Bivona Corporation forms Jarvis Corporation in the country of Simants. Bivona owns 90% of Jarviss voting stock

Question:

Bivona forms Jarvis in the country of Simants. Bivona owns 90% of Jarvis’s voting stock and 30% of its preferred stock. The remaining Jarvis stock is owned by citizens of Simants. The preferred shares represent 20% of the fair market value of the company. All Bivona shareholders are U.S. citizens. Is Jarvis a controlled foreign Explain.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...