Foreign Tax Credit Utilization for Corporations: Calculations, Schedules and Considerations for Form 1118

Hosted By: Strafford Publications

​Preparing Form 1118 to claim foreign tax credits on a corporate tax return presents numerous challenges for corporate tax professionals. The form requires separate calculations for each of the various income baskets, with each classification of income subject to different tax treatments, credit limitations and carryovers.

Corporate tax profes​sionals must correctly calculate income or loss before adjustments, then make apportionment of allocable deductions for each type of income for which a foreign tax credit is being claimed. Additionally, there are specific rules in calculating income passed through from second- or lower-tier foreign corporations to the U.S. corporate taxpayer, which the corporate tax advisor must be able to navigate.

Listen as our panel of experienced corporate foreign tax experts provides detailed and practical tools for handling the complex schedules and calculations required to file Form 1118, including special circumstances for treaty-based filings, how to apportion R&D expenses, and reporting deemed taxes paid by lower-tier foreign corporations. The webinar will focus on the practical calculations needed to correctly file a Form 1118.​​