26 U.S.C. § 853
A regulated investment company-
may, for such taxable year, elect the application of this section with respect to income, war profits, and excess profits taxes described in section 901(b)(1), which are paid by the investment company during such taxable year to foreign countries and possessions of the United States.
If the election provided in subsection (a) is effective for a taxable year-
The amounts to be treated by the shareholder, for purposes of subsection (b)(2), as his proportionate share of-
shall not exceed the amounts so reported by the company in a written statement furnished to such shareholder.
The election provided in subsection (a) shall be made in such manner as the Secretary may prescribe by regulations.
This section shall not apply to any tax with respect to which the regulated investment company is not allowed a credit under section 901 by reason of subsection (k) or (l) of such section.
26 U.S.C. § 853
EDITORIAL NOTES
AMENDMENTS2010-Subsec. (c). Pub. L. 111-325, §301(c)(1)(B), substituted "Statements" for "Notice" in heading. Pub. L. 111-325, §301(c)(1)(A), which directed amendment by substituting "so reported by the company in a written statement furnished to such shareholder" for "so designated by the company in a written notice mailed to its shareholders not later than 60 days after the close of the taxable year", was executed by making the substitution for "so designated by the company in a written notice mailed to its shareholders not later than 60 days after the close of its taxable year" in concluding provisions to reflect the probable intent of Congress. Subsec. (d). Pub. L. 111-325, §301(c)(2), struck out "and notifying shareholders" after "election" in heading and "and the notice to shareholders required by subsection (c)" after "subsection (a)" in text. 2005-Subsec. (e). Pub. L. 109-135 amended heading and text of subsec. (e) generally. Prior to amendment, text read as follows: "This section shall not apply to any tax with respect to which the regulated investment company is not allowed a credit under section 901 by reason of section 901(k)." 1998-Subsec. (c). Pub. L. 105-206, §6010(k)(2), struck out at end "Such notice shall also include the amount of such taxes which (without regard to the election under this section) would not be allowable as a credit under section 901(a) to the regulated investment company by reason of section 901(k)."Subsecs. (e), (f). Pub. L. 105-206, §6010(k)(1), added subsec. (e) and redesignated former subsec. (e) as (f).1997-Subsec. (c). Pub. L. 105-34 inserted at end "Such notice shall also include the amount of such taxes which (without regard to the election under this section) would not be allowable as a credit under section 901(a) to the regulated investment company by reason of section 901(k)." 1986-Subsec. (c). Pub. L. 99-514 substituted "60 days" for "45 days". 1976-Subsec. (d). Pub. L. 94-455 struck out "or his delegate" after "Secretary". 1964-Subsec. (c). Pub. L. 88-272 substituted "45 days" for "30 days".
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111-325 applicable to taxable years beginning after Dec. 22, 2010, see section 301(h) of Pub. L. 111-325 set out as a note under section 852 of this title.
EFFECTIVE DATE OF 2005 AMENDMENT Amendment by Pub. L. 109-135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108-357 to which such amendment relates, see section 403(nn) of Pub. L. 109-135 set out as a note under section 26 of this title.
EFFECTIVE DATE OF 1998 AMENDMENT Amendment by Pub. L. 105-206 effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, Pub. L. 105-34 to which such amendment relates, see section 6024 of Pub. L. 105-206 set out as a note under section 1 of this title.
EFFECTIVE DATE OF 1997 AMENDMENT Pub. L. 105-34, title X, §1053(c), Aug. 5, 1997, 111 Stat. 943, provided that: "The amendments made by this section [amending this section and section 901 of this title] shall apply to dividends paid or accrued more than 30 days after the date of the enactment of this Act [Aug. 5, 1997]."
EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99-514 applicable to taxable years beginning after Oct. 22, 1986, see section 655(b) of Pub. L. 99-514 set out as a note under section 852 of this title.
EFFECTIVE DATE OF 1964 AMENDMENT Amendment by Pub. L. 88-272 applicable to taxable years of regulated investment companies ending on or after Feb. 26, 1964, see section 229(c) of Pub. L. 88-272 set out as a note under section 852 of this title.
- Secretary
- The term "Secretary" means the Secretary of the Treasury or his delegate.
- corporation
- The term "corporation" includes associations, joint-stock companies, and insurance companies.
- shareholder
- The term "shareholder" includes a member in an association, joint-stock company, or insurance company.
- stock
- The term "stock" includes shares in an association, joint-stock company, or insurance company.
- taxable year
- The term "taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A. "Taxable year" means, in the case of a return made for a fractional part of a year under the provisions of subtitle A or under regulations prescribed by the Secretary, the period for which such return is made.
- taxpayer
- The term "taxpayer" means any person subject to any internal revenue tax.