Foreign Tax Credit, part 1
Автор: International Tax
Загружено: 2018-02-04
Просмотров: 6040
Learn the basics of the credit allowed for foreign income taxes. Here's what we'll cover:
Time Topic
00:00 Introduction
02:15 Credit vs Deduction
03:52 Taxes eligible for credit
06:05 Deemed paid credit (briefly)
06:32 Quiz and closing
Quiz:
1. Which tax is eligible for FTC?
a. UK income tax withheld from gross interest
b. Nigeria assessment on wealth
c. Slobenia per share tax on shareholders
2. Slobenia imposes income tax on deemed profit of sales representatives equal to 5% of operating costs. Is this a creditable tax?
a. Yes
b. No
3. For what part of countries has IRS ruled on whether their tax is creditable?
a. 5 to 10
b. About 1/2
c. Most
Resources:
Law:
26 USC 901: http://uscode.house.gov/view.xhtml?re...
26 USC 903: http://uscode.house.gov/view.xhtml?re...
Forms:
Individual: Form 1116 https://www.irs.gov/pub/irs-pdf/f1116...
Corporation: Form 1118 https://www.irs.gov/pub/irs-pdf/f1118...
Publication 514: Foreign Tax Credit for Individuals https://www.irs.gov/pub/irs-pdf/p514.pdf
For U.S. GAAP treatment of income taxes, see ASC 740.
Answers to Quiz:
1.a.; 2.a.; 3.c.
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