Publication 514 |
2008 Tax Year |
Form 1116 Foreign Tax Credit 2007. Summary: This is an example of Form 1116 (2007) with items included as described in the text. Additionally, these line items
are
completed:
“Name” field contains Robert Smith
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“Identifying number as shown on page 1 of your tax return” field contains 000-00-0000
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“f. Resident of (name of country)” field contains Country X
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Under
“Part I: Taxable Income or Loss From Sources Outside the United States (for Category Checked Above): Deductions and losses”:
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“1a. Gross income from sources within country shown above and the type checked above (see page 14 of the instructions:” field contains
14,300
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“2. Expenses definitely related to the income” field contains 217
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“3a. Certain itemized deductions or standard deduction” field contains 940
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“3c. Add lines 3a and 3b” field contains 940
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“3d. Gross foreign source income (see instructions)” field contains 100,000
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“3e. Gross income from all sources (see instructions)” field contains 110,400
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“3f. Divide line 3d by line 3e (see instructions)” field contains .9058
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“3g. Multiply line 3c by line 3f” field contains 851
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“4a. Home mortgage interest expense (use worksheet on page 14 of the instructions) field contains 1,679”
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“6. Add lines 2, 3g, 4a, and 5” field contains 2,747
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“7. Substract line 6 from line 1a. Enter the result here and on line 14, page 2” field contains 11,553
|
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Under
“Part II: Foreign Taxes Paid or Accrued”:
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“Country A: Credit is claimed for taxes (you must check one): (h) Paid” checkbox checked
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“(j) Date paid or accrued” field contains 12-31-2007
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“(n) Foreign taxes paid or accrued in foreign currency: Other foreign taxes paid or accrued” field contains 54,800
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“(r) Foreign taxes paid or accrued in U.S. dollars: Other foreign taxes paid or accrued” field contains 27,400
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“(s) Total foreign taxes paid or accrued (add columns (o) through (r))” field contains 27,400
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“8. Add lines A through C, column (s). Enter the total here and on line 9, page 2” field contains
27,400
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