IRS Form: Foreign Tax Credit Tax Form Instructions Revised (IRC §901)

Final instructions to Form 1118, Foreign Tax Credit – Corporations, released January 20 to reflect changes mostly from the final foreign tax credits regulations, T.D. 9882 and T.D. 9886, that were issued in 2019 and 2020. Among the changes are: (1) the modified wording on page 1, line c reflecting that there is now more than one RBT (Income Resourced By Treaty) code that can be entered on line a; (2) Schedule A, columns 9, 10, and 11, delete the phrase “or loss” reflecting a change in the manner in which foreign source exchange losses under tax code Section 986(c) ...