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1639, it also enacted section 6611(g) (now section 6611(f)(2))
which provided:
if any overpayment of tax results from a carryback of
tax paid or accrued to foreign countries or possessions
of the United States, such overpayment shall be deemed
not to have been paid or accrued prior to the close of
the taxable year under this subtitle in which such
taxes were in fact paid or accrued.[4] [Technical
Amendments Act of 1958, Pub. L. 85-866, sec. 42(b), 72
Stat. 1640.]
The legislative history sheds little light on the question now
before us. Beyond reiterating the above provisions, such history
addresses only: (1) The purpose of section 904(c), i.e., to
eliminate the double taxation that could result from timing
differences between the methods of reporting income of the United
States and the foreign country and the foreign tax credit
limitations existing at that time; and (2) the mechanics of
determining the amounts of the foreign tax carryback and
carryover to be applied to the appropriate years specified in
section 904(c). H. Rept. 775, 85th Cong., 1st Sess. (1957),
1958-3 C.B. 811, 837-838, 892-895.
Congress did not include in the 1958 legislation a
provision, like the one it had enacted in 1954 for net operating
4 Sec. 6611(g) was amended, effective for interest accruing
after Oct. 3, 1982, to replace "the close of the taxable year"
with "the filing date (as defined in subsection (f)(3)) for the
taxable year". Tax Equity and Fiscal Responsibility Act of 1982,
Pub. L. 97-248, sec. 346(c)(1)(D), 96 Stat. 637. Sec. 6611(f)(3)
defines "filing date" as the last date prescribed for filing the
return, without regard to extensions. See also discussion infra
pp. 22-23.
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