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Internal Revenue Service, Treasury § 301.7701–2

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Internal Revenue Service, Treasury § 301.7701–2 Internal Revenue Service, Treasury § 301.7701–2 7T(b)(5) of this chapter, is not recog- (2) An association (as determined nized as a separate entity for purposes under § 301.7701–3); of the Internal Revenue Code. See (3) A business entity organized under § 1.482–7T of this chapter for the rules a State statute, if the statute describes regarding CSAs. or refers to the entity as a joint-stock (d) Domestic and foreign business enti- company or joint-stock association; ties. See § 301.7701–5 for the rules that (4) An insurance company; determine whether a business entity is (5) A State-chartered business entity domestic or foreign. conducting banking activities, if any of (e) State. For purposes of this section its deposits are insured under the Fed- and § 301.7701–2, the term State includes eral Deposit Insurance Act, as amend- the District of Columbia. ed, 12 U.S.C. 1811 et seq., or a similar (f) Effective/applicability dates. Except federal statute; as provided in the following sentence, (6) A business entity wholly owned by the rules of this section are applicable a State or any political subdivision as of January 1, 1997. The rules of para- thereof, or a business entity wholly graph (c) of this section are applicable owned by a foreign government or any on January 5, 2009. other entity described in § 1.892–2T; (7) A business entity that is taxable [T.D. 8697, 61 FR 66588, Dec. 18, 1996, as amended by T.D. 9153, 69 FR 49810, Aug. 12, as a corporation under a provision of 2004; T.D. 9246, 71 FR 4816, Jan. 30, 2006; T.D. the Internal Revenue Code other than 9441, 74 FR 390, Jan. 5, 2009] section 7701(a)(3); and (8) Certain foreign entities—(i) In gen- § 301.7701–2 Business entities; defini- eral. Except as provided in paragraphs tions. (b)(8)(ii) and (d) of this section, the fol- (a) Business entities. For purposes of lowing business entities formed in the this section and § 301.7701–3, a business following jurisdictions: entity is any entity recognized for fed- American Samoa, Corporation eral tax purposes (including an entity Argentina, Sociedad Anonima with a single owner that may be dis- Australia, Public Limited Company regarded as an entity separate from its Austria, Aktiengesellschaft owner under § 301.7701–3) that is not Barbados, Limited Company properly classified as a trust under Belgium, Societe Anonyme Belize, Public Limited Company § 301.7701–4 or otherwise subject to spe- Bolivia, Sociedad Anonima cial treatment under the Internal Rev- Brazil, Sociedade Anonima enue Code. A business entity with two Bulgaria, Aktsionerno Druzhestvo. or more members is classified for fed- Canada, Corporation and Company eral tax purposes as either a corpora- Chile, Sociedad Anonima tion or a partnership. A business entity People’s Republic of China, Gufen Youxian with only one owner is classified as a Gongsi Republic of China (Taiwan), Ku-fen Yu-hsien corporation or is disregarded; if the en- Kung-szu tity is disregarded, its activities are Colombia, Sociedad Anonima treated in the same manner as a sole Costa Rica, Sociedad Anonima proprietorship, branch, or division of Cyprus, Public Limited Company the owner. But see paragraphs (c)(2)(iv) Czech Republic, Akciova Spolecnost and (v) of this section for special em- Denmark, Aktieselskab ployment and excise tax rules that Ecuador, Sociedad Anonima or Compania apply to an eligible entity that is oth- Anonima Egypt, Sharikat Al-Mossahamah erwise disregarded as an entity sepa- El Salvador, Sociedad Anonima rate from its owner. Estonia, Aktsiaselts (b) Corporations. For federal tax pur- European Economic Area/European Union, poses, the term corporation means— Societas Europaea (1) A business entity organized under Finland, Julkinen Osakeyhtio/Publikt a Federal or State statute, or under a Aktiebolag statute of a federally recognized Indian France, Societe Anonyme Germany, Aktiengesellschaft tribe, if the statute describes or refers Greece, Anonymos Etairia to the entity as incorporated or as a Guam, Corporation corporation, body corporate, or body Guatemala, Sociedad Anonima politic; Guyana, Public Limited Company 665 VerDate Mar<15>2010 09:21 May 17, 2011 Jkt 223101 PO 00000 Frm 00675 Fmt 8010 Sfmt 8010 Y:\SGML\223101.XXX 223101 jdjones on DSK8KYBLC1PROD with CFR § 301.7701–2 26 CFR Ch. I (4–1–11 Edition) Honduras, Sociedad Anonima (1) With regard to Canada, a Nova Hong Kong, Public Limited Company Scotia Unlimited Liability Company Hungary, Reszvenytarsasag (or any other company or corporation Iceland, Hlutafelag India, Public Limited Company all of whose owners have unlimited li- Indonesia, Perseroan Terbuka ability pursuant to federal or provin- Ireland, Public Limited Company cial law). Israel, Public Limited Company (2) With regard to India, a company Italy, Societa per Azioni deemed to be a public limited company Jamaica, Public Limited Company solely by operation of section 43A(1) Japan, Kabushiki Kaisha (relating to corporate ownership of the Kazakstan, Ashyk Aktsionerlik Kogham Republic of Korea, Chusik Hoesa company), section 43A(1A) (relating to Latvia, Akciju Sabiedriba annual average turnover), or section Liberia, Corporation 43A(1B) (relating to ownership inter- Liechtenstein, Aktiengesellschaft ests in other companies) of the Compa- Lithuania, Akcine Bendroves nies Act, 1956 (or any combination of Luxembourg, Societe Anonyme these), provided that the organiza- Malaysia, Berhad Malta, Public Limited Company tional documents of such deemed pub- Mexico, Sociedad Anonima lic limited company continue to meet Morocco, Societe Anonyme the requirements of section 3(1)(iii) of Netherlands, Naamloze Vennootschap the Companies Act, 1956. New Zealand, Limited Company (3) With regard to Malaysia, a Nicaragua, Compania Anonima Sendirian Berhad. Nigeria, Public Limited Company Northern Mariana Islands, Corporation (B) Inclusions in certain cases. With re- Norway, Allment Aksjeselskap gard to Mexico, the term Sociedad Pakistan, Public Limited Company Anonima includes a Sociedad Anonima Panama, Sociedad Anonima that chooses to apply the variable cap- Paraguay, Sociedad Anonima ital provision of Mexican corporate law Peru, Sociedad Anonima Philippines, Stock Corporation (Sociedad Anonima de Capital Vari- Poland, Spolka Akcyjna able). Portugal, Sociedade Anonima (iii) Public companies. For purposes of Puerto Rico, Corporation paragraph (b)(8)(i) of this section, with Romania, Societate pe Actiuni regard to Cyprus, Hong Kong, and Ja- Russia, Otkrytoye Aktsionernoy maica, the term Public Limited Com- Obshchestvo Saudi Arabia, Sharikat Al-Mossahamah pany includes any Limited Company Singapore, Public Limited Company that is not defined as a private com- Slovak Republic, Akciova Spolocnost pany under the corporate laws of those Slovenia, Delniska Druzba jurisdictions. In all other cases, where South Africa, Public Limited Company the term Public Limited Company is Spain, Sociedad Anonima not defined, that term shall include Surinam, Naamloze Vennootschap Sweden, Publika Aktiebolag any Limited Company defined as a pub- Switzerland, Aktiengesellschaft lic company under the corporate laws Thailand, Borisat Chamkad (Mahachon) of the relevant jurisdiction. Trinidad and Tobago, Limited Company (iv) Limited companies. For purposes Tunisia, Societe Anonyme of this paragraph (b)(8), any reference Turkey, Anonim Sirket to a Limited Company includes, as the Ukraine, Aktsionerne Tovaristvo Vidkritogo case may be, companies limited by Tipu United Kingdom, Public Limited Company shares and companies limited by guar- United States Virgin Islands, Corporation antee. Uruguay, Sociedad Anonima (v) Multilingual countries. Different Venezuela, Sociedad Anonima or Compania linguistic renderings of the name of an Anonima entity listed in paragraph (b)(8)(i) of (ii) Clarification of list of corporations this section shall be disregarded. For in paragraph (b)(8)(i) of this section—(A) example, an entity formed under the Exceptions in certain cases. The fol- laws of Switzerland as a Societe lowing entities will not be treated as Anonyme will be a corporation and corporations under paragraph (b)(8)(i) treated in the same manner as an Akti- of this section: engesellschaft. 666 VerDate Mar<15>2010 09:21 May 17, 2011 Jkt 223101 PO 00000 Frm 00676 Fmt 8010 Sfmt 8010 Y:\SGML\223101.XXX 223101 jdjones on DSK8KYBLC1PROD with CFR Internal Revenue Service, Treasury § 301.7701–2 (b)(9) Business entities with multiple Example 2. (i) Facts. Y is an entity that is charters. (i) An entity created or orga- incorporated under the laws of State A and nized under the laws of more than one has two shareholders. Under the rules of this jurisdiction if the rules of this section section, an entity incorporated under the laws of State A is a corporation for Federal would treat it as a corporation with tax purposes and under § 301.7701–3(a) is un- reference to any one of the jurisdic- able to elect its classification. Several years tions in which it is created or orga- after its formation, Y files a certificate of nized. Such an entity may elect its continuance in Country B as an unlimited classification under § 301.7701–3, subject company. Under the laws of Country B, upon to the limitations of those provisions, filing a certificate of continuance, Y is treat- only if it is created or organized in ed as organized in Country B. Under the each jurisdiction in a manner that rules of this section and § 301.7701–3, an un- limited company organized only in Country meets the definition of an eligible enti- B that has more than one owner is treated as ty in § 301.7701–3(a). The determination a partnership for Federal tax purposes (ab- of a business entity’s corporate or non- sent an election to be treated as an associa- corporate classification is made inde- tion). Neither State A nor Country B law re- pendently from the determination of quires Y to terminate its charter in State A whether the entity is domestic or for- as a result of the continuance, and in fact Y eign.
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