Internal Revenue Service established new rules for space, ocean a...
Internal Revenue Service established new rules for space, ocean and telecom income sources Jan. 16, setting guidelines that income from space or ocean activity by U.S. person will be sourced in U.S., while income from foreign people will be…
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foreign-sourced. Exceptions to rules include foreign companies with half or more ownership by U.S. persons. As result, foreign satellite companies established in no-tax jurisdictions could conduct most of business in U.S. but pay no U.S. or foreign taxes on satellite leasing income.