Page:United States Statutes at Large Volume 112 Part 4.djvu/921

 PUBLIC LAW 105-277—OCT. 21, 1998 112 STAT. 2681-892 loss and activities of such corporation not properly allocable or attributable to any qualified business unit of such corporation, and "(ii) in the case of a qualified business unit, only items of income, deduction, gain, or loss and activities properly allocable or attributable to such unit. "(4) LENDING OR FINANCE BUSINESS.—For purposes of this subsection, the term 'lending or finance business' means the business of— "(A) making loans, "(B) purchasing or discounting accounts receivable, notes, or installment obligations, "(C) engaging in leasing (including entering into leases and purchasing, servicing, and disposing of leases and leased assets), "(D) issuing letters of credit or providing guarantees, "(E) providing charge and credit card services, or "(F) rendering services or making facilities available in connection with activities described in subparagraphs (A) through (E) carried on by— "(i) the corporation (or qualified business unit) rendering services or making facilities available, or "(ii) another corporation (or qualified business unit of a corporation) which is a member of the same affiliated group (as defined in section 1504, but determined without regard to section 1504(b)(3)). "(5) OTHER DEFINITIONS.—For purposes of this subsection— "(A) CUSTOMER. —The term 'customer' means, with respect to any controlled foreign corporation or qualified business unit, any person which has a customer relationship with such corporation or unit and which is acting in its capacity as such. "(B) HOME COUNTRY. —Except as provided in regulations— " (i) CONTROLLED FOREIGN CORPORATION. —The term 'home countr/ means, with respect to any controlled foreign corporation, the country under the laws of which the corporation was created or organized, "(ii) QUALIFIED BUSINESS UNIT.— The term 'home country' means, with respect to any qualified business unit, the country in which such unit maintains its principal office. "(C) LOCATED. —The determination of where a customer is located shall be made under rules prescribed by the Secretary. "(D) QUALIFIED BUSINESS UNIT. —The term 'qualified business unit' has the meaning given such term by section 989(a). "(E) RELATED PERSON.— The term 'related person' has the meaning given such term by subsection (d)(3). " (6) COORDINATION WITH EXCEPTION FOR DEALERS.— Paragraph (1) shall not apply to income described in subsection (c)(2)(C)(ii) of a dealer in securities (within the meaning of section 475) which is an eligible controlled foreign corporation described in paragraph (2)(B)(iii). "(7) ANTI-ABUSE RULES.— For purposes of applying this subsection and subsection (c)(2)(C)(ii)—

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