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TITLE 26-INTERNAL REVENUE CODE SECTION REaRRED TO IN OTHEm SECTIONS This section is referred to in sections 874, 6211, 6362, 6401, 6413, 6513, 6654 of this title. § 32. Tax withheld at source on nonresident aliens and foreign corporations and on tax-free cov. enant bonds There shall be allowed as credits against the tax imposed by this chapter- (1) the amount of tax withheld at source under subchapter A of chapter 3 (relating to withholding of tax on nonresident aliens and on foreign corporations), and (2) the amount of tax withheld at source under subchapter B of chapter 3 (relating to interest on tax-free covenant bonds). (Aug. 16, 1954, ch. 736, 68A Stat. 13.) SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 36, 874, 882, 6211 of this title. § 33. Taxes of foreign countries and possessions of the United States; possession tax credit (a) Foreign tax credit The amount of taxes imposed by foreign countries and possessions of the United States shall be allowed as a credit against the tax im- posed by this chapter to the extent provided in section 901. (b) Section 936 credit In the case of a domestic corporation, the amount provided by section 936 (relating to Puerto Rico and possession tax credit) shall be allowed as a credit against the tax imposed by this chapter. (Aug. 16, 1954, ch. 736, 68A Stat. 13; Oct. 4, 1976, Pub. L. 94-455, title X, § 1051(a), 90 Stat. 1643.) AMENDMENTS 1976-Subsec. (a). Pub. L. 94-455 designated existing provisions as subsec. (a). Subsec. (b). Pub. L. 94-455 added subsec. b). EFFECTIVE DATE OF 1976 AMENDMENT Section 1051(i) of Pub. L. 94-455 provided that: "(I) Except as provided by paragraph (2), the amendments made by this section [enacting section 936 of this title, and amending sections 33, 48(a)(2)(B), 116(b)(2), 243(b)(1), (5). 246(a), 861(a)(2)(A). 901(d), (g), (h), 904(b)(4), 931(a), (c) to (f), 1504(b)(4) and 6091(b)(2)(B) of this title] shall apply to taxable years beginning after December 31, 1975, except that 'quali- fied possession source investment income' as defined in section 936(d)(2) of the Internal Revenue Code of 1954 [section 936(d)(2) of this title] shall include income from any source outside the United States if the taxpayer establishes to the satisfaction of the Sec- retary of the Treasury or his delegate that the income from such sources was earned before October 1, 1976. "(2) The amendment made by subsection (d)(2) [en- acting section 901(g) of this title] shall not apply to any tax imposed by a po:'session of the United States with respect to the cormplete liquidation occurring before January 1, 1979, of a corporation to the extent that such tax is attributable to earnings and profits accumulated by such corporation during periods ending before January 1, 1976." CROSS REFERENCES Foreign tax credit, see section 901 of this title. SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 41, 42, 44, 46, 50A, 56, 691, 1351, 6096, 6428 of this title. [§ 34. Repealed. Pub. L. 88-272, title II, § 201(b), Feb. 26, 1964, 78 Stat. 31] Section, Acts Aug. 16, 1954, ch. 736, 68A Stat. 13; June 25, 1959, Pub. L. 86-69. §3(a)(1), 73 Stat. 139; Sept. 14, 1960, Pub. L. 86-779, § 10(e), 74 Stat. 1009; Feb. 26, 1964, Pub. L. 88-272, title II, § 201(a), 78 Stat. 31, related to dividends received by individuals. EFFECTIVE DATE OF REPEAL Section 201(b) of Pub. L. 88-272 provided in part that this section is repealed effective with respect to dividends received after Dec. 31, 1964. [§ 35. Repealed. Pub. L. 94-455, title XIX, § 1901(a)(2), Oct. 4, 1976, 90 Stat. 1764] Section, Acts Aug. 16, 1954, ch. 736, 68A Stat. 14; Sept. 2, 1958, Pub. L. 85-866, title I, § 41(b), 72 Stat. 1639; Feb. 26, 1964, Pub. L. 88-272, title II, § 201(d)(2), 78 Stat. 32, related to partially tax-exempt interest re- ceived by individuals. EFFECTIVE DATE OF REPEAL Repeal of section effective with respect to taxable years beginning after Dec. 31, 1976, see Effective Date of 1976 Amendment note set out under section 2 of this title. § 36. Credits not allowed to individuals taking stan. dard deduction If an individual elects under section 144 to take the standard deduction, the credits pro- vided by section 32 shall not be allowed. (Aug. 16, 1954, ch. 736, 68A Stat. 15; Oct. 4, 1976, Pub. L. 94-455, title V, § 501(b)(2), title X, § 1011(c), title XIX, § 1901(b)(1)(A), 90 Stat. 1558, 1611, 1790.) AMENDMENTS 1976-Pub. L. 94-455, § 501(b)(2) struck out "paying optional tax or" in the section catchline and "elects to pay the optional tax imposed by section 3, or if he" following "If an individual"; § 1011(c) substituted "sec. tions 32 and" for "sections 32, 33 and"; and § 1901(b)(1)(A) substituted "section 32" for "sections 32 and 35". EFFECTIVE DATE OF 1976 AMENDMENT Amendment by sections 501(b)(2) and 1011(c) of Pub. L. 94-455 applicable to taxable years beginning after Dec. 31, 1975, see sections 508 and 1011(d) set out as Effective Date of 1976 Amendment notes under sec- tions 3 and 911, respectively. Amendment by section 1901(b)(1)(A) of Pub. L. 94- 455 applicable with respect to taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94- 455, set out as an Effective Date of 1976 Amnendmei,t note under section 2 of this title. § 37. Credit for the elderly (a) General rule In the case of an individual who has attained age 65 before the close of the taxable year, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 15 percent of such in- dividual's section 37 amount for such taxable year. (b) Section 37 amount For purposes of subsection (a)- Page 40