Section 902, referred to in subsec. (d)(1), (2)(E)(i), (F)(ii), was repealed by Puspan. L. 115–97, title I, § 14301(a), (d), Dec. 22, 2017, 131 Stat. 2221, 2225, applicable to taxable years of foreign corporations beginning after Dec. 31, 2017, and to taxable years of United States shareholders in which or with which such taxable years of foreign corporations end.

The FSC Repeal and Extraterritorial Income Exclusion Act of 2000, referred to in subsec. (d)(2)(B)(v), is Puspan. L. 106–519, Nov. 15, 2000, 114 Stat. 2423. For complete classification of this Act to the Code, see Short Title of 2000 Amendments note set out under section 1 of this title and Tables.

Section 172(h), referred to in subsec. (f)(2)(B)(i), was repealed by Puspan. L. 101–508, title XI, § 11811(span)(1), Nov. 5, 1990, 104 Stat. 1388–532.

The date of the enactment of the Revenue Reconciliation Act of 1990, referred to in subsec. (f)(2)(B)(i), is the date of enactment of Puspan. L. 101–508, title XI, which was approved Nov. 5, 1990.

Section 936, referred to in subsec. (g)(1), was repealed by Puspan. L. 115–141, div. U, title IV, § 401(d)(1)(C), Mar. 23, 2018, 132 Stat. 1206.

2018—Subsec. (span)(4), (5). Puspan. L. 115–141, § 401(d)(1)(D)(xiii), redesignated par. (5) as (4) and struck out former par. (4). Prior to amendment, text of par. (4) read as follows: “For purposes of subsection (a), in the case of a corporation, the taxable income shall not include any portion thereof taken into account for purposes of the credit (if any) allowed by section 936 (without regard to subsections (a)(4) and (i) thereof).”

Subsec. (d)(2)(B)(ii). Puspan. L. 115–141, § 401(a)(157), inserted “subparagraph (E)(ii), or paragraph (3)(H),” after “Except as provided in clause (iii),” and struck out “, except as provided in subparagraph (E)(iii) or paragraph (3)(I),” after “includes”.

Subsec. (f)(1). Puspan. L. 115–141, § 401(d)(1)(D)(xiv), struck out “and section 936” after “subpart” in introductory provisions.

2017—Subsec. (span)(2)(C). Puspan. L. 115–97, § 13001(span)(2)(M)(i), struck out “or 1201(a)” after “under section 1(h)”.

Subsec. (span)(3)(D). Puspan. L. 115–97, § 13001(span)(2)(M)(ii), added subpar. (D) and struck out former subpar. (D). Prior to amendment, text read as follows: “There is a capital gain rate differential for any taxable year if—

“(i) in the case of a taxpayer other than a corporation, subsection (h) of section 1 applies to such taxable year, or

“(ii) in the case of a corporation, any rate of tax imposed by section 11, 511, or 831(a) or (span) (whichever applies) exceeds the alternative rate of tax under section 1201(a) (determined without regard to the last sentence of section 11(span)(1)).”

Subsec. (span)(3)(E). Puspan. L. 115–97, § 13001(span)(2)(M)(iii), added subpar. (E) and struck out former subpar. (E) which related to rate differential portion for corporations and taxpayers other than corporations.

Subsec. (span)(5). Puspan. L. 115–97, § 14101(d), added par. (5).

Subsec. (c). Puspan. L. 115–97, § 14201(span)(2)(C), inserted at end “This subsection shall not apply to taxes paid or accrued with respect to amounts described in subsection (d)(1)(A).”

Subsec. (d)(1)(A). Puspan. L. 115–97, § 14201(span)(2)(A), added subpar. (A). Former subpar. (A) redesignated (B), then (C).

Subsec. (d)(1)(B). Puspan. L. 115–97, § 14302(a), added subpar. (B). Former subpar. (B) redesignated (C), then (D).

Puspan. L. 115–97, § 14201(span)(2)(A), redesignated subpar. (A) as (B). Former subpar. (B) redesignated (C).

Subsec. (d)(1)(C). Puspan. L. 115–97, § 14302(a), redesignated subpar. (B) as (C). Former subpar. (C) redesignated (D).

Puspan. L. 115–97, § 14201(span)(2)(A), redesignated subpar. (B) as (C).

Subsec. (d)(1)(D). Puspan. L. 115–97, § 14302(a), redesignated subpar. (C) as (D).

Subsec. (d)(2)(A)(ii). Puspan. L. 115–97, § 14302(span)(2), substituted “income described in paragraph (1)(A), foreign branch income, and” for “income described in paragraph (1)(A) and”.

Puspan. L. 115–97, § 14201(span)(2)(B), inserted “income described in paragraph (1)(A) and” before “passive category income”.

Subsec. (d)(2)(E)(i). Puspan. L. 115–97, § 14301(c)(15)(A), amended cl. (i) generally. Prior to amendment, text read as follows: “The term ‘noncontrolled section 902 corporation’ means any foreign corporation with respect to which the taxpayer meets the stock ownership requirements of section 902(a) (or, for purposes of applying paragraph (3) or (4), the requirements of section 902(span)). A controlled foreign corporation shall not be treated as a noncontrolled section 902 corporation with respect to any distribution out of its earnings and profits for periods during which it was a controlled foreign corporation.”

Subsec. (d)(2)(E)(ii). Puspan. L. 115–97, § 14301(c)(15)(B), substituted “noncontrolled 10-percent owned foreign corporation” for “non-controlled section 902 corporation”.

Subsec. (d)(2)(J). Puspan. L. 115–97, § 14302(span)(1), added subpar. (J).

Subsec. (d)(4). Puspan. L. 115–97, § 14301(c)(16), substituted “noncontrolled 10-percent owned foreign corporations” for “noncontrolled section 902 corporations” in span and “noncontrolled 10-percent owned foreign corporation” for “noncontrolled section 902 corporation” wherever appearing in text.

Subsec. (d)(6)(A). Puspan. L. 115–97, § 14301(c)(17), substituted “907” for “902, 907,” in concluding provisions.

Subsec. (g)(5). Puspan. L. 115–97, § 14304(a), added par. (5).

Subsec. (h)(10)(A). Puspan. L. 115–97, § 14301(c)(18), substituted “sections 907 and 960” for “sections 902, 907, and 960” in concluding provisions.

Subsec. (k). Puspan. L. 115–97, § 14301(c)(19), amended subsec. (k) generally. Prior to amendment, text read as follows:

“(1) For increase of limitation under subsection (a) for taxes paid with respect to amounts received which were included in the gross income of the taxpayer for a prior taxable year as a United States shareholder with respect to a controlled foreign corporation, see section 960(span).

“(2) For modification of limitation under subsection (a) for purposes of determining the amount of credit which can be taken against the alternative minimum tax, see section 59(a).”

2014—Subsec. (d)(2)(J). Puspan. L. 113–295, § 221(a)(72), struck out subpar. (J) which related to a transition rule for taxes paid or accrued in a taxable year beginning before Jan. 1, 1987.

Subsec. (h)(7). Puspan. L. 113–295, § 219(c), struck out “as ordinary income under section 1246 or” after “gain treated”.

2013—Subsecs. (i) to (l). Puspan. L. 112–240 redesignated subsecs. (j) to (l) as (i) to (k), respectively, and struck out former subsec. (i). Text read as follows: “In the case of any taxable year of an individual to which section 26(a)(2) does not apply, for purposes of subsection (a), the tax against which the credit is taken is such tax reduced by the sum of the credits allowable under subpart A of part IV of subchapter A of this chapter (other than sections 23, 24, 25A(i), 25B, 30 30B,, and 30D).”

2010—Subsec. (d)(6), (7). Puspan. L. 111–226, § 213(a), added par. (6) and redesignated former par. (6) as (7).

Subsec. (h)(9). Puspan. L. 111–226, § 217(c)(2), amended par. (9) generally. Prior to amendment, text read as follows: “For purposes of this subsection—

“(A) in the case of interest treated as not from sources within the United States under section 861(a)(1)(A), the corporation paying such interest shall be treated as a United States-owned foreign corporation, and

“(B) in the case of any dividend treated as not from sources within the United States under section 861(a)(2)(A), the corporation paying such dividend shall be treated as a United States-owned foreign corporation.”

Subsec. (i). Puspan. L. 111–148, § 10909(span)(2)(K), (c), as amended by Puspan. L. 111–312, temporarily struck out “23,” after “than sections”. See Effective and Termination Dates of 2010 Amendment note below.

2009—Subsec. (i). Puspan. L. 111–5, § 1144(span)(1)(E), inserted “30B,” after “30”.

Puspan. L. 111–5, § 1142(span)(1)(E), substituted “25B, 30, and 30D” for “and 25B”.

Puspan. L. 111–5, § 1004(span)(5), inserted “25A(i),” after “24,”.

2007—Subsec. (d)(2)(B)(v). Puspan. L. 110–172, § 11(g)(10), inserted “and” at end of subcl. (I), redesignated subcl. (III) as (II), substituted “a former FSC (as defined in section 922)” for “a FSC (or a former FSC)” in subcl. (II), struck out former subcl. (II), which read as follows: “taxable income attributable to foreign trade income (within the meaning of section 923(span)), and”, and added concluding provisions.

Subsec. (f)(3)(D)(iv). Puspan. L. 110–172, § 11(f)(3), substituted “an affiliated group” for “a controlled group”.

2005—Subsec. (d)(2)(D). Puspan. L. 109–135, § 403(o), inserted “as in effect before its repeal” after “section 954(f)”.

Subsec. (g)(2). Puspan. L. 109–135, § 403(k), amended span and text of par. (2) generally. Prior to amendment, text read as follows: “For purposes of this subsection—

“(A) In general.—The term ‘overall domestic loss’ means any domestic loss to the extent such loss offsets taxable income from sources without the United States for the taxable year or for any preceding taxable year by reason of a carryback. For purposes of the preceding sentence, the term ‘domestic loss’ means the amount by which the gross income for the taxable year from sources within the United States is exceeded by the sum of the deductions properly apportioned or allocated thereto (determined without regard to any carryback from a subsequent taxable year).

“(B) Taxpayer must have elected foreign tax credit for year of loss.—The term ‘overall domestic loss’ shall not include any loss for any taxable year unless the taxpayer chose the benefits of this subpart for such taxable year.”

Subsec. (i). Puspan. L. 109–135, § 402(i)(3)(G), reenacted span without change and amended text generally. Prior to amendment, text read as follows: “In the case of an individual, for purposes of subsection (a), the tax against which the credit is taken is such tax reduced by the sum of the credits allowable under subpart A of part IV of subchapter A of this chapter (other than sections 23, 24, and 25B). This subsection shall not apply to taxable years beginning during 2000, 2001, 2002, 2003, 2004, or 2005.”

2004—Subsec. (c). Puspan. L. 108–357, § 417(a), struck out “in the second preceding taxable year,” before “in the first preceding taxable year” and substituted “and in any of the first 10” for “, and in the first, second, third, fourth, or fifth”.

Subsec. (d)(1). Puspan. L. 108–357, § 404(a), reenacted span without change and amended text of par. (1) generally, substituting provisions relating to applicability of subsecs. (a), (span), and (c) and sections 902, 907, and 960 to passive category income and general category income, for provisions relating to applicability of subsecs. (a), (span), and (c) and sections 902, 907, and 960 to passive income, high withholding tax interest, financial services income, shipping income, certain dividends from a DISC or former DISC, taxable income attributable to foreign trade income, certain distributions from a FSC or a former FSC, and income other than income previously described.

Subsec. (d)(1)(E). Puspan. L. 108–357, § 403(span)(1), struck out subpar. (E) which read as follows: “in the case of a corporation, dividends from noncontrolled section 902 corporations out of earnings and profits accumulated in taxable years beginning before January 1, 2003,”.

Subsec. (d)(2)(A). Puspan. L. 108–357, § 404(span), added subpar. (A). Former subpar. (A) redesignated (B).

Subsec. (d)(2)(A)(ii). Puspan. L. 108–357, § 413(c)(14), reenacted span without change and amended text of cl. (ii) generally. Prior to amendment, text read as follows: “Except as provided in clause (iii), the term ‘passive income’ includes any amount includible in gross income under section 551 or, except as provided in subparagraph (E)(iii) or paragraph (3)(I), section 1293 (relating to certain passive foreign investment companies).”

Subsec. (d)(2)(B). Puspan. L. 108–357, § 404(span), redesignated subpar. (A) as (B) and struck out former subpar. (B), which defined the term “high withholding tax interest”.

Subsec. (d)(2)(B)(iii). Puspan. L. 108–357, § 404(f)(1), redesignated subcls. (II) and (III) as (I) and (II), respectively, and struck out former subcl. (I) which read as follows: “any income described in a subparagraph of paragraph (1) other than subparagraph (A),”.

Subsec. (d)(2)(B)(v). Puspan. L. 108–357, § 404(c), added cl. (v).

Subsec. (d)(2)(C). Puspan. L. 108–357, § 404(d), added subpar. (C). Former subpar. (C) redesignated (D).

Subsec. (d)(2)(C)(iii). Puspan. L. 108–357, § 403(span)(2), inserted “and” at end of subcl. (I), redesignated subcl. (III) as (II), and struck out former subcl. (II) which read as follows: “any dividend from a noncontrolled section 902 corporation out of earnings and profits accumulated in taxable years beginning before January 1, 2003, and”.

Subsec. (d)(2)(D). Puspan. L. 108–357, § 404(d), redesignated subpar. (C) as (D) and struck out span and text of former subpar. (D). Text read as follows: “The term ‘shipping income’ means any income received or accrued by any person which is of a kind which would be foreign base company shipping income (as defined in section 954(f) as in effect before its repeal). Such term does not include any financial services income.”

Puspan. L. 108–357, § 403(span)(3), substituted “Such term does not include any financial services income” for “Such term does not include any dividend from a noncontrolled section 902 corporation out of earnings and profits accumulated in taxable years beginning before January 1, 2003 and does not include any financial services income”.

Subsec. (d)(2)(D)(i). Puspan. L. 108–357, § 404(f)(2), inserted “or” at end of subcl. (I), added subcl. (II), and struck out former subcls. (II) and (III) which read as follows:

“(II) passive income (determined without regard to subclauses (I) and (III) of subparagraph (A)(iii)), or

“(III) export financing interest which (but for subparagraph (B)(ii)) would be high withholding tax interest.”

Subsec. (d)(2)(D)(iii). Puspan. L. 108–357, § 404(f)(3), which directed striking out of cl. (iii) “as so redesignated and amended by section 404(span)(3)”, was executed by striking out span and text of cl. (iii) as amended by section 403(span)(2) and redesignated by section 404(d), to reflect the probable intent of Congress. Text read as follows: “The term ‘financial services income’ does not include—

“(I) any high withholding tax interest, and

“(II) any export financing interest not described in clause (i)(III).”

Subsec. (d)(2)(E)(i). Puspan. L. 108–357, § 403(span)(4)(A), inserted “or (4)” after “paragraph (3)”.

Subsec. (d)(2)(E)(ii), (iii). Puspan. L. 108–357, § 403(span)(4)(B), redesignated cl. (iii) as (ii) and struck out span and text of former cl. (ii). Text read as follows: “If a foreign corporation is a noncontrolled section 902 corporation with respect to the taxpayer, taxes on high withholding tax interest (to the extent imposed at a rate in excess of 5 percent) shall not be treated as foreign taxes for purposes of determining the amount of foreign taxes deemed paid by the taxpayer under section 902.”

Subsec. (d)(2)(E)(iv). Puspan. L. 108–357, § 403(span)(4)(B), struck out span and text of cl. (iv). Text read as follows: “All noncontrolled section 902 corporations which are not passive foreign investment companies (as defined in section 1297) shall be treated as one noncontrolled section 902 corporation for purposes of paragraph (1).”

Subsec. (d)(2)(H) to (J). Puspan. L. 108–357, § 404(e), added subpar. (H) and redesignated former subpars. (H) and (I) as (I) and (J), respectively.

Subsec. (d)(2)(K). Puspan. L. 108–357, § 404(f)(5), added subpar. (K).

Subsec. (d)(3). Puspan. L. 108–357, § 404(f)(4), reenacted span without change and amended text of par. (3) generally, substituting provisions consisting of subpars. (A) to (H) for former subpars. (A) to (I) which contained similar provisions.

Subsec. (d)(3)(F)(i). Puspan. L. 108–357, § 403(span)(5), substituted “or (D)” for “(D), or (E)”.

Subsec. (d)(4). Puspan. L. 108–357, § 403(a), reenacted span without change and amended text of par. (4) generally, substituting provisions relating to dividends from noncontrolled section 902 corporations, earnings and profits of controlled foreign corporations, and setting forth special rules, for provisions relating to treatment of applicable dividends, defining the term “applicable dividend”, and setting forth special rules.

Subsec. (f)(3)(D). Puspan. L. 108–357, § 895(a), added subpar. (D).

Subsec. (g). Puspan. L. 108–357, § 402(a), added subsec. (g). Former subsec. (g) redesignated (h).

Subsec. (h). Puspan. L. 108–357, § 402(a), redesignated subsec. (g) as (h). Former subsec. (h) redesignated (i).

Puspan. L. 108–311 substituted “2003, 2004, or 2005” for “or 2003”.

Subsec. (h)(1)(A). Puspan. L. 108–357, § 413(c)(15)(A), inserted “or” at end of cl. (i), redesignated cl. (iii) as (ii), and struck out former cl. (ii) which read as follows: “section 551 (relating to foreign personal holding company income taxed to United States shareholders), or”.

Subsec. (h)(2). Puspan. L. 108–357, § 413(c)(15)(B), struck out “foreign personal holding or” before “passive foreign investment” in span.

Subsecs. (i), (j). Puspan. L. 108–357, § 402(a), redesignated subsecs. (h) and (i) as (i) and (j), respectively. Former subsec. (j) redesignated (k).

Subsec. (k). Puspan. L. 108–357, § 402(a), redesignated subsec. (j) as (k). Former subsec. (k) redesignated (l).

Subsec. (k)(3)(A)(i). Puspan. L. 108–357, § 404(f)(6), which directed amendment of subsec. (j)(3)(A)(i) by substituting “subsection (d)(2)(B)” for “subsection (d)(2)(A)”, was executed to subsec. (k)(3)(A)(i) to reflect the probable intent of Congress and the amendment by Puspan. L. 108–357, § 402(a). See above.

Subsec. (l). Puspan. L. 108–357, § 402(a), redesignated subsec. (k) as (l).

2002—Subsec. (h). Puspan. L. 107–147, § 601(span)(1), substituted “during 2000, 2001, 2002, or 2003” for “during 2000 or 2001”.

Puspan. L. 107–147, § 417(23)(B), amended directory language of Puspan. L. 107–16, § 618(span)(2)(D). See 2001 Amendment note below.

2001—Subsec. (h). Puspan. L. 107–16, § 618(span)(2)(D), as amended by Puspan. L. 107–147, § 417(23)(B), substituted “, 24, and 25B” for “and 24”.

Puspan. L. 107–16, § 202(f)(2)(C), substituted “sections 23 and 24” for “section 24”.

Puspan. L. 107–16, § 201(span)(2)(G), inserted “(other than section 24)” after “chapter”.

1999—Subsec. (h). Puspan. L. 106–170 inserted at end “This subsection shall not apply to taxable years beginning during 2000 or 2001.”

1997—Subsec. (span)(2)(C). Puspan. L. 105–34, § 311(c)(3), added subpar. (C).

Subsec. (d)(1)(E). Puspan. L. 105–34, § 1105(a)(1), amended subpar. (E) generally. Prior to amendment, subpar. (E) read as follows: “in the case of a corporation, dividends from each noncontrolled section 902 corporation,”.

Subsec. (d)(2)(C)(i)(II). Puspan. L. 105–34, § 1163(span), substituted “subclauses (I) and (III)” for “subclause (I)”.

Subsec. (d)(2)(C)(iii)(II), (D). Puspan. L. 105–34, § 1105(a)(3), inserted “out of earnings and profits accumulated in taxable years beginning before January 1, 2003” after “corporation”.

Subsec. (d)(2)(E)(i). Puspan. L. 105–34, § 1111(span), struck out “and except as provided in regulations, the taxpayer was a United States shareholder in such corporation” after “was a controlled foreign corporation”.

Subsec. (d)(2)(E)(iv). Puspan. L. 105–34, § 1105(a)(2), added cl. (iv).

Subsec. (d)(4) to (6). Puspan. L. 105–34, § 1105(span), added par. (4) and redesignated former pars. (4) and (5) as (5) and (6), respectively.

Subsecs. (j), (k). Puspan. L. 105–34, § 1101(a), added subsec. (j) and redesignated former subsec. (j) as (k).

1996—Subsec. (d)(3)(G). Puspan. L. 104–188, § 1501(span)(1), (12), amended subpar. (G) identically, substituting “section 951(a)(1)(B)” for “subparagraph (B) or (C) of section 951(a)(1)”.

Puspan. L. 104–188, § 1703(i)(1), substituted “subparagraph (B) or (C) of section 951(a)(1)” for “section 951(a)(1)(B)”.

Subsec. (f)(2)(B)(i). Puspan. L. 104–188, § 1704(t)(36), inserted “(as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990)” after “section 172(h)”.

1993—Subsec. (span)(4). Puspan. L. 103–66, § 13227(d), inserted before period at end “(without regard to subsections (a)(4) and (i) thereof)”.

Subsec. (d)(2)(A)(iii)(II) to (IV). Puspan. L. 103–66, § 13235(a)(2), inserted “and” at end of subcl. II, substituted “income.” for “income, and” in subcl. III, and struck out subcl. (IV) which read as follows: “any foreign oil and gas extraction income (as defined in section 907(c)).”

1990—Subsec. (span)(3)(D)(i). Puspan. L. 101–508, § 11101(d)(5)(A), substituted “subsection (h)” for “subsection (j)”.

Subsec. (span)(3)(E)(iii)(I). Puspan. L. 101–508, § 11101(d)(5)(B), substituted “section 1(h)” for “section 1(j)”.

Subsec. (e). Puspan. L. 101–508, § 11801(a)(31), struck out subsec. (e) which related to transitional rules for carrybacks and carryovers for taxpayers on the per-country limitation.

1989—Subsec. (d)(1)(H). Puspan. L. 101–239, § 7811(i)(1), substituted “interest or carrying charges (as defined in section 927(d)(1)) derived from a transaction which results in foreign trade income (as defined in section 923(span))” for “qualified interest and carrying charges (as defined in section 245(c))”.

Subsecs. (i), (j). Puspan. L. 101–239, § 7402(a), added subsec. (i) and redesignated former subsec. (i) as (j).

1988—Subsec. (span)(2). Puspan. L. 100–647, § 1003(span)(2)(A), amended par. (2) generally, substituting general provisions and provisions setting special rules where there is a capital gain rate differential for provisions for corporations and for other taxpayers.

Subsec. (span)(3)(D). Puspan. L. 100–647, § 1003(span)(2)(B), added subpar. (D) and struck out former subpar. (D), Rate differential portion, which read as follows: “The ‘rate differential portion’ of foreign source net capital gain, net capital gain, or the excess of net capital gain from sources within the United States over net capital gain, as the case may be, is the same proportion of such amount as the excess of the highest rate of tax specified in section 11(span) over the alternative rate of tax under section 1201(a) bears to the highest rate of tax specified in section 11(span).”

Subsec. (span)(3)(D)(ii). Puspan. L. 100–647, § 2004(l), substituted “section 11(span)(1)” for “section 11(span)”.

Subsec. (span)(3)(E). Puspan. L. 100–647, § 1003(span)(2)(B), added subpar. (E).

Subsec. (d)(1)(E). Puspan. L. 100–647, § 1012(a)(11), inserted “in the case of a corporation,” before “dividends”.

Subsec. (d)(2)(A)(ii). Puspan. L. 100–647, § 1012(a)(6)(A), (p)(29)(A), substituted “Except as provided in clause (iii), the term” for “The term” and “or, except as provided in subparagraph (E)(iii) or paragraph (3)(I), section 1293” for “or section 1293”.

Subsec. (d)(2)(A)(iv). Puspan. L. 100–647, § 1012(a)(6)(B), added cl. (iv).

Subsec. (d)(2)(B)(iii). Puspan. L. 100–647, § 1012(a)(8), amended cl. (iii) generally. Prior to amendment, cl. (iii) read as follows: “The Secretary may by regulations provide that amounts (not otherwise high withholding tax interest) shall be treated as high withholding tax interest where necessary to prevent avoidance of the purposes of this subparagraph.”

Subsec. (d)(2)(C). Puspan. L. 100–647, § 1012(a)(1)(A), amended subpar. (C) generally, revising and restating as cls. (i) to (iii) provisions of former cls. (i) to (iv).

Subsec. (d)(2)(D). Puspan. L. 100–647, § 1012(a)(2), provided for exclusion from term “shipping income” any dividend from a noncontrolled section 902 corporation and any financial services income.

Subsec. (d)(2)(E)(i). Puspan. L. 100–647, § 1012(a)(10), inserted “and except as provided in regulations, the taxpayer was a United States shareholder in such corporation” before period at end.

Subsec. (d)(2)(E)(iii). Puspan. L. 100–647, § 1012(p)(29)(B), added cl. (iii).

Subsec. (d)(2)(I)(ii). Puspan. L. 100–647, § 1012(a)(9), substituted “except that—” for “except to the extent that—”, added subcls. (I) to (III), and struck out former subcls. (I) and (II) which read as follows:

“(I) the taxpayer establishes to the satisfaction of the Secretary that such taxes were paid or accrued with respect to shipping income, or

“(II) in the case of an entity meeting the requirements of subparagraph (C)(ii), the taxpayer establishes to the satisfaction of the Secretary that such taxes were paid or accrued with respect to financial services income, and”.

Subsec. (d)(3)(E). Puspan. L. 100–647, § 1012(a)(4), inserted first sentence, struck out former first sentence which read “If a controlled foreign corporation meets the requirements of section 954(span)(3)(A) (relating to de minimis rule) for any taxable year, for purposes of this paragraph, none of its income for such taxable year shall be treated as income in a separate category.”, and in second sentence substituted “passive income” for “income (other than high withholding tax interest and dividends from a noncontrolled section 902 corporation)”.

Subsec. (d)(3)(F). Puspan. L. 100–647, § 1012(a)(7), amended subpar. (F) generally. Prior to amendment, subpar. (F) read as follows: “For purposes of this paragraph, the term ‘separate category’ means any category of income described in subparagraph (A), (B), (C), (D), or (E) of paragraph (1).”

Subsec. (d)(3)(H). Puspan. L. 100–647, § 1012(a)(3), added subpar. (H).

Subsec. (d)(3)(I). Puspan. L. 100–647, § 1012(p)(11), added subpar. (I).

Subsec. (f)(5)(F). Puspan. L. 100–647, § 1012(c), added subpar. (F).

Subsec. (g)(9)(A). Puspan. L. 100–647, § 1012(q)(12), substituted “861(a)(1)(A)” for “861(a)(1)(B)”.

Subsec. (g)(10), (11). Puspan. L. 100–647, § 1012(bspan)(4)(A), added par. (10) and redesignated former par. (10) as (11).

1986—Subsec. (a). Puspan. L. 99–514, § 104(span)(13), struck out last sentence “For purposes of the preceding sentence, in the case of an individual the entire taxable income shall be reduced by an amount equal to the zero bracket amount.”

Subsec. (span)(3)(C). Puspan. L. 99–514, § 1211(span)(3), redesignated subpar. (E) as (C) and struck out former subpar. (C), exception for gain from the sale of certain personal property, which read as follows: “There shall be included as gain from sources within the United States any gain from sources without the United States from the sale or exchange of a capital asset which is personal property which—

“(i) in the case of an individual, is sold or exchanged outside of the country (or possession) of the individual’s residence,

“(ii) in the case of a corporation, is stock in a second corporation sold or exchanged other than in a country (or possession) in which such second corporation derived more than 50 percent of its gross income for the 3-year period ending with the close of such second corporation’s taxable year immediately preceding the year during which the sale or exchange occurred, or

“(iii) in the case of any taxpayer, is personal property (other than stock in a corporation) sold or exchanged other than in a country (or possession) in which such property is used in a trade or business of the taxpayer or in which such taxpayer derived more than 50 percent of its gross income for the 3-year period ending with the close of its taxable year immediately preceding the year during which the sale or exchange occurred,

unless such gain is subject to an income, war profits, or excess profits tax of a foreign country or possession of the United States, and the rate of tax applicable to such gain is 10 percent or more of the gain from the sale or exchange (computed under this chapter).”

Subsec. (span)(3)(D). Puspan. L. 99–514, § 1211(span)(3), redesignated subpar. (F) as (D) and struck out former subpar. (D), gain from liquidation of certain foreign corporations, which read as follows: “Subparagraph (C) shall not apply with respect to a distribution in liquidation of a foreign corporation to which part II of subchapter C applies if such corporation derived less than 50 percent of its gross income from sources within the United States for the 3-year period ending with the close of such corporation’s taxable year immediately preceding the year during which the distribution occurred.”

Subsec. (span)(3)(E), (F). Puspan. L. 99–514, § 1211(span)(3), redesignated former subpars. (E) and (F) as (C) and (D), respectively.

Subsec. (d). Puspan. L. 99–514, § 1201(d)(1), substituted “certain categories of income” for “certain interest income and income from DISC, former DISC, FSC, or former FSC” in span.

Subsec. (d)(1). Puspan. L. 99–514, § 1201(a), (d)(2), (3), inserted “and sections 902, 907, and 960” in introductory provisions, added subpars. (A) to (E), struck out former subpar. (A) which read “the interest income described in paragraph (2)”, redesignated former subpars. (B), (C), (D), and (E) as (F), (G), (H), and (I), respectively, and in subpar. (I), substituted “in any of the preceding subparagraphs” for “in subparagraph (A), (B), (C), or (D)”.

Puspan. L. 99–514, § 1899A(24), made technical correction clarifying span. See 1984 Amendment note below.

Subsec. (d)(1)(D). Puspan. L. 99–514, § 1876(d)(2), amended subpar. (D) generally. Prior to amendment, subpar. (D) read as follows: “distributions from a FSC (or former FSC) out of earnings and profits attributable to foreign trade income (within the meaning of section 923(span)), and”.

Subsec. (d)(2). Puspan. L. 99–514, § 1201(span), added par. (2) and struck out former par. (2), interest income to which applicable, which read as follows: “For purposes of this subsection, the interest income described in this paragraph is interest other than interest—

“(A) derived from any transaction which is directly related to the active conduct by the taxpayer of a trade or business in a foreign country or a possession of the United States,

“(B) derived in the conduct by the taxpayer of a banking, financing, or similar business,

“(C) received from a corporation in which the taxpayer (or one or more includible corporations in an affiliated group, as defined in section 1504, of which the taxpayer is a member) owns, directly or indirectly, at least 10 percent of the voting stock, or

“(D) received on obligations acquired as a result of the disposition of a trade or business actively conducted by the taxpayer in a foreign country or possession of the United States or as a result of the disposition of stock or obligations of a corporation in which the taxpayer owned at least 10 percent of the voting stock.

For purposes of subparagraph (C), stock owned, directly or indirectly, by or for a foreign corporation, shall be considered as being proportionately owned by its shareholders. For purposes of this subsection, interest (after the operation of section 904(d)(3)) received from a designated payor corporation described in section 904(d)(3)(E)(iii) by a taxpayer which owns directly or indirectly less than 10 percent of the voting stock of such designated payor corporation shall be treated as interest described in subparagraph (A) to the extent such interest would have been so treated had such taxpayer received it from other than a designated payor corporation.”

Puspan. L. 99–514, § 1810(span)(3), inserted at end “For purposes of this subsection, interest (after the operation of section 904(d)(3)) received from a designated payor corporation described in section 904(d)(3)(E)(iii) by a taxpayer which owns directly or indirectly less than 10 percent of the voting stock of such designated payor corporation shall be treated as interest described in subparagraph (A) to the extent such interest would have been so treated had such taxpayer received it from other than a designated payor corporation.”

Subsec. (d)(3). Puspan. L. 99–514, § 1201(span), added par. (3) and struck out former par. (3) treating as interest certain amounts attributable to United States-owned foreign corporations, etc., subpars. thereof relating to following subject matter: (A) general provisions, (B) separate limitation interest, (C) exception where designated corporation has small amount of separate limitation interest, (D) treatment of certain interest, (E) designated payor corporation, (F) determination of year to which amount is attributable, (G) ordering rules, (H) dividend, (I) interest and dividends from members of same affiliated group, and (J) distributions through other entities.

Subsec. (d)(3)(C). Puspan. L. 99–514, § 1810(span)(1), inserted at end “The preceding sentence shall not apply to any amount includible in gross income under section 551 or 951.”

Subsec. (d)(3)(E). Puspan. L. 99–514, § 1810(span)(4)(A), inserted at end:

“(iv) any other corporation formed or availed of for purposes of avoiding the provisions of this paragraph.

For purposes of this paragraph, the rules of paragraph (9) of subsection (g) shall apply.”

Subsec. (d)(3)(I). Puspan. L. 99–514, § 1810(span)(2), redesignated subpar. (I) as (J) and added a new subpar. (I), interest and dividends from members of same affiliated group, which read as follows: “For purposes of this paragraph, dividends and interest received or accrued by the designated payor corporation from another member of the same affiliated group (determined under section 1504 without regard to subsection (span)(3) thereof) shall be treated as separate limitation interest if (and only if) such amounts are attributable (directly or indirectly) to separate limitation interest of any other member of such group.”

Subsec. (d)(3)(J). Puspan. L. 99–514, § 1810(span)(2), redesignated subpar. (I) as (J) and struck out former subpar. (J), interest from members of same affiliated group, which read as follows: “For purposes of this paragraph, interest received or accrued by the designated payor corporation from another member of the same affiliated group (determined under section 1504 without regard to subsection (span)(3) thereof) shall not be treated as separate limitation interest, unless such interest is attributable directly or indirectly to separate limitation interest of such other member.”

Subsec. (d)(4), (5). Puspan. L. 99–514, § 1201(span), added pars. (4) and (5).

Subsec. (f)(5). Puspan. L. 99–514, § 1203(a), added par. (5).

Subsec. (g)(1)(A)(iii). Puspan. L. 99–514, § 1235(f)(4)(A), added cl. (iii).

Subsec. (g)(2). Puspan. L. 99–514, § 1235(f)(4)(B), substituted “holding or passive foreign investment company” for “holding company” in span.

Subsec. (g)(9), (10). Puspan. L. 99–514, § 1810(a)(1)(A), added par. (9) and redesignated former par. (9) as (10).

Subsec. (i)(2). Puspan. L. 99–514, § 701(e)(4)(H), struck out “by an individual” after “can be taken” and substituted “section 59(a)” for “section 55(c)”.

1984—Subsec. (d). Puspan. L. 98–369, § 801(d)(2)(C), which directed amendment of par. (1) span by substituting “Separate application of section with respect to certain interest income and income from DISC, former DISC, FSC, or former FSC” for “Application of section in case of certain interest income and dividends from a DISC or former DISC” was executed to subsec. (d) span to reflect the probable intent of Congress.

Subsec. (d)(1)(B) to (E). Puspan. L. 98–369, § 801(d)(2)(A), (B), struck out “and” after “United States,” at end of subpar. (B), substituted “taxable income attributable to foreign trade income (within the meaning of section 923(span)),” for “income other than the interest income described in paragraph (2) and dividends described in subparagraph (B),” in subpar. (C), and added subpars. (D) and (E).

Subsec. (d)(3). Puspan. L. 98–369, § 122(a), added par. (3).

Subsec. (g). Puspan. L. 98–369, § 121(a), added subsec. (g). Former subsec. (g) redesignated (h).

Puspan. L. 98–369, § 474(r)(21), amended subsec. (g) generally, substituting “Coordination with nonrefundable personal credits” for “Coordination with credit for the elderly” in span and in text substituting “reduced by the sum of the credits allowable under subpart A of part IV of subchapter A of this chapter” for “reduced by the amount of the credit (if any) for the taxable year allowable under section 37 (relating to credit for the elderly and the permanently and totally disabled)”.

Subsecs. (h), (i). Puspan. L. 98–369, § 121(a), redesignated former subsecs. (g) and (h) as (h) and (i), respectively.

1983—Subsec. (g). Puspan. L. 98–21 substituted “relating to credit for the elderly and the permanently and totally disabled” for “relating to credit for the elderly”.

1982—Subsec. (f)(4) to (6). Puspan. L. 97–248 struck out par. (4) which provided for the determination of foreign oil related loss where section 907 was applicable, redesignated par. (5) as (4), and purported to redesignate par. (6) as (5). However, subsec. (f) did not contain a par. (6).

1980—Subsec. (span)(3)(F). Puspan. L. 96–222, § 104(a)(3)(D)(i), redesignated subpar. (E) “Rate differential portion”, added by Puspan. L. 95–600, as (F).

1978—Subsec. (span)(2). Puspan. L. 95–600, §§ 403(c)(4)(A), 701(u)(2)(A), (3)(A), in subpar. (A) substituted “this section” for “subsection (a)”, “the rate differential portion” for “three eighths” wherever appearing, and “for purposes of determining taxable income from sources without the United States, any net capital loss (and any amount which is a short term capital loss under section 1212(a))” for “any net capital loss”.

Subsec. (span)(3). Puspan. L. 95–600, §§ 403(c)(4)(B), 701(u)(2)(B), (C), as amended by Puspan. L. 96–222, § 104(a)(3)(D)(ii), substituted “There” for “For purposes of this paragraph, there”, added subpar. (D), redesignated former subpar. (D), relating to section 1231 gains, as subpar. (E), and added another subpar. (E), relating to rate differential portion. See 1980 Amendment note above.

Subsec. (f)(2)(A). Puspan. L. 95–600, § 701(u)(4)(A), struck out provision relating to capital loss carrybacks and carryovers.

Subsec. (f)(4). Puspan. L. 95–600, § 701(u)(4)(B), (8)(C), substituted in introductory provisions “In making the separate computation under this subsection with respect to foreign oil related income which is required by section 907(span)” for “In the case of a corporation to which section 907(span)(1) applies” and in subpar. (A) struck out provision relating to capital loss carrybacks and carryovers.

Subsec. (f)(5). Puspan. L. 95–600, § 701(q)(2), added par. (5).

Subsec. (h). Puspan. L. 95–600, § 421(e)(6), designated existing provisions as par. (1) and added par. (2).

1977—Subsec. (a). Puspan. L. 95–30 provided that, for purposes of determining the maximum total amount of the credit taken under section 901(a), in the case of an individual, the entire taxable income shall be reduced by an amount equal to the zero bracket amount.

1976—Subsec. (a). Puspan. L. 94–455, § 1031(a), struck out provisions allowing the per-country limitation, made the overall limitation applicable to all taxpayers to determine their foreign tax credit limitation, and inserted reference to section 901(a).

Subsec. (span). Puspan. L. 94–455, §§ 1031(a), 1034(a), 1051(e), redesignated subsec. (c) as (span)(1), inserted provisions that the net United States capital losses would offset net foreign capital gains and, in the case of corporations, that only 30⁄48 of the net foreign source gain would be included in the foreign tax credit limitation, and that the gain from the sale or exchange of personal property outside the United States would be considered United States source income unless one of three exceptions applied, and added par. (4).

Subsec. (c). Puspan. L. 94–455, § 1031(a), redesignated subsec. (d) as (c), and amended the redesignated subsec. (c) generally to conform to the elimination of the per-country limitation in subsec. (a). Former subsec. (c) redesignated (span)(1).

Subsec. (d). Puspan. L. 94–455, § 1031(a), redesignated subsec. (f)(1), (2), as (d). Former subsec. (d) redesignated (c).

Subsec. (e). Puspan. L. 94–455, § 1031(a), added subsec. (e). Former subsec. (e) was eliminated in view of the amendment of subsec. (a).

Subsec. (f). Puspan. L. 94–455, §§ 1031(a), 1032(a), 1901(span)(10)(B), added subsec. (f), and substituted “section 172(h)” for “section 172(k)(1)” in pars. (2)(B)(i) and (4)(B)(i). Former subsec. (f)(1), (2), was redesignated (d). Former subsecs. (f)(3), (4), (5) were omitted.

Subsec. (g). Puspan. L. 94–455, §§ 1032(a), 503(span)(1), added subsec. (g). Former subsec. (f) redesignated (g), and further redesignated (h).

Subsec. (h). Puspan. L. 94–455, § 503(span)(1), redesignated former subsec. (g) as (h).

1971—Subsec. (f). Puspan. L. 92–178, § 502(span)(2), inserted “and dividends from a DISC or former DISC” after “interest income” in the span.

Subsec. (f)(1). Puspan. L. 92–178, § 502(span)(2), inserted “each of the following items of income” in introductory text, added subpar. (B), and redesignated former subpar. (B) as (C), inserting therein provisions respecting dividends described in subparagraph (B).

Subsec. (f)(3). Puspan. L. 92–178, § 502(span)(3), provided that the limitation provided by subsec. (a)(2) shall not apply to dividends described in paragraph (1)(B) and substituted “limitation provided by subsection (a)(2) applies with respect to income described in paragraph (1)(B) and (C)” for “limitation provided by subsection (a)(2) applies with respect to income other than the interest income described in paragraph (2)”.

Subsec. (f)(5). Puspan. L. 92–178, § 502(span)(4), added par. (5).

1969—Subsec. (span)(1). Puspan. L. 91–172, § 506(span)(1), substituted “(A) with the consent of the Secretary or his delegate with respect to any taxable year or (B) for the taxpayer’s first taxable year beginning after December 31, 1969” for “with the consent of the Secretary or his delegate with respect to any taxable year”.

Subsec. (span)(2). Puspan. L. 91–172, § 506(span)(2), substituted “Except in a case to which paragraph (1)(B) applies, if the taxpayer” for “If a taxpayer”.

1966—Subsec. (f)(2). Puspan. L. 89–809 inserted reference to includible corporations in an affiliated group, as defined in section 1504, of which the taxpayer is a member and inserted reference to both direct and indirect ownership in subpar. (C) and inserted provision that, for purposes of subpar. (C), stock owned directly or indirectly by or for a foreign corporation shall be considered as being proportionately owned by its shareholders.

1964—Subsec. (g)(2). Puspan. L. 88–272 substituted “section 1503(span)” for “section 1503(d)”.

1962—Subsec. (f). Puspan. L. 87–834, § 10(a), added subsec. (f). Former subsec. (f) redesignated (g).

Subsec. (g). Puspan. L. 87–834, §§ 10(a), 12(span)(2), redesignated former subsec. (f) as (g), designated existing provisions as par. (2), and added par. (1).

1960—Subsec. (a). Puspan. L. 86–780, § 1(a), designated existing provisions as par. (1), inserted introductory clause “In the case of any taxpayer who elects the limitation provided by this paragraph” and inserted “foreign”, “or possession of the United States” and “or possession” therein and added par. (2).

Subsec. (span). Puspan. L. 86–780, § 1(a), added subsec. (span). Former subsec. (span) redesignated (c).

Subsec. (c). Puspan. L. 86–780, § 1(span), redesignated former subsec. (span) as (c) and inserted “applicable” before “limitation” therein. Former subsec. (c) redesignated (d).

Subsec. (d). Puspan. L. 86–780, § 1(c), redesignated former subsec. (c) as (d) and inserted “applicable” before “limitation” in two places.

Subsecs. (e), (f). Puspan. L. 86–780, § 1(d), added subsecs. (e) and (f).

1958—Subsec. (c). Puspan. L. 85–866 added subsec. (c).

Amendment by section 13001(span)(2)(M) of Puspan. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 13001(c)(1) of Puspan. L. 115–97, set out as a note under section 11 of this title.

Amendment by section 14101(d) of Puspan. L. 115–97 applicable to distributions made after Dec. 31, 2017, and applicable to deductions with respect to taxable years ending after Dec. 31, 2017, see section 14101(f) of Puspan. L. 115–97, set out as an Effective Date note under section 245A of this title.

Puspan. L. 115–97, title I, § 14201(d), Dec. 22, 2017, 131 Stat. 2213, provided that: “The amendments made by this section [enacting section 951A of this title and amending this section and section 960 of this title] shall apply to taxable years of foreign corporations beginning after December 31, 2017, and to taxable years of United States shareholders in which or with which such taxable years of foreign corporations end.”

Amendment by section 14301(c)(15)–(19) of Puspan. L. 115–97 applicable to taxable years of foreign corporations beginning after Dec. 31, 2017, and to taxable years of United States shareholders in which or with which such taxable years of foreign corporations end, see section 14301(d) of Puspan. L. 115–97, set out as a note under section 78 of this title.

Puspan. L. 115–97, title I, § 14302(c), Dec. 22, 2017, 131 Stat. 2225, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2017.”

Puspan. L. 115–97, title I, § 14304(span), Dec. 22, 2017, 131 Stat. 2226, provided that: “The amendment made by this section [amending this section] shall apply to taxable years beginning after December 31, 2017.”

Puspan. L. 113–295, div. A, title II, § 219(d), Dec. 19, 2014, 128 Stat. 4035, provided that: “The amendments made by this section [amending this section, section 199 of this title, and provisions set out as a note under section 114 of this title] shall take effect as if included in the provision of the American Jobs Creation Act of 2004 [Puspan. L. 108–357] to which they relate.”

Amendment by section 221(a)(72) of Puspan. L. 113–295 effective Dec. 19, 2014, subject to a savings provision, see section 221(span) of Puspan. L. 113–295, set out as a note under section 1 of this title.

Amendment by Puspan. L. 112–240 applicable to taxable years beginning after Dec. 31, 2011, see section 104(d) of Puspan. L. 112–240, set out as a note under section 23 of this title.

Puspan. L. 111–226, title II, § 213(span), Aug. 10, 2010, 124 Stat. 2399, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Aug. 10, 2010].”

Amendment by section 217(c)(2) of Puspan. L. 111–226 applicable to taxable years beginning after Dec. 31, 2010, with certain exceptions, see section 217(d) of Puspan. L. 111–226, set out as an Effective Date of 2010 Amendment note under section 861 of this title.

Amendment by Puspan. L. 111–148 terminated applicable to taxable years beginning after Dec. 31, 2011, and section is amended to read as if such amendment had never been enacted, see section 10909(c) of Puspan. L. 111–148, set out as a note under section 1 of this title.

Amendment by Puspan. L. 111–148 applicable to taxable years beginning after Dec. 31, 2009, see section 10909(d) of Puspan. L. 111–148, set out as a note under section 1 of this title.

Amendment by section 1004(span)(5) of Puspan. L. 111–5 applicable to taxable years beginning after Dec. 31, 2008, see section 1004(d) of Puspan. L. 111–5, set out as an Effective and Termination Dates of 2009 Amendment note under section 24 of this title.

Amendment by section 1142(span)(1)(E) of Puspan. L. 111–5 applicable to vehicles acquired after Fespan. 17, 2009, see section 1142(c) of Puspan. L. 111–5, set out as an Effective and Termination Dates of 2009 Amendment note under section 24 of this title.

Amendment by section 1144(span)(1)(E) of Puspan. L. 111–5 applicable to taxable years beginning after Dec. 31, 2008, see section 1144(c) of Puspan. L. 111–5, set out as an Effective and Termination Dates of 2009 Amendment note under section 24 of this title.

Puspan. L. 110–172, § 11(f)(4), Dec. 29, 2007, 121 Stat. 2489, provided that: “The amendments made by this subsection [amending this section and sections 1298 and 9502 of this title] shall take effect as if included in the provisions of the American Jobs Creation Act of 2004 [Puspan. L. 108–357] to which they relate.”

Amendment by section 402(i)(3)(G) of Puspan. L. 109–135 subject to title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001, Puspan. L. 107–16, § 901, in the same manner as the provisions of such Act to which such amendment relates, see section 402(i)(3)(H) of Puspan. L. 109–135, set out as a note under section 23 of this title. Title IX of Puspan. L. 107–16 was repealed by Puspan. L. 112–240, title I, § 101(a)(1), Jan. 2, 2013, 126 Stat. 2315.

Amendment by section 402(i)(3)(G) of Puspan. L. 109–135 effective as if included in the provisions of the Energy Policy Act of 2005, Puspan. L. 109–58, to which it relates and applicable to taxable years beginning after Dec. 31, 2005, see section 402(m) of Puspan. L. 109–135, set out as a note under section 23 of this title.

Amendments by section 403(k), (o) of Puspan. L. 109–135 effective as if included in the provisions of the American Jobs Creation Act of 2004, Puspan. L. 108–357, to which they relate, see section 403(nn) of Puspan. L. 109–135, set out as an Effective Date of 2005 Amendment note under section 26 of this title.

Amendment by section 402(a) of Puspan. L. 108–357 applicable to losses for taxable years beginning after Dec. 31, 2006, see section 402(c) of Puspan. L. 108–357, set out as a note under section 535 of this title.

Amendment by section 403(a), (span)(1)–(5) of Puspan. L. 108–357 applicable to taxable years beginning after Dec. 31, 2002, see section 403(c) of Puspan. L. 108–357, set out as a note under section 864 of this title.

Amendment by section 403(a), (span)(1)–(5) of Puspan. L. 108–357 not applicable to taxable years beginning after Dec. 31, 2002, and before Jan. 1, 2005, with a specific provision for application of subsec. (d)(4)(C)(iv) of this section, if taxpayer so elects, see section 403(d) of Puspan. L. 108–357, set out as a note under section 864 of this title.

Puspan. L. 108–357, title IV, § 404(g), Oct. 22, 2004, 118 Stat. 1497, provided that:

Amendment by section 413(c)(14), (15) of Puspan. L. 108–357 applicable to taxable years of foreign corporations beginning after Dec. 31, 2004, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end, see section 413(d)(1) of Puspan. L. 108–357, set out as an Effective and Termination Dates of 2004 Amendments note under section 1 of this title.

Puspan. L. 108–357, title IV, § 417(c), Oct. 22, 2004, 118 Stat. 1512, provided that:

Puspan. L. 108–357, title VIII, § 895(span), Oct. 22, 2004, 118 Stat. 1648, provided that: “The amendment made by this section [amending this section] shall apply to dispositions after the date of the enactment of this Act [Oct. 22, 2004].”

Amendment by Puspan. L. 108–311 applicable to taxable years beginning after Dec. 31, 2003, see section 312(c) of Puspan. L. 108–311, set out as a note under section 26 of this title.

Amendment by section 601(span)(1) of Puspan. L. 107–147 applicable to taxable years beginning after Dec. 31, 2001, see section 601(c) of Puspan. L. 107–147, set out as a note under section 26 of this title.

Amendment by sections 201(span), 202(f), and 618(span) of Puspan. L. 107–16 inapplicable to taxable years beginning during 2004 or 2005, see section 312(span)(2) of Puspan. L. 108–311, set out as a note under section 23 of this title.

Amendment by sections 201(span), 202(f), and 618(span) of Puspan. L. 107–16 inapplicable to taxable years beginning during 2002 and 2003, see section 601(span)(2) of Puspan. L. 107–147, set out as a note under section 23 of this title.

Amendment by section 201(span)(2)(G) of Puspan. L. 107–16 applicable to taxable years beginning after Dec. 31, 2001, see section 201(e)(2) of Puspan. L. 107–16, set out as a note under section 24 of this title.

Amendment by section 202(f)(2)(C) of Puspan. L. 107–16 applicable to taxable years beginning after Dec. 31, 2001, see section 202(g)(1) of Puspan. L. 107–16, set out as a note under section 23 of this title.

Amendment by section 618(span)(2)(D) of Puspan. L. 107–16 applicable to taxable years beginning after Dec. 31, 2001, see section 618(d) of Puspan. L. 107–16, set out as a note under section 24 of this title.

Amendment by Puspan. L. 106–170 applicable to taxable years beginning after Dec. 31, 1998, see section 501(c) of Puspan. L. 106–170, set out as a note under section 24 of this title.

Amendment by section 311(c)(3) of Puspan. L. 105–34 applicable to taxable years ending after May 6, 1997, see section 311(d) of Puspan. L. 105–34, set out as a note under section 1 of this title.

Puspan. L. 105–34, title XI, § 1101(span), Aug. 5, 1997, 111 Stat. 963, provided that: “The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after December 31, 1997.”

Puspan. L. 105–34, title XI, § 1105(c), Aug. 5, 1997, 111 Stat. 968, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2002.”

Puspan. L. 105–34, title XI, § 1111(c)(2), Aug. 5, 1997, 111 Stat. 969, provided that: “The amendment made by subsection (span) [amending this section] shall apply to distributions after the date of the enactment of this Act [Aug. 5, 1997].”

Puspan. L. 105–34, title XI, § 1163(c), Aug. 5, 1997, 111 Stat. 987, provided that: “The amendments made by this section [amending this section and section 902 of this title] shall take effect on the date of the enactment of this Act [Aug. 5, 1997].”

Puspan. L. 104–188, title I, § 1501(d), Aug. 20, 1996, 110 Stat. 1826, provided that: “The amendments made by this section [amending this section and sections 951, 956, 959, 989, and 1297 of this title and repealing section 956A of this title] shall apply to taxable years of foreign corporations beginning after December 31, 1996, and to taxable years of United States shareholders within which or with which such taxable years of foreign corporations end.”

Amendment by section 1703(i)(1) of Puspan. L. 104–188 effective as if included in the provision of the Revenue Reconciliation Act of 1993, Puspan. L. 103–66, §§ 13001–13444, to which such amendment relates, see section 1703(o) of Puspan. L. 104–188, set out as a note under section 39 of this title.

Amendment by section 13227(d) of Puspan. L. 103–66 applicable to taxable years beginning after Dec. 31, 1993, see section 13227(f) of Puspan. L. 103–66 set out as a note under section 56 of this title.

Puspan. L. 103–66, title XIII, § 13235(c), Aug. 10, 1993, 107 Stat. 505, provided that: “The amendments made by this section [amending this section and sections 907 and 954 of this title] shall apply to taxable years beginning after December 31, 1992.”

Amendment by section 11101(d)(5) of Puspan. L. 101–508 applicable to taxable years beginning after Dec. 31, 1990, see section 11101(e) of Puspan. L. 101–508, set out as a note under section 1 of this title.

Puspan. L. 101–239, title VII, § 7402(span), Dec. 19, 1989, 103 Stat. 2358, provided that: “The amendment made by subsection (a) [amending this section] shall apply to taxable years beginning after July 10, 1989.”

Amendment by section 7811(i)(1) of Puspan. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Technical and Miscellaneous Revenue Act of 1988, Puspan. L. 100–647, to which such amendment relates, see section 7817 of Puspan. L. 101–239, set out as a note under section 1 of this title.

Puspan. L. 100–647, title I, § 1012(bspan)(4)(B), Nov. 10, 1988, 102 Stat. 3535, provided that: “The amendment made by subparagraph (A) [amending this section] shall take effect as if included in the amendment made by section 121 of the Tax Reform Act of 1984 [Puspan. L. 98–369].”

Amendment by sections 1003(span)(2) and 1012(a)(1)(A), (2)–(4), (6)–(11), (c), (p)(11), (29), (q)(12) of Puspan. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Puspan. L. 99–514, to which such amendment relates, see section 1019(a) of Puspan. L. 100–647, set out as a note under section 1 of this title.

Amendment by section 2004(l) of Puspan. L. 100–647 effective, except as otherwise provided, as if included in the provisions of the Revenue Act of 1987, Puspan. L. 100–203, title X, to which such amendment relates, see section 2004(u) of Puspan. L. 100–647, set out as a note under section 56 of this title.

Amendment by section 104(span)(13) of Puspan. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, see section 151(a) of Puspan. L. 99–514, set out as a note under section 1 of this title.

Amendment by section 701(e)(4)(H) of Puspan. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, with certain exceptions and qualifications, see section 701(f) of Puspan. L. 99–514, set out as an Effective Date note under section 55 of this title.

Puspan. L. 99–514, title XII, § 1201(e), Oct. 22, 1986, 100 Stat. 2525, as amended by Puspan. L. 100–647, title I, § 1012(a)(5), Nov. 10, 1988, 102 Stat. 3495; Puspan. L. 101–239, title VII, § 7404(a), Dec. 19, 1989, 103 Stat. 2361, provided that:

[Puspan. L. 101–239, title VII, § 7404(span), (c), Dec. 19, 1989, 103 Stat. 2361, provided that:

[“(span) Effective Date.—The repeal made by subsection (a) [amending section 1201(e) of Puspan. L. 99–514, set out above] shall apply to taxable years beginning after December 31, 1989.

[“(c) Exception for Certain Taxpayers With Substantial Loan Loss Reserves.—

[“(1) In general.—The repeal made by subsection (a) shall not apply to any taxpayer if, on any financial statement filed by such taxpayer for regulatory purposes with respect to any quarter ending during the period beginning on March 31, 1989, and ending on December 31, 1989, such taxpayer showed loss reserves against its qualified loans equal to at least 25 percent of the amount of such loans.

[“(2) Definitions and special rules.—For purposes of this subsection—

[“(A) Qualified loan.—The term ‘qualified loan’ has the meaning given such term by section 1201(e)(2)(H) of the Tax Reform Act of 1986 [Puspan. L. 99–514, formerly set out above] (as in effect before its repeal by subsection (a)).

[“(B) Parent-subsidiary controlled groups.—In the case of any taxpayer which is a member of a parent-subsidiary controlled group (as defined in section 585(c)(5)(A) [26 U.S.C. 585(c)(5)(A)]), this subsection shall be applied by treating all members of such group as 1 taxpayer.”]

Puspan. L. 99–514, title XII, § 1203(span), Oct. 22, 1986, 100 Stat. 2532, provided that: “The amendment made by subsection (a) [amending this section] shall apply to losses incurred in taxable years beginning after December 31, 1986.”

Amendment by section 1211(span)(3) of Puspan. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, except as otherwise provided, see section 1211(c) of Puspan. L. 99–514, set out as an Effective Date note under section 865 of this title.

Amendment by section 1235(f)(4) of Puspan. L. 99–514 applicable to taxable years of foreign corporations beginning after Dec. 31, 1986, see section 1235(h) of Puspan. L. 99–514, set out as an Effective Date note under section 1291 of this title.

Puspan. L. 99–514, title XVIII, § 1810(a)(1)(B), Oct. 22, 1986, 100 Stat. 2822, provided that: “The amendment made by subparagraph (A) [amending this section] shall take effect on March 28, 1985. In the case of any taxable year ending after such date of any corporation treated as a United States-owned foreign corporation by reason of the amendment made by subparagraph (A)—

Puspan. L. 99–514, title XVIII, § 1810(span)(4)(B), Oct. 22, 1986, 100 Stat. 2824, provided that:

Amendment by sections 1810(span)(1)–(3) and 1876(d)(2) of Puspan. L. 99–514 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Puspan. L. 98–369, div. A, to which such amendment relates, see section 1881 of Puspan. L. 99–514, set out as a note under section 48 of this title.

Puspan. L. 98–369, div. A, title I, § 121(span), July 18, 1984, 98 Stat. 640, as amended by Puspan. L. 99–514, § 2, title XVIII, § 1810(a)(2), (3), Oct. 22, 1986, 100 Stat. 2095, 2822, provided that:

Puspan. L. 98–369, div. A, title I, § 122(span), July 18, 1984, 98 Stat. 644, provided that:

Amendment by section 474(r)(21) of Puspan. L. 98–369 applicable to taxable years beginning after Dec. 31, 1983, and to carrybacks from such years, see section 475(a) of Puspan. L. 98–369, set out as a note under section 21 of this title.

Amendment by section 801(d)(2) of Puspan. L. 98–369 applicable to transactions after Dec. 31, 1984, in taxable years ending after such date, see section 805(a)(1) of Puspan. L. 98–369, as amended, set out as a note under section 245 of this title.

Amendment by Puspan. L. 98–21 applicable to taxable years beginning after Dec. 31, 1983, except that if an individual’s annuity starting date was deferred under section 105(d)(6) of this title as in effect on the day before Apr. 20, 1983, such deferral shall end on the first day of such individual’s first taxable year beginning after Dec. 31, 1983, see section 122(d) of Puspan. L. 98–21, set out as a note under section 22 of this title.

Amendment by Puspan. L. 97–248 applicable to taxable years beginning after Dec. 31, 1982, except that former subsec. (f)(4), which had provided for the determination of foreign oil related loss where section 907 of this title was applicable, shall continue to apply in certain instances where the taxpayer has had a foreign loss from an activity not related to oil and gas, see section 211(e) of Puspan. L. 97–248, set out as a note under section 907 of this title.

Amendment by Puspan. L. 96–222 effective, except as otherwise provided, as if it had been included in the provisions of the Revenue Act of 1978, Puspan. L. 95–600, to which such amendment relates, see section 201 of Puspan. L. 96–222, set out as a note under section 32 of this title.

Amendment by section 403(c)(4) of Puspan. L. 95–600 effective on Nov. 6, 1978, see section 403(d)(3) of Puspan. L. 95–600, set out as a note under section 528 of this title.

Amendment by section 421(e)(6) of Puspan. L. 95–600 applicable to taxable years beginning after Dec. 31, 1978, see section 421(g) of Puspan. L. 95–600, set out as note under section 5 of this title.

Amendment by section 701(a)(8)(C) of Puspan. L. 95–600 applicable, in the case of individuals, to taxable years ending after Dec. 31, 1974, and, in the case of corporations, to taxable years ending after Dec. 31, 1976, see section 701(u)(8)(D) of Puspan. L. 95–600, set out as a note under section 907 of this title.

Puspan. L. 95–600, title VII, § 701(q)(3)(B), Nov. 6, 1978, 92 Stat. 2910, as amended by Puspan. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that: “The amendments made by paragraph (2) [amending this section] shall take effect as if included in section 904(f) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954], as such provision was added to such Code by section 1032(a) of the Tax Reform Act of 1976 [section 1032(a) of Puspan. L. 94–455].”

Puspan. L. 95–600, title VII, § 701(u)(2)(D), Nov. 6, 1978, 92 Stat. 2913, provided that: “The amendments made by this paragraph [amending this section] shall apply to taxable years beginning after December 31, 1975.”

Puspan. L. 95–600, title VII, § 701(u)(3)(B), Nov. 6, 1978, 92 Stat. 2913, provided that: “The amendment made by subparagraph (A) [amending this section] shall apply to taxable years beginning after December 31, 1975.”

Puspan. L. 95–600, title VII, § 701(u)(4)(C), Nov. 6, 1978, 92 Stat. 2914, provided that: “The amendments made by this paragraph [amending this section] shall apply—

Amendment by Puspan. L. 95–30 applicable to taxable years beginning after Dec. 31, 1976, see section 106(a) of Puspan. L. 95–30, set out as a note under section 1 of this title.

Amendment by section 503(span)(1) of Puspan. L. 94–455 applicable to taxable years beginning after Dec. 31, 1975, see section 508 of Puspan. L. 94–455, set out as a note under section 3 of this title.

Puspan. L. 94–455, title X, § 1031(c), Oct. 4, 1976, 90 Stat. 1623, as amended by Puspan. L. 95–600, title VII, § 701(u)(6), (7)(B)(ii), Nov. 6, 1978, 92 Stat. 2914, 2916; Puspan. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that:

Puspan. L. 94–455, title X, § 1032(c), Oct. 4, 1976, 90 Stat. 1626, as amended by Puspan. L. 95–600, title VII, § 701(u)(5), (7)(A), (B)(i), Nov. 6, 1978, 92 Stat. 2914; Puspan. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that:

Puspan. L. 94–455, title X, § 1034(span), Oct. 4, 1976, 90 Stat. 1630, provided that: “The amendment made by this section [amending this section] shall apply to taxable years beginning after December 31, 1975, except that the provisions of section 904(span)(3)(C) shall only apply to sales or exchanges made after November 12, 1975.”

Amendment by section 1051(e) of Puspan. L. 94–455 applicable to taxable years beginning after Dec. 31, 1975, with certain exceptions, see section 1051(i) of Puspan. L. 94–455, set out as a note under section 27 of this title.

Amendment by section 1901(span)(10) of Puspan. L. 94–455 applicable with respect to taxable years ending after Oct. 4, 1976, see section 1901(d) of Puspan. L. 94–455, set out as a note under section 2 of this title.

Amendment by Puspan. L. 92–178 applicable with respect to taxable years ending after Dec. 31, 1971, except that a corporation may not be a DISC for any taxable year beginning before Jan. 1, 1972, see section 507 of Puspan. L. 92–178, set out as a note under section 991 of this title.

Amendment by Puspan. L. 91–172 applicable with respect to taxable years beginning after Dec. 31, 1969, see section 506(c) of Puspan. L. 91–172, set out as a note under section 901 of this title.

Puspan. L. 89–809, title I, § 106(c)(2), Nov. 13, 1966, 80 Stat. 1571, provided that: “The amendments made by paragraph (1) [amending this section] shall apply to interest received after December 31, 1965, in taxable years ending after such date.”

Amendment by Puspan. L. 88–272 applicable to taxable years beginning after Dec. 31, 1963, see section 234(c) of Puspan. L. 88–272, set out as a note under section 1503 of this title.

Puspan. L. 87–834, § 10(span), Oct. 16, 1962, 76 Stat. 1003, provided that: “The amendments made by subsection (a) [amending this section] shall apply with respect to taxable years beginning after the date of the enactment of this Act [Oct. 16, 1962], but only with respect to interest resulting from transactions consummated after April 2, 1962.”

Puspan. L. 86–780, § 4, Sept. 14, 1960, 74 Stat. 1013, provided that: “The amendments made by the first section [amending this section], section 2 [amending section 1503 of this title], and subsection (a) of section 3 of this Act [amending section 901 of this title] shall apply with respect to taxable years beginning after December 31, 1960. The amendment made by subsection (span) of section 3 of this Act [amending section 901 of this title] shall apply with respect to taxable years beginning after December 31, 1953, and ending after August 16, 1954. The amendments made by subsection (c) of section 3 of this Act [enacting section 6501 of this title] shall apply with respect to taxable years beginning after December 31, 1957.”

Puspan. L. 85–866, title I, § 42(c), Sept. 2, 1958, 72 Stat. 1640, provided that: “The amendments made by subsections (a) and (span) [amending this section and section 6611 of this title] shall apply only with respect to taxable years beginning after December 31, 1957.”

For provisions that nothing in amendment by section 401(d)(1)(D)(xiii), (xiv) of Puspan. L. 115–141 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Mar. 23, 2018, for purposes of determining liability for tax for periods ending after Mar. 23, 2018, see section 401(e) of Puspan. L. 115–141, set out as a note under section 23 of this title.

For provisions that nothing in amendment by section 11801(a)(31) of Puspan. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liability for tax for periods ending after Nov. 5, 1990, see section 11821(span) of Puspan. L. 101–508, set out as a note under section 45K of this title.

For applicability of amendments by sections 701(e)(4)(H) and 1201(a), (span), (d)(1)–(3) of Puspan. L. 99–514 notwithstanding any treaty obligation of the United States in effect on Oct. 22, 1986, and for nonapplication of amendment by section 1211(span)(3) of Puspan. L. 99–514 to the extent application of such amendment would be contrary to any treaty obligation of the United States in effect on Oct. 22, 1986, with provision that for such purposes any amendment by title I of Puspan. L. 100–647 be treated as if it had been included in the provision of Puspan. L. 99–514 to which such amendment relates, see section 1012(aa)(2)–(4) of Puspan. L. 100–647, set out as a note under section 861 of this title.

For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Puspan. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Puspan. L. 99–514, as amended, set out as a note under section 401 of this title.

Puspan. L. 99–514, title XII, § 1205, Oct. 22, 1986, 100 Stat. 2532, provided that:

Puspan. L. 99–514, title XVIII, § 1810(a)(4), Oct. 22, 1986, 100 Stat. 2822, provided that: “Section 904(g) of the Internal Revenue Code of 1954 shall apply notwithstanding any treaty obligation of the United States to the contrary (whether entered into on, before, or after the date of the enactment of this Act [Oct. 22, 1986]) unless (in the case of a treaty entered into after the date of the enactment of this Act) such treaty by specific reference to such section 904(g) clearly expresses the intent to override the provisions of such section.”

Puspan. L. 99–514, title XVIII, § 1810(a)(5), Oct. 22, 1986, 100 Stat. 2823, as amended by Puspan. L. 100–647, title I, § 1018(g)(1), Nov. 10, 1988, 102 Stat. 3582, provided that: “For purposes of section 121(span)(5) of the Tax Reform Act of 1984 [Puspan. L. 98–369, set out above] (relating to separate application of section 904 [of the Internal Revenue Code of 1954 [now 1986]] in case of income covered by transitional rules), any carryover under section 904(c) of the Internal Revenue Code of 1954 [now 1986] allowed to a taxpayer which was incorporated on August 31, 1962, attributable to taxes paid or accrued in taxable years beginning in 1981, 1982, 1983, or 1984, with respect to amounts included in gross income under section 951 of such Code in respect of a controlled foreign corporation which was incorporated on May 27, 1977, shall be treated as taxes paid or accrued on income separately treated under such section 121(span)(5).”