{"id":25773,"date":"2025-05-15T13:48:50","date_gmt":"2025-05-15T12:48:50","guid":{"rendered":"https:\/\/wpcms.chambers.com\/?post_type=legal-trends&#038;p=25773"},"modified":"2025-05-15T13:48:52","modified_gmt":"2025-05-15T12:48:52","slug":"us-tax-cross-border-restructuring-risks","status":"publish","type":"legal-trends","link":"https:\/\/wpcms.chambers.com\/legal-trends\/us-tax-cross-border-restructuring-risks\/","title":{"rendered":"Tax Implications of Cross-Border Restructurings from a US Perspective: Hidden Tax Traps in Inversions, COD and Section 956"},"content":{"rendered":"\n<p>In this episode of Chambers Expert Focus Weil Tax Insight series, Weil, Gotshal &amp; Manges tax partners Devon Bodoh and Greg Featherman explore three pressing US tax issues facing multinationals and cross-border investors in corporate restructurings: anti-inversion risks, cancellation of debt income and Section 956 exposure.<\/p>\n\n\n\n\n\n<p>This episode builds on a <a href=\"https:\/\/chambers.com\/legal-trends\/taxation-in-distressed-situations-european-perspectives\" target=\"_blank\" rel=\"noreferrer noopener\">previous podcast<\/a>, where Weil Tax partners Jenny Doak and Benjamin Pique, along with Counsel Stuart Pibworth, explored the tax implications of distressed situations from a European perspective. The US rules that are the focus of this episode, often complex and sometimes counterintuitive, can create unexpected tax liabilities if not properly navigated.<\/p>\n\n\n\n<iframe src=\"https:\/\/share.zencast.fm\/embed\/episode\/586ee2e8-7d58-49a3-ac35-1977ae83e1c8\" width=\"100%\" height=\"190\" frameborder=\"0\" scrolling=\"no\" seamless=\"true\" style=\"width: 100vw; max-width:100%; height:190px;\"><\/iframe>\n\n\n\n\n\n<p>Bodoh begins by unpacking how the US anti-inversion regime \u2013 Section 7874 \u2013 can unexpectedly apply in distressed cross-border situations. Originally intended to deter US companies from relocating offshore to avoid taxes, these rules now ensnare restructuring deals where foreign creditors become controlling shareholders. In particular, when a US company in distress is restructured and its debt is recharacterised as equity (especially in bankruptcy or insolvency), the IRS may treat foreign creditors as equity holders.<\/p>\n\n\n\n\n\n<p>If their post-restructuring ownership exceeds certain thresholds (60% or 80%), the new foreign parent may be treated as a US corporation for tax purposes, with global tax consequences. Bodoh warns this \u201ctrap for the unwary\u201d is not theoretical but rather a real and recurring issue in market transactions.<\/p>\n\n\n\n\n\n<p>Featherman then turns to COD income, which arises when debt is settled for less than its face value. Under normal US rules, COD income may be excluded if the debtor is insolvent or in bankruptcy. However, in cross-border settings, COD income recognised by a foreign subsidiary (CFC) can still have US tax implications through subpart F or GILTI (global intangible low-taxed income) rules. A 1997 IRS ruling suggests COD income is not subpart F income \u2013 but if the forgiven debt previously reduced taxable income, it may be pulled back in under the tax benefit rule. COD may also increase tested income, thus inflating GILTI exposure, and reduce asset basis, which could create tax friction in the future.<\/p>\n\n\n\n\n\n<p>Foreign investors in the United States also face uncertainty. It remains legally unclear whether COD income is US-sourced. Conservative market practice generally assumes a US source \u2013 meaning withholding and dry income issues may arise, particularly in partnerships where there is no cash accompanying the income.<\/p>\n\n\n\n\n\n<p>Featherman wraps up by revisiting Section 956, which deems a US shareholder to receive a taxable dividend if a CFC invests in US property, including through guarantees or pledges of credit support. While the 2017 tax reform significantly reduced the practical impact of this rule (via the 245A dividends-received deduction), traps still exist. Notably, individual shareholders, certain hybrids and technical mismatches in earnings and profits calculations may lead to unexpected tax. Lenders and borrowers must still carefully structure guarantees, pledges and upstream loans to avoid adverse tax consequences.<\/p>\n\n\n\n\n\n<p>Bodoh closes by encouraging listeners to consult <a href=\"https:\/\/tax.weil.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Weil\u2019s tax blog<\/a> for deeper dives and examples. As cross-border restructurings grow more complex, these \u201cold\u201d rules are more relevant \u2013 and riskier \u2013 than ever.<\/p>\n\n\n\n\n\n\n","protected":false},"featured_media":0,"template":"","meta":[],"publication":[],"locations":[],"blocks":[{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>In this episode of Chambers Expert Focus Weil Tax Insight series, Weil, Gotshal &amp; Manges tax partners Devon Bodoh and Greg Featherman explore three pressing US tax issues facing multinationals and cross-border investors in corporate restructurings: anti-inversion risks, cancellation of debt income and Section 956 exposure.<\/p>\n","innerContent":["\n<p>In this episode of Chambers Expert Focus Weil Tax Insight series, Weil, Gotshal &amp; Manges tax partners Devon Bodoh and Greg Featherman explore three pressing US tax issues facing multinationals and cross-border investors in corporate restructurings: anti-inversion risks, cancellation of debt income and Section 956 exposure.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-media-list","attrs":{"media-list":"%5B%7B%22title%22:%22Devon%20Bodoh%22,%22buttonName%22:%22View%20profile%22,%22content%22:%22Ranked%20in%20Chambers%20USA:%20Tax%22,%22buttonUrl%22:%22https:\/\/chambers.com\/lawyer\/devon-bodoh-usa-5:1181981%22,%22image%22:%7B%22alt%22:%22Devon%20Bodoh,%20Weil,%20EF%20contributor%22,%22title%22:%22Devon%20Bodoh,%20Weil%22,%22caption%22:%22%22,%22description%22:%22%22,%22id%22:15388,%22link%22:%22https:\/\/wpcms.chambers.com\/legal-trends\/spin-off-taxation-in-the-usa\/devon-bodoh-circle\/%22,%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2023\/04\/14120422\/Devon-Bodoh-circle.jpg%22,%22sizes%22:%7B%22thumbnail%22:%7B%22height%22:120,%22width%22:120,%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2023\/04\/14120422\/Devon-Bodoh-circle-120x120.jpg%22,%22orientation%22:%22landscape%22%7D,%22medium%22:%7B%22height%22:300,%22width%22:300,%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2023\/04\/14120422\/Devon-Bodoh-circle-300x300.jpg%22,%22orientation%22:%22landscape%22%7D,%22large%22:%7B%22height%22:1024,%22width%22:1024,%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2023\/04\/14120422\/Devon-Bodoh-circle-1024x1024.jpg%22,%22orientation%22:%22landscape%22%7D,%22full%22:%7B%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2023\/04\/14120422\/Devon-Bodoh-circle.jpg%22,%22height%22:1696,%22width%22:1696,%22orientation%22:%22landscape%22%7D%7D%7D%7D,%7B%22title%22:%22Greg%20Featherman%22,%22buttonName%22:%22View%20firm%20profile%22,%22buttonUrl%22:%22https:\/\/chambers.com\/law-firm\/weil-gotshal-manges-llp-global-2:3667%22,%22image%22:%7B%22alt%22:%22%22,%22title%22:%22Greg-Featherman-circ%22,%22caption%22:%22%22,%22description%22:%7B%22raw%22:%22%22,%22rendered%22:%22%3Cp%20class=%5C%22attachment%5C%22%3E%3Ca%20href='https:\/\/wpcms.chambers.com\/wp-content\/uploads\/2023\/11\/Greg-Featherman-circ.jpg'%3E%3Cimg%20width=%5C%22300%5C%22%20height=%5C%22300%5C%22%20src=%5C%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2023\/11\/03120215\/Greg-Featherman-circ-300x300.jpg%5C%22%20class=%5C%22attachment-medium%20size-medium%5C%22%20alt=%5C%22%5C%22%20srcset=%5C%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2023\/11\/03120215\/Greg-Featherman-circ-300x300.jpg%20300w,%20https:\/\/assets.chambers.com\/wp-content\/uploads\/2023\/11\/03120215\/Greg-Featherman-circ-120x120.jpg%20120w,%20https:\/\/wpcms.chambers.com\/wp-content\/uploads\/2023\/11\/Greg-Featherman-circ.jpg%20366w%5C%22%20sizes=%5C%22(max-width:%20300px)%20100vw,%20300px%5C%22%20\/%3E%3C\/a%3E%3C\/p%3E%5Cn%22%7D,%22id%22:18204,%22link%22:%22https:\/\/wpcms.chambers.com\/?attachment_id=18204%22,%22url%22:%22https:\/\/wpcms.chambers.com\/wp-content\/uploads\/2023\/11\/Greg-Featherman-circ.jpg%22,%22sizes%22:%22%22%7D%7D%5D","blockId":"ToK9S","blockUniqueClass":"lazyblock-chambers-media-list-ToK9S"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>This episode builds on a <a href=\"https:\/\/chambers.com\/legal-trends\/taxation-in-distressed-situations-european-perspectives\" target=\"_blank\" rel=\"noreferrer noopener\">previous podcast<\/a>, where Weil Tax partners Jenny Doak and Benjamin Pique, along with Counsel Stuart Pibworth, explored the tax implications of distressed situations from a European perspective. The US rules that are the focus of this episode, often complex and sometimes counterintuitive, can create unexpected tax liabilities if not properly navigated.<\/p>\n","innerContent":["\n<p>This episode builds on a <a href=\"https:\/\/chambers.com\/legal-trends\/taxation-in-distressed-situations-european-perspectives\" target=\"_blank\" rel=\"noreferrer noopener\">previous podcast<\/a>, where Weil Tax partners Jenny Doak and Benjamin Pique, along with Counsel Stuart Pibworth, explored the tax implications of distressed situations from a European perspective. The US rules that are the focus of this episode, often complex and sometimes counterintuitive, can create unexpected tax liabilities if not properly navigated.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/html","attrs":[],"innerBlocks":[],"innerHTML":"\n<iframe src=\"https:\/\/share.zencast.fm\/embed\/episode\/586ee2e8-7d58-49a3-ac35-1977ae83e1c8\" width=\"100%\" height=\"190\" frameborder=\"0\" scrolling=\"no\" seamless=\"true\" style=\"width: 100vw; max-width:100%; height:190px;\"><\/iframe>\n","innerContent":["\n<iframe src=\"https:\/\/share.zencast.fm\/embed\/episode\/586ee2e8-7d58-49a3-ac35-1977ae83e1c8\" width=\"100%\" height=\"190\" frameborder=\"0\" scrolling=\"no\" seamless=\"true\" style=\"width: 100vw; max-width:100%; height:190px;\"><\/iframe>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-header","attrs":{"header":"Anti-inversion Rules: Section 7874\u2019s unwelcome surprise","headerLevel":"2","blockId":"Z1yN84C","blockUniqueClass":"lazyblock-chambers-header-Z1yN84C"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>Bodoh begins by unpacking how the US anti-inversion regime \u2013 Section 7874 \u2013 can unexpectedly apply in distressed cross-border situations. Originally intended to deter US companies from relocating offshore to avoid taxes, these rules now ensnare restructuring deals where foreign creditors become controlling shareholders. In particular, when a US company in distress is restructured and its debt is recharacterised as equity (especially in bankruptcy or insolvency), the IRS may treat foreign creditors as equity holders.<\/p>\n","innerContent":["\n<p>Bodoh begins by unpacking how the US anti-inversion regime \u2013 Section 7874 \u2013 can unexpectedly apply in distressed cross-border situations. Originally intended to deter US companies from relocating offshore to avoid taxes, these rules now ensnare restructuring deals where foreign creditors become controlling shareholders. In particular, when a US company in distress is restructured and its debt is recharacterised as equity (especially in bankruptcy or insolvency), the IRS may treat foreign creditors as equity holders.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-quote","attrs":{"quote":"<p>\u201cThis is a trap for the unwary\u2026 the creditors become shareholders, and suddenly the entire group becomes subject to US tax.\u201d<\/p>","blockId":"Znpdks","blockUniqueClass":"lazyblock-chambers-quote-Znpdks"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>If their post-restructuring ownership exceeds certain thresholds (60% or 80%), the new foreign parent may be treated as a US corporation for tax purposes, with global tax consequences. Bodoh warns this \u201ctrap for the unwary\u201d is not theoretical but rather a real and recurring issue in market transactions.<\/p>\n","innerContent":["\n<p>If their post-restructuring ownership exceeds certain thresholds (60% or 80%), the new foreign parent may be treated as a US corporation for tax purposes, with global tax consequences. Bodoh warns this \u201ctrap for the unwary\u201d is not theoretical but rather a real and recurring issue in market transactions.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-header","attrs":{"header":"Cross-border cancellation of debt (COD) income","headerLevel":"2","blockId":"1j4DAl","blockUniqueClass":"lazyblock-chambers-header-1j4DAl"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>Featherman then turns to COD income, which arises when debt is settled for less than its face value. Under normal US rules, COD income may be excluded if the debtor is insolvent or in bankruptcy. However, in cross-border settings, COD income recognised by a foreign subsidiary (CFC) can still have US tax implications through subpart F or GILTI (global intangible low-taxed income) rules. A 1997 IRS ruling suggests COD income is not subpart F income \u2013 but if the forgiven debt previously reduced taxable income, it may be pulled back in under the tax benefit rule. COD may also increase tested income, thus inflating GILTI exposure, and reduce asset basis, which could create tax friction in the future.<\/p>\n","innerContent":["\n<p>Featherman then turns to COD income, which arises when debt is settled for less than its face value. Under normal US rules, COD income may be excluded if the debtor is insolvent or in bankruptcy. However, in cross-border settings, COD income recognised by a foreign subsidiary (CFC) can still have US tax implications through subpart F or GILTI (global intangible low-taxed income) rules. A 1997 IRS ruling suggests COD income is not subpart F income \u2013 but if the forgiven debt previously reduced taxable income, it may be pulled back in under the tax benefit rule. COD may also increase tested income, thus inflating GILTI exposure, and reduce asset basis, which could create tax friction in the future.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-quote","attrs":{"quote":"<p>\u201cCancellation of debt income doesn\u2019t come with cash \u2013 but it might come with a withholding obligation.\u201d<\/p>","blockId":"ZX2UTH","blockUniqueClass":"lazyblock-chambers-quote-ZX2UTH"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>Foreign investors in the United States also face uncertainty. It remains legally unclear whether COD income is US-sourced. Conservative market practice generally assumes a US source \u2013 meaning withholding and dry income issues may arise, particularly in partnerships where there is no cash accompanying the income.<\/p>\n","innerContent":["\n<p>Foreign investors in the United States also face uncertainty. It remains legally unclear whether COD income is US-sourced. Conservative market practice generally assumes a US source \u2013 meaning withholding and dry income issues may arise, particularly in partnerships where there is no cash accompanying the income.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-header","attrs":{"header":"Section 956 and foreign credit support","headerLevel":"2","blockId":"1hSkk7","blockUniqueClass":"lazyblock-chambers-header-1hSkk7"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>Featherman wraps up by revisiting Section 956, which deems a US shareholder to receive a taxable dividend if a CFC invests in US property, including through guarantees or pledges of credit support. While the 2017 tax reform significantly reduced the practical impact of this rule (via the 245A dividends-received deduction), traps still exist. Notably, individual shareholders, certain hybrids and technical mismatches in earnings and profits calculations may lead to unexpected tax. Lenders and borrowers must still carefully structure guarantees, pledges and upstream loans to avoid adverse tax consequences.<\/p>\n","innerContent":["\n<p>Featherman wraps up by revisiting Section 956, which deems a US shareholder to receive a taxable dividend if a CFC invests in US property, including through guarantees or pledges of credit support. While the 2017 tax reform significantly reduced the practical impact of this rule (via the 245A dividends-received deduction), traps still exist. Notably, individual shareholders, certain hybrids and technical mismatches in earnings and profits calculations may lead to unexpected tax. Lenders and borrowers must still carefully structure guarantees, pledges and upstream loans to avoid adverse tax consequences.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-quote","attrs":{"quote":"<p>\u201cWhile 956 is less relevant than it used to be, it\u2019s not dead \u2013 and it still has teeth in the wrong scenario.\u201d<\/p>","blockId":"Z20mJ7i","blockUniqueClass":"lazyblock-chambers-quote-Z20mJ7i"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>Bodoh closes by encouraging listeners to consult <a href=\"https:\/\/tax.weil.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Weil\u2019s tax blog<\/a> for deeper dives and examples. As cross-border restructurings grow more complex, these \u201cold\u201d rules are more relevant \u2013 and riskier \u2013 than ever.<\/p>\n","innerContent":["\n<p>Bodoh closes by encouraging listeners to consult <a href=\"https:\/\/tax.weil.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Weil\u2019s tax blog<\/a> for deeper dives and examples. As cross-border restructurings grow more complex, these \u201cold\u201d rules are more relevant \u2013 and riskier \u2013 than ever.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-header","attrs":{"header":"Weil, Gotshal & 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In Focus Newsletter","content":"Sign up for our newsletter and never miss out on thought leadership content from legal experts and the key stories driving the legal profession forward.","button-title":"Sign up here","button-url":"https:\/\/crm.chambers.com\/l\/854103\/2023-07-05\/h7hd2 ","blockId":"Z2emDOb","blockUniqueClass":"lazyblock-promo-block-Z2emDOb"},"innerBlocks":[],"innerHTML":"","innerContent":[]}],"new_scheduled_revision":null,"save_as_revision":null,"acf":{"sponsored_page":false,"media_type":"podcast","index_page":"","firm_page_url":"","social_sharing_post_options":{"alignment":"left","sticky":false},"title":"","sponsors_list":{"sponsors":false,"showhide_borders":false},"hero_title":"","hero_description":"","hero_content_color":"light","hero_enable_responsive_images":false,"hero_image":false,"hero_retina_image":false,"useful_links":false,"template":{"name":"text-rich-media","sticky_sidebar":false}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin 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