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Corporate Foreign Tax Credit Situation in the US
Finance & Accounting
Pages 10 (2510 words)
Name: Course Name: Course Instructor: Date of Submission: Contents Contents 2 Abstract 3 Introduction 4 Credit for Foreign Income Taxes 4 Limitation on Credit 6 Maximum Allowable Foreign Tax Credit 6 Carryback and Carryover of the Foreign Tax Credit 6 Claiming the Tax Credit or Deduction Each Year 7 Foreign Taxes not eligible for the Foreign Tax Credit 7 Foreign Source Income 8 Refunds and Adjustments 8 Corporate Foreign Tax Credit Situation in the US 9 Conclusion 12 Corporation Taxation – Foreign Tax Credit Abstract This paper reveals issues that are related to foreign tax credit on corporate bodies.
These sub-topics are very relevant to the research paper on the above mentioned topic. It is important to note that the paper has comprehensively discussed these topics in order to paint a clear picture in relation to corporation taxation- foreign tax credit. Introduction According to About.com (1) corporation tax is the type of tax that is taxable on profits and capital gains which are taxable on organizations and limited companies. These business establishments include societies, associations, clubs, cooperatives, charities and other unincorporated institutions. Foreign tax credit on the other hand is described as a non-refundable tax credit accrued from income taxes given to a foreign government due to withholding foreign income tax (About.com, 1). This type of tax applies to any employee in a foreign country or has some investment income from a certain foreign country. ...
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