Final Regulations On Information Returns For Foreign-Owned Corporations, And Information Returns By U.S. Persons Re Foreign Corporations Are Published

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Sunday, September 1, 1985
Author: 
Bruce Zagaris
Volume: 
1
Issue: 
1
Abstract: 
On July 24, 1985, final regulations were promulgated relating to information returns required of U.S. persons with respect to certain foreign corporations, and information returns required of certain foreign-owned corporations under Sections 6038 and 6038A. 50 F.R. 30160.  The final regulations liberalized the reporting required.  For instance, in response to comments requesting a waiver from penalties for persons who "substantially comply" with the reporting rules, the regulations allow reporting corporations to use resonable estimates in filing information returns.