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131 STAT. 2216 PUBLIC LAW 115–97—DEC. 22, 2017 ‘‘(D) RELATED PARTY.—For purposes of this paragraph, the term ‘related party’ means any member of an affiliated group as defined in section 1504(a), determined— ‘‘(i) by substituting ‘more than 50 percent’ for ‘at least 80 percent’ each place it appears, and ‘‘(ii) without regard to paragraphs (2) and (3) of section 1504(b). Any person (other than a corporation) shall be treated as a member of such group if such person is controlled by members of such group (including any entity treated as a member of such group by reason of this sentence) or controls any such member. For purposes of the preceding sentence, control shall be determined under the rules of section 954(d)(3). ‘‘(E) SOLD.—For purposes of this subsection, the terms ‘sold’, ‘sells’, and ‘sale’ shall include any lease, license, exchange, or other disposition. ‘‘(c) REGULATIONS.—The Secretary shall prescribe such regula- tions or other guidance as may be necessary or appropriate to carry out the provisions of this section.’’. (b) CONFORMING AMENDMENTS.— (1) Section 172(d), as amended by this Act, is amended by adding at the end the following new paragraph: ‘‘(9) DEDUCTION FOR FOREIGN-DERIVED INTANGIBLE INCOME.—The deduction under section 250 shall not be allowed.’’. (2) Section 246(b)(1) is amended— (A) by striking ‘‘and subsection (a) and (b) of section 245’’ the first place it appears and inserting ‘‘, subsection (a) and (b) of section 245, and section 250’’, (B) by striking ‘‘and subsection (a) and (b) of section 245’’ the second place it appears and inserting ‘‘subsection (a) and (b) of section 245, and 250’’. (3) Section 469(i)(3)(F)(iii) is amended by striking ‘‘and 222’’ and inserting ‘‘222, and 250’’. (4) The table of sections for part VIII of subchapter B of chapter 1 is amended by adding at the end the following new item: ‘‘Sec. 250. Foreign-derived intangible income and global intangible low-taxed in- come.’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017. CHAPTER 2—OTHER MODIFICATIONS OF SUBPART F PROVISIONS SEC. 14211. ELIMINATION OF INCLUSION OF FOREIGN BASE COMPANY OIL RELATED INCOME. (a) REPEAL.—Subsection (a) of section 954 is amended— (1) by inserting ‘‘and’’ at the end of paragraph (2), (2) by striking the comma at the end of paragraph (3) and inserting a period, and (3) by striking paragraph (5). (b) CONFORMING AMENDMENTS.— 26 USC 172 note. 26 USC 241 prec. 26 USC 172. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00164 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS