1.901-1T—Allowance of credit for taxes (temporary).
(a) In general.
Citizens of the United States, domestic corporations, and certain aliens resident in the United States or Puerto Rico may choose to claim a credit, as provided in section 901, against the tax imposed by chapter 1 of the Code for taxes paid or accrued to foreign countries and possessions of the United States, subject to the conditions prescribed in paragraphs (a)(1) through (a)(3) and paragraph (b) of this section.
(1) Citizen of the United States.
A citizen of the United States, whether resident or nonresident, may claim a credit for—
(i)
The amount of any income, war profits, and excess profits taxes paid or accrued during the taxable year to any foreign country or to any possession of the United States; and
(ii)
His share of any such taxes of a partnership of which he is a member, or of an estate or trust of which he is a beneficiary.
(i)
The amount of any income, war profits, and excess profits taxes paid or accrued during the taxable year to any foreign country or to any possession of the United States;
(ii)
Its share of any such taxes of a partnership of which it is a member, or of an estate or trust of which it is a beneficiary; and
(3) Alien resident of the United States or Puerto Rico.
Except as provided in a Presidential proclamation described in section 901(c), an alien resident of the United States, or an alien individual who is a bona fide resident of Puerto Rico during the entire taxable year, may claim a credit for—
(i)
The amount of any income, war profits, and excess profits taxes paid or accrued during the taxable year to any foreign country or to any possession of the United States; and
(ii)
His share of any such taxes of a partnership of which he is a member, or of an estate or trust of which he is a beneficiary.
(b) Limitations.
Certain Code sections, including sections 814, 901(e) through (l), 906, 907, 908, 911, 999, and 6038, limit the credit against the tax imposed by chapter 1 of the Code for certain foreign taxes.
(j) Effective/applicability date.
This section applies to taxable years beginning after July 16, 2008.