Write off Foreign Receivable


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Sep 10, 2012
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Hi All,

My company(US) owns a subsidiary (70% owned) in Korea since 2000 but its operation has ended in 2011. We have a receivable of $1,000,000 for all the loans we have made them for the past 10 years. Most likely, there is 0% chance of recovering those balances so we would like to take off from our books. Now the tricky part is that since we own 70% of the company, would there be any tax consequences by korea? how about the US?
 
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