Interesting question. (c)(3)(A)(i) defines qualified business income as "effectively connected with the conduct of a trade or business within the United States". While this doesn't answer our question, it may point us toward intent. Does the taxpayer have foreign assets used to produce income for an "effectively connected" business?

(b)(2)(B)(ii) references qualified property used to determine the 2.5%. (b)(6)(A)(i) & (ii) again point us to a qualified business, which we know needs to be within the U.S. I can think of a few scenarios where a taxpayer would have assets outside the U.S., which assets would support a business conducted in the U.S.,but it certainly isn't a common scenario. The regs do not seem to mention it either. I'm curiou s to see if there is any other input.