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phrase “for such taxable year” to refer to the “any taxable year”
specified at the beginning of the same sentence, or, in other
words, to the year for which the election of the foreign tax
credit is made. The only other time that Congress used the word
“such” in section 901(a) it did so to refer to the “choice” made
by the taxpayer described in the first sentence of section
901(a). We believe it logical to conclude that Congress’ use of
the second “such”, i.e., the one at issue, refers to the only
“taxable year” described in section 901(a); namely, the year for
which the election of the foreign tax credit is made.
Our reading comports with the Commissioner’s regulations
prescribed under section 901(a). Section 1.901-1(d), Income Tax
Regs., provides that “The taxpayer may, for a particular taxable
year, claim the benefits of section 901 (or claim a deduction in
lieu of a foreign tax credit) at any time before the expiration
of the period prescribed by section 6511(d)(3)(A)”. Here,
petitioner aims to “claim the benefits of section 901” for 1980,
1981, and 1982 and not for 1985. The benefits which petitioner
3(...continued)
views of one Congress as to the meaning of prior
legislation have little bearing on a court's
furtherance of that duty. Such is especially true in
the instant case where few of the legislators who voted
on the subsequent legislation * * * were members of
Congress * * * [at the time of the original
legislation].
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