Form 1118 - Foreign tax credit - corporations, instructions for 2013 

December 6:  The IRS has posted the final version of instructions for Form 1118, Foreign Tax Credit—Corporations.

Form 1118 [PDF 279 KB] is used by any corporation that elects the benefits of the foreign tax credit under section 901 for the 2013 tax year.

The new instructions [PDF 220 KB]―with a revision date of December 2013―provide new reporting requirements.

New reporting requirements

  • Identifying numbers - Two columns have been added to Schedules C, D, and E. New columns 1b request the employer identification number of the distributing foreign corporations and new columns 1c request the reference ID number of these corporations.
  • Schedule C, Part I - Columns 11 and 12 have been added to Schedule C, Part I, to account for taxes limited by section 960(c). Previously, this limitation was entered on the “Other reductions of taxes” line of Schedule G.
  • Schedule G, Part I - New line E has been added to Schedule G, Part I, to account for taxes suspended under section 909. Previously, this limitation was entered on the “Other reductions of taxes” line of Schedule G.

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