passive foreign investment company
Defined in 1 place of the United States Code.
For purposes of this part, except as otherwise provided in this subpart, the term “passive foreign investment company” means any foreign corporation if—
(1) 75 percent or more of the gross income of such corporation for the taxable year is passive income, or
(2) the average percentage of assets (as determined in accordance with subsection (e)) held by such corporation during the taxable year which produce passive income or which are held for the production of passive income is at least 50 percent.
Source
- 2013–present26 U.S.C. § 1297Internal Revenue Code · Passive foreign investment company · for purposes of this part
For purposes of this part, except as otherwise provided in this subpart, the term "passive foreign investment company" means any foreign corporation if—
(1) 75 percent or more of the gross income of such corporation for the taxable year is passive income, or
(2) the average percentage of assets (as determined in accordance with subsection (e)) held by such corporation during the taxable year which produce passive income or which are held for the production of passive income is at least 50 percent.
For purposes of this section—
(1) In general
Source
- 1997–201826 U.S.C. § 1297Internal Revenue Code · Passive foreign investment company · for purposes of this part