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Form 1118i: Reduction of Foreign Oil and Gas Taxes

Use Tax Form 1118i: Reduction of Foreign Oil and Gas Taxes as a stand alone tax form calculator to quickly calculate specific amounts for your 2017 tax return. Form 1118i: Reduction of Foreign Oil and Gas Taxes is also integrated into our comprehensive US Tax Calculator where you can complete and save your calculations for later use. Alternatively you can use one of our Combined Federal and State Tax Estimator to quickly calculate your salary, tax and take home pay.

Reduction of Foreign Oil and Gas Taxes
Use a separate Schedule I (Form 1118) for each applicable category of income listed below. Check only one box on each schedule.
Report all amounts in U.S. dollars.
Part I Combined Foreign Oil and Gas Income and Taxes
1. Name of foreign country (Use a separate line for each country.)*Gross Foreign Oil and Gas Income From Sources Outside the United States and its Possessions (see instructions)
2. Gross foreign oil and gas extraction income3. Gross foreign oil related income4. Certain dividends from foreign corporations5. Constructive distributions under section 951(a)6. Other7. Total (add columns 2 through 6
A
B
C
D
E
F
* For section 863(b) income, use a single line (see instructions).
Deductions11. Taxable income (column 7 minus column 10)Foreign Oil and Gas Taxes (attach schedule)
8. Definitely allocable deductions9. Apportioned deductions not definitely allocable10. Total (add columns 8 and 9)12. Paid or accrued13. Deemed paid14. Total (add columns 12 and 13)
A
B
C
D
E
F
Totals
Part II Reduction Under Section 907(a)
1
2
3
4
Part III Foreign Oil and Gas Taxes Available For Use in the Current Tax Year
1
2
3

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