It would seem, therefore, that
domestic corporations can donate to a political party, or candidate, for the purpose of a partisan political activity.
1 eligible
domestic corporations and domestic LLCs that have ceased doing business and have no assets may be eligible for administrative dissolution/cancellation under recently enacted AB 2503.
shareholders that are
domestic corporations qualify for a
16 Dividends received from
domestic corporations 176.1
The bill amends the NIRC provision to reduce the income tax on
domestic corporations from 35 percent to 25 percent, and removes the preferential tax rates that certain sectors enjoy.
"The Act changes the taxation of
domestic corporations from a worldwide tax system to a hybrid territorial tax system by establishing a limited participation exemption system.
7458 provides for a one-percentage point reduction in the current 30 percent corporate income tax every year for
domestic corporations, resident foreign corporations and non-resident foreign corporations starting 2019, provided that the cut would not reach lower than 20 percent.
As a complement to the new GILTI regime, the new legislation introduced a somewhat similar reduced-tax regime for foreign "intangible income" earned directly by
domestic corporations that parallels the reduced rate of tax that applies to such income earned by foreign subsidiaries.
The effect of this rule is that
domestic corporations owning at least 80% of the vote and value of the stock of another corporation that itself operates a trade or business are entitled to an ordinary loss if the affiliated company's stock becomes worthless.
"We will continue our dedication to help global and
domestic corporations to navigate the challenges they face through our investigative solutions."
(3,4) FCDCs,
domestic corporations "controlled" by foreign persons, are the focus of this article.
