In general
In determining the alternative minimum tax foreign tax credit for any taxable year to which an election under this paragraph applies—
(i)#
subparagraph (B) of paragraph (1) shall not apply, and
(ii)#
the limitation of section 904 shall be based on the proportion which—
(I) the taxpayer’s taxable income (as determined for purposes of the regular tax) from sources without the United States (but not in excess of the taxpayer’s entire alternative minimum taxable income), bears to
(II) the taxpayer’s entire alternative minimum taxable income for the taxable year.
(ii)(I)#
the taxpayer’s taxable income (as determined for purposes of the regular tax) from sources without the United States (but not in excess of the taxpayer’s entire alternative minimum taxable income), bears to
(ii)(II)#
the taxpayer’s entire alternative minimum taxable income for the taxable year.