Official Summary

7/14/2011--Introduced.International Tax Competitiveness Act of 2011 - Amends the Internal Revenue Code to: (1) treat foreign corporations that are managed, directly or indirectly, within the United States as domestic corporations for U.S. income tax purposes; (2) make certain royalty incom

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Official Summary

7/14/2011--Introduced.International Tax Competitiveness Act of 2011 - Amends the Internal Revenue Code to:
(1) treat foreign corporations that are managed, directly or indirectly, within the United States as domestic corporations for U.S. income tax purposes;
(2) make certain royalty income and income from intangibles received from a controlled foreign corporation subject to U.S. taxation; and
(3) revise the tax treatment of property other than stock (i.e., boot) received in connection with a corporate reorganization to provide that such property shall be treated as a taxable dividend.

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