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Controlled foreign corporation |
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Controlled foreign corporation (CFC) A foreign corporation whose voting stock is more than 50% owned by US stockholders, each of whom owns at least 10% of the voting power. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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In a separate action, the AICPA submitted comments to the IRS and Department of the Treasury urging that guidance be provided concerning the new Controlled Foreign Corporation (CFC) look-through provision of the Tax Increase Prevention and Reconciliation Act of 2005. A passthrough entity (as well as a controlled foreign corporation (CFC)) that does not have a required tax year, is disregarded solely for purposes of determining whether a corporation owns an interest in a passthrough entity or CFC in applying certain scope limits under Rev. The amount of dividends eligible for the deduction is reduced by any increase in related-party indebtedness on the part of a controlled foreign corporation between October 3, 2004 and the close of the taxable year for which the deduction is being claimed, determined by treating all controlled foreign corporations with respect to which the taxpayer is a U. |
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