- a party to a reorganization
includes— In the case of a reorganization qualifying under paragraph (1)(B) or (1)(C) of subsection (a), if the stock exchanged for the stock or properties is stock of a corporation which is in control of the acquiring corporation, the term “a party to a reorganization” includes the corporation so controlling the acquiring corporation.
- academic health center
means an entity—
- accelerated policyholder dividends deduction
means the amount which (but for this subsection) would be determined for the taxable year under paragraph (1) of subsection (c) but which would have been determined (under such paragraph) for a later taxable year under the business practices of the taxpayer as in effect at the close of the preceding taxable year.
- accident year
means the calendar year in which the incident occurs which gives rise to the related unpaid loss.
- account beneficiary
means the individual on whose behalf the Trump account was established.
- account holder
means the individual on whose behalf the Archer MSA was established.
- accrual period
means a 6-month period (or shorter period from the date of original issue of the debt instrument) which ends on a day in the calendar year corresponding to the maturity date of the debt instrument or the date 6 months before such maturity date.
- accrued benefit
means—
- accumulated adjustments account
means an account of the S corporation which is adjusted for the S period in a manner similar to the adjustments under section 1367 (except that no adjustment shall be made for income (and related expenses) which is exempt from tax under this title and the phrase “(but not below zero)” shall be disregarded in section 1367(a)(2)) and no adjustment shall be made for Federal taxes attributable to any taxable year in which the corporation was a C corporation.
- accumulated contribution
means the total of— For purposes of this subparagraph, the term “mandatory contributions” means amounts contributed to the plan by the employee which are required as a condition of employment, as a condition of participation in such plan, or as a condition of obtaining benefits under the plan attributable to employer contributions.
- accumulated deductible employee contributions
means the deductible employee contributions—
- accumulated effectively connected earnings and profits
means the excess of—
- accumulated funding deficiency
has the meaning given such term in section 431(a).
- accumulated post-1986 deferred foreign income
means the post-1986 earnings and profits except to the extent such earnings— To the extent provided in regulations or other guidance prescribed by the Secretary, in the case of any controlled foreign corporation which has shareholders which are not United States shareholders, accumulated post-1986 deferred foreign income shall be appropriately reduced by amounts which would be described in subparagraph (B) if such shareholders were United States shareholders.
- accumulated taxable income
means the taxable income, adjusted in the manner provided in subsection (b), minus the sum of the dividends paid deduction (as defined in section 561) and the accumulated earnings credit (as defined in subsection (c)).
- accumulation distribution
means, for any taxable year of the trust, the amount by which— For purposes of section 667 (other than subsection (c) thereof, relating to multiple trusts), the amounts specified in paragraph (2) of section 661(a) shall not include amounts properly paid, credited, or required to be distributed to a beneficiary from a trust (other than a foreign trust) as income accumulated before the birth of such beneficiary or before such beneficiary attains the age of 21.
- acquire
includes purchase.
- acquisition cost
includes the cost of the rehabilitation.
- acquisition date
means, with respect to any corporation, the first day on which there is a qualified stock purchase with respect to the stock of such corporation.
- acquisition discount
means the excess of the stated redemption price at maturity over the taxpayer’s basis for the obligation.
- acquisition indebtedness
means any indebtedness which—
- active business computer software royalties
means any royalties—
- active foreign business income
means gross income which—
- active foreign business percentage
means, with respect to any existing 80/20 company, the percentage which—
- active MSA participant
means, with respect to any taxable year, any individual who is the account holder of any Archer MSA into which any contribution was made which was excludable from gross income under section 106(b), or allowable as a deduction under this section, for such taxable year.
- active participant
means, with respect to any plan year, an individual— The determination of whether an individual is an active participant shall be made without regard to whether or not such individual’s rights under a plan, trust, or contract are nonforfeitable.
- active qualified trade or business
means, with respect to any taxpayer for any taxable year, any qualified trade or business of the taxpayer in which the taxpayer materially participates (within the meaning of section 469(h)).
- activity not engaged in for profit
means any activity other than one with respect to which deductions are allowable for the taxable year under section 162 or under paragraph (1) or (2) of section 212.
- added employee
means a qualifying employee who is not covered by title I of the Family and Medical Leave Act of 1993, as amended.
- added employer
means an eligible employer (determined without regard to this paragraph), whether or not covered by that title I, who offers paid family and medical leave to added employees.
- additional contribution
means any charitable contribution by the taxpayer of any interest in property with respect to which the taxpayer has previously made an initial fractional contribution.
- additional depreciation
means, in the case of any property, the depreciation adjustments in respect of such property;
- adjustable benefit
means—
- adjusted base amount
means—
- adjusted cash value
means the cash surrender value of the policy or contract increased by the sum of—
- adjusted disbursements
means disbursements from the plan reduced by the product of—
- adjusted exploration expenditures
means, with respect to any property or mine— properly adjusted for any amounts included in gross income under subsection (b) or (c) and for any amounts of gain to which subsection (d) applied.
- adjusted Federal long-term rate
means the Federal long-term rate determined under section 1274(d), except that—
- adjusted financial statement income
means, with respect to any corporation for any taxable year, the net income or loss of the taxpayer set forth on the taxpayer’s applicable financial statement for such taxable year, adjusted as provided in this section.
- adjusted funding target attainment percentage
means the funding target attainment percentage which is determined under paragraph (1) by increasing each of the amounts under subparagraphs (A) and (B) of section 430(d)(2) by the aggregate amount of purchases of annuities for employees other than highly compensated employees (as defined in section 414(q)) which were made by the plan during the preceding 2 plan years.
- adjusted gross income
means, in the case of an individual, gross income minus the following deductions: Nothing in this section shall permit the same item to be deducted more than once.
- adjusted income from mineral, oil, and gas royalties
means the gross income from mineral, oil, and gas royalties (including production payments and overriding royalties), reduced by the amount subtracted under paragraph (2)(B) of this subsection in respect of such royalties.
- adjusted income from rents
means the gross income from rents, reduced by the amount subtracted under paragraph (2)(A) of this subsection.
- adjusted investor equity
means, with respect to any calendar year, the aggregate amount of cash taxpayers invested with respect to the project increased by the amount equal to—
- adjusted net capital gain
means the sum of—
- adjusted net operating loss
means the net operating loss for any taxable year determined with the adjustments set forth in subparagraph (C).
- adjusted ordinary gross income
means the ordinary gross income adjusted as follows:
- adjusted qualifying income
means the product of— For purposes of clause (i), highest family income shall be determined without regard to subsection (f)(3)(A) and on the basis of the number of members of the taxpayer’s family as of the date of the disposition.
- adjusted tax attributes
means the sum of the tax attributes described in subparagraphs (A), (B), (C), (D), (F), and (G) of subsection (b)(2) determined by taking into account $3 for each $1 of the attributes described in subparagraphs (B), (C), and (G) of subsection (b)(2) and the attribute described in subparagraph (F) of subsection (b)(2) to the extent attributable to any passive activity credit carryover.
- adjusted taxable income
means the taxable income of the taxpayer—
- adjustment
means—
- advance payment
means any payment—
- advanced coal-based generation technology
means a technology which meets the requirements of subsection (f).
- advanced manufacturing facility
means a facility for which the primary purpose is the manufacturing of semiconductors or semiconductor manufacturing equipment.
- advanced mine safety equipment property
means any of the following:
- advanced nuclear facility
means any nuclear facility the reactor design for which is approved in the manner described in section 45J(d)(2).
- advanced nuclear power facility
means any advanced nuclear facility—
- adverse party
means any person having a substantial beneficial interest in the trust which would be adversely affected by the exercise or nonexercise of the power which he possesses respecting the trust.
- affected shareholder
means any shareholder to whom a distribution is made by the S corporation during the taxable year.
- affected shareholders
means the shareholder whose interest is terminated and all shareholders to whom such shareholder has transferred shares during the taxable year.
- affiliate
means a member of the same affiliated group (within the meaning of section 1504(a) without regard to section 1504(b)).
- affiliated group
has the meaning given such term by section 1504(a).
- affiliated group of corporations
means an affiliated group (as defined in section 1504(a)) which files or is required to file consolidated income tax returns.
- affiliated service group
means a group consisting of a service organization (hereinafter in this paragraph referred to as the “first organization”) and one or more of the following:
- after-tax income
means, with respect to any taxable year, the gross income of the welfare benefit fund reduced by the sum of—
- aggregate foreign cash position
means, with respect to any United States shareholder, the greater of—
- aggregate foreign E&P deficit
means, with respect to any United States shareholder, the lesser of—
- aggregate gross assets
means the amount of cash and the aggregate adjusted bases of other property held by the corporation.
- aggregate reported amount
means the aggregate amount of dividends reported by the company under clause (i) as interest related dividends for the taxable year (including interest related dividends paid after the close of the taxable year described in section 855).
- aggregate unused E&P deficit
means, with respect to any affiliated group, the lesser of—
- aggregation group
means—
- agri-biodiesel
means biodiesel derived solely from virgin oils, including esters derived from virgin vegetable oils from corn, soybeans, sunflower seeds, cottonseeds, canola, crambe, rapeseeds, safflowers, flaxseeds, rice bran, mustard seeds, and camelina, and from animal fats.
- agricultural
includes the art or science of cultivating land, harvesting crops or aquatic resources, or raising livestock.
- agricultural livestock
includes bovine, swine, poultry, and sheep.
- agricultural livestock waste nutrients
means agricultural livestock manure and litter, including wood shavings, straw, rice hulls, and other bedding material for the disposition of manure.
- airline-related services
means any of the following services provided in connection with air transportation:
- Alaska natural gas
means natural gas entering the Alaska natural gas pipeline (as defined in section 168(i)(16) (determined without regard to subparagraph (B) thereof)) which is produced from a well—
- Alaska natural gas pipeline
means the natural gas pipeline system located in the State of Alaska which— Such term includes the pipe, trunk lines, related equipment, and appurtenances used to carry natural gas, but does not include any gas processing plant.
- alcohol
includes methanol and ethanol but does not include—
- alimony or separate maintenance payment
means any payment in cash if—
- allocable cash basis item
means any of the following items with respect to which the partnership uses the cash receipts and disbursements method of accounting:
- allocable interest
means any interest which is allocable to income which is effectively connected (or treated as effectively connected) with the conduct of a trade or business in the United States.
- allocable limitation amount
means, with respect to any member of the controlled group referred to in subparagraph (A) with respect to any specified covered employee of such controlled group, the amount which bears the same ratio to $1,000,000 as—
- allocable parental tax
means the excess of— For purposes of clause (i), net unearned income of all children of the parent shall not be taken into account in computing any exclusion, deduction, or credit of the parent.
- allowable amount
means an amount equal to 20 percent of the lessor’s adjusted basis in the property at the time the lease is entered into.
- alternate payee
means any spouse, former spouse, child or other dependent of a participant who is recognized by a domestic relations order as having a right to receive all, or a portion of, the benefits payable under a plan with respect to such participant.
- alternative fuel
means compressed natural gas, liquefied natural gas, liquefied petroleum gas, hydrogen, and any liquid at least 85 percent of the volume of which consists of methanol.
- alternative minimum taxable income
means the taxable income of the taxpayer for the taxable year— If a taxpayer is subject to the regular tax, such taxpayer shall be subject to the tax imposed by this section (and, if the regular tax is determined by reference to an amount other than taxable income, such amount shall be treated as the taxable income of such taxpayer for purposes of the preceding sentence).
- alternative tax net operating loss deduction
means the net operating loss deduction allowable for the taxable year under section 172, except that—
- amortizable basis
means that portion of the adjusted basis (for determining gain) of a certified pollution control facility which may be amortized under this section.
- amortizable section 197 intangible
means any section 197 intangible—
- annual accounting period
means the annual period on the basis of which the taxpayer regularly computes his income in keeping his books.
- annual accrual method of accounting
means a method under which revenues, costs, and expenses are computed on an accrual method of accounting and the preproductive period expenses incurred during the taxable year are charged to harvested crops or deducted in determining the taxable income for such years.
- annual addition
has the meaning given such term by paragraph (2).
- annual benefit
means a benefit payable annually in the form of a straight life annuity (with no ancillary benefits) under a plan to which employees do not contribute and under which no rollover contributions (as defined in sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3), and 457(e)(16)) are made.
- annual capacity limitation
means 1.8 gigawatts of direct current capacity for each calendar year during the period beginning on January 1, 2025, and ending on December 31 of the applicable year (as defined in section 45Y(d)(3)), and zero thereafter.
- annual interest to be paid or incurred
means—
- annual reminder notice
means the notice described in section 111(c) of the Employee Retirement Income Security Act of 1974.
- annual retirement benefit
means a benefit payable annually in the form of a single life annuity (with no ancillary benefits) beginning at the normal retirement age under the plan.
- annual statement
means the annual statement approved by the National Association of Insurance Commissioners which the taxpayer is required to file with insurance regulatory authorities of a State.
- annualized excludable disability amount
means, with respect to any individual, the service-connected excludable disability amounts which are properly attributable to the 12-month period immediately preceding the date on which such individual attains retirement age.
- annualized includible compensation for the base period
means the average annual compensation which—
- annuity
includes a face-amount certificate, as defined in section 2(a)(15) of the Investment Company Act of 1940 (15 U.S.C., sec. 80a–2);
- annuity contract
includes a custodial account described in section 403(b)(7) and a retirement income account described in section 403(b)(9).
- annuity starting date
means—
- apparently wholesome food
has the meaning given to such term by section 22(b)(2) of the Bill Emerson Good Samaritan Food Donation Act (42 U.S.C. 1791(b)(2)), as in effect on the date of the enactment of this subparagraph.
- applicable account limit
means an account limit for a qualified asset account with respect to medical benefits provided through a plan maintained by a bona fide association (as defined in section 2791(d)(3) of the Public Health Service Act (42 U.S.C. 300gg–91(d)(3))).
- applicable amount
means any amount paid to an employee-owner which is includible in the gross income of such employee, other than—
- applicable asset acquisition
means any transfer (whether directly or indirectly)— A transfer shall not be treated as failing to be an applicable asset acquisition merely because section 1031 applies to a portion of the assets transferred.
- applicable benchmarks
means the requirements applicable to the multiemployer plan under paragraph (3) (as modified by paragraph (5)).
- applicable capacity
means 15 megawatts or a mechanical energy capacity of more than 20,000 horsepower or an equivalent combination of electrical and mechanical energy capacities.
- applicable carryover rule
means any carryover rule applicable to charitable contributions which were (in whole or in part) not allowed as a deduction for the contribution year by reason of subsection (b)(1)(I).
- applicable corporation
means, with respect to any taxable year, any corporation (other than an S corporation, a regulated investment company, or a real estate investment trust) which meets the average annual adjusted financial statement income test of subparagraph (B) for one or more taxable years which—
- applicable covered employee
means any—
- applicable critical mineral
means any of the following:
- applicable date
means the date of the enactment of this paragraph.
- applicable debt instrument
means any debt instrument which was issued by—
- applicable defined benefit plan
has the meaning given such term by section 411(a)(13).
- applicable defined contribution plan
means any defined contribution plan which holds any publicly traded employer securities.
- applicable disposition
means any disposition of any share of stock in a controlled foreign corporation in a transaction or series of transactions if, immediately before such transaction or series of transactions, the taxpayer owned more than 50 percent (by vote or value) of the stock of the controlled foreign corporation.
- applicable dividend
means any dividend which, in accordance with the plan provisions—
- applicable dollar amount
means the following:
- applicable earnings
means, with respect to any controlled foreign corporation, the sum of— but reduced by distributions made during the taxable year and by earnings and profits described in section 959(c)(1).
- applicable elected representative
means with respect to any governmental unit—
- applicable election period
means— In the case of a participant who is separated from service, the applicable election period under subparagraph (B) with respect to benefits accrued before the date of such separation from service shall not begin later than such date.
- applicable electric generating unit
means the principal electric generating unit for which the carbon capture equipment is originally planned and designed.
- applicable eligible retirement plan
means an eligible retirement plan (as defined in section 402(c)(8)(B)) other than a defined benefit plan.
- applicable employee remuneration
means, with respect to any covered employee for any taxable year, the aggregate amount allowable as a deduction under this chapter for such taxable year (determined without regard to this subsection) for remuneration for services performed by such employee (whether or not during the taxable year).
- applicable employer
means any employer from whom 1 or more troubled assets are acquired under a program established by the Secretary under section 101(a) of the Emergency Economic Stabilization Act of 2008 if the aggregate amount of the assets so acquired for all taxable years exceeds $300,000,000.
- applicable employer cost
means, with respect to any taxable year, the amount determined by dividing—
- applicable employer plan
means—
- applicable employer securities
means, with respect to any dividend, employer securities which are held on the record date for such dividend by an employee stock ownership plan which is maintained by—
- applicable employment retention plan
means an employment retention plan maintained by—
- applicable EPA regulations
means the Highway Diesel Fuel Sulfur Control Requirements of the Environmental Protection Agency.
- applicable excess reserves
means the excess (if any) of—
- applicable facility
means any qualified facility—
- applicable financial statement
means, with respect to any taxable year, an applicable financial statement (as defined in section 451(b)(3) or as specified by the Secretary in regulations or other guidance) which covers such taxable year.
- applicable fraction
means the smaller of the unit fraction or the floor space fraction.
- applicable Government price index
means—
- applicable health benefits
means health benefits or coverage which are provided to—
- applicable high yield discount obligation
means any debt instrument if— For purposes of subparagraph (B)(i), the Secretary may by regulation (i) permit a rate to be used with respect to any debt instrument which is higher than the applicable Federal rate if the taxpayer establishes to the satisfaction of the Secretary that such higher rate is based on the same principles as the applicable Federal rate and is appropriate for the term of the instrument, or (ii) permit, on a temporary basis, a rate to be used with respect to any debt instrument which is higher than the applicable Federal rate if the Secretary determines that such rate is appropriate in light of distressed conditions in the debt capital markets.
- applicable holding company
means any domestic corporation—
- applicable home country risks
means risks in connection with property in, liability arising out of activity in, or the lives or health of residents of, the home country of the qualifying insurance company or qualifying insurance company branch, as the case may be, issuing or reinsuring the contract covering the risks.
- applicable imputed income amount
means, with respect to any disposition or other termination referred to in subsection (a), an amount equal to— The Secretary shall by regulations provide for such reductions in the applicable imputed income amount as may be appropriate by reason of amounts capitalized under section 263(g), ordinary income received, or otherwise.
- applicable income limit
means—
- applicable income threshold
means—
- applicable individual
means, with respect to any covered health insurance provider for any disqualified taxable year, any individual—
- applicable individual remuneration
means, with respect to any applicable individual for any disqualified taxable year, the aggregate amount allowable as a deduction under this chapter for such taxable year (determined without regard to this subsection) for remuneration (as defined in paragraph (4) without regard to subparagraph (B) thereof) for services performed by such individual (whether or not during the taxable year).
- applicable insurance liabilities
means, with respect to any life or property and casualty insurance business—
- applicable insurance regulatory body
means, with respect to any insurance business, the entity established by law to license, authorize, or regulate such business and to which the statement described in subparagraph (A) is provided.
- applicable interest rate
means the annual rate determined under 846(c)(2) for the calendar year in which the premiums are received.
- applicable investor
means, with respect to any qualified shareholder holding stock in a real estate investment trust, a person (other than a qualified shareholder) which—
- applicable life insurance account
means a separate account established and maintained for amounts transferred under this section for qualified current retiree liabilities based on premiums for applicable life insurance benefits.
- applicable life insurance benefits
means group-term life insurance coverage provided to retired employees who, immediately before the qualified transfer, are entitled to receive such coverage by reason of retirement and who are entitled to pension benefits under the plan, but only to the extent that such coverage is provided under a policy for retired employees and the cost of such coverage is excludable from the retired employee’s gross income under section 79.
- applicable limitation amount
means—
- applicable material
means—
- applicable median family income
means, with respect to a residence, whichever of the following is the greater:
- applicable minimum age
means—
- applicable month
means, with respect to any plan for any plan year, the month which includes the valuation date of such plan for such plan year or, at the election of the plan sponsor, any of the 4 months which precede such month.
- applicable mortality table
means a mortality table, modified as appropriate by the Secretary, based on the mortality table specified for the plan year under subparagraph (A) of section 430(h)(3) (without regard to subparagraph (C) or (D) of such section).
- applicable multi-beneficiary trust
means a trust—
- applicable musical property
means any musical composition (including any accompanying words), or any copyright with respect to a musical composition, which is property to which this subsection applies without regard to this paragraph.
- applicable nominating jurisdiction
means, with respect to any empowerment zone or enterprise community, any local government that nominated such community for designation under section 1391.
- applicable nondiscrimination requirement
means any requirement under subsection (b) of this section, section 79(d), section 105(h), or paragraph (2), (3), (4), or (8) of section 129(d).
- applicable nontaxable contribution
means any employer or employee contribution—
- applicable nontaxable earnings
means earnings—
- applicable partnership interest
means any interest in a partnership which, directly or indirectly, is transferred to (or is held by) the taxpayer in connection with the performance of substantial services by the taxpayer, or any other related person, in any applicable trade or business.
- applicable passenger vehicle
means any vehicle— Such term shall not include any vehicle the final assembly of which did not occur within the United States.
- applicable payment
means, with respect to any taxable year, a payment or payments described in section 7701(a)(51)(D)(i)(II).
- applicable percentage
means 12.5 percent increased (but not above 25 percent) by 0.25 percentage points for each percentage point by which the rate of payment (as described under subsection (c)(1)(B)) exceeds 50 percent.
- applicable period
has the meaning given such term under section 72(t)(8)(F).
- applicable plan
means a defined benefit plan the terms of which, on or before December 8, 2014, provided for a normal retirement age which is the earlier of— A plan shall not fail to be treated as an applicable plan solely because the normal retirement age described in the preceding sentence only applied to certain participants or only applied to employees of certain employers in the case of a plan maintained by more than 1 employer.
- applicable plan amendment
means an amendment to a defined benefit plan which has the effect of converting the plan to an applicable defined benefit plan.
- applicable policyholder
includes any person which—
- applicable portion
means the aggregate decrease in the credits allowed to a taxpayer under section 38 for all prior taxable years which would have resulted if the eligible basis of the building were reduced by the amount of financing which does not meet requirements of paragraph (2)(D).
- applicable preferred stock
means preferred stock which was issued before March 1, 2010 (or which was issued after such date and is held by an employee benefit plan subject to the provisions of title I of the Employee Retirement Income Security Act of 1974).
- applicable property
means charitable deduction property (as defined in section 6050L(a)(2)(A))—
- applicable provision
means any provision which specifically refers to this subsection.
- applicable rate
means—
- applicable requirement
means—
- applicable retirement plan
means—
- applicable section
means section 79, 106, 117(d), 125, 127, 129, 132, 137, 274(j), 505, or 4980B.
- applicable section 38 credits
means the credit allowed under section 38 for the taxable year which is properly allocable to—
- applicable severance from employment
means any severance from employment of a covered executive—
- applicable share
means, with respect to any period, the natural gas allocable to such period if the gas were allocated ratably over the period to which the prepayment relates.
- applicable start date
means, with respect to any qualified opportunity zone designated under this section, the January 1 following the date on which such qualified opportunity zone was certified and designated by the Secretary under subsection (b)(1)(B).
- applicable statutory premium recognition pattern
means the statutory premium recognition pattern—
- applicable stock price
means, with respect to any stock for which an option has been granted—
- applicable straddle
means any straddle (within the meaning of section 1092(c)).
- applicable subsidy
means—
- applicable supplementary amount
means, with respect to any sustainable aviation fuel, an amount equal to $0.01 for each percentage point by which the lifecycle greenhouse gas emissions reduction percentage with respect to such fuel exceeds 50 percent.
- applicable tax limit
means the limitation imposed by section 26(a) for the taxable year reduced by the sum of the credits allowable under this subpart (other than this section and sections 23 and 25D).
- applicable taxable year
means any taxable year of the taxpayer beginning after December 31, 2017, and before January 1, 2028.
- applicable taxpayer
means, with respect to any taxable year, a taxpayer whose aggregate qualified business income with respect to all active qualified trades or businesses of the taxpayer for such taxable year is at least $1,000.
- applicable threshold
means—
- applicable trade or business
means any activity conducted on a regular, continuous, and substantial basis which, regardless of whether the activity is conducted in one or more entities, consists, in whole or in part, of—
- applicable transaction
means, with respect to any applicable taxpayer, any significant transaction (as determined by the Secretary, in coordination with the Secretary of Commerce and the Secretary of Defense) involving the material expansion of semiconductor manufacturing capacity of such applicable taxpayer in the People’s Republic of China or a foreign country of concern (as defined in section 9901(7) of the William M.
- applicable voluntary early retirement incentive plan
means a voluntary early retirement incentive plan maintained by—
- applicable wash sales transaction
means any transaction (or series of transactions) under which a nonresident alien individual, foreign corporation, or qualified investment entity—
- applicable year
has the same meaning given such term in section 45Y(d)(3).