Sec. 13012. Tax equivalent to dividends paid deduction for certain foreign corporations
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/bill/115/s/1/pcs/section-13012·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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(1)of section 882(c) is amended by adding at the end the following new subparagraph: For purposes of subparagraph (A)— the deduction under section 242 shall not be allowed for any taxable year, and there shall be allowed, in lieu of such deduction, a deduction in an amount equal to zero percent of the dividend equivalent amount (as defined in section 884(b)) of the foreign corporation for the taxable year. . The amendment made by this section shall apply to taxable years beginning after December 31, 2018.