,,ii  #aac? ,,congress  #b;d ,session   
,s4 #bhie  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #ah1 #bjad   
,mr4 ,br[n 7= himself & ,mr4 ,durb97    
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code to include 9 income !     
unrepatriat$ e>n+s ( gr\ps t include an 
inv]t$ corporation4  #a4 ,%ort title    
,?is ,act may be cit$ z ! ,pay ,:at ,y  
,owe ,be=e ,y ,g ,act4  #b4 ,recapture (
 unrepatriat$ e>n+s ( gr\ps includ+ an  
inv]t$ corporation  7a7 ,9 g5]al        
,section #ghgd ( ! ,int]nal ,rev5ue     
,code ( #aihf is am5d$ by r$esignat+    
subsection 7g7 z subsection 7h7 & by    
ins]t+ aft] subsection 7f7 ! foll[+ new 
subsection3  7g7 ,recapture ( tax on    
unrepatriat$ e>n+s  7#a7 ,9 g5]al ,!    
subp>t ,f income ( any applicable       
controll$ =eign corporation = its la/   
taxable ye> end+ be=e ! acquisition date
 %all be increas$ by ! accumulat$ def]r$
 =eign income ( ! corporation4  7#b7    

,applicable controll$ =eign corporation 
,= purposes ( ?is subsection-- 7,a7 ,9  
g5]al ,! t]m applicable controll$ =eign 
corporation means any controll$ =eign   
corporation ) respect to :i*-- 7i7 a    
cov]$ entity 0 a ,unit$ ,/ates %>ehold] 
at any "t dur+ ! #e-ye> p]iod end+ on ! 
acquisition date1 or  7ii7 a memb] ( !  
same exp&$ affiliat$ gr\p z a cov]$     
entity 0 a ,unit$ ,/ates %>ehold] at any
 "t dur+ ! #e-ye> p]iod end+ on !       
acquisition date4  7,b7 ,cov]$ entity ,!
 t]m cov]$ entity means1 ) respect to a 
controll$ =eign corporation1 any entity 
:i*-- 7i7 is treat$ z a surrogate =eign 
corporation "u subsection 7a77#b77;,b71 
det]m9$-- 7,i7 by sub/itut+ ,septemb]   
#ah1 #bjad = ,m>* #d1 #bjjc ea* place x 
appe>s1  7,,ii7 by sub/itut+ m ?an #ej  
p]c5t = at lea/ #fj p]c5t 9 clause 7ii7 
!re(1 &  7,,iii7 by disreg>d+ clause    
7iii7 !re(1 &  7ii7 is n treat$ z a     
dome/ic corporation by reason (         
subsection 7b74  7#c7 ,accumulat$ def]r$
 =eign income ,= purposes ( ?is         

section-- 7,a7 ,9 g5]al ,! t]m          
accumulat$ def]r$ =eign income means !  
excess (-- 7i7 ! undi/ribut$ e>n+s ( !  
controll$ =eign corporation1 ov]  7ii7 !
 undi/ribut$ ,u4,s4 e>n+s ( su*         
controll$ =eign corporation4  7,b7      
,undi/ribut$ e>n+s ,! t]m undi/ribut$   
e>n+s means ! e>n+s & pr(its ( !        
controll$ =eign corporation describ$ 9  
section #iei7;c77#c71 det]m9$-- 7i7 z ( 
! close ( ! taxable ye> describ$ 9      
p>agraph 7#a71  7ii7 )\t dim9ution by   
reason ( di/ributions made dur+ su*     
taxable ye>1 &  7iii7 )\t reg>d to ?is  
subsection4  ,= purposes ( ?is *apt]1   
any det]m9ation ) respect to ! treatm5t 
( di/ributions describ$ 9 clause 7ii7   
%all be made aft] ! application ( ?is   
subsection to ! e>n+s & pr(its describ$ 
9 ! matt] prec$+ clause 7i74  7,c7      
,undi/ribut$ ,u4,s4 e>n+s ,! t]m        
undi/ribut$ ,u4,s4 e>n+s has ! mean+    
giv5 ! t]m po/-#aihf undi/ribut$ ,u4,s4 
e>n+s 9 section #bde7;a77#e71 det]m9$-- 
7i7 z ( ! close ( ! taxable ye> describ$

 9 p>agraph 7#a71 &  7ii7 )\t reg>d to  
po/-#aihf ea* place x appe>s 9 ! matt]  
be=e subp>agraph 7,a74  7#d7            
,acquisition date ,= purposes ( ?is     
section1 ! t]m acquisition date means ! 
date ! cov]$ entity completes !         
acquisition describ$ 9 subsection       
7a77#b77;,b77i7 7aft] ! application (   
p>agraph 7#b77;,b77i7 ( ?is subsection74
  4  7b7 ,effective date ,! am5dm5ts    
made by ?is section %all apply ) respect
 to taxable ye>s end+ aft] ,septemb]    
#ah1 #bjad4