1118 Schedule 1 Reduction of Oil and Gas Extraction Taxes

Attach to Form 1118.

If the corporation claims a credit for any income taxes paid, accrued, or deemed paid during the tax year on foreign oil and gas extraction income, the amount of such taxes eligible for credit may be reduced. See section 907(a) and Regulations section 1.907(a)-1 for details.

Complete Schedule I for each applicable category of income.

Report all amounts in U.S. dollars. If it is necessary to convert from foreign currency, attach a statement explaining how the rate was determined.

A net extraction loss from a foreign country offsets extraction income from other foreign countries.


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1118 Schedule 1 Reduction of Oil and Gas Extraction Taxes 1118S1$5.95