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19. Matching: Place the number below next to the corresponding business entity being described: ECI _____ FDAP ______ FIRPTA...

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Accounting

19. Matching: Place the number below next to the correspondingbusiness entity being described:

ECI _____

FDAP ______

FIRPTA _____

Portfolio Interest_____

Branch Profits Tax _____

1. Exception from FDAP withholding on interest income fromcertain portfolio debt investments.

2. 30% withholding tax on passive-type income (interest,dividends, etc..).

3. 30% tax imposed on a foreign corporation based on a deemeddistribution of US branch operations.

4. Imposed on 1980 by the Foreign Investment in Real PropertyTax Act.

5. A withholding tax on income that is effectively connectedwith a United States trade or business.

Answer & Explanation Solved by verified expert
4.4 Ratings (758 Votes)
According to the website of Internal Revenue Service 1Portfolio interest Exception from FDAP withholding on interest income from certain portfolio debt investments The interest income is earned from debtCertain portfolio debt investment interest are exempted from tax should be qualified for exemption and certian portfolio debt investment interest are taxable Certain types of US source    See Answer
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