Corporate AMT foreign tax credit

(1) In general

(1)In general#

For purposes of this part, if an applicable corporation chooses to have the benefits of subpart A of part III of subchapter N for any taxable year, the corporate AMT foreign tax credit for the taxable year of the applicable corporation is an amount equal to sum of—

(A) the lesser of— (i) the aggregate of the applicable corporation’s pro rata share (as determined under section 56A(c)(3)) of the amount of income, war profits, and excess profits taxes (within the meaning of section 901) imposed by any foreign country or possession of the United States which are— (I) taken into account on the applicable financial statement of each controlled foreign corporation with respect to which the applicable corporation is a United States shareholder, and (II) paid or accrued (for Federal income tax purposes) by each such controlled foreign corporation, or (ii) the product of the amount of the adjustment under section 56A(c)(3) and the percentage specified in section 55(b)(2)(A)(i), and

(B) in the case of an applicable corporation that is a domestic corporation, the amount of income, war profits, and excess profits taxes (within the meaning of section 901) imposed by any foreign country or possession of the United States to the extent such taxes are— (i) taken into account on the applicable corporation’s applicable financial statement, and (ii) paid or accrued (for Federal income tax purposes) by the applicable corporation.

(1)(A)#

the lesser of—

(i) the aggregate of the applicable corporation’s pro rata share (as determined under section 56A(c)(3)) of the amount of income, war profits, and excess profits taxes (within the meaning of section 901) imposed by any foreign country or possession of the United States which are— (I) taken into account on the applicable financial statement of each controlled foreign corporation with respect to which the applicable corporation is a United States shareholder, and (II) paid or accrued (for Federal income tax purposes) by each such controlled foreign corporation, or

(ii) the product of the amount of the adjustment under section 56A(c)(3) and the percentage specified in section 55(b)(2)(A)(i), and

(2)Carryover of excess tax paid#

For any taxable year for which an applicable corporation chooses to have the benefits of subpart A of part III of subchapter N, the excess of the amount described in paragraph (1)(A)(i) over the amount described in paragraph (1)(A)(ii) shall increase the amount described in paragraph (1)(A)(i) in any of the first 5 succeeding taxable years to the extent not taken into account in a prior taxable year.

(3)Regulations or other guidance#

The Secretary shall provide for such regulations or other guidance as is necessary to carry out the purposes of this subsection.

- name: section_59_completed_special_rule_domain_is_satisfied kind: derived entity: TaxUnit dtype: Judgment period: Year source: 26 USC 59(a), (e), (g), and (h), bounded completed-return domain metadata: proof: atoms: - path: versions[0].formula kind: condition source: corpus_citation_path: us/statute/26/59/a/1 excerpt: >- The alternative minimum tax foreign tax credit for any taxable year shall be the credit which would be determined under section 27 - path: versions[0].formula kind: condition source: corpus_citation_path: us/statute/26/59/e excerpt: >- any qualified expenditure to which an election under this paragraph applies shall be allowed as a deduction ratably over the 10-year period - path: versions[0].formula kind: condition source: corpus_citation_path: us/statute/26/59/g excerpt: differently treated items shall be properly adjusted - path: versions[0].formula kind: condition source: corpus_citation_path: us/statute/26/59/h excerpt: shall be applied for purposes of computing the alternative minimum taxable income - path: versions[0].formula kind: condition source: corpus_citation_path: us/statute/26/59 versions: - effective_from: '2026-01-01' effective_to: '2026-12-31' formula: |- ( completed_alternative_minimum_tax_foreign_tax_credit >= 0 and section_59_a_completed_credit_domain_is_satisfied and section_59_e_completed_adjustment_domain_is_satisfied and section_59_g_completed_adjustment_domain_is_satisfied and section_59_h_completed_adjustment_domain_is_satisfied and no_other_section_59_special_rule_affects_completed_individual_amt )

- name: alternative_minimum_tax_foreign_tax_credit kind: derived entity: TaxUnit dtype: Money period: Year unit: USD source: 26 USC 59(a), guarded completed AMT foreign tax credit metadata: proof: atoms: - path: versions[0].formula kind: import import: target: us:statutes/26/59#section_59_completed_special_rule_domain_is_satisfied output: section_59_completed_special_rule_domain_is_satisfied hash: sha256:local - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/26/59/a/1 excerpt: >- The alternative minimum tax foreign tax credit for any taxable year shall be the credit which would be determined under section 27 - path: versions[0].formula kind: definition source: corpus_citation_path: us/statute/26/59/a/2 excerpt: >- the term “pre-credit tentative minimum tax” means the amount determined under the first sentence of section 55(b)(1)(A) versions: - effective_from: '2026-01-01' effective_to: '2026-12-31' formula: |- if section_59_completed_special_rule_domain_is_satisfied: completed_alternative_minimum_tax_foreign_tax_credit else: 0

- name: section_59_e_qualified_expenditure_adjustment kind: derived entity: TaxUnit dtype: Money period: Year unit: USD source: 26 USC 59(e), guarded signed completed adjustment metadata: proof: atoms: - path: versions[0].formula kind: import import: target: us:statutes/26/59#section_59_completed_special_rule_domain_is_satisfied output: section_59_completed_special_rule_domain_is_satisfied hash: sha256:local - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/26/59/e excerpt: >- any qualified expenditure to which an election under this paragraph applies shall be allowed as a deduction ratably over the 10-year period versions: - effective_from: '2026-01-01' effective_to: '2026-12-31' formula: |- if section_59_completed_special_rule_domain_is_satisfied: completed_section_59_e_qualified_expenditure_adjustment else: 0

- name: section_59_g_tax_benefit_rule_adjustment kind: derived entity: TaxUnit dtype: Money period: Year unit: USD source: 26 USC 59(g), guarded signed completed adjustment metadata: proof: atoms: - path: versions[0].formula kind: import import: target: us:statutes/26/59#section_59_completed_special_rule_domain_is_satisfied output: section_59_completed_special_rule_domain_is_satisfied hash: sha256:local - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/26/59/g excerpt: differently treated items shall be properly adjusted versions: - effective_from: '2026-01-01' effective_to: '2026-12-31' formula: |- if section_59_completed_special_rule_domain_is_satisfied: completed_section_59_g_tax_benefit_rule_adjustment else: 0

- name: section_59_h_limitation_coordination_adjustment kind: derived entity: TaxUnit dtype: Money period: Year unit: USD source: 26 USC 59(h), guarded signed completed adjustment metadata: proof: atoms: - path: versions[0].formula kind: import import: target: us:statutes/26/59#section_59_completed_special_rule_domain_is_satisfied output: section_59_completed_special_rule_domain_is_satisfied hash: sha256:local - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/26/59/h excerpt: shall be applied for purposes of computing the alternative minimum taxable income versions: - effective_from: '2026-01-01' effective_to: '2026-12-31' formula: |- if section_59_completed_special_rule_domain_is_satisfied: completed_section_59_h_limitation_coordination_adjustment else: 0

- name: section_59_j_kiddie_exemption_limit_applies kind: derived entity: TaxUnit dtype: Judgment period: Year source: 26 USC 59(j) metadata: proof: atoms: - path: versions[0].formula kind: exception source: corpus_citation_path: us/statute/26/55/d/4 excerpt: subsection (j) of section 59 shall not apply - path: versions[0].formula kind: condition source: corpus_citation_path: us/statute/26/59/j excerpt: In the case of a child to whom section 1(g) applies versions: - effective_from: '2018-01-01' formula: 'false'

(1)In general#

(1)(A)#

the lesser of—

(ii) the product of the amount of the adjustment under section 56A(c)(3) and the percentage specified in section 55(b)(2)(A)(i), and

(2)Carryover of excess tax paid#

Corporate AMT foreign tax credit

(1)In general#

(1)(A)#

(2)Carryover of excess tax paid#

(3)Regulations or other guidance#

section_59_completed_special_rule_domain_is_satisfied

alternative_minimum_tax_foreign_tax_credit

section_59_e_qualified_expenditure_adjustment

section_59_g_tax_benefit_rule_adjustment

section_59_h_limitation_coordination_adjustment

section_59_j_kiddie_exemption_limit_applies

Corporate AMT foreign tax credit

(1)In general#

(1)(A)#

(2)Carryover of excess tax paid#

(3)Regulations or other guidance#

section_59_completed_special_rule_domain_is_satisfied

alternative_minimum_tax_foreign_tax_credit

section_59_e_qualified_expenditure_adjustment

section_59_g_tax_benefit_rule_adjustment

section_59_h_limitation_coordination_adjustment

section_59_j_kiddie_exemption_limit_applies

(1)(A)(i)#

(1)(A)(i)(I)#

(1)(A)(i)(II)#

(1)(A)(ii)#

(1)(B)#

(1)(B)(i)#

(1)(B)(ii)#