	are	be	AUX
ftr-349	1059	82	not	not	PART
ftr-349	1059	83	recorded	record	VERB
ftr-349	1059	84	as	as	ADP
ftr-349	1059	85	liabilities	liability	NOUN
ftr-349	1059	86	on	on	ADP
ftr-349	1059	87	u.s	u.s	PROPN
ftr-349	1059	88	.	.	PROPN
ftr-349	1059	89	gaap	gaap	PROPN
ftr-349	1059	90	financial	financial	ADJ
ftr-349	1059	91	statements	statement	NOUN
ftr-349	1059	92	(	(	PUNCT
ftr-349	1059	93	and	and	CCONJ
ftr-349	1059	94	in	in	ADP
ftr-349	1059	95	many	many	ADJ
ftr-349	1059	96	cases	case	NOUN
ftr-349	1059	97	are	be	AUX
ftr-349	1059	98	not	not	PART
ftr-349	1059	99	even	even	ADV
ftr-349	1059	100	quantified	quantify	VERB
ftr-349	1059	101	in	in	ADP
ftr-349	1059	102	the	the	DET
ftr-349	1059	103	notes	note	NOUN
ftr-349	1059	104	thereto	thereto	VERB
ftr-349	1059	105	)	)	PUNCT
ftr-349	1059	106	,	,	PUNCT
ftr-349	1059	107	and	and	CCONJ
ftr-349	1059	108	since	since	SCONJ
ftr-349	1059	109	those	those	DET
ftr-349	1059	110	financial	financial	ADJ
ftr-349	1059	111	statements	statement	NOUN
ftr-349	1059	112	are	be	AUX
ftr-349	1059	113	prepared	prepare	VERB
ftr-349	1059	114	on	on	ADP
ftr-349	1059	115	a	a	DET
ftr-349	1059	116	global	global	ADJ
ftr-349	1059	117	consolidated	consolidated	ADJ
ftr-349	1059	118	basis	basis	NOUN
ftr-349	1059	119	(	(	PUNCT
ftr-349	1059	120	so	so	SCONJ
ftr-349	1059	121	that	that	SCONJ
ftr-349	1059	122	the	the	DET
ftr-349	1059	123	location	location	NOUN
ftr-349	1059	124	of	of	ADP
ftr-349	1059	125	cash	cash	NOUN
ftr-349	1059	126	or	or	CCONJ
ftr-349	1059	127	liquid	liquid	ADJ
ftr-349	1059	128	investment	investment	NOUN
ftr-349	1059	129	assets	asset	NOUN
ftr-349	1059	130	is	be	AUX
ftr-349	1059	131	not	not	PART
ftr-349	1059	132	specified	specify	VERB
ftr-349	1059	133	)	)	PUNCT
ftr-349	1059	134	one	one	PRON
ftr-349	1059	135	would	would	AUX
ftr-349	1059	136	expect	expect	VERB
ftr-349	1059	137	that	that	SCONJ
ftr-349	1059	138	prospective	prospective	ADJ
ftr-349	1059	139	lenders	lender	NOUN
ftr-349	1059	140	in	in	ADP
ftr-349	1059	141	the	the	DET
ftr-349	1059	142	public	public	ADJ
ftr-349	1059	143	capital	capital	NOUN
ftr-349	1059	144	markets	market	NOUN
ftr-349	1059	145	might	might	AUX
ftr-349	1059	146	to	to	PART
ftr-349	1059	147	that	that	DET
ftr-349	1059	148	extent	extent	NOUN
ftr-349	1059	149	overvalue	overvalue	VERB
ftr-349	1059	150	the	the	DET
ftr-349	1059	151	net	net	ADJ
ftr-349	1059	152	worth	worth	NOUN
ftr-349	1059	153	and	and	CCONJ
ftr-349	1059	154	liquidity	liquidity	NOUN
ftr-349	1059	155	of	of	ADP
ftr-349	1059	156	firms	firm	NOUN
ftr-349	1059	157	with	with	ADP
ftr-349	1059	158	extensive	extensive	ADJ
ftr-349	1059	159	foreign	foreign	ADJ
ftr-349	1059	160	operations	operation	NOUN
ftr-349	1059	161	,	,	PUNCT
ftr-349	1059	162	thereby	thereby	ADV
ftr-349	1059	163	facilitating	facilitate	VERB
ftr-349	1059	164	borrowings	borrowing	NOUN
ftr-349	1059	165	in	in	ADP
ftr-349	1059	166	the	the	DET
ftr-349	1059	167	united	united	PROPN
ftr-349	1059	168	states	states	PROPN
ftr-349	1059	169	.	.	PUNCT
ftr-349	1060	1	when	when	SCONJ
ftr-349	1060	2	such	such	ADJ
ftr-349	1060	3	150	150	NUM
ftr-349	1060	4	.	.	PUNCT
ftr-349	1061	1	see	see	VERB
ftr-349	1061	2	mihir	mihir	PROPN
ftr-349	1061	3	a.	a.	PROPN
ftr-349	1061	4	desai	desai	PROPN
ftr-349	1061	5	&	&	CCONJ
ftr-349	1061	6	james	james	PROPN
ftr-349	1061	7	r.	r.	PROPN
ftr-349	1061	8	hines	hines	PROPN
ftr-349	1061	9	,	,	PUNCT
ftr-349	1061	10	jr	jr	PROPN
ftr-349	1061	11	.	.	PROPN
ftr-349	1061	12	,	,	PUNCT
ftr-349	1061	13	old	old	ADJ
ftr-349	1061	14	rules	rule	NOUN
ftr-349	1061	15	and	and	CCONJ
ftr-349	1061	16	new	new	ADJ
ftr-349	1061	17	realities	reality	NOUN
ftr-349	1061	18	:	:	PUNCT
ftr-349	1061	19	corporate	corporate	ADJ
ftr-349	1061	20	tax	tax	NOUN
ftr-349	1061	21	policy	policy	NOUN
ftr-349	1061	22	in	in	ADP
ftr-349	1061	23	a	a	DET
ftr-349	1061	24	global	global	ADJ
ftr-349	1061	25	setting	setting	NOUN
ftr-349	1061	26	,	,	PUNCT
ftr-349	1061	27	57	57	NUM
ftr-349	1061	28	nat’l	nat’l	NOUN
ftr-349	1061	29	tax	tax	NOUN
ftr-349	1061	30	j.	j.	PROPN
ftr-349	1061	31	937	937	NUM
ftr-349	1061	32	(	(	PUNCT
ftr-349	1061	33	2004	2004	NUM
ftr-349	1061	34	)	)	PUNCT
ftr-349	1061	35	(	(	PUNCT
ftr-349	1061	36	desai	desai	PROPN
ftr-349	1061	37	and	and	CCONJ
ftr-349	1061	38	hines	hine	NOUN
ftr-349	1061	39	estimate	estimate	VERB
ftr-349	1061	40	$	$	SYM
ftr-349	1061	41	10	10	NUM
ftr-349	1061	42	billion	billion	NUM
ftr-349	1061	43	in	in	ADP
ftr-349	1061	44	indirect	indirect	ADJ
ftr-349	1061	45	efficiency	efficiency	NOUN
ftr-349	1061	46	losses	loss	NOUN
ftr-349	1061	47	due	due	ADJ
ftr-349	1061	48	to	to	ADP
ftr-349	1061	49	retained	retain	VERB
ftr-349	1061	50	earnings	earning	NOUN
ftr-349	1061	51	due	due	ADJ
ftr-349	1061	52	to	to	ADP
ftr-349	1061	53	residual	residual	ADJ
ftr-349	1061	54	tax	tax	NOUN
ftr-349	1061	55	on	on	ADP
ftr-349	1061	56	dividends	dividend	NOUN
ftr-349	1061	57	.	.	PUNCT
ftr-349	1061	58	)	)	PUNCT
ftr-349	1062	1	;	;	PUNCT
ftr-349	1062	2	harry	harry	PROPN
ftr-349	1062	3	grubert	grubert	PROPN
ftr-349	1062	4	,	,	PUNCT
ftr-349	1062	5	comment	comment	NOUN
ftr-349	1062	6	on	on	ADP
ftr-349	1062	7	desai	desai	PROPN
ftr-349	1062	8	and	and	CCONJ
ftr-349	1062	9	hines	hine	NOUN
ftr-349	1062	10	,	,	PUNCT
ftr-349	1062	11	“	"	PUNCT
ftr-349	1062	12	old	old	ADJ
ftr-349	1062	13	rules	rule	NOUN
ftr-349	1062	14	and	and	CCONJ
ftr-349	1062	15	new	new	ADJ
ftr-349	1062	16	realities	reality	NOUN
ftr-349	1062	17	:	:	PUNCT
ftr-349	1062	18	coporate	coporate	VERB
ftr-349	1062	19	tax	tax	NOUN
ftr-349	1062	20	policy	policy	NOUN
ftr-349	1062	21	in	in	ADP
ftr-349	1062	22	a	a	DET
ftr-349	1062	23	global	global	ADJ
ftr-349	1062	24	setting	setting	NOUN
ftr-349	1062	25	”	"	PUNCT
ftr-349	1062	26	58	58	NUM
ftr-349	1062	27	nat’l	nat’l	NOUN
ftr-349	1062	28	.	.	PUNCT
ftr-349	1063	1	tax	tax	NOUN
ftr-349	1063	2	j.	j.	PROPN
ftr-349	1063	3	263	263	NUM
ftr-349	1063	4	(	(	PUNCT
ftr-349	1063	5	2005	2005	NUM
ftr-349	1063	6	)	)	PUNCT
ftr-349	1063	7	(	(	PUNCT
ftr-349	1063	8	rejecting	reject	VERB
ftr-349	1063	9	desai	desai	PROPN
ftr-349	1063	10	and	and	CCONJ
ftr-349	1063	11	hines	hine	NOUN
ftr-349	1063	12	’	'	PUNCT
ftr-349	1063	13	proposition	proposition	NOUN
ftr-349	1063	14	because	because	SCONJ
ftr-349	1063	15	dividends	dividend	NOUN
ftr-349	1063	16	account	account	VERB
ftr-349	1063	17	for	for	ADP
ftr-349	1063	18	a	a	DET
ftr-349	1063	19	relatively	relatively	ADV
ftr-349	1063	20	small	small	ADJ
ftr-349	1063	21	amount	amount	NOUN
ftr-349	1063	22	of	of	ADP
ftr-349	1063	23	revenue	revenue	NOUN
ftr-349	1063	24	)	)	PUNCT
ftr-349	1063	25	;	;	PUNCT
ftr-349	1063	26	mihir	mihir	PROPN
ftr-349	1063	27	a.	a.	PROPN
ftr-349	1063	28	desai	desai	PROPN
ftr-349	1063	29	&	&	CCONJ
ftr-349	1063	30	james	james	PROPN
ftr-349	1063	31	r.	r.	PROPN
ftr-349	1063	32	hines	hines	PROPN
ftr-349	1063	33	,	,	PUNCT
ftr-349	1063	34	jr	jr	PROPN
ftr-349	1063	35	.	.	PROPN
ftr-349	1063	36	,	,	PUNCT
ftr-349	1063	37	reply	reply	VERB
ftr-349	1063	38	to	to	ADP
ftr-349	1063	39	grubert	grubert	NOUN
ftr-349	1063	40	,	,	PUNCT
ftr-349	1063	41	58	58	NUM
ftr-349	1063	42	nat’l	nat’l	NOUN
ftr-349	1063	43	.	.	PUNCT
ftr-349	1064	1	tax	tax	NOUN
ftr-349	1064	2	j.	j.	PROPN
ftr-349	1064	3	275	275	NUM
ftr-349	1064	4	(	(	PUNCT
ftr-349	1064	5	2005	2005	NUM
ftr-349	1064	6	)	)	PUNCT
ftr-349	1064	7	;	;	PUNCT
ftr-349	1064	8	harry	harry	PROPN
ftr-349	1064	9	grubert	grubert	PROPN
ftr-349	1064	10	,	,	PUNCT
ftr-349	1064	11	mnc	mnc	PROPN
ftr-349	1064	12	dividends	dividend	NOUN
ftr-349	1064	13	,	,	PUNCT
ftr-349	1064	14	tax	tax	NOUN
ftr-349	1064	15	holidays	holiday	NOUN
ftr-349	1064	16	and	and	CCONJ
ftr-349	1064	17	the	the	DET
ftr-349	1064	18	burden	burden	NOUN
ftr-349	1064	19	of	of	ADP
ftr-349	1064	20	the	the	DET
ftr-349	1064	21	repatriation	repatriation	NOUN
ftr-349	1064	22	tax	tax	NOUN
ftr-349	1064	23	:	:	PUNCT
ftr-349	1064	24	recent	recent	ADJ
ftr-349	1064	25	evidence	evidence	NOUN
ftr-349	1064	26	,	,	PUNCT
ftr-349	1064	27	(	(	PUNCT
ftr-349	1064	28	oxford	oxford	PROPN
ftr-349	1064	29	univ	univ	PROPN
ftr-349	1064	30	.	.	PUNCT
ftr-349	1064	31	centre	centre	PROPN
ftr-349	1064	32	for	for	ADP
ftr-349	1064	33	bus	bus	NOUN
ftr-349	1064	34	.	.	PUNCT
ftr-349	1065	1	tax’n	tax’n	NUM
ftr-349	1065	2	,	,	PUNCT
ftr-349	1065	3	working	work	VERB
ftr-349	1065	4	paper	paper	NOUN
ftr-349	1065	5	no	no	INTJ
ftr-349	1065	6	.	.	NOUN
ftr-349	1066	1	09/27	09/27	NUM
ftr-349	1066	2	)	)	PUNCT
ftr-349	1067	1	,	,	PUNCT
ftr-349	1067	2	http://www.sbs.ox.ac.uk/	http://www.sbs.ox.ac.uk/	NOUN
ftr-349	1067	3	centres	centre	NOUN
ftr-349	1067	4	/	/	SYM
ftr-349	1067	5	tax	tax	NOUN
ftr-349	1067	6	/	/	SYM
ftr-349	1067	7	documents	document	NOUN
ftr-349	1067	8	/	/	SYM
ftr-349	1067	9	working_papers	working_paper	NOUN
ftr-349	1067	10	/	/	SYM
ftr-349	1067	11	wp0927.pdf	wp0927.pdf	NOUN
ftr-349	1067	12	.	.	PUNCT
ftr-349	1068	1	151	151	NUM
ftr-349	1068	2	.	.	PUNCT
ftr-349	1069	1	cf	cf	NOUN
ftr-349	1069	2	.	.	PUNCT
ftr-349	1070	1	lisa	lisa	PROPN
ftr-349	1070	2	bryant	bryant	PROPN
ftr-349	1070	3	-	-	PUNCT
ftr-349	1070	4	kutcher	kutcher	PROPN
ftr-349	1070	5	,	,	PUNCT
ftr-349	1070	6	lisa	lisa	PROPN
ftr-349	1070	7	eiler	eiler	PROPN
ftr-349	1070	8	&	&	CCONJ
ftr-349	1070	9	david	david	PROPN
ftr-349	1070	10	a.	a.	PROPN
ftr-349	1070	11	guenther	guenther	PROPN
ftr-349	1070	12	,	,	PUNCT
ftr-349	1070	13	taxes	taxis	NOUN
ftr-349	1070	14	and	and	CCONJ
ftr-349	1070	15	financial	financial	ADJ
ftr-349	1070	16	assets	asset	NOUN
ftr-349	1070	17	:	:	PUNCT
ftr-349	1070	18	valuing	value	VERB
ftr-349	1070	19	permanently	permanently	ADV
ftr-349	1070	20	reinvested	reinveste	VERB
ftr-349	1070	21	foreign	foreign	ADJ
ftr-349	1070	22	earnings	earning	NOUN
ftr-349	1070	23	,	,	PUNCT
ftr-349	1070	24	56	56	NUM
ftr-349	1070	25	nat’l	nat’l	NOUN
ftr-349	1070	26	tax	tax	NOUN
ftr-349	1070	27	j.	j.	PROPN
ftr-349	1070	28	705	705	NUM
ftr-349	1070	29	n.	n.	NOUN
ftr-349	1070	30	16	16	NUM
ftr-349	1070	31	(	(	PUNCT
ftr-349	1070	32	2008	2008	NUM
ftr-349	1070	33	)	)	PUNCT
ftr-349	1070	34	(	(	PUNCT
ftr-349	1070	35	“	"	PUNCT
ftr-349	1070	36	only	only	ADV
ftr-349	1070	37	seven	seven	NUM
ftr-349	1070	38	percent	percent	NOUN
ftr-349	1070	39	of	of	ADP
ftr-349	1070	40	u.s	u.s	PROPN
ftr-349	1070	41	.	.	PROPN
ftr-349	1070	42	firms	firm	NOUN
ftr-349	1070	43	that	that	PRON
ftr-349	1070	44	accumulate	accumulate	VERB
ftr-349	1070	45	excess	excess	ADJ
ftr-349	1070	46	cash	cash	NOUN
ftr-349	1070	47	outside	outside	ADP
ftr-349	1070	48	the	the	DET
ftr-349	1070	49	united	united	PROPN
ftr-349	1070	50	states	states	PROPN
ftr-349	1070	51	to	to	PART
ftr-349	1070	52	avoid	avoid	VERB
ftr-349	1070	53	the	the	DET
ftr-349	1070	54	u.s	u.s	PROPN
ftr-349	1070	55	.	.	PROPN
ftr-349	1070	56	repatriation	repatriation	NOUN
ftr-349	1070	57	tax	tax	NOUN
ftr-349	1070	58	appear	appear	VERB
ftr-349	1070	59	to	to	PART
ftr-349	1070	60	be	be	AUX
ftr-349	1070	61	constrained	constrain	VERB
ftr-349	1070	62	in	in	ADP
ftr-349	1070	63	their	their	PRON
ftr-349	1070	64	access	access	NOUN
ftr-349	1070	65	to	to	ADP
ftr-349	1070	66	capital	capital	NOUN
ftr-349	1070	67	markets	market	NOUN
ftr-349	1070	68	.	.	PUNCT
ftr-349	1070	69	”	"	PUNCT
ftr-349	1071	1	)	)	PUNCT
ftr-349	1071	2	152	152	NUM
ftr-349	1071	3	.	.	PUNCT
ftr-349	1072	1	as	as	ADP
ftr-349	1072	2	examples	example	NOUN
ftr-349	1072	3	from	from	ADP
ftr-349	1072	4	the	the	DET
ftr-349	1072	5	dow	dow	PROPN
ftr-349	1072	6	jones	jones	PROPN
ftr-349	1072	7	industrial	industrial	PROPN
ftr-349	1072	8	average	average	ADJ
ftr-349	1072	9	companies	company	NOUN
ftr-349	1072	10	listed	list	VERB
ftr-349	1072	11	earlier	early	ADV
ftr-349	1072	12	,	,	PUNCT
ftr-349	1072	13	hewlett	hewlett	PROPN
ftr-349	1072	14	-	-	PUNCT
ftr-349	1072	15	packard	packard	PROPN
ftr-349	1072	16	,	,	PUNCT
ftr-349	1072	17	travelers	traveler	NOUN
ftr-349	1072	18	and	and	CCONJ
ftr-349	1072	19	(	(	PUNCT
ftr-349	1072	20	until	until	ADP
ftr-349	1072	21	recently	recently	ADV
ftr-349	1072	22	)	)	PUNCT
ftr-349	1072	23	microsoft	microsoft	PROPN
ftr-349	1072	24	.	.	PUNCT
ftr-349	1073	1	http://www.sbs.ox.ac.uk/	http://www.sbs.ox.ac.uk/	PROPN
ftr-349	1073	2	2001	2001	NUM
ftr-349	1073	3	]	]	PUNCT
ftr-349	1073	4	stateless	stateless	NOUN
ftr-349	1073	5	income	income	NOUN
ftr-349	1073	6	765	765	NUM
ftr-349	1073	7	firms	firm	NOUN
ftr-349	1073	8	do	do	AUX
ftr-349	1073	9	borrow	borrow	VERB
ftr-349	1073	10	domestically	domestically	ADV
ftr-349	1073	11	there	there	PRON
ftr-349	1073	12	is	be	VERB
ftr-349	1073	13	scant	scant	ADJ
ftr-349	1073	14	evidence	evidence	NOUN
ftr-349	1073	15	that	that	SCONJ
ftr-349	1073	16	they	they	PRON
ftr-349	1073	17	suffer	suffer	VERB
ftr-349	1073	18	punitively	punitively	ADV
ftr-349	1073	19	high	high	ADJ
ftr-349	1073	20	borrowing	borrowing	NOUN
ftr-349	1073	21	costs.153	costs.153	VERB
ftr-349	1073	22	there	there	PRON
ftr-349	1073	23	is	be	VERB
ftr-349	1073	24	implicit	implicit	ADJ
ftr-349	1073	25	evidence	evidence	NOUN
ftr-349	1073	26	that	that	PRON
ftr-349	1073	27	supports	support	VERB
ftr-349	1073	28	the	the	DET
ftr-349	1073	29	idea	idea	NOUN
ftr-349	1073	30	that	that	SCONJ
ftr-349	1073	31	large	large	ADJ
ftr-349	1073	32	u.s	u.s	PROPN
ftr-349	1073	33	.	.	PROPN
ftr-349	1073	34	multinational	multinational	ADJ
ftr-349	1073	35	firms	firm	NOUN
ftr-349	1073	36	with	with	ADP
ftr-349	1073	37	substantial	substantial	ADJ
ftr-349	1073	38	“	"	PUNCT
ftr-349	1073	39	permanently	permanently	ADV
ftr-349	1073	40	reinvested	reinveste	VERB
ftr-349	1073	41	”	"	PUNCT
ftr-349	1073	42	earnings	earning	NOUN
ftr-349	1073	43	are	be	AUX
ftr-349	1073	44	not	not	PART
ftr-349	1073	45	capital	capital	NOUN
ftr-349	1073	46	-	-	PUNCT
ftr-349	1073	47	constrained	constrain	VERB
ftr-349	1073	48	in	in	ADP
ftr-349	1073	49	the	the	DET
ftr-349	1073	50	united	united	PROPN
ftr-349	1073	51	states	states	PROPN
ftr-349	1073	52	.	.	PUNCT
ftr-349	1074	1	in	in	ADP
ftr-349	1074	2	2004	2004	NUM
ftr-349	1074	3	,	,	PUNCT
ftr-349	1074	4	congress	congress	PROPN
ftr-349	1074	5	enacted	enact	VERB
ftr-349	1074	6	a	a	DET
ftr-349	1074	7	one	one	NUM
ftr-349	1074	8	-	-	PUNCT
ftr-349	1074	9	year	year	NOUN
ftr-349	1074	10	foreign	foreign	ADJ
ftr-349	1074	11	income	income	NOUN
ftr-349	1074	12	repatriation	repatriation	NOUN
ftr-349	1074	13	holiday	holiday	NOUN
ftr-349	1074	14	.	.	PUNCT
ftr-349	1075	1	u.s	u.s	PROPN
ftr-349	1075	2	.	.	PROPN
ftr-349	1075	3	firms	firm	NOUN
ftr-349	1075	4	responded	respond	VERB
ftr-349	1075	5	by	by	ADP
ftr-349	1075	6	repatriating	repatriate	VERB
ftr-349	1075	7	$	$	SYM
ftr-349	1075	8	312	312	NUM
ftr-349	1075	9	billion	billion	NUM
ftr-349	1075	10	in	in	ADP
ftr-349	1075	11	cash	cash	NOUN
ftr-349	1075	12	dividends	dividend	NOUN
ftr-349	1075	13	in	in	ADP
ftr-349	1075	14	excess	excess	NOUN
ftr-349	1075	15	of	of	ADP
ftr-349	1075	16	their	their	PRON
ftr-349	1075	17	normal	normal	ADJ
ftr-349	1075	18	aggregate	aggregate	ADJ
ftr-349	1075	19	dividend	dividend	NOUN
ftr-349	1075	20	repatriation	repatriation	NOUN
ftr-349	1075	21	rate	rate	NOUN
ftr-349	1075	22	(	(	PUNCT
ftr-349	1075	23	about	about	ADV
ftr-349	1075	24	$	$	SYM
ftr-349	1075	25	50	50	NUM
ftr-349	1075	26	billion	billion	NUM
ftr-349	1075	27	/	/	SYM
ftr-349	1075	28	year).154	year).154	PROPN
ftr-349	1075	29	(	(	PUNCT
ftr-349	1075	30	most	most	ADJ
ftr-349	1075	31	of	of	ADP
ftr-349	1075	32	these	these	DET
ftr-349	1075	33	repatriations	repatriation	NOUN
ftr-349	1075	34	occurred	occur	VERB
ftr-349	1075	35	in	in	ADP
ftr-349	1075	36	2005	2005	NUM
ftr-349	1075	37	,	,	PUNCT
ftr-349	1075	38	but	but	CCONJ
ftr-349	1075	39	by	by	ADP
ftr-349	1075	40	virtue	virtue	NOUN
ftr-349	1075	41	of	of	ADP
ftr-349	1075	42	the	the	DET
ftr-349	1075	43	vagaries	vagary	NOUN
ftr-349	1075	44	of	of	ADP
ftr-349	1075	45	differences	difference	NOUN
ftr-349	1075	46	in	in	ADP
ftr-349	1075	47	corporate	corporate	ADJ
ftr-349	1075	48	fiscal	fiscal	ADJ
ftr-349	1075	49	years	year	NOUN
ftr-349	1075	50	some	some	PRON
ftr-349	1075	51	took	take	VERB
ftr-349	1075	52	place	place	NOUN
ftr-349	1075	53	in	in	ADP
ftr-349	1075	54	2004	2004	NUM
ftr-349	1075	55	and	and	CCONJ
ftr-349	1075	56	2006	2006	NUM
ftr-349	1075	57	.	.	PUNCT
ftr-349	1075	58	)	)	PUNCT
ftr-349	1076	1	a	a	DET
ftr-349	1076	2	subsequent	subsequent	ADJ
ftr-349	1076	3	study	study	NOUN
ftr-349	1076	4	concluded	conclude	VERB
ftr-349	1076	5	that	that	SCONJ
ftr-349	1076	6	this	this	DET
ftr-349	1076	7	gigantic	gigantic	ADJ
ftr-349	1076	8	influx	influx	NOUN
ftr-349	1076	9	was	be	AUX
ftr-349	1076	10	not	not	PART
ftr-349	1076	11	correlated	correlate	VERB
ftr-349	1076	12	with	with	ADP
ftr-349	1076	13	repayments	repayment	NOUN
ftr-349	1076	14	of	of	ADP
ftr-349	1076	15	domestic	domestic	ADJ
ftr-349	1076	16	debt	debt	NOUN
ftr-349	1076	17	,	,	PUNCT
ftr-349	1076	18	or	or	CCONJ
ftr-349	1076	19	with	with	ADP
ftr-349	1076	20	incremental	incremental	ADJ
ftr-349	1076	21	investment	investment	NOUN
ftr-349	1076	22	in	in	ADP
ftr-349	1076	23	domestic	domestic	ADJ
ftr-349	1076	24	property	property	NOUN
ftr-349	1076	25	,	,	PUNCT
ftr-349	1076	26	plant	plant	NOUN
ftr-349	1076	27	or	or	CCONJ
ftr-349	1076	28	equipment	equipment	NOUN
ftr-349	1076	29	(	(	PUNCT
ftr-349	1076	30	as	as	SCONJ
ftr-349	1076	31	would	would	AUX
ftr-349	1076	32	be	be	AUX
ftr-349	1076	33	expected	expect	VERB
ftr-349	1076	34	if	if	SCONJ
ftr-349	1076	35	large	large	ADJ
ftr-349	1076	36	u.s	u.s	PROPN
ftr-349	1076	37	.	.	PROPN
ftr-349	1076	38	multinational	multinational	ADJ
ftr-349	1076	39	firms	firm	NOUN
ftr-349	1076	40	were	be	AUX
ftr-349	1076	41	capital	capital	NOUN
ftr-349	1076	42	constrained	constrain	VERB
ftr-349	1076	43	in	in	ADP
ftr-349	1076	44	the	the	DET
ftr-349	1076	45	united	united	PROPN
ftr-349	1076	46	states	states	PROPN
ftr-349	1076	47	)	)	PUNCT
ftr-349	1076	48	,	,	PUNCT
ftr-349	1076	49	but	but	CCONJ
ftr-349	1076	50	was	be	AUX
ftr-349	1076	51	strongly	strongly	ADV
ftr-349	1076	52	positively	positively	ADV
ftr-349	1076	53	correlated	correlate	VERB
ftr-349	1076	54	with	with	ADP
ftr-349	1076	55	stock	stock	NOUN
ftr-349	1076	56	buy	buy	NOUN
ftr-349	1076	57	-	-	PUNCT
ftr-349	1076	58	backs.155	backs.155	NOUN
ftr-349	1076	59	153	153	NUM
ftr-349	1076	60	.	.	PUNCT
ftr-349	1077	1	for	for	ADP
ftr-349	1077	2	example	example	NOUN
ftr-349	1077	3	,	,	PUNCT
ftr-349	1077	4	as	as	SCONJ
ftr-349	1077	5	previously	previously	ADV
ftr-349	1077	6	described	describe	VERB
ftr-349	1077	7	,	,	PUNCT
ftr-349	1077	8	microsoft	microsoft	PROPN
ftr-349	1077	9	corporation	corporation	PROPN
ftr-349	1077	10	reported	report	VERB
ftr-349	1077	11	$	$	SYM
ftr-349	1077	12	29.5	29.5	NUM
ftr-349	1077	13	billion	billion	NUM
ftr-349	1077	14	in	in	ADP
ftr-349	1077	15	permanently	permanently	ADV
ftr-349	1077	16	reinvested	reinveste	VERB
ftr-349	1077	17	earnings	earning	NOUN
ftr-349	1077	18	at	at	ADP
ftr-349	1077	19	june	june	PROPN
ftr-349	1077	20	30	30	NUM
ftr-349	1077	21	,	,	PUNCT
ftr-349	1077	22	2010	2010	NUM
ftr-349	1077	23	(	(	PUNCT
ftr-349	1077	24	the	the	DET
ftr-349	1077	25	end	end	NOUN
ftr-349	1077	26	of	of	ADP
ftr-349	1077	27	its	its	PRON
ftr-349	1077	28	fiscal	fiscal	ADJ
ftr-349	1077	29	year	year	NOUN
ftr-349	1077	30	)	)	PUNCT
ftr-349	1077	31	.	.	PUNCT
ftr-349	1078	1	at	at	ADP
ftr-349	1078	2	the	the	DET
ftr-349	1078	3	end	end	NOUN
ftr-349	1078	4	of	of	ADP
ftr-349	1078	5	its	its	PRON
ftr-349	1078	6	fiscal	fiscal	ADJ
ftr-349	1078	7	year	year	NOUN
ftr-349	1078	8	2011	2011	NUM
ftr-349	1078	9	second	second	ADJ
ftr-349	1078	10	quarter	quarter	NOUN
ftr-349	1078	11	(	(	PUNCT
ftr-349	1078	12	december	december	PROPN
ftr-349	1078	13	31	31	NUM
ftr-349	1078	14	,	,	PUNCT
ftr-349	1078	15	2010	2010	NUM
ftr-349	1078	16	)	)	PUNCT
ftr-349	1078	17	,	,	PUNCT
ftr-349	1078	18	microsoft	microsoft	PROPN
ftr-349	1078	19	reported	report	VERB
ftr-349	1078	20	holding	hold	VERB
ftr-349	1078	21	$	$	SYM
ftr-349	1078	22	41.2	41.2	NUM
ftr-349	1078	23	billion	billion	NUM
ftr-349	1078	24	in	in	ADP
ftr-349	1078	25	cash	cash	NOUN
ftr-349	1078	26	,	,	PUNCT
ftr-349	1078	27	cash	cash	NOUN
ftr-349	1078	28	equivalents	equivalent	NOUN
ftr-349	1078	29	and	and	CCONJ
ftr-349	1078	30	short	short	ADJ
ftr-349	1078	31	-	-	PUNCT
ftr-349	1078	32	term	term	NOUN
ftr-349	1078	33	investments	investment	NOUN
ftr-349	1078	34	.	.	PUNCT
ftr-349	1079	1	(	(	PUNCT
ftr-349	1079	2	as	as	SCONJ
ftr-349	1079	3	previously	previously	ADV
ftr-349	1079	4	described	describe	VERB
ftr-349	1079	5	,	,	PUNCT
ftr-349	1079	6	gaap	gaap	PROPN
ftr-349	1079	7	financial	financial	ADJ
ftr-349	1079	8	statements	statement	NOUN
ftr-349	1079	9	do	do	AUX
ftr-349	1079	10	not	not	PART
ftr-349	1079	11	describe	describe	VERB
ftr-349	1079	12	the	the	DET
ftr-349	1079	13	location	location	NOUN
ftr-349	1079	14	within	within	ADP
ftr-349	1079	15	a	a	DET
ftr-349	1079	16	multinational	multinational	ADJ
ftr-349	1079	17	group	group	NOUN
ftr-349	1079	18	of	of	ADP
ftr-349	1079	19	these	these	DET
ftr-349	1079	20	items	item	NOUN
ftr-349	1079	21	.	.	PUNCT
ftr-349	1079	22	)	)	PUNCT
ftr-349	1080	1	in	in	ADP
ftr-349	1080	2	february	february	PROPN
ftr-349	1080	3	2011	2011	NUM
ftr-349	1080	4	,	,	PUNCT
ftr-349	1080	5	microsoft	microsoft	PROPN
ftr-349	1080	6	borrowed	borrow	VERB
ftr-349	1080	7	$	$	SYM
ftr-349	1080	8	2.25	2.25	NUM
ftr-349	1080	9	billion	billion	NUM
ftr-349	1080	10	in	in	ADP
ftr-349	1080	11	the	the	DET
ftr-349	1080	12	public	public	ADJ
ftr-349	1080	13	capital	capital	NOUN
ftr-349	1080	14	markets	market	NOUN
ftr-349	1080	15	,	,	PUNCT
ftr-349	1080	16	including	include	VERB
ftr-349	1080	17	$	$	SYM
ftr-349	1080	18	1	1	NUM
ftr-349	1080	19	billion	billion	NUM
ftr-349	1080	20	of	of	ADP
ftr-349	1080	21	5.30	5.30	NUM
ftr-349	1080	22	percent	percent	NOUN
ftr-349	1080	23	notes	note	NOUN
ftr-349	1080	24	due	due	ADJ
ftr-349	1080	25	in	in	ADP
ftr-349	1080	26	30	30	NUM
ftr-349	1080	27	years	year	NOUN
ftr-349	1080	28	and	and	CCONJ
ftr-349	1080	29	$	$	SYM
ftr-349	1080	30	500	500	NUM
ftr-349	1080	31	million	million	NUM
ftr-349	1080	32	of	of	ADP
ftr-349	1080	33	4.00	4.00	NUM
ftr-349	1080	34	percent	percent	NOUN
ftr-349	1080	35	notes	note	NOUN
ftr-349	1080	36	due	due	ADJ
ftr-349	1080	37	in	in	ADP
ftr-349	1080	38	10	10	NUM
ftr-349	1080	39	years	year	NOUN
ftr-349	1080	40	.	.	PUNCT
ftr-349	1081	1	154	154	NUM
ftr-349	1081	2	.	.	PUNCT
ftr-349	1082	1	edward	edward	PROPN
ftr-349	1082	2	d.	d.	PROPN
ftr-349	1082	3	kleinbard	kleinbard	PROPN
ftr-349	1082	4	&	&	CCONJ
ftr-349	1082	5	patrick	patrick	PROPN
ftr-349	1082	6	driessen	driessen	PROPN
ftr-349	1082	7	,	,	PUNCT
ftr-349	1082	8	a	a	DET
ftr-349	1082	9	revenue	revenue	NOUN
ftr-349	1082	10	estimate	estimate	NOUN
ftr-349	1082	11	case	case	NOUN
ftr-349	1082	12	study	study	NOUN
ftr-349	1082	13	:	:	PUNCT
ftr-349	1082	14	the	the	DET
ftr-349	1082	15	repatriation	repatriation	NOUN
ftr-349	1082	16	holiday	holiday	NOUN
ftr-349	1082	17	revisited	revisit	VERB
ftr-349	1082	18	,	,	PUNCT
ftr-349	1082	19	120	120	NUM
ftr-349	1082	20	tax	tax	NOUN
ftr-349	1082	21	notes	note	NOUN
ftr-349	1082	22	1191	1191	NUM
ftr-349	1082	23	(	(	PUNCT
ftr-349	1082	24	sept	sept	PROPN
ftr-349	1082	25	.	.	PROPN
ftr-349	1082	26	22	22	NUM
ftr-349	1082	27	,	,	PUNCT
ftr-349	1082	28	2008	2008	NUM
ftr-349	1082	29	)	)	PUNCT
ftr-349	1082	30	.	.	PUNCT
ftr-349	1083	1	155	155	NUM
ftr-349	1083	2	.	.	PUNCT
ftr-349	1083	3	dhammika	dhammika	PROPN
ftr-349	1083	4	dharmapala	dharmapala	PROPN
ftr-349	1083	5	,	,	PUNCT
ftr-349	1083	6	c.	c.	PROPN
ftr-349	1083	7	fritz	fritz	PROPN
ftr-349	1083	8	foley	foley	PROPN
ftr-349	1083	9	&	&	CCONJ
ftr-349	1083	10	kristen	kristen	PROPN
ftr-349	1083	11	j.	j.	PROPN
ftr-349	1083	12	forbes	forbes	PROPN
ftr-349	1083	13	,	,	PUNCT
ftr-349	1083	14	watch	watch	VERB
ftr-349	1083	15	what	what	PRON
ftr-349	1083	16	i	i	PRON
ftr-349	1083	17	do	do	VERB
ftr-349	1083	18	,	,	PUNCT
ftr-349	1083	19	not	not	PART
ftr-349	1083	20	what	what	PRON
ftr-349	1083	21	i	i	PRON
ftr-349	1083	22	say	say	VERB
ftr-349	1083	23	:	:	PUNCT
ftr-349	1083	24	the	the	DET
ftr-349	1083	25	unintended	unintended	ADJ
ftr-349	1083	26	consequences	consequence	NOUN
ftr-349	1083	27	of	of	ADP
ftr-349	1083	28	the	the	DET
ftr-349	1083	29	homeland	homeland	NOUN
ftr-349	1083	30	investment	investment	NOUN
ftr-349	1083	31	act	act	NOUN
ftr-349	1083	32	(	(	PUNCT
ftr-349	1083	33	nber	nber	PROPN
ftr-349	1083	34	working	working	PROPN
ftr-349	1083	35	paper	paper	PROPN
ftr-349	1083	36	series	series	NOUN
ftr-349	1083	37	,	,	PUNCT
ftr-349	1083	38	working	working	NOUN
ftr-349	1083	39	paper	paper	NOUN
ftr-349	1083	40	no	no	NOUN
ftr-349	1083	41	.	.	PROPN
ftr-349	1083	42	15023	15023	NUM
ftr-349	1083	43	,	,	PUNCT
ftr-349	1083	44	2009	2009	NUM
ftr-349	1083	45	)	)	PUNCT
ftr-349	1083	46	,	,	PUNCT
ftr-349	1083	47	http://www.nber.org/papers/w15023.pdf	http://www.nber.org/papers/w15023.pdf	NOUN
ftr-349	1083	48	(	(	PUNCT
ftr-349	1083	49	“	"	PUNCT
ftr-349	1083	50	repatriations	repatriation	NOUN
ftr-349	1083	51	did	do	AUX
ftr-349	1083	52	not	not	PART
ftr-349	1083	53	lead	lead	VERB
ftr-349	1083	54	to	to	ADP
ftr-349	1083	55	an	an	DET
ftr-349	1083	56	increase	increase	NOUN
ftr-349	1083	57	in	in	ADP
ftr-349	1083	58	domestic	domestic	ADJ
ftr-349	1083	59	investment	investment	NOUN
ftr-349	1083	60	,	,	PUNCT
ftr-349	1083	61	employment	employment	NOUN
ftr-349	1083	62	or	or	CCONJ
ftr-349	1083	63	r.	r.	PROPN
ftr-349	1083	64	&	&	CCONJ
ftr-349	1083	65	d.	d.	PROPN
ftr-349	1083	66	,	,	PUNCT
ftr-349	1083	67	even	even	ADV
ftr-349	1083	68	for	for	ADP
ftr-349	1083	69	the	the	DET
ftr-349	1083	70	firms	firm	NOUN
ftr-349	1083	71	that	that	PRON
ftr-349	1083	72	lobbied	lobby	VERB
ftr-349	1083	73	for	for	ADP
ftr-349	1083	74	the	the	DET
ftr-349	1083	75	tax	tax	NOUN
ftr-349	1083	76	holiday	holiday	NOUN
ftr-349	1083	77	stating	state	VERB
ftr-349	1083	78	these	these	DET
ftr-349	1083	79	intentions	intention	NOUN
ftr-349	1083	80	,	,	PUNCT
ftr-349	1083	81	”	"	PUNCT
ftr-349	1083	82	)	)	PUNCT
ftr-349	1083	83	;	;	PUNCT
ftr-349	1083	84	floyd	floyd	PROPN
ftr-349	1083	85	norris	norris	PROPN
ftr-349	1083	86	,	,	PUNCT
ftr-349	1083	87	tax	tax	NOUN
ftr-349	1083	88	breaks	break	NOUN
ftr-349	1083	89	for	for	ADP
ftr-349	1083	90	profits	profit	NOUN
ftr-349	1083	91	went	go	VERB
ftr-349	1083	92	awry	awry	ADJ
ftr-349	1083	93	,	,	PUNCT
ftr-349	1083	94	n.y	n.y	PROPN
ftr-349	1083	95	.	.	PROPN
ftr-349	1083	96	times	times	PROPN
ftr-349	1083	97	,	,	PUNCT
ftr-349	1083	98	june	june	PROPN
ftr-349	1083	99	4	4	NUM
ftr-349	1083	100	,	,	PUNCT
ftr-349	1083	101	2009	2009	NUM
ftr-349	1083	102	,	,	PUNCT
ftr-349	1083	103	at	at	ADP
ftr-349	1083	104	b1	b1	NOUN
ftr-349	1083	105	.	.	PUNCT
ftr-349	1084	1	(	(	PUNCT
ftr-349	1084	2	“	"	PUNCT
ftr-349	1084	3	there	there	PRON
ftr-349	1084	4	is	be	VERB
ftr-349	1084	5	no	no	DET
ftr-349	1084	6	evidence	evidence	NOUN
ftr-349	1084	7	that	that	SCONJ
ftr-349	1084	8	companies	company	NOUN
ftr-349	1084	9	that	that	PRON
ftr-349	1084	10	took	take	VERB
ftr-349	1084	11	advantage	advantage	NOUN
ftr-349	1084	12	of	of	ADP
ftr-349	1084	13	the	the	DET
ftr-349	1084	14	tax	tax	NOUN
ftr-349	1084	15	break	break	NOUN
ftr-349	1084	16	—	—	PUNCT
ftr-349	1084	17	which	which	PRON
ftr-349	1084	18	enabled	enable	VERB
ftr-349	1084	19	them	they	PRON
ftr-349	1084	20	to	to	PART
ftr-349	1084	21	bring	bring	VERB
ftr-349	1084	22	home	home	NOUN
ftr-349	1084	23	,	,	PUNCT
ftr-349	1084	24	or	or	CCONJ
ftr-349	1084	25	repatriate	repatriate	VERB
ftr-349	1084	26	,	,	PUNCT
ftr-349	1084	27	overseas	overseas	ADJ
ftr-349	1084	28	profits	profit	NOUN
ftr-349	1084	29	while	while	SCONJ
ftr-349	1084	30	paying	pay	VERB
ftr-349	1084	31	a	a	DET
ftr-349	1084	32	tax	tax	NOUN
ftr-349	1084	33	rate	rate	NOUN
ftr-349	1084	34	far	far	ADV
ftr-349	1084	35	below	below	ADP
ftr-349	1084	36	the	the	DET
ftr-349	1084	37	normal	normal	ADJ
ftr-349	1084	38	rate	rate	NOUN
ftr-349	1084	39	—	—	PUNCT
ftr-349	1084	40	used	use	VERB
ftr-349	1084	41	the	the	DET
ftr-349	1084	42	money	money	NOUN
ftr-349	1084	43	as	as	SCONJ
ftr-349	1084	44	congress	congress	PROPN
ftr-349	1084	45	expected	expect	VERB
ftr-349	1084	46	.	.	PUNCT
ftr-349	1084	47	”	"	PUNCT
ftr-349	1084	48	)	)	PUNCT
ftr-349	1084	49	;	;	PUNCT
ftr-349	1084	50	charles	charles	PROPN
ftr-349	1084	51	i.	i.	PROPN
ftr-349	1084	52	kingson	kingson	PROPN
ftr-349	1084	53	,	,	PUNCT
ftr-349	1084	54	the	the	DET
ftr-349	1084	55	great	great	ADJ
ftr-349	1084	56	american	american	ADJ
ftr-349	1084	57	jobs	job	NOUN
ftr-349	1084	58	act	act	PROPN
ftr-349	1084	59	caper	caper	NOUN
ftr-349	1084	60	,	,	PUNCT
ftr-349	1084	61	58	58	NUM
ftr-349	1084	62	tax	tax	NOUN
ftr-349	1084	63	l.	l.	PROPN
ftr-349	1084	64	rev	rev	PROPN
ftr-349	1084	65	.	.	PROPN
ftr-349	1084	66	327	327	NUM
ftr-349	1084	67	,	,	PUNCT
ftr-349	1084	68	388–91	388–91	NUM
ftr-349	1084	69	(	(	PUNCT
ftr-349	1084	70	2005	2005	NUM
ftr-349	1084	71	)	)	PUNCT
ftr-349	1084	72	(	(	PUNCT
ftr-349	1084	73	unreality	unreality	NOUN
ftr-349	1084	74	of	of	ADP
ftr-349	1084	75	dedicating	dedicate	VERB
ftr-349	1084	76	uses	use	NOUN
ftr-349	1084	77	to	to	PART
ftr-349	1084	78	which	which	PRON
ftr-349	1084	79	repatriated	repatriate	VERB
ftr-349	1084	80	funds	fund	NOUN
ftr-349	1084	81	could	could	AUX
ftr-349	1084	82	be	be	AUX
ftr-349	1084	83	put	put	VERB
ftr-349	1084	84	in	in	ADP
ftr-349	1084	85	light	light	NOUN
ftr-349	1084	86	of	of	ADP
ftr-349	1084	87	fungibility	fungibility	NOUN
ftr-349	1084	88	of	of	ADP
ftr-349	1084	89	money	money	NOUN
ftr-349	1084	90	)	)	PUNCT
ftr-349	1084	91	.	.	PUNCT
ftr-349	1085	1	dell	dell	PROPN
ftr-349	1085	2	,	,	PUNCT
ftr-349	1085	3	for	for	ADP
ftr-349	1085	4	example	example	NOUN
ftr-349	1085	5	,	,	PUNCT
ftr-349	1085	6	lobbied	lobby	VERB
ftr-349	1085	7	for	for	ADP
ftr-349	1085	8	the	the	DET
ftr-349	1085	9	holiday	holiday	NOUN
ftr-349	1085	10	in	in	ADP
ftr-349	1085	11	order	order	NOUN
ftr-349	1085	12	to	to	PART
ftr-349	1085	13	fund	fund	VERB
ftr-349	1085	14	a	a	DET
ftr-349	1085	15	new	new	ADJ
ftr-349	1085	16	plant	plant	NOUN
ftr-349	1085	17	,	,	PUNCT
ftr-349	1085	18	bringing	bring	VERB
ftr-349	1085	19	back	back	ADP
ftr-349	1085	20	$	$	SYM
ftr-349	1085	21	4	4	NUM
ftr-349	1085	22	billion	billion	NUM
ftr-349	1085	23	,	,	PUNCT
ftr-349	1085	24	and	and	CCONJ
ftr-349	1085	25	only	only	ADV
ftr-349	1085	26	spend	spend	VERB
ftr-349	1085	27	$	$	SYM
ftr-349	1085	28	100	100	NUM
ftr-349	1085	29	million	million	NUM
ftr-349	1085	30	on	on	ADP
ftr-349	1085	31	the	the	DET
ftr-349	1085	32	plant	plant	NOUN
ftr-349	1085	33	,	,	PUNCT
ftr-349	1085	34	which	which	PRON
ftr-349	1085	35	they	they	PRON
ftr-349	1085	36	admitted	admit	VERB
ftr-349	1085	37	they	they	PRON
ftr-349	1085	38	would	would	AUX
ftr-349	1085	39	have	have	AUX
ftr-349	1085	40	built	build	VERB
ftr-349	1085	41	anyway	anyway	ADV
ftr-349	1085	42	,	,	PUNCT
ftr-349	1085	43	and	and	CCONJ
ftr-349	1085	44	then	then	ADV
ftr-349	1085	45	used	use	VERB
ftr-349	1085	46	$	$	SYM
ftr-349	1085	47	2	2	NUM
ftr-349	1085	48	billion	billion	NUM
ftr-349	1085	49	for	for	ADP
ftr-349	1085	50	share	share	NOUN
ftr-349	1085	51	buyback	buyback	NOUN
ftr-349	1085	52	.	.	PUNCT
ftr-349	1086	1	ironically	ironically	ADV
ftr-349	1086	2	,	,	PUNCT
ftr-349	1086	3	the	the	DET
ftr-349	1086	4	2004	2004	NUM
ftr-349	1086	5	legislation	legislation	NOUN
ftr-349	1086	6	prohibited	prohibit	VERB
ftr-349	1086	7	the	the	DET
ftr-349	1086	8	use	use	NOUN
ftr-349	1086	9	of	of	ADP
ftr-349	1086	10	dividends	dividend	NOUN
ftr-349	1086	11	eligible	eligible	ADJ
ftr-349	1086	12	for	for	ADP
ftr-349	1086	13	the	the	DET
ftr-349	1086	14	special	special	ADJ
ftr-349	1086	15	repatriation	repatriation	NOUN
ftr-349	1086	16	holiday	holiday	NOUN
ftr-349	1086	17	to	to	PART
ftr-349	1086	18	fund	fund	VERB
ftr-349	1086	19	stock	stock	NOUN
ftr-349	1086	20	buy	buy	NOUN
ftr-349	1086	21	-	-	PUNCT
ftr-349	1086	22	backs	back	NOUN
ftr-349	1086	23	.	.	PUNCT
ftr-349	1087	1	the	the	DET
ftr-349	1087	2	paradox	paradox	NOUN
ftr-349	1087	3	is	be	AUX
ftr-349	1087	4	solved	solve	VERB
ftr-349	1087	5	once	once	ADV
ftr-349	1087	6	one	one	PRON
ftr-349	1087	7	discovers	discover	VERB
ftr-349	1087	8	that	that	SCONJ
ftr-349	1087	9	the	the	DET
ftr-349	1087	10	prohibition	prohibition	NOUN
ftr-349	1087	11	did	do	AUX
ftr-349	1087	12	not	not	PART
ftr-349	1087	13	incorporate	incorporate	VERB
ftr-349	1087	14	any	any	DET
ftr-349	1087	15	fungibility	fungibility	NOUN
ftr-349	1087	16	of	of	ADP
ftr-349	1087	17	money	money	NOUN
ftr-349	1087	18	concept	concept	NOUN
ftr-349	1087	19	,	,	PUNCT
ftr-349	1087	20	so	so	SCONJ
ftr-349	1087	21	that	that	SCONJ
ftr-349	1087	22	firms	firm	NOUN
ftr-349	1087	23	could	could	AUX
ftr-349	1087	24	both	both	PRON
ftr-349	1087	25	accomplish	accomplish	VERB
ftr-349	1087	26	their	their	PRON
ftr-349	1087	27	corporate	corporate	ADJ
ftr-349	1087	28	finance	finance	NOUN
ftr-349	1087	29	objectives	objective	NOUN
ftr-349	1087	30	and	and	CCONJ
ftr-349	1087	31	766	766	NUM
ftr-349	1087	32	florida	florida	PROPN
ftr-349	1087	33	tax	tax	NOUN
ftr-349	1087	34	review	review	NOUN
ftr-349	1088	1	[	[	X
ftr-349	1088	2	vol	vol	NOUN
ftr-349	1088	3	.	.	PUNCT
ftr-349	1089	1	11:9	11:9	NOUN
ftr-349	1089	2	perhaps	perhaps	ADV
ftr-349	1089	3	the	the	DET
ftr-349	1089	4	most	most	ADJ
ftr-349	1089	5	that	that	SCONJ
ftr-349	1089	6	one	one	NOUN
ftr-349	1089	7	can	can	AUX
ftr-349	1089	8	say	say	VERB
ftr-349	1089	9	about	about	ADP
ftr-349	1089	10	the	the	DET
ftr-349	1089	11	costs	cost	NOUN
ftr-349	1089	12	to	to	ADP
ftr-349	1089	13	u.s	u.s	PROPN
ftr-349	1089	14	.	.	PROPN
ftr-349	1089	15	firms	firm	NOUN
ftr-349	1089	16	of	of	ADP
ftr-349	1089	17	the	the	DET
ftr-349	1089	18	lock	lock	NOUN
ftr-349	1089	19	-	-	PUNCT
ftr-349	1089	20	out	out	ADP
ftr-349	1089	21	phenomenon	phenomenon	NOUN
ftr-349	1089	22	is	be	AUX
ftr-349	1089	23	that	that	SCONJ
ftr-349	1089	24	those	those	DET
ftr-349	1089	25	firms	firm	NOUN
ftr-349	1089	26	that	that	PRON
ftr-349	1089	27	have	have	AUX
ftr-349	1089	28	been	be	AUX
ftr-349	1089	29	extraordinarily	extraordinarily	ADV
ftr-349	1089	30	successful	successful	ADJ
ftr-349	1089	31	in	in	ADP
ftr-349	1089	32	stateless	stateless	NOUN
ftr-349	1089	33	income	income	NOUN
ftr-349	1089	34	tax	tax	NOUN
ftr-349	1089	35	planning	planning	NOUN
ftr-349	1089	36	have	have	AUX
ftr-349	1089	37	become	become	VERB
ftr-349	1089	38	hoist	hoist	NOUN
ftr-349	1089	39	on	on	ADP
ftr-349	1089	40	their	their	PRON
ftr-349	1089	41	own	own	ADJ
ftr-349	1089	42	petard	petard	NOUN
ftr-349	1089	43	.	.	PUNCT
ftr-349	1090	1	they	they	PRON
ftr-349	1090	2	have	have	AUX
ftr-349	1090	3	been	be	AUX
ftr-349	1090	4	so	so	ADV
ftr-349	1090	5	successful	successful	ADJ
ftr-349	1090	6	in	in	ADP
ftr-349	1090	7	their	their	PRON
ftr-349	1090	8	stateless	stateless	NOUN
ftr-349	1090	9	income	income	NOUN
ftr-349	1090	10	tax	tax	NOUN
ftr-349	1090	11	planning	planning	NOUN
ftr-349	1090	12	,	,	PUNCT
ftr-349	1090	13	and	and	CCONJ
ftr-349	1090	14	have	have	AUX
ftr-349	1090	15	removed	remove	VERB
ftr-349	1090	16	so	so	ADV
ftr-349	1090	17	much	much	ADJ
ftr-349	1090	18	income	income	NOUN
ftr-349	1090	19	from	from	ADP
ftr-349	1090	20	the	the	DET
ftr-349	1090	21	tax	tax	NOUN
ftr-349	1090	22	base	base	NOUN
ftr-349	1090	23	in	in	ADP
ftr-349	1090	24	both	both	CCONJ
ftr-349	1090	25	the	the	DET
ftr-349	1090	26	united	united	PROPN
ftr-349	1090	27	states	states	PROPN
ftr-349	1090	28	and	and	CCONJ
ftr-349	1090	29	in	in	ADP
ftr-349	1090	30	high	high	ADJ
ftr-349	1090	31	-	-	PUNCT
ftr-349	1090	32	tax	tax	NOUN
ftr-349	1090	33	foreign	foreign	ADJ
ftr-349	1090	34	jurisdictions	jurisdiction	NOUN
ftr-349	1090	35	,	,	PUNCT
ftr-349	1090	36	that	that	SCONJ
ftr-349	1090	37	they	they	PRON
ftr-349	1090	38	now	now	ADV
ftr-349	1090	39	are	be	AUX
ftr-349	1090	40	running	run	VERB
ftr-349	1090	41	out	out	ADP
ftr-349	1090	42	of	of	ADP
ftr-349	1090	43	remotely	remotely	ADV
ftr-349	1090	44	feasible	feasible	ADJ
ftr-349	1090	45	ways	way	NOUN
ftr-349	1090	46	of	of	ADP
ftr-349	1090	47	reinvesting	reinveste	VERB
ftr-349	1090	48	those	those	DET
ftr-349	1090	49	huge	huge	ADJ
ftr-349	1090	50	sums	sum	NOUN
ftr-349	1090	51	accumulating	accumulate	VERB
ftr-349	1090	52	in	in	ADP
ftr-349	1090	53	their	their	PRON
ftr-349	1090	54	low	low	ADJ
ftr-349	1090	55	-	-	PUNCT
ftr-349	1090	56	tax	tax	NOUN
ftr-349	1090	57	subsidiaries.156	subsidiaries.156	NOUN
ftr-349	1090	58	the	the	DET
ftr-349	1090	59	cost	cost	NOUN
ftr-349	1090	60	of	of	ADP
ftr-349	1090	61	deferral	deferral	NOUN
ftr-349	1090	62	therefore	therefore	ADV
ftr-349	1090	63	probably	probably	ADV
ftr-349	1090	64	is	be	AUX
ftr-349	1090	65	rapidly	rapidly	ADV
ftr-349	1090	66	increasing	increase	VERB
ftr-349	1090	67	,	,	PUNCT
ftr-349	1090	68	by	by	ADP
ftr-349	1090	69	virtue	virtue	NOUN
ftr-349	1090	70	of	of	ADP
ftr-349	1090	71	u.s	u.s	PROPN
ftr-349	1090	72	.	.	PROPN
ftr-349	1090	73	firms	firm	NOUN
ftr-349	1090	74	’	’	PART
ftr-349	1090	75	outstanding	outstanding	ADJ
ftr-349	1090	76	record	record	NOUN
ftr-349	1090	77	of	of	ADP
ftr-349	1090	78	generating	generate	VERB
ftr-349	1090	79	stateless	stateless	NOUN
ftr-349	1090	80	income	income	NOUN
ftr-349	1090	81	in	in	ADP
ftr-349	1090	82	the	the	DET
ftr-349	1090	83	first	first	ADJ
ftr-349	1090	84	place.157	place.157	NOUN
ftr-349	1090	85	another	another	DET
ftr-349	1090	86	way	way	NOUN
ftr-349	1090	87	of	of	ADP
ftr-349	1090	88	stating	state	VERB
ftr-349	1090	89	this	this	DET
ftr-349	1090	90	conclusion	conclusion	NOUN
ftr-349	1090	91	is	be	AUX
ftr-349	1090	92	that	that	SCONJ
ftr-349	1090	93	the	the	DET
ftr-349	1090	94	lock	lock	NOUN
ftr-349	1090	95	-	-	PUNCT
ftr-349	1090	96	out	out	ADP
ftr-349	1090	97	effect	effect	NOUN
ftr-349	1090	98	operates	operate	VERB
ftr-349	1090	99	in	in	ADP
ftr-349	1090	100	fact	fact	NOUN
ftr-349	1090	101	as	as	ADP
ftr-349	1090	102	a	a	DET
ftr-349	1090	103	kind	kind	NOUN
ftr-349	1090	104	of	of	ADP
ftr-349	1090	105	lock	lock	NOUN
ftr-349	1090	106	-	-	PUNCT
ftr-349	1090	107	in	in	ADP
ftr-349	1090	108	effect	effect	NOUN
ftr-349	1090	109	:	:	PUNCT
ftr-349	1090	110	firms	firm	NOUN
ftr-349	1090	111	retain	retain	VERB
ftr-349	1090	112	more	more	ADJ
ftr-349	1090	113	earnings	earning	NOUN
ftr-349	1090	114	(	(	PUNCT
ftr-349	1090	115	in	in	ADP
ftr-349	1090	116	this	this	DET
ftr-349	1090	117	case	case	NOUN
ftr-349	1090	118	overseas	overseas	ADV
ftr-349	1090	119	)	)	PUNCT
ftr-349	1090	120	than	than	SCONJ
ftr-349	1090	121	they	they	PRON
ftr-349	1090	122	profitably	profitably	ADV
ftr-349	1090	123	can	can	AUX
ftr-349	1090	124	redeploy	redeploy	VERB
ftr-349	1090	125	,	,	PUNCT
ftr-349	1090	126	to	to	ADP
ftr-349	1090	127	the	the	DET
ftr-349	1090	128	great	great	ADJ
ftr-349	1090	129	frustration	frustration	NOUN
ftr-349	1090	130	of	of	ADP
ftr-349	1090	131	their	their	PRON
ftr-349	1090	132	shareholders	shareholder	NOUN
ftr-349	1090	133	.	.	PUNCT
ftr-349	1091	1	the	the	DET
ftr-349	1091	2	result	result	NOUN
ftr-349	1091	3	is	be	AUX
ftr-349	1091	4	that	that	SCONJ
ftr-349	1091	5	shareholders	shareholder	NOUN
ftr-349	1091	6	are	be	AUX
ftr-349	1091	7	not	not	PART
ftr-349	1091	8	able	able	ADJ
ftr-349	1091	9	to	to	PART
ftr-349	1091	10	optimize	optimize	VERB
ftr-349	1091	11	their	their	PRON
ftr-349	1091	12	portfolios	portfolio	NOUN
ftr-349	1091	13	,	,	PUNCT
ftr-349	1091	14	because	because	SCONJ
ftr-349	1091	15	the	the	DET
ftr-349	1091	16	profits	profit	NOUN
ftr-349	1091	17	earned	earn	VERB
ftr-349	1091	18	by	by	ADP
ftr-349	1091	19	successful	successful	ADJ
ftr-349	1091	20	multinational	multinational	ADJ
ftr-349	1091	21	firms	firm	NOUN
ftr-349	1091	22	are	be	AUX
ftr-349	1091	23	retained	retain	VERB
ftr-349	1091	24	in	in	ADP
ftr-349	1091	25	relatively	relatively	ADV
ftr-349	1091	26	low	low	ADV
ftr-349	1091	27	-	-	PUNCT
ftr-349	1091	28	yielding	yield	VERB
ftr-349	1091	29	liquid	liquid	ADJ
ftr-349	1091	30	investments	investment	NOUN
ftr-349	1091	31	or	or	CCONJ
ftr-349	1091	32	reinvested	reinveste	VERB
ftr-349	1091	33	in	in	ADP
ftr-349	1091	34	suboptimal	suboptimal	ADJ
ftr-349	1091	35	foreign	foreign	ADJ
ftr-349	1091	36	acquisitions	acquisition	NOUN
ftr-349	1091	37	,	,	PUNCT
ftr-349	1091	38	all	all	ADV
ftr-349	1091	39	by	by	ADP
ftr-349	1091	40	virtue	virtue	NOUN
ftr-349	1091	41	of	of	ADP
ftr-349	1091	42	the	the	DET
ftr-349	1091	43	confluence	confluence	NOUN
ftr-349	1091	44	of	of	ADP
ftr-349	1091	45	their	their	PRON
ftr-349	1091	46	great	great	ADJ
ftr-349	1091	47	success	success	NOUN
ftr-349	1091	48	in	in	ADP
ftr-349	1091	49	stateless	stateless	NOUN
ftr-349	1091	50	income	income	NOUN
ftr-349	1091	51	tax	tax	NOUN
ftr-349	1091	52	planning	planning	NOUN
ftr-349	1091	53	,	,	PUNCT
ftr-349	1091	54	on	on	ADP
ftr-349	1091	55	the	the	DET
ftr-349	1091	56	one	one	NUM
ftr-349	1091	57	hand	hand	NOUN
ftr-349	1091	58	and	and	CCONJ
ftr-349	1091	59	the	the	DET
ftr-349	1091	60	lock	lock	NOUN
ftr-349	1091	61	-	-	PUNCT
ftr-349	1091	62	out	out	ADP
ftr-349	1091	63	phenomenon	phenomenon	NOUN
ftr-349	1091	64	,	,	PUNCT
ftr-349	1091	65	on	on	ADP
ftr-349	1091	66	the	the	DET
ftr-349	1091	67	other	other	ADJ
ftr-349	1091	68	.	.	PUNCT
ftr-349	1092	1	shareholders	shareholder	NOUN
ftr-349	1092	2	would	would	AUX
ftr-349	1092	3	prefer	prefer	VERB
ftr-349	1092	4	that	that	SCONJ
ftr-349	1092	5	the	the	DET
ftr-349	1092	6	cash	cash	NOUN
ftr-349	1092	7	be	be	AUX
ftr-349	1092	8	distributed	distribute	VERB
ftr-349	1092	9	to	to	ADP
ftr-349	1092	10	them	they	PRON
ftr-349	1092	11	,	,	PUNCT
ftr-349	1092	12	but	but	CCONJ
ftr-349	1092	13	companies	company	NOUN
ftr-349	1092	14	can	can	AUX
ftr-349	1092	15	not	not	PART
ftr-349	1092	16	afford	afford	VERB
ftr-349	1092	17	to	to	PART
ftr-349	1092	18	comply	comply	VERB
ftr-349	1092	19	.	.	PUNCT
ftr-349	1093	1	this	this	DET
ftr-349	1093	2	tension	tension	NOUN
ftr-349	1093	3	between	between	ADP
ftr-349	1093	4	shareholders	shareholder	NOUN
ftr-349	1093	5	and	and	CCONJ
ftr-349	1093	6	management	management	NOUN
ftr-349	1093	7	—	—	PUNCT
ftr-349	1093	8	the	the	DET
ftr-349	1093	9	lock	lock	NOUN
ftr-349	1093	10	-	-	PUNCT
ftr-349	1093	11	out	out	ADP
ftr-349	1093	12	effect	effect	NOUN
ftr-349	1093	13	as	as	ADP
ftr-349	1093	14	,	,	PUNCT
ftr-349	1093	15	in	in	ADP
ftr-349	1093	16	fact	fact	NOUN
ftr-349	1093	17	,	,	PUNCT
ftr-349	1093	18	a	a	DET
ftr-349	1093	19	lock	lock	NOUN
ftr-349	1093	20	-	-	PUNCT
ftr-349	1093	21	in	in	ADP
ftr-349	1093	22	effect	effect	NOUN
ftr-349	1093	23	—	—	PUNCT
ftr-349	1093	24	probably	probably	ADV
ftr-349	1093	25	lies	lie	VERB
ftr-349	1093	26	at	at	ADP
ftr-349	1093	27	the	the	DET
ftr-349	1093	28	heart	heart	NOUN
ftr-349	1093	29	of	of	ADP
ftr-349	1093	30	current	current	ADJ
ftr-349	1093	31	demands	demand	NOUN
ftr-349	1093	32	by	by	ADP
ftr-349	1093	33	multinational	multinational	ADJ
ftr-349	1093	34	firms	firm	NOUN
ftr-349	1093	35	that	that	PRON
ftr-349	1093	36	the	the	DET
ftr-349	1093	37	united	united	PROPN
ftr-349	1093	38	states	states	PROPN
ftr-349	1093	39	adopt	adopt	VERB
ftr-349	1093	40	a	a	DET
ftr-349	1093	41	territorial	territorial	ADJ
ftr-349	1093	42	tax	tax	NOUN
ftr-349	1093	43	system	system	NOUN
ftr-349	1093	44	.	.	PUNCT
ftr-349	1094	1	the	the	DET
ftr-349	1094	2	firms	firm	NOUN
ftr-349	1094	3	themselves	themselves	PRON
ftr-349	1094	4	are	be	AUX
ftr-349	1094	5	not	not	PART
ftr-349	1094	6	disadvantaged	disadvantage	VERB
ftr-349	1094	7	materially	materially	ADV
ftr-349	1094	8	by	by	ADP
ftr-349	1094	9	the	the	DET
ftr-349	1094	10	current	current	ADJ
ftr-349	1094	11	u.s	u.s	PROPN
ftr-349	1094	12	.	.	PROPN
ftr-349	1094	13	tax	tax	NOUN
ftr-349	1094	14	system	system	NOUN
ftr-349	1094	15	,	,	PUNCT
ftr-349	1094	16	but	but	CCONJ
ftr-349	1094	17	shareholders	shareholder	NOUN
ftr-349	1094	18	are	be	AUX
ftr-349	1094	19	.	.	PUNCT
ftr-349	1095	1	the	the	DET
ftr-349	1095	2	ultimate	ultimate	ADJ
ftr-349	1095	3	reward	reward	NOUN
ftr-349	1095	4	of	of	ADP
ftr-349	1095	5	successful	successful	ADJ
ftr-349	1095	6	stateless	stateless	NOUN
ftr-349	1095	7	income	income	NOUN
ftr-349	1095	8	tax	tax	NOUN
ftr-349	1095	9	planning	planning	NOUN
ftr-349	1095	10	from	from	ADP
ftr-349	1095	11	this	this	DET
ftr-349	1095	12	perspective	perspective	NOUN
ftr-349	1095	13	should	should	AUX
ftr-349	1095	14	be	be	AUX
ftr-349	1095	15	massive	massive	ADJ
ftr-349	1095	16	stock	stock	NOUN
ftr-349	1095	17	repurchases	repurchase	NOUN
ftr-349	1095	18	,	,	PUNCT
ftr-349	1095	19	but	but	CCONJ
ftr-349	1095	20	instead	instead	ADV
ftr-349	1095	21	shareholders	shareholder	NOUN
ftr-349	1095	22	are	be	AUX
ftr-349	1095	23	tantalized	tantalize	VERB
ftr-349	1095	24	by	by	ADP
ftr-349	1095	25	glimpses	glimpse	NOUN
ftr-349	1095	26	of	of	ADP
ftr-349	1095	27	enormous	enormous	ADJ
ftr-349	1095	28	cash	cash	NOUN
ftr-349	1095	29	hoards	hoard	NOUN
ftr-349	1095	30	just	just	ADV
ftr-349	1095	31	out	out	ADP
ftr-349	1095	32	of	of	ADP
ftr-349	1095	33	their	their	PRON
ftr-349	1095	34	reach	reach	NOUN
ftr-349	1095	35	.	.	PUNCT
ftr-349	1096	1	the	the	DET
ftr-349	1096	2	very	very	ADV
ftr-349	1096	3	recent	recent	ADJ
ftr-349	1096	4	report	report	NOUN
ftr-349	1096	5	of	of	ADP
ftr-349	1096	6	the	the	DET
ftr-349	1096	7	president	president	NOUN
ftr-349	1096	8	’s	’s	PART
ftr-349	1096	9	economic	economic	PROPN
ftr-349	1096	10	recovery	recovery	NOUN
ftr-349	1096	11	advisory	advisory	PROPN
ftr-349	1096	12	board	board	NOUN
ftr-349	1096	13	(	(	PUNCT
ftr-349	1096	14	perab	perab	ADJ
ftr-349	1096	15	)	)	PUNCT
ftr-349	1096	16	is	be	AUX
ftr-349	1096	17	largely	largely	ADV
ftr-349	1096	18	consistent	consistent	ADJ
ftr-349	1096	19	with	with	ADP
ftr-349	1096	20	the	the	DET
ftr-349	1096	21	above	above	ADJ
ftr-349	1096	22	analysis	analysis	NOUN
ftr-349	1096	23	.	.	PUNCT
ftr-349	1097	1	that	that	DET
ftr-349	1097	2	report	report	NOUN
ftr-349	1097	3	began	begin	VERB
ftr-349	1097	4	its	its	PRON
ftr-349	1097	5	discussion	discussion	NOUN
ftr-349	1097	6	of	of	ADP
ftr-349	1097	7	the	the	DET
ftr-349	1097	8	issue	issue	NOUN
ftr-349	1097	9	by	by	ADP
ftr-349	1097	10	correctly	correctly	ADV
ftr-349	1097	11	observing	observe	VERB
ftr-349	1097	12	that	that	SCONJ
ftr-349	1097	13	u.s	u.s	PROPN
ftr-349	1097	14	.	.	PROPN
ftr-349	1097	15	firms	firm	NOUN
ftr-349	1097	16	pay	pay	VERB
ftr-349	1097	17	little	little	ADJ
ftr-349	1097	18	u.s	u.s	PROPN
ftr-349	1097	19	.	.	PROPN
ftr-349	1097	20	tax	tax	NOUN
ftr-349	1097	21	on	on	ADP
ftr-349	1097	22	their	their	PRON
ftr-349	1097	23	foreign	foreign	ADJ
ftr-349	1097	24	operations	operation	NOUN
ftr-349	1097	25	,	,	PUNCT
ftr-349	1097	26	but	but	CCONJ
ftr-349	1097	27	that	that	SCONJ
ftr-349	1097	28	the	the	DET
ftr-349	1097	29	“	"	PUNCT
ftr-349	1097	30	lock	lock	NOUN
ftr-349	1097	31	-	-	PUNCT
ftr-349	1097	32	out	out	ADP
ftr-349	1097	33	”	"	PUNCT
ftr-349	1097	34	problem	problem	NOUN
ftr-349	1097	35	comply	comply	ADV
ftr-349	1097	36	with	with	ADP
ftr-349	1097	37	the	the	DET
ftr-349	1097	38	law	law	NOUN
ftr-349	1097	39	by	by	ADP
ftr-349	1097	40	segregating	segregate	VERB
ftr-349	1097	41	different	different	ADJ
ftr-349	1097	42	pools	pool	NOUN
ftr-349	1097	43	of	of	ADP
ftr-349	1097	44	cash	cash	NOUN
ftr-349	1097	45	for	for	ADP
ftr-349	1097	46	different	different	ADJ
ftr-349	1097	47	corporate	corporate	ADJ
ftr-349	1097	48	expenditures	expenditure	NOUN
ftr-349	1097	49	.	.	PUNCT
ftr-349	1098	1	156	156	NUM
ftr-349	1098	2	.	.	PUNCT
ftr-349	1098	3	c.	c.	PROPN
ftr-349	1098	4	fritz	fritz	PROPN
ftr-349	1098	5	foley	foley	PROPN
ftr-349	1098	6	,	,	PUNCT
ftr-349	1098	7	jay	jay	PROPN
ftr-349	1098	8	c.	c.	PROPN
ftr-349	1098	9	hartzell	hartzell	PROPN
ftr-349	1098	10	,	,	PUNCT
ftr-349	1098	11	sheridan	sheridan	PROPN
ftr-349	1098	12	titman	titman	PROPN
ftr-349	1098	13	&	&	CCONJ
ftr-349	1098	14	garry	garry	PROPN
ftr-349	1098	15	twite	twite	PROPN
ftr-349	1098	16	,	,	PUNCT
ftr-349	1098	17	why	why	SCONJ
ftr-349	1098	18	do	do	AUX
ftr-349	1098	19	firms	firm	NOUN
ftr-349	1098	20	hold	hold	VERB
ftr-349	1098	21	so	so	ADV
ftr-349	1098	22	much	much	ADJ
ftr-349	1098	23	cash	cash	NOUN
ftr-349	1098	24	?	?	PUNCT
ftr-349	1099	1	a	a	DET
ftr-349	1099	2	tax	tax	NOUN
ftr-349	1099	3	-	-	PUNCT
ftr-349	1099	4	based	base	VERB
ftr-349	1099	5	explanation	explanation	NOUN
ftr-349	1099	6	,	,	PUNCT
ftr-349	1099	7	86	86	NUM
ftr-349	1099	8	j.	j.	NOUN
ftr-349	1099	9	of	of	ADP
ftr-349	1099	10	fin	fin	PROPN
ftr-349	1099	11	.	.	PUNCT
ftr-349	1099	12	econ	econ	PROPN
ftr-349	1099	13	.	.	PUNCT
ftr-349	1100	1	579	579	NUM
ftr-349	1100	2	(	(	PUNCT
ftr-349	1100	3	2007	2007	NUM
ftr-349	1100	4	)	)	PUNCT
ftr-349	1100	5	(	(	PUNCT
ftr-349	1100	6	u.s	u.s	PROPN
ftr-349	1100	7	.	.	PROPN
ftr-349	1100	8	tax	tax	NOUN
ftr-349	1100	9	rules	rule	NOUN
ftr-349	1100	10	for	for	ADP
ftr-349	1100	11	foreign	foreign	ADJ
ftr-349	1100	12	direct	direct	ADJ
ftr-349	1100	13	investment	investment	NOUN
ftr-349	1100	14	induce	induce	VERB
ftr-349	1100	15	u.s	u.s	PROPN
ftr-349	1100	16	.	.	PROPN
ftr-349	1100	17	firms	firm	NOUN
ftr-349	1100	18	to	to	PART
ftr-349	1100	19	accumulate	accumulate	VERB
ftr-349	1100	20	excessive	excessive	ADJ
ftr-349	1100	21	cash	cash	NOUN
ftr-349	1100	22	)	)	PUNCT
ftr-349	1100	23	.	.	PUNCT
ftr-349	1101	1	157	157	NUM
ftr-349	1101	2	.	.	PUNCT
ftr-349	1102	1	see	see	VERB
ftr-349	1102	2	supra	supra	PROPN
ftr-349	1102	3	text	text	NOUN
ftr-349	1102	4	at	at	ADP
ftr-349	1102	5	notes	note	NOUN
ftr-349	1102	6	117–22	117–22	PROPN
ftr-349	1102	7	.	.	PUNCT
ftr-349	1103	1	see	see	VERB
ftr-349	1103	2	also	also	ADV
ftr-349	1103	3	lisa	lisa	PROPN
ftr-349	1103	4	bryant	bryant	PROPN
ftr-349	1103	5	-	-	PUNCT
ftr-349	1103	6	kutcher	kutcher	PROPN
ftr-349	1103	7	,	,	PUNCT
ftr-349	1103	8	lisa	lisa	PROPN
ftr-349	1103	9	eiler	eiler	PROPN
ftr-349	1103	10	&	&	CCONJ
ftr-349	1103	11	david	david	PROPN
ftr-349	1103	12	a.	a.	PROPN
ftr-349	1103	13	guenther	guenther	PROPN
ftr-349	1103	14	,	,	PUNCT
ftr-349	1103	15	taxes	taxis	NOUN
ftr-349	1103	16	and	and	CCONJ
ftr-349	1103	17	financial	financial	ADJ
ftr-349	1103	18	assets	asset	NOUN
ftr-349	1103	19	:	:	PUNCT
ftr-349	1103	20	valuing	value	VERB
ftr-349	1103	21	permanently	permanently	ADV
ftr-349	1103	22	reinvested	reinveste	VERB
ftr-349	1103	23	earnings	earning	NOUN
ftr-349	1103	24	,	,	PUNCT
ftr-349	1103	25	56	56	NUM
ftr-349	1103	26	nat’l	nat’l	NOUN
ftr-349	1103	27	tax	tax	NOUN
ftr-349	1103	28	j.	j.	PROPN
ftr-349	1103	29	699	699	NUM
ftr-349	1103	30	,	,	PUNCT
ftr-349	1103	31	702–03	702–03	PROPN
ftr-349	1103	32	(	(	PUNCT
ftr-349	1103	33	2008	2008	NUM
ftr-349	1103	34	)	)	PUNCT
ftr-349	1103	35	(	(	PUNCT
ftr-349	1103	36	“	"	PUNCT
ftr-349	1103	37	since	since	SCONJ
ftr-349	1103	38	u.s	u.s	PROPN
ftr-349	1103	39	.	.	PROPN
ftr-349	1103	40	tax	tax	NOUN
ftr-349	1103	41	law	law	NOUN
ftr-349	1103	42	provides	provide	VERB
ftr-349	1103	43	an	an	DET
ftr-349	1103	44	incentive	incentive	NOUN
ftr-349	1103	45	for	for	ADP
ftr-349	1103	46	foreign	foreign	ADJ
ftr-349	1103	47	subsidiaries	subsidiary	NOUN
ftr-349	1103	48	to	to	PART
ftr-349	1103	49	defer	defer	VERB
ftr-349	1103	50	repatriation	repatriation	NOUN
ftr-349	1103	51	of	of	ADP
ftr-349	1103	52	cash	cash	NOUN
ftr-349	1103	53	,	,	PUNCT
ftr-349	1103	54	managers	manager	NOUN
ftr-349	1103	55	must	must	AUX
ftr-349	1103	56	trade	trade	VERB
ftr-349	1103	57	off	off	ADP
ftr-349	1103	58	the	the	DET
ftr-349	1103	59	negative	negative	ADJ
ftr-349	1103	60	impact	impact	NOUN
ftr-349	1103	61	of	of	ADP
ftr-349	1103	62	u.s	u.s	PROPN
ftr-349	1103	63	.	.	PROPN
ftr-349	1103	64	repatriation	repatriation	NOUN
ftr-349	1103	65	taxes	taxis	NOUN
ftr-349	1103	66	on	on	ADP
ftr-349	1103	67	firm	firm	ADJ
ftr-349	1103	68	value	value	NOUN
ftr-349	1103	69	with	with	ADP
ftr-349	1103	70	the	the	DET
ftr-349	1103	71	lower	low	ADJ
ftr-349	1103	72	benefits	benefit	NOUN
ftr-349	1103	73	that	that	PRON
ftr-349	1103	74	come	come	VERB
ftr-349	1103	75	from	from	ADP
ftr-349	1103	76	reinvesting	reinveste	VERB
ftr-349	1103	77	foreign	foreign	ADJ
ftr-349	1103	78	earnings	earning	NOUN
ftr-349	1103	79	in	in	ADP
ftr-349	1103	80	financial	financial	ADJ
ftr-349	1103	81	assets	asset	NOUN
ftr-349	1103	82	”	"	PUNCT
ftr-349	1103	83	)	)	PUNCT
ftr-349	1103	84	.	.	PUNCT
ftr-349	1104	1	2001	2001	NUM
ftr-349	1104	2	]	]	PUNCT
ftr-349	1104	3	stateless	stateless	NOUN
ftr-349	1104	4	income	income	NOUN
ftr-349	1104	5	767	767	NUM
ftr-349	1104	6	nonetheless	nonetheless	ADV
ftr-349	1104	7	exists.158	exists.158	PROPN
ftr-349	1104	8	it	it	PRON
ftr-349	1104	9	then	then	ADV
ftr-349	1104	10	noted	note	VERB
ftr-349	1104	11	that	that	SCONJ
ftr-349	1104	12	,	,	PUNCT
ftr-349	1104	13	“	"	PUNCT
ftr-349	1104	14	because	because	SCONJ
ftr-349	1104	15	us	us	PROPN
ftr-349	1104	16	mncs	mncs	PROPN
ftr-349	1104	17	have	have	AUX
ftr-349	1104	18	been	be	AUX
ftr-349	1104	19	successful	successful	ADJ
ftr-349	1104	20	in	in	ADP
ftr-349	1104	21	reinvesting	reinveste	VERB
ftr-349	1104	22	their	their	PRON
ftr-349	1104	23	income	income	NOUN
ftr-349	1104	24	abroad	abroad	ADV
ftr-349	1104	25	and	and	CCONJ
ftr-349	1104	26	deferring	defer	VERB
ftr-349	1104	27	u.s	u.s	PROPN
ftr-349	1104	28	.	.	PROPN
ftr-349	1104	29	taxes	taxis	NOUN
ftr-349	1104	30	,	,	PUNCT
ftr-349	1104	31	this	this	DET
ftr-349	1104	32	[	[	X
ftr-349	1104	33	the	the	DET
ftr-349	1104	34	u.s	u.s	PROPN
ftr-349	1104	35	.	.	PROPN
ftr-349	1104	36	system	system	PROPN
ftr-349	1104	37	’s	’s	PART
ftr-349	1104	38	]	]	PUNCT
ftr-349	1104	39	tax	tax	NOUN
ftr-349	1104	40	disadvantage	disadvantage	NOUN
ftr-349	1104	41	may	may	AUX
ftr-349	1104	42	be	be	AUX
ftr-349	1104	43	small	small	ADJ
ftr-349	1104	44	.	.	PUNCT
ftr-349	1105	1	nevertheless	nevertheless	ADV
ftr-349	1105	2	,	,	PUNCT
ftr-349	1105	3	u.s	u.s	PROPN
ftr-349	1105	4	.	.	PROPN
ftr-349	1105	5	companies	company	NOUN
ftr-349	1105	6	.	.	PUNCT
ftr-349	1105	7	.	.	PUNCT
ftr-349	1105	8	.	.	PUNCT
ftr-349	1106	1	bear	bear	NOUN
ftr-349	1106	2	costs	cost	NOUN
ftr-349	1106	3	that	that	PRON
ftr-349	1106	4	arise	arise	VERB
ftr-349	1106	5	from	from	ADP
ftr-349	1106	6	tax	tax	NOUN
ftr-349	1106	7	-	-	PUNCT
ftr-349	1106	8	induced	induce	VERB
ftr-349	1106	9	inefficiencies	inefficiency	NOUN
ftr-349	1106	10	in	in	ADP
ftr-349	1106	11	their	their	PRON
ftr-349	1106	12	financial	financial	ADJ
ftr-349	1106	13	structure	structure	NOUN
ftr-349	1106	14	—	—	PUNCT
ftr-349	1106	15	costs	cost	VERB
ftr-349	1106	16	that	that	SCONJ
ftr-349	1106	17	their	their	PRON
ftr-349	1106	18	competitors	competitor	NOUN
ftr-349	1106	19	based	base	VERB
ftr-349	1106	20	in	in	ADP
ftr-349	1106	21	territorial	territorial	ADJ
ftr-349	1106	22	countries	country	NOUN
ftr-349	1106	23	do	do	AUX
ftr-349	1106	24	not	not	PART
ftr-349	1106	25	bear	bear	VERB
ftr-349	1106	26	.	.	PUNCT
ftr-349	1106	27	”159	”159	PUNCT
ftr-349	1106	28	as	as	SCONJ
ftr-349	1106	29	suggested	suggest	VERB
ftr-349	1106	30	above	above	ADV
ftr-349	1106	31	,	,	PUNCT
ftr-349	1106	32	this	this	PRON
ftr-349	1106	33	,	,	PUNCT
ftr-349	1106	34	in	in	ADP
ftr-349	1106	35	fact	fact	NOUN
ftr-349	1106	36	,	,	PUNCT
ftr-349	1106	37	is	be	AUX
ftr-349	1106	38	the	the	DET
ftr-349	1106	39	nub	nub	NOUN
ftr-349	1106	40	of	of	ADP
ftr-349	1106	41	the	the	DET
ftr-349	1106	42	real	real	ADJ
ftr-349	1106	43	competitiveness	competitiveness	NOUN
ftr-349	1106	44	issue	issue	NOUN
ftr-349	1106	45	to	to	ADP
ftr-349	1106	46	the	the	DET
ftr-349	1106	47	extent	extent	NOUN
ftr-349	1106	48	one	one	NUM
ftr-349	1106	49	exists	exist	VERB
ftr-349	1106	50	.	.	PUNCT
ftr-349	1107	1	the	the	DET
ftr-349	1107	2	objective	objective	ADJ
ftr-349	1107	3	tangible	tangible	ADJ
ftr-349	1107	4	evidence	evidence	NOUN
ftr-349	1107	5	of	of	ADP
ftr-349	1107	6	inefficient	inefficient	ADJ
ftr-349	1107	7	financial	financial	ADJ
ftr-349	1107	8	structures	structure	NOUN
ftr-349	1107	9	would	would	AUX
ftr-349	1107	10	come	come	VERB
ftr-349	1107	11	in	in	ADP
ftr-349	1107	12	the	the	DET
ftr-349	1107	13	form	form	NOUN
ftr-349	1107	14	of	of	ADP
ftr-349	1107	15	higher	high	ADJ
ftr-349	1107	16	borrowing	borrowing	NOUN
ftr-349	1107	17	costs	cost	NOUN
ftr-349	1107	18	for	for	ADP
ftr-349	1107	19	u.s	u.s	PROPN
ftr-349	1107	20	.	.	PROPN
ftr-349	1107	21	multinational	multinational	ADJ
ftr-349	1107	22	firms	firm	NOUN
ftr-349	1107	23	that	that	PRON
ftr-349	1107	24	are	be	AUX
ftr-349	1107	25	compelled	compel	VERB
ftr-349	1107	26	to	to	PART
ftr-349	1107	27	leave	leave	VERB
ftr-349	1107	28	cash	cash	NOUN
ftr-349	1107	29	abroad	abroad	ADV
ftr-349	1107	30	and	and	CCONJ
ftr-349	1107	31	borrow	borrow	VERB
ftr-349	1107	32	domestically	domestically	ADV
ftr-349	1107	33	.	.	PUNCT
ftr-349	1108	1	but	but	CCONJ
ftr-349	1108	2	if	if	SCONJ
ftr-349	1108	3	that	that	PRON
ftr-349	1108	4	is	be	AUX
ftr-349	1108	5	the	the	DET
ftr-349	1108	6	concern	concern	NOUN
ftr-349	1108	7	,	,	PUNCT
ftr-349	1108	8	then	then	ADV
ftr-349	1108	9	the	the	DET
ftr-349	1108	10	behavior	behavior	NOUN
ftr-349	1108	11	of	of	ADP
ftr-349	1108	12	u.s	u.s	PROPN
ftr-349	1108	13	.	.	PROPN
ftr-349	1108	14	firms	firm	NOUN
ftr-349	1108	15	with	with	ADP
ftr-349	1108	16	respect	respect	NOUN
ftr-349	1108	17	to	to	ADP
ftr-349	1108	18	the	the	DET
ftr-349	1108	19	2004	2004	NUM
ftr-349	1108	20	legislation	legislation	NOUN
ftr-349	1108	21	’s	’s	PART
ftr-349	1108	22	one	one	NUM
ftr-349	1108	23	-	-	PUNCT
ftr-349	1108	24	year	year	NOUN
ftr-349	1108	25	dividend	dividend	NOUN
ftr-349	1108	26	repatriation	repatriation	NOUN
ftr-349	1108	27	holiday	holiday	NOUN
ftr-349	1108	28	is	be	AUX
ftr-349	1108	29	puzzling	puzzle	VERB
ftr-349	1108	30	.	.	PUNCT
ftr-349	1109	1	at	at	ADP
ftr-349	1109	2	the	the	DET
ftr-349	1109	3	same	same	ADJ
ftr-349	1109	4	time	time	NOUN
ftr-349	1109	5	,	,	PUNCT
ftr-349	1109	6	the	the	DET
ftr-349	1109	7	perab	perab	ADJ
ftr-349	1109	8	report	report	NOUN
ftr-349	1109	9	demonstrates	demonstrate	VERB
ftr-349	1109	10	the	the	DET
ftr-349	1109	11	dangers	danger	NOUN
ftr-349	1109	12	of	of	ADP
ftr-349	1109	13	drawing	draw	VERB
ftr-349	1109	14	policy	policy	NOUN
ftr-349	1109	15	implications	implication	NOUN
ftr-349	1109	16	from	from	ADP
ftr-349	1109	17	an	an	DET
ftr-349	1109	18	incomplete	incomplete	ADJ
ftr-349	1109	19	meditation	meditation	NOUN
ftr-349	1109	20	on	on	ADP
ftr-349	1109	21	how	how	SCONJ
ftr-349	1109	22	the	the	DET
ftr-349	1109	23	u.s	u.s	PROPN
ftr-349	1109	24	.	.	PROPN
ftr-349	1109	25	system	system	NOUN
ftr-349	1109	26	for	for	ADP
ftr-349	1109	27	taxing	tax	VERB
ftr-349	1109	28	foreign	foreign	ADJ
ftr-349	1109	29	direct	direct	ADJ
ftr-349	1109	30	investment	investment	NOUN
ftr-349	1109	31	actually	actually	ADV
ftr-349	1109	32	operates.160	operates.160	NUM
ftr-349	1109	33	in	in	ADP
ftr-349	1109	34	particular	particular	ADJ
ftr-349	1109	35	,	,	PUNCT
ftr-349	1109	36	the	the	DET
ftr-349	1109	37	perab	perab	ADJ
ftr-349	1109	38	report	report	NOUN
ftr-349	1109	39	makes	make	VERB
ftr-349	1109	40	three	three	NUM
ftr-349	1109	41	competitiveness	competitiveness	NOUN
ftr-349	1109	42	arguments	argument	NOUN
ftr-349	1109	43	that	that	PRON
ftr-349	1109	44	do	do	AUX
ftr-349	1109	45	not	not	PART
ftr-349	1109	46	follow	follow	VERB
ftr-349	1109	47	from	from	ADP
ftr-349	1109	48	its	its	PRON
ftr-349	1109	49	own	own	ADJ
ftr-349	1109	50	conclusion	conclusion	NOUN
ftr-349	1109	51	quoted	quote	VERB
ftr-349	1109	52	above	above	ADV
ftr-349	1109	53	.	.	PUNCT
ftr-349	1110	1	the	the	DET
ftr-349	1110	2	perab	perab	ADJ
ftr-349	1110	3	report	report	NOUN
ftr-349	1110	4	first	first	ADV
ftr-349	1110	5	claims	claim	VERB
ftr-349	1110	6	that	that	SCONJ
ftr-349	1110	7	“	"	PUNCT
ftr-349	1110	8	the	the	DET
ftr-349	1110	9	combination	combination	NOUN
ftr-349	1110	10	of	of	ADP
ftr-349	1110	11	lower	low	ADJ
ftr-349	1110	12	foreign	foreign	ADJ
ftr-349	1110	13	corporate	corporate	ADJ
ftr-349	1110	14	tax	tax	NOUN
ftr-349	1110	15	rates	rate	NOUN
ftr-349	1110	16	and	and	CCONJ
ftr-349	1110	17	the	the	DET
ftr-349	1110	18	territorial	territorial	ADJ
ftr-349	1110	19	system	system	NOUN
ftr-349	1110	20	of	of	ADP
ftr-349	1110	21	corporate	corporate	ADJ
ftr-349	1110	22	taxation	taxation	NOUN
ftr-349	1110	23	used	use	VERB
ftr-349	1110	24	by	by	ADP
ftr-349	1110	25	other	other	ADJ
ftr-349	1110	26	countries	country	NOUN
ftr-349	1110	27	reduces	reduce	VERB
ftr-349	1110	28	the	the	DET
ftr-349	1110	29	cost	cost	NOUN
ftr-349	1110	30	of	of	ADP
ftr-349	1110	31	production	production	NOUN
ftr-349	1110	32	for	for	ADP
ftr-349	1110	33	foreign	foreign	ADJ
ftr-349	1110	34	firms	firm	NOUN
ftr-349	1110	35	competing	compete	VERB
ftr-349	1110	36	with	with	ADP
ftr-349	1110	37	u.s	u.s	PROPN
ftr-349	1110	38	.	.	PROPN
ftr-349	1110	39	companies	company	NOUN
ftr-349	1110	40	outside	outside	ADP
ftr-349	1110	41	of	of	ADP
ftr-349	1110	42	the	the	DET
ftr-349	1110	43	u.s	u.s	PROPN
ftr-349	1110	44	.	.	PROPN
ftr-349	1110	45	—	—	PUNCT
ftr-349	1110	46	thus	thus	ADV
ftr-349	1110	47	raising	raise	VERB
ftr-349	1110	48	the	the	DET
ftr-349	1110	49	relative	relative	ADJ
ftr-349	1110	50	cost	cost	NOUN
ftr-349	1110	51	of	of	ADP
ftr-349	1110	52	u.s	u.s	PROPN
ftr-349	1110	53	.	.	PROPN
ftr-349	1110	54	mncs	mncs	PROPN
ftr-349	1110	55	operating	operate	VERB
ftr-349	1110	56	in	in	ADP
ftr-349	1110	57	lower	low	ADJ
ftr-349	1110	58	-	-	PUNCT
ftr-349	1110	59	tax	tax	NOUN
ftr-349	1110	60	foreign	foreign	ADJ
ftr-349	1110	61	jurisdictions	jurisdiction	NOUN
ftr-349	1110	62	.	.	PUNCT
ftr-349	1110	63	”	"	PUNCT
ftr-349	1111	1	161	161	NUM
ftr-349	1112	1	but	but	CCONJ
ftr-349	1112	2	that	that	DET
ftr-349	1112	3	assertion	assertion	NOUN
ftr-349	1112	4	is	be	AUX
ftr-349	1112	5	belied	belie	VERB
ftr-349	1112	6	by	by	ADP
ftr-349	1112	7	the	the	DET
ftr-349	1112	8	absence	absence	NOUN
ftr-349	1112	9	of	of	ADP
ftr-349	1112	10	any	any	DET
ftr-349	1112	11	evidence	evidence	NOUN
ftr-349	1112	12	of	of	ADP
ftr-349	1112	13	actual	actual	ADJ
ftr-349	1112	14	current	current	ADJ
ftr-349	1112	15	u.s	u.s	PROPN
ftr-349	1112	16	.	.	PROPN
ftr-349	1112	17	tax	tax	NOUN
ftr-349	1112	18	burdens	burden	NOUN
ftr-349	1112	19	,	,	PUNCT
ftr-349	1112	20	or	or	CCONJ
ftr-349	1112	21	any	any	DET
ftr-349	1112	22	adverse	adverse	ADJ
ftr-349	1112	23	u.s	u.s	PROPN
ftr-349	1112	24	.	.	PROPN
ftr-349	1112	25	gaap	gaap	PROPN
ftr-349	1112	26	financial	financial	ADJ
ftr-349	1112	27	accounting	accounting	PROPN
ftr-349	1112	28	consequence	consequence	NOUN
ftr-349	1112	29	to	to	ADP
ftr-349	1112	30	relying	rely	VERB
ftr-349	1112	31	on	on	ADP
ftr-349	1112	32	deferral	deferral	NOUN
ftr-349	1112	33	.	.	PUNCT
ftr-349	1113	1	to	to	PART
ftr-349	1113	2	be	be	AUX
ftr-349	1113	3	sure	sure	ADJ
ftr-349	1113	4	,	,	PUNCT
ftr-349	1113	5	u.s	u.s	PROPN
ftr-349	1113	6	.	.	PROPN
ftr-349	1113	7	firms	firm	NOUN
ftr-349	1113	8	maintain	maintain	VERB
ftr-349	1113	9	disproportionately	disproportionately	ADV
ftr-349	1113	10	large	large	ADJ
ftr-349	1113	11	tax	tax	NOUN
ftr-349	1113	12	departments	department	NOUN
ftr-349	1113	13	to	to	PART
ftr-349	1113	14	twist	twist	VERB
ftr-349	1113	15	the	the	DET
ftr-349	1113	16	valves	valve	NOUN
ftr-349	1113	17	and	and	CCONJ
ftr-349	1113	18	levers	lever	NOUN
ftr-349	1113	19	of	of	ADP
ftr-349	1113	20	the	the	DET
ftr-349	1113	21	tax	tax	NOUN
ftr-349	1113	22	liqueur	liqueur	PROPN
ftr-349	1113	23	blending	blending	NOUN
ftr-349	1113	24	process	process	NOUN
ftr-349	1113	25	,	,	PUNCT
ftr-349	1113	26	and	and	CCONJ
ftr-349	1113	27	u.s	u.s	PROPN
ftr-349	1113	28	.	.	PROPN
ftr-349	1113	29	firms	firm	NOUN
ftr-349	1113	30	also	also	ADV
ftr-349	1113	31	find	find	VERB
ftr-349	1113	32	themselves	themselves	PRON
ftr-349	1113	33	with	with	ADP
ftr-349	1113	34	excess	excess	ADJ
ftr-349	1113	35	cash	cash	NOUN
ftr-349	1113	36	outside	outside	ADP
ftr-349	1113	37	the	the	DET
ftr-349	1113	38	united	united	PROPN
ftr-349	1113	39	states	states	PROPN
ftr-349	1113	40	,	,	PUNCT
ftr-349	1113	41	and	and	CCONJ
ftr-349	1113	42	make	make	VERB
ftr-349	1113	43	suboptimal	suboptimal	ADJ
ftr-349	1113	44	investments	investment	NOUN
ftr-349	1113	45	to	to	PART
ftr-349	1113	46	put	put	VERB
ftr-349	1113	47	that	that	DET
ftr-349	1113	48	cash	cash	NOUN
ftr-349	1113	49	to	to	PART
ftr-349	1113	50	use	use	VERB
ftr-349	1113	51	.	.	PUNCT
ftr-349	1114	1	but	but	CCONJ
ftr-349	1114	2	those	those	PRON
ftr-349	1114	3	are	be	AUX
ftr-349	1114	4	at	at	ADP
ftr-349	1114	5	best	good	ADJ
ftr-349	1114	6	arguments	argument	NOUN
ftr-349	1114	7	concerning	concern	VERB
ftr-349	1114	8	the	the	DET
ftr-349	1114	9	cost	cost	NOUN
ftr-349	1114	10	of	of	ADP
ftr-349	1114	11	the	the	DET
ftr-349	1114	12	lock	lock	NOUN
ftr-349	1114	13	-	-	PUNCT
ftr-349	1114	14	out	out	ADP
ftr-349	1114	15	effect	effect	NOUN
ftr-349	1114	16	,	,	PUNCT
ftr-349	1114	17	not	not	PART
ftr-349	1114	18	about	about	ADP
ftr-349	1114	19	day	day	NOUN
ftr-349	1114	20	-	-	PUNCT
ftr-349	1114	21	to	to	ADP
ftr-349	1114	22	-	-	PUNCT
ftr-349	1114	23	day	day	NOUN
ftr-349	1114	24	operational	operational	ADJ
ftr-349	1114	25	costs	cost	NOUN
ftr-349	1114	26	in	in	ADP
ftr-349	1114	27	a	a	DET
ftr-349	1114	28	foreign	foreign	ADJ
ftr-349	1114	29	jurisdiction	jurisdiction	NOUN
ftr-349	1114	30	.	.	PUNCT
ftr-349	1115	1	second	second	ADJ
ftr-349	1115	2	,	,	PUNCT
ftr-349	1115	3	the	the	DET
ftr-349	1115	4	perab	perab	ADJ
ftr-349	1115	5	report	report	NOUN
ftr-349	1115	6	argues	argue	VERB
ftr-349	1115	7	that	that	SCONJ
ftr-349	1115	8	“	"	PUNCT
ftr-349	1115	9	the	the	DET
ftr-349	1115	10	[	[	X
ftr-349	1115	11	u.s	u.s	PROPN
ftr-349	1115	12	.	.	PROPN
ftr-349	1115	13	]	]	PUNCT
ftr-349	1115	14	worldwide	worldwide	ADJ
ftr-349	1115	15	/	/	SYM
ftr-349	1115	16	deferral	deferral	ADJ
ftr-349	1115	17	approach	approach	NOUN
ftr-349	1115	18	to	to	ADP
ftr-349	1115	19	corporate	corporate	ADJ
ftr-349	1115	20	taxation	taxation	NOUN
ftr-349	1115	21	favors	favor	VERB
ftr-349	1115	22	foreign	foreign	ADJ
ftr-349	1115	23	firms	firm	NOUN
ftr-349	1115	24	operating	operate	VERB
ftr-349	1115	25	in	in	ADP
ftr-349	1115	26	their	their	PRON
ftr-349	1115	27	own	own	ADJ
ftr-349	1115	28	country	country	NOUN
ftr-349	1115	29	compared	compare	VERB
ftr-349	1115	30	to	to	ADP
ftr-349	1115	31	u.s	u.s	PROPN
ftr-349	1115	32	.	.	PROPN
ftr-349	1115	33	firms	firm	NOUN
ftr-349	1115	34	in	in	ADP
ftr-349	1115	35	that	that	DET
ftr-349	1115	36	country	country	NOUN
ftr-349	1115	37	.	.	PUNCT
ftr-349	1116	1	”162	”162	VERB
ftr-349	1117	1	if	if	SCONJ
ftr-349	1117	2	158	158	NUM
ftr-349	1117	3	.	.	PUNCT
ftr-349	1118	1	perab	perab	ADJ
ftr-349	1118	2	report	report	NOUN
ftr-349	1118	3	,	,	PUNCT
ftr-349	1118	4	supra	supra	PROPN
ftr-349	1118	5	note	note	PROPN
ftr-349	1118	6	33	33	NUM
ftr-349	1118	7	,	,	PUNCT
ftr-349	1118	8	at	at	ADP
ftr-349	1118	9	82	82	NUM
ftr-349	1118	10	(	(	PUNCT
ftr-349	1118	11	emphasis	emphasis	NOUN
ftr-349	1118	12	added	add	VERB
ftr-349	1118	13	)	)	PUNCT
ftr-349	1118	14	.	.	PUNCT
ftr-349	1119	1	u.s	u.s	PROPN
ftr-349	1119	2	.	.	PROPN
ftr-349	1119	3	companies	company	NOUN
ftr-349	1119	4	reportedly	reportedly	ADV
ftr-349	1119	5	have	have	VERB
ftr-349	1119	6	over	over	ADP
ftr-349	1119	7	$	$	SYM
ftr-349	1119	8	1	1	NUM
ftr-349	1119	9	trillion	trillion	NUM
ftr-349	1119	10	of	of	ADP
ftr-349	1119	11	permanently	permanently	ADV
ftr-349	1119	12	reinvested	reinveste	VERB
ftr-349	1119	13	earnings	earning	NOUN
ftr-349	1119	14	.	.	PUNCT
ftr-349	1120	1	the	the	DET
ftr-349	1120	2	report	report	NOUN
ftr-349	1120	3	also	also	ADV
ftr-349	1120	4	states	state	VERB
ftr-349	1120	5	that	that	SCONJ
ftr-349	1120	6	many	many	ADJ
ftr-349	1120	7	business	business	NOUN
ftr-349	1120	8	people	people	NOUN
ftr-349	1120	9	would	would	AUX
ftr-349	1120	10	repatriate	repatriate	VERB
ftr-349	1120	11	a	a	DET
ftr-349	1120	12	significant	significant	ADJ
ftr-349	1120	13	portion	portion	NOUN
ftr-349	1120	14	of	of	ADP
ftr-349	1120	15	the	the	DET
ftr-349	1120	16	income	income	NOUN
ftr-349	1120	17	if	if	SCONJ
ftr-349	1120	18	there	there	PRON
ftr-349	1120	19	were	be	VERB
ftr-349	1120	20	another	another	DET
ftr-349	1120	21	tax	tax	NOUN
ftr-349	1120	22	holiday	holiday	NOUN
ftr-349	1120	23	or	or	CCONJ
ftr-349	1120	24	a	a	DET
ftr-349	1120	25	reduction	reduction	NOUN
ftr-349	1120	26	in	in	ADP
ftr-349	1120	27	the	the	DET
ftr-349	1120	28	corporate	corporate	ADJ
ftr-349	1120	29	tax	tax	NOUN
ftr-349	1120	30	rate	rate	NOUN
ftr-349	1120	31	.	.	PUNCT
ftr-349	1121	1	159	159	NUM
ftr-349	1121	2	.	.	PUNCT
ftr-349	1122	1	i	i	PRON
ftr-349	1122	2	d.	d.	PROPN
ftr-349	1122	3	at	at	ADP
ftr-349	1122	4	86	86	NUM
ftr-349	1122	5	.	.	PUNCT
ftr-349	1123	1	(	(	PUNCT
ftr-349	1123	2	emphasis	emphasis	NOUN
ftr-349	1123	3	added	add	VERB
ftr-349	1123	4	)	)	PUNCT
ftr-349	1123	5	.	.	PUNCT
ftr-349	1124	1	160	160	NUM
ftr-349	1124	2	.	.	PUNCT
ftr-349	1125	1	i	i	PRON
ftr-349	1125	2	d.	d.	PROPN
ftr-349	1125	3	at	at	ADP
ftr-349	1125	4	82–94	82–94	NUM
ftr-349	1125	5	.	.	PUNCT
ftr-349	1126	1	161	161	NUM
ftr-349	1126	2	.	.	PUNCT
ftr-349	1127	1	i	i	PRON
ftr-349	1127	2	d.	d.	PROPN
ftr-349	1127	3	at	at	ADP
ftr-349	1127	4	86	86	NUM
ftr-349	1127	5	.	.	PUNCT
ftr-349	1128	1	162	162	NUM
ftr-349	1128	2	.	.	PUNCT
ftr-349	1129	1	i	i	PRON
ftr-349	1129	2	d.	d.	PROPN
ftr-349	1129	3	768	768	NUM
ftr-349	1129	4	florida	florida	PROPN
ftr-349	1129	5	tax	tax	NOUN
ftr-349	1129	6	review	review	NOUN
ftr-349	1130	1	[	[	X
ftr-349	1130	2	vol	vol	NOUN
ftr-349	1130	3	.	.	PUNCT
ftr-349	1131	1	11:9	11:9	NOUN
ftr-349	1131	2	anything	anything	PRON
ftr-349	1131	3	,	,	PUNCT
ftr-349	1131	4	experience	experience	NOUN
ftr-349	1131	5	suggests	suggest	VERB
ftr-349	1131	6	exactly	exactly	ADV
ftr-349	1131	7	the	the	DET
ftr-349	1131	8	opposite	opposite	NOUN
ftr-349	1131	9	:	:	PUNCT
ftr-349	1131	10	in	in	ADP
ftr-349	1131	11	many	many	ADJ
ftr-349	1131	12	countries	country	NOUN
ftr-349	1131	13	it	it	PRON
ftr-349	1131	14	is	be	AUX
ftr-349	1131	15	easier	easy	ADJ
ftr-349	1131	16	for	for	SCONJ
ftr-349	1131	17	a	a	DET
ftr-349	1131	18	multinational	multinational	ADJ
ftr-349	1131	19	firm	firm	NOUN
ftr-349	1131	20	from	from	ADP
ftr-349	1131	21	a	a	DET
ftr-349	1131	22	second	second	ADJ
ftr-349	1131	23	country	country	NOUN
ftr-349	1131	24	to	to	PART
ftr-349	1131	25	implement	implement	VERB
ftr-349	1131	26	stateless	stateless	NOUN
ftr-349	1131	27	income	income	NOUN
ftr-349	1131	28	tax	tax	NOUN
ftr-349	1131	29	planning	planning	NOUN
ftr-349	1131	30	with	with	ADP
ftr-349	1131	31	respect	respect	NOUN
ftr-349	1131	32	to	to	ADP
ftr-349	1131	33	the	the	DET
ftr-349	1131	34	first	first	ADJ
ftr-349	1131	35	than	than	SCONJ
ftr-349	1131	36	it	it	PRON
ftr-349	1131	37	is	be	AUX
ftr-349	1131	38	for	for	ADP
ftr-349	1131	39	a	a	DET
ftr-349	1131	40	domestic	domestic	ADJ
ftr-349	1131	41	multinational	multinational	ADJ
ftr-349	1131	42	enterprise	enterprise	NOUN
ftr-349	1131	43	to	to	PART
ftr-349	1131	44	strip	strip	VERB
ftr-349	1131	45	income	income	NOUN
ftr-349	1131	46	out	out	ADP
ftr-349	1131	47	of	of	ADP
ftr-349	1131	48	its	its	PRON
ftr-349	1131	49	home	home	NOUN
ftr-349	1131	50	jurisdiction	jurisdiction	NOUN
ftr-349	1131	51	.	.	PUNCT
ftr-349	1132	1	third	third	ADJ
ftr-349	1132	2	,	,	PUNCT
ftr-349	1132	3	the	the	DET
ftr-349	1132	4	perab	perab	ADJ
ftr-349	1132	5	report	report	NOUN
ftr-349	1132	6	argues	argue	VERB
ftr-349	1132	7	that	that	SCONJ
ftr-349	1132	8	“	"	PUNCT
ftr-349	1132	9	the	the	DET
ftr-349	1132	10	worldwide	worldwide	ADJ
ftr-349	1132	11	/	/	SYM
ftr-349	1132	12	deferral	deferral	ADJ
ftr-349	1132	13	tax	tax	NOUN
ftr-349	1132	14	approach	approach	NOUN
ftr-349	1132	15	also	also	ADV
ftr-349	1132	16	puts	put	VERB
ftr-349	1132	17	u.s	u.s	PROPN
ftr-349	1132	18	.	.	PROPN
ftr-349	1132	19	mncs	mncs	PROPN
ftr-349	1132	20	at	at	ADP
ftr-349	1132	21	a	a	DET
ftr-349	1132	22	disadvantage	disadvantage	NOUN
ftr-349	1132	23	in	in	ADP
ftr-349	1132	24	the	the	DET
ftr-349	1132	25	acquisition	acquisition	NOUN
ftr-349	1132	26	and	and	CCONJ
ftr-349	1132	27	ownership	ownership	NOUN
ftr-349	1132	28	of	of	ADP
ftr-349	1132	29	businesses	business	NOUN
ftr-349	1132	30	in	in	ADP
ftr-349	1132	31	other	other	ADJ
ftr-349	1132	32	countries	country	NOUN
ftr-349	1132	33	compared	compare	VERB
ftr-349	1132	34	to	to	ADP
ftr-349	1132	35	foreign	foreign	ADJ
ftr-349	1132	36	companies	company	NOUN
ftr-349	1132	37	that	that	PRON
ftr-349	1132	38	operate	operate	VERB
ftr-349	1132	39	under	under	ADP
ftr-349	1132	40	a	a	DET
ftr-349	1132	41	territorial	territorial	ADJ
ftr-349	1132	42	approach	approach	NOUN
ftr-349	1132	43	.	.	PUNCT
ftr-349	1133	1	”163	”163	PUNCT
ftr-349	1134	1	this	this	PRON
ftr-349	1134	2	is	be	AUX
ftr-349	1134	3	a	a	DET
ftr-349	1134	4	high	high	ADJ
ftr-349	1134	5	-	-	PUNCT
ftr-349	1134	6	level	level	NOUN
ftr-349	1134	7	restatement	restatement	NOUN
ftr-349	1134	8	of	of	ADP
ftr-349	1134	9	the	the	DET
ftr-349	1134	10	capital	capital	NOUN
ftr-349	1134	11	ownership	ownership	NOUN
ftr-349	1134	12	neutrality	neutrality	NOUN
ftr-349	1134	13	argument	argument	NOUN
ftr-349	1134	14	.	.	PUNCT
ftr-349	1135	1	if	if	SCONJ
ftr-349	1135	2	used	use	VERB
ftr-349	1135	3	as	as	ADP
ftr-349	1135	4	a	a	DET
ftr-349	1135	5	competitiveness	competitiveness	NOUN
ftr-349	1135	6	argument	argument	NOUN
ftr-349	1135	7	,	,	PUNCT
ftr-349	1135	8	it	it	PRON
ftr-349	1135	9	rests	rest	VERB
ftr-349	1135	10	on	on	ADP
ftr-349	1135	11	the	the	DET
ftr-349	1135	12	fundamental	fundamental	ADJ
ftr-349	1135	13	misapprehension	misapprehension	NOUN
ftr-349	1135	14	that	that	SCONJ
ftr-349	1135	15	the	the	DET
ftr-349	1135	16	u.s	u.s	PROPN
ftr-349	1135	17	.	.	PROPN
ftr-349	1135	18	tax	tax	NOUN
ftr-349	1135	19	system	system	NOUN
ftr-349	1135	20	actually	actually	ADV
ftr-349	1135	21	collects	collect	VERB
ftr-349	1135	22	significant	significant	ADJ
ftr-349	1135	23	revenues	revenue	NOUN
ftr-349	1135	24	from	from	ADP
ftr-349	1135	25	firms	firm	NOUN
ftr-349	1135	26	’	'	PUNCT
ftr-349	1135	27	international	international	ADJ
ftr-349	1135	28	business	business	NOUN
ftr-349	1135	29	operations	operation	NOUN
ftr-349	1135	30	or	or	CCONJ
ftr-349	1135	31	impedes	impede	VERB
ftr-349	1135	32	their	their	PRON
ftr-349	1135	33	access	access	NOUN
ftr-349	1135	34	to	to	ADP
ftr-349	1135	35	capital	capital	NOUN
ftr-349	1135	36	.	.	PUNCT
ftr-349	1136	1	in	in	ADP
ftr-349	1136	2	the	the	DET
ftr-349	1136	3	absence	absence	NOUN
ftr-349	1136	4	of	of	ADP
ftr-349	1136	5	actual	actual	ADJ
ftr-349	1136	6	tax	tax	NOUN
ftr-349	1136	7	costs	cost	NOUN
ftr-349	1136	8	or	or	CCONJ
ftr-349	1136	9	adverse	adverse	ADJ
ftr-349	1136	10	gaap	gaap	NOUN
ftr-349	1136	11	accounting	accounting	NOUN
ftr-349	1136	12	consequences	consequence	NOUN
ftr-349	1136	13	,	,	PUNCT
ftr-349	1136	14	one	one	PRON
ftr-349	1136	15	is	be	AUX
ftr-349	1136	16	hard	hard	ADV
ftr-349	1136	17	pressed	pressed	ADJ
ftr-349	1136	18	to	to	PART
ftr-349	1136	19	identify	identify	VERB
ftr-349	1136	20	any	any	DET
ftr-349	1136	21	operational	operational	ADJ
ftr-349	1136	22	disadvantages	disadvantage	NOUN
ftr-349	1136	23	that	that	PRON
ftr-349	1136	24	flow	flow	VERB
ftr-349	1136	25	from	from	ADP
ftr-349	1136	26	the	the	DET
ftr-349	1136	27	u.s	u.s	PROPN
ftr-349	1136	28	.	.	PROPN
ftr-349	1136	29	tax	tax	NOUN
ftr-349	1136	30	system	system	NOUN
ftr-349	1136	31	.	.	PUNCT
ftr-349	1137	1	and	and	CCONJ
ftr-349	1137	2	if	if	SCONJ
ftr-349	1137	3	used	use	VERB
ftr-349	1137	4	to	to	PART
ftr-349	1137	5	advance	advance	VERB
ftr-349	1137	6	a	a	DET
ftr-349	1137	7	more	more	ADV
ftr-349	1137	8	abstract	abstract	ADJ
ftr-349	1137	9	efficiency	efficiency	NOUN
ftr-349	1137	10	argument	argument	NOUN
ftr-349	1137	11	the	the	DET
ftr-349	1137	12	argument	argument	NOUN
ftr-349	1137	13	is	be	AUX
ftr-349	1137	14	undercut	undercut	VERB
ftr-349	1137	15	by	by	ADP
ftr-349	1137	16	the	the	DET
ftr-349	1137	17	analysis	analysis	NOUN
ftr-349	1137	18	developed	develop	VERB
ftr-349	1137	19	in	in	ADP
ftr-349	1137	20	the	the	DET
ftr-349	1137	21	companion	companion	NOUN
ftr-349	1137	22	paper	paper	NOUN
ftr-349	1137	23	,	,	PUNCT
ftr-349	1137	24	the	the	DET
ftr-349	1137	25	lessons	lesson	NOUN
ftr-349	1137	26	of	of	ADP
ftr-349	1137	27	stateless	stateless	NOUN
ftr-349	1137	28	income	income	NOUN
ftr-349	1137	29	.	.	PUNCT
ftr-349	1138	1	f.	f.	PROPN
ftr-349	1138	2	summary	summary	PROPN
ftr-349	1138	3	of	of	ADP
ftr-349	1138	4	implications	implication	NOUN
ftr-349	1138	5	despite	despite	SCONJ
ftr-349	1138	6	their	their	PRON
ftr-349	1138	7	protestations	protestation	NOUN
ftr-349	1138	8	,	,	PUNCT
ftr-349	1138	9	u.s	u.s	PROPN
ftr-349	1138	10	.	.	PROPN
ftr-349	1138	11	multinational	multinational	ADJ
ftr-349	1138	12	firms	firm	NOUN
ftr-349	1138	13	in	in	ADP
ftr-349	1138	14	fact	fact	NOUN
ftr-349	1138	15	enjoy	enjoy	VERB
ftr-349	1138	16	substantially	substantially	ADV
ftr-349	1138	17	all	all	DET
ftr-349	1138	18	the	the	DET
ftr-349	1138	19	benefits	benefit	NOUN
ftr-349	1138	20	of	of	ADP
ftr-349	1138	21	their	their	PRON
ftr-349	1138	22	territorial	territorial	ADJ
ftr-349	1138	23	tax	tax	NOUN
ftr-349	1138	24	competitors	competitor	NOUN
ftr-349	1138	25	,	,	PUNCT
ftr-349	1138	26	including	include	VERB
ftr-349	1138	27	the	the	DET
ftr-349	1138	28	opportunity	opportunity	NOUN
ftr-349	1138	29	to	to	PART
ftr-349	1138	30	employ	employ	VERB
ftr-349	1138	31	stateless	stateless	NOUN
ftr-349	1138	32	income	income	NOUN
ftr-349	1138	33	tax	tax	NOUN
ftr-349	1138	34	planning	planning	NOUN
ftr-349	1138	35	to	to	PART
ftr-349	1138	36	capture	capture	VERB
ftr-349	1138	37	large	large	ADJ
ftr-349	1138	38	tax	tax	NOUN
ftr-349	1138	39	rents	rent	NOUN
ftr-349	1138	40	(	(	PUNCT
ftr-349	1138	41	or	or	CCONJ
ftr-349	1138	42	to	to	PART
ftr-349	1138	43	drive	drive	VERB
ftr-349	1138	44	down	down	ADP
ftr-349	1138	45	their	their	PRON
ftr-349	1138	46	effective	effective	ADJ
ftr-349	1138	47	foreign	foreign	ADJ
ftr-349	1138	48	tax	tax	NOUN
ftr-349	1138	49	rates	rate	NOUN
ftr-349	1138	50	into	into	ADP
ftr-349	1138	51	the	the	DET
ftr-349	1138	52	single	single	ADJ
ftr-349	1138	53	digits	digit	NOUN
ftr-349	1138	54	,	,	PUNCT
ftr-349	1138	55	which	which	PRON
ftr-349	1138	56	in	in	ADP
ftr-349	1138	57	practice	practice	NOUN
ftr-349	1138	58	is	be	AUX
ftr-349	1138	59	the	the	DET
ftr-349	1138	60	same	same	ADJ
ftr-349	1138	61	thing	thing	NOUN
ftr-349	1138	62	by	by	ADP
ftr-349	1138	63	another	another	DET
ftr-349	1138	64	name	name	NOUN
ftr-349	1138	65	)	)	PUNCT
ftr-349	1138	66	–	–	PUNCT
ftr-349	1138	67	with	with	ADP
ftr-349	1138	68	one	one	NUM
ftr-349	1138	69	exception	exception	NOUN
ftr-349	1138	70	.	.	PUNCT
ftr-349	1139	1	that	that	PRON
ftr-349	1139	2	is	be	AUX
ftr-349	1139	3	the	the	DET
ftr-349	1139	4	lock	lock	NOUN
ftr-349	1139	5	-	-	PUNCT
ftr-349	1139	6	out	out	ADP
ftr-349	1139	7	effect	effect	NOUN
ftr-349	1139	8	,	,	PUNCT
ftr-349	1139	9	which	which	PRON
ftr-349	1139	10	leads	lead	VERB
ftr-349	1139	11	u.s	u.s	PROPN
ftr-349	1139	12	.	.	PROPN
ftr-349	1139	13	firms	firm	NOUN
ftr-349	1139	14	to	to	PART
ftr-349	1139	15	hold	hold	VERB
ftr-349	1139	16	extraordinary	extraordinary	ADJ
ftr-349	1139	17	amounts	amount	NOUN
ftr-349	1139	18	of	of	ADP
ftr-349	1139	19	cash	cash	NOUN
ftr-349	1139	20	equivalents	equivalent	NOUN
ftr-349	1139	21	outside	outside	ADP
ftr-349	1139	22	the	the	DET
ftr-349	1139	23	united	united	PROPN
ftr-349	1139	24	states	states	PROPN
ftr-349	1139	25	,	,	PUNCT
ftr-349	1139	26	solely	solely	ADV
ftr-349	1139	27	to	to	PART
ftr-349	1139	28	preserve	preserve	VERB
ftr-349	1139	29	the	the	DET
ftr-349	1139	30	efficacy	efficacy	NOUN
ftr-349	1139	31	of	of	ADP
ftr-349	1139	32	their	their	PRON
ftr-349	1139	33	stateless	stateless	NOUN
ftr-349	1139	34	income	income	NOUN
ftr-349	1139	35	generation	generation	NOUN
ftr-349	1139	36	machines	machine	NOUN
ftr-349	1139	37	.	.	PUNCT
ftr-349	1140	1	the	the	DET
ftr-349	1140	2	united	united	PROPN
ftr-349	1140	3	states	states	PROPN
ftr-349	1140	4	’	’	PART
ftr-349	1140	5	unique	unique	ADJ
ftr-349	1140	6	combination	combination	NOUN
ftr-349	1140	7	of	of	ADP
ftr-349	1140	8	a	a	DET
ftr-349	1140	9	quasi	quasi	ADJ
ftr-349	1140	10	-	-	ADJ
ftr-349	1140	11	territorial	territorial	ADJ
ftr-349	1140	12	tax	tax	NOUN
ftr-349	1140	13	regime	regime	NOUN
ftr-349	1140	14	,	,	PUNCT
ftr-349	1140	15	its	its	PRON
ftr-349	1140	16	enfranchisement	enfranchisement	NOUN
ftr-349	1140	17	of	of	ADP
ftr-349	1140	18	stateless	stateless	NOUN
ftr-349	1140	19	income	income	NOUN
ftr-349	1140	20	tax	tax	NOUN
ftr-349	1140	21	planning	planning	NOUN
ftr-349	1140	22	through	through	ADP
ftr-349	1140	23	idiosyncratic	idiosyncratic	ADJ
ftr-349	1140	24	rules	rule	NOUN
ftr-349	1140	25	like	like	ADP
ftr-349	1140	26	check	check	NOUN
ftr-349	1140	27	-	-	PUNCT
ftr-349	1140	28	the	the	DET
ftr-349	1140	29	-	-	PUNCT
ftr-349	1140	30	box	box	NOUN
ftr-349	1140	31	,	,	PUNCT
ftr-349	1140	32	and	and	CCONJ
ftr-349	1140	33	the	the	DET
ftr-349	1140	34	lock	lock	NOUN
ftr-349	1140	35	-	-	PUNCT
ftr-349	1140	36	out	out	ADP
ftr-349	1140	37	effect	effect	NOUN
ftr-349	1140	38	leads	lead	VERB
ftr-349	1140	39	to	to	ADP
ftr-349	1140	40	particularly	particularly	ADV
ftr-349	1140	41	large	large	ADJ
ftr-349	1140	42	deadweight	deadweight	NOUN
ftr-349	1140	43	losses	loss	NOUN
ftr-349	1140	44	.	.	PUNCT
ftr-349	1141	1	the	the	DET
ftr-349	1141	2	current	current	ADJ
ftr-349	1141	3	u.s	u.s	PROPN
ftr-349	1141	4	.	.	PROPN
ftr-349	1141	5	tax	tax	NOUN
ftr-349	1141	6	system	system	NOUN
ftr-349	1141	7	causes	cause	VERB
ftr-349	1141	8	u.s.-domiciled	u.s.-domicile	VERB
ftr-349	1141	9	multinational	multinational	ADJ
ftr-349	1141	10	firms	firm	NOUN
ftr-349	1141	11	,	,	PUNCT
ftr-349	1141	12	first	first	ADV
ftr-349	1141	13	,	,	PUNCT
ftr-349	1141	14	to	to	PART
ftr-349	1141	15	prefer	prefer	VERB
ftr-349	1141	16	investments	investment	NOUN
ftr-349	1141	17	in	in	ADP
ftr-349	1141	18	foreign	foreign	ADJ
ftr-349	1141	19	high	high	ADJ
ftr-349	1141	20	-	-	PUNCT
ftr-349	1141	21	tax	tax	NOUN
ftr-349	1141	22	countries	country	NOUN
ftr-349	1141	23	over	over	ADP
ftr-349	1141	24	investments	investment	NOUN
ftr-349	1141	25	in	in	ADP
ftr-349	1141	26	the	the	DET
ftr-349	1141	27	united	united	PROPN
ftr-349	1141	28	states	states	PROPN
ftr-349	1141	29	(	(	PUNCT
ftr-349	1141	30	to	to	PART
ftr-349	1141	31	set	set	VERB
ftr-349	1141	32	the	the	DET
ftr-349	1141	33	stage	stage	NOUN
ftr-349	1141	34	for	for	ADP
ftr-349	1141	35	stateless	stateless	NOUN
ftr-349	1141	36	income	income	NOUN
ftr-349	1141	37	tax	tax	NOUN
ftr-349	1141	38	generation	generation	NOUN
ftr-349	1141	39	)	)	PUNCT
ftr-349	1141	40	;	;	PUNCT
ftr-349	1141	41	second	second	X
ftr-349	1141	42	,	,	PUNCT
ftr-349	1141	43	to	to	PART
ftr-349	1141	44	establish	establish	VERB
ftr-349	1141	45	low	low	ADJ
ftr-349	1141	46	-	-	PUNCT
ftr-349	1141	47	tax	tax	NOUN
ftr-349	1141	48	affiliates	affiliate	NOUN
ftr-349	1141	49	of	of	ADP
ftr-349	1141	50	sufficient	sufficient	ADJ
ftr-349	1141	51	size	size	NOUN
ftr-349	1141	52	and	and	CCONJ
ftr-349	1141	53	activity	activity	NOUN
ftr-349	1141	54	to	to	PART
ftr-349	1141	55	serve	serve	VERB
ftr-349	1141	56	as	as	ADP
ftr-349	1141	57	receptacles	receptacle	NOUN
ftr-349	1141	58	of	of	ADP
ftr-349	1141	59	stateless	stateless	NOUN
ftr-349	1141	60	income	income	NOUN
ftr-349	1141	61	;	;	PUNCT
ftr-349	1141	62	third	third	ADV
ftr-349	1141	63	,	,	PUNCT
ftr-349	1141	64	to	to	PART
ftr-349	1141	65	invest	invest	VERB
ftr-349	1141	66	time	time	NOUN
ftr-349	1141	67	and	and	CCONJ
ftr-349	1141	68	resources	resource	NOUN
ftr-349	1141	69	in	in	ADP
ftr-349	1141	70	manning	man	VERB
ftr-349	1141	71	the	the	DET
ftr-349	1141	72	various	various	ADJ
ftr-349	1141	73	dials	dial	NOUN
ftr-349	1141	74	and	and	CCONJ
ftr-349	1141	75	gauges	gauge	NOUN
ftr-349	1141	76	of	of	ADP
ftr-349	1141	77	the	the	DET
ftr-349	1141	78	tax	tax	NOUN
ftr-349	1141	79	planning	planning	NOUN
ftr-349	1141	80	mechanisms	mechanism	NOUN
ftr-349	1141	81	required	require	VERB
ftr-349	1141	82	to	to	PART
ftr-349	1141	83	create	create	VERB
ftr-349	1141	84	and	and	CCONJ
ftr-349	1141	85	defend	defend	VERB
ftr-349	1141	86	stateless	stateless	NOUN
ftr-349	1141	87	income	income	NOUN
ftr-349	1141	88	163	163	NUM
ftr-349	1141	89	.	.	PUNCT
ftr-349	1142	1	i	i	PRON
ftr-349	1142	2	d.	d.	PROPN
ftr-349	1142	3	the	the	DET
ftr-349	1142	4	perab	perab	PROPN
ftr-349	1142	5	report	report	NOUN
ftr-349	1142	6	uses	use	VERB
ftr-349	1142	7	the	the	DET
ftr-349	1142	8	example	example	NOUN
ftr-349	1142	9	of	of	ADP
ftr-349	1142	10	a	a	DET
ftr-349	1142	11	foreign	foreign	ADJ
ftr-349	1142	12	company	company	NOUN
ftr-349	1142	13	that	that	PRON
ftr-349	1142	14	can	can	AUX
ftr-349	1142	15	pay	pay	VERB
ftr-349	1142	16	more	more	ADJ
ftr-349	1142	17	than	than	ADP
ftr-349	1142	18	a	a	DET
ftr-349	1142	19	u.s	u.s	PROPN
ftr-349	1142	20	.	.	PROPN
ftr-349	1142	21	company	company	NOUN
ftr-349	1142	22	to	to	PART
ftr-349	1142	23	acquire	acquire	VERB
ftr-349	1142	24	a	a	DET
ftr-349	1142	25	firm	firm	NOUN
ftr-349	1142	26	in	in	ADP
ftr-349	1142	27	a	a	DET
ftr-349	1142	28	low	low	ADJ
ftr-349	1142	29	-	-	PUNCT
ftr-349	1142	30	tax	tax	NOUN
ftr-349	1142	31	country	country	NOUN
ftr-349	1142	32	because	because	SCONJ
ftr-349	1142	33	the	the	DET
ftr-349	1142	34	net	net	NOUN
ftr-349	1142	35	-	-	PUNCT
ftr-349	1142	36	of	of	ADP
ftr-349	1142	37	-	-	PUNCT
ftr-349	1142	38	tax	tax	NOUN
ftr-349	1142	39	profits	profit	NOUN
ftr-349	1142	40	resulting	result	VERB
ftr-349	1142	41	from	from	ADP
ftr-349	1142	42	the	the	DET
ftr-349	1142	43	acquisition	acquisition	NOUN
ftr-349	1142	44	will	will	AUX
ftr-349	1142	45	be	be	AUX
ftr-349	1142	46	higher	high	ADJ
ftr-349	1142	47	for	for	ADP
ftr-349	1142	48	the	the	DET
ftr-349	1142	49	foreign	foreign	ADJ
ftr-349	1142	50	company	company	NOUN
ftr-349	1142	51	than	than	ADP
ftr-349	1142	52	for	for	ADP
ftr-349	1142	53	the	the	DET
ftr-349	1142	54	u.s	u.s	PROPN
ftr-349	1142	55	.	.	PROPN
ftr-349	1142	56	bidder	bidder	PROPN
ftr-349	1142	57	.	.	PUNCT
ftr-349	1143	1	2001	2001	NUM
ftr-349	1143	2	]	]	PUNCT
ftr-349	1143	3	stateless	stateless	NOUN
ftr-349	1143	4	income	income	NOUN
ftr-349	1143	5	769	769	NUM
ftr-349	1143	6	generation	generation	NOUN
ftr-349	1143	7	;	;	PUNCT
ftr-349	1143	8	and	and	CCONJ
ftr-349	1143	9	fourth	fourth	ADJ
ftr-349	1143	10	,	,	PUNCT
ftr-349	1143	11	to	to	PART
ftr-349	1143	12	retain	retain	VERB
ftr-349	1143	13	the	the	DET
ftr-349	1143	14	resulting	result	VERB
ftr-349	1143	15	earnings	earning	NOUN
ftr-349	1143	16	and	and	CCONJ
ftr-349	1143	17	cash	cash	NOUN
ftr-349	1143	18	in	in	ADP
ftr-349	1143	19	those	those	DET
ftr-349	1143	20	lowtaxed	lowtaxed	ADJ
ftr-349	1143	21	receptacles	receptacle	NOUN
ftr-349	1143	22	,	,	PUNCT
ftr-349	1143	23	in	in	ADP
ftr-349	1143	24	order	order	NOUN
ftr-349	1143	25	to	to	PART
ftr-349	1143	26	preserve	preserve	VERB
ftr-349	1143	27	both	both	PRON
ftr-349	1143	28	the	the	DET
ftr-349	1143	29	cash	cash	NOUN
ftr-349	1143	30	and	and	CCONJ
ftr-349	1143	31	the	the	DET
ftr-349	1143	32	financial	financial	ADJ
ftr-349	1143	33	accounting	accounting	NOUN
ftr-349	1143	34	gains	gain	NOUN
ftr-349	1143	35	inhering	inhere	VERB
ftr-349	1143	36	in	in	ADP
ftr-349	1143	37	the	the	DET
ftr-349	1143	38	production	production	NOUN
ftr-349	1143	39	of	of	ADP
ftr-349	1143	40	stateless	stateless	NOUN
ftr-349	1143	41	income	income	NOUN
ftr-349	1143	42	.	.	PUNCT
ftr-349	1144	1	the	the	DET
ftr-349	1144	2	results	result	NOUN
ftr-349	1144	3	are	be	AUX
ftr-349	1144	4	distortions	distortion	NOUN
ftr-349	1144	5	in	in	ADP
ftr-349	1144	6	original	original	ADJ
ftr-349	1144	7	investment	investment	NOUN
ftr-349	1144	8	decisions	decision	NOUN
ftr-349	1144	9	,	,	PUNCT
ftr-349	1144	10	the	the	DET
ftr-349	1144	11	distribution	distribution	NOUN
ftr-349	1144	12	of	of	ADP
ftr-349	1144	13	earnings	earning	NOUN
ftr-349	1144	14	,	,	PUNCT
ftr-349	1144	15	and	and	CCONJ
ftr-349	1144	16	in	in	ADP
ftr-349	1144	17	reinvestments	reinvestment	NOUN
ftr-349	1144	18	,	,	PUNCT
ftr-349	1144	19	as	as	ADV
ftr-349	1144	20	well	well	ADV
ftr-349	1144	21	as	as	ADP
ftr-349	1144	22	wasteful	wasteful	ADJ
ftr-349	1144	23	expenditures	expenditure	NOUN
ftr-349	1144	24	to	to	PART
ftr-349	1144	25	maintain	maintain	VERB
ftr-349	1144	26	the	the	DET
ftr-349	1144	27	apparatus	apparatus	NOUN
ftr-349	1144	28	.	.	PUNCT
ftr-349	1145	1	u.s	u.s	PROPN
ftr-349	1145	2	.	.	PROPN
ftr-349	1145	3	firms	firm	NOUN
ftr-349	1145	4	prefer	prefer	VERB
ftr-349	1145	5	investments	investment	NOUN
ftr-349	1145	6	in	in	ADP
ftr-349	1145	7	foreign	foreign	ADJ
ftr-349	1145	8	high	high	ADJ
ftr-349	1145	9	-	-	PUNCT
ftr-349	1145	10	tax	tax	NOUN
ftr-349	1145	11	countries	country	NOUN
ftr-349	1145	12	to	to	ADP
ftr-349	1145	13	investments	investment	NOUN
ftr-349	1145	14	in	in	ADP
ftr-349	1145	15	the	the	DET
ftr-349	1145	16	united	united	PROPN
ftr-349	1145	17	states	states	PROPN
ftr-349	1145	18	because	because	SCONJ
ftr-349	1145	19	the	the	DET
ftr-349	1145	20	former	former	ADJ
ftr-349	1145	21	are	be	AUX
ftr-349	1145	22	more	more	ADV
ftr-349	1145	23	easily	easily	ADV
ftr-349	1145	24	employed	employ	VERB
ftr-349	1145	25	in	in	ADP
ftr-349	1145	26	stateless	stateless	NOUN
ftr-349	1145	27	income	income	NOUN
ftr-349	1145	28	planning	planning	NOUN
ftr-349	1145	29	.	.	PUNCT
ftr-349	1146	1	the	the	DET
ftr-349	1146	2	result	result	NOUN
ftr-349	1146	3	is	be	AUX
ftr-349	1146	4	the	the	DET
ftr-349	1146	5	first	first	ADJ
ftr-349	1146	6	deadweight	deadweight	NOUN
ftr-349	1146	7	loss	loss	NOUN
ftr-349	1146	8	described	describe	VERB
ftr-349	1146	9	above	above	ADV
ftr-349	1146	10	.	.	PUNCT
ftr-349	1147	1	firms	firm	NOUN
ftr-349	1147	2	must	must	AUX
ftr-349	1147	3	invest	invest	VERB
ftr-349	1147	4	in	in	ADP
ftr-349	1147	5	foreign	foreign	ADJ
ftr-349	1147	6	low	low	ADJ
ftr-349	1147	7	-	-	PUNCT
ftr-349	1147	8	tax	tax	NOUN
ftr-349	1147	9	locations	location	NOUN
ftr-349	1147	10	solely	solely	ADV
ftr-349	1147	11	to	to	PART
ftr-349	1147	12	create	create	VERB
ftr-349	1147	13	vehicles	vehicle	NOUN
ftr-349	1147	14	of	of	ADP
ftr-349	1147	15	a	a	DET
ftr-349	1147	16	heft	heft	ADJ
ftr-349	1147	17	adequate	adequate	ADJ
ftr-349	1147	18	to	to	PART
ftr-349	1147	19	convince	convince	VERB
ftr-349	1147	20	tax	tax	NOUN
ftr-349	1147	21	authorities	authority	NOUN
ftr-349	1147	22	in	in	ADP
ftr-349	1147	23	high	high	ADJ
ftr-349	1147	24	-	-	PUNCT
ftr-349	1147	25	tax	tax	NOUN
ftr-349	1147	26	jurisdictions	jurisdiction	NOUN
ftr-349	1147	27	to	to	PART
ftr-349	1147	28	respect	respect	VERB
ftr-349	1147	29	the	the	DET
ftr-349	1147	30	transactions	transaction	NOUN
ftr-349	1147	31	into	into	ADP
ftr-349	1147	32	which	which	PRON
ftr-349	1147	33	the	the	DET
ftr-349	1147	34	low	low	ADJ
ftr-349	1147	35	-	-	PUNCT
ftr-349	1147	36	tax	tax	NOUN
ftr-349	1147	37	affiliate	affiliate	NOUN
ftr-349	1147	38	enters	enter	NOUN
ftr-349	1147	39	.	.	PUNCT
ftr-349	1148	1	this	this	PRON
ftr-349	1148	2	is	be	AUX
ftr-349	1148	3	particularly	particularly	ADV
ftr-349	1148	4	acute	acute	ADJ
ftr-349	1148	5	in	in	ADP
ftr-349	1148	6	the	the	DET
ftr-349	1148	7	case	case	NOUN
ftr-349	1148	8	of	of	ADP
ftr-349	1148	9	cost	cost	NOUN
ftr-349	1148	10	sharing	sharing	NOUN
ftr-349	1148	11	and	and	CCONJ
ftr-349	1148	12	other	other	ADJ
ftr-349	1148	13	intangible	intangible	ADJ
ftr-349	1148	14	transfer	transfer	NOUN
ftr-349	1148	15	pricing	pricing	NOUN
ftr-349	1148	16	strategies	strategy	NOUN
ftr-349	1148	17	,	,	PUNCT
ftr-349	1148	18	where	where	SCONJ
ftr-349	1148	19	tax	tax	NOUN
ftr-349	1148	20	planners	planner	NOUN
ftr-349	1148	21	place	place	VERB
ftr-349	1148	22	a	a	DET
ftr-349	1148	23	premium	premium	NOUN
ftr-349	1148	24	on	on	ADP
ftr-349	1148	25	moving	move	VERB
ftr-349	1148	26	portable	portable	ADJ
ftr-349	1148	27	research	research	NOUN
ftr-349	1148	28	jobs	job	NOUN
ftr-349	1148	29	to	to	ADP
ftr-349	1148	30	the	the	DET
ftr-349	1148	31	low	low	ADJ
ftr-349	1148	32	-	-	PUNCT
ftr-349	1148	33	tax	tax	NOUN
ftr-349	1148	34	affiliate	affiliate	NOUN
ftr-349	1148	35	,	,	PUNCT
ftr-349	1148	36	to	to	PART
ftr-349	1148	37	improve	improve	VERB
ftr-349	1148	38	the	the	DET
ftr-349	1148	39	prospects	prospect	NOUN
ftr-349	1148	40	of	of	ADP
ftr-349	1148	41	prevailing	prevail	VERB
ftr-349	1148	42	in	in	ADP
ftr-349	1148	43	very	very	ADV
ftr-349	1148	44	large	large	ADJ
ftr-349	1148	45	transfer	transfer	NOUN
ftr-349	1148	46	pricing	pricing	NOUN
ftr-349	1148	47	disputes	dispute	NOUN
ftr-349	1148	48	.	.	PUNCT
ftr-349	1149	1	all	all	PRON
ftr-349	1149	2	of	of	ADP
ftr-349	1149	3	this	this	DET
ftr-349	1149	4	investment	investment	NOUN
ftr-349	1149	5	is	be	AUX
ftr-349	1149	6	wasteful	wasteful	ADJ
ftr-349	1149	7	.	.	PUNCT
ftr-349	1150	1	firms	firm	NOUN
ftr-349	1150	2	then	then	ADV
ftr-349	1150	3	must	must	AUX
ftr-349	1150	4	invest	invest	VERB
ftr-349	1150	5	significant	significant	ADJ
ftr-349	1150	6	time	time	NOUN
ftr-349	1150	7	and	and	CCONJ
ftr-349	1150	8	resources	resource	NOUN
ftr-349	1150	9	in	in	ADP
ftr-349	1150	10	the	the	DET
ftr-349	1150	11	planning	planning	NOUN
ftr-349	1150	12	and	and	CCONJ
ftr-349	1150	13	execution	execution	NOUN
ftr-349	1150	14	of	of	ADP
ftr-349	1150	15	stateless	stateless	NOUN
ftr-349	1150	16	income	income	NOUN
ftr-349	1150	17	strategies	strategy	NOUN
ftr-349	1150	18	.	.	PUNCT
ftr-349	1151	1	again	again	ADV
ftr-349	1151	2	,	,	PUNCT
ftr-349	1151	3	all	all	PRON
ftr-349	1151	4	of	of	ADP
ftr-349	1151	5	this	this	PRON
ftr-349	1151	6	is	be	AUX
ftr-349	1151	7	simply	simply	ADV
ftr-349	1151	8	deadweight	deadweight	ADJ
ftr-349	1151	9	loss	loss	NOUN
ftr-349	1151	10	.	.	PUNCT
ftr-349	1152	1	finally	finally	ADV
ftr-349	1152	2	,	,	PUNCT
ftr-349	1152	3	firms	firm	NOUN
ftr-349	1152	4	can	can	AUX
ftr-349	1152	5	reap	reap	VERB
ftr-349	1152	6	the	the	DET
ftr-349	1152	7	rewards	reward	NOUN
ftr-349	1152	8	of	of	ADP
ftr-349	1152	9	stateless	stateless	NOUN
ftr-349	1152	10	income	income	NOUN
ftr-349	1152	11	strategies	strategy	NOUN
ftr-349	1152	12	for	for	ADP
ftr-349	1152	13	both	both	CCONJ
ftr-349	1152	14	cash	cash	NOUN
ftr-349	1152	15	tax	tax	NOUN
ftr-349	1152	16	and	and	CCONJ
ftr-349	1152	17	financial	financial	ADJ
ftr-349	1152	18	accounting	accounting	NOUN
ftr-349	1152	19	purposes	purpose	NOUN
ftr-349	1152	20	only	only	ADV
ftr-349	1152	21	by	by	ADP
ftr-349	1152	22	keeping	keep	VERB
ftr-349	1152	23	the	the	DET
ftr-349	1152	24	resulting	result	VERB
ftr-349	1152	25	profits	profit	NOUN
ftr-349	1152	26	and	and	CCONJ
ftr-349	1152	27	cash	cash	NOUN
ftr-349	1152	28	in	in	ADP
ftr-349	1152	29	their	their	PRON
ftr-349	1152	30	low	low	ADJ
ftr-349	1152	31	-	-	PUNCT
ftr-349	1152	32	tax	tax	NOUN
ftr-349	1152	33	vehicles	vehicle	NOUN
ftr-349	1152	34	.	.	PUNCT
ftr-349	1153	1	thus	thus	ADV
ftr-349	1153	2	,	,	PUNCT
ftr-349	1153	3	stateless	stateless	NOUN
ftr-349	1153	4	income	income	NOUN
ftr-349	1153	5	planning	planning	NOUN
ftr-349	1153	6	feeds	feed	VERB
ftr-349	1153	7	directly	directly	ADV
ftr-349	1153	8	into	into	ADP
ftr-349	1153	9	the	the	DET
ftr-349	1153	10	lock	lock	NOUN
ftr-349	1153	11	-	-	PUNCT
ftr-349	1153	12	out	out	ADP
ftr-349	1153	13	phenomenon	phenomenon	NOUN
ftr-349	1153	14	.	.	PUNCT
ftr-349	1154	1	the	the	DET
ftr-349	1154	2	lock	lock	NOUN
ftr-349	1154	3	-	-	PUNCT
ftr-349	1154	4	out	out	ADP
ftr-349	1154	5	phenomenon	phenomenon	NOUN
ftr-349	1154	6	is	be	AUX
ftr-349	1154	7	driven	drive	VERB
ftr-349	1154	8	by	by	ADP
ftr-349	1154	9	low	low	ADJ
ftr-349	1154	10	effective	effective	ADJ
ftr-349	1154	11	foreign	foreign	ADJ
ftr-349	1154	12	tax	tax	NOUN
ftr-349	1154	13	rates	rate	NOUN
ftr-349	1154	14	and	and	CCONJ
ftr-349	1154	15	current	current	ADJ
ftr-349	1154	16	law	law	NOUN
ftr-349	1154	17	’s	’s	PART
ftr-349	1154	18	deferral	deferral	ADJ
ftr-349	1154	19	rules	rule	NOUN
ftr-349	1154	20	.	.	PUNCT
ftr-349	1155	1	stateless	stateless	NOUN
ftr-349	1155	2	income	income	NOUN
ftr-349	1155	3	tax	tax	NOUN
ftr-349	1155	4	planning	planning	NOUN
ftr-349	1155	5	in	in	ADP
ftr-349	1155	6	turn	turn	NOUN
ftr-349	1155	7	pushes	push	VERB
ftr-349	1155	8	a	a	DET
ftr-349	1155	9	firm	firm	NOUN
ftr-349	1155	10	’s	’s	PART
ftr-349	1155	11	effective	effective	ADJ
ftr-349	1155	12	foreign	foreign	ADJ
ftr-349	1155	13	tax	tax	NOUN
ftr-349	1155	14	rate	rate	NOUN
ftr-349	1155	15	downwards	downward	NOUN
ftr-349	1155	16	still	still	ADV
ftr-349	1155	17	further	far	ADV
ftr-349	1155	18	.	.	PUNCT
ftr-349	1156	1	the	the	DET
ftr-349	1156	2	preservation	preservation	NOUN
ftr-349	1156	3	of	of	ADP
ftr-349	1156	4	the	the	DET
ftr-349	1156	5	benefits	benefit	NOUN
ftr-349	1156	6	of	of	ADP
ftr-349	1156	7	stateless	stateless	NOUN
ftr-349	1156	8	income	income	NOUN
ftr-349	1156	9	through	through	ADP
ftr-349	1156	10	the	the	DET
ftr-349	1156	11	acceptance	acceptance	NOUN
ftr-349	1156	12	of	of	ADP
ftr-349	1156	13	lock	lock	NOUN
ftr-349	1156	14	-	-	PUNCT
ftr-349	1156	15	out	out	NOUN
ftr-349	1156	16	distorts	distort	VERB
ftr-349	1156	17	firm	firm	ADJ
ftr-349	1156	18	behavior	behavior	NOUN
ftr-349	1156	19	in	in	ADP
ftr-349	1156	20	welfare	welfare	NOUN
ftr-349	1156	21	-	-	PUNCT
ftr-349	1156	22	decreasing	decrease	VERB
ftr-349	1156	23	ways	way	NOUN
ftr-349	1156	24	for	for	ADP
ftr-349	1156	25	the	the	DET
ftr-349	1156	26	simple	simple	ADJ
ftr-349	1156	27	reason	reason	NOUN
ftr-349	1156	28	that	that	SCONJ
ftr-349	1156	29	u.s	u.s	PROPN
ftr-349	1156	30	.	.	PROPN
ftr-349	1156	31	multinational	multinational	ADJ
ftr-349	1156	32	firms	firm	NOUN
ftr-349	1156	33	must	must	AUX
ftr-349	1156	34	find	find	VERB
ftr-349	1156	35	some	some	DET
ftr-349	1156	36	non	non	ADJ
ftr-349	1156	37	-	-	ADJ
ftr-349	1156	38	u.s	u.s	ADJ
ftr-349	1156	39	.	.	PROPN
ftr-349	1156	40	use	use	NOUN
ftr-349	1156	41	for	for	ADP
ftr-349	1156	42	their	their	PRON
ftr-349	1156	43	permanently	permanently	ADV
ftr-349	1156	44	reinvested	reinveste	VERB
ftr-349	1156	45	foreign	foreign	ADJ
ftr-349	1156	46	earnings	earning	NOUN
ftr-349	1156	47	,	,	PUNCT
ftr-349	1156	48	which	which	PRON
ftr-349	1156	49	can	can	AUX
ftr-349	1156	50	distort	distort	VERB
ftr-349	1156	51	their	their	PRON
ftr-349	1156	52	investment	investment	NOUN
ftr-349	1156	53	decisions	decision	NOUN
ftr-349	1156	54	.	.	PUNCT
ftr-349	1157	1	firms	firm	NOUN
ftr-349	1157	2	also	also	ADV
ftr-349	1157	3	may	may	AUX
ftr-349	1157	4	ignore	ignore	VERB
ftr-349	1157	5	u.s	u.s	PROPN
ftr-349	1157	6	.	.	PROPN
ftr-349	1157	7	investment	investment	NOUN
ftr-349	1157	8	opportunities	opportunity	NOUN
ftr-349	1157	9	that	that	PRON
ftr-349	1157	10	on	on	ADP
ftr-349	1157	11	a	a	DET
ftr-349	1157	12	pretax	pretax	ADJ
ftr-349	1157	13	basis	basis	NOUN
ftr-349	1157	14	would	would	AUX
ftr-349	1157	15	be	be	AUX
ftr-349	1157	16	preferred	prefer	VERB
ftr-349	1157	17	.	.	PUNCT
ftr-349	1158	1	the	the	DET
ftr-349	1158	2	lock	lock	NOUN
ftr-349	1158	3	-	-	PUNCT
ftr-349	1158	4	out	out	ADP
ftr-349	1158	5	phenomenon	phenomenon	NOUN
ftr-349	1158	6	has	have	VERB
ftr-349	1158	7	the	the	DET
ftr-349	1158	8	pernicious	pernicious	ADJ
ftr-349	1158	9	effect	effect	NOUN
ftr-349	1158	10	of	of	ADP
ftr-349	1158	11	implicitly	implicitly	ADV
ftr-349	1158	12	encouraging	encourage	VERB
ftr-349	1158	13	domestic	domestic	ADJ
ftr-349	1158	14	leverage	leverage	NOUN
ftr-349	1158	15	to	to	PART
ftr-349	1158	16	fund	fund	VERB
ftr-349	1158	17	cash	cash	NOUN
ftr-349	1158	18	needs	need	NOUN
ftr-349	1158	19	,	,	PUNCT
ftr-349	1158	20	while	while	SCONJ
ftr-349	1158	21	leaving	leave	VERB
ftr-349	1158	22	low	low	ADV
ftr-349	1158	23	-	-	PUNCT
ftr-349	1158	24	taxed	tax	VERB
ftr-349	1158	25	foreign	foreign	ADJ
ftr-349	1158	26	earnings	earning	NOUN
ftr-349	1158	27	abroad	abroad	ADV
ftr-349	1158	28	.	.	PUNCT
ftr-349	1159	1	this	this	DET
ftr-349	1159	2	strategy	strategy	NOUN
ftr-349	1159	3	allows	allow	VERB
ftr-349	1159	4	u.s	u.s	PROPN
ftr-349	1159	5	.	.	PROPN
ftr-349	1159	6	multinational	multinational	ADJ
ftr-349	1159	7	firms	firm	NOUN
ftr-349	1159	8	to	to	PART
ftr-349	1159	9	compete	compete	VERB
ftr-349	1159	10	in	in	ADP
ftr-349	1159	11	a	a	DET
ftr-349	1159	12	quasi	quasi	ADJ
ftr-349	1159	13	-	-	ADJ
ftr-349	1159	14	territorial	territorial	ADJ
ftr-349	1159	15	environment	environment	NOUN
ftr-349	1159	16	(	(	PUNCT
ftr-349	1159	17	by	by	ADP
ftr-349	1159	18	preserving	preserve	VERB
ftr-349	1159	19	the	the	DET
ftr-349	1159	20	benefits	benefit	NOUN
ftr-349	1159	21	of	of	ADP
ftr-349	1159	22	stateless	stateless	NOUN
ftr-349	1159	23	income	income	NOUN
ftr-349	1159	24	tax	tax	NOUN
ftr-349	1159	25	planning	planning	NOUN
ftr-349	1159	26	through	through	ADP
ftr-349	1159	27	deferral	deferral	ADJ
ftr-349	1159	28	and	and	CCONJ
ftr-349	1159	29	financial	financial	ADJ
ftr-349	1159	30	accounting	accounting	NOUN
ftr-349	1159	31	treatment	treatment	NOUN
ftr-349	1159	32	of	of	ADP
ftr-349	1159	33	such	such	ADJ
ftr-349	1159	34	earnings	earning	NOUN
ftr-349	1159	35	as	as	ADP
ftr-349	1159	36	“	"	PUNCT
ftr-349	1159	37	permanently	permanently	ADV
ftr-349	1159	38	reinvested	reinveste	VERB
ftr-349	1159	39	”	"	PUNCT
ftr-349	1159	40	)	)	PUNCT
ftr-349	1159	41	,	,	PUNCT
ftr-349	1159	42	but	but	CCONJ
ftr-349	1159	43	erodes	erode	VERB
ftr-349	1159	44	the	the	DET
ftr-349	1159	45	u.s	u.s	PROPN
ftr-349	1159	46	.	.	PROPN
ftr-349	1159	47	corporate	corporate	ADJ
ftr-349	1159	48	tax	tax	NOUN
ftr-349	1159	49	base	base	NOUN
ftr-349	1159	50	,	,	PUNCT
ftr-349	1159	51	because	because	SCONJ
ftr-349	1159	52	the	the	DET
ftr-349	1159	53	interest	interest	NOUN
ftr-349	1159	54	expense	expense	NOUN
ftr-349	1159	55	is	be	AUX
ftr-349	1159	56	deductible	deductible	ADJ
ftr-349	1159	57	in	in	ADP
ftr-349	1159	58	the	the	DET
ftr-349	1159	59	united	united	PROPN
ftr-349	1159	60	states	states	PROPN
ftr-349	1159	61	,	,	PUNCT
ftr-349	1159	62	while	while	SCONJ
ftr-349	1159	63	the	the	DET
ftr-349	1159	64	foreign	foreign	ADJ
ftr-349	1159	65	earnings	earning	NOUN
ftr-349	1159	66	are	be	AUX
ftr-349	1159	67	not	not	PART
ftr-349	1159	68	.	.	PUNCT
ftr-349	1160	1	the	the	DET
ftr-349	1160	2	combination	combination	NOUN
ftr-349	1160	3	of	of	ADP
ftr-349	1160	4	deferral	deferral	NOUN
ftr-349	1160	5	,	,	PUNCT
ftr-349	1160	6	as	as	SCONJ
ftr-349	1160	7	turbocharged	turbocharge	VERB
ftr-349	1160	8	by	by	ADP
ftr-349	1160	9	stateless	stateless	NOUN
ftr-349	1160	10	income	income	NOUN
ftr-349	1160	11	planning	planning	NOUN
ftr-349	1160	12	,	,	PUNCT
ftr-349	1160	13	and	and	CCONJ
ftr-349	1160	14	incomplete	incomplete	ADJ
ftr-349	1160	15	domestic	domestic	ADJ
ftr-349	1160	16	expense	expense	NOUN
ftr-349	1160	17	allocation	allocation	NOUN
ftr-349	1160	18	rules	rule	NOUN
ftr-349	1160	19	,	,	PUNCT
ftr-349	1160	20	which	which	PRON
ftr-349	1160	21	often	often	ADV
ftr-349	1160	22	are	be	AUX
ftr-349	1160	23	not	not	PART
ftr-349	1160	24	binding	bind	VERB
ftr-349	1160	25	,	,	PUNCT
ftr-349	1160	26	thus	thus	ADV
ftr-349	1160	27	lead	lead	VERB
ftr-349	1160	28	to	to	ADP
ftr-349	1160	29	u.s	u.s	PROPN
ftr-349	1160	30	.	.	PROPN
ftr-349	1160	31	tax	tax	NOUN
ftr-349	1160	32	base	base	NOUN
ftr-349	1160	33	770	770	NUM
ftr-349	1161	1	florida	florida	PROPN
ftr-349	1161	2	tax	tax	NOUN
ftr-349	1161	3	review	review	NOUN
ftr-349	1162	1	[	[	X
ftr-349	1162	2	vol	vol	NOUN
ftr-349	1162	3	.	.	PUNCT
ftr-349	1163	1	11:9	11:9	NUM
ftr-349	1163	2	erosion	erosion	NOUN
ftr-349	1163	3	and	and	CCONJ
ftr-349	1163	4	the	the	DET
ftr-349	1163	5	quarantining	quarantining	NOUN
ftr-349	1163	6	of	of	ADP
ftr-349	1163	7	much	much	ADJ
ftr-349	1163	8	of	of	ADP
ftr-349	1163	9	the	the	DET
ftr-349	1163	10	firm	firm	NOUN
ftr-349	1163	11	’s	’s	PART
ftr-349	1163	12	cash	cash	NOUN
ftr-349	1163	13	outside	outside	ADP
ftr-349	1163	14	the	the	DET
ftr-349	1163	15	united	united	PROPN
ftr-349	1163	16	states	states	PROPN
ftr-349	1163	17	.	.	PUNCT
ftr-349	1164	1	and	and	CCONJ
ftr-349	1164	2	in	in	ADP
ftr-349	1164	3	the	the	DET
ftr-349	1164	4	case	case	NOUN
ftr-349	1164	5	of	of	ADP
ftr-349	1164	6	foreign	foreign	NOUN
ftr-349	1164	7	-	-	PUNCT
ftr-349	1164	8	based	base	VERB
ftr-349	1164	9	multinationals	multinational	NOUN
ftr-349	1164	10	,	,	PUNCT
ftr-349	1164	11	stateless	stateless	NOUN
ftr-349	1164	12	income	income	NOUN
ftr-349	1164	13	tax	tax	NOUN
ftr-349	1164	14	planning	planning	NOUN
ftr-349	1164	15	technologies	technology	NOUN
ftr-349	1164	16	can	can	AUX
ftr-349	1164	17	be	be	AUX
ftr-349	1164	18	applied	apply	VERB
ftr-349	1164	19	to	to	ADP
ftr-349	1164	20	the	the	DET
ftr-349	1164	21	united	united	PROPN
ftr-349	1164	22	states	states	PROPN
ftr-349	1164	23	as	as	ADP
ftr-349	1164	24	a	a	DET
ftr-349	1164	25	source	source	NOUN
ftr-349	1164	26	country	country	NOUN
ftr-349	1164	27	,	,	PUNCT
ftr-349	1164	28	thereby	thereby	ADV
ftr-349	1164	29	reducing	reduce	VERB
ftr-349	1164	30	u.s	u.s	PROPN
ftr-349	1164	31	.	.	PROPN
ftr-349	1164	32	domestic	domestic	ADJ
ftr-349	1164	33	tax	tax	NOUN
ftr-349	1164	34	revenues	revenue	NOUN
ftr-349	1164	35	directly	directly	ADV
ftr-349	1164	36	.	.	PUNCT
ftr-349	1165	1	in	in	ADP
ftr-349	1165	2	summary	summary	NOUN
ftr-349	1165	3	,	,	PUNCT
ftr-349	1165	4	it	it	PRON
ftr-349	1165	5	is	be	AUX
ftr-349	1165	6	difficult	difficult	ADJ
ftr-349	1165	7	to	to	PART
ftr-349	1165	8	find	find	VERB
ftr-349	1165	9	genuine	genuine	ADJ
ftr-349	1165	10	evidence	evidence	NOUN
ftr-349	1165	11	that	that	SCONJ
ftr-349	1165	12	the	the	DET
ftr-349	1165	13	current	current	ADJ
ftr-349	1165	14	u.s	u.s	PROPN
ftr-349	1165	15	.	.	PROPN
ftr-349	1165	16	system	system	NOUN
ftr-349	1165	17	for	for	ADP
ftr-349	1165	18	taxing	tax	VERB
ftr-349	1165	19	foreign	foreign	ADJ
ftr-349	1165	20	direct	direct	ADJ
ftr-349	1165	21	investment	investment	NOUN
ftr-349	1165	22	has	have	AUX
ftr-349	1165	23	hobbled	hobble	VERB
ftr-349	1165	24	the	the	DET
ftr-349	1165	25	“	"	PUNCT
ftr-349	1165	26	competitiveness	competitiveness	NOUN
ftr-349	1165	27	”	"	PUNCT
ftr-349	1165	28	of	of	ADP
ftr-349	1165	29	u.s	u.s	PROPN
ftr-349	1165	30	.	.	PROPN
ftr-349	1165	31	firms	firm	NOUN
ftr-349	1165	32	,	,	PUNCT
ftr-349	1165	33	as	as	SCONJ
ftr-349	1165	34	that	that	DET
ftr-349	1165	35	term	term	NOUN
ftr-349	1165	36	is	be	AUX
ftr-349	1165	37	used	use	VERB
ftr-349	1165	38	,	,	PUNCT
ftr-349	1165	39	for	for	ADP
ftr-349	1165	40	example	example	NOUN
ftr-349	1165	41	,	,	PUNCT
ftr-349	1165	42	by	by	ADP
ftr-349	1165	43	multinational	multinational	ADJ
ftr-349	1165	44	firms	firm	NOUN
ftr-349	1165	45	and	and	CCONJ
ftr-349	1165	46	trade	trade	NOUN
ftr-349	1165	47	associations	association	NOUN
ftr-349	1165	48	in	in	ADP
ftr-349	1165	49	lobbying	lobby	VERB
ftr-349	1165	50	for	for	ADP
ftr-349	1165	51	another	another	DET
ftr-349	1165	52	repatriation	repatriation	NOUN
ftr-349	1165	53	holiday	holiday	NOUN
ftr-349	1165	54	or	or	CCONJ
ftr-349	1165	55	a	a	DET
ftr-349	1165	56	territorial	territorial	ADJ
ftr-349	1165	57	tax	tax	NOUN
ftr-349	1165	58	system	system	NOUN
ftr-349	1165	59	without	without	ADP
ftr-349	1165	60	meaningful	meaningful	ADJ
ftr-349	1165	61	constraints	constraint	NOUN
ftr-349	1165	62	.	.	PUNCT
ftr-349	1166	1	it	it	PRON
ftr-349	1166	2	is	be	AUX
ftr-349	1166	3	not	not	PART
ftr-349	1166	4	difficult	difficult	ADJ
ftr-349	1166	5	,	,	PUNCT
ftr-349	1166	6	however	however	ADV
ftr-349	1166	7	,	,	PUNCT
ftr-349	1166	8	to	to	PART
ftr-349	1166	9	accept	accept	VERB
ftr-349	1166	10	as	as	ADV
ftr-349	1166	11	plausible	plausible	ADJ
ftr-349	1166	12	the	the	DET
ftr-349	1166	13	thesis	thesis	NOUN
ftr-349	1166	14	that	that	SCONJ
ftr-349	1166	15	stateless	stateless	NOUN
ftr-349	1166	16	income	income	NOUN
ftr-349	1166	17	tax	tax	NOUN
ftr-349	1166	18	planning	planning	NOUN
ftr-349	1166	19	and	and	CCONJ
ftr-349	1166	20	allied	ally	VERB
ftr-349	1166	21	phenomena	phenomenon	NOUN
ftr-349	1166	22	have	have	AUX
ftr-349	1166	23	significant	significant	ADJ
ftr-349	1166	24	longterm	longterm	ADJ
ftr-349	1166	25	welfare	welfare	NOUN
ftr-349	1166	26	implications	implication	NOUN
ftr-349	1166	27	for	for	ADP
ftr-349	1166	28	the	the	DET
ftr-349	1166	29	united	united	PROPN
ftr-349	1166	30	states	states	PROPN
ftr-349	1166	31	.	.	PUNCT
ftr-349	1167	1	those	those	DET
ftr-349	1167	2	costs	cost	NOUN
ftr-349	1167	3	are	be	AUX
ftr-349	1167	4	uniquely	uniquely	ADV
ftr-349	1167	5	compounded	compound	VERB
ftr-349	1167	6	by	by	ADP
ftr-349	1167	7	the	the	DET
ftr-349	1167	8	lock	lock	NOUN
ftr-349	1167	9	-	-	PUNCT
ftr-349	1167	10	out	out	ADP
ftr-349	1167	11	effect	effect	NOUN
ftr-349	1167	12	,	,	PUNCT
ftr-349	1167	13	which	which	PRON
ftr-349	1167	14	is	be	AUX
ftr-349	1167	15	an	an	DET
ftr-349	1167	16	unavoidable	unavoidable	ADJ
ftr-349	1167	17	cost	cost	NOUN
ftr-349	1167	18	of	of	ADP
ftr-349	1167	19	american	american	ADJ
ftr-349	1167	20	stateless	stateless	PROPN
ftr-349	1167	21	income	income	NOUN
ftr-349	1167	22	tax	tax	NOUN
ftr-349	1167	23	planning	planning	NOUN
ftr-349	1167	24	.	.	PUNCT
ftr-349	1168	1	v.	v.	ADP
ftr-349	1168	2	responding	respond	VERB
ftr-349	1168	3	to	to	ADP
ftr-349	1168	4	a	a	DET
ftr-349	1168	5	world	world	NOUN
ftr-349	1168	6	imbued	imbue	VERB
ftr-349	1168	7	with	with	ADP
ftr-349	1168	8	stateless	stateless	NOUN
ftr-349	1168	9	income	income	NOUN
ftr-349	1168	10	if	if	SCONJ
ftr-349	1168	11	stateless	stateless	NOUN
ftr-349	1168	12	income	income	NOUN
ftr-349	1168	13	tax	tax	NOUN
ftr-349	1168	14	planning	planning	NOUN
ftr-349	1168	15	were	be	AUX
ftr-349	1168	16	expunged	expunge	VERB
ftr-349	1168	17	and	and	CCONJ
ftr-349	1168	18	rational	rational	ADJ
ftr-349	1168	19	source	source	NOUN
ftr-349	1168	20	rules	rule	NOUN
ftr-349	1168	21	generally	generally	ADV
ftr-349	1168	22	adopted	adopt	VERB
ftr-349	1168	23	(	(	PUNCT
ftr-349	1168	24	including	include	VERB
ftr-349	1168	25	for	for	ADP
ftr-349	1168	26	the	the	DET
ftr-349	1168	27	source	source	NOUN
ftr-349	1168	28	of	of	ADP
ftr-349	1168	29	expenses	expense	NOUN
ftr-349	1168	30	incurred	incur	VERB
ftr-349	1168	31	to	to	PART
ftr-349	1168	32	fund	fund	VERB
ftr-349	1168	33	worldwide	worldwide	ADJ
ftr-349	1168	34	activity	activity	NOUN
ftr-349	1168	35	)	)	PUNCT
ftr-349	1168	36	,	,	PUNCT
ftr-349	1168	37	then	then	ADV
ftr-349	1168	38	the	the	DET
ftr-349	1168	39	design	design	NOUN
ftr-349	1168	40	of	of	ADP
ftr-349	1168	41	tax	tax	NOUN
ftr-349	1168	42	policy	policy	NOUN
ftr-349	1168	43	for	for	ADP
ftr-349	1168	44	foreign	foreign	ADJ
ftr-349	1168	45	direct	direct	ADJ
ftr-349	1168	46	investment	investment	NOUN
ftr-349	1168	47	would	would	AUX
ftr-349	1168	48	become	become	VERB
ftr-349	1168	49	embarrassingly	embarrassingly	ADV
ftr-349	1168	50	easy	easy	ADJ
ftr-349	1168	51	.	.	PUNCT
ftr-349	1169	1	every	every	DET
ftr-349	1169	2	country	country	NOUN
ftr-349	1169	3	would	would	AUX
ftr-349	1169	4	adopt	adopt	VERB
ftr-349	1169	5	a	a	DET
ftr-349	1169	6	territorial	territorial	ADJ
ftr-349	1169	7	tax	tax	NOUN
ftr-349	1169	8	system	system	NOUN
ftr-349	1169	9	,	,	PUNCT
ftr-349	1169	10	and	and	CCONJ
ftr-349	1169	11	in	in	ADP
ftr-349	1169	12	doing	do	VERB
ftr-349	1169	13	so	so	ADV
ftr-349	1169	14	would	would	AUX
ftr-349	1169	15	satisfy	satisfy	VERB
ftr-349	1169	16	every	every	DET
ftr-349	1169	17	known	know	VERB
ftr-349	1169	18	articulation	articulation	NOUN
ftr-349	1169	19	of	of	ADP
ftr-349	1169	20	worldwide	worldwide	ADJ
ftr-349	1169	21	efficiency	efficiency	NOUN
ftr-349	1169	22	norms	norm	NOUN
ftr-349	1169	23	.	.	PUNCT
ftr-349	1170	1	the	the	DET
ftr-349	1170	2	simple	simple	ADJ
ftr-349	1170	3	reason	reason	NOUN
ftr-349	1170	4	for	for	ADP
ftr-349	1170	5	this	this	DET
ftr-349	1170	6	solution	solution	NOUN
ftr-349	1170	7	is	be	AUX
ftr-349	1170	8	that	that	SCONJ
ftr-349	1170	9	the	the	DET
ftr-349	1170	10	world	world	NOUN
ftr-349	1170	11	today	today	NOUN
ftr-349	1170	12	offers	offer	VERB
ftr-349	1170	13	reasonably	reasonably	ADV
ftr-349	1170	14	liquid	liquid	ADJ
ftr-349	1170	15	and	and	CCONJ
ftr-349	1170	16	open	open	ADJ
ftr-349	1170	17	global	global	ADJ
ftr-349	1170	18	markets	market	NOUN
ftr-349	1170	19	for	for	ADP
ftr-349	1170	20	savings	saving	NOUN
ftr-349	1170	21	and	and	CCONJ
ftr-349	1170	22	investment	investment	NOUN
ftr-349	1170	23	.	.	PUNCT
ftr-349	1171	1	one	one	NUM
ftr-349	1171	2	therefore	therefore	ADV
ftr-349	1171	3	might	might	AUX
ftr-349	1171	4	expect	expect	VERB
ftr-349	1171	5	that	that	SCONJ
ftr-349	1171	6	after	after	ADP
ftr-349	1171	7	-	-	PUNCT
ftr-349	1171	8	tax	tax	NOUN
ftr-349	1171	9	returns	return	NOUN
ftr-349	1171	10	from	from	ADP
ftr-349	1171	11	marginal	marginal	ADJ
ftr-349	1171	12	real	real	ADJ
ftr-349	1171	13	investments	investment	NOUN
ftr-349	1171	14	would	would	AUX
ftr-349	1171	15	be	be	AUX
ftr-349	1171	16	the	the	DET
ftr-349	1171	17	same	same	ADJ
ftr-349	1171	18	around	around	ADP
ftr-349	1171	19	the	the	DET
ftr-349	1171	20	world	world	NOUN
ftr-349	1171	21	;	;	PUNCT
ftr-349	1171	22	in	in	ADP
ftr-349	1171	23	other	other	ADJ
ftr-349	1171	24	words	word	NOUN
ftr-349	1171	25	,	,	PUNCT
ftr-349	1171	26	every	every	DET
ftr-349	1171	27	business	business	NOUN
ftr-349	1171	28	would	would	AUX
ftr-349	1171	29	suffer	suffer	VERB
ftr-349	1171	30	the	the	DET
ftr-349	1171	31	same	same	ADJ
ftr-349	1171	32	tax	tax	NOUN
ftr-349	1171	33	burden	burden	NOUN
ftr-349	1171	34	,	,	PUNCT
ftr-349	1171	35	when	when	SCONJ
ftr-349	1171	36	implicit	implicit	ADJ
ftr-349	1171	37	as	as	ADV
ftr-349	1171	38	well	well	ADV
ftr-349	1171	39	as	as	ADP
ftr-349	1171	40	explicit	explicit	ADJ
ftr-349	1171	41	taxes	taxis	NOUN
ftr-349	1171	42	were	be	AUX
ftr-349	1171	43	considered	consider	VERB
ftr-349	1171	44	.	.	PUNCT
ftr-349	1172	1	164	164	NUM
ftr-349	1172	2	in	in	ADP
ftr-349	1172	3	such	such	DET
ftr-349	1172	4	a	a	DET
ftr-349	1172	5	state	state	NOUN
ftr-349	1172	6	,	,	PUNCT
ftr-349	1172	7	a	a	DET
ftr-349	1172	8	u.s	u.s	PROPN
ftr-349	1172	9	.	.	PROPN
ftr-349	1172	10	firm	firm	PROPN
ftr-349	1172	11	would	would	AUX
ftr-349	1172	12	face	face	VERB
ftr-349	1172	13	the	the	DET
ftr-349	1172	14	same	same	ADJ
ftr-349	1172	15	tax	tax	NOUN
ftr-349	1172	16	costs	cost	NOUN
ftr-349	1172	17	for	for	ADP
ftr-349	1172	18	foreign	foreign	ADJ
ftr-349	1172	19	as	as	ADV
ftr-349	1172	20	well	well	ADV
ftr-349	1172	21	as	as	ADP
ftr-349	1172	22	domestic	domestic	ADJ
ftr-349	1172	23	investment	investment	NOUN
ftr-349	1172	24	(	(	PUNCT
ftr-349	1172	25	once	once	ADV
ftr-349	1172	26	implicit	implicit	ADJ
ftr-349	1172	27	taxes	taxis	NOUN
ftr-349	1172	28	were	be	AUX
ftr-349	1172	29	considered	consider	VERB
ftr-349	1172	30	)	)	PUNCT
ftr-349	1172	31	,	,	PUNCT
ftr-349	1172	32	and	and	CCONJ
ftr-349	1172	33	the	the	DET
ftr-349	1172	34	norm	norm	NOUN
ftr-349	1172	35	of	of	ADP
ftr-349	1172	36	capital	capital	NOUN
ftr-349	1172	37	export	export	NOUN
ftr-349	1172	38	neutrality	neutrality	NOUN
ftr-349	1172	39	would	would	AUX
ftr-349	1172	40	be	be	AUX
ftr-349	1172	41	satisfied.165	satisfied.165	NOUN
ftr-349	1172	42	that	that	SCONJ
ftr-349	1172	43	u.s	u.s	PROPN
ftr-349	1172	44	.	.	PROPN
ftr-349	1172	45	firm	firm	PROPN
ftr-349	1172	46	also	also	ADV
ftr-349	1172	47	would	would	AUX
ftr-349	1172	48	face	face	VERB
ftr-349	1172	49	the	the	DET
ftr-349	1172	50	same	same	ADJ
ftr-349	1172	51	local	local	ADJ
ftr-349	1172	52	tax	tax	NOUN
ftr-349	1172	53	rates	rate	NOUN
ftr-349	1172	54	as	as	SCONJ
ftr-349	1172	55	would	would	AUX
ftr-349	1172	56	local	local	ADJ
ftr-349	1172	57	competitors	competitor	NOUN
ftr-349	1172	58	(	(	PUNCT
ftr-349	1172	59	and	and	CCONJ
ftr-349	1172	60	competitors	competitor	NOUN
ftr-349	1172	61	in	in	ADP
ftr-349	1172	62	third	third	ADJ
ftr-349	1172	63	countries	country	NOUN
ftr-349	1172	64	that	that	PRON
ftr-349	1172	65	adopted	adopt	VERB
ftr-349	1172	66	similar	similar	ADJ
ftr-349	1172	67	comprehensive	comprehensive	ADJ
ftr-349	1172	68	source	source	NOUN
ftr-349	1172	69	rules	rule	NOUN
ftr-349	1172	70	)	)	PUNCT
ftr-349	1172	71	,	,	PUNCT
ftr-349	1172	72	thereby	thereby	ADV
ftr-349	1172	73	satisfying	satisfy	VERB
ftr-349	1172	74	the	the	DET
ftr-349	1172	75	norm	norm	NOUN
ftr-349	1172	76	of	of	ADP
ftr-349	1172	77	capital	capital	NOUN
ftr-349	1172	78	import	import	NOUN
ftr-349	1172	79	neutrality	neutrality	NOUN
ftr-349	1172	80	.	.	PUNCT
ftr-349	1173	1	in	in	ADP
ftr-349	1173	2	this	this	DET
ftr-349	1173	3	state	state	NOUN
ftr-349	1173	4	,	,	PUNCT
ftr-349	1173	5	it	it	PRON
ftr-349	1173	6	would	would	AUX
ftr-349	1173	7	make	make	VERB
ftr-349	1173	8	no	no	DET
ftr-349	1173	9	sense	sense	NOUN
ftr-349	1173	10	to	to	PART
ftr-349	1173	11	add	add	VERB
ftr-349	1173	12	an	an	DET
ftr-349	1173	13	additional	additional	ADJ
ftr-349	1173	14	layer	layer	NOUN
ftr-349	1173	15	of	of	ADP
ftr-349	1173	16	residence	residence	NOUN
ftr-349	1173	17	-	-	PUNCT
ftr-349	1173	18	country	country	NOUN
ftr-349	1173	19	tax	tax	NOUN
ftr-349	1173	20	:	:	PUNCT
ftr-349	1173	21	164	164	NUM
ftr-349	1173	22	.	.	PUNCT
ftr-349	1174	1	this	this	PRON
ftr-349	1174	2	is	be	AUX
ftr-349	1174	3	the	the	DET
ftr-349	1174	4	central	central	ADJ
ftr-349	1174	5	theme	theme	NOUN
ftr-349	1174	6	of	of	ADP
ftr-349	1174	7	the	the	DET
ftr-349	1174	8	lessons	lesson	NOUN
ftr-349	1174	9	of	of	ADP
ftr-349	1174	10	stateless	stateless	NOUN
ftr-349	1174	11	income	income	NOUN
ftr-349	1174	12	.	.	PUNCT
ftr-349	1175	1	165	165	NUM
ftr-349	1175	2	.	.	PUNCT
ftr-349	1176	1	as	as	SCONJ
ftr-349	1176	2	developed	develop	VERB
ftr-349	1176	3	in	in	ADP
ftr-349	1176	4	the	the	DET
ftr-349	1176	5	lessons	lesson	NOUN
ftr-349	1176	6	of	of	ADP
ftr-349	1176	7	stateless	stateless	NOUN
ftr-349	1176	8	income	income	NOUN
ftr-349	1176	9	,	,	PUNCT
ftr-349	1176	10	the	the	DET
ftr-349	1176	11	idea	idea	NOUN
ftr-349	1176	12	is	be	AUX
ftr-349	1176	13	that	that	SCONJ
ftr-349	1176	14	tax	tax	NOUN
ftr-349	1176	15	capitalization	capitalization	NOUN
ftr-349	1176	16	(	(	PUNCT
ftr-349	1176	17	the	the	DET
ftr-349	1176	18	bidding	bidding	NOUN
ftr-349	1176	19	up	up	ADP
ftr-349	1176	20	of	of	ADP
ftr-349	1176	21	prices	price	NOUN
ftr-349	1176	22	for	for	ADP
ftr-349	1176	23	assets	asset	NOUN
ftr-349	1176	24	whose	whose	DET
ftr-349	1176	25	returns	return	NOUN
ftr-349	1176	26	are	be	AUX
ftr-349	1176	27	tax	tax	NOUN
ftr-349	1176	28	-	-	PUNCT
ftr-349	1176	29	favored	favor	VERB
ftr-349	1176	30	)	)	PUNCT
ftr-349	1176	31	will	will	AUX
ftr-349	1176	32	lead	lead	VERB
ftr-349	1176	33	to	to	ADP
ftr-349	1176	34	convergence	convergence	NOUN
ftr-349	1176	35	in	in	ADP
ftr-349	1176	36	after	after	ADP
ftr-349	1176	37	-	-	PUNCT
ftr-349	1176	38	tax	tax	NOUN
ftr-349	1176	39	risk	risk	NOUN
ftr-349	1176	40	-	-	PUNCT
ftr-349	1176	41	adjusted	adjust	VERB
ftr-349	1176	42	global	global	ADJ
ftr-349	1176	43	returns	return	NOUN
ftr-349	1176	44	on	on	ADP
ftr-349	1176	45	net	net	ADJ
ftr-349	1176	46	business	business	NOUN
ftr-349	1176	47	income	income	NOUN
ftr-349	1176	48	.	.	PUNCT
ftr-349	1177	1	“	"	PUNCT
ftr-349	1177	2	implicit	implicit	ADJ
ftr-349	1177	3	taxes	taxis	NOUN
ftr-349	1177	4	”	"	PUNCT
ftr-349	1177	5	are	be	AUX
ftr-349	1177	6	another	another	DET
ftr-349	1177	7	way	way	NOUN
ftr-349	1177	8	of	of	ADP
ftr-349	1177	9	stating	state	VERB
ftr-349	1177	10	the	the	DET
ftr-349	1177	11	same	same	ADJ
ftr-349	1177	12	phenomenon	phenomenon	NOUN
ftr-349	1177	13	.	.	PUNCT
ftr-349	1178	1	they	they	PRON
ftr-349	1178	2	simply	simply	ADV
ftr-349	1178	3	are	be	AUX
ftr-349	1178	4	the	the	DET
ftr-349	1178	5	measure	measure	NOUN
ftr-349	1178	6	of	of	ADP
ftr-349	1178	7	the	the	DET
ftr-349	1178	8	lower	low	ADJ
ftr-349	1178	9	pre	pre	ADJ
ftr-349	1178	10	-	-	ADJ
ftr-349	1178	11	tax	tax	ADJ
ftr-349	1178	12	return	return	NOUN
ftr-349	1178	13	that	that	PRON
ftr-349	1178	14	an	an	DET
ftr-349	1178	15	investor	investor	NOUN
ftr-349	1178	16	accepts	accept	VERB
ftr-349	1178	17	by	by	ADP
ftr-349	1178	18	virtue	virtue	NOUN
ftr-349	1178	19	of	of	ADP
ftr-349	1178	20	bidding	bidding	NOUN
ftr-349	1178	21	up	up	ADP
ftr-349	1178	22	the	the	DET
ftr-349	1178	23	price	price	NOUN
ftr-349	1178	24	of	of	ADP
ftr-349	1178	25	a	a	DET
ftr-349	1178	26	tax	tax	NOUN
ftr-349	1178	27	-	-	PUNCT
ftr-349	1178	28	favored	favor	VERB
ftr-349	1178	29	asset	asset	NOUN
ftr-349	1178	30	.	.	PUNCT
ftr-349	1179	1	2001	2001	NUM
ftr-349	1179	2	]	]	PUNCT
ftr-349	1179	3	stateless	stateless	NOUN
ftr-349	1179	4	income	income	NOUN
ftr-349	1179	5	771	771	NUM
ftr-349	1179	6	doing	do	VERB
ftr-349	1179	7	so	so	ADV
ftr-349	1179	8	would	would	AUX
ftr-349	1179	9	only	only	ADV
ftr-349	1179	10	drive	drive	VERB
ftr-349	1179	11	down	down	ADP
ftr-349	1179	12	after	after	ADP
ftr-349	1179	13	-	-	PUNCT
ftr-349	1179	14	tax	tax	NOUN
ftr-349	1179	15	returns	return	NOUN
ftr-349	1179	16	on	on	ADP
ftr-349	1179	17	investments	investment	NOUN
ftr-349	1179	18	for	for	ADP
ftr-349	1179	19	affected	affect	VERB
ftr-349	1179	20	cross	cross	ADJ
ftr-349	1179	21	-	-	ADJ
ftr-349	1179	22	border	border	ADJ
ftr-349	1179	23	investors	investor	NOUN
ftr-349	1179	24	to	to	ADP
ftr-349	1179	25	levels	level	NOUN
ftr-349	1179	26	below	below	ADP
ftr-349	1179	27	what	what	PRON
ftr-349	1179	28	they	they	PRON
ftr-349	1179	29	could	could	AUX
ftr-349	1179	30	obtain	obtain	VERB
ftr-349	1179	31	at	at	ADP
ftr-349	1179	32	home	home	NOUN
ftr-349	1179	33	.	.	PUNCT
ftr-349	1180	1	but	but	CCONJ
ftr-349	1180	2	stateless	stateless	NOUN
ftr-349	1180	3	income	income	NOUN
ftr-349	1180	4	fundamentally	fundamentally	ADV
ftr-349	1180	5	erodes	erode	VERB
ftr-349	1180	6	this	this	DET
ftr-349	1180	7	expectation	expectation	NOUN
ftr-349	1180	8	.	.	PUNCT
ftr-349	1181	1	as	as	SCONJ
ftr-349	1181	2	section	section	NOUN
ftr-349	1181	3	iv	iv	NUM
ftr-349	1181	4	has	have	AUX
ftr-349	1181	5	discussed	discuss	VERB
ftr-349	1181	6	,	,	PUNCT
ftr-349	1181	7	the	the	DET
ftr-349	1181	8	whole	whole	ADJ
ftr-349	1181	9	point	point	NOUN
ftr-349	1181	10	of	of	ADP
ftr-349	1181	11	stateless	stateless	NOUN
ftr-349	1181	12	income	income	NOUN
ftr-349	1181	13	tax	tax	NOUN
ftr-349	1181	14	planning	planning	NOUN
ftr-349	1181	15	is	be	AUX
ftr-349	1181	16	that	that	SCONJ
ftr-349	1181	17	it	it	PRON
ftr-349	1181	18	enables	enable	VERB
ftr-349	1181	19	savvy	savvy	ADJ
ftr-349	1181	20	multinational	multinational	ADJ
ftr-349	1181	21	firms	firm	NOUN
ftr-349	1181	22	to	to	PART
ftr-349	1181	23	capture	capture	VERB
ftr-349	1181	24	“	"	PUNCT
ftr-349	1181	25	tax	tax	NOUN
ftr-349	1181	26	rents	rent	NOUN
ftr-349	1181	27	,	,	PUNCT
ftr-349	1181	28	”	"	PUNCT
ftr-349	1181	29	by	by	ADP
ftr-349	1181	30	deflecting	deflect	VERB
ftr-349	1181	31	high	high	ADJ
ftr-349	1181	32	-	-	PUNCT
ftr-349	1181	33	tax	tax	NOUN
ftr-349	1181	34	source	source	NOUN
ftr-349	1181	35	country	country	NOUN
ftr-349	1181	36	pre	pre	ADJ
ftr-349	1181	37	-	-	ADJ
ftr-349	1181	38	tax	tax	ADJ
ftr-349	1181	39	returns	return	NOUN
ftr-349	1181	40	to	to	ADP
ftr-349	1181	41	very	very	ADV
ftr-349	1181	42	low	low	ADJ
ftr-349	1181	43	-	-	PUNCT
ftr-349	1181	44	tax	tax	NOUN
ftr-349	1181	45	jurisdictions	jurisdiction	NOUN
ftr-349	1181	46	,	,	PUNCT
ftr-349	1181	47	and	and	CCONJ
ftr-349	1181	48	by	by	ADP
ftr-349	1181	49	effectively	effectively	ADV
ftr-349	1181	50	doing	do	VERB
ftr-349	1181	51	the	the	DET
ftr-349	1181	52	same	same	ADJ
ftr-349	1181	53	with	with	ADP
ftr-349	1181	54	residence	residence	NOUN
ftr-349	1181	55	country	country	NOUN
ftr-349	1181	56	pre	pre	ADJ
ftr-349	1181	57	-	-	ADJ
ftr-349	1181	58	tax	tax	ADJ
ftr-349	1181	59	returns	return	NOUN
ftr-349	1181	60	through	through	ADP
ftr-349	1181	61	arbitrage	arbitrage	NOUN
ftr-349	1181	62	.	.	PUNCT
ftr-349	1182	1	the	the	DET
ftr-349	1182	2	end	end	NOUN
ftr-349	1182	3	result	result	NOUN
ftr-349	1182	4	is	be	AUX
ftr-349	1182	5	that	that	SCONJ
ftr-349	1182	6	multinational	multinational	ADJ
ftr-349	1182	7	firms	firm	NOUN
ftr-349	1182	8	can	can	AUX
ftr-349	1182	9	capture	capture	VERB
ftr-349	1182	10	a	a	DET
ftr-349	1182	11	rate	rate	NOUN
ftr-349	1182	12	of	of	ADP
ftr-349	1182	13	return	return	NOUN
ftr-349	1182	14	much	much	ADV
ftr-349	1182	15	higher	high	ADJ
ftr-349	1182	16	than	than	ADP
ftr-349	1182	17	world	world	NOUN
ftr-349	1182	18	after	after	ADP
ftr-349	1182	19	-	-	PUNCT
ftr-349	1182	20	tax	tax	NOUN
ftr-349	1182	21	norms	norm	NOUN
ftr-349	1182	22	,	,	PUNCT
ftr-349	1182	23	without	without	ADP
ftr-349	1182	24	incremental	incremental	ADJ
ftr-349	1182	25	risk	risk	NOUN
ftr-349	1182	26	,	,	PUNCT
ftr-349	1182	27	as	as	ADP
ftr-349	1182	28	a	a	DET
ftr-349	1182	29	result	result	NOUN
ftr-349	1182	30	of	of	ADP
ftr-349	1182	31	planning	planning	NOUN
ftr-349	1182	32	opportunities	opportunity	NOUN
ftr-349	1182	33	available	available	ADJ
ftr-349	1182	34	only	only	ADV
ftr-349	1182	35	to	to	ADP
ftr-349	1182	36	a	a	DET
ftr-349	1182	37	subset	subset	NOUN
ftr-349	1182	38	of	of	ADP
ftr-349	1182	39	potential	potential	ADJ
ftr-349	1182	40	investors	investor	NOUN
ftr-349	1182	41	.	.	PUNCT
ftr-349	1183	1	and	and	CCONJ
ftr-349	1183	2	,	,	PUNCT
ftr-349	1183	3	as	as	SCONJ
ftr-349	1183	4	further	far	ADV
ftr-349	1183	5	described	describe	VERB
ftr-349	1183	6	above	above	ADP
ftr-349	1183	7	,	,	PUNCT
ftr-349	1183	8	stateless	stateless	NOUN
ftr-349	1183	9	income	income	NOUN
ftr-349	1183	10	planning	planning	NOUN
ftr-349	1183	11	compounds	compound	VERB
ftr-349	1183	12	the	the	DET
ftr-349	1183	13	meaninglessness	meaninglessness	NOUN
ftr-349	1183	14	of	of	ADP
ftr-349	1183	15	the	the	DET
ftr-349	1183	16	entire	entire	ADJ
ftr-349	1183	17	concept	concept	NOUN
ftr-349	1183	18	of	of	ADP
ftr-349	1183	19	the	the	DET
ftr-349	1183	20	“	"	PUNCT
ftr-349	1183	21	source	source	NOUN
ftr-349	1183	22	”	"	PUNCT
ftr-349	1183	23	of	of	ADP
ftr-349	1183	24	income	income	NOUN
ftr-349	1183	25	.	.	PUNCT
ftr-349	1184	1	how	how	SCONJ
ftr-349	1184	2	should	should	AUX
ftr-349	1184	3	international	international	ADJ
ftr-349	1184	4	tax	tax	NOUN
ftr-349	1184	5	systems	system	NOUN
ftr-349	1184	6	respond	respond	VERB
ftr-349	1184	7	?	?	PUNCT
ftr-349	1185	1	one	one	NUM
ftr-349	1185	2	suggested	suggest	VERB
ftr-349	1185	3	answer	answer	NOUN
ftr-349	1185	4	has	have	AUX
ftr-349	1185	5	been	be	AUX
ftr-349	1185	6	to	to	PART
ftr-349	1185	7	minimize	minimize	VERB
ftr-349	1185	8	the	the	DET
ftr-349	1185	9	importance	importance	NOUN
ftr-349	1185	10	of	of	ADP
ftr-349	1185	11	the	the	DET
ftr-349	1185	12	problem	problem	NOUN
ftr-349	1185	13	.	.	PUNCT
ftr-349	1186	1	for	for	ADP
ftr-349	1186	2	example	example	NOUN
ftr-349	1186	3	,	,	PUNCT
ftr-349	1186	4	in	in	ADP
ftr-349	1186	5	james	james	PROPN
ftr-349	1186	6	hines	hines	PROPN
ftr-349	1186	7	’	'	PUNCT
ftr-349	1186	8	most	most	ADJ
ftr-349	1186	9	recent	recent	ADJ
ftr-349	1186	10	article	article	NOUN
ftr-349	1186	11	recommending	recommend	VERB
ftr-349	1186	12	that	that	SCONJ
ftr-349	1186	13	the	the	DET
ftr-349	1186	14	united	united	PROPN
ftr-349	1186	15	states	states	PROPN
ftr-349	1186	16	adopt	adopt	VERB
ftr-349	1186	17	a	a	DET
ftr-349	1186	18	territorial	territorial	ADJ
ftr-349	1186	19	tax	tax	NOUN
ftr-349	1186	20	system	system	NOUN
ftr-349	1186	21	(	(	PUNCT
ftr-349	1186	22	and	and	CCONJ
ftr-349	1186	23	couple	couple	NOUN
ftr-349	1186	24	that	that	PRON
ftr-349	1186	25	with	with	ADP
ftr-349	1186	26	no	no	DET
ftr-349	1186	27	expense	expense	NOUN
ftr-349	1186	28	allocation	allocation	NOUN
ftr-349	1186	29	rules	rule	NOUN
ftr-349	1186	30	)	)	PUNCT
ftr-349	1186	31	,	,	PUNCT
ftr-349	1186	32	hines	hine	VERB
ftr-349	1186	33	dismisses	dismiss	VERB
ftr-349	1186	34	the	the	DET
ftr-349	1186	35	traditional	traditional	ADJ
ftr-349	1186	36	efficiency	efficiency	NOUN
ftr-349	1186	37	norm	norm	NOUN
ftr-349	1186	38	of	of	ADP
ftr-349	1186	39	capital	capital	NOUN
ftr-349	1186	40	export	export	NOUN
ftr-349	1186	41	neutrality	neutrality	NOUN
ftr-349	1186	42	as	as	ADP
ftr-349	1186	43	an	an	DET
ftr-349	1186	44	outmoded	outmoded	ADJ
ftr-349	1186	45	framework	framework	NOUN
ftr-349	1186	46	consumed	consume	VERB
ftr-349	1186	47	by	by	ADP
ftr-349	1186	48	“	"	PUNCT
ftr-349	1186	49	the	the	DET
ftr-349	1186	50	inefficiencies	inefficiency	NOUN
ftr-349	1186	51	that	that	PRON
ftr-349	1186	52	may	may	AUX
ftr-349	1186	53	arise	arise	VERB
ftr-349	1186	54	from	from	ADP
ftr-349	1186	55	too	too	ADV
ftr-349	1186	56	many	many	ADJ
ftr-349	1186	57	factories	factory	NOUN
ftr-349	1186	58	in	in	ADP
ftr-349	1186	59	tax	tax	NOUN
ftr-349	1186	60	havens	haven	NOUN
ftr-349	1186	61	.	.	PUNCT
ftr-349	1187	1	”166	”166	NOUN
ftr-349	1187	2	if	if	SCONJ
ftr-349	1187	3	only	only	ADV
ftr-349	1187	4	that	that	PRON
ftr-349	1187	5	were	be	AUX
ftr-349	1187	6	the	the	DET
ftr-349	1187	7	issue	issue	NOUN
ftr-349	1187	8	,	,	PUNCT
ftr-349	1187	9	hines	hine	NOUN
ftr-349	1187	10	’	'	PUNCT
ftr-349	1187	11	policy	policy	NOUN
ftr-349	1187	12	prescriptions	prescription	NOUN
ftr-349	1187	13	might	might	AUX
ftr-349	1187	14	survive	survive	VERB
ftr-349	1187	15	,	,	PUNCT
ftr-349	1187	16	even	even	ADV
ftr-349	1187	17	if	if	SCONJ
ftr-349	1187	18	one	one	NUM
ftr-349	1187	19	quarreled	quarrel	VERB
ftr-349	1187	20	with	with	ADP
ftr-349	1187	21	his	his	PRON
ftr-349	1187	22	underlying	underlie	VERB
ftr-349	1187	23	reasoning	reasoning	NOUN
ftr-349	1187	24	,	,	PUNCT
ftr-349	1187	25	because	because	SCONJ
ftr-349	1187	26	one	one	PRON
ftr-349	1187	27	could	could	AUX
ftr-349	1187	28	count	count	VERB
ftr-349	1187	29	on	on	ADP
ftr-349	1187	30	nontax	nontax	NOUN
ftr-349	1187	31	factors	factor	NOUN
ftr-349	1187	32	to	to	PART
ftr-349	1187	33	limit	limit	VERB
ftr-349	1187	34	investments	investment	NOUN
ftr-349	1187	35	in	in	ADP
ftr-349	1187	36	bricks	brick	NOUN
ftr-349	1187	37	and	and	CCONJ
ftr-349	1187	38	mortar	mortar	NOUN
ftr-349	1187	39	factories	factory	NOUN
ftr-349	1187	40	across	across	ADP
ftr-349	1187	41	the	the	DET
ftr-349	1187	42	tax	tax	NOUN
ftr-349	1187	43	havens	haven	NOUN
ftr-349	1187	44	of	of	ADP
ftr-349	1187	45	the	the	DET
ftr-349	1187	46	world	world	NOUN
ftr-349	1187	47	.	.	PUNCT
ftr-349	1188	1	but	but	CCONJ
ftr-349	1188	2	the	the	DET
ftr-349	1188	3	issue	issue	NOUN
ftr-349	1188	4	of	of	ADP
ftr-349	1188	5	course	course	NOUN
ftr-349	1188	6	is	be	AUX
ftr-349	1188	7	not	not	PART
ftr-349	1188	8	that	that	SCONJ
ftr-349	1188	9	the	the	DET
ftr-349	1188	10	current	current	ADJ
ftr-349	1188	11	u.s	u.s	PROPN
ftr-349	1188	12	.	.	PROPN
ftr-349	1188	13	tax	tax	NOUN
ftr-349	1188	14	system	system	NOUN
ftr-349	1188	15	encourages	encourage	VERB
ftr-349	1188	16	investments	investment	NOUN
ftr-349	1188	17	in	in	ADP
ftr-349	1188	18	property	property	NOUN
ftr-349	1188	19	,	,	PUNCT
ftr-349	1188	20	plant	plant	NOUN
ftr-349	1188	21	,	,	PUNCT
ftr-349	1188	22	and	and	CCONJ
ftr-349	1188	23	equipment	equipment	NOUN
ftr-349	1188	24	on	on	ADP
ftr-349	1188	25	various	various	ADJ
ftr-349	1188	26	islands	island	NOUN
ftr-349	1188	27	;	;	PUNCT
ftr-349	1188	28	it	it	PRON
ftr-349	1188	29	is	be	AUX
ftr-349	1188	30	that	that	SCONJ
ftr-349	1188	31	the	the	DET
ftr-349	1188	32	system	system	NOUN
ftr-349	1188	33	improperly	improperly	ADV
ftr-349	1188	34	countenances	countenance	VERB
ftr-349	1188	35	the	the	DET
ftr-349	1188	36	relocation	relocation	NOUN
ftr-349	1188	37	of	of	ADP
ftr-349	1188	38	income	income	NOUN
ftr-349	1188	39	without	without	ADP
ftr-349	1188	40	real	real	ADJ
ftr-349	1188	41	investment	investment	NOUN
ftr-349	1188	42	from	from	ADP
ftr-349	1188	43	high	high	ADJ
ftr-349	1188	44	-	-	PUNCT
ftr-349	1188	45	tax	tax	NOUN
ftr-349	1188	46	jurisdictions	jurisdiction	NOUN
ftr-349	1188	47	to	to	ADP
ftr-349	1188	48	those	those	DET
ftr-349	1188	49	lowtax	lowtax	PROPN
ftr-349	1188	50	locales	locale	NOUN
ftr-349	1188	51	.	.	PUNCT
ftr-349	1189	1	income	income	NOUN
ftr-349	1189	2	wholly	wholly	ADV
ftr-349	1189	3	disproportionate	disproportionate	ADJ
ftr-349	1189	4	to	to	ADP
ftr-349	1189	5	investment	investment	NOUN
ftr-349	1189	6	is	be	AUX
ftr-349	1189	7	the	the	DET
ftr-349	1189	8	challenge	challenge	NOUN
ftr-349	1189	9	of	of	ADP
ftr-349	1189	10	stateless	stateless	NOUN
ftr-349	1189	11	income	income	NOUN
ftr-349	1189	12	.	.	PUNCT
ftr-349	1190	1	the	the	DET
ftr-349	1190	2	companion	companion	PROPN
ftr-349	1190	3	paper	paper	NOUN
ftr-349	1190	4	to	to	ADP
ftr-349	1190	5	this	this	PRON
ftr-349	1190	6	,	,	PUNCT
ftr-349	1190	7	the	the	DET
ftr-349	1190	8	lessons	lesson	NOUN
ftr-349	1190	9	of	of	ADP
ftr-349	1190	10	stateless	stateless	NOUN
ftr-349	1190	11	income	income	NOUN
ftr-349	1190	12	,	,	PUNCT
ftr-349	1190	13	picks	pick	VERB
ftr-349	1190	14	up	up	ADP
ftr-349	1190	15	at	at	ADP
ftr-349	1190	16	this	this	DET
ftr-349	1190	17	point	point	NOUN
ftr-349	1190	18	by	by	ADP
ftr-349	1190	19	exploring	explore	VERB
ftr-349	1190	20	the	the	DET
ftr-349	1190	21	implications	implication	NOUN
ftr-349	1190	22	of	of	ADP
ftr-349	1190	23	stateless	stateless	NOUN
ftr-349	1190	24	income	income	NOUN
ftr-349	1190	25	tax	tax	NOUN
ftr-349	1190	26	planning	planning	NOUN
ftr-349	1190	27	for	for	ADP
ftr-349	1190	28	standard	standard	ADJ
ftr-349	1190	29	efficiency	efficiency	NOUN
ftr-349	1190	30	norms	norm	NOUN
ftr-349	1190	31	that	that	PRON
ftr-349	1190	32	are	be	AUX
ftr-349	1190	33	used	use	VERB
ftr-349	1190	34	to	to	PART
ftr-349	1190	35	evaluate	evaluate	VERB
ftr-349	1190	36	international	international	ADJ
ftr-349	1190	37	tax	tax	NOUN
ftr-349	1190	38	reform	reform	NOUN
ftr-349	1190	39	proposals	proposal	NOUN
ftr-349	1190	40	.	.	PUNCT
ftr-349	1191	1	that	that	DET
ftr-349	1191	2	paper	paper	NOUN
ftr-349	1191	3	shows	show	VERB
ftr-349	1191	4	that	that	SCONJ
ftr-349	1191	5	critical	critical	ADJ
ftr-349	1191	6	assumptions	assumption	NOUN
ftr-349	1191	7	to	to	ADP
ftr-349	1191	8	some	some	PRON
ftr-349	1191	9	of	of	ADP
ftr-349	1191	10	these	these	DET
ftr-349	1191	11	efficiency	efficiency	NOUN
ftr-349	1191	12	norms	norm	NOUN
ftr-349	1191	13	are	be	AUX
ftr-349	1191	14	irrevocably	irrevocably	ADV
ftr-349	1191	15	eroded	erode	VERB
ftr-349	1191	16	through	through	ADP
ftr-349	1191	17	the	the	DET
ftr-349	1191	18	pervasive	pervasive	ADJ
ftr-349	1191	19	presence	presence	NOUN
ftr-349	1191	20	of	of	ADP
ftr-349	1191	21	stateless	stateless	NOUN
ftr-349	1191	22	income	income	NOUN
ftr-349	1191	23	.	.	PUNCT
ftr-349	1192	1	moreover	moreover	ADV
ftr-349	1192	2	,	,	PUNCT
ftr-349	1192	3	tax	tax	NOUN
ftr-349	1192	4	system	system	NOUN
ftr-349	1192	5	design	design	NOUN
ftr-349	1192	6	is	be	AUX
ftr-349	1192	7	about	about	ADV
ftr-349	1192	8	more	more	ADJ
ftr-349	1192	9	than	than	ADP
ftr-349	1192	10	efficiency	efficiency	NOUN
ftr-349	1192	11	models	model	NOUN
ftr-349	1192	12	,	,	PUNCT
ftr-349	1192	13	and	and	CCONJ
ftr-349	1192	14	in	in	ADP
ftr-349	1192	15	this	this	DET
ftr-349	1192	16	case	case	NOUN
ftr-349	1192	17	in	in	ADP
ftr-349	1192	18	particular	particular	ADJ
ftr-349	1192	19	the	the	DET
ftr-349	1192	20	standard	standard	ADJ
ftr-349	1192	21	efficiency	efficiency	NOUN
ftr-349	1192	22	models	model	NOUN
ftr-349	1192	23	all	all	ADV
ftr-349	1192	24	tend	tend	VERB
ftr-349	1192	25	to	to	ADP
ftr-349	1192	26	a	a	DET
ftr-349	1192	27	certain	certain	ADJ
ftr-349	1192	28	level	level	NOUN
ftr-349	1192	29	of	of	ADP
ftr-349	1192	30	myopia	myopia	NOUN
ftr-349	1192	31	,	,	PUNCT
ftr-349	1192	32	under	under	ADP
ftr-349	1192	33	which	which	DET
ftr-349	1192	34	efficiency	efficiency	NOUN
ftr-349	1192	35	along	along	ADP
ftr-349	1192	36	one	one	NUM
ftr-349	1192	37	margin	margin	NOUN
ftr-349	1192	38	is	be	AUX
ftr-349	1192	39	emphasized	emphasize	VERB
ftr-349	1192	40	to	to	ADP
ftr-349	1192	41	the	the	DET
ftr-349	1192	42	exclusion	exclusion	NOUN
ftr-349	1192	43	of	of	ADP
ftr-349	1192	44	all	all	DET
ftr-349	1192	45	others	other	NOUN
ftr-349	1192	46	.	.	PUNCT
ftr-349	1193	1	167	167	NUM
ftr-349	1193	2	this	this	PRON
ftr-349	1193	3	leads	lead	VERB
ftr-349	1193	4	to	to	ADP
ftr-349	1193	5	the	the	DET
ftr-349	1193	6	166	166	NUM
ftr-349	1193	7	.	.	PUNCT
ftr-349	1194	1	hines	hine	NOUN
ftr-349	1194	2	,	,	PUNCT
ftr-349	1194	3	reconsidering	reconsider	VERB
ftr-349	1194	4	the	the	DET
ftr-349	1194	5	taxation	taxation	NOUN
ftr-349	1194	6	of	of	ADP
ftr-349	1194	7	foreign	foreign	ADJ
ftr-349	1194	8	income	income	NOUN
ftr-349	1194	9	,	,	PUNCT
ftr-349	1194	10	supra	supra	PROPN
ftr-349	1194	11	note	note	NOUN
ftr-349	1194	12	131	131	NUM
ftr-349	1194	13	,	,	PUNCT
ftr-349	1194	14	at	at	ADP
ftr-349	1194	15	282	282	NUM
ftr-349	1194	16	.	.	PUNCT
ftr-349	1194	17	167	167	NUM
ftr-349	1194	18	.	.	PUNCT
ftr-349	1195	1	harry	harry	PROPN
ftr-349	1195	2	grubert	grubert	PROPN
ftr-349	1195	3	&	&	CCONJ
ftr-349	1195	4	rosanne	rosanne	PROPN
ftr-349	1195	5	altshuler	altshuler	PROPN
ftr-349	1195	6	,	,	PUNCT
ftr-349	1195	7	corporate	corporate	ADJ
ftr-349	1195	8	taxes	taxis	NOUN
ftr-349	1195	9	in	in	ADP
ftr-349	1195	10	the	the	DET
ftr-349	1195	11	world	world	NOUN
ftr-349	1195	12	economy	economy	NOUN
ftr-349	1195	13	:	:	PUNCT
ftr-349	1195	14	reforming	reform	VERB
ftr-349	1195	15	the	the	DET
ftr-349	1195	16	taxation	taxation	NOUN
ftr-349	1195	17	of	of	ADP
ftr-349	1195	18	cross	cross	ADJ
ftr-349	1195	19	-	-	ADJ
ftr-349	1195	20	border	border	ADJ
ftr-349	1195	21	income	income	NOUN
ftr-349	1195	22	,	,	PUNCT
ftr-349	1195	23	fundamental	fundamental	ADJ
ftr-349	1195	24	tax	tax	NOUN
ftr-349	1195	25	reform	reform	NOUN
ftr-349	1195	26	:	:	PUNCT
ftr-349	1195	27	issues	issue	NOUN
ftr-349	1195	28	,	,	PUNCT
ftr-349	1195	29	choices	choice	NOUN
ftr-349	1195	30	,	,	PUNCT
ftr-349	1195	31	and	and	CCONJ
ftr-349	1195	32	implications	implication	NOUN
ftr-349	1195	33	319	319	NUM
ftr-349	1195	34	,	,	PUNCT
ftr-349	1195	35	331–33	331–33	NUM
ftr-349	1195	36	(	(	PUNCT
ftr-349	1195	37	john	john	PROPN
ftr-349	1195	38	w.	w.	PROPN
ftr-349	1195	39	diamond	diamond	PROPN
ftr-349	1195	40	&	&	CCONJ
ftr-349	1195	41	george	george	PROPN
ftr-349	1195	42	r.	r.	PROPN
ftr-349	1195	43	zodrow	zodrow	PROPN
ftr-349	1195	44	eds	eds	PROPN
ftr-349	1195	45	.	.	PROPN
ftr-349	1195	46	,	,	PUNCT
ftr-349	1195	47	2008	2008	NUM
ftr-349	1195	48	)	)	PUNCT
ftr-349	1195	49	.	.	PUNCT
ftr-349	1196	1	grubert	grubert	NOUN
ftr-349	1196	2	and	and	CCONJ
ftr-349	1196	3	altshuler	altshuler	NOUN
ftr-349	1196	4	also	also	ADV
ftr-349	1196	5	point	point	VERB
ftr-349	1196	6	out	out	ADP
ftr-349	1196	7	that	that	DET
ftr-349	1196	8	efficiency	efficiency	NOUN
ftr-349	1196	9	772	772	NUM
ftr-349	1196	10	florida	florida	PROPN
ftr-349	1196	11	tax	tax	NOUN
ftr-349	1196	12	review	review	NOUN
ftr-349	1197	1	[	[	X
ftr-349	1197	2	vol	vol	NOUN
ftr-349	1197	3	.	.	PUNCT
ftr-349	1198	1	11:9	11:9	NUM
ftr-349	1198	2	sterile	sterile	ADJ
ftr-349	1198	3	exercise	exercise	NOUN
ftr-349	1198	4	that	that	PRON
ftr-349	1198	5	i	i	PRON
ftr-349	1198	6	previously	previously	ADV
ftr-349	1198	7	have	have	AUX
ftr-349	1198	8	described	describe	VERB
ftr-349	1198	9	as	as	ADP
ftr-349	1198	10	“	"	PUNCT
ftr-349	1198	11	the	the	DET
ftr-349	1198	12	battle	battle	NOUN
ftr-349	1198	13	of	of	ADP
ftr-349	1198	14	the	the	DET
ftr-349	1198	15	neutralities	neutrality	NOUN
ftr-349	1198	16	.	.	PUNCT
ftr-349	1198	17	”168	”168	VERB
ftr-349	1199	1	the	the	DET
ftr-349	1199	2	lessons	lesson	NOUN
ftr-349	1199	3	of	of	ADP
ftr-349	1199	4	stateless	stateless	NOUN
ftr-349	1199	5	income	income	NOUN
ftr-349	1199	6	therefore	therefore	ADV
ftr-349	1199	7	continues	continue	VERB
ftr-349	1199	8	by	by	ADP
ftr-349	1199	9	considering	consider	VERB
ftr-349	1199	10	how	how	SCONJ
ftr-349	1199	11	u.s	u.s	PROPN
ftr-349	1199	12	.	.	PROPN
ftr-349	1199	13	international	international	ADJ
ftr-349	1199	14	tax	tax	NOUN
ftr-349	1199	15	policy	policy	NOUN
ftr-349	1199	16	might	might	AUX
ftr-349	1199	17	be	be	AUX
ftr-349	1199	18	revised	revise	VERB
ftr-349	1199	19	as	as	ADP
ftr-349	1199	20	a	a	DET
ftr-349	1199	21	practical	practical	ADJ
ftr-349	1199	22	matter	matter	NOUN
ftr-349	1199	23	,	,	PUNCT
ftr-349	1199	24	not	not	PART
ftr-349	1199	25	only	only	ADV
ftr-349	1199	26	to	to	PART
ftr-349	1199	27	address	address	VERB
ftr-349	1199	28	the	the	DET
ftr-349	1199	29	lock	lock	NOUN
ftr-349	1199	30	-	-	PUNCT
ftr-349	1199	31	out	out	ADP
ftr-349	1199	32	phenomenon	phenomenon	NOUN
ftr-349	1199	33	(	(	PUNCT
ftr-349	1199	34	its	its	PRON
ftr-349	1199	35	most	most	ADV
ftr-349	1199	36	obvious	obvious	ADJ
ftr-349	1199	37	deadweight	deadweight	NOUN
ftr-349	1199	38	cost	cost	NOUN
ftr-349	1199	39	today	today	NOUN
ftr-349	1199	40	)	)	PUNCT
ftr-349	1199	41	,	,	PUNCT
ftr-349	1199	42	but	but	CCONJ
ftr-349	1199	43	also	also	ADV
ftr-349	1199	44	to	to	PART
ftr-349	1199	45	be	be	AUX
ftr-349	1199	46	robust	robust	ADJ
ftr-349	1199	47	to	to	ADP
ftr-349	1199	48	the	the	DET
ftr-349	1199	49	corrosive	corrosive	ADJ
ftr-349	1199	50	effects	effect	NOUN
ftr-349	1199	51	of	of	ADP
ftr-349	1199	52	stateless	stateless	NOUN
ftr-349	1199	53	income	income	NOUN
ftr-349	1199	54	tax	tax	NOUN
ftr-349	1199	55	planning	planning	NOUN
ftr-349	1199	56	.	.	PUNCT
ftr-349	1200	1	in	in	ADP
ftr-349	1200	2	each	each	DET
ftr-349	1200	3	case	case	NOUN
ftr-349	1200	4	,	,	PUNCT
ftr-349	1200	5	the	the	DET
ftr-349	1200	6	article	article	NOUN
ftr-349	1200	7	emphasizes	emphasize	VERB
ftr-349	1200	8	pragmatic	pragmatic	ADJ
ftr-349	1200	9	solutions	solution	NOUN
ftr-349	1200	10	for	for	ADP
ftr-349	1200	11	which	which	PRON
ftr-349	1200	12	there	there	PRON
ftr-349	1200	13	are	be	VERB
ftr-349	1200	14	some	some	DET
ftr-349	1200	15	prospects	prospect	NOUN
ftr-349	1200	16	of	of	ADP
ftr-349	1200	17	both	both	DET
ftr-349	1200	18	implementation	implementation	NOUN
ftr-349	1200	19	and	and	CCONJ
ftr-349	1200	20	success	success	NOUN
ftr-349	1200	21	.	.	PUNCT
ftr-349	1201	1	wishful	wishful	ADJ
ftr-349	1201	2	thinking	thinking	NOUN
ftr-349	1201	3	along	along	ADP
ftr-349	1201	4	the	the	DET
ftr-349	1201	5	lines	line	NOUN
ftr-349	1201	6	of	of	ADP
ftr-349	1201	7	“	"	PUNCT
ftr-349	1201	8	transfer	transfer	NOUN
ftr-349	1201	9	pricing	pricing	NOUN
ftr-349	1201	10	enforcement	enforcement	NOUN
ftr-349	1201	11	must	must	AUX
ftr-349	1201	12	be	be	AUX
ftr-349	1201	13	enhanced”169	enhanced”169	NOUN
ftr-349	1201	14	is	be	AUX
ftr-349	1201	15	eschewed	eschew	VERB
ftr-349	1201	16	.	.	PUNCT
ftr-349	1202	1	the	the	DET
ftr-349	1202	2	lessons	lesson	NOUN
ftr-349	1202	3	of	of	ADP
ftr-349	1202	4	stateless	stateless	NOUN
ftr-349	1202	5	income	income	NOUN
ftr-349	1202	6	argues	argue	VERB
ftr-349	1202	7	that	that	SCONJ
ftr-349	1202	8	u.s	u.s	PROPN
ftr-349	1202	9	.	.	PROPN
ftr-349	1202	10	policymakers	policymaker	NOUN
ftr-349	1202	11	today	today	NOUN
ftr-349	1202	12	confront	confront	VERB
ftr-349	1202	13	a	a	DET
ftr-349	1202	14	hobson	hobson	PROPN
ftr-349	1202	15	’s	’s	PART
ftr-349	1202	16	choice	choice	NOUN
ftr-349	1202	17	between	between	ADP
ftr-349	1202	18	two	two	NUM
ftr-349	1202	19	imperfect	imperfect	ADJ
ftr-349	1202	20	and	and	CCONJ
ftr-349	1202	21	fundamentally	fundamentally	ADV
ftr-349	1202	22	opposing	oppose	VERB
ftr-349	1202	23	policies	policy	NOUN
ftr-349	1202	24	to	to	PART
ftr-349	1202	25	address	address	VERB
ftr-349	1202	26	both	both	DET
ftr-349	1202	27	stateless	stateless	NOUN
ftr-349	1202	28	income	income	NOUN
ftr-349	1202	29	tax	tax	NOUN
ftr-349	1202	30	planning	planning	NOUN
ftr-349	1202	31	and	and	CCONJ
ftr-349	1202	32	the	the	DET
ftr-349	1202	33	deadweight	deadweight	NOUN
ftr-349	1202	34	losses	loss	NOUN
ftr-349	1202	35	associated	associate	VERB
ftr-349	1202	36	with	with	ADP
ftr-349	1202	37	the	the	DET
ftr-349	1202	38	lock	lock	NOUN
ftr-349	1202	39	-	-	PUNCT
ftr-349	1202	40	out	out	ADP
ftr-349	1202	41	effect	effect	NOUN
ftr-349	1202	42	.	.	PUNCT
ftr-349	1203	1	first	first	ADV
ftr-349	1203	2	,	,	PUNCT
ftr-349	1203	3	the	the	DET
ftr-349	1203	4	united	united	PROPN
ftr-349	1203	5	states	states	PROPN
ftr-349	1203	6	could	could	AUX
ftr-349	1203	7	adopt	adopt	VERB
ftr-349	1203	8	a	a	DET
ftr-349	1203	9	territorial	territorial	ADJ
ftr-349	1203	10	tax	tax	NOUN
ftr-349	1203	11	system	system	NOUN
ftr-349	1203	12	that	that	PRON
ftr-349	1203	13	effectively	effectively	ADV
ftr-349	1203	14	addressed	address	VERB
ftr-349	1203	15	stateless	stateless	NOUN
ftr-349	1203	16	income	income	NOUN
ftr-349	1203	17	planning	plan	VERB
ftr-349	1203	18	through	through	ADP
ftr-349	1203	19	a	a	DET
ftr-349	1203	20	radical	radical	ADJ
ftr-349	1203	21	and	and	CCONJ
ftr-349	1203	22	comprehensive	comprehensive	ADJ
ftr-349	1203	23	set	set	NOUN
ftr-349	1203	24	of	of	ADP
ftr-349	1203	25	source	source	NOUN
ftr-349	1203	26	rules	rule	NOUN
ftr-349	1203	27	covering	cover	VERB
ftr-349	1203	28	both	both	DET
ftr-349	1203	29	income	income	NOUN
ftr-349	1203	30	and	and	CCONJ
ftr-349	1203	31	expenses	expense	NOUN
ftr-349	1203	32	.	.	PUNCT
ftr-349	1204	1	in	in	ADP
ftr-349	1204	2	that	that	DET
ftr-349	1204	3	case	case	NOUN
ftr-349	1204	4	,	,	PUNCT
ftr-349	1204	5	foreign	foreign	ADJ
ftr-349	1204	6	-	-	PUNCT
ftr-349	1204	7	source	source	NOUN
ftr-349	1204	8	active	active	ADJ
ftr-349	1204	9	business	business	NOUN
ftr-349	1204	10	income	income	NOUN
ftr-349	1204	11	could	could	AUX
ftr-349	1204	12	freely	freely	ADV
ftr-349	1204	13	be	be	AUX
ftr-349	1204	14	repatriated	repatriate	VERB
ftr-349	1204	15	without	without	ADP
ftr-349	1204	16	further	further	ADJ
ftr-349	1204	17	tax	tax	NOUN
ftr-349	1204	18	.	.	PUNCT
ftr-349	1205	1	alternatively	alternatively	ADV
ftr-349	1205	2	,	,	PUNCT
ftr-349	1205	3	the	the	DET
ftr-349	1205	4	united	united	PROPN
ftr-349	1205	5	states	states	PROPN
ftr-349	1205	6	could	could	AUX
ftr-349	1205	7	adopt	adopt	VERB
ftr-349	1205	8	a	a	DET
ftr-349	1205	9	worldwide	worldwide	ADJ
ftr-349	1205	10	tax	tax	NOUN
ftr-349	1205	11	consolidation	consolidation	NOUN
ftr-349	1205	12	regime	regime	NOUN
ftr-349	1205	13	;	;	PUNCT
ftr-349	1205	14	in	in	ADP
ftr-349	1205	15	that	that	DET
ftr-349	1205	16	case	case	NOUN
ftr-349	1205	17	,	,	PUNCT
ftr-349	1205	18	foreign	foreign	ADJ
ftr-349	1205	19	-	-	PUNCT
ftr-349	1205	20	source	source	NOUN
ftr-349	1205	21	income	income	NOUN
ftr-349	1205	22	earned	earn	VERB
ftr-349	1205	23	by	by	ADP
ftr-349	1205	24	u.s.-based	u.s.-based	ADJ
ftr-349	1205	25	multinationals	multinational	NOUN
ftr-349	1205	26	also	also	ADV
ftr-349	1205	27	could	could	AUX
ftr-349	1205	28	be	be	AUX
ftr-349	1205	29	freely	freely	ADV
ftr-349	1205	30	repatriated	repatriate	VERB
ftr-349	1205	31	to	to	ADP
ftr-349	1205	32	the	the	DET
ftr-349	1205	33	united	united	PROPN
ftr-349	1205	34	states	states	PROPN
ftr-349	1205	35	,	,	PUNCT
ftr-349	1205	36	because	because	SCONJ
ftr-349	1205	37	it	it	PRON
ftr-349	1205	38	would	would	AUX
ftr-349	1205	39	have	have	AUX
ftr-349	1205	40	already	already	ADV
ftr-349	1205	41	been	be	AUX
ftr-349	1205	42	taxed	tax	VERB
ftr-349	1205	43	by	by	ADP
ftr-349	1205	44	the	the	DET
ftr-349	1205	45	united	united	PROPN
ftr-349	1205	46	states	states	PROPN
ftr-349	1205	47	.	.	PUNCT
ftr-349	1206	1	criteria	criterion	NOUN
ftr-349	1206	2	are	be	AUX
ftr-349	1206	3	only	only	ADV
ftr-349	1206	4	part	part	NOUN
ftr-349	1206	5	of	of	ADP
ftr-349	1206	6	the	the	DET
ftr-349	1206	7	process	process	NOUN
ftr-349	1206	8	multinational	multinational	ADJ
ftr-349	1206	9	firms	firm	NOUN
ftr-349	1206	10	face	face	VERB
ftr-349	1206	11	in	in	ADP
ftr-349	1206	12	their	their	PRON
ftr-349	1206	13	foreign	foreign	ADJ
ftr-349	1206	14	investment	investment	NOUN
ftr-349	1206	15	decisions	decision	NOUN
ftr-349	1206	16	.	.	PUNCT
ftr-349	1207	1	they	they	PRON
ftr-349	1207	2	argue	argue	VERB
ftr-349	1207	3	,	,	PUNCT
ftr-349	1207	4	for	for	ADP
ftr-349	1207	5	example	example	NOUN
ftr-349	1207	6	,	,	PUNCT
ftr-349	1207	7	that	that	SCONJ
ftr-349	1207	8	the	the	DET
ftr-349	1207	9	capital	capital	NOUN
ftr-349	1207	10	ownership	ownership	NOUN
ftr-349	1207	11	neutrality	neutrality	NOUN
ftr-349	1207	12	principle	principle	NOUN
ftr-349	1207	13	ignores	ignore	VERB
ftr-349	1207	14	the	the	DET
ftr-349	1207	15	critical	critical	ADJ
ftr-349	1207	16	role	role	NOUN
ftr-349	1207	17	of	of	ADP
ftr-349	1207	18	the	the	DET
ftr-349	1207	19	location	location	NOUN
ftr-349	1207	20	of	of	ADP
ftr-349	1207	21	intangible	intangible	ADJ
ftr-349	1207	22	capital	capital	NOUN
ftr-349	1207	23	,	,	PUNCT
ftr-349	1207	24	does	do	AUX
ftr-349	1207	25	not	not	PART
ftr-349	1207	26	address	address	VERB
ftr-349	1207	27	opportunities	opportunity	NOUN
ftr-349	1207	28	for	for	ADP
ftr-349	1207	29	income	income	NOUN
ftr-349	1207	30	shifting	shift	VERB
ftr-349	1207	31	to	to	PART
ftr-349	1207	32	alter	alter	VERB
ftr-349	1207	33	the	the	DET
ftr-349	1207	34	overall	overall	ADJ
ftr-349	1207	35	effective	effective	ADJ
ftr-349	1207	36	tax	tax	NOUN
ftr-349	1207	37	rates	rate	NOUN
ftr-349	1207	38	for	for	ADP
ftr-349	1207	39	multinational	multinational	ADJ
ftr-349	1207	40	firms	firm	NOUN
ftr-349	1207	41	,	,	PUNCT
ftr-349	1207	42	magnifies	magnify	VERB
ftr-349	1207	43	opportunities	opportunity	NOUN
ftr-349	1207	44	for	for	ADP
ftr-349	1207	45	income	income	NOUN
ftr-349	1207	46	-	-	PUNCT
ftr-349	1207	47	shifting	shifting	NOUN
ftr-349	1207	48	that	that	PRON
ftr-349	1207	49	are	be	AUX
ftr-349	1207	50	unavailable	unavailable	ADJ
ftr-349	1207	51	to	to	ADP
ftr-349	1207	52	purely	purely	ADV
ftr-349	1207	53	local	local	ADJ
ftr-349	1207	54	competitors	competitor	NOUN
ftr-349	1207	55	.	.	PUNCT
ftr-349	1208	1	i	i	PRON
ftr-349	1208	2	d.	d.	PROPN
ftr-349	1208	3	168	168	NUM
ftr-349	1208	4	.	.	PUNCT
ftr-349	1209	1	kleinbard	kleinbard	ADJ
ftr-349	1209	2	,	,	PUNCT
ftr-349	1209	3	territorial	territorial	ADJ
ftr-349	1209	4	taxation	taxation	NOUN
ftr-349	1209	5	,	,	PUNCT
ftr-349	1209	6	supra	supra	PROPN
ftr-349	1209	7	note	note	NOUN
ftr-349	1209	8	1	1	NUM
ftr-349	1209	9	,	,	PUNCT
ftr-349	1209	10	at	at	ADP
ftr-349	1209	11	555	555	NUM
ftr-349	1209	12	.	.	NOUN
ftr-349	1209	13	169	169	NUM
ftr-349	1209	14	.	.	PUNCT
ftr-349	1210	1	cf	cf	NOUN
ftr-349	1210	2	.	.	PUNCT
ftr-349	1211	1	mihir	mihir	PROPN
ftr-349	1211	2	a.	a.	PROPN
ftr-349	1211	3	desai	desai	PROPN
ftr-349	1211	4	&	&	CCONJ
ftr-349	1211	5	james	james	PROPN
ftr-349	1211	6	r.	r.	PROPN
ftr-349	1211	7	hines	hines	PROPN
ftr-349	1211	8	jr	jr	PROPN
ftr-349	1211	9	.	.	PROPN
ftr-349	1211	10	,	,	PUNCT
ftr-349	1211	11	old	old	ADJ
ftr-349	1211	12	rules	rule	NOUN
ftr-349	1211	13	and	and	CCONJ
ftr-349	1211	14	new	new	ADJ
ftr-349	1211	15	realities	reality	NOUN
ftr-349	1211	16	:	:	PUNCT
ftr-349	1211	17	corporate	corporate	ADJ
ftr-349	1211	18	tax	tax	NOUN
ftr-349	1211	19	policy	policy	NOUN
ftr-349	1211	20	in	in	ADP
ftr-349	1211	21	a	a	DET
ftr-349	1211	22	global	global	ADJ
ftr-349	1211	23	setting	setting	NOUN
ftr-349	1211	24	,	,	PUNCT
ftr-349	1211	25	57	57	NUM
ftr-349	1211	26	nat’l	nat’l	NOUN
ftr-349	1211	27	tax	tax	NOUN
ftr-349	1211	28	j.	j.	PROPN
ftr-349	1211	29	937	937	NUM
ftr-349	1211	30	,	,	PUNCT
ftr-349	1211	31	954	954	NUM
ftr-349	1211	32	(	(	PUNCT
ftr-349	1211	33	2004	2004	NUM
ftr-349	1211	34	)	)	PUNCT
ftr-349	1211	35	(	(	PUNCT
ftr-349	1211	36	acknowledging	acknowledge	VERB
ftr-349	1211	37	that	that	SCONJ
ftr-349	1211	38	territorial	territorial	ADJ
ftr-349	1211	39	tax	tax	NOUN
ftr-349	1211	40	systems	system	NOUN
ftr-349	1211	41	put	put	VERB
ftr-349	1211	42	additional	additional	ADJ
ftr-349	1211	43	pressure	pressure	NOUN
ftr-349	1211	44	on	on	ADP
ftr-349	1211	45	transfer	transfer	NOUN
ftr-349	1211	46	pricing	pricing	NOUN
ftr-349	1211	47	enforcement	enforcement	NOUN
ftr-349	1211	48	,	,	PUNCT
ftr-349	1211	49	but	but	CCONJ
ftr-349	1211	50	not	not	PART
ftr-349	1211	51	proposing	propose	VERB
ftr-349	1211	52	any	any	DET
ftr-349	1211	53	solutions	solution	NOUN
ftr-349	1211	54	)	)	PUNCT
ftr-349	1211	55	;	;	PUNCT
ftr-349	1211	56	james	james	PROPN
ftr-349	1211	57	r.	r.	PROPN
ftr-349	1211	58	hines	hines	PROPN
ftr-349	1211	59	jr	jr	PROPN
ftr-349	1211	60	.	.	PROPN
ftr-349	1211	61	,	,	PUNCT
ftr-349	1211	62	reconsidering	reconsider	VERB
ftr-349	1211	63	the	the	DET
ftr-349	1211	64	taxation	taxation	NOUN
ftr-349	1211	65	of	of	ADP
ftr-349	1211	66	foreign	foreign	ADJ
ftr-349	1211	67	income	income	NOUN
ftr-349	1211	68	,	,	PUNCT
ftr-349	1211	69	62	62	NUM
ftr-349	1211	70	tax	tax	NOUN
ftr-349	1211	71	l.	l.	PROPN
ftr-349	1211	72	rev	rev	PROPN
ftr-349	1211	73	.	.	PROPN
ftr-349	1211	74	269	269	NUM
ftr-349	1211	75	,	,	PUNCT
ftr-349	1211	76	296–97	296–97	NUM
ftr-349	1211	77	(	(	PUNCT
ftr-349	1211	78	2008	2008	NUM
ftr-349	1211	79	)	)	PUNCT
ftr-349	1211	80	(	(	PUNCT
ftr-349	1211	81	“	"	PUNCT
ftr-349	1211	82	this	this	DET
ftr-349	1211	83	article	article	NOUN
ftr-349	1211	84	follows	follow	VERB
ftr-349	1211	85	almost	almost	ADV
ftr-349	1211	86	all	all	PRON
ftr-349	1211	87	of	of	ADP
ftr-349	1211	88	the	the	DET
ftr-349	1211	89	preceding	precede	VERB
ftr-349	1211	90	literature	literature	NOUN
ftr-349	1211	91	in	in	ADP
ftr-349	1211	92	taking	take	VERB
ftr-349	1211	93	enforcement	enforcement	NOUN
ftr-349	1211	94	matters	matter	NOUN
ftr-349	1211	95	to	to	PART
ftr-349	1211	96	be	be	AUX
ftr-349	1211	97	outside	outside	ADP
ftr-349	1211	98	the	the	DET
ftr-349	1211	99	scope	scope	NOUN
ftr-349	1211	100	of	of	ADP
ftr-349	1211	101	the	the	DET
ftr-349	1211	102	present	present	ADJ
ftr-349	1211	103	inquiry	inquiry	NOUN
ftr-349	1211	104	,	,	PUNCT
ftr-349	1211	105	in	in	ADP
ftr-349	1211	106	large	large	ADJ
ftr-349	1211	107	part	part	NOUN
ftr-349	1211	108	because	because	SCONJ
ftr-349	1211	109	the	the	DET
ftr-349	1211	110	traditional	traditional	ADJ
ftr-349	1211	111	case	case	NOUN
ftr-349	1211	112	for	for	ADP
ftr-349	1211	113	worldwide	worldwide	ADJ
ftr-349	1211	114	taxation	taxation	NOUN
ftr-349	1211	115	is	be	AUX
ftr-349	1211	116	not	not	PART
ftr-349	1211	117	presented	present	VERB
ftr-349	1211	118	in	in	ADP
ftr-349	1211	119	those	those	DET
ftr-349	1211	120	terms	term	NOUN
ftr-349	1211	121	.	.	PUNCT
ftr-349	1211	122	”	"	PUNCT
ftr-349	1211	123	)	)	PUNCT
ftr-349	1211	124	.	.	PUNCT
ftr-349	1212	1	in	in	ADP
ftr-349	1212	2	fact	fact	NOUN
ftr-349	1212	3	,	,	PUNCT
ftr-349	1212	4	it	it	PRON
ftr-349	1212	5	would	would	AUX
ftr-349	1212	6	seem	seem	VERB
ftr-349	1212	7	incumbent	incumbent	ADJ
ftr-349	1212	8	on	on	ADP
ftr-349	1212	9	those	those	PRON
ftr-349	1212	10	proposing	propose	VERB
ftr-349	1212	11	a	a	DET
ftr-349	1212	12	new	new	ADJ
ftr-349	1212	13	tax	tax	NOUN
ftr-349	1212	14	system	system	NOUN
ftr-349	1212	15	for	for	ADP
ftr-349	1212	16	the	the	DET
ftr-349	1212	17	united	united	PROPN
ftr-349	1212	18	states	states	PROPN
ftr-349	1212	19	that	that	PRON
ftr-349	1212	20	so	so	ADV
ftr-349	1212	21	conspicuously	conspicuously	ADV
ftr-349	1212	22	puts	put	VERB
ftr-349	1212	23	additional	additional	ADJ
ftr-349	1212	24	pressure	pressure	NOUN
ftr-349	1212	25	on	on	ADP
ftr-349	1212	26	a	a	DET
ftr-349	1212	27	beleaguered	beleaguered	ADJ
ftr-349	1212	28	tax	tax	NOUN
ftr-349	1212	29	enforcement	enforcement	NOUN
ftr-349	1212	30	mechanism	mechanism	NOUN
ftr-349	1212	31	critical	critical	ADJ
ftr-349	1212	32	to	to	ADP
ftr-349	1212	33	the	the	DET
ftr-349	1212	34	protection	protection	NOUN
ftr-349	1212	35	of	of	ADP
ftr-349	1212	36	the	the	DET
ftr-349	1212	37	u.s	u.s	PROPN
ftr-349	1212	38	.	.	PROPN
ftr-349	1212	39	tax	tax	NOUN
ftr-349	1212	40	base	base	NOUN
ftr-349	1212	41	to	to	PART
ftr-349	1212	42	propose	propose	VERB
ftr-349	1212	43	how	how	SCONJ
ftr-349	1212	44	that	that	DET
ftr-349	1212	45	enforcement	enforcement	NOUN
ftr-349	1212	46	mechanism	mechanism	NOUN
ftr-349	1212	47	could	could	AUX
ftr-349	1212	48	be	be	AUX
ftr-349	1212	49	expected	expect	VERB
ftr-349	1212	50	to	to	PART
ftr-349	1212	51	function	function	VERB
ftr-349	1212	52	in	in	ADP
ftr-349	1212	53	the	the	DET
ftr-349	1212	54	new	new	ADJ
ftr-349	1212	55	environment	environment	NOUN
ftr-349	1212	56	.	.	PUNCT
ftr-349	1213	1	and	and	CCONJ
ftr-349	1213	2	as	as	SCONJ
ftr-349	1213	3	it	it	PRON
ftr-349	1213	4	happens	happen	VERB
ftr-349	1213	5	,	,	PUNCT
ftr-349	1213	6	at	at	ADP
ftr-349	1213	7	least	least	ADV
ftr-349	1213	8	one	one	NUM
ftr-349	1213	9	article	article	NOUN
ftr-349	1213	10	has	have	AUX
ftr-349	1213	11	been	be	AUX
ftr-349	1213	12	published	publish	VERB
ftr-349	1213	13	that	that	SCONJ
ftr-349	1213	14	explicitly	explicitly	ADV
ftr-349	1213	15	relies	rely	VERB
ftr-349	1213	16	on	on	ADP
ftr-349	1213	17	the	the	DET
ftr-349	1213	18	problems	problem	NOUN
ftr-349	1213	19	of	of	ADP
ftr-349	1213	20	transfer	transfer	NOUN
ftr-349	1213	21	pricing	pricing	NOUN
ftr-349	1213	22	mechanisms	mechanism	NOUN
ftr-349	1213	23	in	in	ADP
ftr-349	1213	24	formulating	formulate	VERB
ftr-349	1213	25	a	a	DET
ftr-349	1213	26	case	case	NOUN
ftr-349	1213	27	for	for	ADP
ftr-349	1213	28	worldwide	worldwide	ADJ
ftr-349	1213	29	taxation	taxation	NOUN
ftr-349	1213	30	.	.	PUNCT
ftr-349	1214	1	kleinbard	kleinbard	ADJ
ftr-349	1214	2	,	,	PUNCT
ftr-349	1214	3	taxation	taxation	NOUN
ftr-349	1214	4	,	,	PUNCT
ftr-349	1214	5	supra	supra	PROPN
ftr-349	1214	6	note	note	NOUN
ftr-349	1214	7	1	1	NUM
ftr-349	1214	8	,	,	PUNCT
ftr-349	1214	9	at	at	ADP
ftr-349	1214	10	548	548	NUM
ftr-349	1214	11	.	.	PUNCT
ftr-349	1215	1	2001	2001	NUM
ftr-349	1215	2	]	]	PUNCT
ftr-349	1215	3	stateless	stateless	NOUN
ftr-349	1215	4	income	income	NOUN
ftr-349	1215	5	773	773	NUM
ftr-349	1215	6	for	for	ADP
ftr-349	1215	7	40	40	NUM
ftr-349	1215	8	years	year	NOUN
ftr-349	1215	9	,	,	PUNCT
ftr-349	1215	10	public	public	ADJ
ftr-349	1215	11	finance	finance	NOUN
ftr-349	1215	12	economists	economist	NOUN
ftr-349	1215	13	,	,	PUNCT
ftr-349	1215	14	legal	legal	ADJ
ftr-349	1215	15	scholars	scholar	NOUN
ftr-349	1215	16	,	,	PUNCT
ftr-349	1215	17	and	and	CCONJ
ftr-349	1215	18	policymakers	policymaker	NOUN
ftr-349	1215	19	have	have	AUX
ftr-349	1215	20	debated	debate	VERB
ftr-349	1215	21	which	which	DET
ftr-349	1215	22	solution	solution	NOUN
ftr-349	1215	23	dominates	dominate	VERB
ftr-349	1215	24	the	the	DET
ftr-349	1215	25	other	other	ADJ
ftr-349	1215	26	.	.	PUNCT
ftr-349	1216	1	this	this	DET
ftr-349	1216	2	article	article	NOUN
ftr-349	1216	3	demonstrates	demonstrate	VERB
ftr-349	1216	4	that	that	SCONJ
ftr-349	1216	5	the	the	DET
ftr-349	1216	6	question	question	NOUN
ftr-349	1216	7	can	can	AUX
ftr-349	1216	8	not	not	PART
ftr-349	1216	9	be	be	AUX
ftr-349	1216	10	answered	answer	VERB
ftr-349	1216	11	in	in	ADP
ftr-349	1216	12	practice	practice	NOUN
ftr-349	1216	13	without	without	ADP
ftr-349	1216	14	also	also	ADV
ftr-349	1216	15	considering	consider	VERB
ftr-349	1216	16	the	the	DET
ftr-349	1216	17	implications	implication	NOUN
ftr-349	1216	18	of	of	ADP
ftr-349	1216	19	stateless	stateless	NOUN
ftr-349	1216	20	income	income	NOUN
ftr-349	1216	21	for	for	ADP
ftr-349	1216	22	the	the	DET
ftr-349	1216	23	design	design	NOUN
ftr-349	1216	24	of	of	ADP
ftr-349	1216	25	territorial	territorial	ADJ
ftr-349	1216	26	tax	tax	NOUN
ftr-349	1216	27	systems	system	NOUN
ftr-349	1216	28	in	in	ADP
ftr-349	1216	29	particular	particular	ADJ
ftr-349	1216	30	.	.	PUNCT
ftr-349	1217	1	conclusions	conclusion	NOUN
ftr-349	1217	2	that	that	PRON
ftr-349	1217	3	are	be	AUX
ftr-349	1217	4	logically	logically	ADV
ftr-349	1217	5	coherent	coherent	ADJ
ftr-349	1217	6	in	in	ADP
ftr-349	1217	7	a	a	DET
ftr-349	1217	8	world	world	NOUN
ftr-349	1217	9	without	without	ADP
ftr-349	1217	10	stateless	stateless	NOUN
ftr-349	1217	11	income	income	NOUN
ftr-349	1217	12	do	do	AUX
ftr-349	1217	13	not	not	PART
ftr-349	1217	14	follow	follow	VERB
ftr-349	1217	15	once	once	ADV
ftr-349	1217	16	the	the	DET
ftr-349	1217	17	pervasive	pervasive	ADJ
ftr-349	1217	18	presence	presence	NOUN
ftr-349	1217	19	of	of	ADP
ftr-349	1217	20	stateless	stateless	NOUN
ftr-349	1217	21	income	income	NOUN
ftr-349	1217	22	tax	tax	NOUN
ftr-349	1217	23	planning	planning	NOUN
ftr-349	1217	24	is	be	AUX
ftr-349	1217	25	considered	consider	VERB
ftr-349	1217	26	.	.	PUNCT
ftr-349	1218	1	the	the	DET
ftr-349	1218	2	lessons	lesson	NOUN
ftr-349	1218	3	of	of	ADP
ftr-349	1218	4	stateless	stateless	NOUN
ftr-349	1218	5	income	income	NOUN
ftr-349	1218	6	concludes	conclude	VERB
ftr-349	1218	7	that	that	SCONJ
ftr-349	1218	8	the	the	DET
ftr-349	1218	9	hobson	hobson	PROPN
ftr-349	1218	10	’s	’s	PART
ftr-349	1218	11	choice	choice	NOUN
ftr-349	1218	12	reduces	reduce	VERB
ftr-349	1218	13	to	to	ADP
ftr-349	1218	14	one	one	NUM
ftr-349	1218	15	between	between	ADP
ftr-349	1218	16	the	the	DET
ftr-349	1218	17	highly	highly	ADV
ftr-349	1218	18	implausible	implausible	ADJ
ftr-349	1218	19	—	—	PUNCT
ftr-349	1218	20	a	a	DET
ftr-349	1218	21	territorial	territorial	ADJ
ftr-349	1218	22	tax	tax	NOUN
ftr-349	1218	23	system	system	NOUN
ftr-349	1218	24	with	with	ADP
ftr-349	1218	25	teeth	tooth	NOUN
ftr-349	1218	26	—	—	PUNCT
ftr-349	1218	27	and	and	CCONJ
ftr-349	1218	28	the	the	DET
ftr-349	1218	29	manifestly	manifestly	ADV
ftr-349	1218	30	imperfect	imperfect	ADJ
ftr-349	1218	31	—	—	PUNCT
ftr-349	1218	32	worldwide	worldwide	ADJ
ftr-349	1218	33	tax	tax	NOUN
ftr-349	1218	34	consolidation	consolidation	NOUN
ftr-349	1218	35	.	.	PUNCT
ftr-349	1219	1	because	because	SCONJ
ftr-349	1219	2	the	the	DET
ftr-349	1219	3	former	former	NOUN
ftr-349	1219	4	is	be	AUX
ftr-349	1219	5	so	so	ADV
ftr-349	1219	6	unrealistic	unrealistic	ADJ
ftr-349	1219	7	while	while	SCONJ
ftr-349	1219	8	the	the	DET
ftr-349	1219	9	imperfections	imperfection	NOUN
ftr-349	1219	10	of	of	ADP
ftr-349	1219	11	the	the	DET
ftr-349	1219	12	latter	latter	ADJ
ftr-349	1219	13	can	can	AUX
ftr-349	1219	14	be	be	AUX
ftr-349	1219	15	mitigated	mitigate	VERB
ftr-349	1219	16	through	through	ADP
ftr-349	1219	17	the	the	DET
ftr-349	1219	18	choice	choice	NOUN
ftr-349	1219	19	of	of	ADP
ftr-349	1219	20	tax	tax	NOUN
ftr-349	1219	21	rate	rate	NOUN
ftr-349	1219	22	(	(	PUNCT
ftr-349	1219	23	and	and	CCONJ
ftr-349	1219	24	ultimately	ultimately	ADV
ftr-349	1219	25	by	by	ADP
ftr-349	1219	26	a	a	DET
ftr-349	1219	27	more	more	ADV
ftr-349	1219	28	sophisticated	sophisticated	ADJ
ftr-349	1219	29	approach	approach	NOUN
ftr-349	1219	30	to	to	ADP
ftr-349	1219	31	the	the	DET
ftr-349	1219	32	taxation	taxation	NOUN
ftr-349	1219	33	of	of	ADP
ftr-349	1219	34	capital	capital	NOUN
ftr-349	1219	35	income	income	NOUN
ftr-349	1219	36	)	)	PUNCT
ftr-349	1219	37	,	,	PUNCT
ftr-349	1219	38	the	the	DET
ftr-349	1219	39	project	project	NOUN
ftr-349	1219	40	ultimately	ultimately	ADV
ftr-349	1219	41	concludes	conclude	VERB
ftr-349	1219	42	by	by	ADP
ftr-349	1219	43	recommending	recommend	VERB
ftr-349	1219	44	a	a	DET
ftr-349	1219	45	worldwide	worldwide	ADJ
ftr-349	1219	46	tax	tax	NOUN
ftr-349	1219	47	consolidation	consolidation	NOUN
ftr-349	1219	48	solution	solution	NOUN
ftr-349	1219	49	.	.	PUNCT
ftr-349	1220	1	florida	florida	PROPN
ftr-349	1220	2	tax	tax	PROPN
ftr-349	1220	3	stateless	stateless	NOUN
ftr-349	1220	4	income	income	NOUN
ftr-349	1220	5	by	by	ADP
ftr-349	1220	6	edward	edward	PROPN
ftr-349	1220	7	d.	d.	PROPN
ftr-349	1220	8	kleinbard0f	kleinbard0f	PROPN
ftr-349	1220	9	(	(	PUNCT
ftr-349	1220	10	abstract	abstract	ADJ
ftr-349	1220	11	700	700	NUM
ftr-349	1220	12	i.	i.	NOUN
ftr-349	1220	13	introduction	introduction	NOUN
ftr-349	1220	14	701	701	NUM
ftr-349	1220	15	a.	a.	NOUN
ftr-349	1220	16	stateless	stateless	NOUN
ftr-349	1220	17	income	income	NOUN
ftr-349	1220	18	701	701	NUM
ftr-349	1220	19	b.	b.	NOUN
ftr-349	1220	20	an	an	DET
ftr-349	1220	21	illustrative	illustrative	ADJ
ftr-349	1220	22	example	example	NOUN
ftr-349	1220	23	:	:	PUNCT
ftr-349	1220	24	the	the	DET
ftr-349	1220	25	double	double	ADJ
ftr-349	1220	26	irish	irish	ADJ
ftr-349	1220	27	dutch	dutch	PROPN
ftr-349	1220	28	sandwich	sandwich	NOUN
ftr-349	1220	29	706	706	NUM
ftr-349	1220	30	c.	c.	PROPN
ftr-349	1220	31	overview	overview	NOUN
ftr-349	1220	32	and	and	CCONJ
ftr-349	1220	33	conclusions	conclusion	NOUN
ftr-349	1220	34	of	of	ADP
ftr-349	1220	35	article	article	NOUN
ftr-349	1220	36	713	713	NUM
ftr-349	1220	37	ii	ii	NOUN
ftr-349	1220	38	.	.	PUNCT
ftr-349	1221	1	the	the	DET
ftr-349	1221	2	current	current	ADJ
ftr-349	1221	3	u.s	u.s	PROPN
ftr-349	1221	4	.	.	PROPN
ftr-349	1221	5	tax	tax	NOUN
ftr-349	1221	6	system	system	NOUN
ftr-349	1221	7	is	be	AUX
ftr-349	1221	8	an	an	DET
ftr-349	1221	9	ersatz	ersatz	ADJ
ftr-349	1221	10	territorial	territorial	ADJ
ftr-349	1221	11	regime	regime	NOUN
ftr-349	1221	12	715	715	NUM
ftr-349	1221	13	a.	a.	NOUN
ftr-349	1221	14	worldwide	worldwide	ADV
ftr-349	1221	15	and	and	CCONJ
ftr-349	1221	16	territorial	territorial	ADJ
ftr-349	1221	17	tax	tax	NOUN
ftr-349	1221	18	paradigms	paradigms	NOUN
ftr-349	1221	19	715	715	NUM
ftr-349	1221	20	b.	b.	NOUN
ftr-349	1221	21	the	the	DET
ftr-349	1221	22	current	current	ADJ
ftr-349	1221	23	u.s	u.s	PROPN
ftr-349	1221	24	.	.	PROPN
ftr-349	1221	25	tax	tax	NOUN
ftr-349	1221	26	system	system	NOUN
ftr-349	1221	27	717	717	NUM
ftr-349	1221	28	c.	c.	NOUN
ftr-349	1221	29	revenue	revenue	NOUN
ftr-349	1221	30	collections	collection	NOUN
ftr-349	1221	31	under	under	ADP
ftr-349	1221	32	the	the	DET
ftr-349	1221	33	current	current	ADJ
ftr-349	1221	34	system	system	NOUN
ftr-349	1221	35	722	722	NUM
ftr-349	1221	36	d.	d.	NOUN
ftr-349	1221	37	arbitrage	arbitrage	NOUN
ftr-349	1221	38	and	and	CCONJ
ftr-349	1221	39	domestic	domestic	ADJ
ftr-349	1221	40	base	base	NOUN
ftr-349	1221	41	erosion	erosion	NOUN
ftr-349	1221	42	724	724	NUM
ftr-349	1221	43	e.	e.	NOUN
ftr-349	1221	44	the	the	DET
ftr-349	1221	45	tax	tax	NOUN
ftr-349	1221	46	distillery	distillery	NOUN
ftr-349	1221	47	725	725	NUM
ftr-349	1221	48	iii	iii	NOUN
ftr-349	1221	49	.	.	PUNCT
ftr-349	1222	1	stateless	stateless	NOUN
ftr-349	1222	2	income	income	NOUN
ftr-349	1222	3	in	in	ADP
ftr-349	1222	4	operation	operation	NOUN
ftr-349	1222	5	727	727	NUM
ftr-349	1222	6	a.	a.	NOUN
ftr-349	1222	7	the	the	DET
ftr-349	1222	8	value	value	NOUN
ftr-349	1222	9	of	of	ADP
ftr-349	1222	10	stateless	stateless	NOUN
ftr-349	1222	11	income	income	NOUN
ftr-349	1222	12	tax	tax	NOUN
ftr-349	1222	13	planning	plan	VERB
ftr-349	1222	14	727	727	NUM
ftr-349	1222	15	b.	b.	PROPN
ftr-349	1222	16	mechanics	mechanic	NOUN
ftr-349	1222	17	of	of	ADP
ftr-349	1222	18	stateless	stateless	NOUN
ftr-349	1222	19	income	income	NOUN
ftr-349	1222	20	tax	tax	NOUN
ftr-349	1222	21	planning	planning	NOUN
ftr-349	1222	22	728	728	NUM
ftr-349	1222	23	1	1	NUM
ftr-349	1222	24	.	.	PUNCT
ftr-349	1223	1	business	business	NOUN
ftr-349	1223	2	earnings	earning	NOUN
ftr-349	1223	3	stripping	strip	VERB
ftr-349	1223	4	728	728	NUM
ftr-349	1223	5	2	2	NUM
ftr-349	1223	6	.	.	PUNCT
ftr-349	1223	7	transfer	transfer	NOUN
ftr-349	1223	8	pricing	pricing	NOUN
ftr-349	1223	9	733	733	NUM
ftr-349	1223	10	3	3	NUM
ftr-349	1223	11	.	.	PUNCT
ftr-349	1224	1	legal	legal	ADJ
ftr-349	1224	2	system	system	NOUN
ftr-349	1224	3	arbitrage	arbitrage	NOUN
ftr-349	1224	4	737	737	NUM
ftr-349	1224	5	c.	c.	NOUN
ftr-349	1224	6	how	how	SCONJ
ftr-349	1224	7	large	large	ADJ
ftr-349	1224	8	is	be	AUX
ftr-349	1224	9	stateless	stateless	NOUN
ftr-349	1224	10	income	income	NOUN
ftr-349	1224	11	?	?	PUNCT
ftr-349	1225	1	737	737	NUM
ftr-349	1225	2	1	1	NUM
ftr-349	1225	3	.	.	PUNCT
ftr-349	1225	4	cash	cash	NOUN
ftr-349	1225	5	tax	tax	NOUN
ftr-349	1225	6	liabilities	liability	NOUN
ftr-349	1225	7	737	737	NUM
ftr-349	1225	8	2	2	NUM
ftr-349	1225	9	.	.	PUNCT
ftr-349	1225	10	accounting	account	VERB
ftr-349	1225	11	evidence	evidence	NOUN
ftr-349	1225	12	744	744	NUM
ftr-349	1225	13	iv	iv	NOUN
ftr-349	1225	14	.	.	PUNCT
ftr-349	1226	1	implications	implication	NOUN
ftr-349	1226	2	of	of	ADP
ftr-349	1226	3	stateless	stateless	NOUN
ftr-349	1226	4	income	income	NOUN
ftr-349	1226	5	750	750	NUM
ftr-349	1226	6	a.	a.	NOUN
ftr-349	1226	7	the	the	DET
ftr-349	1226	8	fruitless	fruitless	ADJ
ftr-349	1226	9	search	search	NOUN
ftr-349	1226	10	for	for	ADP
ftr-349	1226	11	source	source	NOUN
ftr-349	1226	12	750	750	NUM
ftr-349	1226	13	b.	b.	NOUN
ftr-349	1226	14	capture	capture	NOUN
ftr-349	1226	15	of	of	ADP
ftr-349	1226	16	“	"	PUNCT
ftr-349	1226	17	tax	tax	NOUN
ftr-349	1226	18	rents	rent	NOUN
ftr-349	1226	19	”	"	PUNCT
ftr-349	1226	20	752	752	NUM
ftr-349	1226	21	c.	c.	NOUN
ftr-349	1226	22	domestic	domestic	ADJ
ftr-349	1226	23	base	base	NOUN
ftr-349	1226	24	erosion	erosion	NOUN
ftr-349	1226	25	through	through	ADP
ftr-349	1226	26	tax	tax	NOUN
ftr-349	1226	27	arbitrage	arbitrage	NOUN
ftr-349	1226	28	757	757	NUM
ftr-349	1226	29	d.	d.	PROPN
ftr-349	1226	30	competiveness	competiveness	NOUN
ftr-349	1226	31	of	of	ADP
ftr-349	1226	32	u.s	u.s	PROPN
ftr-349	1226	33	.	.	PROPN
ftr-349	1226	34	firms	firm	NOUN
ftr-349	1226	35	:	:	PUNCT
ftr-349	1226	36	statutory	statutory	ADJ
ftr-349	1226	37	and	and	CCONJ
ftr-349	1226	38	effective	effective	ADJ
ftr-349	1226	39	tax	tax	NOUN
ftr-349	1226	40	rates	rate	NOUN
ftr-349	1226	41	758	758	NUM
ftr-349	1226	42	e.	e.	NOUN
ftr-349	1226	43	competitiveness	competitiveness	NOUN
ftr-349	1226	44	of	of	ADP
ftr-349	1226	45	u.s	u.s	PROPN
ftr-349	1226	46	.	.	PROPN
ftr-349	1226	47	firms	firm	NOUN
ftr-349	1226	48	:	:	PUNCT
ftr-349	1226	49	lock	lock	NOUN
ftr-349	1226	50	-	-	PUNCT
ftr-349	1226	51	out	out	NOUN
ftr-349	1226	52	762	762	NUM
ftr-349	1226	53	f.	f.	NOUN
ftr-349	1226	54	summary	summary	NOUN
ftr-349	1226	55	of	of	ADP
ftr-349	1226	56	implications	implication	NOUN
ftr-349	1226	57	768	768	NUM
ftr-349	1226	58	v.	v.	ADP
ftr-349	1226	59	responding	respond	VERB
ftr-349	1226	60	to	to	ADP
ftr-349	1226	61	a	a	DET
ftr-349	1226	62	world	world	NOUN
ftr-349	1226	63	imbued	imbue	VERB
ftr-349	1226	64	with	with	ADP
ftr-349	1226	65	stateless	stateless	NOUN
ftr-349	1226	66	income	income	NOUN
ftr-349	1226	67	770	770	NUM
ftr-349	1226	68	abstract	abstract	ADJ
ftr-349	1226	69	i.	i.	PROPN
ftr-349	1226	70	introduction	introduction	PROPN
ftr-349	1226	71	ii	ii	PROPN
ftr-349	1226	72	.	.	PUNCT
ftr-349	1227	1	the	the	DET
ftr-349	1227	2	current	current	ADJ
ftr-349	1227	3	u.s	u.s	PROPN
ftr-349	1227	4	.	.	PROPN
ftr-349	1227	5	tax	tax	NOUN
ftr-349	1227	6	system	system	NOUN
ftr-349	1227	7	is	be	AUX
ftr-349	1227	8	an	an	DET
ftr-349	1227	9	ersatz	ersatz	ADJ
ftr-349	1227	10	territorial	territorial	ADJ
ftr-349	1227	11	regime	regime	NOUN
ftr-349	1227	12	a.	a.	NOUN
ftr-349	1227	13	worldwide	worldwide	ADV
ftr-349	1227	14	and	and	CCONJ
ftr-349	1227	15	territorial	territorial	ADJ
ftr-349	1227	16	tax	tax	NOUN
ftr-349	1227	17	paradigms	paradigm	NOUN
ftr-349	1227	18	b.	b.	PROPN
ftr-349	1228	1	the	the	DET
ftr-349	1228	2	current	current	ADJ
ftr-349	1228	3	u.s	u.s	PROPN
ftr-349	1228	4	.	.	PROPN
ftr-349	1228	5	tax	tax	NOUN
ftr-349	1228	6	system	system	NOUN
ftr-349	1228	7	.	.	PUNCT
ftr-349	1229	1	c.	c.	NOUN
ftr-349	1229	2	revenue	revenue	NOUN
ftr-349	1229	3	collections	collection	NOUN
ftr-349	1229	4	under	under	ADP
ftr-349	1229	5	the	the	DET
ftr-349	1229	6	current	current	ADJ
ftr-349	1229	7	system	system	NOUN
ftr-349	1229	8	d.	d.	PROPN
ftr-349	1229	9	arbitrage	arbitrage	PROPN
ftr-349	1229	10	and	and	CCONJ
ftr-349	1229	11	domestic	domestic	ADJ
ftr-349	1229	12	base	base	NOUN
ftr-349	1229	13	erosion	erosion	NOUN
ftr-349	1229	14	e.	e.	NOUN
ftr-349	1230	1	the	the	DET
ftr-349	1230	2	tax	tax	NOUN
ftr-349	1230	3	distillery	distillery	NOUN
ftr-349	1230	4	table	table	NOUN
ftr-349	1230	5	1	1	NUM
ftr-349	1230	6	:	:	PUNCT
ftr-349	1230	7	royalty	royalty	NOUN
ftr-349	1230	8	and	and	CCONJ
ftr-349	1230	9	interest	interest	NOUN
ftr-349	1230	10	paid	pay	VERB
ftr-349	1230	11	by	by	ADP
ftr-349	1230	12	controlled	control	VERB
ftr-349	1230	13	foreign	foreign	ADJ
ftr-349	1230	14	corporations103f	corporations103f	PROPN
ftr-349	1230	15	iv	iv	X
ftr-349	1230	16	.	.	PUNCT
ftr-349	1230	17	implications	implication	NOUN
ftr-349	1230	18	of	of	ADP
ftr-349	1230	19	stateless	stateless	NOUN
ftr-349	1230	20	income	income	PROPN
ftr-349	1230	21	b.	b.	PROPN
ftr-349	1230	22	capture	capture	NOUN
ftr-349	1230	23	of	of	ADP
ftr-349	1230	24	“	"	PUNCT
ftr-349	1230	25	tax	tax	NOUN
ftr-349	1230	26	rents	rent	NOUN
ftr-349	1230	27	”	"	PUNCT
ftr-349	1230	28	d.	d.	PROPN
ftr-349	1230	29	competiveness	competiveness	PROPN
ftr-349	1230	30	of	of	ADP
ftr-349	1230	31	u.s	u.s	PROPN
ftr-349	1230	32	.	.	PROPN
ftr-349	1230	33	firms	firm	NOUN
ftr-349	1230	34	:	:	PUNCT
ftr-349	1230	35	statutory	statutory	ADJ
ftr-349	1230	36	and	and	CCONJ
ftr-349	1230	37	effective	effective	ADJ
ftr-349	1230	38	tax	tax	NOUN
ftr-349	1230	39	rates	rate	NOUN
ftr-349	1230	40	e.	e.	PROPN
ftr-349	1230	41	competitiveness	competitiveness	NOUN
ftr-349	1230	42	of	of	ADP
ftr-349	1230	43	u.s	u.s	PROPN
ftr-349	1230	44	.	.	PROPN
ftr-349	1230	45	firms	firm	NOUN
ftr-349	1230	46	:	:	PUNCT
ftr-349	1230	47	lock	lock	NOUN
ftr-349	1230	48	-	-	PUNCT
ftr-349	1230	49	out	out	ADP
ftr-349	1230	50	f.	f.	PROPN
ftr-349	1230	51	summary	summary	NOUN
ftr-349	1230	52	of	of	ADP
ftr-349	1230	53	implications	implication	NOUN
ftr-349	1230	54	v.	v.	ADP
ftr-349	1230	55	responding	respond	VERB
ftr-349	1230	56	to	to	ADP
ftr-349	1230	57	a	a	DET
ftr-349	1230	58	world	world	NOUN
ftr-349	1230	59	imbued	imbue	VERB
ftr-349	1230	60	with	with	ADP
ftr-349	1230	61	stateless	stateless	NOUN
ftr-349	1230	62	income	income	NOUN
ftr-349	1230	63	for	for	ADP
ftr-349	1230	64	40	40	NUM
ftr-349	1230	65	years	year	NOUN
ftr-349	1230	66	,	,	PUNCT
ftr-349	1230	67	public	public	ADJ
ftr-349	1230	68	finance	finance	NOUN
ftr-349	1230	69	economists	economist	NOUN
ftr-349	1230	70	,	,	PUNCT
ftr-349	1230	71	legal	legal	ADJ
ftr-349	1230	72	scholars	scholar	NOUN
ftr-349	1230	73	,	,	PUNCT
ftr-349	1230	74	and	and	CCONJ
ftr-349	1230	75	policymakers	policymaker	NOUN
ftr-349	1230	76	have	have	AUX
ftr-349	1230	77	debated	debate	VERB
ftr-349	1230	78	which	which	DET
ftr-349	1230	79	solution	solution	NOUN
ftr-349	1230	80	dominates	dominate	VERB
ftr-349	1230	81	the	the	DET
ftr-349	1230	82	other	other	ADJ
ftr-349	1230	83	.	.	PUNCT
ftr-349	1231	1	this	this	DET
ftr-349	1231	2	article	article	NOUN
ftr-349	1231	3	demonstrates	demonstrate	VERB
ftr-349	1231	4	that	that	SCONJ
ftr-349	1231	5	the	the	DET
ftr-349	1231	6	question	question	NOUN
ftr-349	1231	7	can	can	AUX
ftr-349	1231	8	not	not	PART
ftr-349	1231	9	be	be	AUX
ftr-349	1231	10	answered	answer	VERB
ftr-349	1231	11	in	in	ADP
ftr-349	1231	12	practice	practice	NOUN
ftr-349	1231	13	without	without	ADP
ftr-349	1231	14	also	also	ADV
ftr-349	1231	15	considering	consider	VERB
ftr-349	1231	16	the	the	DET
ftr-349	1231	17	implications	implication	NOUN
ftr-349	1231	18	of	of	ADP
ftr-349	1231	19	stateles	statele	NOUN
ftr-349	1231	20	...	...	PUNCT