§ 841 Credit for foreign taxes
The taxes imposed by foreign countries or possessions of the United States shall be allowed as a credit against the tax of a domestic insurance company subject to the tax imposed by section or , to the extent provided in the case of a domestic corporation in section (relating to foreign tax credit). For purposes of the preceding sentence (and for purposes of applying section with respect to a foreign corporation subject to tax under this subchapter), the term “taxable income” as used in section means—
(1) in the case of the tax imposed by section , the life insurance company taxable income (as defined in section ), and
(2) in the case of the tax imposed by section , the taxable income (as defined in section ).
(Aug. 16, 1954, ch. 736, 68A Stat. 267; Mar. 13, 1956, ch. 83, § 5(4), 70 Stat. 49; Pub. L. 86–69, § 3(b), June 25, 1959, 73 Stat. 139; Pub. L. 87–834, § 8(g)(1), Oct. 16, 1962, 76 Stat. 998; Pub. L. 89–809, title I, § 104(i)(8), Nov. 13, 1966, 80 Stat. 1562; Pub. L. 98–369, div. A, title II, § 211(b)(10), July 18, 1984, 98 Stat. 755; Pub. L. 99–514, title X, § 1024(c)(10), Oct. 22, 1986, 100 Stat. 2407.)
Operative text only. Editorial notes, amendment history, and effective dates: official OLRC text of § 841