Source: https://www.law.cornell.edu/uscode/text/26/986
Timestamp: 2017-03-30 14:42:47
Document Index: 589473571

Matched Legal Cases: ['§ 986', '§\u202f986', '§\u202f1261', '§\u202f1012', '§\u202f1102', '§\u202f408', '§\u202f408', '§\u202f408', '§\u202f408', '§\u202f408', '§\u202f408', '§\u202f1102', '§\u202f1102', '§\u202f408', '§\u202f1102']

26 U.S. Code § 986 - Determination of foreign taxes and foreign corporation’s earnings and profits | US Law | LII / Legal Information Institute
§ 986.
Determination of foreign taxes and foreign corporation’s earnings and profits
(B) Exception for certain taxesSubparagraph (A) shall not apply to any foreign income taxes—
(2) Translation of taxes to which paragraph (1) does not applyFor 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) Earnings and profits and distributionsFor 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).
Subsec. (a)(1)(E). Pub. L. 108–357, § 408(b)(1), added subpar. (E). Former subpar. (E) redesignated (F).
Pub. L. 108–357, § 408(a), redesignated subpar. (D) as (E).
Subsec. (a)(1)(F). Pub. L. 108–357, § 408(b)(1), redesignated subpar. (E) as (F).
Subsec. (a)(2). Pub. L. 108–357, § 408(b)(2), inserted “or (E)” after “subparagraph (A)” in introductory provisions.
1997—Subsec. (a). Pub. L. 105–34, § 1102(a)(1), amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows:
Subsec. (a)(3), (4). Pub. L. 105–34, § 1102(b)(1), added par. (3) and redesignated former par. (3) as (4).
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.”
Adjustments to Basis of Stock In Controlled Foreign Corporations and of Other Property Increase v. Reduction : 2001-10-12
Distribution to which Section 301 Applies : 1999-12-10
Previously Taxed Earnings and Profits : 1999-12-10
Exceeds Earnings and Profits : 1999-12-10
Adjustments to Basis of Stock In Controlled Foreign Corporations and of Other Property Increase v. Reduction : 1999-12-10