The U.S. IRS has published a practice unit on FTC (Business) General Principles. The general overview of the practice unit is as follows:

This Practice Unit discusses the following business Foreign Tax Credit (FTC) general principles. The Unit addresses the FTC as changed by the Tax Cuts and Jobs Act of 2017 (TCJA).

• Basic concept of FTC
  • Modified world-wide taxation
  • Double-taxation
  • Foreign tax credit limitation
• Taxpayers eligible to claim FTC
  • Domestic corporations
• What foreign taxes qualify for the FTC?
• Types of FTCs available
• Section 78 Gross-Up
• Foreign tax credit vs. foreign tax deduction
  • Annual election to claim FTC made on Form 1118
• Carryback and carryforward of unused credit
• Other changes made by TCJA

Click the following link for the International Practice Units page on the IRS website.