FOGEI

(redirected from Foreign Oil and Gas Extraction Income)
AcronymDefinition
FOGEIForeign Oil and Gas Extraction Income (tax term)
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Foreign oil and gas extraction income (FOGEI)--FOGEI is the gross income from the extraction of oil and gas, as well as from the sale of assets used in the extraction of oil and gas, or from related services, working capital, dividend and partnership distributions, and any other oil and gas extraction income.
907(a) separately limits the FTC for foreign oil and gas extraction income. Typically, the most common FTC baskets encountered were passive income, general income, high-withholding-tax interest and dividends from noncontrolled Sec.
Under regulations relating to the computation of gross foreign oil and gas extraction income (FOGEI), a stock loss is allocated and apportioned to the same class of income that would have been produced if there were capital gain from the sale.
corporations claiming a credit for any income taxes paid, accrued, or deemed paid on foreign oil and gas extraction income (FOGEI) are required to report the income, deductions, and taxes related to foreign oil and gas extraction activities separately.
Businesses claiming a foreign tax credit related to foreign oil and gas extraction income (FOGEI) are required to identify and report foreign-source oil and gas extraction income, deductions, and taxes separately from all other foreign-source income.
Corporations reported more than twice as much foreign oil and gas extraction income from the United Kingdom ($5.1 billion), as the next highest country, Indonesia ($2.3 billion).
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