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(2) Certain amendments to apply
notwithstanding treaties.-–The following
amendments made by the Reform Act [viz, TRA]
shall apply notwithstanding any treaty obligation
of the United States in effect on the date of the
enactment of the Reform Act:
(A) The amendments made by section 1201
of the Reform Act.
(B) The amendments made by title VII of
the Reform Act to the extent such amendments
relate to the alternative minimum tax
foreign tax credit.
Thus, Congress specifically codified the later-in-time rule
with respect to section 59(a)(2). See S. Rept. 100-445,
supra at 319.
The Third Protocol, signed on March 17, 1995, which
entered into force on November 9, 1995, made changes to
article XXIV affecting credits for Social Security tax,
corporate tax exemptions, and the tax treatment of
dividends, interest, and royalties. Third Protocol,
art. 12. These amendments did not alter the general rule
of article XXIV found in paragraph 1, as stated above.
Id.; U.S.-Canada treaty, art. XXIV, par. 1. Significantly,
article 1 of the Third Protocol amended paragraph 2 of
article II of the U.S.-Canada treaty, setting forth the
taxes covered by the U.S.-Canada treaty. That paragraph
was amended to read as follows:
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Last modified: May 25, 2011