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socrateaser, Lawyer
Category: Tax
Satisfied Customers: 39037
Experience:  Retired (mostly)
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I have a very specific question. I am thinking of setting

Customer Question

I have a very specific question. I am thinking of setting up a BVI offshore IBC (international business company). I need to know if I can elect to have this taxed as a disregarded entity on IRS form 8832. I need to know yes or know, nothing hypothetical. I am quite familiar wi this area, so only a specific answer from someone who has done this before will likely help me.
Submitted: 6 years ago.
Category: Tax
Expert:  socrateaser replied 6 years ago.
An BVI-IBC is the equivalent of a U.S. Corporation, which is an "association" for the purposes of Form 8832, and can be deemed a disregarded entity if it has only one owner. Treas. Reg.(NNN) NNN-NNNN3.

Hope this helps.

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Edited by socrateaser on 1/2/2011 at 1:18 AM EST