The U.S. IRS has published three updated practice units concerning foreign tax credits for individuals: FTC Sourcing of Income FTC Carryback and Carryover FTC Categorization of Income and Taxes The general/process overviews of each practice unit are as follows: FTC Sourcing of Income (Revised 17 January 2025) Note: This Practice Unit updates the 4/12/17 (originally 12/07/16) Practice Unit "Sourcing of Income". The update provides some clarifying narrative as well as updated images of Form 1116 and references thereto. In addition, various items of reference were deemed obsolete and removed. Why is it important to know the source of a taxpayer's...