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 Rev. Rul. 54-14

1954-1 C.B. 129

Sec. 901

Caution: Obsoleted by Rev. Rul. 89-118

Full Text

Rev. Rul. 54-14

The taxes imposed on corporations by Article 96, Brazilian Law No. 1474 of November 26, 1951, amending the Brazilian income tax law, fall within the United States concept of income taxes and are allowable as a credit against United States income tax to the extent provided by section 131(a) of the Internal Revenue Code, subject to the limitations contained in section 131(b) of the Code.