U.S Code last checked for updates: Nov 22, 2024
All TitlesTitle 26Subtitle AChapter 1Subchapter NPart IIISubpart A
§ 905.
Applicable rules
(a)
Year in which credit taken
(b)
Proof of credits
The credits provided in this subpart shall be allowed only if the taxpayer establishes to the satisfaction of the Secretary—
(1)
the total amount of income derived from sources without the United States, determined as provided in part I,
(2)
the amount of income derived from each country, the tax paid or accrued to which is claimed as a credit under this subpart, such amount to be determined under regulations prescribed by the Secretary, and
(3)
all other information necessary for the verification and computation of such credits.
(c)
Adjustments to accrued taxes
(1)
In general
If—
(A)
accrued taxes when paid differ from the amounts claimed as credits by the taxpayer,
(B)
accrued taxes are not paid before the date 2 years after the close of the taxable year to which such taxes relate, or
(C)
any tax paid is refunded in whole or in part,
the taxpayer shall notify the Secretary, who shall redetermine the amount of the tax for the year or years affected.
(2)
Special rule for taxes not paid within 2 years
(A)
In general
(B)
Taxes subsequently paid
Any such taxes if subsequently paid—
(i)
shall be taken into account for the taxable year to which such taxes relate, and
(ii)
shall be translated as provided in section 986(a)(2)(A).
(3)
Adjustments
(4)
Bond requirements
(5)
Other special rules
(Aug. 16, 1954, ch. 736, 68A Stat. 288; Pub. L. 85–866, title I, § 103(b), Sept. 2, 1958, 72 Stat. 1675; Pub. L. 94–455, title XIX, §§ 1901(a)(114), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1784, 1834; Pub. L. 96–603, § 2(c)(1), Dec. 28, 1980, 94 Stat. 3509; Pub. L. 97–248, title III, § 343(a), Sept. 3, 1982, 96 Stat. 635; Pub. L. 105–34, title XI, § 1102(a)(2), Aug. 5, 1997, 111 Stat. 964; Pub. L. 115–97, title I, § 14301(c)(20), (21), Dec. 22, 2017, 131 Stat. 2223.)
cite as: 26 USC 905
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