Discussion Question 9-2 (LO. 1, 5) Liang Corporation, a U.S. entity, owns 100% of Forco, a non-U.S. corporation not engaged in a U.S. trade or business. Is Liang subject to any U.S. income tax on its dealings with ForCo? Complete the statements below regarding the tax implications to Liang considering her ownership of ForCo. The non-U.S. corporation owned by a U.S. citizen, is / is not considered "a U.S. person". When Forco repatriates its profits to Liang in the form of a dividend, a foreign tax credit / dividends received deduction offsets the offshore profits partially / in full. U.S. income taxation may / will not occur as the profits are earned if the CFC or GILTI rules apply