Thomas W. Giegerich (Dewey Ballantine, New York) has published One-Time Tax Break for Repatriation of Foreign Earnings:  The Clock’s Ticking — Summary and Analysis of Guidance, 108 Tax Notes 547 (Aug. 1, 2005), also available on the Tax Analysts web site as Doc 2005-15277, 2005 TNT 147-22.  Here is the abstract:

With the issuance of Notice 2005-38, many U.S.-based multinationals that had been waiting for additional guidance from Treasury and the IRS before making a determination as to whether to elect to repatriate cash from controlled foreign corporations and claim an 85% dividends received deduction under the one-time tax break for repatriation of foreign earnings afforded under new § 965 (added by the American Jobs Creation Act of 2004) generally should be in a position to move forward with their evaluations. That is so, even while a third and (perhaps) final notice remains in the offing. This article summarizes the basic statutory rules and integrates the guidance provided under Notices 2005-10 and 2005-38, relating both to satisfaction of the requirements for the special 85% dividends received deduction and to the trade-offs required by the legislation. This article also includes observations as to some of the implications for transactions, and planning opportunities, represented by the guidance to date.