26 USC 91 - Certain foreign branch losses transferred to specified 10-percent owned foreign corporations

U.S Code last checked for updates: Nov 22, 2024

§ 91.

Certain foreign branch losses transferred to specified 10-percent owned foreign corporations

(a)

In general

(b)

Transferred loss amount

For purposes of this section, the term “transferred loss amount” means, with respect to any transfer of substantially all of the assets of a foreign branch, the excess (if any) of—

(1)

the sum of losses—

(A)

which were incurred by the foreign branch after December 31, 2017, and before the transfer, and

(B)

with respect to which a deduction was allowed to the taxpayer, over

(2)

the sum of—

(A)

any taxable income of such branch for a taxable year after the taxable year in which the loss was incurred and through the close of the taxable year of the transfer, and

(B)

any amount which is recognized under section 904(f)(3) on account of the transfer.

(c)

Reduction for recognized gains

(d)

Source of income

(e)

Basis adjustments

(Added Pub. L. 115–97, title I, § 14102(d)(1), Dec. 22, 2017, 131 Stat. 2193.)

cite as: 26 USC 91