---
kind: "section"
citation: "26 U.S.C. § 515"
title: "26"
title_heading: "Internal Revenue Code"
number: "515"
heading: "Taxes of foreign countries and possessions of the United States"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/26/515"
units:
  - "Subtitle A — Income Taxes"
  - "Chapter 1 — Normal Taxes and Surtaxes"
  - "Subchapter F — Exempt Organizations"
  - "Part III — Taxation of Business Income of Certain Exempt Organizations"
---

# §515. Taxes of foreign countries and possessions of the United States


The amount of taxes imposed by foreign countries and possessions of the [United States](/usc/26/993.md?p=g) shall be allowed as a credit against the tax of an [organization](/usc/26/414.md?p=m-6-A) subject to the tax imposed by [section 511](/usc/26/511.md) to the extent provided in [section 901](/usc/26/901.md); and in the case of the tax imposed by [section 511](/usc/26/511.md), the term “[taxable income](/usc/26/63.md?p=a)” as used in [section 901](/usc/26/901.md) shall be read as “unrelated business [taxable income](/usc/26/63.md?p=a)”.


## Source credit

(Aug. 16, 1954, ch. 736, 68A Stat. 176.)