Whenever the President finds that, under the laws of any foreign country, citizens or corporations of the United States are being subjected to discriminatory or extraterritorial taxes, the President shall so proclaim and the rates of tax imposed by sections
881 shall, for the taxable year during which such proclamation is made and for each taxable year thereafter, be doubled in the case of each citizen and corporation of such foreign country; but the tax at such doubled rate shall be considered as imposed by such sections as the case may be. In no case shall this section operate to increase the taxes imposed by such sections (computed without regard to this section) to an amount in excess of 80 percent of the taxable income of the taxpayer (computed without regard to the deductions allowable under section
151 and under part VIII of subchapter B). Whenever the President finds that the laws of any foreign country with respect to which the President has made a proclamation under the preceding provisions of this section have been modified so that discriminatory and extraterritorial taxes applicable to citizens and corporations of the United States have been removed, he shall so proclaim, and the provisions of this section providing for doubled rates of tax shall not apply to any citizen or corporation of such foreign country with respect to any taxable year beginning after such proclamation is made.
1956—Act Mar. 13, 1956, inserted reference to section
Effective Date of 1986 Amendment
Amendment by Pub. L. 99–514applicable to taxable years beginning after Dec. 31, 1986, see section 1024(e) ofPub. L. 99–514, set out as a note under section
831 of this title.
Effective Date of 1984 Amendment
Amendment by Pub. L. 98–369applicable to taxable years beginning after Dec. 31, 1983, see section 215 ofPub. L. 98–369, set out as an Effective Date note under section
801 of this title.
Effective Date of 1959 Amendment
Amendment by Pub. L. 86–69applicable only with respect to taxable years beginning after Dec. 31, 1957, see section 4 ofPub. L. 86–69, set out an Effective Date note under section
381 of this title.
Effective Date of 1956 Amendment
Amendment by act Mar. 13, 1956, applicable only to taxable years beginning after Dec. 31, 1954, see section 6 of act Mar. 13, 1956, set out as a note under section
316 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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