The following persons own Good Corporation,a foreign corporation.
None of the shareholders are related.Subpart F income for the tax year is $200,000.No distributions are made.Which of the following statements is correct?
A) Good Corporation is not a CFC.
B) Chee includes $60,000 in gross income.
C) Marina includes $16,000 in gross income.
D) Marina is not a U.S. shareholder.
E) None of the above statements is correct.
Correct Answer:
Verified
Q70: Amelia,Inc.,a domestic corporation,has worldwide taxable income of
Q71: Peanut,Inc.,a domestic corporation,receives $500,000 of foreign-source interest
Q72: Which of the following is a true
Q74: ForCo,a controlled foreign corporation owned 100% by
Q75: Which of the following transactions by a
Q76: A U.S.corporation owns 30% of a foreign
Q77: Rufus,Inc.,a domestic corporation,has worldwide taxable income of
Q78: BoxCo,Inc.,a domestic corporation,owns 10% of the stock
Q79: Which of the following income items do
Q80: Benchmark,Inc.,a U.S.shareholder owns 100% of a CFC
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents