Foreign Tax Credit Corporations

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 1118 Foreign Tax Credit - Corporations	Form	Modified	Available
Form Schedule K (Form 1 Foreign Tax Carryover Reconciliation Schedule	Form	Modified	Available
Form Schedule J (Form 1 Adjustments to Separate Limitations Income (Loss)	Form	Modified	Available
Form Schedule I (Form 1 Reduction of Oil and Gas Extraction Taxes	Form and Instruction	Modified	Available
1545-0122_SS_REV_18NOV2013.doc	Supporting Statement A	Uploaded 2013-11-18	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
39546	Foreign Tax Credit Corporations	Instruction	Modified
39546	Foreign Tax Credit Corporations	Form	Modified	Foreign Tax Credit - Corporations
191708	Schedule K (Form 1118) - Foreign Tax Carryover Reconciliation Schedule	Instruction	Modified
191708	Schedule K (Form 1118) - Foreign Tax Carryover Reconciliation Schedule	Form	Modified	Foreign Tax Carryover Reconciliation Schedule
187157	Schedule J (Form 1118) - Adjustments to Separate Limitations Income (Loss)	Instruction	Modified
187157	Schedule J (Form 1118) - Adjustments to Separate Limitations Income (Loss)	Form	Modified	Adjustments to Separate Limitations Income (Loss)
187156	Schedule I (Form 1118) - Reduction of Oil and Gas Extraction Taxes	Form and Instruction	Modified	Reduction of Oil and Gas Extraction Taxes

ICR Details

OMB Control No: 1545-0122	ICR Reference No: 201311-1545-009
Status: Historical Active	Previous ICR Reference No: 201008-1545-052
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-0122-009
Title: Foreign Tax Credit Corporations
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/11/2014
Retrieve Notice of Action (NOA)	Date Received in OIRA: 11/26/2013
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2017	36 Months From Approved	02/28/2014
Responses	36,950	0	36,950
Time Burden (Hours)	3,483,016	0	3,483,016
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1118 and separate Schedules I, J, and K are used by domestic and foreign corporations to claim a credit for taxes paid to foreign countries. The IRS uses Form 1118 and related schedules to determine if the corporation has computed the foreign tax credit correctly.

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Authorizing Statute(s): US Code: 44 USC 3507 Name of Law: Advance pyament of earned income credit
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 46690	08/01/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 70411	11/25/2013
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

table that charts list of burden

IC Title	Form No.	Form Name
Foreign Tax Credit Corporations	1118	Foreign Tax Credit - Corporations
Schedule I (Form 1118) - Reduction of Oil and Gas Extraction Taxes	Schedule I (Form 1118)	Reduction of Oil and Gas Extraction Taxes
Schedule J (Form 1118) - Adjustments to Separate Limitations Income (Loss)	Schedule J (Form 1118)	Adjustments to Separate Limitations Income (Loss)
Schedule K (Form 1118) - Foreign Tax Carryover Reconciliation Schedule	Schedule K (Form 1118)	Foreign Tax Carryover Reconciliation Schedule

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	36,950	36,950	0	0	0	0
Annual Time Burden (Hours)	3,483,016	3,483,016	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $449,512

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 11/26/2013

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