Foreign Tax Credit Limitation
GPTKB entity
Statements (30)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
tax concept
|
| gptkbp:affects |
gptkb:Form_1116
Form 1118 |
| gptkbp:appliesTo |
corporations
individuals U.S. taxpayers foreign income taxes paid or accrued |
| gptkbp:carrybackPeriod |
1 year
|
| gptkbp:carryforwardPeriod |
10 years
|
| gptkbp:definedIn |
Internal Revenue Code Section 904
|
| gptkbp:enforcedBy |
gptkb:Internal_Revenue_Service
|
| gptkbp:form |
(foreign source taxable income / worldwide taxable income) x U.S. tax
|
| https://www.w3.org/2000/01/rdf-schema#label |
Foreign Tax Credit Limitation
|
| gptkbp:incomeCategories |
gptkb:global_intangible_low-taxed_income_(GILTI)
passive income foreign branch income general income |
| gptkbp:limitation |
credit to U.S. tax on foreign source income
|
| gptkbp:notAllowableFor |
taxes not based on income
|
| gptkbp:prevention |
excess foreign tax credit use in future years
use of foreign tax credit to offset U.S. tax on U.S. source income |
| gptkbp:purpose |
prevent double tax benefit
|
| gptkbp:regulates |
amount of foreign tax credit claimed
|
| gptkbp:relatedTo |
gptkb:Foreign_Tax_Credit
double taxation tax treaties |
| gptkbp:requires |
separate calculation for different income categories
|
| gptkbp:yearlyCalculation |
yes
|
| gptkbp:bfsParent |
gptkb:US_Taxation_of_International_Income
|
| gptkbp:bfsLayer |
7
|