applicable percentage

(4) Applicable percentage For purposes of this subsection, the term “applicable percentage” means, with respect to obligations arising in any taxable year, the percentage determined by dividing— (A) the portion of the aggregate face amount of such obligations outstanding as of the close of such taxable year in excess of $5,000,000, by (B) the aggregate face amount of such obligations outstanding as of the close of such taxable year.

Source

26 USC § 453A(c)(4)


Scoping language

For purposes of this subsection
Is this correct? or