IRS Seeks Comment on Changes to Form 1116

The Internal Revenue Service is asking for comments on its revisions to the instructions for Form 1116, Foreign Tax Credit. These changes are to be effective for tax year 2002 and beyond. The streamlined instructions include simplification of the worksheets used to compute the adjustments to foreign source capital gains and losses, as well as shorter and simpler descriptions for how to fill out the tax form.

A draft copy of the 2002 instructions for Form 1116 is available for your examination. You can compare the new instructions with the 2001 instructions which are also available online.

The changes to the Form 1116 instructions reflect new rules outlined in proposed changes to regulation 1.904(b)-1.

Comments should be directed to

Chairman, Tax Forms Coordinating Committee
Internal Revenue Service
W:CAR:MP:FP, Room 6406
1111 Constitution Avenue NW
Washington, DC 20224

You may also e-mail your comments to tfpmail@publish.no.irs.gov. Comments should be sent by September 25, 2002.

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