Liang, a U.S. citizen, owns 100% of ForCo, a foreign corporation not engaged in a U.S. trade or business. Is Liang subject to any U.S. income tax on her dealings with ForCo? Explain.
Answer to relevant QuestionsFleming, Inc., a domestic corporation, operates in both Canada and the United States. This year, the business generated taxable income of $400,000 from foreign sources and $300,000 from U.S. sources. All of Fleming's ...Orion, Inc., a U.S. corporation, reports foreign-source income and pays foreign taxes for the tax year as follows. Orion's worldwide taxable income is $600,000, and U.S. taxes before the FTC are $210,000 (assume a 35% rate). ...Evaluate the following statement: Foreign persons never are subject to U.S. taxation on U.S.-source investment income so long as they are not engaged in a U.S. trade or business. Considering only the aggregate state income tax liability, how should a taxpayer who is a resident in State A selling widgets deploy its sales force? The states that entail the taxpayer's entire customer base use the ...Prepare a PowerPoint presentation (maximum of six slides) entitled "Planning Principles for Our Multistate Clients." The slides will be used to lead a 20-minute discussion with colleagues in the corporate tax department. ...
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