### Question
How is the "GNP implicit price deflator" defined?


### Answer
The term **GNP implicit price deflator** is defined in *26 U.S.C. § 29* as follows -

> the first revision of the implicit price deflator for the gross national product as computed and published by the Department of Commerce

#### Citation:
  - *26 U.S.C. § 29*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter A-Determination of Tax Liability > PART IV-CREDITS AGAINST TAX > Subpart B-Foreign Tax Credit, Etc.**

