bank of which (or equivalent thereof) is a member of the Basel Committee on Banking Supervision. (III) The corporation is licensed and regulated in such jurisdiction as a bank. (6) Separate application to qualified business units (A) In general If a controlled foreign corporation has 1 or more qualified business units— (i) this subsection shall be applied separately to each such unit in the same manner as if it were a controlled foreign corporation, and (ii) if any such unit is treated as an eligible controlled foreign corporation after application of clause (i), the qualified banking or financing income of such unit shall be treated as qualified banking or financing income of the controlled foreign corporation of which such unit is a part. (B) Determinations made separately For purposes of the separate application of this subsection to a controlled foreign corporation and its qualified business units— (i) in the case of the controlled foreign corporation, only activities and items of income, deduction, gain, or loss and activities of such corporation not properly allocable or attributable to any qualified business unit of such corporation shall be taken into account, and (ii) in the case of a qualified business unit, only activities and items of income, deduction, gain, or loss and activities properly allocable or attributable to such unit shall be taken into account. (C) Home country For purposes of this subsection, except as provided in regulations, notwithstanding paragraph (5)(B), the home country with respect to any qualified business unit treated as a controlled foreign corporation under subparagraph (A) shall be the country in which such unit maintains its principal office. (7) Anti-abuse rules For purposes of applying this subsection— (A) there shall be disregarded any item of income, gain, loss, or deduction with respect to any transaction or series of transactions one of the principal purposes of which is qualifying income or gain for the exclusion under this section, including any transaction or