Qualified income
(b) Qualified income. Qualified income is income derived from the international operation of ships or aircraft that (1) Is properly includible in any of the income categories described in paragraph (h)(2) of this section; and (2) Is the subject of an equivalent exemption, as defined in paragraph (h) of this section, granted by the qualified foreign country, as defined in paragraph (d) of this section, in which the foreign corporation seeking qualified foreign corporation status is organized.