Section 941, added Pub. L. 106-519, Section 3(b), Nov. 15, 2000, 114 Stat. 2424, related to qualifying foreign trade income.

A prior section 941, acts Aug. 16, 1954, ch. 736, 68A Stat. 293; Oct. 4, 1976, Pub. L. 94-455, title X, Section 1053(a), title XIX, Section 1906(b)(1)(A), 90 Stat. 1648, 1834, set forth provisions authorizing special deduction for China Trade Act corporations, prior to repeal by Pub. L. 94-455, title X, Section 1053(c), (e), Oct. 4, 1976, 90 Stat. 1649, effective with respect to taxable years beginning after Dec. 31, 1977.

Section 942, added Pub. L. 106-519, Section 3(b), Nov. 15, 2000, 114 Stat. 2426, defined "foreign trading gross receipts" and set forth economic process requirements.

A prior section 942, act Aug. 16, 1954, ch. 736, 68A Stat. 294, disallowed foreign tax credit authorized by section 901 to any corporation organized under the China Trade Act, prior to repeal by Pub. L. 94-455, title X, Section 1053(c), (e), Oct. 4, 1976, 90 Stat. 1649, effective with respect to taxable years beginning after Dec. 31, 1977.

Section 943, added Pub. L. 106-519, Section 3(b), Nov. 15, 2000, 114 Stat. 2428; amended Pub. L. 107-147, title IV, Section 417(14), Mar. 9, 2002, 116 Stat. 56, set forth other definitions and special rules for purposes of this subpart.

A prior section 943, acts Aug. 16, 1954, ch. 736, 68A Stat. 294; Oct. 4, 1976, Pub. L. 94-455, title X, Section 1053(b), 90 Stat. 1648, set forth provisions relating to exclusion from gross income of residents of Formosa or Hong Kong of amounts distributed as dividends by China Trade Act corporations, prior to repeal by Pub. L. 94-455, title X, Section 1053(c), (e), Oct. 4, 1976, 90 Stat. 1649, effective with respect to taxable years beginning after Dec. 31, 1977.

Effective Date of Repeal

Repeal applicable to transactions after Dec. 31, 2004, see section 101(c) of Pub. L. 108-357, set out as an Effective Date of 2004 Amendments note under section 56 of this title.

Subpart F - Controlled Foreign Corporations

Sec.

951.

Amounts included in gross income of United States shareholders.

952.

Subpart F income defined.

953.

Insurance income.

954.

Foreign base company income.

955.

Withdrawal of previously excluded subpart F income from qualified investment.

956.

Investment of earnings in United States property.

[956A.

Repealed.]

957.

Controlled foreign corporations; United States persons.

958.

Rules for determining stock ownership.

959.

Exclusion from gross income of previously taxed earnings and profits.

960.

Special rules for foreign tax credit.

961.

Adjustments to basis of stock in controlled foreign corporations and of other property.

962.

Election by individuals to be subject to tax at corporate rates.

[963.

Repealed.]

964.

Miscellaneous provisions.

965.

Temporary dividends received deduction.

Amendments

2004 - Pub. L. 108-357, title IV, Section 422(c), Oct. 22, 2004, 118 Stat. 1519, added item 965.

1996 - Pub. L. 104-188, title I, Section 1501(c), Aug. 20, 1996, 110 Stat. 1826, which directed that the analysis for subpart F be amended by striking item 956A, could not be executed, because item 956A "Earnings invested in excess passive assets" had been editorially supplied.

1986 - Pub. L. 99-514, title XII, Section 1221(b)(3)(E), Oct. 22, 1986, 100 Stat. 2553, substituted "Insurance income" for "Income from insurance of United States risks" in item 953.

1975 - Pub. L. 94-12, title VI, Section 602(a)(3)(A), (c)(7), (d)(3)(B), Mar. 29, 1975, 89 Stat. 58, 60, 64, struck out existing item 955 and replaced it with an identical item 955 and struck out item 963 "Receipt of minimum distributions by domestic corporations".

1962 - Pub. L. 87-834, Section 12(a), Oct. 16, 1962, 76 Stat. 1006, added heading of subpart F, and items 951-964.