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to residency of corporations, which o

to residency of corporations, which o

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 4 With respect to residency of corporations, which of the following is correct? The determination of residency for corporations is usually more complex than determining residency for individuals. Corporations that are incorporated in Canada are considered residents of Canada regardless of where the controlling shareholders reside. Corporations that are incorporated in Canada are considered residents of Canada only if the controlling shareholders reside in Canada. Corporations that are incorporated in Canada will be classified as non-resident if the controlling shareholders reside in a foreign jurisdiction.
Transcribed Image Text:Question 4 With respect to residency of corporations, which of the following is correct? The determination of residency for corporations is usually more complex than determining residency for individuals. Corporations that are incorporated in Canada are considered residents of Canada regardless of where the controlling shareholders reside. Corporations that are incorporated in Canada are considered residents of Canada only if the controlling shareholders reside in Canada. Corporations that are incorporated in Canada will be classified as non-resident if the controlling shareholders reside in a foreign jurisdiction.
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