IRC Authority Graph

§921 — [§§921 to 927. Repealed. Pub. L. 106–519, §2, Nov. 15, 2000, 114 Stat. 2423 ] Section 921, added Pub. L. 98–369, div. A, title VIII, §801(a), July 18, 1984, 98 Stat. 985 , provided for exclusion from gross income of exempt foreign trade income.

157 cases·27 followed·12 distinguished·3 questioned·1 criticized·1 limited·13 overruled·100 cited—17% support

Statute Text — 26 U.S.C. §921

Statute text not available for this section.

Treasury Regulations

  • Treas. Reg. §Treas. Reg. §1.921-1T Temporary regulations providing transition rules for DISCs and FSCs
  • Treas. Reg. §Treas. Reg. §1.921-1T(a) Termination of a DISC—(1) At end of 1984.
  • Treas. Reg. §Treas. Reg. §1.921-1T(b) Establishing and electing status as a FSC, small FSC or interest charge DISC—(1) Ninety-day period.
  • Treas. Reg. §Treas. Reg. §1.921-1T(c) Export Trade Corporations—(1) Previously taxed income.
  • Treas. Reg. §Treas. Reg. §1.921-1T(i) §1.921-1T(i)
  • Treas. Reg. §Treas. Reg. §1.921-2 Foreign Sales Corporation—general rules
  • Treas. Reg. §Treas. Reg. §1.921-2(a) Definition of a FSC and the Effect of a FSC Election.
  • Treas. Reg. §Treas. Reg. §1.921-2(b) Small FSC.
  • Treas. Reg. §Treas. Reg. §1.921-2(c) Comparison of FSC to DISC.
  • Treas. Reg. §Treas. Reg. §1.921-2(d) Organization of a FSC.
  • Treas. Reg. §Treas. Reg. §1.921-2(e) Foreign Trade Income.
  • Treas. Reg. §Treas. Reg. §1.921-2(f) Investment Income and Carrying Charges.
  • Treas. Reg. §Treas. Reg. §1.921-2(g) Small Businesses.
  • Treas. Reg. §Treas. Reg. §1.921-2(i) §1.921-2(i)
  • Treas. Reg. §Treas. Reg. §1.921-2(v) A FSC must maintain within the United States the records required under section 6001.

157 Citing Cases

Martin C. Cooper, Petitioner T.C. Memo. 2010-214 · 2010

4Petitioner has asked the Court to "draw a defining line explaining what qualifies as permissive supervisory control under section 921(a) of the Taxpayer's Relief Act of 1997 when determining employment status of a securities broker dealer for purposes of the Internal Revenue Code".

Electronic Arts, Inc. and Subsidiaries, Petitioner 118 T.C. No. 13 · 2002

Respondent contends that “Cases arising under * * * [the WHTC provisions] are not applicable to a section 936 issue” (a contention we reject), and urges us to focus on “the contrary holding in another section 921 case, United States Gypsum Company v.

Electronic Arts Puerto Rico, Inc., Petitioner 118 T.C. No. 13 · 2002

Respondent contends that “Cases arising under * * * [the WHTC provisions] are not applicable to a section 936 issue” (a contention we reject), and urges us to focus on “the contrary holding in another section 921 case, United States Gypsum Company v.

Electronic Arts, Inc. v. Commissioner 118 T.C. 226 · 2002

Respondent contends that “Cases arising under * * * [the WHTC provisions] are not applicable to a section 936 issue” (a contention we reject), and urges us to focus on “the contrary holding in another section 921 case, United States Gypsum Co.

Union Carbide Corporation & Subsidiaries, Petitioner 110 T.C. No. 28 · 1998

Section 925(a) provides in pertinent part: SEC. 925 (a). In General.--In the case of a sale of export property to a FSC by a person described in section 482, the taxable income of such FSC and such person shall be based upon a transfer price which would allow such FSC to derive taxable income attributable to such sale (regardless of th

Union Carbide Corp. v. Commissioner 110 T.C. 375 · 1998

Section 925(a) provides in pertinent part: SEC. 925 (a). In General. — In the case of a sale of export property to a FSC by a person described in section 482, the taxable income of such FSC and such person shall be based upon a transfer price which would allow such FSC to derive taxable income attributable to such sale (regardless of t

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