Foreign Tax Credit, part 2 скачать в хорошем качестве

Foreign Tax Credit, part 2

Foreign Tax Credit, Part 2 Learn more about the credit allowed against U.S. income tax for foreign income taxes. This part covers: Time Topic 00:00 Title sequence 00:10 Who gets the credit 00:51 Taxes paid or accrued 02:32 Translating foreign tax to U.S. dollars 04:58 Redeterminations 06:54 Quiz and closing Quiz: 1. I receive two payments from UK Ltd. in 2014, and UK tax is withheld as follows: £500 on 3/31/14 and £500 on 9/30/14. How much is my foreign tax eligible for credit? a. $1,582 b. $1,000 c. $1,648 d. Some other different amount 2. US Inc. accrued € of France tax in its calendar tax year 2015. It properly translated that as $10,500 and used the full credit. The France government sends US Inc. a notice in 2017 decreasing the tax to €9,000 and sends a check worth $850. Which must US Inc. do: a. File an amended return and pay $850. b. File an amended return and pay $1,050. c. Notify the IRS and wait for assessment. 3. Must US Inc. pay the IRS any interest with the above tax? a. Yes b. No. Resources: Law: 26 USC 901: http://uscode.house.gov/view.xhtml?re... 26 USC 905(c): http://uscode.house.gov/view.xhtml?re... 26 USC 986: http://uscode.house.gov/view.xhtml?re... Fixed and determinable: 26 CFR 1.461-1(a) https://www.ecfr.gov/cgi-bin/text-idx... 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 Exchange Rates: https://www.irs.gov/individuals/inter... Quiz answers: 1. a. (if cash method, likely for individuals) (c. if accrual method); 2.a.; 3.b.