26 USC 934 - Limitation on reduction in income tax liability incurred to the Virgin Islands

U.S Code last checked for updates: Oct 23, 2026

§ 934.

Limitation on reduction in income tax liability incurred to the Virgin Islands

(a)

General rule

(b)

Reductions permitted with respect to certain income

(1)

In general

(2)

Exception for liability paid by citizens or residents of the United States

(3)

Special rule for non-United States income of certain foreign corporations

(A)

In general

(B)

Qualified foreign corporation

For purposes of subparagraph (A), the term “qualified foreign corporation” means any foreign corporation if less than 10 percent of—

(i)

the total voting power of the stock of such corporation, and

(ii)

the total value of the stock of such corporation, is owned or treated as owned (within the meaning of section 958) by 1 or more United States persons.

(4)

Determination of income source, etc.

(Added Pub. L. 86–779, § 4(a)(1), Sept. 14, 1960, 74 Stat. 998; amended Pub. L. 94–455, title XIX, §§ 1901(a)(118), 1906(b)(13)(A), Oct. 4, 1976,

cite as: 26 USC 934