§937. Residence and source rules involving possessions — Inbound Citations
26 U.S.C. § 937
Cited by 6 provisions in release 119-102.
Citations to §937(a)
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(B) In the case of any bona fide resident of Puerto Rico (within the meaning of section 937(a)) for any taxable year beginning after December 31, 2021—(i) the credit determined under this section shall be allowable to such resident, and(ii) subsection (d)(1)(B)(ii) shall be applied without regard to the phrase “in the case of a taxpayer with 3 or more qualifying children”.
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(II) if such taxable year begins after December 31, 2021, rules similar to the rules of paragraph (2)(B) shall apply with respect to bona fide residents of American Samoa (within the meaning of section 937(a)).
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(C) any entity which is organized under the laws of a possession of the United States and which is wholly owned by one or more bona fide residents (as defined in section 937(a)) of such possession,
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(B) if such individual is a bona fide resident of any possession of the United States (as determined under section 937(a)) for such month.
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(i) by applying section 24(i)(1) without regard to the phrase “or is a bona fide resident of Puerto Rico (within the meaning of section 937(a))”, and
Citations to §937(c)
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In addition to any criminal penalty provided by law, any person described in section 7654(a) who is required under section 937(c) or by regulations prescribed under section 7654 to furnish information and who fails to comply with such requirement at the time prescribed by such regulations unless it is shown that such failure is due to reasonable cause and not to willful neglect, shall pay (upon notice and demand by the Secretary and in the same manner as tax) a penalty of $1,000 for each such failure.