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A broad range of stakeholders are urging the Supreme Court to take a case that would resolve a major split between the Third and Fifth circuits on whether the United Kingdom windfall profits tax is a creditable foreign income tax under Section 901. The conflict focuses on whether IRS should look at the form or substance of the tax, and carries broad ramifications for the treatment of other types of foreign taxes, stakeholders say. Several urge the court that the substance-based approach taken by the Fifth Circuit Court of Appeals, which renders the tax creditable, is the correct one.
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