Taxpayer Relief Act of 2000

[AI summary unavailable — showing source text] Taxpayer Relief Act of 2000 - Title I: FSC Repeal and Extraterritorial Income Exclusion - Amends the Internal Revenue Code to repeal subpart C (Taxation of Foreign Sales Corporations) of part III (Income From Sources Without the United States) of subchapter N ( Tax Based on Income From Sources Within or Without the United States) of chapter 1 (Normal Taxes and Surtaxes). Excludes from gross income "extraterritorial income," except that extraterritorial income which is not qualifying "qualifying foreign trade income" shall not be excluded from gross income. Defines "extraterritorial income" as gross income of the taxpayer attributable to "foreign trading gross receipts" of the taxpayer. Defines "qualifying foreign trade income," with respect to any transaction, as the amount of gross income which, if excluded, will result in a reduction of the taxable income of the taxpayer from such transaction equal to the greatest of: (1) 30 percent of the foreign sale and leasing income derived by the taxpayer from such transaction; (2) 1.2 percent of the foreign trading gross receipts derived by the taxpayer from the transaction; or (3) 15 percent of the foreign trade income derived by the taxp…