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To determine the tax savings from the FEIE, a tax advisor must first compute the tax that would have resulted if the exclusion had not been claimed.
The maximum amount of foreign housing expenses that may be excluded is generally limited to 14% of the maximum FEIE for the year [IRC section 911(c)].
Although the determination of whether the FTC or FEIE yields the greatest tax savings for a particular taxpayer ultimately depends upon the facts and circumstances of each situation, practitioners can benefit from applying some rules of thumb to evaluate whether the FTC or FEIE will yield a larger tax savings.
(113) The amounts excluded under the FEIE and FHE cannot exceed the FEIE amount for that year.
In order to prevent "double dipping," no FTC is allowed for foreign taxes paid on income excluded under the FEIE and FHE regimes.
We are also hopeful that the GAO will update its report on implications of the FEIE cap and consider a cost/benefit analysis of the FATCA legislation."
Section 911 of the Code, which is also known as the Foreign Earned Income Exclusion (FEIE), is an example of a provision that has been sustained, not on the basis of sound economic analysis and compliance with established U.S.
system of worldwide taxation, as well as an explanation of how the FEIE relates to this system.
The first definition follows the approach of the bona fide residence test under the FEIE and of the Canadian departure tax.
Lest this be considered impractical, it should be kept in mind that these determinations already need to be made to some extent to determine bona fide residence for the application of the FEIE provisions, and that these factors are often looked at under state tax law to make determinations regarding income and estate tax residency or domicile.
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- Fehn, Sverre
- Fehrbellin, battle of
- Fei lun hai
- Fei Yue Community Services
- Feiffer, Jules
- Feighner's Research Diagnostic Criteria for Alcoholism
- Feigin, Gerasim
- Feigin, Gerasim Grigorevich
- Feign death
- feigned eruption
- Feigned issue
- Feigned stupidity