Foreign Sales Corporation Defined

(a) A Foreign Sales Corporation or FSC for the purposes of this Chapter is an entity incorporated in Guam which is a FSC as defined in §922(a) of the Internal Revenue Code as the same may be amended from time to time. (b) A small FSC is a FSC which is also a small FSC as defined in §922(b) of the Internal Revenue Code as the same may be amended from time to time. SOURCE: GC §16500 added by P.L. 17-63; amended by P.L. 17-75:4.