Tax Code Amendment

A Change in Foreign-Owned U.S. Corporations' Reporting Requirements Gao ID: GGD-86-19 November 1, 1985

In response to a congressional request, GAO studied Internal Revenue Service (IRS) tax compliance activities with respect to foreign-owned U.S. corporations.

GAO found that the present language of the section of the Internal Revenue Code (IRC) that requires certain foreign-owned U.S. corporations to report transactions with related domestic or foreign corporations does not require the reporting of transactions with noncorporate entities such as trusts and partnerships, which GAO believes should be reported even if their number is relatively small.

Recommendations

Our recommendations from this work are listed below with a Contact for more information. Status will change from "In process" to "Open," "Closed - implemented," or "Closed - not implemented" based on our follow up work.

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