Page:United States Statutes at Large Volume 92 Part 3.djvu/241

 PUBLIC LAW 95-600—NOV. 6, 1978

92 STAT. 2873

the taxpayer's alternative minimum taxable income from sources without the United States (but not in excess of the taxpayer's entire alternative minimum taxable income) bears to his entire alternative minimum taxable income for the same taxable year. For purposes of the preceding sentence, the entire alternative minimum taxable income shall be reduced by an amount equal to the zero bracket amount; "(C) the term 'alternative minimum taxable income from sources without United States' means the excess of the items of gross income from sources without the United States over that portion of the deductions taken into account in computing alternative minimum taxable income which are deducted from those items of gross income in computing taxable income from sources without the United States; for purposes of this subparagraph, and except as provided in section 904, gross and taxable income from sources without the United States shall be determined under part I of subchapter N of chapter 1; and "(D) the amount of foreign taxes paid during the taxable year which may be deemed to be paid in a preceding or succeeding year under section 904(c), the limitation of section 904(a) shall be increased by the lesser of (i) the amount described in subparagraph (B) or (ii) the tax imposed under subsection (a).

"Alternative minimum taxable income from sources without United States".

26 USC 861.

26 USC 904.

"(3) CARRYOVER AND CARRYBACK OF CERTAIN CREDITS.—In any

taxable year in which a tax is imposed by this section (referred to as the current taxable year)— "(A) EMPLOYMENT CREDIT.—For purposes of determining

under section 53(c) the amount of any jobs credit carryback or carryover to any other taxable year, the amount of the limitation under section 53(a) for the current taxable year shall be deemed to be— "(i) the amount of the credit allowable under section 44B for the current taxable year without regard to this subparagraph, reduced by "(ii) the amount equal to the lesser of (I) the amount of the credit allowable under section 44B for the current taxable year without regard to this subparagraph, or (II) the net tax imposed by this section for the current taxable year. "(B) WORK INCENTIVE PROGRAM CREDIT.—For purposes of determining under section 50A(b) the amount of any work incentive program credit carryback or carryover to any other taxable year, the amount of the limitation under section 50A(a)(2) for the current taxable year shall be deemed to be— "(i) the amount of the credit allowable under section 40 for the current taxable year without regard to this subparagraph, reduced by "(ii) the amount equal to the lesser of (I) the amount of the credit allowable under section 40 for the current taxable year without regard to this subparagraph, or, (II) the net tax imposed by this section for the current taxable year reduced by the amount of reduction described in clause (ii) of subparagraph (A).

Ante, p. 2835.

Ante, p. 2834.

Ante, p. 2836.

26 USC 40.

"(C) INVESTMENT CREDIT.—For purposes of determining

under section 46(b) the amount of any investment credit

39-194 O—80—pt. 3

16: QL3

26 USC 46.

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