26 U.S.C. § 27 — Taxes of foreign countries and possessions of the United States

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 35 words · no verdicts yet

in plain englishAI-generated · not legal advice

Taxes paid to foreign countries or U.S. possessions can be credited against the tax this chapter imposes. The credit is only allowed to the extent that section 901 permits it.

This is one short, undivided rule. If a taxpayer pays taxes to a foreign country, or to a possession of the United States, that amount can count as a credit — a direct reduction — against the tax this chapter imposes. This credit isn't unlimited. It is allowed only to the extent that section 901 of this title provides. This section does not itself set the limits; it points to section 901 for those.

the actual law source: uscode.house.gov ↗public domain

The amount of taxes imposed by foreign countries and possessions of the United States shall be allowed as a credit against the tax imposed by this chapter to the extent provided in section 901 1

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 13, § 33; Pub. L. 94–455, title X, § 1051(a), Oct. 4, 1976, 90 Stat. 1643; renumbered § 27, Pub. L. 98–369, div. A, title IV, § 471(c), July 18, 1984, 98 Stat. 826; Pub. L. 115–141, div. U, title IV, § 401(d)(1)(A), Mar. 23, 2018, 132 Stat. 1206.)

history & why it existsrecord from the source credit

1954Enacted · Act of Aug. 16, 1954, ch. 736
1976Amended · Pub. L. 94-455 · 90 Stat. 1643
1984Amended · Pub. L. 98-369 · 98 Stat. 826
2018Amended · Pub. L. 115-141 · 132 Stat. 1206

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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