### Question
How is the "wholly owned corporation" defined?


### Answer
The term **wholly owned corporation** is defined in *40 U.S.C. § 729* as follows -

> any corporation, regardless of the law or laws under which it is incorporated, the capital of which is entirely owned, directly or indirectly, by the United States, and includes the duly authorized officers, employees, and agents thereof

#### Citation:
  - *40 U.S.C. § 729*
  - Heading: **CHAPTER 15-GOVERNMENT LOSSES IN SHIPMENT**

