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Form 1118, Foreign Tax Credit - Corporations

International ownership diagram

This diagram displays international ownership information and payor-recipient relationships from Intercompany Transactions.
To review the international diagram, open a Top Consolidation binder with an international filing type of foreign tax credit.
International diagram
Similar to an organizational chart, there's 3 rectangles showing a level relationship between companies.
The diagrams for Ownership and Ownership with Divisions are based on the FTC and foreign entity ownership structure defined in the Top Consolidation's binder properties, Members, International Members.
If you've not entered ownership percentage for an FTC entity, the system default value for ownership percentage is 100%. It's assigned to the FTC parent entity for international diagram purposes only.

Transfer Subpart F and FTC calculations to the 1118

  1. In
    International Compute
    , select Transfer to Form 1118. The results from the Subpart F and FTC calculations are transferred by the system to the Form 1118 Organizer in the Top Consolidation and domestic legal entity binders.
  2. To direct the transfer to either the regular tax 1118 or the AMT 1118, open
    Binder Properties
    ,
    International
    ,
    FTC Compute
    .
  3. Use separate Top Consolidation returns for 1118 regular tax and AMT purposes.
  4. If the Top Consolidation return used for international calculations isn't the same binder that you'll use for your e-file, make sure you select the e-filing Top Consolidation binder when transferring to Form 1118.

This article applies to:

  • Product: ONESOURCE International Tax
  • Return type: 1120 Corporation
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