Definitions

For purposes of this subpart, the term “export trade corporation” means— A controlled foreign corporation (as defined in section 957) which satisfies the following conditions: If 50 percent or more of the gross income of a controlled foreign corporation in the period specified in subsection (a)(1)(A) is gross income in respect of which such corporation derived export trade income in respect of agricultural products grown in the United States, it may qualify as an export trade corporation although it does not meet the requirements of subsection (a)(1)(B). No controlled foreign corporation may qualify as an export trade corporation for any taxable year beginning after October 31, 1971, unless it qualified as an export trade corporation for any taxable year beginning before such date. If a corporation fails to qualify as an export trade corporation for a period of any 3 consecutive taxable years beginning after such date, it may not qualify as an export trade corporation for any taxable year beginning after such period. For the purposes of this subpart, the term “export trade income” means net income from— For purposes of this subpart, the term “export trade assets” means— For purposes of this subpart, the term “export promotion expenses” means the following expenses paid or incurred in the receipt or production of export trade income— For purposes of this subpart, the term “export property” means any property or any interest in property manufactured, produced, grown, or extracted in the United States. For purposes of this subpart, the term “unrelated person” means a person other than a related person as defined in section 954(d)(3).