KPMG is reporting that the IRS Large Business and International (LB&I) division publicly released a “practice unit”—part of a series of IRS examiner “job aides” and training materials intended to describe for IRS agents leading practices about tax concepts in general and specific types of transactions.
IRS practice unit webpage focuses on the general rules and processes of allocating and apportioning individual taxpayer’s most common expenses, losses, and other deductions, as reported on Form 1116, against foreign-source gross income in determining the foreign tax credit limitation.
See the full KPMG article by clicking: IRS practice unit: Allocation and apportionment of deductions, individual taxpayers (May 24, 2021)
See IRS practice unit webpage, click here.
See information on Allocation and Apportionment of Deductions (May 20, 2021), click here.
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.
