The U.S. IRS has issued a revised version of Form 1118 Foreign Tax Credit – Corporations and the related instructions. The form is used to compute a corporation's foreign tax credit for certain taxes paid or accrued to foreign countries or U.S. possessions, and has undergone extensive changes as a result of the Tax Cuts and Jobs Act, which are explained throughout the instructions. As noted in the instructions, the Act changes the computation of foreign tax credits for post-2017 tax years as follows. Two new separate categories of income under section 904(d): (i) any amount includible in gross income...