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5) One U.S. person owns 50% of Foreign Co., a foreign corporation organized in country H, with a foreign person owning the remaining 50% of
5) One U.S. person owns 50% of Foreign Co., a foreign corporation organized in country H, with a foreign person owning the remaining 50% of Foreign Co. Which one of the following statements is true?
a. Foreign Co. is not a CFC unless Foreign Co. has Subpart F income
b. Foreign Co. is a PFIC
c. Foreign Co. is a CFC, if the U.S. person controls more than 50% of the vote based on the ability to appoint the majority of Board of Director seats
d. All of the Above
e. None of the Above
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