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The Following Persons Own Schlecht Corporation, a Foreign Corporation

Question 74

Multiple Choice

The following persons own Schlecht Corporation, a foreign corporation. The following persons own Schlecht Corporation, a foreign corporation. None of the shareholders are related. Subpart F income for the tax year is $300,000. No distributions are made. Which of the following statements is correct? A) Schlecht is not a CFC. B) Chee includes $90,000 in gross income. C) Marina is not a U.S. shareholder. D) Marina includes $24,000 in gross income. E) None of the above statements is correct. None of the shareholders are related. Subpart F income for the tax year is $300,000. No distributions are made. Which of the following statements is correct?


A) Schlecht is not a CFC.
B) Chee includes $90,000 in gross income.
C) Marina is not a U.S. shareholder.
D) Marina includes $24,000 in gross income.
E) None of the above statements is correct.

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