[Code of Federal Regulations]
[Title 26, Volume 18, Parts 500 to 599]
[Revised as of April 1, 2000]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR521.115]

[Page 152]
 
                       TITLE 26--INTERNAL REVENUE
 
     CHAPTER 1--INTERNAL REVENUE SERVICE DEPARTMENT OF THE TREASURY 
                               (Continued)
 
PART 521--DENMARK--Table of Contents
 
                       Subpart--General Income Tax
 
Sec. 521.115  Credit against United States tax liability for Danish tax.

    For the purpose of avoidance of double taxation, Article XV provides 
that, on the part of the United States, there shall be allowed against 
the United States income tax a credit for the amount of Danish taxes 
described in Article I of the convention imposed on income derived from 
sources within Denmark for taxable years beginning on and after January 
1, 1948. Such credit, however, is subject to the limitations provided in 
section 131 of the Internal Revenue Code (relating to the credit for 
foreign taxes). See Secs. 29.131-1 to 29.131-10 of Regulations 111 (26 
CFR 1949 ed. Supps. 29.131-1 to 29.131-10) [and Secs. 39.131(a) 1 to 
39.131(j)-1 of Regulations 118 (26 CFR, Rev. 1953, Parts 1-79, and 
Supps.)].