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
(b) Application with sections
78 shall not apply to any amount of taxes denied credit under subsection (a).
“(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
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.”
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
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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