Page:United States Statutes at Large Volume 100 Part 3.djvu/154

 100 STAT. 1962

PUBLIC LAW 99-509—OCT. 21, 1986

Ante, p. 1959.

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(B) section 9507 of the Internal Revenue Code of 1954, as added by this section, is hereby redesignated as section 9509 of such Code, and (C) in lieu of the amendment made by subsection (b), the table of sections for subchapter A of chapter 98 of such Code is amended by adding after the item relating to section 9508 the following new item: "Sec. 9509. Oil Spill Liability Trust Fund."

PART V—DENIAL OF CERTAIN TAX BENEFITS WITH RESPECT TO ACTIVITIES IN CERTAIN FOREIGN COUNTRIES SEC. 8041. DENIAL OF CERTAIN TAX BENEFITS WITH RESPECT TO ACTIVITIES IN CERTAIN FOREIGN COUNTRIES. (a) DENIAL OF FOREIGN TAX CREDIT.—Section 901 of the Internal

Post, p. 2095; 26 USC 901.

Revenue Code of 1954 (relating to taxes of foreign countries and of possessions of the United States), as amended by the Tax Reform Act of 1986, is amended by redesignating subsection (j) as subsection (k) and by inserting after subsection (i) the following new subsection: "0) DENIAL OF FOREIGN TAX CREDIT, ETC., WITH RESPECT TO CERTAIN FOREIGN COUNTRIES.—

"(1) IN GENERAL.—Notwithstanding any other provision of this part— "(A) no credit shall be allowed under subsection (a) for any income, war profits, or excess profits taxes paid or if'; accrued (or deemed paid under section 902 or 960) to any ' country if such taxes are with respect to income attributable to a period to which this subsection applies to such country, and "(B) subsections (a), (b), and (c) of section 904 and sections 902 and 960 shall be applied separately with respect to income attributable to such a period from sources within any country so identified. "(2) COUNTRIES TO WHICH SUBSECTION APPLIES.—

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22 USC 2751 note. ,,, Terrorism. Ante, p. 874.

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"(A) IN GENERAL.—This subsection shall apply to any foreign country— "(i) the government of which the United States does '' not recognize, unless such government is otherwise eligible to purchase defense articles or services under the Arms Export Control Act, "(ii) with respect to which the United States has severed diplomatic relations, "(iii) with respect to which the United States has not severed diplomatic relations but does not conduct such relations, or ^ "(iv) which the Secretary of State has, pursuant to ^, section 6(j) of the Export Administration Act of 1979, as amended, designated as a foreign country which repeatedly provides support for acts of international • terrorisms. "(B) PERIOD FOR WHICH SUBSECTION APPLIES.—This subsec-

tion shall apply to any foreign country described in subparagraph (A) during the period— "(i) beginning on the later of—

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