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Foreign Tax Credit vis-a-vis Tax Paid in a Contracting State

October 5, 2019[2019] 110 taxmann.com 41 (Article)
The Federal Court of Australia, very recently, dealt with a fascinating question: whether a taxpayer (resident of Australia) claim excessive Foreign Tax Credit (‘FTC’). The question before the Court was that though only 50% of the capital gain derived from sale of investments in the United States (‘US’) was taxable in Australia, could the taxpayer claim FTC in Australia for the tax paid in US on the entire amount of capital gain.
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