Most likely. U.S. Shareholders of CFCs are typically taxed on their pro rata share of CFC profit. Wholly apart from Subpart F income, U.S. Shareholders of CFCs are also taxed on their pro rata share of the controlled foreign corporation’s profits, but only to the extent that the CFC makes an investment in “U.S. property” that year. IRC §956(c). There is a special definition for this term. “U.S. property” captures all real or personal property, whether tangible or intangible, that is located in the U.S., and it includes the right to use any intellectual property (e.g. a patents or copyrights). In addition, loans made to U.S. persons are generally considered “investments” in U.S. property (and an investment in U.S. property by a CFC will generate a “constructive dividend” to a U.S. shareholder, but it will be taxed at the shareholder’s ordinary income rate since it is not really a dividend).