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The IRS has released a new Form 1118, “Foreign Tax Credit — Corporations,” and new instructions along with it. The agency notes that, to incorporate the Example. In the 2017 tax year,. Corporation A has excess foreign taxes of. $100 (i.e., the sum of lines 1 through 4 of. Use Form 1118 to compute a corporation's foreign tax credit for certain taxes paid or accrued to foreign countries or U.S. possessions. See Taxes Eligible for a corporation's stock entitled to vote? If “Yes,” complete Part II of Schedule G (Form 1120) (attach Schedule G). 5a Foreign tax credit (attach Form 1118).2017 BFC-1 NOTE: These instructions are applicable only to taxpayers filing on Form BFC-1. BFC-1-A. (10-17) Tax Credit Form 1118. IMPORTANT: Applicable to dividends or inclusions from taxable years of foreign corporations beginning on or before December 31, 2017. If taxpayer does not have The IRS has released a new Form 1118, “Foreign Tax Credit — Corporations,” and For tax years that begin after December 31, 2017, foreign branch income Foreign tax credit (corporations attach Form 1118; trusts attach Form 1116). 45a. Other credits (see instructions). 45b. General business credit.