About this title: OCLC Number: 54480431 Excerpt: ...The specified percentage to be used in determining the deduction is: 80 percent for calendar years 2004 and 2005; 60 percent for calendar year 2006; and 0 percent for calendar year 2007 and calendar years thereafter. For calendar year 2003, the specified percentage is the amount that bears the same ratio to 100 percent as the number of days after the date of enactment of this proposal bears to 365. In the case of a corporation with a taxable year that is not the calendar year ( i.e., a fiscal year corporation ), a special rule is provided for determining a weighted average specified percentage based upon the calendar years that are included in the taxable year. The deduction for a taxable year generally is reduced by the specified percentage of exempted FSC income and excluded extraterritorial income of the corporation for the taxable year from transactions pursuant to a binding contract. However, this reduction does not apply to income attributable to transactions involving a lease by the corporation of property that the corporation has not manufactured or produced ( in whole or in part ). Effective Date The proposal is effective for transactions occurring after the date of enactment. 4
Note: This is a general synopsis. Each listing is described below.