This course explains the U.S. tax rules for requiring certain taxpayers to report certain foreign income currently, rather than allowing such taxpayers to defer such income until the income is repatriated back to the shareholder. The course discusses deferral, controlled foreign corporations, Subpart F income, inclusions and exclusions, inclusions for investment in U.S. property, and gain on sale of controlled corporations. Upon completion of this course, the student will be able to: Explain the concept of deferral; Define a CFC; Identify the types of income that are considered Subpart F Income; Identify the mechanism to prevent double taxation on the taxation of Subpart F income; Describe how the deemed paid foreign tax credit works in the context of Subpart F income