Passive Foreign Investment Company Status. Based on the Company’s current estimates of its gross income and the value of its gross assets (including goodwill) and the manner in which the Company conducts its business, the Company was not a Passive Foreign Investment Company within the meaning of Section 1297 of the Code (a “PFIC”) for the taxable year ended December 31, 2021 and does not expect that it will become a PFIC for the taxable year ending December 31, 2022.
Passive Foreign Investment Company Status. The Company was not, for the taxable year ended December 31, 2009, and, after giving effect to the offering and sale of the Offered Shares and the application of the proceeds thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, does not expect to become in the future, a “passive foreign investment company” as defined in Section 1297 of the U.S. Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.
Passive Foreign Investment Company Status. Based on the current and anticipated value of its assets and the nature and composition of its income and assets, and subject to the qualifications set forth in the Registration Statement and the Prospectus, the Company does not expect to be a “passive foreign investment company” within the meaning of Section 1297 of the Code, for the taxable year ended June 30, 2023; however authorities could take a contrary position.
Passive Foreign Investment Company Status. The Corporation does not expect to be classified as a passive foreign investment company within the meaning of section 1297 of the U.S. Internal Revenue Code of 1986, as amended, for its most recently completed taxable year, the year of the Offering or in the foreseeable future.
Passive Foreign Investment Company Status. Subject to the qualifications and assumptions set forth in the Registration Statement, the Company was not a “passive foreign investment company” (“PFIC”) as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its most recently completed taxable year and, based on the Company’s current projected income, assets and activities, the Company does not expect to be classified as a PFIC for any foreseeable subsequent taxable year.
Passive Foreign Investment Company Status. Based on the Company’s current projected income, assets and activities, the Company does not expect to be classified as a “passive foreign investment company” as such term is defined in the Code for its current taxable year or for any subsequent taxable year.
Passive Foreign Investment Company Status. The Company believes it would not have been a passive foreign investment company (“PFIC”) within the meaning of Section 1297 of the Internal Revenue Code of 1986, as amended, in the 2013 tax year had it been a separate taxable entity from the Parent and will not be a PFIC in its initial year. The Company does not expect to become a PFIC in the foreseeable future.
Passive Foreign Investment Company Status. Based on the Company's gross income and gross assets and the nature of the Company's business, the Company does not believe it was a Passive Foreign Investment Company within the meaning of Section 1297 of the Code for the taxable year ended June 30, 2023. (ggg) Additional representations related to Canadian legal matters.
Passive Foreign Investment Company Status. Subject to the qualifications and assumptions set forth in the General Disclosure Package under the caption “Material Tax Considerations—United States Federal Income Taxation,” the Company does not believe it was a “passive foreign investment company” as defined in Section 1297 of the U.S. Internal Revenue Code of 1986 for the taxable year ended December 31, 2010, and it does not currently expect to be one for the taxable year ending December 31, 2011.
Passive Foreign Investment Company Status. The Reorganized Debtor will be a PFIC if either: ● 75% or more of its gross income in a taxable year consists of “passive income” (generally including dividends, interest, gains from the sale, or exchange of investment property); or ● at least 50% of its assets in a taxable year (averaged over the year and generally determined based upon either value or tax basis depending on the application of certain tests) produce or are held for the production of passive income. For purposes of determining whether the Reorganized Debtor will be a PFIC, the Reorganized Debtor will be treated as earning and owning a proportionate share of the income and assets, respectively, of its subsidiaries that have made special U.S. tax elections to be disregarded as separate entities as well as of any other corporate subsidiary in which it owns at least 25% of the value of the subsidiary’s stock. For purposes of these tests, income derived from the performance of services does not constitute passive income. By contrast, rental income would generally constitute passive income unless the Reorganized Debtor were treated under specific rules as deriving its rental income in the active conduct of a trade or business. Based on the Debtor’s past and anticipated future operations, the Debtor does not believe that it has been a PFIC or that the Reorganized Debtor will be a PFIC with respect to future taxable years. In this regard, the Debtor has treated, and the Reorganized Debtor intends to treat, its income from the charter of Vessels as services income, rather than rental income. Accordingly, the Debtor believes that such income does not constitute passive income, and that the assets that the Reorganized Debtor will own and operate in connection with the production of that income, primarily its Vessels, do not constitute passive assets for purposes of determining whether it is a PFIC. There is, however, no direct legal authority under the PFIC rules addressing the Reorganized Debtor’s method of operation that characterizes certain charter income as services income. Moreover, it should be noted that there is authority which characterizes charter income as rental income rather than services income for other tax purposes. Accordingly, no assurance can be given that the IRS or a court of law will accept the Reorganized Debtor’s position, and there is a risk that the IRS or a court of law could determine that the Reorganized Debtor will be a PFIC. Moreover, there can be no assurance that the...
