EY Cross-Border Taxation Spotlight for Week ending 15 August 2014

A review of the week's major US international tax-related news. In this edition: Senator Charles Schumer releases outline of his legislative proposal to address inversions by targeting earnings stripping practices -- IRS releases its first private letter ruling on Section 7874 anti-inversion rules – IRS issues Revenue Procedus pa014-47 that provides guidance for entering into a withholding foreign partnership agreement and withholding foreign trust agreement with the IRS -- EY publishes a Global Tax Alert discussing the Standard for Automatic Exchange of Information in Tax Matters paper released by the OECD on 21 July 2014.