Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
Revenue Canada Roundtable
Tax Executives Institute Conference
December 13, 1994
Question X - Foreign Tax Credit
Does the deduction under paragraph 110(1)(k) of the Income Tax Act affect the computation of "adjusted net income" for purposes of calculating a foreign tax credit under subsection 126(1) or 126(2) of the Act?
Department's Position
No. For the purpose of computing foreign tax credit under subsections 126(1) and (2) of the Act, all income is included and certain deductions are allowed to arrive at "adjusted net income" under subparagraph 126(1)(b)((ii) or 126(2.1)(a)(ii) of the Act. However, the deductions allowed in those subparagraphs do not include the deduction under paragraph 110(1)(k) of the Act.
Simon Leung
Date: December 6, 1994
File: 5-943052
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