Taxation of foreign oil and gas income: a primer
The United States, just like many other countries of the world, uses the source of income, residence, citizenship, or a combination thereof as its bases of taxation. This makes double taxation, the result of a home and host countries both taxing the same income, an obstacle in the way of international investment and technology. Allowing a tax credit for certain taxes paid to foreign sovereigns is the American approach to help alleviate the double taxation problem. Special effort is taken to define foreign oil and gas extraction income (FOGEI) and foreign oil-related income (FORI) as they pertain to taxation. Several examples illustrate the latest means for calculating FOGEI and FORI taxable income based on the 1982 and 1983 limitations and provisions which were set forth in the Internal Revenue Code. 175 references.
- Research Organization:
- Univ. of Notre Dame, South Bend, IN
- OSTI ID:
- 5799322
- Journal Information:
- Oil Gas Tax Q.; (United States), Vol. 31:4
- Country of Publication:
- United States
- Language:
- English
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