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Six years ago, NewCo, Inc., a domestic manufacturer of mold- injection systems, established a sales...

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Accounting

Six years ago, NewCo, Inc., a domestic manufacturer of mold- injection systems, established a sales and service operation in Madrid, Spain. The Madrid office was structured as a Spanish corporation, but NewCo made a check-the-box election to treat the operation as a branch in order to obtain a U.S. tax deduction for the branch

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