by striking in a preceding or succeeding and inserting in a succeeding , and (ii) by striking in such preceding or succeeding both places it appears and inserting in such succeeding , and (D) in the heading, by striking Carryback and . (j) Treatment of foreign base company oil related income as subpart F income (1) In general Section 954(a) is amended by striking and at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting , and , and by adding at the end the following new paragraph: (4) the foreign base company oil related income for the taxable year (determined under subsection (f) and reduced as provided in subsection (b)(5)). . (2) Foreign base company oil related income Section 954 is amended by inserting after subsection (e) the following new subsection: (f) Foreign base company oil related income For purposes of this section, the term foreign base company oil related income means foreign oil related income (within the meaning of paragraphs (2) and (3) of section 907(c)) other than income derived from a source within a foreign country in connection with— (1) oil or gas which was extracted from an oil or gas well located in such foreign country, or (2) oil, gas, or a primary product of oil or gas which is sold by the foreign corporation or a related person for use or consumption within such country or is loaded in such country on a vessel or aircraft as fuel for such vessel or aircraft. Such term shall not include any foreign personal holding company income (as defined in subsection (c)). . (3) Conforming amendments (A) Section 952(c)(1)(B)(iii) is amended by redesignating subclauses (III) and (IV) as subclauses (IV) and (V), respectively, and by inserting after subclause (II) the following new subclause: (III) foreign base company oil related income. . (B) Section 954(b) is amended— (i) by striking and the foreign base company services income in paragraph (5) and inserting the foreign base company services income, and the foreign base company oil related income , and