Code · BILL · 113th Congress · H.R. 1 (Introduced in House) — To amend the Internal Revenue Code of 1986 to provide for comprehensive tax reform. · Sec. 3661

Sec. 3661. Exclusion of dividends from controlled foreign corporations from the definition of personal holding company income for purposes of the personal holding company rules

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Paragraph

(1)of section 543(a) is amended— by redesignating subparagraphs

(C)and

(D)as subparagraphs

(D)and (E), respectively, and by inserting after subparagraph

(B)the following: dividends received by a United States shareholder (as defined in section 951(b)) from a controlled foreign corporation (as defined in section 957(a)), . The amendments made by this Act shall apply to taxable years beginning after December 31, 2014.