<p>Practice Unit Addresses Effects of Flow-Through Entities on FTC</p>

Practice Unit Addresses Effects of Flow-Through Entities on FTC

Internal Revenue Service

The IRS has released a practice unit on the effects of flow-through entities on the foreign tax credit, describing rules that apply to some trust beneficiaries and members of limited liability companies and to individuals who receive Schedule K-1s from partnerships or S corporations that report foreign income, related deductions, and taxes.

<p>The IRS has released a practice unit on the effects of flow-through entities on the foreign tax credit, describing rules that apply to some trust beneficiaries and members of limited liability companies and to individuals who receive Schedule K-1s from partnerships or S corporations that report foreign income, related deductions, and taxes.</p>