The latest edition of Ernst & Young's Washington Dispatch is attached below. Prepared by Ernst & Young's International Tax Services group, this monthly newsletter summarizes recent developments in US international taxation. Highlights of this month's edition include:

Treasury and IRS news

— Treasury Department releases proposed Section 965 regulations
— Proposed GILTI regs under review by OMB; draft GILTI and FDII forms released
— IRS announces upgrades to FATCA Registration System, issues updated user guide and new FAQs regarding entity classifications, certifications of pre-existing accounts, and periodic certifications

Courts

— Tax Court holds upstream loan between CFCs was bona fide debt, subsequent transfer of proceeds to US shareholders was nontaxable return of capital — DC Circuit rejects per se bar on bearer shares under Section 883 income exclusion for international shipping and aircraft corporations
— Ninth Circuit withdraws opinion reversing Tax Court in Altera
— Tax Court rules Section 1446 withholding tax liability is a partnership item

Transfer pricing news

— Eighth Circuit vacates Tax Court opinion in Medtronic, remands to Tax Court for further consideration

OECD news

— OECD releases fourth batch of peer review reports on Action 14

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Washington Dispatch for August 2018