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26 U.S.C. § 515 — Taxes of foreign countries and possessions of the United States
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 69 words · no verdicts yet
in plain englishAI-generated · not legal advice
Allows a credit for foreign-country and possession taxes against the section 511 tax as section 901 provides.
Foreign-country and United States-possession taxes may be credited against the tax of an organization subject to section 511, to the extent section 901 allows. In section 901, “taxable income” means “unrelated business taxable income” for the section 511 tax.
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 of an organization subject to the tax imposed by section 511 to the extent provided in section 901; and in the case of the tax imposed by section 511, the term “taxable income” as used in section 901 shall be read as “unrelated business taxable income”.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 176.)
history & why it existsrecord from the source credit
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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