The regulations also address circumstances where a CFC
carries on manufacturing, producing, constructing, growing, or extracting activities by or through a branch or similar establishment located outside the country under whose laws the corporation is created or organized (Regs.
Thanks to the forces of economic globalization, contraband including CFCs
, endangered species, and toxic waste is flowing through national borders that are disturbingly porous.
trial balance data (Schedule C--Income Statement, Schedule F--Balance Sheet, Schedule H--Current Earnings and Profits) reporting should be accomplished by using standard reports generated from standard tax preparation software program, thus eliminating the need to separately complete these schedules.
But the persistent trade in illegal CFCs
is only one sign that ozone recovery is far from a sure thing.
, though, have a half-life of 50 to 100 years, so they stick around long enough to accumulate and reach the stratosphere.
A lively and lucrative black market has sprung up, with canisters of gaseous CFCs
sold to dealers and service stations that use the chemical mostly to refill air conditioners in automobiles made before 1994.
However, according to industry experts, including mechanical contractors and the providers of refrigerants to building management, CFCs
are still in wide use, and continue to be the most common refrigerant being used by centrifugal chillers in New York.
2 million pounds of re-used or stockpiled CFCs
will be needed in 1996 alone to service autos, commercial refrigeration equipment and chillers in large buildings.
One provision limiting deferral applies when CFCs
earn subpart F income (which includes passive income and certain income earned outside the CFC
's country of formation).
New studies on sprayed foams indicate that CFCs
and HCFCs are absorbed in higher quantities into the foam's polymer matrix than was previously believed.
To achieve such a goal, the CFC
lookthrough rule essentially treats related CFCs
as one entity, disregarding payments (including dividends, interest, rents, or royalties) between the related CFCs
that are passive in nature, and looking to the nature of income the CFCs
have earned as a whole from transactions with unrelated parties.
appear to be "the second most lucrative commodity smuggled through Miami, exceeded in value only by cocaine," Brack says.