2024 Tax Code Updates from Tax Cuts and Jobs Act Provisions – Final Exam

The Tax Cuts and Jobs Act changed the tax rates as well as the income levels. These changes will remain in effect until _______.

What is the 2024 tax rate for a single individual filer that has a taxable income of $46,000?

What is the 2024 tax rate for a single individual filer that has a taxable income of $500,000?

What is the 2024 tax rate for a heads of household with a taxable income of $99,500?

What is the 2024 tax rate for married individuals filing a joint return that have a taxable income of $195,500?

What is the 2024 tax rate for married individuals filing a joint return that have a taxable income of $630,000?

What is the 2024 tax rate for married individuals filing separate returns that have a taxable income of $170,000?

What is the 2024 standard deduction amount for single individual filers?

What is the 2023 standard deduction amount for heads of household filers?

What is the 2023 standard deduction amount for married individuals filing a joint return?

What is the 2023 additional standard deduction for a married individual who is elderly or blind?

The child tax credit amount is equal to what amount per qualifying child in 2023?

What amount do heads of household need to make to begin phasing out of the child tax credit for 2023?

For tax years beginning after December 31, 2017 and before January 1, 2026, what is the limit on a taxpayer’s loss from a non-passive trade or business for a single individual filer?

For tax years beginning after December 31, 2017, what is the maximum amount that section 529 plans may distribute per student in expenses for tuition during the taxable year?

For 2023, the limit of home mortgage interest is limited to __________ acquisition indebtedness.

Before December 31, 2017, the limit of home mortgage interest is limited to __________ acquisition indebtedness for a married taxpayer filing jointly.

Before December 31, 2017, the limit of home mortgage interest is limited to __________ acquisition indebtedness for a married taxpayer filing separately.

After December 31, 2017 and before December 31, 2025, how much can a taxpayer claim as deduction for interest on home equity indebtedness, if the money is NOT used for home improvements?

After December 31, 2017 and before December 31, 2025, what is the maximum deduction for a married individual filing a joint return for state and local income tax, sales tax, and property taxes?

After December 31, 2017 and before December 31, 2025, what is the maximum deduction for a single individual filer for state and local income tax, sales tax, and property taxes?

After December 31, 2017 and before December 31, 2025, what is the maximum deduction for a married taxpayer filing a separate return for state and local income tax, sales tax, and property taxes?

After December 31, 2017 and before December 31, 2025, what is the maximum deduction that may be claimed for a personal casualty or theft loss sustained during the taxable year, not compensated by insurance or otherwise, that is not attributable to a disaster declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act?

What section of the IRC addresses wagering losses?

In the Tax Cuts and Jobs Act, which of the following was not one of the modifications to the present-law charitable contribution rules?

After December 31, 2017 and before December 31, 2025, which miscellaneous itemized deductions that are subject to the two-percent floor are permitted to be deducted when completing a tax return?

For taxable years beginning after December 31, 2016 and ending before January 1, 2019, what is the threshold for deducting medical expenses for all taxpayers?

Which of the following statements is false related to the deduction of alimony payments under the Tax Cuts and Jobs Act?

Which of the following statements is false related to the deduction for moving expenses under the Tax Cuts and Jobs Act?

Which of the following provisions were changed under the Tax Cuts and Jobs Act?

Which of the following provisions was NOT changed under the Tax Cuts and Jobs Act?

In the Simplification and Reform of Savings, Pensions, Retirement section of the Tax Cuts and Jobs Act, which provision was changed?

The Tax Cuts and Jobs Act modified the rules applicable to length of service award programs for bona fide public safety volunteers. What is the amount that the Tax Cuts and Jobs Act increased the aggregate amount of length of service awards to accrue for a bona fide volunteer with respect to any year of service for 2023?

Under the Tax Cuts and Jobs Act, the basic exclusion amount for an estate tax was increased. What is the basic exclusion amount for an estate tax including inflation adjustments for 2023?

What is the gift tax exclusion amount for 2023?

The Tax Cuts and Jobs Act temporarily increases both the exemption amount and the exemption amount phaseout thresholds for the individual AMT. For 2023, what is the AMT exemption amount for married taxpayers filing a joint return?

Which of the following changes was made in the Tax Cuts and Jobs Act for ABLE accounts?

The Tax Cuts and Jobs Act extends the period for bringing a civil action for wrongful levy to __________.

In the Individual Tax Reform – Other Provisions section of the Tax Cuts and Jobs Act, which of the following provisions was changed?

The Tax Cuts and Jobs Act provides tax relief relating to a “2016 disaster area”. Under the provision, in the case of a personal casualty loss which arose on or after January 1, 2016, in a 2016 disaster area and was attributable to the events giving rise to the Presidential disaster declaration, such losses are deductible without regard to whether aggregate net losses exceed ten percent of a taxpayer’s adjusted gross income. Under the provision, in order to be deductible, the losses must exceed _____ per casualty.

What is the modified corporate rate effective for taxable years beginning after December 31, 2017?

What is the modified first-year depreciation deduction for property placed in service after September 27, 2017?

What is the modified first-year depreciation deduction for qualified property in general placed in service in taxable years beginning in 2023?

What is the modified first-year depreciation deduction for qualified property in general placed in service in taxable years beginning in 2025?

What is the modified first-year depreciation deduction for longer production period property placed in service in taxable years beginning in 2027?

For passenger automobiles placed in service after December 31, 2017, what is the maximum amount of allowable depreciation for the first year that the vehicle is placed in service and for which the additional first-year depreciation deduction under section 168(k) is not claimed?

For passenger automobiles placed in service after December 31, 2017, what is the maximum amount of allowable depreciation for the second year that the vehicle is placed in service?

For any machinery or equipment used in a farming business placed in service after December 31, 2017, what is the recovery period? (excluding grain bins, cotton ginning assets, fences, or other land improvements).

Under the Tax Cuts and Jobs Act, what is the alternative depreciation system recovery period for residential rental property?

Under the Tax Cuts and Jobs Act, what is the recovery period for qualified leasehold improvement property, qualified restaurant property and qualified retail improvement property?

Under the Tax Cuts and Jobs Act, what is the general recovery period for residential rental property?

Under the Tax Cuts and Jobs Act, what is the general recovery period for nonresidential real property?

Under the Tax Cuts and Jobs Act, Farming businesses that elect out of the interest deduction limit must use the alternate depreciation system to depreciate any property with a recovery period of how many years?

Under the Tax Cuts and Jobs Act, what is the maximum amount a taxpayer may expense under section 179 in 2023?

Under the Tax Cuts and Jobs Act, what is the phase-out threshold amount under section 179 in 2023?

Under the Tax Cuts and Jobs Act, what is the maximum gross receipts for the three prior taxable-year periods that will allow a business to use the cash method of accounting?

Under the Tax Cuts and Jobs Act any section 481(a) adjustment of an eligible terminated S corporation attributable to the revocation of its S corporation election is taken into account ratably. What is the ratable period?

For any taxable year, the deduction for business interest is limited to all of the following except:

What is the carry forward for the amount of any business interest not allowed as a deduction for any taxable year?

The Tax Cuts and Jobs Act limits the NOL deduction to _________ of taxable income.

Which of the following deductions was not repealed by the Tax Cuts and Jobs Act?

Under the Tax Cuts and Jobs Act, what is the allowed deduction for an activity generally considered to be entertainment, amusement or recreation?

Under the Tax Cuts and Jobs Act, what is the allowed deduction for expenses associated with providing any qualified transportation fringe to employees of the taxpayer (except as necessary for ensuring the safety of an employee)?

Under the Tax Cuts and Jobs Act, what is the allowed deduction for the food and beverage expenses associated with operating their trade or business?

Under the Tax Cuts and Jobs Act, what is the for the applicable percentage of any FDIC premium paid or incurred by the taxpayer with under $10 billion of total consolidated assets?

Under the Tax Cuts and Jobs Act, amounts defined as specified research or experimental expenditures are required to be capitalized and amortized ratably over what period?

Under the Tax Cuts and Jobs Act, amounts defined as specified research or experimental expenditures which are attributable to research that is conducted outside of the United States are required to be capitalized and amortized ratably over what period?

Under the Tax Cuts and Jobs Act, how much is permitted to be deducted for any settlement, payout, or attorney fees related to sexual harassment or sexual abuse if such payments are subject to a nondisclosure agreement.

Under the Tax Cuts and Jobs Act, how much is permitted to be deducted for attorney fees for litigation costs paid under arrangements that are primarily on a contingent fee basis until the contingency ends?

Under the Tax Cuts and Jobs Act, the credit for qualified clinical testing expenses for certain drugs for rare diseases or conditions was reduced to ______ percent of qualified clinical testing expenses.

Which of the following credits were repealed by the Tax Cuts and Jobs Act?

Under the Tax Cuts and Jobs Act, what is the general business credit that eligible employers are allowed to claim during any period in which such employees are on family and medical leave?

The Tax Cuts and Jobs Act implemented a modification of proration rules for property and casualty insurance companies. The Tax Cuts and Jobs Act replaces the 15-percent reduction under present law. What is the percentage reduction under the proration rule for property and casualty insurance companies?

The Tax Cuts and Jobs Act provides that for purposes of determining the deduction for increases in certain reserves of a life insurance company, the amount of life insurance reserves may not exceed the ____________.

The Tax Cuts and Jobs Act extends the amortization period for specified policy acquisition expenses. What is the percentage for group life insurance contracts?

The Tax Cuts and Jobs Act revised the definition of covered employee to include the _____ most highly compensated officers for the taxable year (other than the principal executive officer or principal financial officer) who are required to be reported on the company’s proxy statement for the taxable year.

Under the Tax Cuts and Jobs Act, an employer is liable for an excise tax equal to _______ percent of the sum of any remuneration (other than an excess parachute payment) in excess of $1 million paid to a covered employee by an applicable tax-exempt organization for a taxable year and any excess parachute payment paid by the applicable tax-exempt organization to a covered employee.

The Tax Cuts and Jobs Act increases the rate of excise tax, imposed on the value of stock compensation held by insiders of an expatriated corporation, to_______.

Under the Tax Cuts and Jobs Act, gain or loss from the sale or exchange of a partnership interest is effectively connected with a U.S. trade or business to the extent that the transferor would have had effectively connected gain or loss had the partnership sold all of its assets at fair market value as of the date of the sale or exchange. The provision also requires the transferee of a partnership interest to withhold __________ of the amount realized on the sale or exchange of a partnership interest unless the transferor certifies that the transferor is not a nonresident alien individual or foreign corporation.

Under the provision of the Tax Cuts and Jobs Act of substantial built-in loss in the case of transfer of partnership interest, in addition to the present-law definition, a substantial built-in loss also exists if the transferee would be allocated a net loss in excess of _________ upon a hypothetical disposition by the partnership of all partnership’s assets in a fully taxable transaction for cash equal to the assets’ fair market value, immediately after the transfer of the partnership interest.

The Tax Cuts and Jobs Act modifies the basis limitation on partner losses to provide that the limitation takes into account a partner’s distributive share of partnership charitable contributions. In the case of a charitable contribution by the partnership, the amount of the basis limitation on partner losses is decreased by the partner’s distributive share of the____________________.

The Tax Cuts and Jobs Act modifies the basis limitation on partner losses to provide that the limitation takes into account a partner’s distributive share of partnership charitable contributions. In the case of a charitable contribution by the partnership of property whose fair market value exceeds its adjusted basis, a special rule provides that the basis limitation on partner losses does not apply to the extent of __________________.

Under the Tax Cuts and Jobs Act, in the provisions on expansion of qualifying beneficiaries of an electing small business trusts, it now allows a _________ to be a potential current beneficiary of an ESBT.

Under the Tax Cuts and Jobs Act in the provisions on Charitable contribution deduction for electing small business trusts, it provides that the charitable contribution deduction of an ESBT is not determined by the rules generally applicable to _______ but rather by the rules applicable to _________.

Under the Tax Cuts and Jobs Act in the provisions on Charitable contribution deduction for electing small business trusts, the percentage limitations and carryforward provisions applicable to individuals apply to _____________ made by the portion of an ESBT holding S corporation stock.

The Tax Cuts and Jobs Act excludes the aging periods for beer, wine, and distilled spirits from the production period for purposes of the___________________.

The Tax Cuts and Jobs Act lowers the rate of tax on beer to ______ per barrel on the first six million barrels brewed by the brewer or imported by the importer.

Under the Tax Cuts and Jobs Act, beer brewed or imported in excess of the six million barrel limit would continue to be taxed at ________ barrel.

Under the Tax Cuts and Jobs Act, beer brewed by small brewers will be taxed at a rate of ____________ on the first 60,000 barrels domestically produced.

Under the Tax Cuts and Jobs Act, the rules for shared ownership requirement of section 5414 were relaxed. Under the provision, a brewer may transfer beer from one brewery to another without incurring tax, provided that one of four conditions exist. Which of the following is not one of the four conditions?

The Tax Cuts and Jobs Act modifies the credit against the wine excise tax for small domestic producers, by removing the __________ wine gallon domestic production limitation.

Under the Tax Cuts and Jobs Act provision to reduce the rate of excise tax on certain wine, sparkling wine producers and importers are now eligible for the credit. With respect to wine produced in, or imported into, the United States during a calendar year, the credit amount is $1.00 per wine gallon for the first wine gallons of wine.

Under the Tax Cuts and Jobs Act provision to reduce the rate of excise tax on certain wine, sparkling wine producers and importers are now eligible for the credit. What is the phase out amount for the credit?

The Tax Cuts and Jobs Act modifies alcohol-by-volume levels of the first two tiers of the excise tax on wine, by changing _________ to ___________.

Under the Tax Cuts and Jobs Act provision to adjust the alcohol content level for the application of excise tax rates, a wine producer or importer may produce or import “still wine” that has an alcohol-by-volume level of up to ___________ and continue to be charged a rate per wine gallon.

Under the Tax Cuts and Jobs Act provision to adjust the alcohol content level for the application of excise tax rates, what is the lowest rate per wine gallon?

The Tax Cuts and Jobs Act designates mead to be taxed at the lowest rate applicable to “still wine”. This provision requires that mead has less than _____ alcohol-by-volume.

The Tax Cuts and Jobs Act designates mead to be taxed at the lowest rate applicable to “still wine”. This provision requires that sparkling wines have less than _____ alcohol-by-volume.

The Tax Cuts and Jobs Act designates mead to be taxed at the lowest rate applicable to “still wine”. Which of the following is not one of the requirements for the lowest rate?

The Tax Cuts and Jobs Act institutes a tiered rate for distilled spirits. What is the tax rate on the first 100,000 proof gallons of distilled spirits?

The Tax Cuts and Jobs Act institutes a tiered rate for distilled spirits. What is the tax rate above 100,000 but below 22,130,000 proof gallons of distilled spirits?

The Tax Cuts and Jobs Act institutes a tiered rate for distilled spirits. What is the tax rate on of distilled spirits above 22,130,000 proof gallons?

The Tax Cuts and Jobs Act provides a modification of tax treatment of Alaska Native Corporations and Settlement Trusts. The Tax Cuts and Jobs Act includes three separate but related sections. Which is not one of the sections?

The Tax Cuts and Jobs Act provides a modification of tax treatment of Alaska Native Corporations and Settlement Trusts. The Tax Cuts and Jobs Act includes three separate but related sections. In the second section, The Native Corporation’s deduction is limited to the amount of its taxable income for that year, and any unused deduction may be carried forward ____ additional years.

The Tax Cuts and Jobs Act exempts certain payments related to the management of private aircraft from the excise taxes imposed on___________.

Which of the following provisions were modified in the Tax Cuts and Jobs Act?

For an organization with more than one unrelated trade or business, the provision requires that unrelated business taxable income first be computed separately with respect to each trade or business. A net operating loss deduction is allowed only with respect to _______________.

Under the Tax Cuts and Jobs Act, what is the excise tax on investment income of private colleges and universities for the taxable year?

The Tax Cuts and Jobs Act imposes an excise tax on the investment income of private colleges and universities. Which of the following is not one of the criteria for an applicable institution?

For organizations that engage in prohibited political campaign activity, the Code provides three penalties that may be applied either as alternatives to revocation of tax exemption or in addition to loss of tax-exempt status. Which of the following is not one of the three penalties defined in the Code?

Under the Tax Cuts and Jobs Act, an exemption is allowed for certain foreign income. What is the exemption?

A specified 10-percent owned foreign corporation is any foreign corporation (other than a PFIC that is not also a CFC) with respect to which any domestic corporation is a ____________.

What is a hybrid dividend?

How much foreign tax credit or deduction is allowed for any taxes paid or accrued with respect to any portion of a distribution treated as a dividend that qualifies for the DRD?

A domestic corporation is not permitted a DRD in respect of any dividend on any share of stock that is held by the domestic corporation for 365 days or less during the ____________.

For any taxable year of a CFC beginning after December 31, 2017, an amount is treated as a dividend under section 964(e)(1) because of a sale or exchange by the CFC of stock in another foreign corporation held for a year or more. This provision has three criteria. Which of the following is not one of the criteria?

Under the Tax Cuts and Jobs Act in the provision on Special rules relating to sales or transfers involving specified 10-percent owned foreign corporations, if a domestic corporation transfers substantially all of the assets of a foreign branch to a specified 10-percent owned foreign corporation with respect to which it is a U.S. shareholder after the transfer, what must the domestic corporation include in gross income?

Under the Tax Cuts and Jobs Act in the provision on special rules relating to sales or transfers involving specified 10-percent owned foreign corporations, if a U.S. person transfers property used in the active conduct of a trade or business to a foreign corporation, how should the foreign corporation be recognized for purposes of determining the extent of recognizing any gain of the transfer?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, what is the mechanism for requiring an inclusion of pre-effective-date foreign earnings?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, what section was included in order to identify foreign earnings and profits (“E&P”) that were not previously taxed?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, how much can a U.S. shareholder deduct of the aggregate earnings and profits attributable to cash assets?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, a portion of foreign income tax that is deemed paid or accrued with respect to the section 951 inclusion is not creditable or deductible against the Federal income tax attributable to the inclusion. The disallowed portion of foreign tax credits is ______ percent of foreign taxes paid attributable to the portion of the section 965 inclusion attributable to the aggregate cash position plus, _____ percent of foreign taxes paid attributable to the remaining portion of the section 965 inclusion.

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tiered rate, this provision allows a U.S. shareholder to elect to pay the net tax liability resulting from the section 951 inclusion in how many installments?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, this provision allows installment payments. If installment payments are elected, what percentage of the tax due must be paid in the sixth installment?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, this provision allows installment payments. If installment payments are elected, what percentage of the tax due must be paid in the eight year?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, this provision allows installment payments for shareholders of an S corporation. If installment payments are elected, how many installments must the transition net tax be paid?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, which of the following is not one of the requirements for determining the tax burden for REITs?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, what tax percentage is imposed if a U.S. shareholder becomes an expatriated entity within the meaning of section 7874(a)(2) at any point within the ten-year period following enactment of the Tax Cuts and Jobs Act?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, what percentage of foreign tax credits are permitted if taxes are assessed for the taxable year in which the U.S. shareholder becomes an expatriated entity?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, what is the minimum number of U.S. shareholders for a domestic corporation in order for the foreign corporation to be a specified foreign corporation?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, when a partial dividends-received deduction is permitted, what is rate of tax on accumulated post-1986 foreign earnings held in the form of cash or cash equivalents?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, when a partial dividends-received deduction is permitted, what is rate of tax on all other earnings (excluding cash or cash equivalents)?

Under the Tax Cuts and Jobs Act in the provision on the Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate, what is the domestic taxable income offset by any pre-2018 unused overall domestic loss recharacterized as?

Under the Tax Cuts and Jobs Act in the provision on the deduction for foreign-derived intangible income and global intangible low-taxed income, what is the effective tax rate on FDII for taxable years beginning after December 31, 2017, and before January 1, 2019?

Under the Tax Cuts and Jobs Act in the provision on the deduction for foreign-derived intangible income and global intangible low-taxed income, what is the effective tax rate on FDII for taxable years beginning after December 31, 2025?

Under the Tax Cuts and Jobs Act in the provision on the ‘deduction’ for foreign-derived intangible income and global intangible low-taxed income, what is the deduction for FDII for taxable years beginning after December 31, 2025?

Under the Tax Cuts and Jobs Act in the provision on the repeal of section 902 indirect foreign tax credits; determination of section 960 credit on current year basis, it repeals the deemed-paid credit with respect to dividends received by a _______________________________.

Under the Tax Cuts and Jobs Act in the provision on the Source of income from sales of inventory determined solely on basis of production activities, gains, profits, and income from the sale or exchange of inventory property produced partly in, and partly outside, the United States is allocated and apportioned on the basis of ___________________.

The Tax Cuts and Jobs Act requires foreign branch income to be allocated to a ___________.

What term is used to describe the business profits of a United States person which are attributable to one or more QBUs in one or more foreign countries?

Which section of Subpart F provisions was repealed so that a U.S. shareholder in a CFC that invested its previously excluded subpart F income in qualified foreign base company shipping operations is no longer required to include in income a pro rata share of the previously excluded subpart F income when the CFC decreases such investments?

Under the Tax Cuts and Jobs Act in the provision on the Modification of Definition of United States shareholder, what percentage of the total value of shares of all classes of stock of a foreign corporation to be defined a U.S. shareholder under subpart F?

Under the Tax Cuts and Jobs Act in the provision on the Current year inclusion of foreign high return amounts or global intangible low-taxed income by United States shareholders, the shareholder’s net deemed tangible income return is an amount equal to what percent of the aggregate of the shareholder’s pro rata share of the qualified business asset investment (“QBAI”) of each CFC with respect to which it is a U.S. shareholder?

Under the Tax Cuts and Jobs Act in the provision on the Current year inclusion of foreign high return amounts or global intangible low-taxed income by United States shareholders, what percentage is used to calculate the deemed-paid?

Under the Tax Cuts and Jobs Act, an applicable taxpayer is required to pay a tax equal to the base erosion minimum tax amount for the taxable year. For taxable years beginning after December 31, 2025, what is the change to the percentage of the modified taxable income of the taxpayer for the taxable year?

Under the Tax Cuts and Jobs Act in the provision on the limitations on income shifting through intangible property transfers, the provision codifies use of the realistic alternative principles to determine valuation with respect to_______________.

What term is used to describe any transaction, series of transactions, agreement, or instrument one or more payments with respect to which are treated as interest or royalties for Federal income tax purposes and which are not so treated for purposes of the tax law of the foreign country of which the recipient of such payment is resident for tax purposes or is subject to tax?

The Tax Cuts and Jobs Act modifies the requirements for a corporation, the income of which is not included in passive income for purposes of the PFIC rules. What is the new test based on?

What provision was changed in the Provisions Related to the Possessions of the United States of the Tax Cuts and Jobs Act?

Under the Tax Cuts and Jobs Act in the provision on the Restriction on insurance business exception to the passive foreign investment company rules, what with respect to any type of risk are not treated as applicable insurance liabilities for purposes of the provision?