61 Pa. Code § 153.12. Altering Federal taxable income.

§ 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).

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