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§ 301.7701–2 26 CFR Ch. I (4–1–04 Edition) under § 1.482–7 of this chapter is not (5) A State-chartered business entity recognized as a separate entity for pur- conducting banking activities, if any of poses of the Internal Revenue Code. its deposits are insured under the Fed- See § 1.482–7 of this chapter for the eral Deposit Insurance Act, as amend- proper treatment of qualified cost shar- ed, 12 U.S.C. 1811 et seq., or a similar ing arrangements. federal statute; (d) Domestic and foreign entities. For (6) A business entity wholly owned by purposes of this section and §§ 301.7701– a State or any political subdivision 2 and 301.7701–3, an entity is a domestic thereof, or a business entity wholly entity if it is created or organized in owned by a foreign government or any the United States or under the law of other entity described in § 1.892–2T; the United States or of any State; an (7) A business entity that is taxable entity is foreign if it is not domestic. as a corporation under a provision of See sections 7701(a)(4) and (a)(5). the Internal Revenue Code other than (e) State. For purposes of this section section 7701(a)(3); and and § 301.7701–2, the term State includes (8) Certain foreign entities—(i) In gen- the District of Columbia. eral. Except as provided in paragraphs (f) Effective date. The rules of this sec- (b)(8)(ii) and (d) of this section, the fol- tion are effective as of January 1, 1997. lowing business entities formed in the [T.D. 8697, 61 FR 66588, Dec. 18, 1996] following jurisdictions: American Samoa, Corporation § 301.7701–2 Business entities; defini- Argentina, Sociedad Anonima tions. Australia, Public Limited Company (a) Business entities. For purposes of Austria, Aktiengesellschaft this section and § 301.7701–3, a business Barbados, Limited Company entity is any entity recognized for fed- Belgium, Societe Anonyme Belize, Public Limited Company eral tax purposes (including an entity Bolivia, Sociedad Anonima with a single owner that may be dis- Brazil, Sociedade Anonima regarded as an entity separate from its Canada, Corporation and Company owner under § 301.7701–3) that is not Chile, Sociedad Anonima properly classified as a trust under People’s Republic of China, Gufen Youxian § 301.7701–4 or otherwise subject to spe- Gongsi cial treatment under the Internal Rev- Republic of China (Taiwan), Ku-fen Yu-hsien Kung-szu enue Code. A business entity with two Colombia, Sociedad Anonima or more members is classified for fed- Costa Rica, Sociedad Anonima eral tax purposes as either a corpora- Cyprus, Public Limited Company tion or a partnership. A business entity Czech Republic, Akciova Spolecnost with only one owner is classified as a Denmark, Aktieselskab corporation or is disregarded; if the en- Ecuador, Sociedad Anonima or Compania tity is disregarded, its activities are Anonima Egypt, Sharikat Al-Mossahamah treated in the same manner as a sole El Salvador, Sociedad Anonima proprietorship, branch, or division of Finland, Julkinen Osakeyhtio/Publikt the owner. Aktiebolag (b) Corporations. For federal tax pur- France, Societe Anonyme poses, the term corporation means— Germany, Aktiengesellschaft (1) A business entity organized under Greece, Anonymos Etairia a Federal or State statute, or under a Guam, Corporation Guatemala, Sociedad Anonima statute of a federally recognized Indian Guyana, Public Limited Company tribe, if the statute describes or refers Honduras, Sociedad Anonima to the entity as incorporated or as a Hong Kong, Public Limited Company corporation, body corporate, or body Hungary, Reszvenytarsasag politic; Iceland, Hlutafelag (2) An association (as determined India, Public Limited Company under § 301.7701–3); Indonesia, Perseroan Terbuka (3) A business entity organized under Ireland, Public Limited Company Israel, Public Limited Company a State statute, if the statute describes Italy, Societa per Azioni or refers to the entity as a joint-stock Jamaica, Public Limited Company company or joint-stock association; Japan, Kabushiki Kaisha (4) An insurance company; Kazakstan, Ashyk Aktsionerlik Kogham 608 VerDate mar<24>2004 07:55 Apr 20, 2004 Jkt 203099 PO 00000 Frm 00608 Fmt 8010 Sfmt 8010 Y:\SGML\203099T.XXX 203099T Internal Revenue Service, Treasury § 301.7701–2 Republic of Korea, Chusik Hoesa these), provided that the organiza- Liberia, Corporation tional documents of such deemed pub- Luxembourg, Societe Anonyme lic limited company continue to meet Malaysia, Berhad Malta, Public Limited Company the requirements of section 3(1)(iii) of Mexico, Sociedad Anonima the Companies Act, 1956. Morocco, Societe Anonyme (3) With regard to Malaysia, a Netherlands, Naamloze Vennootschap Sendirian Berhad. New Zealand, Limited Company (B) Inclusions in certain cases. With re- Nicaragua, Compania Anonima gard to Mexico, the term Sociedad Nigeria, Public Limited Company Anonima includes a Sociedad Anonima Northern Mariana Islands, Corporation Norway, Allment Aksjeselskap that chooses to apply the variable cap- Pakistan, Public Limited Company ital provision of Mexican corporate law Panama, Sociedad Anonima (Sociedad Anonima de Capital Vari- Paraguay, Sociedad Anonima able). Peru, Sociedad Anonima (iii) Public companies. For purposes of Philippines, Stock Corporation paragraph (b)(8)(i) of this section, with Poland, Spolka Akcyjna Portugal, Sociedade Anonima regard to Cyprus, Hong Kong, and Ja- Puerto Rico, Corporation maica, the term Public Limited Com- Romania, Societe pe Actiuni pany includes any Limited Company Russia, Otkrytoye Aktsionernoy that is not defined as a private com- Obshchestvo pany under the corporate laws of those Saudi Arabia, Sharikat Al-Mossahamah jurisdictions. In all other cases, where Singapore, Public Limited Company the term Public Limited Company is Slovak Republic, Akciova Spolocnost South Africa, Public Limited Company not defined, that term shall include Spain, Sociedad Anonima any Limited Company defined as a pub- Surinam, Naamloze Vennootschap lic company under the corporate laws Sweden, Publika Aktiebolag of the relevant jurisdiction. Switzerland, Aktiengesellschaft (iv) Limited companies. For purposes Thailand, Borisat Chamkad (Mahachon) of this paragraph (b)(8), any reference Trinidad and Tobago, Limited Company to a Limited Company includes, as the Tunisia, Societe Anonyme case may be, companies limited by Turkey, Anonim Sirket Ukraine, Aktsionerne Tovaristvo Vidkritogo shares and companies limited by guar- Tipu antee. United Kingdom, Public Limited Company (v) Multilingual countries. Different United States Virgin Islands, Corporation linguistic renderings of the name of an Uruguay, Sociedad Anonima entity listed in paragraph (b)(8)(i) of Venezuela, Sociedad Anonima or Compania this section shall be disregarded. For Anonima example, an entity formed under the (ii) Clarification of list of corporations laws of Switzerland as a Societe in paragraph (b)(8)(i) of this section—(A) Anonyme will be a corporation and Exceptions in certain cases. The fol- treated in the same manner as an Akti- lowing entities will not be treated as engesellschaft. corporations under paragraph (b)(8)(i) (c) Other business entities. For federal of this section: tax purposes— (1) With regard to Canada, a Nova (1) The term partnership means a Scotia Unlimited Liability Company business entity that is not a corpora- (or any other company or corporation tion under paragraph (b) of this section all of whose owners have unlimited li- and that has at least two members. ability pursuant to federal or provin- (2) Wholly owned entities—(i) In gen- cial law). eral. A business entity that has a single (2) With regard to India, a company owner and is not a corporation under deemed to be a public limited company paragraph (b) of this section is dis- solely by operation of section 43A(1) regarded as an entity separate from its (relating to corporate ownership of the owner. company), section 43A(1A) (relating to (ii) Special rule for certain business en- annual average turnover), or section tities. If the single owner of a business 43A(1B) (relating to ownership inter- entity is a bank (as defined in section ests in other companies) of the Compa- 581, or, in the case of a foreign bank, as nies Act, 1956 (or any combination of defined in section 585(a)(2)(B) without 609 VerDate mar<24>2004 07:55 Apr 20, 2004 Jkt 203099 PO 00000 Frm 00609 Fmt 8010 Sfmt 8010 Y:\SGML\203099T.XXX 203099T § 301.7701–2 26 CFR Ch. I (4–1–04 Edition) regard to the second sentence thereof), the parties agreed to engage (directly then the special rules applicable to or indirectly) in an active and substan- banks under the Internal Revenue Code tial business operation in the jurisdic- will continue to apply to the single tion in which the entity is formed, owner as if the wholly owned entity paragraph (d)(1) of this section will be were a separate entity. For this pur- applied to that entity by substituting pose, the special rules applicable to the date of the entity’s formation for banks under the Internal Revenue Code May 8, 1996. do not include the rules under sections (3) Termination of grandfather status— 864(c), 882(c), and 884. (i) In general. An entity that is not (d) Special rule for certain foreign busi- treated as a corporation under para- ness entities—(1) In general. Except as graph (b)(8)(i) of this section by reason provided in paragraph (d)(3) of this sec- tion, a foreign business entity de- of paragraph (d)(1) or (d)(2) of this sec- scribed in paragraph (b)(8)(i) of this tion will be treated permanently as a section will
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