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#2178294 - 05/16/18 01:55 PM CDD - Corporation owned by exempt entity
NoJustNo Offline
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Joined: Oct 2013
Posts: 221
Midwest
Let’s say you have a corporation that is owned 30% by a trust, 30% by an individual, and 40% by an entity that is exempt from the rule (government entity or a publicly-traded company, for example). What do you do with the exempt entity?

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#2178296 - 05/16/18 02:01 PM Re: CDD - Corporation owned by exempt entity NoJustNo
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,685
Illinois
Nothing. Identify the trustee of the trust and the individual under the ownership prong and one controller.
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#2178298 - 05/16/18 02:10 PM Re: CDD - Corporation owned by exempt entity NoJustNo
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
You don't do anything with it.

You obtain the name, DOB, street address and identifying number of one trustee of the trust that holds 30% (unless the trustee is an entity), of the individual who holds 40% and nothing on the excluded (not exempt) entity. There is also no "digging" into the ownership of that excluded entity.
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