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.
(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
(A)(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
(A)(i)(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
(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.
(B)(i)#
taken into account on the applicable corporation’s applicable financial statement, and
(B)(ii)#
paid or accrued (for Federal income tax purposes) by the applicable corporation.