§ 515 Taxes of foreign countries and possessions of the United States

OLRC 119-134 · eCFR 2026-10-19

Enacted 1954 · Act Aug. 16, 1954, ch. 736 Amended · 0 Acts · From 1939 Code § 422(b) · § 423 · § 424

1954
Connections Cited by 0 · Cites 2

The amount of taxes imposed by foreign countries and possessions of the United States shall be allowed as a credit against the tax of an organization subject to the tax imposed by section 511 to the extent provided in section 901; and in the case of the tax imposed by section 511, the term “taxable income” as used in section 901 shall be read as “unrelated business taxable income”.