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Form 1120 Online Anchorage Alaska: What You Should Know

In a US zip code beginning with the digit 1 (inclusive) and ending with the digit 0 (exclusive). A foreign country or U.S. possession. Any amount. (A foreign country or U.S. possession is any country other than Alaska.) Internal Revenue Service P.O. Box 409101. Ina May, KS 66026 In a US Zip Code Beginning with the digit 1 (inclusive) and Ending with the digit 0 (exclusive). A foreign country or U.S. possession. Any amount. (A foreign country or U.S. possession is any country other than Alaska.) Foreign resident tax credit In Alaska, the foreign personal holding company (FPS) of a nonresident alien or a foreign corporation (including an S corporations) who resides in Alaska may be eligible for a credit against the resident Alaska corporate tax for qualified capital expenditures in lieu of a payment of Alaska corporate income taxation, unless the resident FPS/shareholder corporation: 1. Does not derive more than 10% of its gross income for the taxable year (or 20% of its net income) from dividends received from one or more United States companies. The United States companies must pay dividends to a resident FPS/shareholder corporation and pay at least 90% to the Resident Alaska FPS/shareholder corporation with the balance paid by the U.S. companies to other residents of the United States, with the United States companies having the right to retain up to 10% of the total amount of the dividends paid to the Resident Alaska FPS/shareholder corporation to be deducted as a foreign personal holding company tax credit against the resident Alaska corporate tax, and 2. Does not derive more than 50% or more of its gross income for the taxable year, from wages and salaries received by a resident Alaska resident which are not deductible as wages (e.g., interest, royalties, rents, etc.). Such wages and salaries may be subject to Alaska personal income taxation, if other income is subject to Alaska personal income taxation. The Resident Alaska resident may not take a deduction of the fair market value of such wages and salaries to the extent that such amount exceeds the FMV of the property in which such wages and salaries are paid. The Resident Alaska resident may use the credit permitted under the Act in lieu of paying Alaska corporate income tax to the Resident Alaska Resident.

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