<?xml version="1.0" encoding="UTF-8"?><xml><records><record><source-app name="Biblio" version="7.x">Drupal-Biblio</source-app><ref-type>17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Kenneth Klassen</style></author><author><style face="normal" font="default" size="100%">Stacie Laplante</style></author><author><style face="normal" font="default" size="100%">Carla Carnaghan</style></author></authors></contributors><titles><title><style face="normal" font="default" size="100%">A model of multinational income shifting and an application to tax planning with e-commerce</style></title><secondary-title><style face="normal" font="default" size="100%">Journal of the American Taxation Association</style></secondary-title></titles><dates><year><style  face="normal" font="default" size="100%">2014</style></year></dates><volume><style face="normal" font="default" size="100%">36</style></volume><pages><style face="normal" font="default" size="100%">27-53</style></pages><language><style face="normal" font="default" size="100%">eng</style></language><abstract><style face="normal" font="default" size="100%">&lt;p&gt;&amp;nbsp;&lt;/p&gt;&lt;p&gt;This manuscript develops an investment model that incorporates the joint&amp;nbsp;consideration of income shifting by multinational parents to or from a foreign subsidiary&amp;nbsp;and the decision to repatriate or reinvest foreign earnings. The model demonstrates&amp;nbsp;that, while there is always an incentive to shift income into the U.S. from high-foreigntax-&amp;nbsp;rate subsidiaries, income shifting out of the U.S. to low-tax-rate countries occurs&amp;nbsp;only under certain conditions. The model explicitly shows how the firms’ required rate&amp;nbsp;of return for foreign investments affects both repatriation and income shifting decisions.&amp;nbsp;We show how the model can be used to refine extant research. We then apply it to a&amp;nbsp;novel setting—using e-commerce for tax planning. We find firms in manufacturing&amp;nbsp;industries with high levels of e-commerce have economically significant lower cash&amp;nbsp;effective tax rates. This effect is magnified for firms that are less likely to have taxable&amp;nbsp;repatriations.&lt;/p&gt;&lt;p&gt;&amp;nbsp;&lt;/p&gt;</style></abstract><issue><style face="normal" font="default" size="100%">2</style></issue></record></records></xml>