居住者の各年の国外事業所等を通じて行う事業に係る負債の利子（手形の割引料その他経済的な性質が利子に準ずるものを含む。次項において同じ。）の額のうち、当該国外事業所等に係る純資産の額（その年分の当該国外事業所等に係る資産の帳簿価額の平均的な残高として合理的な方法により計算した金額からその年分の当該国外事業所等に係る負債の帳簿価額の平均的な残高として合理的な方法により計算した金額を控除した残額をいう。）が当該国外事業所等に帰せられるべき純資産の額に満たない場合におけるその満たない金額に対応する部分の金額は、その居住者のその年分の国外事業所等帰属所得に係る所得の金額の計算上、必要経費に算入しない。
Of the amount of interest on liabilities (including discount charges on bills and other things whose economic nature is equivalent to interest; the same applies in the following paragraph) pertaining to business that a Resident carries on through a foreign office or similar establishment in each year, if the amount of net assets pertaining to that foreign office or similar establishment (meaning the remainder obtained by deducting the amount calculated by a reasonable method as the average balance of the book value of liabilities pertaining to that foreign office or similar establishment for that year from the amount calculated by a reasonable method as the average balance of the book value of assets pertaining to that foreign office or similar establishment for that year) falls short of the amount of net assets to be attributed to that foreign office or similar establishment, the amount of the portion corresponding to the amount of that shortfall is not to be included in necessary expenses in calculating the amount of income pertaining to income attributable to a foreign office or similar establishment of that Resident for that year.