Possessions Corporation Love Machine 14 years ago Possessions CorporationU.S. corporation that is active in American possession overseas. These corporations can avail of a tax benefit for the dealings carried out in possessions, similar to the tax credits a foreign subsidiary can avail of.Recommended for you:Controlled Foreign Corporation (CFC)Foreign Sales Corporation (FSC)Mortgage-Backed Securities Clearing CorporationOverseas Private Investment Corporation (OPIC)