Form 1118

(redirected from Forms 1118)

Form 1118

A form that a corporation files with the IRS in order to claim the foreign tax credit, which is a direct, dollar-for-dollar reduction in the corporation's U.S. tax liability due to taxes levied by a foreign government.
References in periodicals archive ?
The statistics in this data release are based on information reported on Forms 1118 and related corporate tax forms for those corporation income tax returns with a foreign tax credit that were included in the 2011 Statistics of Income (SOI) sample of corporate returns with accounting periods ending between July 2011 and June 2012.
The instructions for Part III, line 4, indicate that the amount of section 78 gross up should correspond to the total of the amounts reported on Forms 1118 and on all Forms 5471.