U.S. International Taxation: Foreign Tax Credits For Individuals (Currently Unavailable)

Author: CCH Tax Law Editors

This course explains the U.S. tax rules for individuals to compute the foreign tax credit, including the foreign tax credit limitation. It also reviews the techniques used to lessen the impact of, or completely avoid, the double taxation of income when more than one country has the jurisdictional right to impose tax. This lesson is designed for individuals, S corporations, and partnerships, all of whom will cause the filing of a Form 1116 to claim a foreign tax credit. Upon completion of this course, the student will be able to: Determine creditable foreign income taxes; Compute the foreign tax credit limitation; Compute the foreign tax credit; Determine whether it is more tax advantageous to claim a credit or deduction for foreign taxes paid; Discuss strategies to maximize foreign tax credits on returns; Understand the general and passive limitations on income

Note: This course does not contain audio.

Publication Date: March 2015

Learning Objectives

• Upon completion of this course, the student will be able to: Determine creditable foreign income taxes; Compute the foreign tax credit limitation; Compute the foreign tax credit; Determine whether it is more tax advantageous to claim a credit or deduction for foreign taxes paid; Discuss strategies to maximize foreign tax credits on returns; Understand the general and passive limitations on income

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic knowledge of U.S. international tax rules

Advance Preparation
None