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131 STAT. 2218 PUBLIC LAW 115–97—DEC. 22, 2017 (1) the last taxable year of foreign corporations beginning before January 1, 2018, and each subsequent taxable year of such foreign corporations, and (2) taxable years of United States shareholders in which or with which such taxable years of foreign corporations end. SEC. 14214. MODIFICATION OF DEFINITION OF UNITED STATES SHARE- HOLDER. (a) IN GENERAL.—Section 951(b) is amended by inserting ‘‘, or 10 percent or more of the total value of shares of all classes of stock of such foreign corporation’’ after ‘‘such foreign corporation’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2017, and to taxable years of United States share- holders with or within which such taxable years of foreign corpora- tions end. SEC. 14215. ELIMINATION OF REQUIREMENT THAT CORPORATION MUST BE CONTROLLED FOR 30 DAYS BEFORE SUBPART F INCLUSIONS APPLY. (a) IN GENERAL.—Section 951(a)(1) is amended by striking ‘‘for an uninterrupted period of 30 days or more’’ and inserting ‘‘at any time’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2017, and to taxable years of United States share- holders with or within which such taxable years of foreign corpora- tions end. CHAPTER 3—PREVENTION OF BASE EROSION SEC. 14221. LIMITATIONS ON INCOME SHIFTING THROUGH INTAN- GIBLE PROPERTY TRANSFERS. (a) DEFINITION OF INTANGIBLE ASSET.—Section 936(h)(3)(B) is amended— (1) by striking ‘‘or’’ at the end of clause (v), (2) by striking clause (vi) and inserting the following: ‘‘(vi) any goodwill, going concern value, or workforce in place (including its composition and terms and conditions (contractual or otherwise) of its employ- ment); or ‘‘(vii) any other item the value or potential value of which is not attributable to tangible property or the services of any individual.’’, and (3) by striking the flush language after clause (vii), as added by paragraph (2). (b) CLARIFICATION OF ALLOWABLE VALUATION METHODS.— (1) FOREIGN CORPORATIONS.—Section 367(d)(2) is amended by adding at the end the following new subparagraph: ‘‘(D) REGULATORY AUTHORITY.—For purposes of the last sentence of subparagraph (A), the Secretary shall require— ‘‘(i) the valuation of transfers of intangible prop- erty, including intangible property transferred with other property or services, on an aggregate basis, or ‘‘(ii) the valuation of such a transfer on the basis of the realistic alternatives to such a transfer, if the Secretary determines that such basis is the most reliable means of valuation of such transfers.’’. 26 USC 951 note. 26 USC 951 note. 26 USC 951. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00166 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS