Course Information

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U.S. International Taxation: Foreign Tax Credits (Second Edition)
Author: Robert J. Misey, Jr. & Michael S. Schadewald

Description:
The U.S. taxes U.S. persons on their worldwide income, regardless of source. Since other countries frequently impose their tax on income sourced within their jurisdiction, income earned by a U.S. person can be subject to double tax. In order to mitigate the effects of this double tax on U.S. persons, the U.S. allows U.S. persons to claim a credit against U .S. taxes for foreign taxes paid.

The Course covers the rules needed to compute such a foreign tax credit. In addition to any foreign taxes paid directly by a U.S. person, a U.S. corporation with a foreign subsidiary may claim a foreign tax credit for a portion of the taxes paid by the subsidiary to the foreign jurisdiction.

The Course covers the computation of this so-called deemed paid credit. In addition to covering the rules used to compute the foreign tax credit and deemed credit, the Course discusses basic tax planning strategies for eliminating excess foreign tax credits, as well as for repatriating dividends.

At the completion of this course, the student will be able to:

  • Compute the foreign tax credit
  • Compute the deemed foreign tax credit
  • Determine whether it is more tax advantageous to claim a credit or deduction for foreign taxes paid
  • Discuss strategies to maximize foreign tax credits on returns

Course Details:
Price:  $75.96
Field of Study:  Taxes
Prerequisites:  U.S. International Taxation: Sourcing of Income, or equivalent knowledge.
Level:  Intermediate
CTEC course number:  1075-CE-9780
Course was last updated on:  01/24/2011
Library:
U. S. International Taxation
Corporate

Technical Requirements:
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Credit Available For: Units
CPE 4.00 CPE
CTEC Federal 4.00 CE
Enrolled Agent (Accepted by the IRS) 4.00 CPE
QAS 4.00 CPE

Note: Recommended CPE credit is based on a 50-minute hour. Participants earning credits for states that require self-study to be based on a 100-minute hour will receive half the recommended CPE credits for successful completion of this course.

Since Continuing Professional Education requirements vary from state to state and are subject to change without notice, please contact your state board of accountancy for information on your CPE requirements and the applicability of this course to meet those specifications.

CCH has been approved by the California Tax Education Council to offer courses that provide federal and state credit towards the annual "continuing education" requirement imposed by the State of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.