1. If the controlled entity has a regularly prepared balance sheet, include the personal, non-income-producing property (such as residences)
2. If the controlled entity does not have a regularly prepared balance sheet, exclude the personal, non-income-producing property (such as residences)
Question
From: Storm, Evan
Sent: Friday, April 28, 2017 4:17 PM
To: [Redacted]
Cc: Walsh, Kathryn E.; Whitehead, Nora
Subject: RE: Size-of-person for natural person
[Redacted]
1. If the controlled entity has a regularly prepared balance sheet, include the personal, non‐income‐producing property (such as residences)
2. If the controlled entity does not have a regularly prepared balance sheet, exclude the personal, non‐incomeproducing property (such as residences)
Regards
Evan
From: [Redacted]
Sent: Friday, April 28, 2017 3:16 PM
To: Walsh, Kathryn E.; Whitehead, Nora; Storm, Evan
Subject: Size-of-person for natural person
In determining the size-of-person for a natural person UPE, can you confirm that the value of personal, non-incomeproducing property (such as residences) may be excluded even if held through a controlled entity (instead of directly)? Is the result the same whether or not the controlled entity has a regularly-prepared balance sheet?
Thanks,
[Redacted]