A taxpayer filing status is married filing jointly they have a 1065 k-1 with foreign taxes of $550 in box 16 this amount is not showing as a credit on form 1040 is the following a possible reason for the problem. A. Gross income sourced at the partner level may not have been entered on form 1116 foreign gross income is required in order to claim foreign tax credit or deduction. B. The type of foreign income general or passive category has been identified on form 1116 part | | C. The taxpayer does not have any federal tax liability.

A taxpayer filing status is married filing jointly they have a 1065 k-1 with foreign taxes of $550 in box 16 this amount is not showing as a credit on form 1040 is the following a possible reason for the problem. A. Gross income sourced at the partner level may not have been entered on form 1116 foreign gross income is required in order to claim foreign tax credit or deduction. B. The type of foreign income general or passive category has been identified on form 1116 part | | C. The taxpayer does not have any federal tax liability.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 7DQ

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