...Page 340 *tFor statutory and source citations, see note to 5 3.1-1. title I of the Act for income or profits taxes paid or accrued to foreign countries or possessions of the United States. The operation of the limitations on the credit for foreign taxes may be illustrated by the...

...taxable year, is the amount allowable as a credit against the income tax under Title I for income or espect to religious or apostolic associations or corporations. Collectors will States. The operation of the limitations on the credit for foreign taxes may be illustrated by the...

...taxable year, is the amount allowable as a credit against the income tax under chapter 1 for income or profits taxes paid or accrued to foreign countries or possessions of the United States. In computing the tax against which the credit is taken there must, for taxable years beginning...

...or more foreign corporations, the percentage which — (A) the total Income, war profits, or excess profits taxes paid or accrued to foreign countries or possessions of the United States by such foreign corporations for the taxable year on or with respect to the consolidated earnings...

...AND PROFITS TAXES PAID TO FOREIGN COUNTRIES OR POSSESSIONS OF THE UNITED STATES That portion of the income and profits taxes paid or accrued to foreign countries or possessions of the United States, which is claimed as a tax credit under provisions hereinafter described, is $59,844,980 for...

...before making any reduction required by section 1503(b) in the amount of income, war profits, and excess profits taxes paid or accrued to foreign countries or possessions of the United States by a Western Hemisphere trade corporation. (iv) If a taxpayer chooses with respect to any taxable...

...OFFICE c59— 10— 70718-1 PAGE 8 70 STATEMENT IN SUPPORT OF CREDIT CLAIMED BY DOMESTIC CORPORATION FOR TAXES PAID OR ACCRUED TO FOREIGN COUNTRIES OR POSSESSIONS OF THE UNITED STATES Far Calendar Year US Treasury Department Internal Revenue Service 0Or other taxable year beginning...

...single controlled foreign corporation, the percentage which — "(A) the income, war profits, or excess profits taxes paid or accrued to foreign countries or possessions of the United States by the controlled foreign corporation for the taxable year on or with respect to its earnings...

...credit are included in Form 1118, "Statement in Support of Credit Claimed by Domestic Corporation for Taxes Paid or Accrued to Foreign Countries or Possessions of the United States". Taxpayers sometimes provided their own equivalent statements in lieu of the prescribed form....

...single controlled foreign corporation, the ercentage which — (A) The income, war profits, or excess profits taxes paid or accrued to foreign countries or possessions of the United States by the controlled foreign corporation for the taxable year on or with respect to its earnings...