Page:United States Statutes at Large Volume 68A.djvu/307

 CH. 1—NORMAL TAXES AND SURTAXES

267

mutual fire insurance company described in section 831(a), the taxable income shall be the taxable income from sources within the United States. In the case of a company to which the preceding sentence applies, the deductions allowed in this section shall be allowed to the extent provided in subpart B of part II of subchapter N (sec, 881 and following) in the case of a foreign corporation engaged in trade or business within the United States. (e) D O U B L E DEDUCTIONS.—Nothing in this section shall permit the same item to be deducted more than once. PART IV—PROVISIONS OF GENERAL APPLICATION Sec. 84L Credit for foreign taxes. Sec. 842. Computation of gross income. SEC. 841. CREDIT FOR FOREIGN TAXES.

The taxes imposed by foreign countries or possessions of the United States shall be allowed as a credit against the tax of a domestic insurance company subject to the tax imposed by section 802, 821, or 831, to the extent provided in the case of a domestic corporation in section 901 (relating to foreign tax credit). For purposes of the preceding sentence, the term ''taxable income" as used in section 904 means— (1) in the case of the tax imposed by section 802, the taxable income (as defined in section 803(g)), (2) in the case of the tax imposed by section 831, the taxable income (as defined in section 832(a)). SEC. 842. COMPUTATION OF GROSS INCOME.

The gross income of insurance companies subject to the tax imposed by section 802 or 831 shall not be determined in the manner provided in part I of subchapter N (relating to determination of sources of incorne).

§842

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