foreign tax credit


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Foreign tax credit

Home country credit against domestic income tax. Received in return for foreign taxes paid on foreign derived earnings.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Foreign Tax Credit

A direct, dollar-for-dollar reduction in one's U.S. tax liability because of taxes levied by a foreign government. The United States is one of the only countries that taxes income that citizens earn abroad. However, the foreign tax credit exempts income paid as taxes to foreign governments, eliminating the possibility of double taxation.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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Section 904 of the Code requires the calculation of taxable income from foreign sources in various categories (or "baskets") to determine the maximum allowable foreign tax credit against U.S.
TEI Comments on Proposed Foreign Tax Credit Regulations
The district court held that the taxpayer's claim was untimely because the 10-year limitation period applies only to refunds based on the use of the foreign tax credit, and the company's 1995 refund claim was not attributable to taxes paid in its 2002 tax year.
Taxpayer's change to foreign tax deduction is ruled untimely: Extended limitation period of 10 years for refund claims applies only to foreign tax credit, Second Circuit affirms
Jobs Act made major changes to the foreign tax credit, effective in
PARTIAL REPEAL OF FOREIGN TAX CREDITS BY THE TAX CUTS AND JOBS ACT: RESULTING BEHAVIORAL INCENTIVES, SELF-HELP, AND NEW MECHANICS FOR SOME REMAINING PORTIONS OF THE CREDIT
Tax relief through the foreign tax credit (or a foreign tax deduction) won't help, though, if you hold a foreign stock fund in a tax-deferred account such as an IRA.
Foreign stock funds can be doubly taxing
Thus, the taxpayer's maximum allowable foreign tax credit from FOGEI and FORI is 23.8% x $350,000, or $83,300.
Foreign oil and gas tax credits subject to separate credit limitations
The foreign tax credit (FTC) is designed to prevent the double taxation of income that often results from international transactions.
New regulations curtail abuse of foreign tax credit by partnerships
The notice provides guidance on the application of the new look-through rules and the transition from the previous treatment The transition issues addressed include the carryover and carry-back of excess foreign tax credits and the treatment of separate limitation losses and overall foreign losses.
Treasury clarifies foreign tax credit changes for 2003. (Newsflash: National)
The proposed GILTI and foreign tax credit regulations provided critical guidance for tax executives adjusting to the new U.S.
GILTI, FDII, and FTC Guidance and International Tax Planning: How to decipher this complex stew, replete with interesting ingredients
901 (or claim a deduction in lieu of a foreign tax credit) at any time before the expiration of the period prescribed by Sec.
Foreign tax credit: when is it too late to change your mind?
The final regulations provide that amounts paid to a foreign taxing authority that are attributable to a "structured passive investment arrangement" are not treated as an amount of tax paid for purposes of the foreign tax credit. Structured passive investment arrangements are generally designed to exploit differences between U.S.
REGS shut down artificially generated FTCs
The 5,409 corporations claiming a foreign tax credit for 2003 earned $424.5 billion in worldwide taxable income and paid $140.5 billion in worldwide income taxes.
Corporate foreign tax credit, 2003
Foreign tax credit abuse is among the top IRS compliance concerns for large corporate taxpayers.
IRS proposes foreign tax credit regs

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