CREDIT FOR TAXES OF FOREIGN CORPORATIONS.

SEC. 332. CREDIT FOR TAXES OF FOREIGN CORPORATIONS. (a) Foreign Subsidiary of a Domestic Corporation.—Effective with respect to dividends received by a domestic corporation from a foreign corporation during taxable years beginning after December 31, 1950, the first sentence of section 131 (f) (1) is hereby amended by striking out “a majority” and inserting in lieu thereof “at least 10 per centum”. (b) Foreign Subsidiary of a Foreign Corporation.—Effective with respect to dividends received by a foreign corporation from another foreign corporation in taxable years beginning after December 31, 1950, section 131 (f) (2) is hereby amended by striking out “all the voting stock (except qualifying shares)” and inserting in lieu thereof “50 per centum or more of the voting stock”. (c) Clerical Amendment.—So much of section 131 (f) (1) as precedes the first sentence thereof is hereby amended to read as follows: “(f) Taxes of Foreign Corporation.— “(1) Treatment of taxes paid by foreign corporation.—”.