FORM 1118 IS USED BY CORPORATIONS THAT
ARE CLAIMING A FOREIGN TAX CRED FOR TAXES PAID TO FOREIGN COUNTRIES
OR U.S. POSSESSIONS. THE IRS USES FORM 1118 TO DETERMINE IF THE
CORPORATION HAS CORRECTLY COMPUTED ITS FOREIGN TAX CREDIT. THE DAT
ON SCHEDULE F(FORM 1118) IS NEEDED TO DETERMINE IF THE REDUCTION OF
FOREIGN OIL AND GAS TAXES WAS CORRECTLY COMPUTED.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.