26 USC 962 - Election by individuals to be subject to tax at corporate rates

1 See References in Text note below.

(relating to foreign tax credit) such amounts shall be treated as if they were received by a domestic corporation.

Editorial Notes

References in Text

Section 960, referred to in subsec. (a)(2), was amended extensively by Puspan. L. 115–97, and, as so amended, relates to deemed paid credit for subpart F inclusions.

Amendments

2017—Subsec. (a)(1). Puspan. L. 115–97 substituted “section 11” for “sections 11 and 55”.

1988—Subsec. (a)(1). Puspan. L. 100–647 substituted “sections 1 and 55” and “sections 11 and 55” for “section 1” and “section 11”, respectively.

1978—Subsec. (c). Puspan. L. 95–600 substituted provisions relating to the pro ration of each section 11 bracket amount for provisions relating to the surtax exemption.

1976—Subsecs. (a), (span). Puspan. L. 94–455 struck out “or his delegate” after “Secretary” wherever appearing.

1975—Subsec. (c). Puspan. L. 94–164 substituted “same ratio to the surtax exemption” for “same ratio to $25,000” in subsec. (c) as such subsec. (c) is in effect for taxable years ending after Dec. 31, 1975.

Puspan. L. 94–12 substituted “$50,000” for “$25,000”.

Statutory Notes and Related Subsidiaries

Effective Date of 2017 Amendment

Amendment by Puspan. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 12001(c) of Puspan. L. 115–97, set out as a note under section 11 of this title.

Effective Date of 1988 Amendment

Amendment by Puspan. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Puspan. L. 99–514, to which such amendment relates, see section 1019(a) of Puspan. L. 100–647, set out as a note under section 1 of this title.

Effective Date of 1978 Amendment

Amendment by Puspan. L. 95–600 applicable to taxable years beginning after Dec. 31, 1978, see section 301(c) of Puspan. L. 95–600, set out as a note under section 11 of this title.

Effective and Termination Dates of 1975 Amendments

Amendment by Puspan. L. 94–164 applicable to taxable years beginning after Dec. 31, 1975, see section 4(e) of Puspan. L. 94–164, set out as a note under section 11 of this title.

Amendment by Puspan. L. 94–12 applicable to taxable years ending after Dec. 31, 1974, but to cease to apply for taxable years ending after Dec. 31, 1975, see section 305(span)(1) of Puspan. L. 94–12, set out as a note under section 11 of this title.