Publication 514

Publication 514

A form published by the IRS explaining how and under what circumstances one can claim a foreign tax credit on taxes paid to another government.
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The IRS set forth in 1991 Publication 514, Foreign Tax Credit for Individuals, that the 3% phaseout should be allocated among the various-itemized deductions subject to the phaseout by multiplying each deduction by a ratio of the phaseout amount over total itemized deductions subject to phaseout.