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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References in periodicals archive ?
These adjustments are complex, and many tax practitioners rely on the instructions to Form 1116, Foreign Tax Credit, and IRS Publication 514, Foreign Tax Credit for Individuals.
Taxpayers must consult the instructions for Form 1116 to determine whether they are required to make adjustments to their foreign capital gains and losses and, if so, whether they must use the instructions for Form 1116 or those in Publication 514 to make the adjustments.
Capital gain and loss adjustments (Publication 514)
(The author believes that the 20% rate group was inadvertently left out of the text of this step in Publication 514.)
IRS Publication 514 (Foreign Tax Credit for Individuals), pp.1-2, at: www.irs.gov.
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.