TITLE

Corporate Foreign Tax Credit, 2008

AUTHOR(S)
Costa, Melissa
PUB. DATE
June 2012
SOURCE
Statistics of Income (SOI) Bulletin;Summer2012, Vol. 32 Issue 1, p128
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article focuses on the 7,242 U.S. corporations for Tax Year 2008 which claimed over $100 billion in foreign tax credits that reduced the U.S. tax on worldwide income by 40%. It says that foreign-source income has represented 60% of their taxable income for 2008, in which its foreign taxes in real terms has increased by 17.7% to $121 billion between 2007 and 2008. It mentions that foreign tax credit helps taxpayers to reduce U.S. tax which has been subject to taxation in another country.
ACCESSION #
82600898

 

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