26 USC § 515 - Taxes of foreign countries and possessions of the United States
---
identifier: "/us/usc/t26/s515"
source: "usc"
legal_status: "official_prima_facie"
title: "26 USC § 515 - Taxes of foreign countries and possessions of the United States"
title_number: 26
title_name: "INTERNAL REVENUE CODE"
section_number: "515"
section_name: "Taxes of foreign countries and possessions of the United States"
chapter_number: 1
chapter_name: "NORMAL TAXES AND SURTAXES"
subchapter_number: "F"
subchapter_name: "Exempt Organizations"
part_number: "III"
part_name: "TAXATION OF BUSINESS INCOME OF CERTAIN EXEMPT ORGANIZATIONS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Aug. 16, 1954, ch. 736, 68A Stat. 176.)"
---
# § 515. Taxes of foreign countries and possessions of the United States
The amount of taxes imposed by foreign countries and possessions of the United States shall be allowed as a credit against the tax of an organization subject to the tax imposed by section 511 to the extent provided in section 901; and in the case of the tax imposed by section 511, the term “taxable income” as used in section 901 shall be read as “unrelated business taxable income”.
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**Source Credit**: (Aug. 16, 1954, ch. 736, 68A Stat. 176.)