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131 STAT. 2199 PUBLIC LAW 115–97—DEC. 22, 2017 ‘‘(3) AGGREGATE FOREIGN CASH POSITION.—For purposes of this subsection— ‘‘(A) IN GENERAL.—The term ‘aggregate foreign cash position’ means, with respect to any United States share- holder, the greater of— ‘‘(i) the aggregate of such United States share- holder’s pro rata share of the cash position of each specified foreign corporation of such United States shareholder determined as of the close of the last tax- able year of such specified foreign corporation which begins before January 1, 2018, or ‘‘(ii) one half of the sum of— ‘‘(I) the aggregate described in clause (i) deter- mined as of the close of the last taxable year of each such specified foreign corporation which ends before November 2, 2017, plus ‘‘(II) the aggregate described in clause (i) deter- mined as of the close of the taxable year of each such specified foreign corporation which precedes the taxable year referred to in subclause (I). ‘‘(B) CASH POSITION.—For purposes of this paragraph, the cash position of any specified foreign corporation is the sum of— ‘‘(i) cash held by such foreign corporation, ‘‘(ii) the net accounts receivable of such foreign corporation, plus ‘‘(iii) the fair market value of the following assets held by such corporation: ‘‘(I) Personal property which is of a type that is actively traded and for which there is an estab- lished financial market. ‘‘(II) Commercial paper, certificates of deposit, the securities of the Federal government and of any State or foreign government. ‘‘(III) Any foreign currency. ‘‘(IV) Any obligation with a term of less than one year. ‘‘(V) Any asset which the Secretary identifies as being economically equivalent to any asset described in this subparagraph. ‘‘(C) NET ACCOUNTS RECEIVABLE.—For purposes of this paragraph, the term ‘net accounts receivable’ means, with respect to any specified foreign corporation, the excess (if any) of— ‘‘(i) such corporation’s accounts receivable, over ‘‘(ii) such corporation’s accounts payable (deter- mined consistent with the rules of section 461). ‘‘(D) PREVENTION OF DOUBLE COUNTING.—Cash posi- tions of a specified foreign corporation described in clause (ii), (iii)(I), or (iii)(IV) of subparagraph (B) shall not be taken into account by a United States shareholder under subparagraph (A) to the extent that such United States shareholder demonstrates to the satisfaction of the Sec- retary that such amount is so taken into account by such United States shareholder with respect to another specified foreign corporation. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00147 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS