qualifying foreign trade income
Defined in 1 place of the United States Code.
The term “qualifying foreign trade income” means, with respect to any transaction, the amount of gross income which, if excluded, will result in a reduction of the taxable income of the taxpayer from such transaction equal to the greatest of—
(A) 30 percent of the foreign sale and leasing income derived by the taxpayer from such transaction,
(B) 1.2 percent of the foreign trading gross receipts derived by the taxpayer from the transaction, or
(C) 15 percent of the foreign trade income derived by the taxpayer from the transaction.
In no event shall the amount determined under subparagraph (B) exceed 200 percent of the amount determined under subparagraph (C).
Source
- 2000–present26 U.S.C. § 941Internal Revenue Code · 941 to 943. Repealed. Pub. L. 108357, title I, 101(b)(1), Oct. 22, 2004, 118 Stat. 1423] · for purposes of this subpart