2017 US Code
Title 26 - Internal Revenue Code
Subtitle A - Income Taxes
Chapter 1 - Normal Taxes and Surtaxes
Subchapter N - Tax Based on Income From Sources Within or Without the United States
Part III - Income From Sources Without the United States
Subpart A - Foreign Tax Credit
Sec. 908 - Reduction of credit for participation in or cooperation with an international boycott
26 U.S.C. § 908 (2017) |
§908. Reduction of credit for participation in or cooperation with an international boycott |
(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). Section 275(a)(4) and section 78 shall not apply to any amount of taxes denied credit under subsection (a). |
(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.) |
AMENDMENTS
2017—Subsec. (a). Pub. L. 115–97 struck out "902 or" after "or under section" in introductory provisions. EFFECTIVE DATE OF 2017 AMENDMENTAmendment by Pub. L. 115–97 applicable to taxable years of foreign corporations beginning after Dec. 31, 2017, and to taxable years of United States shareholders in which or with which such taxable years of foreign corporations end, see section 14301(d) of Pub. L. 115–97, set out as a note under section 78 of this title. EFFECTIVE DATEPub. L. 94–455, title X, §1066(a), Oct. 4, 1976, 90 Stat. 1654, provided that: "(1) General rule.—The amendments made by this part (other than by section 1065) [enacting this section and section 999 of this title and amending sections 952 and 995 of this title] apply to participation in or cooperation with an international boycott more than 30 days after the date of enactment of this Act [Oct. 4, 1976]. "(2) Existing contracts.—In the case of operations which constitute participation in or cooperation with an international boycott and which are carried out in accordance with the terms of a binding contract entered into before September 2, 1976, the amendments made by this part (other than by section 1065) apply to such participation or cooperation after December 31, 1977." |
United States Code, 2012 Edition, Supplement 5, Title 26 - INTERNAL REVENUE CODE |
Bills and Statutes |
United States Code |
Y 1.2/5: |
Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter N - Tax Based on Income From Sources Within or Without the United States PART III - INCOME FROM SOURCES WITHOUT THE UNITED STATES Subpart A - Foreign Tax Credit Sec. 908 - Reduction of credit for participation in or cooperation with an international boycott |
section 908 |
2017 |
January 12, 2018 |
No |
standard |
90 Stat. 1649, 1654 131 Stat. 2224 |
Public Law 94-455, Public Law 115-97 |