Corporations use this form to compute their foreign tax credit for certain taxes paid or accrued to foreign countries or U.S. possessions.
Current Revision
Recent Developments
None at this time.
Schedules
Use Schedule I (Form 1118), (a separate schedule) to compute reductions of taxes paid, accrued, or deemed paid on foreign oil and gas income.
Use Schedule J (Form 1118), (a separate schedule) to compute adjustments to separate limitation income or losses in determining the numerators of limitation fractions, year-end recharacterization balances, and overall foreign and domestic loss account balances
Corporations claiming foreign tax credit use this schedule to compute adjustments to separate limitation income (losses) and year-end account balances.
Use Schedule L (Form 1118), (a separate schedule) to report foreign tax redeterminations that occurred in the current taxable year and that relate to prior taxable years.