26 U.S.C. § 908 — Reduction of credit for participation in or cooperation with an international boycott

submitted 50 years ago by Pub. L. 94-455 to r/title-26-INTERNAL-REVENUE-CODE · 140 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section reduces certain foreign-tax credits when a person or controlled-group member participates in or cooperates with an international boycott. It also states that two specified tax rules do not apply to taxes denied credit under this reduction.

(a) In general. If a person, or a member of a controlled group that includes the person, participates in or cooperates with an international boycott during the taxable year, the person’s credit for foreign taxes under section 901, or the credit under section 960 for United States shareholders of that person, is reduced by: (1) the credit that section 901 would otherwise allow for that year, multiplied by (2) the international boycott factor determined under section 999. (b) Application with sections 275(a)(4) and 78. Sections 275(a)(4) and 78 do not apply to taxes denied credit under (a).

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

(a) In general

If a person, or a member of a controlled group (within the meaning of section 993(a)(3)) which includes such person, participates in or cooperates with an international boycott during the taxable year (within the meaning of section 999(b)), the amount of the credit allowable under section 901 to such person, or under section 960 to United States shareholders of such person, for foreign taxes paid during the taxable year shall be reduced by an amount equal to the product of—

(1)

the amount of the credit which, but for this section, would be allowed under section 901 for the taxable year, multiplied by

(2)

the international boycott factor (determined under section 999).

(b) Application with sections 275(a)(4) and 78

Section 275(a)(4) and section 78 shall not apply to any amount of taxes denied credit under subsection (a).

Source credit: (Added Pub. L. 94–455, title X, § 1061(a), Oct. 4, 1976, 90 Stat. 1649; amended Pub. L. 115–97, title I, § 14301(c)(28), Dec. 22, 2017, 131 Stat. 2224.)

history & why it existsrecord from the source credit

1976Enacted · Pub. L. 94-455 · 90 Stat. 1649
2017Amended · Pub. L. 115-97 · 131 Stat. 2224

A history note hasn’t been published yet. The record shows enactment by Pub. L. 94-455 on 1976-10-04.

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