Source: https://www.law.cornell.edu/uscode/text/26/59?qt-us_code_tabs=0
Timestamp: 2016-02-13 20:04:03
Document Index: 75498681

Matched Legal Cases: ['§ 59', '§\u202f701', '§\u202f1007', '§\u202f7611', '§\u202f11101', '§\u202f1915', '§\u202f1601', '§\u202f1057', '§\u202f1103', '§\u202f1201', '§\u202f6011', '§\u202f421', '§\u202f6011', '§\u202f6023', '§\u202f1057', '§\u202f1103', '§\u202f1201', '§\u202f1703', '§\u202f1703', '§\u202f1703', '§\u202f1703', '§\u202f1703', '§\u202f1601', '§\u202f1704', '§\u202f1702', '§\u202f11801', '§\u202f11531', '§\u202f11101', '§\u202f11702', '§\u202f11101', '§\u202f11702', '§\u202f11702', '§\u202f7612', '§\u202f7611', '§\u202f7811', '§\u202f7611', '§\u202f7811', '§\u202f1007', '§\u202f1007', '§\u202f1007', '§\u202f1007', '§\u202f1014', '§\u202f1057', '§\u202f1103', '§\u202f1201', '§\u202f13001', '§\u202f11702', '§\u202f7612', '§\u202f1014', '§\u202f1007']

26 U.S. Code § 59 - Other definitions and special rules | US Law | LII / Legal Information Institute
(a) Alternative minimum tax foreign tax creditFor purposes of this part—
(1) In generalThe alternative minimum tax foreign tax credit for any taxable year shall be the credit which would be determined under section 27(a) for such taxable year if—
(2) Pre-credit tentative minimum taxFor purposes of this subsection, the term “pre-credit tentative minimum tax” means—
(A) In generalIn determining the alternative minimum tax foreign tax credit for any taxable year to which an election under this paragraph applies—
(1) In generalThe differently treated items for the taxable year shall be apportioned (in accordance with regulations prescribed by the Secretary)—
(2) Qualified expenditureFor purposes of this subsection, the term “qualified expenditure” means any amount which, but for an election under this subsection, would have been allowable as a deduction (determined without regard to section 291) for the taxable year in which paid or incurred under—
(1) In generalIn the case of a child to whom section 1(g) applies, the exemption amount for purposes of section 55 shall not exceed the sum of—
such child’s earned income (as defined in section 911(d)(2)) for the taxable year, plus
(2) Inflation adjustmentIn the case of any taxable year beginning in a calendar year after 1998, the dollar amount in paragraph (1)(B) shall be increased by an amount equal to the product of—
the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting “1997” for “1992” in subparagraph (B) thereof.
(Added Pub. L. 99–514, title VII, § 701(a), Oct. 22, 1986, 100 Stat. 2336; amended Pub. L. 100–647, title I, §§ 1007(e), 1014(e)(5)(A), Nov. 10, 1988, 102 Stat. 3432, 3561; Pub. L. 101–239, title VII, §§ 7611(f)(5)(B), (6), 7612(e)(1), 7811(d)(1)(A), (j)(7), Dec. 19, 1989, 103 Stat. 2373, 2374, 2408, 2412; Pub. L. 101–508, title XI, §§ 11101(d)(3), 11531(b)(2), 11702(d), 11801(c)(2)(D), Nov. 5, 1990, 104 Stat. 1388–405, 1388–490, 1388–514, 1388–523; Pub. L. 102–486, title XIX, § 1915(c)(3), Oct. 24, 1992, 106 Stat. 3024; Pub. L. 104–188, title I, §§ 1601(b)(2)(D), 1702(a)(1), 1703(e), 1704(m)(3), Aug. 20, 1996, 110 Stat. 1833, 1868, 1875, 1883; Pub. L. 105–34, title X, § 1057(a), title XI, § 1103(a), title XII, § 1201(b)(1), Aug. 5, 1997, 111 Stat. 945, 966, 994; Pub. L. 105–206, title VI, §§ 6011(a), 6023(2), July 22, 1998, 112 Stat. 817, 824; Pub. L. 108–357, title IV, § 421(a)(1), Oct. 22, 2004, 118 Stat. 1514.)
1998—Subsec. (a)(3), (4). Pub. L. 105–206, § 6011(a), redesignated par. (3), relating to election to use simplified section 904 limitation, as (4).
Subsec. (b). Pub. L. 105–206, § 6023(2), substituted “credits under section 30A or 936” for “section 936 credit” in heading.
1997—Subsec. (a)(2)(C). Pub. L. 105–34, § 1057(a), struck out subpar. (C) which read as follows:
Subsec. (a)(3). Pub. L. 105–34, § 1103(a), added par. (3) relating to election to use simplified section 904 limitation.
Subsec. (j). Pub. L. 105–34, § 1201(b)(1), amended subsec. (j) generally, restating limitation on exemption amount, adding provisions for inflation adjustment of such amount, and deleting provisions relating to limitation based on parental minimum tax and unused parental minimum tax exemption.
1996—Subsec. (a)(1)(A). Pub. L. 104–188, § 1703(e)(1), substituted “the pre-credit tentative minimum tax” for “the amount determined under section 55(b)(1)(A)”.
Subsec. (a)(1)(C). Pub. L. 104–188, § 1703(e)(2), substituted “specified in subparagraph (A)(i) or (B)(i) of section 55(b)(1) (whichever applies)” for “specified in section 55(b)(1)(A)”.
Subsec. (a)(2)(A)(i). Pub. L. 104–188, § 1703(e)(1), substituted “the pre-credit tentative minimum tax” for “the amount determined under section 55(b)(1)(A)”.
Subsec. (a)(2)(A)(ii). Pub. L. 104–188, § 1703(e)(3), substituted “which would be the pre-credit tentative minimum tax” for “which would be determined under section 55(b)(1)(A)”.
Subsec. (a)(3). Pub. L. 104–188, § 1703(e)(4), added par. (3).
Subsec. (b). Pub. L. 104–188, § 1601(b)(2)(D), substituted “section 30A or 936, alternative minimum taxable income shall not include any income with respect to which a credit is determined under section 30A or 936.” for “section 936, alternative minimum taxable income shall not include any amount with respect to which the requirements of subparagraph (A) or (B) of section 936(a)(1) are met.”
Subsec. (j)(1)(B). Pub. L. 104–188, § 1704(m)(3), substituted “twice the amount in effect for the taxable year under section 63(c)(5)(A)” for “$1,000”.
Subsec. (j)(3)(B). Pub. L. 104–188, § 1702(a)(1), substituted “section 1(g)(3)(B)” for “section 1(i)(3)(B)”.
1990—Subsec. (a)(1)(B) to (D). Pub. L. 101–508, § 11801(c)(2)(D), inserted “and” at end of subpar. (B), redesignated subpar. (D) as (C), and struck out former subpar. (C) which read as follows: “for purposes of section 904, any increase in alternative minimum taxable income by reason of section 56(c)(1)(A) (relating to adjustment for book income) shall have the same proportionate source (and character) as alternative minimum taxable income determined without regard to such increase, and”.
Subsec. (a)(2)(A)(ii). Pub. L. 101–508, § 11531(b)(2), inserted before period at end “and the alternative tax energy preference deduction under section 56(h)”.
Subsec. (j). Pub. L. 101–508, § 11101(d)(3)(A), substituted “section 1(g)” for “section 1(i)” in pars. (1), (2)(A), (B)(i)(I), (II), (D), and (3).
Subsec. (j)(1)(B). Pub. L. 101–508, § 11702(d)(1), inserted “(or, if greater, the child’s share of the unused parental minimum tax exemption)” before period at end.
Subsec. (j)(2)(C). Pub. L. 101–508, § 11101(d)(3)(B), substituted “section 1(g)(3)(B)” for “section 1(i)(3)(B)”.
Subsec. (j)(2)(D). Pub. L. 101–508, § 11702(d)(3), substituted “paragraphs (3)(D), (5), and (6)” for “paragraphs (5) and (6)”.
Subsec. (j)(3). Pub. L. 101–508, § 11702(d)(2), added par. (3).
1989—Subsec. (a)(2)(C). Pub. L. 101–239, § 7612(e)(1), added subpar. (C).
Subsec. (e)(1). Pub. L. 101–239, § 7611(f)(5)(B), inserted before period at end “(or, in the case of a qualified expenditure described in paragraph (2)(C), over the 60-month period beginning with the month in which such expenditure was paid or incurred)”.
Subsec. (g). Pub. L. 101–239, § 7811(d)(1)(A), substituted “for the taxable year for which the item is taken into account or for any other taxable year” for “for any taxable year”.
Subsec. (i). Pub. L. 101–239, § 7611(f)(6), substituted “amounts” for “interest” in heading and “any amount shall” for “interest shall” in text.
Subsec. (j)(2)(D). Pub. L. 101–239, § 7811(j)(7), substituted “Other rules” for “Others rules” in heading.
1988—Subsec. (a)(1)(D). Pub. L. 100–647, § 1007(e)(3), added subpar. (D).
Subsec. (e)(2). Pub. L. 100–647, § 1007(e)(1), inserted “(determined without regard to section 291)” after “as a deduction”.
Subsec. (h). Pub. L. 100–647, § 1007(e)(2), substituted “taxable year with the adjustments of sections 56, 57, and 58” for “taxable year—
Subsec. (i). Pub. L. 100–647, § 1007(e)(4), inserted “(other than this part)” after “of this subtitle” and substituted “subtitle” for “title” before “solely”.
Subsec. (j). Pub. L. 100–647, § 1014(e)(5)(A), added subsec. (j).
Pub. L. 105–34, title X, § 1057(b), Aug. 5, 1997, 111 Stat. 945, provided that: “The amendment made by this section [amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Aug. 5, 1997].”
Pub. L. 105–34, title XI, § 1103(b), Aug. 5, 1997, 111 Stat. 966, provided that: “The amendment made by this section [amending this section] shall apply to taxable years beginning after December 31, 1997.”
Pub. L. 105–34, title XII, § 1201(c), Aug. 5, 1997, 111 Stat. 994, provided that: “The amendments made by this section [amending this section and sections 63 and 6103 of this title] shall apply to taxable years beginning after December 31, 1997.”
Amendment by section 1703(e) of Pub. L. 104–188 effective as if included in the provision of the Revenue Reconciliation Act of 1993, Pub. L. 103–66, §§ 13001–13444, to which such amendment relates, see section 1703(o) of Pub. L. 104–188, set out as a note under section 39 of this title.
Pub. L. 101–508, title XI, § 11702(j), Nov. 5, 1990, 104 Stat. 1388–516, provided that: “Any amendment made by this section [amending this section and sections 135, 216, 355, 367, 447, 453B, 468B, 2056, 2056A, 2523, 4980B, and 6114 of this title] shall take effect as if included in the provision of the Technical and Miscellaneous Revenue Act of 1988 [Pub. L. 100–647] to which such amendment relates.”
Pub. L. 101–239, title VII, § 7612(e)(2), Dec. 19, 1989, 103 Stat. 2375, provided that:
The amendment made by paragraph (1) [amending this section] shall apply to taxable years beginning after March 31, 1990.
“(B)Special rule for year which includes .—
In the case of any taxable year (of a corporation described in subparagraph (C) of section 59(a)(2) of the Internal Revenue Code of 1986 (as added by paragraph (1))) which begins after December 31, 1989, and includes March 31, 1990, the amount determined under clause (ii) of section 59(a)(2)(A) of such Code shall be an amount which bears the same ratio to the amount which would have been determined under such clause without regard to this subparagraph as the number of days in such taxable year on or before March 31, 1990, bears to the total number of days in such taxable year.”
Pub. L. 100–647, title I, § 1014(e)(5)(B), Nov. 10, 1988, 102 Stat. 3562, provided that: “The amendment made by subparagraph (A) [amending this section] shall apply to taxable years beginning after December 31, 1988.”
Pub. L. 100–647, title I, § 1007(f)(5), Nov. 10, 1988, 102 Stat. 3434, provided that: “In determining the amount of the alternative minimum tax foreign tax credit under section 59 of the 1986 Code, there shall not be taken into account any taxes paid or accrued in a taxable year beginning after December 31, 1986, which are treated under section 904(c) of the 1986 Code as paid or accrued in a taxable year beginning on or before December 31, 1986.”