Canadian Oil Royalties NR4

[David]

Where are Canadian oil royalties reported and how is the foreign tax credit reported? These are small amounts so a Form 1116 doesn't need to be filed for the foreign tax credit.

Form 8891 appears to be only for Canadian retirement plans and not for oil royalties.

Does the TP also get the 15% depletion allowance?

Thanks.

[kcjenkins]

The royalties are reported just like US royalties, David. Only real difference is the foreign tax credit.