IRS Form: Draft Instructions for Foreign Tax Credit for Corporations (IRC §901)

Draft Form 1118 Instructions released October 15 to reflect changes to the calculation of the foreign tax credit for corporations after the 2017 tax act, Pub. L. No. 115-97. To incorporate the provisions of the Act, extensive changes have been made to the form, as explained throughout the instructions, the IRS noted. Several of the foreign tax credit provisions of the Act are applicable in tax years of foreign corporations beginning after December 31, 2017, and to tax years of U.S. shareholders in which or with which such tax years of the foreign corporations end. The IRS released ...