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foreign tax credit

   Also found in: Acronyms, Wikipedia 0.04 sec.
Foreign tax credit
Home country credit against domestic income tax. Received in return for foreign taxes paid on foreign derived earnings.
foreign tax credit
The reduction in a U.S. tax liability because of taxes accrued or paid to a foreign government during the same taxable year.
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Once the proposed rules become effective, the IRS will modify the instructions to Forms 1116, Foreign Tax Credit (Individual, Estate, or Trust), and 1118, to permit summary reporting at the shareholder level of RIC foreign-source income and foreign taxes passed through to shareholders under the Sec.
Prop. regs. reduce RIC reporting burden for foreign-source income and ... by Levy, Marc / The Tax Adviser
tax on nondeductible CFC dividends, in part through the application of an additional foreign tax credit limitation that is applied after expenses and losses are allocated and the regular section 904(d) limitation is calculated.
Notice 2005-64 completes the IRS's Section 965 trilogy by Stoffregen, Philip A. / Tax Executive
The new regulations seek to disqualify taxpayers' inappropriate foreign tax credit applications and the IRS wants to ease its concerns about partnerships allocating foreign tax credits without allocating the corresponding income.
Allocating foreign taxes: IRS rules that partnerships must allocate ... by Graham, Michael / California CPA
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