TAX PREFERENCES AND THE FOREIGN OPERATIONS OF THE UNITED STATES PETROLEUM INDUSTRY

Glenn Jenkins ()

No 1974-04, Development Discussion Papers from JDI Executive Programs

Abstract: This statement outlines some of the economic effects of the present for the taxation of the foreign activities of United States petroleum corporations. The four principal features of this system are the foreign tax credit, the foreign percentage depletion allowance, the deduction of foreign branch losses from United States domestic income, and the special tax treatment of income from tankers. These four tax provisions, in combination, have allowed the petroleum corporations to largely avoid paying any United States tax on their foreign earned income since at least 1962.

Keywords: Taxation; Foreign operations; Petroleum (search for similar items in EconPapers)
JEL-codes: F23 H25 (search for similar items in EconPapers)
Pages: 12 pages
Date: 1974-01
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Persistent link: https://EconPapers.repec.org/RePEc:qed:dpaper:1212

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