Refundable credits and foreign tax credits
This item discusses how new rules would affect taxpayers’ ability to claim FTCs for foreign income taxes that are offset with refundable tax credits in a foreign jurisdiction.
Credits
How to treat foreign tax credits
The IRS issued final and proposed regulations covering a variety of issues involving deductions and credits for foreign taxes.
Foreign income taxes deemed paid and the PTEP rules
Treasury and the IRS temporary regulations include rules for determining foreign income taxes deemed paid under Sec. 960, which pertains to the “deemed paid” foreign tax credit.
Foreign tax credit allocation and apportionment rules finalized
The IRS issued final and proposed regulations covering a wide variety of issues involving deductions and credits for foreign taxes.
Final regulations address covered assets acquisition rules
The IRS issued final regulations that govern covered asset acquisitions, which are used to increase foreign tax credits.
Final regs. issued on foreign tax credits
The IRS officially released final regulations providing guidance on determining foreign tax credits. The regulations include changes necessitated by the law known as the Tax Cuts and Jobs Act.
Final rules govern GILTI, Subpart F income, and foreign tax credits
The IRS issued final regulations on the Sec. 951A global low-taxed income inclusion and foreign tax credits, finalizing proposed rules issued in October and December 2018.
IRS proposes new foreign tax credit regulations
The IRS issued proposed regulations on the determination of the foreign tax credit after the changes in the law made by the Tax Cuts and Jobs Act.
Proposed foreign tax credit regulations issued
The IRS issued proposed regulations on the determination of the foreign tax credit after the changes in the law made by the Tax Cuts and Jobs Act.
Coca-Cola entitled to credits for overpaid Mexican taxes
Although a company might in the future receive a refund of foreign taxes paid, it was entitled to claim foreign tax credits.
The challenge of maximizing the foreign tax credit on qualified dividends
This item illustrates how challenging it can be to use foreign tax credits on qualified dividends.
Wells Fargo wins partial victory on STARS transaction
The Tax Court held that the loan portion of a STARS transaction was not a sham but that the company was subject to tax penalties.
Adjustments of foreign capital gains and losses for the foreign tax credit
This article discusses some requirements of Form 1116 and the adjustments’ directions as laid out in Publication 514.
Sec. 901(m) Temporary Regulations Apply to Covered Asset Acquisitions
The IRS issued temporary regulations designed to prevent taxpayers from misapplying the Sec. 901(m) statutory disposition rule in certain cases when a foreign asset is disposed of.
IRS Plans Regs. on Sec. 909 Foreign Tax Credit Splitter Arrangements
IRS describes regulations it intends to issue identifying as foreign tax credit splitter arrangements certain transactions undertaken by corporations in anticipation of foreign-initiated income tax adjustments.
Rules Govern Covered Asset Acquisitions Under Sec. 901(m)
The IRS issued temporary regulations that are designed to prevent taxpayers from misapplying the Sec. 901(m) statutory disposition rule in certain cases when a foreign asset is disposed of.
IRS Restricts Foreign Tax Credit Splitter Arrangements
The IRS issued guidance prohibiting corporations from taking foreign tax credits for taxes without repatriating the earnings to the United States.
Rules for Partnership Allocations of Creditable Foreign Taxes Are Amended
Temporary regulations issued by the IRS amend an existing safe harbor that is used for determining whether allocations of CFTEs are deemed to be in accordance with the partners’ interests in the partnership.
Foreign Oil and Gas Tax Credits Subject to Separate Credit Limitations
A recharacterization of royalties as income tax in some countries results in a high rate of foreign tax imposed on foreign oil and gas income that can be creditable against the U.S. tax.
Regulations Clarify Partnership Allocations of Creditable Foreign Taxes
New rules released by the IRS are intended to improve an existing safe harbor for allocating creditable foreign taxes so that they are deemed to be in accordance with the partners’ interests in the partnership.
