International Trade Tax Act of 1984

[AI summary unavailable — showing source text] International Trade Tax Act of 1984 - Amends the Internal Revenue Code to provide for the tax treatment of American International Trade Corporations (AITC) and exports of goods and services. Excludes from gross income the exempt foreign trade income of an American International Trade Corporation. Requires the allocation of the income tax deductions of an AITC to its exempt and nonexempt income. Limits the types of income tax credits which an AITC may claim. Treats the foreign trade income (other than exempt foreign trade income), investment income, and carrying charges of an AITC as U.S. source income, subject to the income tax. Defines an AITC as any corporation which: (1) was created under the laws of any foreign country or possession of the United States; (2) has no more than 25 shareholders at any time during the taxable year; (3) has no preferred stock; (4) maintains its records and a permanent office outside the United States; (5) has at least one member of the board of directors who is not a resident of the United States; (6) is not a member of a controlled group of corporations of which a domestic international sales corporation (DISC) is a member; and (7) has made an elect…