The amount of taxes imposed by foreign countries and possessions of the United States
shall be allowed as a credit against the tax of an organization subject to the tax
imposed by section 511
to the extent provided in section 901
and in the case of the tax imposed by section 511
, the term “taxable income"
as used in section 901
shall be read as “unrelated business taxable income”.
(Aug. 16, 1954, ch. 736, 68A Stat. 176.)