Swallows Holding, Ltd. - Page 54

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          See id.  Section 1.6012-2(g)(1), Income Tax Regs., generally                
          requires that a foreign corporation file a Federal income tax               
          return on Form 1120-F if it “is engaged in trade or business in             
          the United States at any time during the taxable year or * * *              
          has income which is subject to taxation under subtitle A of the             
          Code (relating to income taxes)”.                                           
               Section 6072 sets the time for the filing of Federal income            
          tax returns required by section 6012.  A corporation generally              
          must file its return by the 15th day of the third month following           
          the close of its taxable year.  See sec. 6072(b); see also sec.             
          1.6072-2(a), Income Tax Regs.  An exception to this rule is found           
          in the case of a foreign corporation without an office or place             
          of business in the United States.  In such a case, the foreign              
          corporation may file its tax return up until the 15th day of the            
          sixth month following the close of its taxable year.  See sec.              
          6072(c); see also sec. 1.6072-2(b), Income Tax Regs.                        
               Petitioner did not conduct a trade or business in the United           
          States at any time from its inception through the close of the              
          last subject year.  Thus, but for an election under section                 
          882(d)(1), petitioner was required by section 6012(a), as                   
          interpreted by section 1.6012-2(a)(1) and (g)(1), Income Tax                
          Regs., to file a Federal income tax return for a taxable year               
          included within that period only if it had income subject to                







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