Is there a button in most softwares for foreign capital gains when entering info on schedule D?
Entering the high tax calculation and reduction of foreign capital gains seems ridicilous.
Do i calculate the high tax kickout then the foreign gains reduction on the general category form 1116?
Does the high tax kickout apply if the gain is taxed at more than 39.6 ordinary income or just the capital gains rate of the U.S vs. Foreign rate?
Say there is a 300000 gain taxed at 37.5 foreign capital gain rate. Would high tax kickout apply? Do i need to do calculation for foreign tax credit reduction on page 2 of form 1116? Does that get reduced and the reduction as well?