Sec. 138122. Repeal of election for 1-month deferral in determination of taxable year of specified foreign corporations
73 words·~1 min read·
/bill/117/hr/5376/rh/section-138122·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 898(c) is amended by striking paragraph
(2)and redesignating paragraph
(3)as paragraph (2). The amendments made by this section shall apply to taxable years of specified foreign corporations beginning after November 30, 2021. A taxpayer’s first taxable year beginning after November 30, 2021, shall end at the same time as the first required year (within the meaning of section 898(c)(1) of the Internal Revenue Code of 1986) ending after such date.