61 Pa. Code § 153.12 — Altering Federal taxable income

Foreign taxes paid. Foreign taxes taken by the taxpayer as a credit against Federal taxes are not allowed to reduce taxable income. Reference should be made to § 153.13 (relating to Federal tax credits). Foreign taxes taken by the taxpayer as a deduction in arriving at Federal taxable income are a proper deduction (reflected presently on Line 17 of Page 1 of Federal IRS Forms 1120 and 1120-A). See § 153.13. Authority The provisions of this § 153.12 issued under section 270 of the Tax Reform Code of 1971 (72 P. S. § 7270); amended under section 408 of the Tax Reform Code of 1971 (72 P. S. § 7408). Source The provisions of this § 153.12 amended October 5, 1984, effective October 6, 1984, 14 Pa.B. 3624; amended January 16, 1987, effective January 17, 1987, 17 Pa.B. 273. Immediately preceding text appears at serial pages (94413) and (36116). Cross References This section cited in 61 Pa. Code § 153.13 (relating to Federal tax credits); and 61 Pa. Code § 153.25 (relating to payroll factor). No part of the information on this site may be reproduced for profit or sold for profit. This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.