Sec. 138125. Foreign oil and gas extraction income and foreign oil related income to include oil shale and tar sands
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/bill/117/hr/5376/rh/section-138125·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Paragraphs (1)(A) and (2)(A) of section 907(c) are each amended by inserting (or oil shale or tar sands) after oil or gas wells . The amendments made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2021, and to taxable years of United States shareholders in which or with which such taxable years of foreign corporations end.