Export Trade Corporation Law and Legal Definition

According to 26 USCS § 971 [Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 1. Normal Taxes and Surtaxes; Subchapter N. Tax Based On Income from Sources Within or Without the United States; Part III. Income from Sources without the United States; Subpart G. Export Trade Corporations], export trade corporation means--

(1) In general. A controlled foreign corporation (as defined in 26 USCS § 957) which satisfies the following conditions:

(A) 90 percent or more of the gross income of such corporation for the 3-year period immediately preceding the close of the taxable year (or such part of such period subsequent to the effective date of this subpart during which the corporation was in existence) was derived from sources without the United States, and

(B) 75 percent or more of the gross income of such corporation for such period constituted gross income in respect of which such corporation derived export trade income.