ITL 2023: Form 5471: CFCs and Foreign Tax Credit

Controlled foreign corporations frequently pay foreign income tax on their net profits. Suppose the U.S. shareholder includes the CFC's net profit ...

11/17/2023 2:00pm - 3:00pm | Online | CalCPA

Members: $49.00, Non-members: $59.00

CPE Categories: Taxation (1 CPE)

Interest Areas: Individual Taxation

Description

Controlled foreign corporations frequently pay foreign income tax on their net profits. Suppose the U.S. shareholder includes the CFC's net profit in its gross income. Shouldn't the US shareholder also be entitled to use the CFC's tax payments to offset foreign tax credit against the US tax liability on the CFC's income included in the shareholder's gross income? That's the topic of this session: when is the foreign tax credit allowed, and how is it reported?

Presented by Philip Hodgen

Target Audience

CPAs, attorneys, tax preparers and advisors who what to stay current on the latest developments on international tax issues.

Course Objectives

Identify how to report a foreign tax credit
Determine whether your taxpayer can use a foreign tax credit

Subjects

Form 5471
Controlled foreign corporation
Foreign tax credit