[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.