Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section986&num=0&edition=prelim
Timestamp: 2020-08-14 23:52:51
Document Index: 249385064

Matched Legal Cases: ['§ 986', '§1261', '§1012', '§1102', '§408', '§408', '§1102', '§408', '§1102']

[USC02] 26 USC 986: Determination of foreign taxes and foreign corporation's earnings and profits
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26 USC 986: Determination of foreign taxes and foreign corporation's earnings and profits Text contains those laws in effect on August 13, 2020
Subparagraph (A) shall not apply to any foreign income taxes-
For purposes of determining the amount of the foreign tax credit, in the case of any foreign income taxes to which subparagraph (A) or (E) of paragraph (1) does not apply-
(B) any adjustment to the amount of such taxes shall be translated into dollars using-
For purposes of determining the tax under this subtitle-
(Added Pub. L. 99–514, title XII, §1261(a), Oct. 22, 1986, 100 Stat. 2586 ; amended Pub. L. 100–647, title I, §1012(v)(1)(A), Nov. 10, 1988, 102 Stat. 3528 ; Pub. L. 105–34, title XI, §1102(a)(1), (b)(1), Aug. 5, 1997, 111 Stat. 963 , 965; Pub. L. 108–357, title IV, §408(a), (b), Oct. 22, 2004, 118 Stat. 1499 .)
2004-Subsec. (a)(1)(D). Pub. L. 108–357, §408(a), added subpar. (D). Former subpar. (D) redesignated (E).
1997-Subsec. (a). Pub. L. 105–34, §1102(a)(1), amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows:
"(a) Foreign Taxes.-
"(1) In general.-For purposes of determining the amount of the foreign tax credit-
"(B) any adjustment to the amount of foreign income taxes shall be translated into dollars using-
"(2) Foreign income taxes.-For purposes of paragraph (1), 'foreign income taxes' means any income, war profits, or excess profits taxes paid to any foreign country or to any possession of the United States."
1988-Pub. L. 100–647 substituted "foreign taxes and foreign corporation's earnings and profits" for "foreign corporation's earnings and profits and foreign taxes" in heading, and revised and restructured the provisions of subsecs. (a) and (b).
Pub. L. 108–357, title IV, §408(c), Oct. 22, 2004, 118 Stat. 1500 , provided that: "The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2004."
Pub. L. 105–34, title XI, §1102(c)(1), Aug. 5, 1997, 111 Stat. 966 , provided that: "The amendments made by subsections (a)(1) and (b) [amending this section and section 989 of this title] shall apply to taxes paid or accrued in taxable years beginning after December 31, 1997."