exempt utility property
(5) Exempt utility property For purposes of this subsection: (A) In general The term “exempt utility property” means property used in the trade or business of— (i) generating, transmitting, distributing, or selling electricity, or (ii) producing, transmitting, distributing, or selling natural gas. (B) Nonrecognition of gain by reason of acquisition of stock Acquisition of control of a corporation shall be taken into account under this subsection with respect to a qualifying electric transmission transaction only if the principal trade or business of such corporation is a trade or business referred to in subparagraph (A). (C) Exception for property located outside the United States The term “exempt utility property” shall not include any property which is located outside the United States.