Foreign Investment and Multinational Corporation Control Act

[AI summary unavailable — showing source text] Foreign Investment and Multinational Corporation Control Act - Declares the purpose of this Act to insure that the production of goods which have historically been produced in the United States is continue and maintained, to encourage the return of production of goods that have been transferred abroad, and to encourage the development of new product production in the United States. Title I: Provides that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of 30 days or more during any taxable year, every United States shareholder of such corporation who owns stock in such corporation on the last day in such year on which such corporation is a controlled foreign corporation shall include in its gross income, for its taxable year in which or with which such taxable year of the corporation ends, its pro rata share of the corporations' earnings and profits for such year. Defines the pro rata share of the stockholder and the earnings and incomes of such corporations. Provides that the earnings and profits of a foreign corporation attributable to amounts which are, or have been, included in the gross income of a United States shareholder shall not, wh…