Company: IPHYF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001598599-25-000042
Chunk: 267

Company: Innate Pharma SA
Filing Date: 2025-04-30
Form: 20-F
Item: Item 10
Chunk 267
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 subject to numerous complex limitations that must be determined and applied on an individual basis. Generally, the credit cannot exceed the proportionate share of a U. S. holder’s U. S. federal income tax liability that such U. S. holder’s taxable income bears to such U. S. holder’s worldwide taxable income. In applying this limitation, dividends received generally will be treated as income from foreign sources and generally will be “passive category income,” or in certain cases “general category income” or “foreign branch income,” which is treated separately from other types of income for purposes of computing the foreign tax credit allowable to U. S. holders. In addition, the creditability of foreign taxes could be affected by actions taken by intermediaries in the chain of ownership between the holders of ADSs or ordinary shares and the Company if, as a result of such actions, the holders of our ADSs or ordinary shares are not properly treated as beneficial owners of the underlying ordinary shares. Further, certain Treasury regulations addressing foreign tax credits (the “ Foreign Tax Credit Regulations”) impose additional requirements for foreign taxes to be eligible for a foreign tax credit if the relevant taxpayer does not elect to apply the benefits of an applicable income tax treaty, and there can be no assurance that those requirements will be satisfied. Recent notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirements to apply many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax Credit Regulations) for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). Each U. S. holder should consult its own tax advisors regarding the foreign tax credit rules, including under the Foreign Tax Credit Regulations.

In general, the amount of a distribution paid to a U. S. holder in a foreign currency will be the U. S. dollar value of the foreign currency calculated by reference to the spot exchange rate on the day the depositary receives the distribution, in the case of the ADSs, or on the day the distribution is received by the U. S. holder, in the case of ordinary shares, regardless of whether the foreign currency is converted into U. S. dollars at that time. Any foreign currency gain or loss a U. S. holder realizes on a subsequent conversion of foreign currency into U. S. dollars will be U. S. source ordinary income or loss. If dividends received in a foreign currency are converted into U.