applicable earnings

(1) Applicable earnings For purposes of this section, the term “applicable earnings” means, with respect to any controlled foreign corporation, the sum of— (A) the amount (not including a deficit) referred to in section 316(a)(1) to the extent such amount was accumulated in prior taxable years, and (B) the amount referred to in section 316(a)(2), but reduced by distributions made during the taxable year and by earnings and profits described in section 959(c)(1).


26 USC § 956(b)(1)

Scoping language

For purposes of this section
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