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Internal Revenue Code of 1986

The official body of U.S. federal tax laws that governs how the government collects taxes.

Global Intangible Low-Taxed Income (GILTI)

A U.S. tax on certain profits earned by foreign subsidiaries of U.S. companies, intended to discourage companies from shifting profits to low-tax countries.

United States Shareholder

A U.S. person (like an individual or a corporation) who owns at least 10% of the voting power or value of a foreign corporation.

Foreign Corporation

A business entity that is incorporated or organized under the laws of a country other than the United States.

Taxable Year

The annual accounting period used for keeping records and reporting income and expenses for tax purposes, typically a calendar year or a fiscal year.

Closely Held C corporation

A type of corporation where more than 50% of the value of its outstanding stock is owned, directly or indirectly, by five or fewer individuals at any time during the last half of the taxable year.

Virgin Islands

A U.S. territory in the Caribbean, also known as the U.S. Virgin Islands.