To amend the Internal Revenue Code of 1986 to encourage the transfer of intangible property from controlled foreign corporations to United States shareholders.

[AI summary unavailable — showing source text] This bill excludes from gross income, for income tax purposes, gains from distributions of intangible property by controlled foreign corporations to U.S. domestic corporations. The bill defines intangible property to include patents, copyrights, licenses, formulas, computer software, and similar items with substantial value.…