Amendments
2017—Subsec. (a).
Pub. L. 115–97, § 14301(c)(22), struck out “(or deemed, under section 902, paid or accrued during the taxable year)” after “paid or accrued during the taxable year”.
Subsec. (b)(4), (5).
Pub. L. 115–97, § 14301(c)(23), struck out pars. (4) and (5) which read as follows:
“(4) For purposes of sections 902(a) and 78, a foreign corporation choosing the benefits of this subpart which receives dividends shall, with respect to such dividends, be treated as a domestic corporation.
“(5) For purposes of section 902, any income, war profits, and excess profits taxes paid or accrued (or deemed paid or accrued) to any foreign country or possession of the United States with respect to income effectively connected with the conduct of a trade or business within the United States shall not be taken into account, and any accumulated profits attributable to such income shall not be taken into account.”
2007—Subsec. (b)(5) to (7).
Pub. L. 110–172 redesignated pars. (6) and (7) as (5) and (6), respectively, and struck out former par. (5) which read as follows: “No credit shall be allowed under this section for any income, war profits, and excess profits taxes paid or accrued with respect to the foreign trade income (within the meaning of section 923(b)) of a FSC.”
1988—Subsec. (b)(6), (7). Pub. L. 100–647 redesignated par. (6), relating to credit against tax imposed by section 884, as (7).
1986—Subsec. (b)(6). Pub. L. 99–514, § 1876(d)(3), added par. (6) relating to credit for income, war profits, and excess profits taxes paid or accrued to a foreign country or possession of the United States.
Pub. L. 99–514, § 1241(c), added par. (6) relating to credit against tax imposed by section 884.
1984—Subsec. (b)(5). Pub. L. 98–369 added par. (5).
Effective Date of 1988 Amendment
Amendment by
Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986,
Pub. L. 99–514, to which such amendment relates, see
section 1019(a) of Pub. L. 100–647, set out as a note under
section 1 of this title.
Effective Date of 1986 Amendment
Amendment by
section 1241(c) of Pub. L. 99–514 applicable to taxable years beginning after
Dec. 31, 1986
, see
section 1241(e) of Pub. L. 99–514, set out as an Effective Date note under
section 884 of this title.
Amendment by
section 1876(d)(3) of Pub. L. 99–514 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984,
Pub. L. 98–369, div. A, to which such amendment relates, see
section 1881 of Pub. L. 99–514, set out as a note under
section 48 of this title.
Effective Date
Section applicable with respect to taxable years beginning after
Dec. 31, 1966
, and, in applying
section 904 of this title with respect to this section, no amount to be carried from or to any taxable year beginning before
Jan. 1, 1967
, and no such year to be taken into account, see
section 106(a)(6) of Pub. L. 89–809, set out as an Effective Date of 1966 Amendment note under
section 874 of this title.