How to get the "real" value of the Visible property?

An option that doesn't rely on reflection would be to recurse through the parents of the control hierarchy looking for one with Visible set to false.

EDIT: See comments for significance of code.

var frm2 = new Form {Text = "Form2"};
var lbl = new Label {Visible = true};
frm2.Controls.Add(lbl);
frm2.Show();

var frm1 = new Form {Text = "Form1"};
var lblVis = new Label { Text = lbl.Visible.ToString(), Left = 10, Top = 10};
lbl.VisibleChanged += (sender, args) => MessageBox.Show("Label Visible changed");
var btnShow = new Button {Text = "Show", Left = 10, Top = lblVis.Bottom + 10};
btnShow.Click += (sender, args) =>
                    {
                        frm2.Visible = true;
                        lblVis.Text = lbl.Visible.ToString();
                        };
var btnHide = new Button {Text = "Hide", Left = 10, Top = btnShow.Bottom + 10};
btnHide.Click += (sender, args) =>
                    {
                        frm2.Visible = false;
                        lblVis.Text = lbl.Visible.ToString();
                    };

frm1.Controls.AddRange(new Control[] {lblVis, btnShow, btnHide});

Application.Run(frm1);