U.S. taxation of international operations was named as the top business tax concern in 2010, according to a poll of senior tax executives at multinational companies and trade associations.

The survey, by law firm Miller & Chevalier, found that management of the effective tax rate was the next biggest concern. Seventy-seven percent of the survey respondents think economic stimulus will be a tax policy priority of the Obama Administration in 2010, while 48 percent believe extension of expired provisions will be a priority and 40 percent think energy legislation will be a priority.

The respondents to the survey overwhelmingly believe there is a need for fundamental reform of the current tax system, but only 2 percent think such reform is likely in the coming year. Seventy-three percent believe this is a result of competing legislative priorities and 68 percent said that the pending mid-term elections would stand in the way of significant tax reform.

An increase in the U.S. taxation of international operations (74 percent); increased taxes on capital gains, dividends and interest (67 percent); and codification of the economic substance doctrine (61 percent) are named as the leading tax revenue sources to be tapped to fund congressional initiatives in 2010. Two-thirds of respondents believe that the 2009 “extenders” package will be enacted into law in 2010. For a copy of the survey results, visit www.millerchevalier.com.