Sec. 14211. Elimination of inclusion of foreign base company oil related income
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/bill/115/hr/1/unknown/section-14211A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subsection
(a)of section 954 is amended— by inserting and at the end of paragraph (2), by striking the comma at the end of paragraph
(3)and inserting a period, and by striking paragraph (5). Section 952(c)(1)(B)(iii) is amended by striking subclause
(I)and redesignating subclauses
(II)through
(V)as subclauses
(I)through (IV), respectively. Section 954(b) is amended— by striking the second sentence of paragraph (4), by striking the foreign base company services income, and the foreign base company oil related income in paragraph
(5)and inserting and the foreign base company services income , and 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 with or within which such taxable years of foreign corporations end.