On 11 April 2017, the U.S. IRS published an international practice unit: FTC General Principles. The practice unit provides an overview of the following foreign tax credit (FTC) principles:

• Basic concept of FTC;
• Identifying taxpayers eligible for FTC;
• The foreign taxes that qualify for FTC;
• Foreign tax credit vs. foreign tax deduction; and
• The carryback and carryover of unused credits.

Inte…