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CPE Self-Study
Overview of Foreign Tax Credit
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NASBA FIELD OF STUDY
Taxes
LEVEL
Basic
CPE CREDITS
Online: 4.5
Cover the Foreign Tax Credit Rules and key concepts.

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Product details

Understand the key concepts.

Who Will Benefit?

  • Public and corporate tax professionals interested in building a solid foundation in U.S. international taxation.

Key Topics

  • Summary of the FTC rules
  • Sections 901, 902, and 960; Separate Basket FTC Limitations and Look-Through Rules, Separate Limitation Losses
  • Overall Foreign Loss (OFL)
  • Overall Domestic Loss (ODL)
  • Indirect credit and lower tier subsidiaries
  • Review of Section 861 rules
  • Alternative allocation methods available
  • CFC netting rules
  • Tax book value methods
  • Impact of branches on expense allocations
  • Cover splitter structures and impact on FTC
  • Impact from 901(m)

Learning Objectives

  • Identify eligible foreign tax credits
  • Recognize the value of foreign tax credits
  • Apply key foreign tax concepts
  • Calculate foreign tax credit and limitation
  • Explain some of the complexities with OFL, ODL
  • Identify foreign tax credit issues in client discussions
  • Understand purpose and approach of Section 861
  • Explain allocation/apportionment methods available for interest, R&E, and other relevant expenses
  • Calculate allocation of expenses under standard and alternative methods
  • Explain impact of branches and CFC netting rule on expense allocations and apportionment
  • Describe the operation of the section 909 rules
  • Identify when the section 909 rules apply
  • Show applicability and impact of section 901(m) and relationship to section 338 elections

This self-study online course is part of the U.S. International Tax Certificate, a comprehensive learning program geared to help global finance and accounting professionals navigate the highly complex world of international taxation. This course can be purchased individually or as part of the U.S.International Tax: Inbound and Outbound Transactions bundle. You must purchase the bundle to earn the digital badge.

The CPE self-study course covers, in more detail, the Foreign Tax Credit (FTC) Rules and key concepts. It then focuses on key concepts of the expense apportionment rules, including general methods, alternative methods, and special rules such as "Controlled Foreign Corporation (CFC) netting."

Finally, it discusses foreign tax splitter arrangements under Section 909 and the impact of Section 901(m) on indirect paid credits.

Ratings and reviews
Author(s)

Brandon Joseph

David Han

David Zaiken

Eric Johnson

Shannon Berryman

Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Price:
$129.00
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Estimated total:
$129.00
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CREDIT INFO
CPE credits
Online
: 4.5
NASBA Field of Study
Taxes
Level
Basic
Prerequisites
None
ADVANCE PREPARATION
None
Delivery Method
QAS Self-Study
Course acronym
ITC_18E_1
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