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The panel will discuss proposed legislation (S. 506) (otherwise known as the "Stop Tax Haven Abuse Act") introduced by Senator Carl Levin (and supported by then-senator Barack Obama when a similar bill was introduced by Senator Levin in 2007) and examine how such legislation will affect international tax planning, in general. In particular, the panel will focus on, among other provisions, (i) Section 103 of the proposed legislation, which proposes to treat foreign corporations that either are publicly traded or have gross assets of $50 million or more, and are “managed and controlled” in the United States as domestic corporations for U.S. federal tax purposes; (b) Section 105 which generally proposes to require any financial institution directly or indirectly opening a financial account or creating an entity in an offshore secrecy jurisdiction for a U.S. client to report the transaction to the IRS, and require any bank or securities firm that has a U.S. taxpayer as the beneficial owner of one of its foreign-owned financial accounts to report account income of that U.S. taxpayer to the IRS; and (c) Section 108, which seeks consistent tax treatment of dividends, dividend equivalents (paid under swap contracts), and substitute dividend payments (paid under a securities lending or a sale-leaseback transaction) by defining a “dividend” for U.S. withholding tax purposes to include dividend equivalents and substitute dividend payments.