§902 — Repealed. Pub. L. 115–97, title I, § 14301(a), Dec. 22, 2017, 131 Stat. 2221]

Consistent with this legislative scheme, the regulations carefully distinguish "deemed dividends" under sections 551 and 1248 from "deemed inclusions" under section 951(a). Sec. )1.902-1(a) (1 ), Income Tax Regs.

If these conditions are met, section 902 applies as if the amount so included were a dividend paid by such foreign corporation.

In Goodyear, the Supreme Court held that the term "accumulated profits," as it appeared in former section 902(c)(1)(A), governing the indirect foreign tax credit, "should be calculated in accordance with domestic tax principles." Id.

Discussion Section 901(a) allows a domestic corporation to claim a foreign tax credit for taxes "deemed to have been paid under sections 902 and 960." Section 902 provides, inter alia: SEC.

960(a)(1) (providing that for purposes of rules applicable to indirect foreign tax credits under section 902, section 951 inclusions shall be treated “as if the amount so included were a dividend paid”).

taxpayer claimed foreign tax credits for taxes - 79 - deemed paid under section 131(f) of the Internal Revenue Code of 1939, the predecessor to section 902, with respect to a dividend from a Canadian corporation of which it owned more than 10 percent.

0 ($1,017,489,081) -0-$26,631,706 -0- 1981 (476,743,564) -0-5,581,459 -0- 1982 -0-$29,960,453 4,225,518 -0- 1983 -0-328,059,940 -0--0- 1984 -0-1,381,295,514 -0--0- 1985 951,917,484 129,375,575 -0--0- Year Creditable foreign taxes Sec. 901 direct tax Sec. 902 deemed tax 1980 $43,242,564 $16,610,858 $26,631,706 1981 12,602,303 7,020,844 5,581,459 1982 7,857,476 3,631,958 4,225,518 1983 -0--0--0- 1984 -0--0--0- 1985 -0--0--0- APPENDIX C Result if petitioner is allowed to change its reporting for fo

Discussion Section 901(a) allows a domestic corporation to claim a foreign tax credit for taxes “deemed to have been paid under sections 902 and 960.” Section 902 provides, inter alia: SEC.

f fines and penalties uniformly has been held to 10 [*10] frustrate state policy in severe and direct fashion by reducing the ‘sting’ of the penalty prescribed by the state legislature.” Id. at 35–36. The Tax Reform Act of 1969, Pub. L. No. 91-172, § 902, 83 Stat. 487, 710–11, amended section 162 to disallow ordinary and necessary business deductions for, among other things, “any fine or similar penalty paid to a government for the violation of any law,” essentially codifying the judicial public

corporations that were shareholders in foreign corporations to claim foreign tax credits for certain taxes paid by the foreign corporations. See Revenue Act of 1918, ch. 18, § 240(c), 40 Stat. at 1082 (subsequently revised and eventually codified at I.R.C. § 902 by the Internal Revenue Code of 1954, ch. 736, § 902, 68A Stat. 1, 286); Am. Chicle Co. v. United States, 316 U.S. 450, 453–54 (1942); see also United States v. Goodyear Tire & Rubber Co., 493 U.S. 132, 135 (1989). But, while this system

[Liberty Global] recognized a gain on the sale and due to recharacterization of the gain also recognized deemed section 902 credits as part of the overall transaction.

Petitioner owned, directly or indirectly, 42 CFCs and also directly owned stock in other foreign corporations including noncontrolled foreign corporations as described in section 902.1 As part of the restructuring, petitioner transferred ownership of substantially all of its foreign subsidiaries including AGH France to a Luxembourg holding company, AptarGroup Global Holding (AGH Lux).

Petitioner claimed "deemed paid" foreign tax credits (FTCs) under section 902 with respect to these dividends, as the closing agreement had permitted for 1987-1995.

2016) ("Rule 902 * * * operates as a hearsay exception on the limited question ofauthenticity."). Respondent has not identified an exception to the hearsay rule that would permit us to admit the declaration for the purpose of establishing the date that written supervisory approval was obtained in these cases. Moreover, despite p

2016) ("Rule 902 * * * operates as a hearsay exception on the limited question ofauthenticity."). Respondent has not identified an exception to the hearsay rule that would permit us to admit the declaration for the purpose of establishing the date that written supervisory approval was obtained in these cases. Moreover, despite p

ofClaims into a newly created United States Claims Court, a so-called Article I court. Subsequently, the United States Claims Court was renamed the United States Court ofFederal Claims. Federal Courts Administration Act of 1992, Pub. L. No. 102-572, sec. 902(a)(1), 106 Stat. at 4516. 33In Charlson v. United States, 525 F.2d 1046 (Ct. Cl. 1975), the Court of Claims found that on the facts ofthat case the taxpayer did not control the transferee corporation, and thus the taxpayerwas notprecluded fr

at 1411 (citations omitted).1° Generally, the focus ofthe debt- 1°See also Gregory v.

HP reported indirect foreign tax credits with respect to the Dutch taxes FOP paid under section 902 and also reported income equal to the amount ofthe reported indirect foreign tax credits as required under section 78.

1998) (holding that section 902 did not allow aggregation where the statute referred literally to "a" corporation rather than to a group of affiliated corporations), affg .

1998) (holding that section 902 did not allow aggregation where the statute referred literally to “a” corporation rather than to a group of affiliated corporations), affg.

902 Total creditable deduction income Year direct taxes deemed taxes foreign taxes decreased increase 1980 $14,997,403 $26,631,706 $41,629,109 $34,556,085 $8,686,479 1981 6,901,732 5,581,459 12,483,191 7,020,844 5,581,459 1982 3,631,958 4,225,518 7,857,476 3,631,958 4,225,518

ly with respect to each of the following items of income: (A) passive income, (B) high withholding tax interest, (C) financial services income, (D) shipping income, (E) in the case of a corporation, dividends from each noncontrolled section 902 corporation, (F) dividends from a DISC or former DISC (as defined in section 992(a)) to the extent such dividends are treated as income from sources without the United States, (G) taxable income attributed to foreign trade income (within the meaning of se

applied separately with respect to each of the following items of income: (A) passive income, (B) high withholding tax interest, (C) financial services income, (D) shipping income, (E) in the case of a corporation, dividends from each noncontrolled section 902 corporation, (F) dividends from a DISC or former DISC (as defined in section 992(a)) to the extent such dividends are treated as income from sources without the United States, (G) taxable income attributed to foreign trade income (within

Act section 902 (McKinney 1994), appointed Harvey E. Corn (Mr. Corn) to serve as the estate's temporary administrator. Decedent's assets included a $1,082,292 interest in the Plan and Trust, which had been established by M.J. Machat Management Corp., effective August 28, 1978. The Plan and Trust was a qualified plan under section 401(a), and decedent w

of Claims into a newly created United States Claims Court, a so- called Article I court. More recently, the United States Claims Court was renamed the United States Court of Federal Claims. Federal Courts Administration Act of 1992, Pub. L. 102-572, sec. 902(a)(1), 106 Stat. 4506, 4516. These changes in status and name do not affect the substance of any action for purposes of the instant opinion. In order to avoid the confusions attendant on name and status changes during the course of Laney’s d

902 (1985).] - 19 - result of the enactment of section 448(a), and other businesses, which were given a 4-year period that could be shortened under appropriate circumstances. In support of their position, petitioners rely on H. Conf. Rept. 99-841 (Vol. 2), at II-288 to II-289 (1986), 1986-3 C.B. (Vol. 4) 1, 288-289, which states in pertinent

902 (1985).] Moreover, by treating the change in method of accounting required under sec. 448(a) as a change initiated by the taxpayer, see sec. 448(d)(7)(A), it could be argued that the statute indicates a congressional intent to permit the Commissioner to impose reasonable terms and conditions on the making of that change pursuant to the pro

F under the settlement agreement. The settlement agreement, at least in part, required petitioner to make payments for taxable years in which petitioner was an exempt organization. Petitioner argues 3Sec. 265(1) was redesignated as sec. 265(a)(1) by sec. 902(d) of the Tax Reform Act of 1986. -9- that the first eight quarterly payments were to cover FPCF's first four assessments while the remaining quarterly payments covered the fifth through the eighth assessments. The settlement agreement, howe