A Japanese corporation owned by 11 U.S. individuals cannot be treated as a controlled foreign corporation for U.S. tax purposes.
Answer the following statement true (T) or false (F)
False
For a corporation to be a CFC, more than 50 percent must be owned by U.S. persons owning at least 10 percent of the corporation. One of the individuals could own more than 50 percent of the stock, making the corporation a CFC.
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What are the four things required of an auditor to obtain reasonable assurance that are outlined in the Performance section of the Principles Underlying an Audit Conducted in Accordance with GAAS?
What will be an ideal response?
The Uruguay Round of trade negotiations lowered
a. trade sanctions levied against South Africa. b. trade sanctions levied against the Soviet Union. c. tariffs but not nontariff trade barriers. d. tariffs as well as nontariff trade barriers.
An example of an intangible benefit is
a. expansion into other markets b. reduction in supplies and overhead c. more efficient operations d. reduced equipment maintenance
Notes may be issued
A) when assets are purchased B) to creditor's to temporarily satisfy an account payable created earlier C) when borrowing money D) all of the above