Section 902

This amends section 902 of title 36 to reflect changes made by section 1082 of the national defense authorization act for fiscal year 1998 public law 105 85 nov.

Section 902. Section 902 2 of the senate amendment is deleted since the bankruptcy court will have jurisdiction over all cases under chapter 9. The concept of a claim being materially and adversely affected reflected in section 902 1 of the senate amendment has been deleted and replaced with the new concept of impairment set forth in section 1124 of the house amendment and incorporated by reference into chapter 9. 1954 applies shall be treated as made out of the accumulated profits of a foreign corporation for a taxable year beginning before january 1 1976 to the extent that such distribution was paid out of the accumulated profits of such foreign.

Deemed paid credit where domestic corporation owns 10 percent or more of voting stock of foreign corporation. Internal revenue code 902. 18 1997 111 stat.

902 u s. For purposes of paragraph 2 a distribution made by a foreign corporation out of its profits which are attributable to a distribution received from a foreign subsidiary to which section 902 b applies shall be treated as made out of the accumulated profits of a foreign corporation for a taxable year beginning before january 1 1963 to the extent that such distribution was paid out of the accumulated profits of such foreign subsidiary for a taxable year beginning before january 1 1963.