Sec. 4202. Repeal of treatment of foreign base company oil related income as subpart F income
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Section 954(a) is amended by striking paragraph (5), by striking the comma at the end of paragraph
(3)and inserting a period, and by inserting and at the end of paragraph (2). Section 952(c)(1)(B)(iii) is amended by striking subclause
(I)and by redesignating subclauses
(II)through
(V)as subclauses
(I)through (IV), respectively. Section 954(b)(4) is amended by striking the last sentence. Section 954(b)(5) is amended by striking the foreign base company services income, and the foreign base company oil related income and inserting and the foreign base company services income . Section 954(b) is amended by striking paragraph (6). Section 954 is amended by striking subsection (g). The amendments made by this section 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.