Source: https://www.bna.com/Indirect-Foreign-Tax-p7752/
Timestamp: 2017-01-17 05:02:10
Document Index: 618746634

Matched Legal Cases: ['§902', '§901', '§960', '§951', '§962', '§960', '§1248', '§367', '§904', '§78', '§951', '§482']

Indirect Foreign Tax Credits (Portfolio 902) | Bloomberg BNA
Tax Management Portfolio, Indirect Foreign Tax Credits, contains a detailed analysis of §902, under which a domestic corporation
may be deemed to have paid, for purposes of the §901 foreign tax credit, foreign income taxes paid by a foreign corporation from which the domestic corporate shareholder receives a dividend.
The Portfolio also 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 Portfolio 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.
The Portfolio examines in detail the interrelationship of the indirect credit rules and the §904 limitation on the foreign tax credit. The Portfolio also examines the rules of §78, which requires a U.S. shareholder to gross up a dividend or §951 inclusion from a foreign
corporation by the amount of foreign taxes deemed paid. Finally, the Portfolio examines the effect on indirect foreign tax credits of §482 adjustments and refunds or redeterminations of foreign tax.
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