701—53.19 (422) Deduction of foreign dividends. For tax years beginning on or after January 1, 1992, corporations may claim a deduction based on percentage of ownership as set forth in Section 243 of the Internal Revenue Code for foreign dividends including Subpart F income as defined in Section 952 of the Internal Revenue Code. See Kraft General Foods, Inc.	v.	Iowa Department of Revenue and Finance, 505 U.S. 71, 120 L.Ed 59, 112 S.Ct.	2365 (1992).
This rule is intended to implement Iowa Code section 422.35.