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131 STAT. 2211 PUBLIC LAW 115–97—DEC. 22, 2017 ‘‘(B) the avoidance of the purposes of this paragraph is a factor in the transfer or holding of such property. ‘‘(e) DETERMINATION OF PRO RATA SHARE, ETC.—For purposes of this section— ‘‘(1) IN GENERAL.—The pro rata shares referred to in sub- sections (b), (c)(1)(A), and (c)(1)(B), respectively, shall be deter- mined under the rules of section 951(a)(2) in the same manner as such section applies to subpart F income and shall be taken into account in the taxable year of the United States share- holder in which or with which the taxable year of the controlled foreign corporation ends. ‘‘(2) TREATMENT AS UNITED STATES SHAREHOLDER.—A per- son shall be treated as a United States shareholder of a con- trolled foreign corporation for any taxable year of such person only if such person owns (within the meaning of section 958(a)) stock in such foreign corporation on the last day in the taxable year of such foreign corporation on which such foreign corpora- tion is a controlled foreign corporation. ‘‘(3) TREATMENT AS CONTROLLED FOREIGN CORPORATION.— A foreign corporation shall be treated as a controlled foreign corporation for any taxable year if such foreign corporation is a controlled foreign corporation at any time during such taxable year. ‘‘(f) TREATMENT AS SUBPART F INCOME FOR CERTAIN PUR- POSES.— ‘‘(1) IN GENERAL.— ‘‘(A) APPLICATION.—Except as provided in subpara- graph (B), any global intangible low-taxed income included in gross income under subsection (a) shall be treated in the same manner as an amount included under section 951(a)(1)(A) for purposes of applying sections 168(h)(2)(B), 535(b)(10), 851(b), 904(h)(1), 959, 961, 962, 993(a)(1)(E), 996(f)(1), 1248(b)(1), 1248(d)(1), 6501(e)(1)(C), 6654(d)(2)(D), and 6655(e)(4). ‘‘(B) EXCEPTION.—The Secretary shall provide rules for the application of subparagraph (A) to other provisions of this title in any case in which the determination of subpart F income is required to be made at the level of the controlled foreign corporation. ‘‘(2) ALLOCATION OF GLOBAL INTANGIBLE LOW-TAXED INCOME TO CONTROLLED FOREIGN CORPORATIONS.—For purposes of the sections referred to in paragraph (1), with respect to any con- trolled foreign corporation any pro rata amount from which is taken into account in determining the global intangible low- taxed income included in gross income of a United States shareholder under subsection (a), the portion of such global intangible low-taxed income which is treated as being with respect to such controlled foreign corporation is— ‘‘(A) in the case of a controlled foreign corporation with no tested income, zero, and ‘‘(B) in the case of a controlled foreign corporation with tested income, the portion of such global intangible low-taxed income which bears the same ratio to such global intangible low-taxed income as— ‘‘(i) such United States shareholder’s pro rata amount of the tested income of such controlled foreign corporation, bears to VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00159 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS