26 USC 515: Taxes of foreign countries and possessions of the United States
Text contains those laws in effect on June 30, 2024
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter F-Exempt OrganizationsPART III-TAXATION OF BUSINESS INCOME OF CERTAIN EXEMPT ORGANIZATIONS
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§515. Taxes of foreign countries and possessions of the United States
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".