Foreign-derived intangible income becomes foreign-derived deduction eligible income
What the document says“Section 250(a)(2) is amended by striking "foreign-derived intangible income" each place it appears and inserting "foreign-derived deduction eligible income".”
The section replaces foreign-derived intangible income with foreign-derived deduction eligible income in section 250(a)(1)(A) and each place it appears in section 250(a)(2) of the Internal Revenue Code of 1986. It also strikes paragraphs (1) and (2) of section 250(b), renumbers paragraphs (4) and (5) as (1) and (2) and moves them before paragraph (3), fixes a cross reference, and changes the word intangible to deduction eligible in the headings of section 250, section 172(d)(9) and the related table of sections item.
What the document actually says“Section 250(a)(2) is amended by striking "foreign-derived intangible income" each place it appears and inserting "foreign-derived deduction eligible income".”
One term is taken out wherever it appears. A new term is put in its place.
The word intangible drops out of the term. The words deduction eligible go in. Two paragraphs are struck and others renumbered.
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