Extract to table

To the extent of any inconsistency between this final opinion and the draft opinion previously circulated, this letter shall control

Under this standard, the results of a controlled transaction must be consistent with the results that would have been realized if uncontrolled taxpayers had engaged in the same transaction under the same circumstances

This standard provides that, in the case of any transfer (or license) of intangible property, the income with respect to such transfer or license shall be commensurate with the income attributable to the intangible

Under Section 952 of the Code, a US shareholder of a CFC must include in gross income its pro rata share of the CFC's "Subpart F income

meets the $500 million average annual gross receipts test must be determined on an aggregated basis, taking into account the gross receipts of all persons treated as a single employer with SMT Inc