,,ii  #aag? ,,congress  #b;d ,session   
,s4 #ecdi  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ba1 #bjbb    
,mr4 ,portman introduc$ ! foll[+ bill2  
:i* 0 read twice & ref]r$ to !          
,committee on ,f9ance  ,a ,,bill  ,to   
am5d ! ,int]nal ,rev5ue ,code ( #aihf to
 modify c]ta9 provisions relat+ to !    
taxation ( int]national entities4  #a4  
,%ort title1 etc  7a7 ,%ort title ,?is  
,act may be cit$ z ! ,int]national      
,competition = ,am]ican ,jobs ,act4  7b7
 ,am5dm5t ( #aihf code ,except z o!rwise
 expressly provid$1 :5ev] 9 ?is ,act an 
am5dm5t or repeal is express$ 9 t]ms (  
an am5dm5t to1 or repeal (1 a section or
 o!r provision1 ! ref]5ce %all be       
consid]$ to be made to a section or o!r 
provision ( ! ,int]nal ,rev5ue ,code (  
#aihf4  #b4 ,p]man5t ext5sion ( look-?ru
 rule = controll$ =eign corporations    
7a7 ,9 g5]al ,section #ied7;c77#f77;,c7 
is am5d$ by /rik+ & be=e ,janu>y #a1    
#bjbf14  7b7 ,effective date ,! am5dm5t 
made by ?is section %all apply to       

taxable ye>s ( =eign corporations beg9n+
 aft] ,decemb] #ca1 #bjbb1 & to taxable 
ye>s ( ,unit$ ,/ates %>ehold]s ) or )9  
:i* su* taxable ye>s ( =eign            
corporations end4  #c4 ,modification (  
d$uction = =eign-d]iv$ intangible income
 & global intangible l[-tax$ income  7a7
 ,9 g5]al ,section #bej7;a7 is am5d$ to 
read z foll[s3  7a7 ,all[ance ( d$uction
 ,9 ! case ( a dome/ic corporation = any
 taxable ye>1 !re %all be all[$ z a     
d$uction an am\nt equal to ! sum (--    
7#a7 #cg4e p]c5t ( ! =eign-d]iv$        
intangible income ( su* dome/ic         
corporation = su* taxable ye>1 plus     
7#b7 #ej p]c5t (--  7,a7 ! global       
intangible l[-tax$ income am\nt 7if any7
 :i* is includ$ 9 ! gross income ( su*  
dome/ic corporation "u section #iea;,a =
 su* taxable ye>1 &  7,b7 ! am\nt treat$
 z a divid5d receiv$ by su* corporation 
"u section #gh :i* is attributable to ! 
am\nt describ$ 9 subp>agraph 7,a74  4   
7b7 ,d$uction tak5 into acc\nt 9 det]m9+
 net op]at+ loss d$uction ,section      

#agb7;d7 is am5d$ by /rik+ p>agraph     
7#i74  7c7 ,effective date ,! am5dm5ts  
made by ?is section %all apply to       
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjbb4  #d4 ,modifications to base      
erosion m9imum tax  7a7 ,base erosion   
m9imum tax am\nt det]m9$ )\t reg>d to   
cr$its  7#a7 ,9 g5]al ,section          
#ei;,a7b77#a77;,b7 is am5d$ to read z   
foll[s3  7,b7 an am\nt equal to ! regul>
 tax liability 7z def9$ 9 section       
#bf7;b77 ( ! taxpay] = ! taxable ye>4  4
  7#b7 ,con=m+ am5dm5t ,section         
#ei;,a7b7 is am5d$ by /rik+ p>agraph    
7#d74  7b7 ,elim9ation ( modifications =
 taxable ye>s aft] #bjbe  7#a7 ,9 g5]al 
,section #ei;,a7b7 is am5d$ by /rik+    
p>agraph 7#b7 & r$esignat+ p>agraph 7#c7
 z p>agraph 7#b74  7#b7 ,con=m+ am5dm5ts
  7,a7 ,section #ei;,a7b77#a7 is am5d$  
by /rik+ p>agraphs 7#b7 & 7#c7 & ins]t+ 
p>agraph 7#b74  7,b7 ,p>agraph 7#b7 (   
section #ei;,a7b71 z r$esignat$ by      
p>agraph 7#a71 is am5d$ by /rik+ "u     
p>agraphs 7#a77;,a7 & 7#b77;,a7 %all ea*

 be increas$ & ins]t+ "u p>agraph       
7#a77;,a7 %all be increas$4  7,c7       
,section #ei;,a7e77#a77;,c7 is am5d$ by 
/rik+ subsection 7b77#c77;,b7 & ins]t+  
subsection 7b77#b77;,b74  7c7 ,expansion
 & consolidation ( rules ,to exempt     
c]ta9 paym5ts f treatm5t z base erosion 
paym5ts  7#a7 ,9 g5]al ,section #ei;,a  
is am5d$ by r$esignat+ subsection 7i7 z 
subsection 7j7 & by ins]t+ aft]         
subsection 7h7 ! foll[+ new subsection3 
7i7 ,c]ta9 paym5t n treat$ z base       
erosion paym5ts  7#a7 ,exception =      
paym5ts on :i* tax is impos$  7,a7 ,9   
g5]al ,an am\nt %all n be treat$ z a    
base erosion paym5t if tax is 7or 0 at !
 "t ( paym5t or accrual7 impos$ by ?is  
*apt] ) respect to su* am\nt 7o!r ?an by
 ?is section74  7,b7 ,treatm5t ( c]ta9  
d$uctions ,= purposes ( subp>agraph     
7,a71 tax %all be treat$ z impos$ by ?is
 *apt] )\t reg>d to any d$uction all[$  
"u "p ,,viii ( sub*apt] ,b4  7,c7       
,application ( c]ta9 rules ,! am\nt n   
treat$ z a base erosion paym5t by reason

 ( ?is p>agraph %all be det]m9$ "u rules
 simil> to ! rules ( section            
#afc7;j77#e7 7z 9 effect be=e ! date ( !
 enactm5t ( ,public ,law #aae-ig74  7#b7
 ,exception = c]ta9 paym5ts subject to  
suffici5t =eign tax  7,a7 ,9 g5]al ,an  
am\nt %all n be treat$ z a base erosion 
paym5t if ! taxpay] e/abli%es to !      
satisfaction ( ! ,secret>y t su* am\nt 0
 made to a =eign p]son :i* is a relat$  
p>ty ( ! taxpay] t is subject to an     
effective rate ( =eign income tax 7z    
def9$ 9 section #ijd7;d77#b77;,f77 :i*  
is n less ?an #ah4i p]c5t4  7,b7 ,c]ta9 
paym5ts to relat$ p>ties ,to ! ext5t    
provid$ by ! ,secret>y 9 regulations1 an
 am\nt paid to a =eign p]son :i* is a   
relat$ p>ty ( ! taxpay] %all be treat$ z
 paid to ano!r =eign p]son :i* is a     
relat$ p>ty ( ! taxpay] if su* second   
=eign p]son is subject to an effective  
rate ( =eign income tax 7z def9$ 9      
section #ijd7;d77#b77;,f77 :i* is less  
?an #ah4i p]c5t1 to ! ext5t ! am\nt s   
paid directly or indirectly funds a     

paym5t to su* second =eign p]son4  7,c7 
,det]m9ation on basis ( applicable      
f9ancial /atem5ts ,except z o!rwise     
provid$ by ! ,secret>y "u subp>agraph   
7,d71 ! effective rate ( =eign income   
tax ) respect to any am\nt may be       
e/abli%$ on ! basis ( applicable        
f9ancial /atem5ts 7z def9$ 9 section    
#dea7;b77#c774  7,d7 ,regulations ,!    
,secret>y %all issue su* regulations or 
o!r guidance z may be necess>y or       
appropriate to c>ry out ! purposes ( ?is
 p>agraph1 includ+ regulations or o!r   
guidance provid+ proc$ures = det]m9+ !  
effective rate ( =eign income tax to :i*
 any am\nt is subject4 ,su* proc$ures   
may require t any transaction or s]ies (
 transactions among multiple p>ties be  
re*>act]iz$ z "o or m transactions      
directly among any #b or m ( su* p>ties 
:]e ! ,secret>y det]m9es t su*          
re*>act]ization is appropriate to c>ry  
out1 or prev5t avoidance (1 ! purposes (
 ?is section4  7#c7 ,exception = c]ta9  
am\nts ) respect to s]vices ,subsections

 7d77#a7 & 7d77#b7 %all n apply to s mu*
 ( any am\nt paid or accru$ by a taxpay]
 = s]vices z does n exce$ ! total       
s]vices co/ ( su* s]vices4 ,! prec$+    
s5t5ce %all n apply unless su* s]vices  
meet ! requirem5ts = eligibility = use (
 ! s]vices co/ me?od "u section #dhb    
7det]m9$ )\t reg>d to ! requirem5t t !  
s]vices n contribute significantly to   
fundam5tal risks ( bus9ess success or   
failure74  4  7#b7 ,con=m+ am5dm5t      
,section #ei;,a7d7 is am5d$ by /rik+    
p>agraph 7#e74  7d7 ,o!r modifications  
7#a7 ,section #ei;,a7b77#c77;,b77ii7 is 
am5d$ by /rik+ regi/]$ securities deal] 
& ins]t+ securities deal] regi/]$4  7#b7
 ,section #ei;,a7h77#b77;,b7 is am5d$ by
 /rik+ section #fjch;,b7b77#b7 & ins]t+ 
section #fjch;,a7b77#b74  7#c7 ,section 
#ei;,a7j77#b71 z r$esignat$ by          
subsection 7b71 is am5d$ by /rik+       
subsection 7g77#c7 & ins]t+ subsection  
7h77#c74  7e7 ,effective date ,!        
am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ,decemb]    

#ca1 #bjbb4  #e4 ,rules = allocation (  
c]ta9 d$uctions to =eign s\rce global   
intangible l[-tax$ income = purposes (  
=eign tax cr$it limitation  7a7 ,9 g5]al
 ,section #ijd7;b7 is am5d$ by add+ at !
 end ! foll[+ new p>agraph3  7#e7       
,d$uctions treat$ z allocable to =eign  
s\rce global intangible l[-tax$ income  
,9 ! case ( a dome/ic corporation &     
solely = purposes ( ! application (     
subsection 7a7 ) respect to am\nts      
describ$ 9 subsection 7d77#a77;,a71 !   
taxpay]'s taxable income f s\rces )\t ! 
,unit$ ,/ates %all be det]m9$-- 7,a7 by 
allocat+ & apportion+ any d$uction all[$
 "u section #bej7;a77#b7 7& any d$uction
 all[$ "u section #afd7;a77#c7 = taxes  
impos$ on am\nts describ$ 9 section     
#bej7;a77#b77 to su* income1 &  7,b7 by 
allocat+ & apportion+ any o!r d$uction  
to su* income only if ! ,secret>y       
det]m9es t su* d$uction is directly     
allocable to su* income4  ,any d$uction 
:i* w\ld 7b = subp>agraph 7,b77 h be5   
allocat$ or apportion$ to su* income    

%all only be allocat$ or apportion$ to  
income :i* is f s\rces )9 ! ,unit$      
,/ates4  4  7b7 ,application ( sep>ate  
limitation losses ) respect to global   
intangible l[-,tax$ income  7#a7 ,9     
g5]al ,section #ijd7;f77#e77;,b7 is     
am5d$ to read z foll[s3  7,b7           
,allocation ( losses ,except z o!rwise  
provid$ 9 ?is subp>agraph1 ! sep>ate    
limitation losses = any taxable ye> 7to 
! ext5t su* losses d n exce$ ! sep>ate  
limitation incomes = su* ye>7 %all be   
allocat$ among 7& op]ate to r$uce7 su*  
incomes on a proportionate basis4 ,9 !  
case ( a sep>ate limitation loss = any  
taxable ye> 9 any category o!r ?an      
subp>agraph 7d77#a77;,a71 ! am\nt ( su* 
sep>ate limitation loss %all be allocat$
 among 7& op]ate to r$uce7 sep>ate      
limitation income 9 any category o!r ?an
 income describ$ 9 subp>agraph          
7d77#a77;,a7 on a proportionate basis   
7)\t reg>d to income describ$ 9         
subp>agraph 7d77#a77;,a774 ,! rema9+    
sep>ate limitation losses may r$uce     

sep>ate limitation income describ$ 9    
subp>agraph 7d77#a77;,a7 only to ! ext5t
 t ! aggregate am\nt ( su* losses exce$s
 ! aggregate am\nt ( sep>ate limitation 
incomes 7o!r ?an income describ$ 9      
subp>agraph 7d77#a77;,a77 = su* taxable 
ye>4  4  7#b7 ,income category ,section 
#ijd7;f77#e77;,e77i7 is am5d$ to read z 
foll[s3  7i7 ,income category ,! t]m    
income category means ea* category (    
income ) respect to :i* ?is section is  
requir$ to be appli$ sep>ately by reason
 ( any provision ( ?is title4  4  7#c7  
,sep>ate limitation loss ,section       
#ijd7;f77#e77;,e77iii7 is am5d$ to read 
z foll[s3  7iii7 ,sep>ate limitation    
loss ,! t]m sep>ate limitation loss     
means1 ) respect to any income category1
 ! am\nt by :i* ! gross income f s\rces 
outside ! ,unit$ ,/ates is exce$$ by !  
sum ( ! d$uctions prop]ly allocat$ &    
apportion$ !reto4  4  7c7 ,application (
 c>ry=w>d to taxes on global intangible 
l[-,tax$ income ,section #ijd7;c7 is    
am5d$ by /rik+ ! la/ s5t5ce4  7d7       

,effective date  7#a7 ,9 g5]al ,except z
 provid$ 9 p>agraph 7#b71 ! am5dm5ts    
made by ?is section %all apply to       
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjbb4  7#b7 ,modification ( =eign tax  
cr$it c>ryback & c>ry=w>d ,! am5dm5t    
made by subsection 7c7 %all apply to    
taxes paid or accru$ 9 taxable ye>s     
beg9n+ aft] ,decemb] #ca1 #bjbb4  #f4   
,re/oration ( limitation on d[nw>d      
attribution ( /ock own]%ip 9 apply+     
con/ructive own]%ip rules  7a7 ,9 g5]al 
,section #ieh7;b7 is am5d$-- 7#a7 by    
ins]t+ aft] p>agraph 7#c7 ! foll[+3     
7#d7 ,subp>agraphs 7,a71 7,b71 & 7,c7 ( 
section #cah7;a77#c7 %all n be appli$ s 
z to consid] a ,unit$ ,/ates p]son z    
own+ /ock :i* is own$ by a p]son :o is n
 a ,unit$ ,/ates p]son4  1 &  7#b7 by   
/rik+ ,p>agraph 7#a7 9 ! la/ s5t5ce &   
ins]t+ ,p>agraphs 7#a7 & 7#d74  7b7     
,=eign controll$ ,unit$ ,/ates %>ehold]s
 ,subp>t ,f ( "p ,,iii ( sub*apt] ,n (  
*apt] #a is am5d$ by ins]t+ aft] section
 #iea;,a ! foll[+ new section3  #iea;,b4

 ,am\nts includ$ 9 gross income ( =eign 
controll$ ,unit$ ,/ates %>ehold]s  7a7  
,9 g5]al ,9 ! case ( any =eign controll$
 ,unit$ ,/ates %>ehold] ( a =eign       
controll$ =eign corporation--  7#a7 ?is 
subp>t 7o!r ?an sections #iea;,a1       
#iea7;b71 & #ieg7 %all be appli$ )      
respect to su* %>ehold] 7sep>ately f1 & 
9 addition to1 ! application ( ?is      
subp>t )\t reg>d to ?is section7-- 7,a7 
by sub/itut+ =eign controll$ ,unit$     
,/ates %>ehold] = ,unit$ ,/ates %>ehold]
 ea* place x appe>s !re91 &  7,b7 by    
sub/itut+ =eign controll$ =eign         
corporation = controll$ =eign           
corporation ea* place x appe>s !re91 &  
7#b7 section #iea;,a %all be appli$ )   
respect to su* %>ehold]--  7,a7 by      
treat+ ea* ref]5ce to ,unit$ ,/ates     
%>ehold] 9 su* section z includ+ a      
ref]5ce to su* %>ehold]1 &  7,b7 by     
treat+ ea* ref]5ce to controll$ =eign   
corporation 9 su* section z includ+ a   
ref]5ce to su* =eign controll$ =eign    
corporation4  7b7 ,=eign controll$      

,unit$ ,/ates %>ehold] ,= purposes ( ?is
 section1 ! t]m =eign controll$ ,unit$  
,/ates %>ehold] means1 ) respect to any 
=eign corporation1 any ,unit$ ,/ates    
p]son :i* w\ld be a ,unit$ ,/ates       
%>ehold] ) respect to su* =eign         
corporation if-- 7#a7 section #iea7;b7 7
 appli$ by sub/itut+ m ?an #ej p]c5t =  
#aj p]c5t or m1 &  7#b7 section #ieh7;b7
 7 appli$ )\t reg>d to p>agraph 7#d7    
!re(4  7c7 ,=eign controll$ =eign       
corporation ,= purposes ( ?is section1 !
 t]m =eign controll$ =eign corporation  
means a =eign corporation1 o!r ?an a    
controll$ =eign corporation1 :i* w\ld be
 a controll$ =eign corporation if       
section #ieg7;a7 7 appli$--  7#a7 by    
sub/itut+ =eign controll$ ,unit$ ,/ates 
%>ehold]s = ,unit$ ,/ates %>ehold]s1 &  
7#b7 by sub/itut+ section #ieh7;b7 7o!r 
?an p>agraph 7#d7 !re(7 = section       
#ieh7;b74  7d7 ,regulations ,! ,secret>y
 %all prescribe su* regulations or o!r  
guidance z may be necess>y or           
appropriate to c>ry out ! purposes ( ?is

 section1 includ+ regulations or o!r    
guidance-- 7#a7 to treat a =eign        
controll$ ,unit$ ,/ates %>ehold] or a   
=eign controll$ =eign corporation z a   
,unit$ ,/ates %>ehold] or z a controll$ 
=eign corporation1 respectively1 =      
purposes ( provisions ( ?is title o!r   
?an ?is subp>t1 &  7#b7 to prev5t !     
avoidance ( ! purposes ( ?is section4  4
  7c7 ,cl]ical am5dm5t ,! table (       
sections = subp>t ,f ( "p ,,iii (       
sub*apt] ,n ( *apt] #a is am5d$ by      
ins]t+ aft] ! item relat+ to section    
#iea;,a ! foll[+ new item3  ,sec4       
#iea;,b4 ,am\nts includ$ 9 gross income 
( =eign controll$ ,unit$ ,/ates         
%>ehold]s4  4  7d7 ,effective date ,!   
am5dm5ts made by ?is section %all apply 
to-- 7#a7 ! la/ taxable ye> ( =eign     
corporations beg9n+ be=e ,janu>y #a1    
#bjbc1 & ea* subsequ5t taxable ye> ( su*
 =eign corporations1 &  7#b7 taxable    
ye>s ( ,unit$ ,/ates p]sons 9 :i* or )  
:i* su* taxable ye>s ( =eign            
corporations end4  7e7 ,no inf]5ce ,!   

am5dm5ts made by ?is section %all n be  
con/ru$ to create any inf]5ce ) respect 
to ! prop] application ( any provision (
 ! ,int]nal ,rev5ue ,code ( #aihf )     
respect to taxable ye>s beg9n+ be=e !   
taxable ye>s to :i* su* am5dm5ts apply4 
#g4 ,c>ryov] ( net ,,cfc te/$ loss  7a7 
,9 g5]al ,section #iea;,a7c7 is am5d$ by
 add+ at ! end ! foll[+ new p>agraph3   
7#c7 ,c>ryov] ( net ,,cfc te/$ loss     
7,a7 ,9 g5]al ,if ! am\nt describ$ 9    
p>agraph 7#a77;,b7 ) respect to any     
,unit$ ,/ates %>ehold] = any taxable ye>
 ( su* ,unit$ ,/ates %>ehold] 7det]m9$  
aft] ! application ( ?is p>agraph )     
respect to am\nts aris+ 9 prec$+ taxable
 ye>s7 exce$s ! am\nt describ$ 9        
p>agraph 7#a77;,a7 ) respect to su*     
%>ehold] ( su* taxable ye>1 ! am\nt     
o!rwise describ$ 9 p>agraph 7#a77;,b7 ) 
respect to su* %>ehold] = ! succe$+     
taxable ye> %all be increas$ by ! am\nt 
( su* excess4  7,b7 ,prop] adju/m5t 9   
allocations ( global intangible l[-tax$ 
income to controll$ =eign corporations  

,prop] adju/m5ts %all be made 9 !       
application ( subsection 7f77#b77;,b7 to
 take into acc\nt any decrease 9 global 
intangible l[-tax$ income by reason ( ! 
application ( subp>agraph 7,a74  4  7b7 
,application ( rules ) respect to       
own]%ip *anges ,section #chb7;d7 is     
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#d7 ,application to c>ryov] 
( net ,,cfc te/$ loss ,! t]m pre-*ange  
loss %all include any excess c>ri$ ov]  
"u section #iea;,a7c77#c7 "u rules      
simil> to ! rules ( p>agraph 7#a74  4   
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to taxable ye>s (
 =eign corporations beg9n+ aft] ,decemb]
 #ca1 #bjbb1 & to taxable ye>s ( ,unit$ 
,/ates %>ehold]s 9 :i* or ) :i* su*     
taxable ye>s ( =eign corporations end4  
#h4 ,r$et]m9ation ( =eign taxes & relat$
 claims  7a7 ,9 g5]al ,section #ije7;c7 
is am5d$-- 7#a7 9 p>agraph 7#a71 by     
/rik+ or at ! end ( subp>agraph 7,b7 &  
by ins]t+ aft] subp>agraph 7,c7 ! foll[+
 new subp>agraphs3  7,d7 ! taxpay] makes

 a timely *ange 9 its *oice to claim a  
cr$it or d$uction = taxes paid or       
accru$1 or  7,e7 !re is any o!r *ange 9 
! am\nt1 or treatm5t1 ( taxes1 :i*      
affects ! taxpay]'s tax liability "u ?is
 *apt]1  1  7#b7 9 p>agraph             
7#b77;,b77i71 by ins]t+ 1 except z      
o!rwise provid$ by ! ,secret>y1 aft]    
%all1 &  7#c7 by /rik+ accru$ 9 ! head+ 
!re(4  7b7 ,modification to "t = claim+ 
cr$it or d$uction ,section #ija7;a7 is  
am5d$ by /rik+ ! second s5t5ce & ins]t+ 
! foll[+3 ,su* *oice = any taxable ye>  
may be made or *ang$ at any "t be=e !   
expiration ( ! applicable p]iod         
prescrib$ by section #feaa = mak+ a     
claim = cr$it or refund ( an ov]paym5t (
 ! tax impos$ by ?is *apt] = su* taxable
 ye> t is attributable to su* am\nts44  
7c7 ,modification to special p]iod (    
limitation ,section #feaa7;d77#c7 is    
am5d$--  7#a7 9 subp>agraph 7,a7-- 7,a7 
by ins]t+ a *ange 9 ! liability = be=e  
any taxes paid or accru$1  7,b7 by /rik+
 actually paid & ins]t+ paid 7or deem$  

paid "u section #ifj71 &  7,c7 by ins]t+
 *ange 9 ! liability = be=e =eign taxes 
9 ! head+ !re(1 &  7#b7 9 subp>agraph   
7,b71 by /rik+ ! all[ance ( a cr$it = ! 
taxes & ins]t+ ! all[ance ( an          
additional cr$it by reason ( ! *ange 9  
liability = ! taxes4  7d7 ,effective    
date  7#a7 ,9 g5]al ,except z o!rwise   
provid$ 9 ?is subsection1 ! am5dm5ts    
made by ?is section %all apply to taxes 
paid or accru$ 9 taxable ye>s beg9n+    
aft] ,decemb] #ca1 #bjbb4  7#b7 ,c]ta9  
*anges ,! am5dm5ts made by p>agraphs    
7#a7 & 7#c7 ( subsection 7a7 %all apply 
to *anges t occur on or aft] ! date :i* 
is #fj days aft] ! date ( ! enactm5t (  
?is ,act4  7#c7 ,modification to special
 p]iod ( limitation ,! am5dm5ts made by 
subsection 7c7 %all apply to taxes paid1
 accru$1 or deem$ paid 9 taxable ye>s   
beg9n+ aft] ,decemb] #ca1 #bjbb4