...deducted, but a credit is usually more beneficial to the taxpayer. Creditable foreign taxes include income, war profits, and "excess profits" taxes paid or accrued during the year, including taxes paid or accrued in lieu of income, war profits, and excess profits taxes. The...

...subsection (b) ( 1) to read as follows : "(1) Citizens. — In the case of a citizen of the T'nited States, the amount of any income, war profits, and excess...accrued during the taxable year to any foreign country or to any possession of the United States: and ": (3) by revising subsection d>) (4) to read as follows...

...Domestic Corporations. — In the case of a citizen of the United States and of a domestic corporation, half of persons not engaged in business within the United States). (5) or to any possession of the United States • * » Section 903 of the Code provides that the term "income,...

...corporation shall be allowed a foreign tax credit, subject to the limitation of section 904, with respect to the amount of any income, war profits, and excess...accrued during the taxable year to any foreign country or to any possession of the United States. Accordingly, it is held that income taxes payable to a foreign...

...bona fide resident of Puerto Rico during tne entire taxable year, may claim a credit for — (i) Tne amount of any income, war profits, and excess profits...taxes paid or accrued during the taxable year to any possession of the United States; (ii) The amount of any such taxes paid or accrued (or deemed paid...

...corporation engaged in a trade or business within the United States is allowed a credit under section 901 for the amount of any income, war profits, and excess profits taxes paid or accrued during the taxable year (or deemed, under section 902, paid or accrued during the taxable year) to any foreign country...

...1116 (1983) Computation of Foreign Tan CreditUsed to figure and support the foreign tax credit claimed for the amount of any income, war profits, and excess profits taxes paid or accrued during the tax year to any foreign country or US possession. IT-IRC sees. 901 and 904; Pub. 514Separate instructions...

...CORPORATIONS. In the case of a citizen of the United States and of a domestic corporation the sum of — "(A) the amount of any income, war profits, and excess profits taxes paid or accrued during the taxable year to a foreign country or to a possession of the United States; atfd "(B) the amount of any principal...

...States. A citizen of the United States, whether resident or nonresident, may claim a credit for (i) the amount of any income, war profits, and excess profits taxes paid or accrued (or deemed paid or accrued under section 905 (b) ) during the taxable year to any foreign country or...

...States. A citizen of the United States, whether resident or nonresident, may claim a credit for (i) the amount of any income, war profits, and excess profits taxes paid or accrued (or deemed paid or accrued under section 905 (b) ) during the taxable year to any foreign country or...