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Part Ⅰ Introduction1

Chapter 1 The Subject, Definitions, Methodology, and Plan for the Book3

1.1. The Subject3

1.1.1. Transfer Pricing3

1.1.2. The Arm’s Length Principle6

1.1.3. Scope of the Subject11

1.2. The Methodology and Material13

1.3. Definitions and Terminology16

1.3.1. General16

1.3.2. Adjustments16

1.3.2.1. Transfer Pricing Adjustment16

1.3.2.2. Attribution of Income Adjustment17

1.3.2.3. Transactional Adjustment17

1.3.3. Transfer Pricing Adjustments17

1.3.4. The Arm’s Length Test18

1.3.5. Economies of Integration19

1.4. The Plan for the Book20

Part Ⅱ The Legal Basis for the Arm’s Length Principle21

Chapter2 U.S.Tax Law23

2.1. The Sources of Law in U.S.Tax Law23

2.1.1. General23

2.1.2. Legislation24

2.1.3. Administrative Regulations26

2.1.3.1. General26

2.1.3.2. Regulations26

2.1.3.3. Other Administrative Rules28

2.1.4. The Court System30

2.2.Historical Development31

2.2.1. 1917-1960 Domestic Transactions31

2.2.2. 1960-1968 Section 482 Regulations33

2.2.3. 1966 Internationalization of the Section 482 Regulations37

2.2.4. 1960-1986 Outbound Transactions39

2.2.5. 1986 CWI Standard42

2.2.6. 1988 White Paper43

2.2.7. 1992-1994 Section 482 Regulations44

2.2.8. 1982-2005 Inbound Transactions46

2.2.9. 2000-2009 Outbound Transactions51

2.3.Section 48254

2.3.1. General54

2.3.2. The Purpose of Section 48254

2.3.3. Application of Section 48255

2.3.3.1. Law55

2.3.3.2. Facts56

2.3.3.2.1. Information56

2.3.3.2.2. Burden of Proof57

2.3.3.3. Subsumption61

2.3.4 Legal Conditions of Section 48263

2.3.4.1. Taxpayers63

2.3.4.2. Control65

2.3.4.3. Transactions67

2.3.4.4. Allocation norm68

2.3.4.5. Causality70

2.3.5. Legal Consequences of Section 48270

2.3.5.1. Primary Adjustment70

2.3.5.2. Corresponding Adjustment72

2.3.5.3. Secondary Adjustment72

2.4. Tax Treaties73

2.4.1. General73

2.4.2. Historical Development75

2.4.3. U.S.Model Tax Convention79

2.4.3.1. General79

2.4.3.2. Article 980

Chapter 3 The OECD83

3.1. Introduction to the OECD83

3.2. Historical Development84

3.2.1. The League of Nations84

3.2.1.1. Introduction85

3.2.1.2. 1921-1927, 1927 Draft Model85

3.2.1.3. 1928-1929, 1928 Model87

3.2.1.4. 1930-1933, The Carroll Report89

3.2.1.5. 1933-1939, 1933 and 1935 Models92

3.2.1.6. 1939-1946, 1943 and 1946 Models94

3.2.2. OECD95

3.2.2.1. 1956-1963, 1963 Model96

3.2.2.2. 1963-1976, 1976 Guidelines for Multinational Enterprises98

3.2.2.3. 1977, 1977 Model99

3.2.2.4. 1974-1979, 1979 OECD Report100

3.2.2.5. 1980-1984, 1984 OECD Report101

3.2.2.6. 1984-1986, Unitary Taxation102

3.2.2.7. 1987, 1987 OECD Thin Capitalization103

3.2.2.8. 1992, 1992 Model103

3.2.2.9. 1992-1993, The Task Force Reports104

3.2.2.10. 1992-1997, OECD Transfer Pricing Guidelines105

3.2.2.11. 1997-2009109

3.3. Article 9 of the OECD Model111

3.3.1. General111

3.3.2. Interpretation of Article 9112

3.3.2.1. General112

3.3.2.2. The Vienna Convention on the Law of Treaties113

3.3.2.2.1. General113

3.3.2.2.2. Primary Means of Interpretation115

3.3.2.2.3. Supplementary Means of Interpretation119

3.3.2.2.4. Multilingual Treaties121

3.3.2.3. The OECD Commentaries122

3.3.2.3.1. General122

3.3.2.3.2. Legal Status123

3.3.2.3.3. Static or Dynamic Interpretation128

3.3.2.4. Domestic Legislation131

3.3.2.4.1. General131

3.3.2.4.2 Autonomous or Domestic Law Interpretation132

3.3.2.4.3. Domestic Law of the Source State or of the State Applying the Treaty137

3.3.2.4.4. Domestic Tax Law or Other Law141

3.3.2.4.5 Static or Dynamic Interpretation141

3.3.2.5.Foreign Court Decisions143

3.3.3. The Purpose of Article 9145

3.3.3.1.General146

3.3.3.2.Economic Double Taxation148

3.3.3.3.Transfer Pricing Adjustments149

3.3.3.4.Attribution of Income Adjustments151

3.3.3.5.Transactional Adjustments151

3.3.3.5.1. General152

3.3.3.5.2. Thin Capitalization161

3.3.3.5.3. CWI Standards166

3.3.3.5.4. Business Restructurings169

3.3.4. Relationship between Article 9 and other Articles of the OECD Model177

3.3.4.1.General177

3.3.4.2.Article 10 and Article 21183

3.3.4.3.Article 11（6） and Article 12（4）184

3.3.5. Relationship between Article 9（1） and Domestic Tax Law190

3.3.5.1.Does Article 9（1） Broaden the Right to Tax under Domestic Law?190

3.3.5.2.Does Article 9（1） Restrict the Right to Tax under Domestic Law?193

3.3.5.2.1. General193

3.3.5.2.2. Allocation Norm195

3.3.5.2.3. Personal Scope199

3.3.6. Legal Conditions of Article 9（1）203

3.3.6.1.Subjective Scope203

3.3.6.1.1. General203

3.3.6.1.2. Enterprise203

3.3.6.1.3. Resident205

3.3.6.2.Control213

3.3.6.2.1. General213

3.3.6.2.2. Autonomous or Domestic Law Interpretation213

3.3.6.2.3. Control Requirement215

3.3.6.2.4. Concept of Control216

3.3.6.2.5. Direct/Indirect and Vertical/Horizontal Relations221

3.3.6.3. Objective Scope222

3.3.6.3.1. General222

3.3.6.3.2. Unilateral and Bilateral Transactions226

3.3.6.3.3. Formal Requirements227

3.3.6.3.4. Acts and Omissions230

3.3.6.3.5. Direct/Indirect233

3.3.6.4. Conditions235

3.3.6.5. Allocation Norm236

3.3.6.6. Income Reduction237

3.3.6.7. Causality239

3.3.7.Legal Consequences of Article 9240

3.3.7.1. Primary Adjustment240

3.3.7.2. Corresponding Adjustment241

3.3.7.3. Secondary Adjustment244

3.4. The OECD Transfer Pricing Guidelines246

Chapter 4 Other International Law249

4.1. United Nations250

4.2. European Union252

4.2.1. Primary Legislation253

4.2.1.1.General253

4.2.1.2.Fundamental Freedoms253

4.2.1.2.1. General253

4.2.1.2.2. Primary Adjustment257

4.2.1.2.3. Corresponding Adjustment272

4.2.1.2.4. Secondary Adjustment275

4.2.1.3.State Aid275

4.2.2. Secondary Legislation276

4.2.3. Joint Transfer Pricing Forum282

4.3.World Trade Organization284

4.3.1. General284

4.3.2. Arm’s Length Principle284

4.4.Customary International Law287

4.4.1. General287

4.4.2. Arm’s Length Principle288

Part Ⅲ The Concept of the Arm’s Length Principle291

Chapter 5 Introduction293

Chapter 6 U.S.Tax Law295

6.1. General295

6.2. Controlled Transaction297

6.3. Reference Transaction298

6.4. Valuation302

Chapter 7 Discourse: German Tax Law303

7.1. General303

7.2. Controlled Transactions307

7.3. Reference Transactions307

7.4. Valuation311

Chapter 8 Article 9（1） of the OECD Model313

8.1. General313

8.2. Controlled Transactions313

8.3. Reference Transactions314

8.4. Valuation316

Part Ⅳ General Arm’s Length Rules319

Chapter 9 Recognition of Controlled Transactions321

9.1. U.S.Tax Law321

9.1.1. General321

9.1.2. Economies of Integration326

9.1.3. Realistic Alternatives329

9.2. The OECD Guidelines332

9.2.1. General332

9.2.2. Economies of Integration334

9.2.3. Realistic Alternatives341

Chapter 10 Aggregated and Separate Arm’s Length Tests343

10.1. Aggregated Arm’s Length Tests343

10.1.1. U.S.Tax Law343

10.1.2. The OECD Guidelines348

10.1.3. Discourse: German Tax Law354

10.2. Separate Arm’s Length Tests357

10.2.1. U.S.Tax Law357

10.2.2. The OECD Guidelines360

Chapter 11 Set-Off365

11.1.U.S.Tax Law366

11.2.The OECD Guidelines367

Chapter 12 Multiple Year Analyses375

12.1.U.S.Tax Law375

12.1.1. General375

12.1.2. Losses377

12.1.3. Dynamic or Static Arm’s Length Tests378

12.1.4. Prospective or Retrospective Arm’s Length Tests379

12.2.The OECD Guidelines379

12.2.1. General379

12.2.2. Losses382

12.2.3. Dynamic or Static Arm’s Length Tests384

12.2.4. Prospective or Retrospective Arm’s Length Tests388

Chapter 13 The Comparability Requirement393

13.1.The Comparability Standard393

13.1.1. U.S.Tax Law393

13.1.2. The OECD Guidelines396

13.2.Internal and External Reference Transactions397

13.3.Comparability Factors397

13.3.1. The Property or Services398

13.3.2. The Functional Analysis399

13.3.3. The Functions400

13.3.4. Risks403

13.3.4.1. General403

13.3.4.2. Risk Allocation407

13.3.4.2.1.U.S.Tax Law407

13.3.4.2.2.The OECD Guidelines411

13.3.5. Assets417

13.3.6. Contractual Terms418

13.3.6.1. General418

13.3.6.2. Recognition of Contractual Terms419

13.3.6.2.1.U.S.Tax Law419

13.3.6.2.2.The OECD Guidelines421

13.3.6.3. Volume423

13.3.6.4. Long-term Contracts426

13.3.7. Economic Circumstances428

13.3.7.1. General428

13.3.7.2. Geographic Market Differences428

13.3.7.3. Location Savings434

13.3.7.4. Market Form438

13.3.7.5. Bargaining Position440

13.3.8.Business Strategies442

13.4. Irregular Transactions446

Chapter 14 Legislative Restrictions449

14.1. U.S.Tax Law449

14.2. The OECD Guidelines454

Chapter 15 Arm’s Length Range459

15.1. U.S.Tax Law459

15.2. Discourse: German Tax Law462

15.3. The OECD Guidelines472

Part Ⅴ The Special Arm’s Length Rules475

Chapter 16 Services477

16.1. General477

16.2. The Definition of Services478

16.2.1.General478

16.2.1.1.U.S.Tax Law478

16.2.1.2.The OECD Guidelines479

16.2.2.The Activity Test480

16.2.2.1.U.S.Tax Law480

16.2.2.2.The OECD Guidelines481

16.2.3.The Benefit Test484

16.2.3.1.General485

16.2.3.1.1.U.S.Tax Law485

16.2.3.1.2.The OECD Guidelines487

16.2.3.2.Shareholder Activities488

16.2.3.2.1.U.S.Tax Law488

16.2.3.2.2.The OECD Guidelines495

16.2.3.3.Duplicative Activities499

16.2.3.3.1. U.S.Tax Law499

16.2.3.3.2.The OECD Guidelines500

16.2.3.4.Indirect Benefit501

16.2.3.4.1.U.S.Tax Law501

16.2.3.4.2.The OECD Guidelines502

16.2.3.5.Passive Association503

16.2.3.5.1. U.S.Tax Law503

16.2.3.5.2.The OECD Guidelines506

16.3.Payment Form509

16.3.1.U.S.Tax Law509

16.3.1.1. Direct/Indirect Payment509

16.3.1.2. Contingent Payment512

16.3.2.The OECD Guidelines514

16.3.2.1. Direct/Indirect Payment514

16.3.2.2. Contingent Payment521

16.4.Valuation521

16.4.1.U.S.Tax Law521

16.4.1.1. General521

16.4.1.2. Arm’s Length Price or Cost-Only Price524

16.4.2.The OECD Guidelines527

16.4.2.1. General527

16.4.2.2. Arm’s Length Price or Cost-Only Price529

Chapter 17 Cost Sharing537

17.1.General537

17.2.The Relationship between the General Arm’s Length Rules and the Cost Sharing Rules540

17.2.1. U.S.Tax Law540

17.2.2. The OECD Guidelines541

17.3.The Definition of Cost Sharing542

17.3.1. U.S.Tax Law542

17.3.2. The OECD Guidelines545

17.4.The Participants546

17.4.1. U.S.Tax Law546

17.4.2. The OECD Guidelines547

17.5.Cost Contributions548

17.5.1. U.S.Tax Law548

17.5.1.1. General548

17.5.1.2. Costs548

17.5.1.3. Methodology551

17.5.2. The OECD Guidelines552

17.5.2.1. General552

17.5.2.2. Costs552

17.5.2.3. Methodology554

17.6.Buy-In Payments555

17.6.1. U.S.Tax Law555

17.6.1.1. General555

17.6.1.2. PCT557

17.6.1.2.1.General557

17.6.1.2.2.Platform Contributions558

17.6.1.2.3.Terms of a PCT564

17.6.1.3.Supplementary Guidance on Transfer Pricing Methods566

17.6.1.3.1.General566

17.6.1.3.2.Discount Rates568

17.6.1.3.3.Realistic Alternatives570

17.6.1.3.4.Investor Model572

17.6.1.4.Transfer Pricing Methods576

17.6.1.4.1.General576

17.6.1.4.2.Comparable Uncontrolled Transaction Method576

17.6.1.4.3.Income Method577

17.6.1.4.4.Acquisition Price Method582

17.6.1.4.5.Market Capitalization Method583

17.6.1.4.6.Residual Profit Split Method584

17.6.1.4.7.Unspecified Methods586

17.6.2. The OECD Guidelines586

17.7.Changes in Participation586

17.7.1. U.S.Tax Law586

17.7.2. The OECD Guidelines587

17.8.Adjustments587

17.8.1. U.S.Tax Law587

17.8.1.1. Transfer Pricing Adjustments587

17.8.1.2. Transactional Adjustments589

17.8.1.3. Periodic Adjustments589

17.8.2. The OECD Guidelines591

17.8.2.1. Transfer Pricing Adjustments591

17.8.2.2. Transactional Adjustments591

Chapter 18 Intangibles593

18.1.General593

18.2.Defition of Intangibles596

18.2.1. General596

18.2.2. U.S.Tax Law596

18.2.2.1. General596

18.2.2.2. Application of the Definition601

18.2.3. Discourse: German Tax Law610

18.2.4. The OECD Guidelines615

18.2.4.1. General615

18.2.4.2. Application of the Definition619

18.3.Ownership of Intangibles624

18.3.1. General624

18.3.2. U.S.Tax Law625

18.3.3. The OECD Guidelines629

18.4.Joint Development of Intangibles631

18.4.1. General631

18.4.2. U.S.Tax Law632

18.4.3. OECD Guidelines641

18.5.Valuation643

18.5.1. U.S.Tax Law644

18.5.1.1.Special Arm’s Length Rules644

18.5.1.2.Transfer Pricing Methods645

18.5.1.2.1.Introduction645

18.5.1.2.2.Comparable Uncontrolled Transaction Method649

18.5.1.2.3.Comparable Profits Method651

18.5.1.2.4.Profit Split Method656

18.5.1.2.5.Unspecified Methods658

18.5.2. Discourse: German Tax Law662

18.5.3. The OECD Guidelines666

18.5.3.1.Special Arm’s Length Rules666

18.5.3.2.Transfer Pricing Methods667

18.5.3.2.1. Specified Methods667

18.5.3.2.2.Unspecified Methods670

18.6.Periodic Adjustment674

18.6.1. General674

18.6.2. U.S.Tax Law675

18.6.3. Discourse: German Tax Law684

18.6.4. The OECD Guidelines689

Part Ⅵ Transfer Pricing Methods695

Chapter 19 General697

19.1.Introduction to the Transfer Pricing Methods697

19.2.Transfer Pricing Methods in Existing Law701

19.2.1. U.S.Tax Law701

19.2.2. The OECD Guidelines701

19.3.Selection of Transfer Pricing Method701

19.3.1. U.S.Tax Law702

19.3.2. The OECD Guidelines708

Chapter 20 Transfer Pricing Methods713

20.1.Comparable Uncontrolled Price Method713

20.1.1. Introduction713

20.1.2. Comparability714

20.1.3. Adjustments715

20.1.4. Information716

20.2.Resale Price Method720

20.2.1. Introduction720

20.2.2. Comparability721

20.2.3. Adjustments725

20.2.4. Information726

20.3.Cost Plus Method726

20.3.1. Introduction726

20.3.2. Comparability727

20.3.3. Adjustments734

20.3.4. Information735

20.4.CPM/TNMM735

20.4.1. Introduction735

20.4.2. Tested Party739

20.4.3. Net Profits739

20.4.4. Profit Level Indicators740

20.4.4.1. Return on Operating Assets741

20.4.4.2. Operating Margin744

20.4.4.3. Berry Ratio745

20.4.4.4. Net Profit Mark-Up746

20.4.5. Comparability747

20.4.6. Adjustments748

20.4.6.1. Accounting Adjustments749

20.4.6.2. Asset Intensity749

20.4.7. Information751

20.5.Profit Split Method753

20.5.1. Introduction753

20.5.2. Combined Net Profits756

20.5.3. Allocation Methods758

20.5.3.1. General758

20.5.3.2. Residual Profit Split759

20.5.3.3. Contribution Method763

20.5.3.4. Comparable Profit Split765

Part Ⅶ Conclusion767

Chapter 21 Summary and Discussion769

21.1. The Legal Basis for the Arm’s Length Principle769

21.2. The Content of the Arm’s Length Principle771

21.2.1.De lege lata771

21.2.1.1. Controlled Transactions772

21.2.1.2. Reference Transactions773

21.2.1.3. Valuation775

21.2.1.4. The Special Arm’s Length Rules776

21.2.1.5. Summary778

21.2.2.Problems de lege lata778

21.2.2.1. Legally Oriented Problems779

21.2.2.2. Economically Oriented Problems780

21.2.2.2.1.Economies of Integration781

21.2.2.2.2.Empirical Data783

21.2.2.2.3.Quality of Functions783

21.2.2.2.4.The Relativity of Arm’s Length Prices784

21.2.2.2.5.Information Asymmetry785

21.2.2.2.6.Tax Planning786

21.2.3. De lege ferenda787

21.2.3.1. General787

21.2.3.2. Legally Oriented Problems790

21.2.3.3. Economically Oriented Problems793

Bibliography799

Table of Cases839

Table of Official Reports853

Table of Statutes861

Index873