Amendments
2017—Subsec. (d). Pub. L. 115–97, § 14301(c)(32), substituted “Any” for “Except as provided in section 960(a)(3), any”.
Subsec. (e). Pub. L. 115–97, § 14301(c)(33), substituted “section 960(c)” for “section 960(b)”.
1996—Subsec. (a). Pub. L. 104–188, § 1501(b)(4), (5), substituted “paragraph (2)” for “paragraphs (2) and (3)” in closing provisions, inserted “or” at end of par. (1), struck out “or” at end of par. (2), and struck out par. (3) which read as follows: “such amounts would, but for this subsection, be included under section 951(a)(1)(C) in the gross income of,”.
Subsec. (c). Pub. L. 104–188, § 1501(b)(6), inserted at end “References in this subsection to section 951(a)(1)(C) and subsection (a)(3) shall be treated as references to such provisions as in effect on the day before the date of the enactment of the Small Business Job Protection Act of 1996.”
Subsec. (f)(1). Pub. L. 104–188, § 1501(b)(7), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “For purposes of this section—
“(A) amounts that would be included under subparagraph (B) of section 951(a)(1) (determined without regard to this section) shall be treated as attributable first to earnings described in subsection (c)(2), and then to earnings described in subsection (c)(3), and
“(B) amounts that would be included under subparagraph (C) of section 951(a)(1) (determined without regard to this section) shall be treated as attributable first to earnings described in subsection (c)(2) to the extent the earnings so described were accumulated in taxable years beginning after September 30, 1993, and then to earnings described in subsection (c)(3).”
Subsec. (f)(2). Pub. L. 104–188, § 1501(b)(8), substituted “section 951(a)(1)(B)” for “subparagraphs (B) and (C) of section 951(a)(1)”.
1993—Subsec. (a). Pub. L. 103–66, § 13231(c)(2)(A), (4)(A), substituted in introductory provisions “earnings and profits” for “earnings and profits for taxable year” and inserted at end of closing provisions “The rules of subsection (c) shall apply for purposes of paragraph (1) of this subsection and the rules of subsection (f) shall apply for purposes of paragraphs (2) and (3) of this subsection.”
Subsec. (a)(3). Pub. L. 103–66, § 13231(c)(1), added par. (3).
Subsec. (b). Pub. L. 103–66, § 13231(c)(4)(A), substituted “earnings and profits” for “earnings and profits for a taxable year”.
Subsec. (c)(1). Pub. L. 103–66, § 13231(c)(2)(C), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “first to earnings and profits attributable to amounts included in gross income under section 951(a)(1)(B) (or which would have been included except for subsection (a)(2) of this section),”.
Subsec. (c)(2). Pub. L. 103–66, § 13231(c)(4)(B), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “then to earnings and profits attributable to amounts included in gross income under section 951(a)(1)(A) (but reduced by amounts not included under section 951(a)(1)(B) because of the exclusion in subsection (a)(2) of this section), and”.
Subsec. (f). Pub. L. 103–66, § 13231(c)(2)(B), added subsec. (f).
1988—Subsec. (e). Pub. L. 100–647 substituted “such person (or, in any case to which section 1248(e) applies, of the domestic corporation referred to in section 1248(e)(2)) under” for “such person under”.
1986—Subsec. (d). Pub. L. 99–514 inserted “; except that such distributions shall immediately reduce earnings and profits”.
1984—Subsec. (e). Pub. L. 98–369 added subsec. (e).
1976—Subsecs. (a), (b). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
Effective Date of 1984 Amendment
Pub. L. 98–369, div. A, title I, § 133(d)(2), (3), July 18, 1984, 98 Stat. 668, as amended by Pub. L. 99–514, § 2, title XVIII, § 1810(i)(2), Oct. 22, 1986, 100 Stat. 2095, 2829; Pub. L. 100–647, title I, § 1018(g)(2), Nov. 10, 1988, 102 Stat. 3582, provided that:
“(2) Subsections (b) and (c).—
Except as provided in paragraph (3), the amendments made by subsections (b) and (c) [amending this section and
section 1248 of this title] shall apply with respect to transactions to which subsection (a) or (f) of section 1248 of the
Internal Revenue Code of 1986 [formerly I.R.C. 1954] applies occurring after the date of the enactment of this Act [
July 18, 1984].
“(3) Election of earlier date for certain transactions.—
“(A) In general.—
If the appropriate election is made under subparagraph (B), the amendments made by subsection (b) [amending this section and
section 1248 of this title] shall apply with respect to transactions to which subsection (a) or (f) of section 1248 of such Code applies occurring after
October 9, 1975.
“(B) Election.—
“(i)
Subparagraph (A) shall apply with respect to transactions to which subsection (a) of section 1248 of such Code applies if the foreign corporation described in such subsection (or its successor in interest) so elects.
“(ii)
Subparagraph (A) shall apply with respect to transactions to which subsection (f) of section 1248 of such Code applies if the domestic corporation described in section 1248(f)(1) of such Code (or its successor) so elects.
“(iii)
Any election under clause (i) or (ii) shall be made not later than the date which is 1 year after the date of the enactment of the
Tax Reform Act of 1986 [
Oct. 22, 1986] and shall be made in such manner as the Secretary of the Treasury or his delegate shall prescribe.”
