Finanse publiczne · 07/04/2011

IRS Issues Final Regulations on Reduced Foreign Tax Credit Limitation Categories

The Internal Revenue Service (IRS) has released final regulations clarifying the reduction of foreign tax credit limitation categories under Section 904(d) of the Internal Revenue Code, which was implemented by the American Jobs Creation Act of 2004 (AJCA) in 2004, effective for tax years starting after December 31, 2006, impacting individuals and corporations claiming foreign tax credits.