ITS Washington Dispatch, May 2011

US deficit, debt, and possibility of tax reform dominate debate in Washington -- Final regulations released on treatment under Subpart F and Section 367 of leasing aircraft, vessels in foreign commerce -- New 3% withholding requirement on payments from government entities to contractors delayed -- Fifth Circuit affirms Tax Court in Container Corporation-- Senate Foreign Relations Committee to hold treaty hearing 7 June -- OECD Draft addresses term "beneficial owner"