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BP Prudhoe Bay Royalty Trust Message Board

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  • roderickb99 roderickb99 Jan 1, 2006 10:30 PM Flag

    WTI over $61.

    I do not know that lineof form off hand.

    I do my taxes since 1970 and have an MBA.

    So the question is do you want a credit under Schedule D, Other Taxes Paid. Or do you do form 1116 to get a credit recapture and a CREDIT whichis worth more?

    IRS site help and has a form 541 to explain 1116. All this is in Turbortax too.

    Comments ???????????

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    • roderick,

      As I stated in my post, my accountant does my taxes, and the withholding taxes that Canada takes from my Canroyal dividends are credited to my taxes. I am not an accountant, and should not give advise. I only know what my account tells me, and what I see on my tax return.

      From my point of view, this pays my dividend tax on the dividends recorded on my 1040, and I like it.

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