Source: https://pro.bloombergtax.com/portfolio/indirect-foreign-tax-credits-portfolio-902/
Timestamp: 2019-06-25 16:14:13
Document Index: 797833783

Matched Legal Cases: ['§960', '§951', '§962', '§960', '§1248', '§367']

Indirect Foreign Tax Credits (Portfolio 902) - Bloomberg Tax & Accounting
This Portfolio contains a detailed analysis of §960, under which a domestic corporation that is taxed on earnings and profits of a controlled foreign corporation under §951 may be deemed to have paid foreign income taxes paid by the foreign corporation.
The Bloomberg Tax Portfolio, Indirect Foreign Tax Credits examines the election provided by §962 under which a noncorporate domestic shareholder may take advantage of the §960 credit. The Portfolio also examines other special situations in which an indirect credit may arise: when a U.S. shareholder sells stock in a controlled foreign corporation and the gain is recharacterized as a dividend under §1248; when a U.S. shareholder is deemed to receive a dividend in a reorganization or other transaction covered by §367(b); when a U.S. shareholder is taxed on income of a passive foreign investment company; and when a U.S. shareholder receives certain distributions from a DISC or a FSC.
John Carr, Jr.