IRS Form: Form 1116 Instructions Released (IRC §904)

Form 1116 instructions released December 31 to reflect the 2017 tax act, Pub. L. No. 115-97, legislative changes, including two new separate categories of income under tax code Section 904(d) in calculating the foreign tax credit. Amounts includible in gross income under Section 951A and foreign branch income were added to Section 904(d). The 2017 tax act also added an election to increase pre-2018 Section 904(g) overall domestic loss recapture. [Instructions for IRS Form 1116 (2018)]

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