A bill to amend the Internal Revenue Code of 1954 to provide that the credit for foreign taxes shall not be allowed in the case of taxes paid to a foreign country with respect to the income derived from any oil or gas well located in a foreign country.

Provides, under the Internal Revenue Code of 1954, that the credit for foreign taxes shall not be allowed in the case of taxes paid to a foreign country with respect to the income derived from any oil or gas well located in a foreign country.

Provides that such denial of credit shall not apply where its application would be contrary to any treaty ratified after the enactment of this Act.