The Resource The impact of foreign tax credit of the American Taxpayer Relief Act of 2012
The impact of foreign tax credit of the American Taxpayer Relief Act of 2012
Resource Information
The item The impact of foreign tax credit of the American Taxpayer Relief Act of 2012 represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.This item is available to borrow from 1 library branch.
Resource Information
The item The impact of foreign tax credit of the American Taxpayer Relief Act of 2012 represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.
This item is available to borrow from 1 library branch.
- Summary
- Under the American Taxpayer Relief Act of 2012 (the Act), the highest individual income tax rate is increased from 35 percent to 39.6 percent and the qualified dividends and long-term capital gains tax rate from 15 percent to 20 percent. If a taxpayer receives qualified dividends or long-term capital gains from a foreign country, these changes immediately affect the "rate differential portion". As a consequence, there are far-reaching impacts on the foreign tax credit allowed. Further, prior to the Act, there was only one tax rate for qualified dividends and long-term capital gains that affected the foreign tax credit, i.e., 15 percent; whereas, under the Act, there are now two different rates, i.e., 15 percent and 20 percent. This additional complication has resulted in a series of problems for the computation of foreign tax credit allowed. This article investigates the impact of the Act on the foreign tax credit allowed. It further offers some tax planning strategies for foreign tax credit. Many examples are given for illustrative purposes
- Language
- eng
- Label
- The impact of foreign tax credit of the American Taxpayer Relief Act of 2012
- Title
- The impact of foreign tax credit of the American Taxpayer Relief Act of 2012
- Language
- eng
- Summary
- Under the American Taxpayer Relief Act of 2012 (the Act), the highest individual income tax rate is increased from 35 percent to 39.6 percent and the qualified dividends and long-term capital gains tax rate from 15 percent to 20 percent. If a taxpayer receives qualified dividends or long-term capital gains from a foreign country, these changes immediately affect the "rate differential portion". As a consequence, there are far-reaching impacts on the foreign tax credit allowed. Further, prior to the Act, there was only one tax rate for qualified dividends and long-term capital gains that affected the foreign tax credit, i.e., 15 percent; whereas, under the Act, there are now two different rates, i.e., 15 percent and 20 percent. This additional complication has resulted in a series of problems for the computation of foreign tax credit allowed. This article investigates the impact of the Act on the foreign tax credit allowed. It further offers some tax planning strategies for foreign tax credit. Many examples are given for illustrative purposes
- Citation source
- In: International tax journal. - Chicago. - Vol. 39 (2013), no. 6 (November-December) ; p. 21-30, 70-71
- http://library.link/vocab/creatorName
- Yang, J.G.S
- Geographic coverage
- North America
- Language note
- English
- http://library.link/vocab/subjectName
-
- foreign tax credit
- individual income tax
- tax planning
- Label
- The impact of foreign tax credit of the American Taxpayer Relief Act of 2012
- Label
- The impact of foreign tax credit of the American Taxpayer Relief Act of 2012
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/portal/The-impact-of-foreign-tax-credit-of-the-American/pFl_0Vuz8Xk/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/portal/The-impact-of-foreign-tax-credit-of-the-American/pFl_0Vuz8Xk/">The impact of foreign tax credit of the American Taxpayer Relief Act of 2012</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/portal/The-impact-of-foreign-tax-credit-of-the-American/pFl_0Vuz8Xk/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/portal/The-impact-of-foreign-tax-credit-of-the-American/pFl_0Vuz8Xk/">The impact of foreign tax credit of the American Taxpayer Relief Act of 2012</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
