The amount listed in Article 23, paragraph (1), item (ii) of the Corporation Tax Act (including, where the amount of money that an investment corporation delivers to its unitholders (meaning unitholders prescribed in Article 2, paragraph (16) of the Investment Corporation Act) due to any of the grounds listed in the items of Article 24, paragraph (1) of that Act (excluding items (ii), (iii) and (vii)) exceeds the amount specified by Cabinet Order as the amount of the portion, out of the amount of stated capital, etc. of that investment corporation prescribed in Article 2, item (xvi) of the Corporation Tax Act, that corresponds to the investment units of that investment corporation (meaning investment units prescribed in Article 2, paragraph (14) of the Investment Corporation Act; the same applies in item (i) and paragraph (7)) that gave rise to that delivery, the amount of the excess portion, and any other amount specified by Cabinet Order; referred to as the "amount of dividends and similar income" in this paragraph and paragraph (4)) paid by an investment corporation prescribed in Article 2, paragraph (12) of the Act on Investment Trusts and Investment Corporations (referred to as the "Investment Corporation Act" in this paragraph and the following paragraph) (limited to one that satisfies the requirements listed in item (i)), which pertains to a business year that satisfies the requirements listed in item (ii) (referred to as a "business year of application" in this paragraph), is included in deductible expenses in calculating the amount of income for that business year of application; provided, however, that if that amount of dividends and similar income exceeds the amount specified by Cabinet Order as the amount of income for that business year of application, the amount to be included in deductible expenses is limited to that amount specified by Cabinet Order.
投資信託及び投資法人に関する法律（以下この項及び次項において「投資法人法」という。）第二条第十二項に規定する投資法人（第一号に掲げる要件を満たすものに限る。）が支払う法人税法第二十三条第一項第二号に掲げる金額（当該投資法人の同法第二十四条第一項各号（第二号、第三号及び第七号を除く。）に掲げる事由によりその投資主（投資法人法第二条第十六項に規定する投資主をいう。）に対して交付する金銭の額が当該投資法人の法人税法第二条第十六号に規定する資本金等の額のうちその交付の基因となつた当該投資法人の投資口（投資法人法第二条第十四項に規定する投資口をいう。第一号及び第七項において同じ。）に対応する部分の金額として政令で定める金額を超える場合におけるその超える部分の金額その他政令で定める金額を含む。以下この項及び第四項において「配当等の額」という。）で第二号に掲げる要件を満たす事業年度（以下この項において「適用事業年度」という。）に係るものは、当該適用事業年度の所得の金額の計算上、損金の額に算入する。ただし、その配当等の額が当該適用事業年度の所得の金額として政令で定める金額を超える場合には、その損金の額に算入する金額は、当該政令で定める金額を限度とする。
all of the following requirements:
次に掲げる全ての要件
it has been registered under Article 187 of the Investment Corporation Act;
投資法人法第百八十七条の登録を受けているものであること。
it falls under either of the following:
次のいずれかに該当するものであること。
an investment corporation for which the total issue price of the investment units issued at its incorporation (limited to an issuance for which the public offering of securities prescribed in Article 2, paragraph (3) of the Financial Instruments and Exchange Act pertaining to that issuance is a solicitation of offers to acquire prescribed in that paragraph that falls under the case listed in item (i) of that paragraph) is 100,000,000 yen or more;
その設立に際して発行（当該発行に係る金融商品取引法第二条第三項に規定する有価証券の募集が、同項に規定する取得勧誘であつて同項第一号に掲げる場合に該当するものに限る。）をした投資口の発行価額の総額が一億円以上であるもの
an investment corporation whose issued investment units are, at the end of the business year, held by 50 or more persons or held only by institutional investors (meaning financial instruments business operators prescribed in Article 2, paragraph (9) of the Financial Instruments and Exchange Act (limited to persons engaged in, out of the type I financial instruments business prescribed in Article 28, paragraph (1) of that Act, that which falls under the securities-related business prescribed in paragraph (8) of that Article, or in the investment management business prescribed in paragraph (4) of that Article) and other persons specified by Order of the Ministry of Finance).
当該事業年度終了の時において、その発行済投資口が五十人以上の者によつて所有されているもの又は機関投資家（金融商品取引法第二条第九項に規定する金融商品取引業者（同法第二十八条第一項に規定する第一種金融商品取引業のうち同条第八項に規定する有価証券関連業に該当するもの又は同条第四項に規定する投資運用業を行う者に限る。）その他の財務省令で定めるものをいう。）のみによつて所有されているもの
the offering of the investment units it has issued falls under the offering specified by Cabinet Order as one conducted mainly in Japan;
その発行をした投資口に係る募集が主として国内において行われるものとして政令で定めるものに該当するものであること。
any other requirement specified by Cabinet Order.
その他政令で定める要件
all of the following requirements:
次に掲げる全ての要件
there is no fact of its having violated the provisions of Article 63 of the Investment Corporation Act;
投資法人法第六十三条の規定に違反している事実がないこと。
it has entrusted the business pertaining to the management of its assets to an asset management company prescribed in Article 198, paragraph (1) of the Investment Corporation Act;
その資産の運用に係る業務を投資法人法第百九十八条第一項に規定する資産運用会社に委託していること。
it has entrusted the business pertaining to the custody of its assets to an asset custody company prescribed in Article 208, paragraph (1) of the Investment Corporation Act;
その資産の保管に係る業務を投資法人法第二百八条第一項に規定する資産保管会社に委託していること。
at the end of the business year, it does not fall under the category of family corporations prescribed in Article 2, item (x) of the Corporation Tax Act that are specified by Cabinet Order;
当該事業年度終了の時において法人税法第二条第十号に規定する同族会社のうち政令で定めるものに該当していないこと。
the amount paid as the amount of dividends and similar income pertaining to the business year exceeds 90 percent of the amount specified by Cabinet Order as the amount of distributable profit for the business year;
当該事業年度に係る配当等の額の支払額が当該事業年度の配当可能利益の額として政令で定める金額の百分の九十に相当する金額を超えていること。
if it holds shares of or capital contributions to another corporation (excluding a corporation specified by Order of the Ministry of Finance as one whose purpose is to conduct exclusively, on behalf of that investment corporation, the transactions listed in Article 193, paragraph (1), items (iii) through (v) of the Investment Corporation Act (limited to those conducted outside Japan) in the case where that investment corporation falls under the case prescribed in Article 194, paragraph (2) of the Investment Corporation Act; the same applies in (1)) or has made a capital contribution under a silent partnership contract, etc. (meaning a silent partnership contract (including a contract specified by Cabinet Order as one equivalent thereto) and a similar contract in a foreign country; the same applies in (1) and (2)), neither of the following ratios is 50 percent or more:
他の法人（当該投資法人につき投資法人法第百九十四条第二項に規定する場合に該当する場合における当該投資法人に代わつて専ら投資法人法第百九十三条第一項第三号から第五号までに掲げる取引（国外において行われるものに限る。）を行うことを目的とするものとして財務省令で定める法人を除く。（１）において同じ。）の株式若しくは出資を有している場合又は匿名組合契約等（匿名組合契約（これに準ずる契約として政令で定めるものを含む。）及び外国におけるこれに類する契約をいう。（１）及び（２）において同じ。）に基づく出資をしている場合には、次に掲げる割合のいずれもが百分の五十以上でないこと。
the ratio of the number or amount of the shares of or capital contributions to the other corporation held by that investment corporation (including the number or amount calculated as provided by Cabinet Order as the number or amount of the portion corresponding to the amount of that investment corporation's capital contribution under that silent partnership contract, etc., out of the number or amount of the shares of or capital contributions to the other corporation that are property pertaining to the business of the person receiving capital contributions under that silent partnership contract, etc. that is the purpose of that silent partnership contract, etc.) to the total number or total amount of the issued shares of or capital contributions to the other corporation (excluding the shares or capital contributions held by the other corporation itself);
当該投資法人が有している他の法人の株式又は出資の数又は金額（当該匿名組合契約等に基づいて出資を受けている者の事業であつて当該匿名組合契約等の目的である事業に係る財産である当該他の法人の株式又は出資の数又は金額のうち、当該投資法人の当該匿名組合契約等に基づく出資の金額に対応する部分の数又は金額として政令で定めるところにより計算した数又は金額を含む。）が当該他の法人の発行済株式又は出資（当該他の法人が有する自己の株式又は出資を除く。）の総数又は総額のうちに占める割合
the ratio of the amount of that investment corporation's capital contribution under that silent partnership contract, etc. to the total of that amount and the amount of the capital contributions that the person receiving capital contributions under that silent partnership contract, etc. receives under other silent partnership contracts, etc. whose business purpose is the same as that of that silent partnership contract, etc.
当該投資法人の当該匿名組合契約等に基づく出資の金額が当該金額及び当該匿名組合契約等に基づいて出資を受けている者の当該匿名組合契約等とその目的である事業を同じくする他の匿名組合契約等に基づいて受けている出資の金額の合計額のうちに占める割合
the amount specified by Cabinet Order as the book value of securities, real property and other assets specified by Cabinet Order, out of the specified assets prescribed in Article 2, paragraph (1) of the Investment Corporation Act that it holds at the end of the business year, exceeds the amount equivalent to one half of the amount specified by Cabinet Order as the total amount of the assets it holds at that time;
当該事業年度終了の時において有する投資法人法第二条第一項に規定する特定資産のうち有価証券、不動産その他の政令で定める資産の帳簿価額として政令で定める金額がその時において有する資産の総額として政令で定める金額の二分の一に相当する金額を超えていること。
any other requirement specified by Cabinet Order.
その他政令で定める要件
With regard to the application of the provisions of the Corporation Tax Act to an investment corporation prescribed in Article 2, paragraph (12) of the Investment Corporation Act (referred to as an "investment corporation" in this Article), the terms and phrases listed in the middle column of the following table that appear in the provisions of that Act listed in the left-hand column of that table are deemed to be replaced with the terms and phrases listed in the right-hand column of that table.
| Article 23, paragraph (1) | a domestic corporation | a domestic corporation (excluding an investment corporation) |
| Article 23-2, paragraph (1) | a domestic corporation receives from a foreign subsidiary | a domestic corporation (excluding an investment corporation; hereinafter the same applies in this paragraph) receives from a foreign subsidiary |
| Article 57, paragraph (1), proviso | 50 percent of the amount of income | 50 percent of the amount of income (or, for an investment corporation that satisfies the requirements listed in Article 67-15, paragraph (1), item (i) (Special Provisions on Taxation on Investment Corporations) of the Act on Special Measures Concerning Taxation, 100 percent of that amount of income) |
| Article 69, paragraph (1) | a domestic corporation in each business year | a domestic corporation (excluding an investment corporation; hereinafter the same applies in this Article) in each business year |
投資法人法第二条第十二項に規定する投資法人（以下この条において「投資法人」という。）に対する法人税法の規定の適用については、次の表の上欄に掲げる同法の規定中同表の中欄に掲げる字句は、同表の下欄に掲げる字句とする。
| 第二十三条第一項 | 内国法人が | 内国法人（投資法人を除く。）が |
| 第二十三条の二第一項 | 内国法人が外国子会社 | 内国法人（投資法人を除く。以下この項において同じ。）が外国子会社 |
| 第五十七条第一項ただし書 | 所得の金額の百分の五十 | 所得の金額の百分の五十（租税特別措置法第六十七条の十五第一項第一号（投資法人に係る課税の特例）に掲げる要件を満たす投資法人にあつては、当該所得の金額の百分の百） |
| 第六十九条第一項 | 内国法人が各事業年度 | 内国法人（投資法人を除く。以下この条において同じ。）が各事業年度 |
With regard to the application of the provisions of Article 62-3, paragraph (3), Article 66-8, paragraphs (1) and (7), and Article 66-9-4, paragraphs (1) and (6) to an investment corporation, the phrase "falls under" in Article 62-3, paragraph (3) is deemed to be replaced with "falls under, and a transfer conducted by an investment corporation prescribed in Article 2, paragraph (12) of the Act on Investment Trusts and Investment Corporations that is conducted in a business year that satisfies the requirements listed in Article 67-15, paragraph (1), item (ii) (excluding (e))", the phrase "a foreign corporation (excluding one that falls under the category of foreign subsidiary prescribed in Article 23-2, paragraph (1) of the Corporation Tax Act; hereinafter the same applies in this paragraph)" in Article 66-8, paragraph (1) is deemed to be replaced with "a foreign corporation", the phrase "that Act" with "the Corporation Tax Act", the phrase "a foreign corporation (excluding one that falls under the category of foreign subsidiary prescribed in Article 23-2, paragraph (1) of the Corporation Tax Act; hereinafter the same applies in this paragraph)" in paragraph (7) of that Article with "a foreign corporation", the phrase "a foreign corporation (excluding one that falls under the category of foreign subsidiary prescribed in Article 23-2, paragraph (1) of the Corporation Tax Act; hereinafter the same applies in this paragraph)" in Article 66-9-4, paragraph (1) with "a foreign corporation", the phrase "that Act" with "the Corporation Tax Act", and the phrase "a foreign corporation (excluding one that falls under the category of foreign subsidiary prescribed in Article 23-2, paragraph (1) of the Corporation Tax Act; hereinafter the same applies in this paragraph)" in paragraph (6) of that Article with "a foreign corporation".
投資法人に対する第六十二条の三第三項、第六十六条の八第一項及び第七項並びに第六十六条の九の四第一項及び第六項の規定の適用については、第六十二条の三第三項中「該当する」とあるのは「該当するもの及び投資信託及び投資法人に関する法律第二条第十二項に規定する投資法人が行う譲渡で第六十七条の十五第一項第二号（ホを除く。）に掲げる要件を満たす事業年度において行う」と、第六十六条の八第一項中「外国法人（法人税法第二十三条の二第一項に規定する外国子会社に該当するものを除く。以下この項において同じ。）」とあるのは「外国法人」と、「同法」とあるのは「法人税法」と、同条第七項中「外国法人（法人税法第二十三条の二第一項に規定する外国子会社に該当するものを除く。以下この項において同じ。）」とあるのは「外国法人」と、第六十六条の九の四第一項中「外国法人（法人税法第二十三条の二第一項に規定する外国子会社に該当するものを除く。以下この項において同じ。）」とあるのは「外国法人」と、「同法」とあるのは「法人税法」と、同条第六項中「外国法人（法人税法第二十三条の二第一項に規定する外国子会社に該当するものを除く。以下この項において同じ。）」とあるのは「外国法人」とする。
With regard to the amount of dividends and similar income that a corporation receives from an investment corporation, the provisions of Article 23, paragraph (1) of the Corporation Tax Act do not apply.
法人が投資法人から支払を受ける配当等の額については、法人税法第二十三条第一項の規定は、適用しない。
The provisions of paragraph (1) apply only where the investment corporation has filed a final return, etc. for the business year for which it seeks the application of the provisions of that paragraph, with an application made therein to seek the inclusion in deductible expenses of the amount to be included in deductible expenses pursuant to the provisions of that paragraph and a written statement attached thereto regarding the calculation of the amount to be included in deductible expenses, and has preserved the documents that certify that the requirements listed in item (i), (b) and (c) of that paragraph are satisfied.
Even where the investment corporation has filed a final return, etc. without the application or written statement set forth in the preceding paragraph attached thereto or failed to preserve the documents on the calculation set forth in the paragraph, the district director may, when they find any unavoidable reason for the investment corporation's failure to make a necessary application, attach a necessary written statement or preserve the necessary documents on the calculation, apply the provisions of paragraph (1).
Beyond what is provided for in the preceding two paragraphs, special provisions on the requirement listed in paragraph (1), item (ii), (g) for an investment corporation whose investment units are listed on a financial instruments exchange prescribed in Article 2, paragraph (16) of the Financial Instruments and Exchange Act or that satisfies other requirements, and other necessary matters concerning the application of the provisions of paragraphs (1) through (4) and of the provisions of laws and regulations concerning corporation tax with respect to investment corporations and their members, are specified by Cabinet Order.