Title 26 — Internal Revenue CodeRelease 119-73
§515 Taxes of foreign countries and possessions of the United States
Title 26 › Subtitle Subtitle A— - Income Taxes › Chapter CHAPTER 1— - NORMAL TAXES AND SURTAXES › Subchapter Subchapter F— - Exempt Organizations › Part PART III— - TAXATION OF BUSINESS INCOME OF CERTAIN EXEMPT ORGANIZATIONS › § 515
Summary
Organizations taxed under section 511 can take a foreign tax credit per section 901. For that credit, "taxable income" in section 901 means "unrelated business taxable income."
Full Legal Text
Title 26, §515
Internal Revenue Code — Source: USLM XML via OLRC
The amount of taxes imposed by foreign countries and possessions of the United States shall be allowed as a credit against the tax of an organization subject to the tax imposed by section 511 to the extent provided in section 901; and in the case of the tax imposed by section 511, the term “taxable income” as used in section 901 shall be read as “unrelated business taxable income”.
Reference
Citations & Metadata
Citation
26 U.S.C. § 515
Title 26 — Internal Revenue Code
Last Updated
Apr 6, 2026
Release point: 119-73