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Instructions for IRS Form 8993
for the current year.
Instructions for IRS Form 8993 Section 250 Deduction for Foreign-Derived Intangible Income (Fdii) and Global Intangible Low-Taxed Income (Gilti)
This document contains official instructions for IRS Form 8993 , Section 250 Deduction for Foreign-Derived Intangible Income (Fdii) and Global Intangible Low-Taxed Income (Gilti) - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8993 is available for download through this link.
FAQ
Q: What is IRS Form 8993?
A: IRS Form 8993 is a tax form used to claim the deduction for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI).
Q: What is the Section 250 deduction?
A: The Section 250 deduction is a tax deduction that allows eligible taxpayers to reduce their taxable income by a portion of their FDII and GILTI.
Q: What is Foreign-Derived Intangible Income (FDII)?
A: Foreign-Derived Intangible Income (FDII) is income derived from sales or services provided to foreign customers or foreign branches of US companies.
Q: What is Global Intangible Low-Taxed Income (GILTI)?
A: Global Intangible Low-Taxed Income (GILTI) is income earned by US companies from their foreign subsidiaries that exceeds a certain threshold.
Q: Who is eligible to claim the Section 250 deduction?
A: US corporations that have FDII and/or GILTI can generally claim the Section 250 deduction.
Q: What is the purpose of the Section 250 deduction?
A: The purpose of the Section 250 deduction is to provide a tax incentive for US companies to keep their intangible assets and income within the United States.
Q: How do I claim the Section 250 deduction?
A: To claim the Section 250 deduction, you need to complete and file IRS Form 8993 with your annual tax return.
Q: Are there any limitations or restrictions on the Section 250 deduction?
A: Yes, there are certain limitations and restrictions on the Section 250 deduction, such as the taxable income limitation and the overall limitation on deductions.
Q: Is the Section 250 deduction available for individuals?
A: No, the Section 250 deduction is generally only available for US corporations.
Instruction Details:
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- Actual and applicable for filing 2023 taxes;
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