Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Form 1118, Foreign Tax Credit - Corporations

Assign Transfer Mapping Chart to your FTC binders

Once tax adjustments are selected for international transfer and you map the income inclusion items on the Transfer Mapping Chart, you must assign the chart to your FTC (domestic) binders.
  1. In
    My Binders
    , select the
    Foreign Tax Credit
     binder (the domestic parent or subsidiary which owns the foreign entities generating the income inclusion).
  2. Select
    Properties
    .
  3. Go to
    Charts
     and then
    Chart of Intl Transfer Mapping
    .
  4. Go to
    Intl Transfer
     and select the
    Top Con Binder Transfer Source
    . This is the Top Consolidation binder which is used for the foreign entity calculations. The system pulls the income inclusion amounts from this binder. This FTC binder must also be a member of the Top Consolidation. You must successfully complete E&P, Look-Through, and Subpart F computes before the amount become available to transfer to the binder.
  5. Select
    Income Inclusion - Tax Journal Entity with Sourcing
    .
  6. Select
    Tax Deemed Paid
     if you want to transfer deemed paid credits to the
    Foreign Income Taxes
     screen for inclusion on Form 1118, Schedule B.
  7. And lastly, select
    Update
    .

This article applies to:

  • Product: ONESOURCE International Tax
  • Return type: 1120 Corporation
  • Subject: Binders
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close