### Question
How does NORMAL TAXES AND SURTAXES define existing credit claimant?


### Answer
Under *26 U.S.C. § 936*, **existing credit claimant** is defined as:

> a corporation—


(i)(I) which was actively conducting a trade or business in a possession on October 13, 1995, and


(II) with respect to which an election under this section is in effect for the corporation's taxable year which includes October 13, 1995, or


(ii) which acquired all of the assets of a trade or business of a corporation which—


(I) satisfied the requirements of subclause (I) of clause (i) with respect to such trade or business, and


(II) satisfied the requirements of subclause (II) of clause (i)

#### Citation:
  - *26 U.S.C. § 936*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter N-Tax Based on Income From Sources Within or Without the United States > PART III-INCOME FROM SOURCES WITHOUT THE UNITED STATES > Subpart D-Possessions of the United States**

