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" The amount of the credit in respect of the tax paid or accrued to any country shall not exceed the same proportion of the tax against which such credit is taken, which the taxpayer's net income from sources within such country bears to his entire net... "
Reports of the Tax Court of the United States - Page 222
by United States. Tax Court - 1950
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Cases Decided in the United States Court of Claims ... with ..., Volume 137

United States. Court of Claims, Audrey Bernhardt - 1957 - 1028 pages
...following limitation on the foreign tax credit allowable under § 131 : (2) The total amount of the credit shall not exceed the same proportion of the tax against which such credit is taken, which the taxpayer's net income from sources without the United States bears to his entire net income, in the case of a...
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Official Gazette, Volume 82, Issues 30-32

Philippines - 1986 - 492 pages
...each of the following limitations : (A) The amount of the credit in respect to the tax paid or acrued to any country shall not exceed the same proportion...against which such credit is taken, which the taxpayer's taxable income from sources within such country under this Title bears to his entire taxable income...
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Digest of the Federal Revenue Act of 1921: For Income and Excess Profits ...

National City Company - 1921 - 104 pages
...benefits of section 262; and in no other case shall the amount of credit taken under this subdivision exceed the same proportion of the tax, against which such credit is taken, which the taxpayer's net income (computed without deduction for any income, war-profits, and excess profits taxes imposed...
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Statutes of the United States of America

United States - 1921 - 642 pages
...benefits of section 262 ; and in no other case shall the amount of credit taken under this subdivision exceed the same proportion of the tax, against which such credit is taken, which the taxpayer's net income (computed without deduction for any income, warprofits and excess-profits taxes imposed...
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Federal Income Tax Problems --1922

Emerson Emanuel Rossmoore - 1922 - 592 pages
...in excess of the limits prescribed in paragraph 5 of section 222 (a). In other words such a credit shall not exceed '' the same proportion of the tax,...against which such credit is taken, which the taxpayer's net income (computed without deduction for any income, war-profits and excess-profits taxes imposed...
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Barnes' Federal Code: Containing All Federal Statutes of General and Public ...

United States - 1922 - 756 pages
...benefits of section 262; and in no other case shall the amount of credit taken under this subdivision exceed the same proportion of the tax, against which such credit is taken, which the taxpayer's net income (computed without deduction for any income, war-profits and excess-profits taxes imposed...
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The Federal Statutes Annotated: Containing All the Laws of the ..., Volume 4

United States - 1922 - 1028 pages
...benefits of section 262 ; and in no other case shall the amount of credit taken under this subdivision exceed the same proportion of the tax, against which such credit is taken, which the taxpayer's net income (computed without deduction for any income, war-profits and excess-profits taxes imposed...
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Practical Questions and Answers on the Federal Tax Laws Affecting Individual ...

Irving Bank. Columbia Trust Company - 1923 - 148 pages
...benefits of section 262 ; and in no other case shall the amount of credit taken under this subdivision exceed the same proportion of the tax, against which such credit is taken, which the taxpayer's net income (computed without deduction for any income, war-profits and excess-profits taxes imposed...
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Comparison of the Revenue Acts of 1918 and 1921: With Index ...

United States. Congress. House. Committee on Ways and Means - 1923 - 256 pages
...1121. COMPARISON OF THE REVENUE ACTS OF 1918 AND 1921. Act of 1921. Act of H18. under this subdivision exceed the same proportion of the tax, against which such credit is taken, which the taxpayer's net income (computed without deduction for any income, war-profits and excessprofits taxes imposed...
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Accounting Principles Underlying Federal Income Taxes: 1924

Eric Louis Kohler - 1924 - 514 pages
...benefits of section 262 ; and in no other case shall the amount of credit taken under this subdivision exceed the same proportion of the tax, against which such credit is taken, which the taxpayer's net income (computed without deduction for any income, war-profits and excess-profits taxes imposed...
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