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FIRST CHICAGO NBD CORP. v. C.I.R.

No. 96-4006.

135 F.3d 457 (1998)

FIRST CHICAGO NBD CORPORATION, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided January 28, 1998.

Attorney(s) appearing for the Case

Michael M. Conway (argued), Marilyn D. Franson, Hopkins & Sutter, Chicago, IL, for Petitioner-Appellant.

David E. Carmack, Thomas J. Clark, Edward T. Perelmuter (argued), Department of Justice, Tax Division, Appellate Section, Washington, DC, for Respondent-Appellee.

Before POSNER, Chief Judge, and BAUER and COFFEY, Circuit Judges.

POSNER, Chief Judge.

Section 901 of the Internal Revenue Code allows taxpayers to take a credit against their federal income taxes for taxes paid to a foreign government. What if the taxpayer owns just a piece of a foreign corporation? Section 902(a), as it read until 1986, provided that "a domestic corporation which owns at least 10 percent of the voting stock of a foreign corporation from which it receives dividends" shall (for purposes of the foreign tax credit...

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