American Samoa § 11.1807 - Qualifying American Samoa Foreign Sales Corporations.

§ 11.1807. Qualifying American Samoa Foreign Sales Corporations.

(a) For purposes of this title, the term of Qualifying American Samoa Foreign Sales Corporation means a corporation which satisfies the following requirements: (1) It is a Foreign Sales Corporation within the meaning of section 992 of the Internal Revenue Code of 1954, as amended, and otherwise satisfies the requirements of Subpart C of Part III of Subchapter N of Chapter 1 of the Internal Revenue Code of 1954, as amended; (2) It was created or organized under the laws of American Samoa; (3) At all times during the taxable year, it maintained a bank account in American Samoa and all dividends, legal and accounting fees, and salaries of officers and members of the board of directors of the corporation disbursed during the taxable year are disbursed from the bank account; provided, however, that this requirement does not apply to a Qualifying American Samoa Foreign Sales Corporation that also qualifies as a small FSC; (4) It has not at any time during the taxable year engaged within American Samoa in the manufacturing, production. or processing or products; (5) It was not granted a tax exemption from the Government of American Samoa pursuant to the provisions of chapter 16, Title II, A.S.C.A., prior to the effective date of this chapter; and (6) It has made an election(at the time and in the manner provided in 11.1808) which is in effect for the taxable year to be treated as a Qualifying American Samoa Foreign Sales Corporation.