Match the Definition with the Correct Term

question 140

Short Answer

Match the definition with the correct term.
a.Foreign base company income
b.Foreign personal holding company income
c.U.S. shareholder
d.Previously taxed income
e.De minimis rule
f.Passive foreign investment company
-Income that tends to lack any true economic connection to the country of a CFC's organization.

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Definitions:

Gross Earnings

The total amount of money earned by an individual or a company before any deductions such as taxes, benefits, or other expenses.

FICA-OASDI

FICA-OASDI is the Federal Insurance Contributions Act for Old-Age, Survivors, and Disability Insurance, a payroll tax funding Social Security and Medicare in the United States.

Taxable Earnings

The portion of an individual's or company's income that is subject to taxes by federal, state, or local governments.

Payroll Register

A record showing the details of the wages paid to each employee for a specific period.