Given the Following Information, Determine If FanCo, a Foreign Corporation

question 32

Essay

Given the following information, determine if FanCo, a foreign corporation, is a CFC. $\begin{array}{lcl}\text { Shareholders of } & \text { Voting } & \\\text { foreign corp oration } & \text { power } & \text { Classification } \\\text { Murray } & 24 \% & \text { U.S. person } \\\text { Nancy } & 20 \% & \text { U.S. person } \\\text { Otto } & 40 \% & \text { Foreign person } \\\text { Patricia } & 16 \% & \text { U.S. person }\end{array}$ Patricia is Murray's daughter.

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Definitions:

Fire Department

A public or private organization that provides emergency firefighting and rescue services to protect people and property from fire and other hazards.

Reflective Thinkers

Individuals who critically analyze their beliefs and experiences to gain deeper understanding.

Certainty

The state of being sure or confident about something, often without doubt or question.

Valid

Holding logic or fact; sound; legally binding.