IRS practice unit: Foreign tax credit—categorization of income and taxes into proper basket (updated August 1)
Practice unit previously posted in June 2023
Categorization of income and taxes into proper basket (updated August 1)
The IRS Large Business and International (LB&I) division published an updated Foreign Tax Credit - Categorization of Income and Taxes Into Proper Basket practice unit, revised as August 1, 2023.
Read the practice unit on the IRS practice unit webpage (posting date of September 29, 2023).
The practice unit was previously posted on June 26, 2023. Read TaxNewsFlash
The updated practice unit includes the following note:
The update clarifies slide 5 regarding IRC 962 election and that the reduced corporate rate of 21% is before the IRC 250 deduction.
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