Domestic corporation Sample Clauses
Domestic corporation. For purposes of paragraph (b) of this section, the term domestic corporation means a do- mestic corporation as defined in § 301.7701–5 of this chapter, and the term corporation includes an entity that is classified as an association tax- able as a corporation under § 301.7701–2 of this chapter.
Domestic corporation. A domestic corporation which has secured, or is re- quired to secure, an identification number as an employer having in its employ one or more individuals in em- ployment for wages is not required to secure an identification number under the regulations in this part.
Domestic corporation. TABLE OF CONTENTS -----------------
1. Terms of Appointment; Duties of the Bank ................... 1
Domestic corporation. The League, by executing this Agreement, certifies that it is authorized to transact business in Alaska. The League further certifies that it will maintain such status during the term of this Agreement. This Agreement is subject to termination, at the option of the Borough if, at the time the League entered into this Agreement, it was not authorized to transact business in Alaska; or, having qualified to enter into this Agreement fails to maintain such status during its term.
Domestic corporation. One of the key advantages of ownership through a corporation, which distinguishes it from direct ownerships, is the liability shield it provides its nonresident owner while offering potential tax benefits. Additionally, the corporation acts as its taxpayer, eliminating the responsibility of the foreign owner to file federal and state tax returns. However, this structure only offers partial anonymity because of disclosures on tax returns filed by the corporation. U.S. corporations are subject to federal income tax on current income (net of deductions) at graduated rates exceeding those faced by individual owners, and a flat withholding tax when the profits are repatriated to the foreign shareholder. This structure also creates an extra tax burden for the foreign investor with increased capital gain rates and the second layer of taxation upon repatriation of profits. Another disadvantage of this structure is that the value of the stock in the domestic corporation is subject to U.S. estate tax upon the death of the foreign individual. However, the gift of stock in a domestic corporation is not subject to U.S. gift tax. While an option to the investor, the use of a U.S. corporation by foreign investors is very limited and often, not advisable.