On 11 April 2017, the U.S. IRS published an international practice unit: FTC General Principles. The practice unit provides an overview of the following foreign tax credit (FTC) principles:
- Basic concept of FTC;
- Identifying taxpayers eligible for FTC;
- The foreign taxes that qualify for FTC;
- Foreign tax credit vs. foreign tax deduction; and
- The carryback and carryover of unused credits.
International practice units are developed by the Large Business and International Division of the IRS t…