SYSTEM AND METHOD TO CALCULATE TAX LIABILITY OF A FOREIGN ENTITY
A system receives business data pertaining to a first entity where the first entity is associated with a second entity. The system creates first tax data associated with the second entity based on the business data and a first business form of the first entity. The system then creates second tax data associated with the second entity based on the business data and a second business form of the first entity and stores the first tax data and the second tax data.
1 . A method, including:
receiving business data pertaining to a first entity, the first entity being associated with a second entity;
creating first tax data associated with the second entity based on the business data and a first business form of the first entity;
creating second tax data associated with the second entity based on the business data and a second business form of the first entity; and
storing the first tax data and the second tax data.
2 . The method of claim 1 , wherein the receiving of the business data includes receiving a portion of the business data as inputs from at least one from a group including a user interface and a data storage.
3 . The method of claim 1 , wherein the business data includes an election date after which the first entity is represented by the second business form.
4 . The method of claim 3 , including dividing a first portion of the business data pertaining to the first business form and a second portion of the business data pertaining to the second business form based on the election date.
5 . The method of claim 3 , including:
determining from the business data if a dividend has been received from an entity in a chain of entities subordinate to the first entity;
determining from the business data if a tax has been paid on the dividend in a jurisdiction other than a jurisdiction of the second entity; and
including in the first tax data and second tax data at least one from the group including creditable taxes and deductible expenses associated with the payment of the tax.
6 . The method of claim 3 , wherein the election date is a projected election date and the business data is projected business data.
7 . The method of claim 3 , wherein the creating of the first tax data includes using an apportionment value included in the business data to determine a portion of income of the first entity to defer, wherein the first entity is a foreign corporation.
8 . The method of claim 3 , wherein the creating of the first tax data includes calculating an apportionment value based on a number of days the first entity is under the first business form to determine a portion of the first entity's income to defer, wherein the first entity is a foreign corporation.
9 . The method of claim 1 , including creating a user interface to selectively display the first tax data and the second tax data.
10 . A system, including:
a data module to receive business data pertaining to a first entity, the first entity being associated with a second entity;
a calculation module to create first tax data associated with the second entity based on the business data and a first business structure of the first entity and to create second tax data associated with the second entity based on the business data and a second business structure of the first entity; and
the data module to store the first tax data and the second tax data.
11 . The system of claim 10 , wherein the data module to receive a portion of the business data as an input from at least one from a group including a user interface and a data storage.
12 . The system of claim 10 , wherein the business data includes an election date after which the first entity is represented by the second business structure.
13 . The system of claim 12 , wherein the calculation module is to divide a first portion of the business data pertaining to the first business structure and a second portion of the business data pertaining to the second business structure based on the election date.
14 . The system of claim 12 , wherein the calculation module is to determine from the business data if a dividend has been received from an entity in a chain of entities subordinate to the first entity and to determine from the business data if a tax has been paid on the dividend in a jurisdiction other than a jurisdiction of the second entity, and to include in the first tax data and second tax data at least one from the group including creditable taxes and deducible expenses associated with the payment of the tax.
15 . The method of claim 12 , wherein the calculation module is to calculate the first tax data and the second tax data based on the election date being a projected election date and the business data being projected business data.
16 . The system of claim 12 , including a distribution module to use an apportionment value of the business data to determine a portion of income of the first entity to defer, wherein the first entity is a foreign corporation.
17 . The system of claim 3 , including a distribution module to calculate an apportionment value based on a number of days the first entity is under the first business structure to use the calculated apportionment value to determine a portion of the first entity's income to defer, wherein the first entity is a foreign corporation.
18 . The system of claim 10 , including a user interface module to create a user interface to selectively display the first tax data and the second tax data.
19 . A machine readable medium comprising instructions, which when executed by a machine, cause the machine to:
to receive business data pertaining to a first entity, the first entity being associated with a second entity;
to create first tax data associated with the second entity based on the business data and a first business form of the first entity and to create second tax data associated with the second entity based on the business data and a second business form of the first entity; and
to store the first tax data and the second tax data
20 . The machine readable medium of claim 19 , wherein the instructions, which when executed by a machine, cause the machine further to divide a first portion of the business data pertaining to the first business form and a second portion of the business data pertaining to the second business form based on an election date, wherein the election date in included in the business data and is a date after which the first entity is represented by the second business form.
21 . A system, including:
means for receiving business data pertaining to a first entity, the first entity being associated with a second entity;
means for creating first tax data associated with the second entity based on the business data and a first business form of the first entity;
means for creating second tax data associated with the second entity based on the business data and a second business form of the first entity; and
means for storing the first tax data and the second tax data.
22 . A method, comprising:
receiving first business data associated with a parent entity located in a first jurisdiction;
receiving second business data associated with a child entity located in a second jurisdiction;
processing the first business data and the second business data to create a first representation and a second representation of the parent entity and child entity, respectively.
23 . The method of claim 22 , further including:
receiving transaction data pertaining to the child entity; and
processing the transaction data and at least a portion of the second business data to create a third representation of the child entity.
24 . The method of claim 22 , further including:
receiving transaction data pertaining to the parent entity; and
processing the transaction data and at least a portion of the first business data to create a third representation of the parent entity.
25 . The method of claim 22 , further including:
creating first tax data associated with the parent entity based on the first business data and a first business form of the first entity;
creating second tax data associated with the second entity based on the business data and a second business form of the first entity