or includable by the distributing corporation or controlled corporation (as the case may be) before the distribution referred to in subclause (I) from a controlled foreign corporation shall be allocated between such corporations in proportion to their respective interests as United States shareholders of such controlled foreign corporation immediately after such distribution. (iii) Exception Subclause (II) of clause (ii) shall not apply if neither the controlled corporation nor the distributing corporation is a United States shareholder of such controlled foreign corporation immediately after such distribution. (4) Dividend The term dividend shall not include amounts includable in gross income as a dividend under section 78, 367, or 1248. In the case of a liquidation under section 332 to which section 367(b) applies, the preceding sentence shall not apply to the extent the United States shareholder actually receives cash as part of the liquidation. (5) Coordination with dividend received deduction No deduction shall be allowed under section 243 or 245 for any dividend which is excluded from income by subsection (a). (6) Controlled groups All United States shareholders which are members of an affiliated group filing a consolidated return under section 1501 shall be treated as one United States shareholder. (7) Reporting The Secretary shall require by regulation or other guidance the reporting of such information as the Secretary may require to carry out this section. (e) Denial of foreign tax credit