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New IRS Practice Unit - FTC - Categorization of Income and Taxes Into Proper Basket

2023-06-27

IRS Practice Unit

Yesterday the IRS published a new practice unit titled “FTC - Categorization of Income and Taxes Into Proper Basket.”

This practice unit discusses the various Code §904(d) categories (a.k.a. “baskets”). There are now seven categories, and they include:

  • 951A
  • Foreign branch
  • General
  • Passive
  • 901(j)
  • Income resourced by treaty
  • Lump-sum distributions

This new practice unit has been added to our Practice Units By Topic page.

Tags: 901 Foreign Tax Credits, Other - IRS Practice Units