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Overview of Pre-TCJA US Tax System









                                                                                                           rate
                                                                                       35% statutory
                                                                                       (reduced by FTCs)
                                                                                                                   on USP

                      35% on subpart F                             USP
                income

                      income (reduced by
                      FTCs)



                      Deferral of active
                      income until                                                     35% on branch income

                      repatriation                                                     (reduced by FTCs)









                                    CFC                                                  FBR














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