The six papers in this vohune represent state-of-the-art empirical and
conceptual research on various aspects of the taxation of multinational
corporations. They were commissioned for and presented at a conference
organized by Price Waterhouse LLP on behalf of the International Tax
Policy Forum, held in Washington, DC in March, 1994. The ftrst four
papers were originally published in the May, 1995 issue of International
Tax and Public Finance. The Slemrod paper appeared in the Policy Watch
Section of the November, 1995 issue of that journal. The foregoing
papers were subject to the normal refereeing procedures of the journal,
and the summaries that follow are drawn from there. The Leamer paper has
not been previously published. Altshuler and Mintz examine one aspect of
the 1986 u. s. Tax Reform Act --the change in the rules for the
allocation of interest expense between domestic-(U. S. ) and
foreign-source income. In the absence of rules, a parent with excess
credits could reduce U. S. tax liability by allocating interest expense
toward itself; thus reducing its taxable domestic income without any
compensating increase in either the U. S. tax due on foreign-source
income or the foreign tax due (which is independent of U. S. rules).