Page 183 - Tax Reform

PUBLIC LAW 115–97—DEC. 22, 2017 131 STAT. 2233

‘‘(i) is a related party to the reporting corporation,
and
‘‘(ii) had any transaction with the reporting cor-
poration during its taxable year,
‘‘(B) the manner in which the reporting corporation
is related to each person referred to in subparagraph (A),
and
‘‘(C) transactions between the reporting corporation
and each foreign person which is a related party to the
reporting corporation.
‘‘(2) ADDITIONAL INFORMATION REGARDING BASE EROSION
PAYMENTS.—For purposes of subsection (a) and section 6038C,
if the reporting corporation or the foreign corporation to whom
section 6038C applies is an applicable taxpayer, the information
described in this subsection shall include—
‘‘(A) such information as the Secretary determines nec-
essary to determine the base erosion minimum tax amount,
base erosion payments, and base erosion tax benefits of
the taxpayer for purposes of section 59A for the taxable
year, and
‘‘(B) such other information as the Secretary deter-
mines necessary to carry out such section.
For purposes of this paragraph, any term used in this para-
graph which is also used in section 59A shall have the same
meaning as when used in such section.’’.
(2) INCREASE IN PENALTY.—Paragraphs (1) and (2) of section
6038A(d) are each amended by striking ‘‘$10,000’’ and inserting 26 USC 6038A.
‘‘$25,000’’.
(c) DISALLOWANCE OF CREDITS AGAINST BASE EROSION TAX.—
Paragraph (2) of section 26(b) is amended by inserting after
subparagraph (A) the following new subparagraph:
‘‘(B) section 59A (relating to base erosion and anti-
abuse tax),’’.
(d) CONFORMING AMENDMENTS.—
(1) The table of parts for subchapter A of chapter 1 is 26 USC 1 prec.
amended by adding after the item relating to part VI the
following new item:

‘‘PART VII. BASE EROSION AND ANTI-ABUSE TAX’’.
(2) Paragraph (1) of section 882(a), as amended by this
Act, is amended by inserting ‘‘or 59A,’’ after ‘‘section 11,’’.
(3) Subparagraph (A) of section 6425(c)(1), as amended
by section 13001, is amended to read as follows:
‘‘(A) the sum of—
‘‘(i) the tax imposed by section 11, or subchapter
L of chapter 1, whichever is applicable, plus
‘‘(ii) the tax imposed by section 59A, over’’.
(4)(A) Subparagraph (A) of section 6655(g)(1), as amended
by sections 12001 and 13001, is amended by striking ‘‘plus’’
at the end of clause (i), by redesignating clause (ii) as clause
(iii), and by inserting after clause (i) the following new clause:
‘‘(ii) the tax imposed by section 59A, plus’’.
(B) Subparagraphs (A)(i) and (B)(i) of section 6655(e)(2),
as amended by sections 12001 and 13001, are each amended
dkrause on DSKBC28HB2PROD with PUBLAWS VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00181 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097
by inserting ‘‘and modified taxable income’’ after ‘‘taxable
income’’.