Bob is a U. S. person and Boris is a foreign person. Each owns 50% of the stock in ForCo. Bob can appoint three members of ForCo's board of directors, and Boris can appoint two members of ForCo's board of directors. Is ForCo a CFC? Why or why not?

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Assume the perpetual inventory method is used. 1) the company purchased $12,500 of merchandise on account under terms 2/10, n/30. 2) the company returned $1,200 of merchandise to the supplier before payment was made. 3) the liability was paid within the discount period. 4) all of the merchandise purchased was sold for $18,800 cash. what effect will the return of merchandise to the supplier have on the accounting equation?

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