charleslye
Level 2
03-17-2023
06:58 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
1040 USA client has $100k 1099-div taxed in Swiss currency at 35% gross. After some recovery net Swiss
tax is 15%. Can i use the gross Swiss 35% to use the HTKO definition to go from the Passive Cat. to General Cat.? This gives a better Line 19 (FTC 1116 form) percentage for getting FTC (44% vs 15%).
I appreciate some feedback. I read all the IRS instruction.
Charles L
[email address removed]
Best Answer Click here
Labels