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OK online Form 1120-ND: What You Should Know
Foreign-source dividend. A copy may be obtained from a tax practitioner in the IRS Tax Center, Telephone:. Sep 24, 2023 — Foreign Tax Credit. Foreign-source dividend income is computed as follows: For a U.S. holder of stock or common stock of a foreign corporation and who is a qualified taxpayer and a nonresident alien for purposes of the foreign base company income and foreign tax credit laws in effect in the pursuant to section 861(a)(3), paragraph (g) for such income: The amount on Form 1120-F (SCH H), Foreign Tax Credit, must be the proportional amount of any tax imposed by section 861(c) on the qualified dividends so computed multiplied by the fair market value of the tax base. For a foreign corporation and a nonresident alien whose adjusted gross income exceeds the threshold amount under section 876(b) for such income and who is a qualified taxpayer for purposes of the foreign base company income and foreign tax credit laws in effect in the preceding taxable year, the amount of such eligible dividend on Form 1120-F, Foreign Tax Credit (SCH H), but only if it is reported on that form: The adjusted gross income of the qualified taxpayer plus the amount excessively contributed by the disqualified foreign corporation, and The fair market value of any other property that the foreign corporation is required by law to include in income (except certain property that would be treated as other property if such property were disposed of on the basis of section 886 or the foreign base company income, but only if the foreign corporation elects to report such property on Form 1120, Income, and the foreign base company income).
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