base erosion tax benefit

(A)The term “base erosion tax benefit” means— (i)any deduction described in subsection (d)(1) which is allowed under this chapter for the taxable year with respect to any base erosion payment, (ii)in the case of a base erosion payment described in subsection (d)(2), any deduction allowed under this chapter for the taxable year for depreciation (or amortization in lieu of depreciation) with respect to the property acquired with such payment, (iii)in the case of a base erosion payment described in subsection (d)(3)— (I)any reduction underin the gross amount of premiums and other consideration on insurance and annuity contracts for premiums and other consideration arising out of indemnity insurance, and (II)any deduction underfrom the amount of gross premiums written on insurance contracts during the taxable year for premiums paid for reinsurance, and (iv)in the case of a base erosion payment described in subsection (d)(4), any reduction in gross receipts with respect to such payment in computing gross income of the taxpayer for the taxable year for purposes of this chapter. (B) (i)Except as provided in clause (ii), any base erosion tax benefit attributable to any base erosion payment— (I)on which tax is imposed byor 881, and (II)with respect to which tax has been deducted and withheld underor 1442, (ii)The amount not taken into account in computing modified taxable income by reason of clause (i) shall be reduced under rules similar to the rules under section 163(j)(5)(B) (as in effect before the date of the enactment of the Tax Cuts and Jobs Act).

Source

26 USC § 59A(c)(2)(A)


Scoping language

For purposes of this section
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