11 Guam Code Ann. § 35103
Terms Used In 11 Guam Code Ann. § 35103
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
GCA Chapter 46) and Part 1 of Title 18 Guam Code Ann., The Corporate Law, and
18 Guam Code Ann., Chapter 12, The Industrial Development Corporation Law, or become subject to any taxation which would otherwise be imposed for doing business in or doing a banking, trust, or insurance business in, or having gross income or receipts from sources in, property in, or the conduct of any activity in Guam, or become subject to any taxation under Title 11, Guam Code Annotated, Taxes, and no income or receipts of any
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11 Guam Code Ann. FINANCE & TAXATION
CH. 35 AMERICAN INVESTORS ACT
American lender arising out of any of the activities specified in the following section shall constitute income from sources in, property in, or activities conducted in this Territory for the purpose of any tax imposed by Guam; provided that nothing in this Chapter shall be construed to exempt the real property of an American lender from taxation to the same extent, according to its value, as other real property is taxed, or to preclude the inclusion of dividends or other income from American lenders in the income of individuals taxable under §31 of the Organic Act of Guam, as amended, (48 U.S.C.A. §1421i), to the same extent as is included dividends and other income from Guam lenders; and provided, further, that if any American lender shall acquire any property in Guam in the enforcement of the rights of the American lender in the event of a default by any borrower, as permitted by the laws of Guam, then commencing one year after title to such property has vested in the American lender, the rents or other receipts received by the American lender, and the proceeds of sale by the American lender of, such property, shall be subject to taxation under the laws of Guam in the same manner and to the same extent as if the rents, other receipts, or proceeds were received by a resident of Guam.
SOURCE: GC § 43600.2.