PUBLIC LAW 98-369—JULY 18, 1984 ai K ml
98 STAT. 813
"(I) IN GENERAL.—Clause (iii) of subparagraph (C) shall not apply to any insurance business of a qualified life insurance company. "(II) INSURANCE BUSINESS.—For purposes of subclause (I), the term 'insurance business' means any business which is not a noninsurance business (within the meaning of section 806(c)(3)). Ante, p. 724.
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"(Ill) QUALIFIED LIFE INSURANCE COMPANY.—For
purposes of subclause (I), the term 'qualified life insurance company' means any company which would be a life insurance company as defined in section 816 if unearned premiums were not taken Ante, p. 748. into account under subsections (a)(2) and (c)(2) of section 816. ' i '.^ "(E) DEFINITIONS.—For purposes of this paragraph— "(i) NON-OWNER EMPLOYEE.—The term 'non-owner employee' means any employee who does not own, at "any time during the taxable year, more than 5 percent in value of the outstanding stock of the taxpayer. For purposes of the preceding sentence, section 318 shall .i«|iji::iK apply, except that '5 percent' shall be substituted for '50 percent' in section 318(a)(2)(C). "(ii) EXCLUDED BUSINESS.—The term 'excluded busi: - •.. ness' means— "(I) equipment leasing (as defined in paragraph (6)), and i'->',-«•:• "(II) any business involving the use, exploitation, sale, lease, or other disposition of master sound I- f ^.j ' recordings, motion picture films, video tapes, or tangible or intangible assets associated with literary, artistic, musical, or similar properties, "(iii) SPECIAL RULES RELATING TO COMMUNICATIONS INDUSTRY, ETC.— "(I) BUSINESS NOT EXCLUDED WHERE TAXPAYER
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NOT COMPLETELY AT RISK.—A business involving the use, exploitation, sale, lease, or other disposition of property described in subclause (II) of clause (ii) shall not constitute an excluded business by reason of such subclause if the taxpayer is at risk with respect to all amounts paid or incurred (or chargeable to capital account) in such business. "(II)
CERTAIN
UCENSED
BUSINESSES NOT EX-
CLUDED.—For purposes of subclause (II) of clause (ii), the provision of radio, television, cable television, or similar services pursuant to a license or r. J i;. franchise granted by the Federal Communications Commission or any other Federal, State, or local authority shall not constitute an excluded business f s! s« ftr h.:. by reason of such subclause. "(F) AFFIUATED GROUP TREATED AS 1 TAXPAYER.—For purposes of this paragraph— "(i) IN GENERAL.—Except as provided in subparagraph (G), the component members of an affiliated .3«. group of corporations shall be treated as a single taxpayer. '(ii) AFFILIATED GROUP OF CORPORATIONS.—The term 'affiliated group of corporations' means an affiliated
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