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shareholders, officer, directors and their financial and legal advisors regarding the U.S. tax rules for foreign corporations and other foreign entities owned by U.S. citizens, residents or corporations.
of certain other related taxpayers, such as a spouse, child or parent because the law presumes that these persons have a common interest. "Constructive ownership" is similar to attribution but it is usually applied with respect to entities in which the taxpayer has some control or beneficial interest. A beneficiary of a trust or estate is deemed to own a portion of any stock owned by the trust or estate, based on the rights of the beneficiary with respect to distributions from the trust or estate. A shareholder of a corporation or partner in a partnership is deemed to have a proportionate interest in whatever stock may be owned by the corporation or partnership but only if the shareholder or partner has a 10% or greater interest in that corporation or partnership.[1] Thus, ownership of a foreign corporation is derived from the direct ownership of the taxpayer plus any indirect ownership arising from the attribution and constructive ownership rules. With respect to foreign corporations, these rules are insanely complicated and this is the shortest explanation we can offer without getting involved in the maze of IRC sections relating to this subject. However, these terms will be discussed further in connection with the explanation of "subpart F" income, below. IRC Section 958(b)(2) and (3), and IRC Section 318(a)(2)(C).
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