Knowledge system is not enabled for this account. Redirecting to LiveHelpNow... What foreign taxes are NOT included in calculating foreign tax credit on Form 1116? - Print

What foreign taxes are NOT included in calculating foreign tax credit on Form 1116?

Article ID: 35251  

Question
What foreign taxes are NOT included in calculating foreign tax credit on Form 1116?

Answer

You may have to reduce the foreign taxes you paid or accrued by the following items:

 

- Taxes on income excluded on Form 2555 or Form 2555-EZ.

- Taxes on income from Puerto Rico exempt from U.S. tax.

 - Taxes on income from American Samoa excluded from U.S. tax.

- Taxes on foreign-oil-related income.

- Taxes on foreign oil and gas extraction income.

- Taxes on foreign mineral income.

- Reduction for failure to file Form 5471 for U.S. shareholders who control a foreign corporation.

- Reduction for failure to file Form 8865. for U.S. partners who control a foreign partnership.   

- Reduction of taxes or credit due to international boycott operations.


Article Details
Views: 815 Created on: Jun 15, 2013