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Strategies & Market Trends : Heinz Blasnik- Views You Can Use -- Ignore unavailable to you. Want to Upgrade?

To: EL KABONG!!! who wrote (3965)	12/26/2003 2:14:46 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 4905

Kerry, >>However, the taxes paid to Australia are not a direct tax credit to what is owed to the IRS. In other words, you don't reduce your USA taxes by the exact same amount you paid to the Australian government. To the best of my knowledge, the foreign tax is a tax deductible item, not a tax credit. My CPA has all the taxes I have paid to Australia identified as tax credits. If you read the instructions for form 1116, at least the taxes I pay can be identified as tax credits.