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Vol. 21 No. 1 - Fall 2001


From the Chair

From the Editor


From the Editor

On the morning of September 11, 2001, I went to my Philadelphia office especially early and sat down to write this column. I was reflecting on the rewards and challenges of putting together this issue of the Newsletter, my first as Supervising Editor, when a colleague whose office is next door to mine arrived and by way of greeting asked, “You’ve heard about the World Trade Center, right?” Of course I had not. I had only been thinking about tax. ...

Council Actions

Points to Remember

Point & Counterpoint: Tax on Worldwide Income


Point: The United States Should Tax U.S. Corporations on Their Worldwide Income

The major approaches by which the tax system of a country (the “residence country”) can handle income earned by its residents in a foreign country (“foreign-source income”) are a worldwide system and a territorial, or exemption, system. In a true worldwide system, a residence country imposes its regular income tax on foreign-source income when it is earned. ...


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