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taxguy
Dec 17, 2010, 11:27 AM
A foreign citizen purchases a residential property in the US to be used as a second home. It is set up so that the property is owned by a C corporation and rented to the individual for $10 per month. Can the IRS impute a fair value rental income taxable to the corp?

AtlantaTaxExpert
Dec 17, 2010, 02:35 PM
Yes, absolutely!