Chrysler Corporation - Page 8

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          appear in section 901(a) refer to petitioner’s 1980, 1981, and              
          1982 taxable years rather than petitioner’s 1985 taxable year.              
          Petitioner argues that its election was timely.  Because section            
          904(c) allows a taxpayer to carry over a foreign tax credit for             
          up to 5 years, petitioner asserts, section 901(a), when read in             
          the light of section 6511(d)(3)(A), generally allows a taxpayer             
          up to 15 years to elect or change its election under section                
          901(a).  Petitioner concludes that the relevant phrases refer to            
          the year for which the overpayment is claimed on account of the             
          foreign taxes; here, 1985.  Petitioner asserts that its                     
          conclusion comports with Congress’ intent for section 901(a),               
          i.e., to avoid subjecting a taxpayer’s foreign earnings to                  
          taxation by both the foreign country and the United States, and             
          that its conclusion is consistent with the application of section           
               We agree with respondent that the 10-year period under                 
          section 901(a) is measured from the years for which P elected the           
          foreign tax credits; i.e., 1980, 1981, and 1982.3  We read the              

               3 At the outset, we note that petitioner relies in part on             
          legislative actions (including the release of committee reports)            
          that occurred many years after the enactment of sec. 901(a) to              
          construe the legislative intent underlying that section.  We do             
          not do likewise.  As we stated in Central Reserve Life Corp. &              
          Subs. v. Commissioner, 113 T.C. 231, 238 (1999) (citations and              
          quotation marks omitted):                                                   
               It is emphatically the province and duty of the                        
               judicial department to say what the law is, and the                    

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