Finance & markets · 07/09/1995

Definition of a Controlled Foreign Corporation, Foreign Base Company Income and Foreign Personal Holding Company Income

The IRS has released final Income Tax Regulations clarifying the definition of a controlled foreign corporation and the definitions of foreign base company income and foreign personal holding company income, necessary due to changes made by several tax acts, including the Tax Reform Act of 1986 and the Omnibus Budget Reconciliation Act of 1993, affecting US shareholders of controlled foreign corporations.