Amendments
2017—Subsec. (c)(1)(B). Pub. L. 115–97, § 14301(c)(36), substituted “section 960” for “sections 902 (relating to foreign tax credit for corporate stockholder in foreign corporation) and 960 (relating to special rules for foreign tax credit)”.
Subsec. (c)(4)(C). Pub. L. 115–97, § 14301(c)(37), struck out subpar. (C) which read as follows: “In applying subsections (a) and (b) of section 902, and in applying subsection (a) of section 960, the reduction provided by this subsection shall not apply for purposes of determining the amount of post-1986 undistributed earnings.”
1998—Subsec. (a)(2). Pub. L. 105–206, § 6011(f)(1), struck out “by regulations” before “prescribe”.
Subsec. (a)(3). Pub. L. 105–206, § 6011(f)(2), substituted “the Secretary has prescribed the furnishing of such information on or before the first day of such annual accounting period.” for “such information was required to be furnished under regulations in effect on the first day of such annual accounting period.”
Subsec. (e)(4). Pub. L. 105–206, § 6011(f)(3), substituted “such foreign business entity” for “such corporation” in two places.
1997—Pub. L. 105–34, § 1142(a), inserted “reporting” after “Information” and “and partnerships” after “corporations” in section catchline.
Subsec. (a). Pub. L. 105–34, § 1142(a), reenacted heading without change.
Subsec. (a)(1). Pub. L. 105–34, § 1142(a), reenacted heading without change and amended text generally. Prior to amendment, par. (1) consisted of subpars. (A) to (E) relating to general requirements of information with respect to foreign corporations.
Subsec. (a)(2), (3). Pub. L. 105–34, § 1142(e)(1)(A), substituted “foreign business entity” for “foreign corporation” in pars. (2) and (3).
Subsec. (a)(5). Pub. L. 105–34, § 1142(d), added par. (5).
Subsec. (b). Pub. L. 105–34, § 1142(c), (e)(1)(B), substituted “foreign business entity” for “foreign corporation” in par. (1), substituted “$10,000” for “$1,000” in pars. (1) and (2), and substituted “$50,000” for “$24,000” in par. (2).
Subsec. (c)(1). Pub. L. 105–34, § 1142(e)(1)(C), (2), substituted “foreign business entity” for “foreign corporation” in introductory provisions and inserted “in the case of a foreign business entity which is a foreign corporation,” after “(B)” in subpar. (B).
Subsec. (c)(2). Pub. L. 105–34, § 1142(e)(1)(C), substituted “foreign business entity” for “foreign corporation” in introductory provisions and in subpar. (B).
Subsec. (d). Pub. L. 105–34, § 1142(e)(1)(D), substituted “foreign business entity” for “foreign corporation”.
Subsec. (e). Pub. L. 105–34, § 1142(b), added pars. (1) and (3), redesignated former pars. (1) and (2) as (2) and (4), respectively, inserted “of corporation” after “Control” in par. (2) heading, and substituted “foreign business entity” for “foreign corporation” in two places in par. (4).
1996—Subsec. (a)(1)(E), (F). Pub. L. 104–188, § 1704(f)(5)(A), substituted period for “, and” at end of subpar. (E) and struck out subpar. (F) which read as follows: “such information as the Secretary may require for purposes of carrying out the provisions of section 453C.”
Subsec. (e). Pub. L. 104–188, § 1704(t)(40), redesignated subsec. (e), relating to cross references, as (f).
Subsec. (e)(2). Pub. L. 104–188, § 1704(t)(46), made technical amendment to directory language of Pub. L. 101–508. See 1990 Amendment note below.
Subsec. (f). Pub. L. 104–188, § 1704(t)(40), redesignated subsec. (e), relating to cross references, as (f).
1990—Subsec. (e)(2). Pub. L. 101–508, as amended by Pub. L. 104–188, § 1704(t)(46), in subsec. (e) relating to definitions, inserted at end of par. (2) “In the case of a specified foreign corporation (as defined in section 898), the taxable year of such corporation shall be treated as its annual accounting period.”
1989—Subsec. (a)(1). Pub. L. 101–239, § 7712(a)(2), inserted before period at end “or which the Secretary determines to be appropriate to carry out the provisions of this title.”
Subsec. (a)(4). Pub. L. 101–239, § 7712(a)(1), added par. (4).
1986—Subsec. (a)(1)(B). Pub. L. 99–514, § 1202(c)(1), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “the accumulated profits (as defined in section 902(c)) of such foreign corporation, including the items of income (whether or not included in gross income under chapter 1), deductions (whether or not allowed in computing taxable income under chapter 1), and any other items taken into account in computing such accumulated profits;”.
Subsec. (a)(1)(F). Pub. L. 99–514, § 1245(b)(5), added subpar. (F).
Subsec. (c)(4)(C). Pub. L. 99–514, § 1202(c)(2), substituted “post-1986 undistributed earnings” for “accumulated profits in excess of income, war profits, and excess profits taxes”.
1982—Subsec. (a)(1). Pub. L. 97–248, § 338(c)(2), substituted “subsection (e)(1)” for “subsection (d)(1)”.
Subsec. (b). Pub. L. 97–248, § 338(a), added subsec. (b). Former subsec. (b) redesignated (c).
Subsec. (c). Pub. L. 97–248, § 338(a), (b), (c)(1), (3), redesignated former subsec. (b) as (c), substituted “Penalty of reducing foreign tax credit” for “Effect of failure to furnish information” in heading, inserted “of such failure” after “90 days or more after notice” in par. (1), added par. (3), redesignated former par. (3) as (4), and in par. (4) inserted reference to subsection (b) in subpar. (B). Former subsec. (c) redesignated (d).
Subsecs. (d), (e). Pub. L. 97–248, § 338(a), redesignated former subsec. (c) as (d). Former subsec. (d), relating to definitions, redesignated (e).
1976—Subsecs. (a), (b). Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary” wherever appearing.
Subsec. (b)(1). Pub. L. 94–455, § 1031(b)(5), substituted in subpar. (A) “section 904(c)” for “section 904(d)”.
Subsec. (c). Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
1964—Subsec. (d)(1). Pub. L. 88–554 substituted “subparagraphs (A), (B), and (C) of section 318(a)(3)” for “the second sentence of subparagraphs (A) and (B), and clause (ii) of subparagraph (C), of section 318(a)(2)” in subpar. (A), and deleted “clause (i) of” after “in applying” in subpar. (B).
1962—Subsec. (a)(1). Pub. L. 87–834, among other changes, substituted in introductory provisions “Every United States person shall furnish” for “A domestic corporation shall furnish”, in subpar. (D)(i) “such person” for “any foreign corporation controlled by the domestic corporation”, in subpar. (D)(ii) “any other corporation which such person controls” for “any foreign subsidiary of a foreign corporation controlled by the domestic corporation”, in subpar. (D)(iii) “any United States person owning, at the time the transaction takes place, 10 percent or more of the value of any class of stock outstanding of such foreign corporation” for “the domestic corporation or any shareholder of the domestic corporation owning at the time the transaction takes place 10 percent or more of the value of any class of stock outstanding of the domestic corporation”, and in subpar. (E) “each United States person who is a shareholder” for “each citizen or resident of the United States and each domestic corporation who is a shareholder”, and struck out provisions throughout the subsection which related to foreign subsidiaries.
Subsec. (a)(2). Pub. L. 87–834 substituted provisions requiring the information to be furnished for the annual accounting period ending with or within the United States person’s taxable year for provisions which required such information to be furnished for the annual accounting period ending with or within the domestic corporation’s taxable year, and struck out provisions which related to the furnishing of information in the case of foreign subsidiaries.
Subsec. (a)(3). Pub. L. 87–834 struck out provisions which related to foreign subsidiaries.
Subsec. (b). Pub. L. 87–834, among other changes, substituted “If a United States person fails to furnish” for “If a domestic corporation fails to furnish” in the opening provisions, inserted provisions relating to reduction of taxes in applying sections 901 and 960 of this title, to the maximum amount of reduction under par. (1) for each failure to furnish information with respect to a foreign corporation required under subsec. (a)(1), and making the reduction provided by subsec. (b) inapplicable, in applying subsecs. (a) and (b) of section 902 and subsec. (a) of section 960, for purposes of determining the amount of accumulated profits in excess of income, war profits, and excess profits taxes, and eliminated provisions which related to the furnishing of information with respect to foreign subsidiaries.
Subsec. (c). Pub. L. 87–834 substituted provisions empowering the Secretary to provide for the furnishing of information by only one person where two or more persons would be required to furnish information under subsec. (a) with respect to the same foreign corporation for the same period for provisions which required a domestic corporation if at any time during its taxable year owned more than 50 percent of the voting stock of a foreign corporation to be deemed to be in control of such foreign corporation, and in the case of a foreign corporation if at any time during its annual accounting period owned more than 50 percent of the voting stock of another foreign corporation, that such other corporation shall be considered a foreign subsidiary of the corporation owning such stock. The provisions relating to control are now contained in subsec. (d) of this section.
Subsec. (d). Pub. L. 87–834 added par. (1) which was formerly covered in part by subsec. (c) of this section, designated existing provisions as par. (2), and eliminated from par. (2) provisions which related to the annual accounting period of a foreign subsidiary.
Subsec. (e). Pub. L. 87–834 designated existing provisions as par. (1) and added par. (2).
