Certain payments for oil or gas not considered as taxes
Notwithstanding subsection (b) and section 960, the amount of any income, or profits, and excess profits taxes paid or accrued during the taxable year to any foreign country in connection with the purchase and sale of oil or gas extracted in such country is not to be considered as tax for purposes of section 275(a) and this section if—
(1)#
the taxpayer has no economic interest in the oil or gas to which section 611(a) applies, and
(2)#
either such purchase or sale is at a price which differs from the fair market value for such oil or gas at the time of such purchase or sale.