[Code of Federal Regulations] [Title 26, Volume 7] [Revised as of April 1, 2004] From the U.S. Government Printing Office via GPO Access [CITE: 26CFR1.556-1] [Page 291] TITLE 26--INTERNAL REVENUE CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) PART 1_INCOME TAXES--Table of Contents Sec. 1.556-1 Definition. Undistributed foreign personal holding company income is the amount which is to be included in the gross income of the United States shareholders under section 551(b) and Sec. 1.551-2. Undistributed foreign personal holding company income is the taxable income of the foreign personal holding company, as defined in section 63(a) (computed without regard to subchapter N, chapter 1 of the Code), and adjusted in the manner described in section 556(b) and Sec. 1.556-2, less the deduction for dividends paid (Sec. Sec. 1.561-1 through 1.565-6). See Sec. 1.556-3 for an illustration of the computation of undistributed foreign personal holding company income.